Flagship Communities Real Estate Investment Trust (MHC.U) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

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 stron...