Flagship Communities Real Estate Investment Trust · TSX:MHC.U
Flagship Communities Real Estate Investment Trust — Q3 2025 Earnings Presentation
15 slides from Flagship Communities Real Estate Investment Trust's earnings presentation, Nov 13, 2025
Slide 1: Investor Presentation
2025 03 _ - CUCU Ud INVESTOR: PRESEN TAT IGN NOVEMBEN 13) 2020; Ae
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: Q3 2025 Highlights
Q3 2025 Highlights REVENUE NET OPERATING INCOME (NOI) $26.1 M $17.0 M 12.3% $23.2 M 12.3% $15.1 M Q3 2024 Q3 2025 Q3 2024 Q3 2025 SAME COMMUNITY SAME COMMUNITY SAME COMMUNITY REVENUE1 NOI1 NOI MARGIN1 10.0% $23.3M 10.2% 64.5% 64.7% 0.2% 0.2% $21.2M $13.7M $15.0M Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 20
Slide 5: Per Unit Metric Growth
Per Unit Metric Growth FFO ADJUSTED PER UNIT (DILUTED)1 AFFO ADJUSTED PER UNIT (DILUTED)1 $0.365 14.8% $0.318 18.9% $0.333 $0.280 Q3 2024 Q3 2025 Q3 2024 Q3 2025 1See “Non-IFRS Financial Measures and Real Estate Industry Metrics” for more information. 5
Slide 6: Strategic Acquisitions
Strategic Acquisitions ▪ Expanded Presence in Kentucky, Indiana and Ohio ▪ Acquisitions expected to be immediately accretive to AFFO ▪ Acquisitions Provide Opportunity CLEVES, OHIO to add value through Occupancy Growth and Lot Expansion ▪ Enables REIT to add more housing within existing communities
Slide 7: Proven Operator
Proven Operator 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 Constra
Slide 8: 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 9: Integration and Improvements to New Communities
Integration and Improvements to New Communities Significant Opportunities to Increase Growth of Organic Portfolio: ▪ Maintaining Stable Occupancy Rates ▪ Customer Satisfaction LOUISVILLE, KENTUCKY ▪ Ancillary Revenue and Cost Containment Initiatives ▪ Lot Expansion PICKLEBALL COURT 9
Slide 10: Disciplined Acquisition Criteria
Disciplined Acquisition Criteria All Flagship REIT acquisitions adhere to strict and disciplined criteria: ▪ Accretive to AFFO per unit ▪ Leverage management SEYMOUR, INDIANA synergies and generate economies of scale ▪ Adjacent U.S. states where we currently operate, or new states with similar chara
Slide 11: Q3 2025 Financial Summary
Q3 2025 Financial Summary ($000s except per unit amounts) For the three For the three For the nine For the nine months ended months ended Variance months ended months ended Variance Sept. 30, 2025 Sept. 30, 2024 Sept. 30, 2025 Sept. 30, 2024 Rental revenue and related income 26,087 23,228 12.3% 75,9
Slide 12: MHC Portfolio
MHC Portfolio ($000s except per unit and Weighted Average Lot Rent amounts) As at Sept. 30, 2025 As at Dec. 31, 2024 Total communities (#) 83 82 Total lots (#) 15,680 15,137 Weighted Average Lot Rent1 (US$) 483 448 Total portfolio Occupancy1 (%) 84.3 83.5 Same Community1 Occupancy1 (%) 85.1 84.3 NAV
Slide 13: Stable and Consistent Occupancy
Stable and Consistent Occupancy Lot Rent Occupancy Consistent Same Stable and Growing Same Community Lot Rent Growth Community Occupancy 13
Slide 14: Flagship Communities REIT
Flagship Communities REIT Page14 14
Slide 15: Investor Presentation
2025 03 _ - CUCU Ud INVESTOR: PRESEN TAT IGN NOVEMBEN 13) 2020; Ae
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