Flagship Communities Real Estate Investment Trust · TSX:MHC.U
Flagship Communities Real Estate Investment Trust — Q4 2025 Earnings Presentation
14 slides from Flagship Communities Real Estate Investment Trust's earnings presentation, Mar 10, 2026
Slide 1: Flagship Communities REIT: 5th TSX listing anniversary and 30 years in manufactured housing
OO” se Fees Flagship Communities REIT on their 5th TSX listing anniversary and 30 years in manufactured housing TSX: MHC. 2025 04 INVESTOR PRESENTATION March 10) 2026 Byixgsvip Communities Flagship Communities celebrates 5th anniversary of TSX listing and 30 years in manutactured housing
Slide 2: Disclaimers
Disclaimers Forward-Looking Information Market and Industry Data This meeting and presentation, including responses to any questions, may contain This presentation includes market and industry data that were obtained from third‐party statements that include forward-looking information (within the me
Slide 3: Executive Leadership
Executive Leadership Eddie Carlisle Kurt Keeney Nathan Smith Chief Financial Officer Chief Executive Officer Chief Investment Officer 3
Slide 4: Strong Financial Performance: Revenue & NOI
Strong Financial Performance Revenue & NOI REVENUE NET OPERATING INCOME (NOI) 2022-2025 CAGR: 20.7% 2022-2025 CAGR: 20.7% $103.4M $68.4M $88.1M $58.4M $71.1M $46.9 M $58.8M $38.9 M 2022 2023 2024 2025 2022 2023 2024 2025 4
Slide 5: Strong Financial Performance: FFO Adjusted & AFFO Adjusted
Strong Financial Performance FFO Adjusted & AFFO Adjusted FFO ADJUSTED1 AFFO ADJUSTED1 2022-2025 CAGR: 19.4% 2022-2024 CAGR: 21.2% $36.1M $32.9 M $30.2M $27.2M $24.6M $21.2M $21.6M $18.3M 2022 2023 2024 2025 2022 2023 2024 2025 1See “Non-IFRS Financial Measures and Real Estate Industry Metrics” for
Slide 6: 2025 Same Community Metrics Growth
2025 Same Community Metrics Growth SAME COMMUNITY REVENUE1 SAME COMMUNITY NOI1 SAME COMMUNITY NOI MARGIN1 $91.7M $60.8M 10.9% 11.0% 66.2% 66.2% $54.7M $82.7M 2024 2025 2024 2025 2024 2025 1See “Non-IFRS Financial Measures and Real Estate Industry Metrics” for more information. 6
Slide 7: Strategic Acquisitions
Strategic Acquisitions Completed two strategic acquisitions, expanding presence in existing markets: ▪ Acquired Seymour, Indiana MHC ▪ Acquired three MHCs in Greater Cincinnati, Ohio SEYMOUR, INDIANA NEW RICHMOND, OHIO Significant growth potential through addition of amenities, occupancy increases a
Slide 8: Disciplined Acquisition Criteria
Disciplined Acquisition Criteria All Flagship REIT acquisitions adhere to strict and disciplined criteria: ▪ Accretive to AFFO per unit ▪ Leverage management synergies and generate economies of scale ▪ Adjacent U.S. states where we CLEVES, OHIO currently operate, or new states with similar character
Slide 9: Q4 2025 Financial Summary
Q4 2025 Financial Summary ($000s except per unit amounts) For the three For the three For the For the months ended months ended Variance Year Ended Year Ended Variance Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2024 Rental revenue and related income 27,450 23,750 15.6% 103,385 88,130 17.3% S
Slide 10: MHC Portfolio
MHC Portfolio ($000s except per unit and Weighted Average Lot Rent amounts) As of Dec. 31, 2025 As of Dec. 31, 2024 Total communities (#) 87 82 Total lots (#) 16,920 15,137 Weighted Average Lot Rent1 (US$) 483 448 Total portfolio Occupancy1 (%) 82.9 83.5 Same Community1 Occupancy1 (%) 83.9 84.1 NAV1
Slide 11: Stable and Consistent Occupancy
Stable and Consistent Occupancy Lot Rent Occupancy Consistent Same Stable and Growing Same Community Lot Rent Growth Community Occupancy 11
Slide 12: Positive Outlook for MHC Industry
Positive Outlook for MHC Industry Same-Property NOI Growth: Manufactured Housing vs. Other U.S. Real Estate Sectors Manufactured Housing Other U.S. Real Estate Sub-Sector Average Manufactured Housing 12% sector remained Manufactured resilient during the Housing NOI COVID-19 pandemic 10% growth remai
Slide 13: Competitive Advantage
Competitive Advantage MHC Industry Market Share Source: Manufactured Housing Institute ▪ Industry primarily comprised of local owner-operators ▪ Top 50 investors estimated to control ~17% of manufactured housing lots for rent ▪ ~5,300 communities within Flagship’s current target markets New Supply C
Slide 14: Flagship Communities REIT
OO” se Fees Flagship Communities REIT on their 5th TSX listing anniversary and 30 years in manufactured housing TSX: MHC. 2025 04 INVESTOR PRESENTATION March 10) 2026 Byixgsvip Communities Flagship Communities celebrates 5th anniversary of TSX listing and 30 years in manutactured housing
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