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Flagship Communities Real Estate Investment Trust (MHCUF) Q2 2024 Earnings Call Transcript

Flagship Communities Real Estate Investment Trust (MHCUF) Q2 2024 Earnings Call Transcript

Flagship Communities Real Estate Investment Trust (OTCPK:MHCUF) Q2 2024 Earnings Conference Call August 8, 2024 8:30 AM ET

Company Participants

Kurtis Keeney – Chief Executive Officer
Nathan Smith – Chief Investment Officer
Eddie Carlisle – Chief Financial Officer

Conference Call Participants

Frank Liu – BMO Capital Markets
Mark Rothschild – Canaccord
Bradley Sturges – Raymond James
Alexander Leon – Desjardin Capital Markets
David Chrystal – Ventum Capital Markets
Himanshu Gupta – Scotiabank

Operator

Hello, ladies and gentlemen. Thank you for standing by. Welcome to the Flagship Communities REIT Second Quarter 2024 Earnings Call. At this time, all participants are in 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 the comments made on today’s call may contain forward-looking information, and this information, by its nature, is subject to risks 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 SEDAR. These documents are also available on Flagship’s website at flagshipcommunities.com.

Flagship has also prepared a corresponding PowerPoint presentation, which encourages you to follow along with during this call.

And now I’ll pass the call over to Kurt Keeney. Kurt?

Kurtis Keeney

Thank you, operator. Good morning, everyone. Thank you for joining us today. Our performance in 2024 to date has been strong, and we continue to demonstrate the merits of our business model through the improvement of our key metrics. Rental revenue this quarter increased by 22% over the same period last year. Same community revenue was up nearly 11% over the same period last year, and

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