Flagship Communities Real Estate Investment Trust

Hello, ladies and gentlemen. Thank you for standing by. Welcome to the Flagship Communities REIT first quarter 2026 Arnie's Call. At this time, all participants are on a listen-only mode. Following the presentation, we will hold a brief question and answer session for analysts and institutional investors. 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 risk 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 it encourages you to follow along with during this call. And now I'll pass the call over to Kurt Keeney. Kurt?

Thank you, Operator. Good morning, everyone. Thank you for joining us today. We've gotten off to a strong start in 2026 as we continue to execute on our strategy of driving growth through both organic initiatives and discipline expansion in our core markets. Our first quarter results reflect solid growth across our portfolio and continued progress on our long-term value creation plan. Our rental revenue increased by 20.6% over the same period last year. Our NOI improved by 17.4% over the last year. And our FFO adjusted and AFFO adjusted increased by 12% and 10.4% respectively over last year. We also continue to see strong growth in SANE community metrics during the quarter. Our SANE community revenue grew by 8.6% over last year, and our SANE community NOI grew by 5.3% versus the first quarter of 2025. In addition to our strong organic performance, we completed a strategic acquisition during the quarter in Cleves, Ohio, which further expands our presence in one of our core markets. This acquisition is consistent with our approach of targeting markets we know well and communities with occupancy upside potential. Nathan will provide more detail on this transaction and how it fits into our broader growth strategy during his remarks. Our financial results provide a sense of the strong fundamentals of our industry and the progress we're making towards our growth strategy. While performance is important, our mission remains our main focus. and that is to provide affordable housing and exceptional residential living experiences in our adult and family-oriented manufactured housing communities while creating value for our shareholders. Sustainability is embedded in what we do, and we've outlined our ESG practices and performance in our sixth annual ESG report, which is available on our website. We are encouraged by the progress we have made in many different areas, including environmental stewardship and community reinvestment, and the corporate governance. With that, I will now turn it over to Nathan for his remarks. Nathan?

Thanks, Kurt. Good morning, everyone. We continue to see strong performance across our existing communities while also completing strategic acquisitions. Strong performance for us begins at the community level. We continue to see positive results from our core initiatives including occupancy growth, lot rent, and additional revenue increases across the portfolio. We also remain focused on enhancing resident experience across our communities. We are very proud of our continued investment in amenities, infrastructure improvements, and community engagement initiatives, all of which support resident satisfaction and long-term retention. In addition to our focus on operational performance, we continue to pursue strategic acquisitions that are located in key markets where we operate. This past quarter, we acquired a 96-lot community in Queens, Ohio, further expanding our vote-on strategy and presence in that market. This transaction builds on our recent acquisition of three communities in greater Cincinnati area and reflects our continued focus on core markets where we can drive operational efficiencies and create long-term value. As with many of our acquisitions, we see the potential to enhance performance through future community expansion that can support an additional 12 lots. The community has also benefited from significant infrastructure upgrades, such as newly paved streets and solar light projects. It also has improvements to its amenities, including a large clubhouse, playground, ball field, and basketball courts. Overall, we remain focused on our operating strategy of combining strong organic growth with disciplined acquisitions. With that, I'll turn it over to Eddie to review our financial results in more detail. Eddie? Thanks, Nathan.