Flagship Communities Real Estate Investment Trust

Hello, ladies and gentlemen. Thank you for standing by. Welcome to the Flagship Communities REIT Fourth Quarter 2025 Earnings Call. I would like to remind everyone that this conference call is being recorded. Today's presenters are Kurt 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 CDAR. These documents are also available on Flagship's website at FlagshipCommunities.com. Flagship has also prepared a corresponding PowerPoint presentation, which I encourage you to follow along with during this call. And now I'll pass the call over to Kurt Keeney.

Thank you, Operator. Good morning, everyone. Thank you for joining us today. 2025 was a milestone year for Flagship. We celebrated our fifth year as a publicly traded REIT and the 30th anniversary for Nathan and me in the MHC industry. Throughout 2025, we continued to execute on the discipline strategy that has defined Flagship since our IPO, delivering growth while maintaining strength in our balance sheet. We saw notable increases in rental revenues, NOI, FFO adjusted, and AFFO adjusted. all of which have grown steadily over the past few years, which you can see on the slides 4 and 5 of the accompanying presentation. We also continue to see strong year-over-year same-community metric performance, which remains the clearest indicator of the underlying health of our business. Same-community revenue grew 10.9% over 2024 and 8.2% over Q4 of last year. Same community NOI grew 11% over 2024 and 5.9% over Q4 of last year. And same community NOI margin remained stable at 66.2% for the year. Our solid results enabled us to announce a 5% increase to our monthly cash distribution for the fifth consecutive year. 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. In addition to our strong financial performance, we continue to remain active on the acquisition front. During the quarter, we expanded our presence in both Indiana and Ohio with two strategic acquisitions. This acquisition and the others we completed over the past year have provided us with enough vacancy to continue adding value through occupancy growth and lot expansion for the next few years. Given our balance sheet capacity and access to attractively priced debt, we did not renew our at-the-market equity program in mid-2025. We remain focused on accretive growth using leverage on our balance sheet as the primary funding source. I will now turn it over to Nathan to provide more detail on our operating regions and growth strategy.

Nathan? Thanks, Kurt. Good morning, everyone. A large part of what made this past year successful was our ability to complete strategic acquisitions. In the fourth quarter, we completed an acquisition of a new community in Seymour, Indiana, which is over 90% occupied. The property also includes 85 lots for future expansion. We also completed the acquisition of a portfolio in greater Cincinnati area. It includes 500 lots across three separate MHC communities. When it comes to acquisitions, location matters. Each of these communities are located in major metropolitan areas with diverse employment opportunities where we already do business. Beyond location, the quality of the community is equally important. Our goal as operators is also to improve our existing communities, and we do that through continuous investment, both in amenities and in safety. In 2025, we added amenities across the portfolio and expanded our flock camera security system to nearly one quarter of our communities. In the five years since our IPO, acquisitions has been a key part of our success, and we expect them to continue to be a key part of our growth. Our ability to leverage the 31 plus years of industry relations to source off market opportunities speaks to the experience of our team and our strong reputation in the marketplace. Our approach helps ensure that we deliver measured growth for our unit holders. We look for opportunities that will be accretive to our AFFO per unit. We also 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 acquisitions in the fourth quarter are perfect examples of our growth strategy in action. We have existing operations in Indiana and in greater Cincinnati area where we maximize efficiencies and leverage of scale. We now turn it over to Eddie, our CFO, to talk about our financial performance. Eddie?