Flagship Communities Real Estate Investment Trust

Hello, ladies and gentlemen. Thank you for standing by. Welcome to the flagship community third 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 the question during the session, you will need to press star 11 on your telephone. I would like to remind everyone that this conference call is being recorded. Today's presenters are Curt Keeney, Flagship's President and Chief Executive Officer, Nathan Smith, Chief Investment Officer, and Eddie Carlisle, 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 these risks and uncertainties, please consult the company's relevant filings on CEDAW. The documents are also available on Flagship's website at FlagshipCommunities.com. Flagship has also prepared a corresponding PowerPoint presentation, which it encourages you to follow along with during this call. And now I'll pass the call over to Kurt Keeney. Kurt, you may begin.

Good morning, everyone. Thank you for joining us today. Our strong performance that we have seen throughout 2025 continued into the third quarter. We continue to generate double digit increases in revenue and NOI, as well as same community revenue and same community NOI. We also saw growth in FFO and AFFO metrics this quarter relative to last year. In addition to our strong financial performance, we completed a strategic acquisition that expanded our footprint in Kentucky. We also recently announced the acquisitions of four communities that enable us to grow our presence in Indiana and Ohio. These acquisitions are expected to be immediately accretive to our AFFO. They also provide us with an opportunity to acquire underperforming MHCs with high vacancy and added value through occupancy growth and lot expansion. Lot expansion has been a key focus area and is expected to be a significant avenue for growth going forward. We have identified a number of communities in our portfolio that can accommodate lot expansion. This allows us to add more housing opportunities within certain existing communities for a modest capital investment. We added 112 lots to our portfolio in 2024. Customers have since started moving into these homes on these lots. and we are beginning to generate revenue from new residents. And we recently began a 36-lot expansion program in one of our Kentucky communities that was 95% occupied. We expect these to cost roughly $15,000 per lot to put them into service and residents to move in within the next 24 months. As many of you know, this is a special year for our business. Not only is this the 30th anniversary for Nathan and me in the MHC industry, It's our fifth anniversary as a publicly traded REIT. Since our IPO, we have delivered one of the strongest distribution growth records among Canadian REITs, all while reducing leverage and maintaining a disciplined AFFO payout ratio. We are the only pure play manufactured housing investment in the Canadian capital markets, and our REIT offers investors an opportunity to participate in a niche and stable market with significant growth And we believe that potential is being proven in the marketplace. Since going public, we have seen unit price appreciation and a strong total return profile outpacing many of our peers. For over 20 years, the MHC industry has grown approximately 4% per year, outperforming all other real estate sectors. Our solid financial performance speaks to the strength of the business model throughout all economic cycles. With that, I will now turn it over to Nathan for his remarks.

Nathan? Thanks, Kurt. As community owners and operators, our goal is to improve our existing communities, making them more attractive to both current and new residents. We take a hands-on approach by always striving to make our communities better through community safety initiatives and new amenities. Over the last year, we have added pickleball courts, municipal-grade playgrounds, clubhouses, and more to our communities. We also provide extensive holiday and seasonal events such as our back to school programs, that our residents look forward to and enjoy as a community. We also look to replace older homes with new homes via our home sales strategy, and we have been very successful in that regard. We have done a great job on our existing portfolio, but at the same time, we look to pursue external opportunities that adhere to our strict and disciplined criteria. We take a disciplined approach to acquisitions while focusing on delivering measured growth for our unit holders. Our approach includes the following. First, we look for opportunities that will be accretive to our AFFO per unit. Second, we seek opportunities that will enable us to streamline our operations and generate economies of scale. And finally, we target acquisitions within our existing markets and adjacent U.S. states with related regulatory framework and characteristics. Our recent acquisitions are great examples of our growth strategy in action. In the third quarter, we acquired a 504-lot MHC that is located in both Lexington and Georgetown, Kentucky, and is nearly 72% occupied. Since 2022, significant improvements have been made to this MHC, including the removal of approximately 50 older homes and the installation of new amenities, including two municipal playgrounds, four new basketball courts, a new dog park, and a new community center. And recently, we made two strategic acquisitions, expanding our presence in Indiana and in Ohio. We acquired a new community in Seymour, Indiana, which includes 744 lots of which over 90% are occupied. The property also includes 85 lots for future expansion. We also waived due diligence on the acquisition of a portfolio in the greater Cincinnati area that includes three separate MHCs. There are nearly 500 lots across the three MHCs of which 65.5% are occupied. Each community features an onsite amenities and is in close proximity to major employers, interstate highways, and retail centers. And they are all within 30 minutes drive of our corporate headquarters in Northern Kentucky. These acquisitions also showcase our ability to leverage our 30 years plus experience of building industry relations to source off-market opportunities. In this case, we have a 25-year relationship with the family. I'll now turn over to Eddie, our CFO, to talk about our financial performance for the quarter. Eddie?