Flagship Communities Real Estate Investment Trust (MHC.U) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, ladies and gentlemen. Thank you for standing by. Welcome to the Flagship Communities REIT Fourth Quarter 2025 Earnings Call. 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 risks 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 I encourage you to follow along with during this call. And now I'll pass the call over to Kurt Keeney. Thank you, Operator. Good morning, everyone. Thank you for joining us today. 2025 was a milestone year for Flagship. We celebrated our fifth year as a publicly traded REIT and the 30th anniversary for Nathan and me in the MHC industry. Throughout 2025, we continued to execute on the discipline strategy that has defined Flagship since our IPO, delivering growth while maintaining strength in our balance sheet. We saw notable increases in rental revenues, NOI, FFO adjusted, and AFFO adjusted. all of which have grown steadily over the past few years, which you can see on the slides 4 and 5 of the accompanying presentation. We also continue to see strong year-over-year same-community metric performance, which remains the clearest indicator of the underlying health of our business. Same-community revenue gr...