Flagship Communities Real Estate Investment Trust

Hello, ladies and gentlemen. Thank you for standing by. Welcome to the Flagship Communities REIT second quarter's 2026 earnings 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. Flagship delivered another strong quarter of operating and financial results driven by the continued success of our core business and the MHC industry. In the second quarter, we experienced higher overall occupancy and higher same community occupancy as well as increases in our same community financial metrics. When we see improvements of this nature, it speaks to the strong demand for affordable housing and the overall strength in the MHC sector. In our almost six years as a public REIT and over 30 years in the MHC space, we have proven our ability to perform well in all types of economic environments. We drive growth through both organic initiatives and discipline expansion in our core markets. We completed one strategic acquisition this quarter, which Nathan will speak to in a moment, However, our success was largely due to the continued progress of our underlying business, which is how we expect to generate value for unit holders. We saw several notable increases in many key metrics, including our rental revenue, which increased 21.4% over the same period last year, our NOI, which improved 18.9% over last year, and our FFO adjusted and AFFO adjusted which increased by 10.2% and 8.3% respectively over last year. We also continue to see strong growth in same community metrics during the quarter. Same community revenue grew by 9% over last year and same community NOI grew by 6.3% over the same period. Our same community occupancy of 85.4% increased by 2% relative to the end of last year which to us is a great sign for the health and stability of the MHC sector. For over 20 years, the MHC sector has grown approximately 4% per year, outperforming all other real estate sectors. As you can see from slide six in this presentation, NOI growth remained positive during the housing crisis and great recession and more recently remained resilient during the pandemic. In today's environment, home sales for traditional housing and the condo market are down primarily due to rising prices, credit tightening and higher mortgage rates and general economic uncertainty. In contrast, we have generated stable and recurring rental income streams mainly due to our large and diverse resident base. We are always looking to improve the resident experience in our community and we are always pleased when those efforts are recognized by our industry. This past quarter, we were awarded the 2025 Community of the Year by the Kentucky Manufactured Housing Institute for our Sawyer Point community in Georgetown, Kentucky. This is the fifth consecutive year the flagship is 1K MHI Community of the Year Award, and Sawyer Point is a reflection of how new amenities and community programming can create excellent living conditions for our residents. It's also a reflection of our amazing team that always put our residents first and prioritize safe, amenity-driven, and vibrant communities across our portfolio. I will now turn it over to Nathan for his remarks. Nathan?

Thanks, Kurt. Good morning, everyone. I've always said strong performance begins at the community level, and that is a big reason why we had another great quarter. Simply put, if we invest in the resident experience, they are more likely to stay in our communities. We are proud of our continued focus on improving infrastructure and community engagement initiatives, all of which help support a positive experience and a long-term retention of our residents. In addition to our community level focus, we also continue to pursue strategic acquisitions that are located in key markets where we operate. This past quarter, we expanded our presence in Northern Ohio with a strategic acquisition of an MHC that is expected to be immediately accretive to our AFFO. This 28 lot MHC is located in Marblehead, Ohio and is fully occupied. It includes a private beach area and a fishing pier along with a number of boat slips. This is another example of our boat on acquisition strategy. This MHC is near another flagship-owned community in Northern Ohio and allows us to continue to generate operational efficiencies by managing nearby properties together. We continue to take a disciplined approach to acquisitions while focusing on strong organic growth and delivering value for our unit holders. With that, I'll turn it over to Eddie to review our financial results for the quarter. Eddie?