Flagship Communities Real Estate Investment Trust

Hello, ladies and gentlemen. Thank you for standing by. Welcome to the flagship communities read second quarter 2025 earnings call. At this time, all participants are in a listen only mode. Following the presentation, we will hold a brief question and answer session for analysts and institutional investors. To ask a question during the session, you will need to press star 1-1 on your telephone. I would like to remind everyone that this conference call is being recorded. Today's presenters are Kurt Kinney, flagship president and chief executive officer, Nathan Smith, chief investment officer, and Eddie Carlyle, chief financial officer. Please note that comments made on today's call may contain forward looking information. And this information by its nature is subject to risk and uncertainties. Actual results may differ materially from the views expressed today. For further information on this risk and uncertainties, please consult the company's relevant filings on Cedar. These documents are also available on flagship's website at flagshipcommunities.com. Flagship has also prepared a corresponding PowerPoint presentation, which encourages you to follow along with during this call. And now I'll pass the call over to Kurt Kinney. Kurt.

Thank you, operator. Good morning, everyone. Thank you for joining us today. In the second quarter, our operations continue to perform according to plan, which has set us up well to have another great year in 2025. Our strong performance also showcases our ability to continue growing occupancy levels, rental revenue, and FFO in addition to same community metrics. Our solid financial performance speaks to the strength of our business model throughout all economic cycles. We have been able to improve our portfolio in a number of ways. The first is by improving the amenities packages within existing communities, making them more desirable locations. The second is through ancillary revenue and cost containment. Through bulk purchasing, we can provide certain amenities that allow our residents to save money while providing us with the means for additional revenue. And the third way is through our lot expansion strategy, which allows us to add more housing opportunities within certain existing communities for a modest capital investment. After adding 112 lots to our portfolio in 2024, roughly 10% of customers have begun moving into these lots and we are beginning to generate revenue from these new residents. Our success this year and since our IPO is also a reflection of the solid fundamentals of our industry. The MHC industry continues to demonstrate a consistent track record of strong performance regardless of the economic cycle. For over 20 years, the MHC industry has grown approximately 4% per year, outperforming all other real estate sectors. As you can see from slide seven of the presentation, NOI growth remained positive during the housing crisis and the great recession, and more recently remains resilient during the pandemic. In today's environment, home sales for traditional housing and the condo market are down, primarily due to rising crisis, credit tightening, continued higher mortgage rates and general economic uncertainty. These factors are generally positive for MHCs because our customers tend to stay in our community because they are the more affordable option. That is why the MHC industry is seen as a defensive asset class relative to other real estate classes. We have stable and recurring rental income streams mainly due to our large and diverse resident base. There also continues to be a limited supply of new manufactured housing communities given the various layers of regulatory restrictions, competing land uses and lack of zoned land. With that, I will now turn it over to Nathan for his remarks. Nathan.

Thanks, Kurt. Good morning, everyone. On the heels of the largest acquisition in our history last year, we have worked hard to integrate and improve the communities and we are very pleased with the progress we have made to date. In West Virginia, we have steadily increased occupancy levels since owning the communities. And in Nashville, Tennessee, new home sales have continued to advance. We have also recently added an amenities package and new clubhouse in one of the communities for the benefit of our residents. Amenity packages and improved clubhouses are important for enhancing the living experience of our residents. Over the last year, we have added pickleball courts, municipal grade playgrounds, clubhouses, cornhole, dog parks, and more to our communities. We also provide extensive holiday and seasonal events, such as back to school programs that our residents look forward to and enjoy as a community. Recently, our efforts were recognized when our Derby Hills Point community in Alexandria, Kentucky was named Community of the Year by the Kentucky Manufactured Housing Institute. This is the fourth year we have won KMHI's Community of the Year Award. And it is a testament to our team's commitment to building safe, high quality and vibrant communities that foster pride and connection among our residents. We have done a great job on our existing portfolio, but at the same time, we are always looking for external opportunities that adhere to our strict and disciplined criteria. As one of the Midwest region's largest MHC operators, we can leverage our 30 years of operating experience to source off-market opportunities through long standing industry relationships. I'll now turn over to Eddie, our CFO, to talk about our financial performance for the quarter. Eddie?