Flagship Communities Real Estate Investment Trust · TSX:MHC.U
Flagship Communities Real Estate Investment Trust — Q3 2026 Earnings Presentation
14 slides from Flagship Communities Real Estate Investment Trust's earnings presentation, Nov 12, 2026
Slide 1: Q3 2026 Investor Presentation
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Slide 2: Disclaimers
Disclaimers Forward-Looking Information Market and Industry Data Certain statements made during or following this meeting and presentation, including in responses to This presentation includes market and industry data that were obtained from third‐party sources, any comments or questions, may contai
Slide 3: Executive Leadership
Executive Leadership Eddie Carlisle Kurt Keeney Nathan Smith Chief Financial Officer Chief Executive Officer Chief Investment Officer Nathan Smith Eddie Carlisle Kurt Keeney Chief Investment Officer Chief Financial Officer Chief Executive Officer 3
Slide 4: Q3 2026 Highlights
Q3 2026 Highlights REVENUE FFO ADJUSTED 1 $9.9M $30.7M $9.2M 17.6% 8.2% $26.1M Q3 2025 Q3 2026 Q3 2025 Q3 2026 NET OPERATING INCOME (NOI) AFFO ADJUSTED 1 $20.0M $8.9M $17.0M $8.4M 18.2% 6.3% Q3 2025 Q3 2026 Q3 2025 Q3 2026 1 See “Non-IFRS Financial Measures and Real Estate Industry Metrics” for more
Slide 5: Q3 2026 Same Community Metrics Growth
Q3 2026 Same Community Metrics Growth SAME COMMUNITY REVENUE1 SAME COMMUNITY NOI1 $27.5M $17.9M $16.7M $25.7M 6.9% 7.2% Q3 2025 Q3 2026 Q3 2025 Q3 2026 1 See “Non-IFRS Financial Measures and Real Estate Industry Metrics” for more information. 5
Slide 6: Track Record of Distribution Growth
Track Record of Distribution Growth $0.6925 $0.65 $0.62 ~36% $0.59 increase in annualized $0.56 distribution since IPO $0.54 (US$0.51 to US$0.6925) $0.51 IPO 2021 2022 2023 2024 2025 2026 (2020) 6 Consecutive Years of Distribution Increases 6
Slide 7: Disciplined Capital Allocation
Disciplined Capital Allocation ▪ Annual cash distribution increases ▪ Accretive acquisitions that contribute to AFFO per unit growth ▪ Normal Course Issuer Bid 7
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 sector remained 12% Manufactured resilient during the Housing NOI COVID-19 pandemic 10% growth remai
Slide 9: Expanded Kentucky Presence
Expanded Kentucky Presence Completed strategic acquisition of 125-lot MHC in Frankfort, Kentucky ▪ 54% occupied ▪ Near four Flagship-owned properties enabling the REIT to leverage synergies and generate economies of scale ▪ Planned amenities include: new clubhouse, office, basketball court and playg
Slide 10: Stable and Consistent Occupancy
Stable and Consistent Occupancy Lot Rent Occupancy Consistent Same Stable and Growing Same Community Lot Rent Growth Community Occupancy 10
Slide 11: Q3 2026 Financial Summary
Q3 2026 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 Sep. 30, 2026 Sep. 30, 2025 Sep. 30, 2026 Sep. 30, 2025 Rental revenue and related income 30,668 26,087 17.6% 90,980 7
Slide 12: MHC Portfolio
MHC Portfolio ($000s except per unit and Weighted Average Lot Rent amounts) As at Sep. 30, 2026 As of Dec. 31, 2025 Total communities (#) 89 87 Total lots (#) 17,045 16,920 Weighted Average Lot Rent1 (US$) 516 483 Total Portfolio Occupancy1 (%) 84.6 82.9 Same Community Occupancy1 (%) 85.2 83.4 NAV1
Slide 13: Well Positioned for 2027
Well Positioned for 2027 ▪ Unchanged priorities: resident experience and maximizing operational efficiencies ▪ Financial strength: conservative balance sheet, no substantial debt maturities until 2030 ▪ Flagship and MHC outlook remains positive 13
Slide 14: November 12) 2026)
2026 03 INVESTOR PRESENTATION November 12) 2026) ZB
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