{"id":18826,"date":"2026-05-03T22:03:21","date_gmt":"2026-05-04T03:03:21","guid":{"rendered":"https:\/\/1reason.com\/re\/flagship-communities-real-estate-investment-trust-announces-first-quarter-2026-results\/18826\/"},"modified":"2026-05-03T22:03:21","modified_gmt":"2026-05-04T03:03:21","slug":"flagship-communities-real-estate-investment-trust-announces-first-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/flagship-communities-real-estate-investment-trust-announces-first-quarter-2026-results\/18826\/","title":{"rendered":"Flagship Communities Real Estate Investment Trust Announces First Quarter 2026 Results"},"content":{"rendered":"<div> The financial results of the REIT have been prepared in accordance with International Accounting Standard 34 (\u201cIAS 34\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d). Results are shown in U.S. dollars, unless otherwise noted.  <\/p>\n<p align=\"justify\"><strong>First Quarter 2026 Results<\/strong><br \/><strong><em>Compared to First Quarter 2025 Results<\/em><\/strong><\/p>\n<ul>\n<li style=\"text-align:justify\">Rental revenue and related income was $29.9 million, an increase of 20.6% compared to $24.8 million<\/li>\n<li style=\"text-align:justify\">Same Community Revenue<sup>1<\/sup> was $26.9 million, up 8.6% compared to $24.8 million<\/li>\n<li style=\"text-align:justify\">Net income and comprehensive income was $22.1 million compared to $10.5 million<\/li>\n<li style=\"text-align:justify\">Net Operating Income (\u201cNOI\u201d) was $19.3 million, up 17.4% compared to $16.4 million<\/li>\n<li style=\"text-align:justify\">Same Community NOI<sup>1<\/sup> was $17.3 million, an increase of 5.3%, compared to $16.4 million<\/li>\n<li style=\"text-align:justify\">NOI Margin<sup>1<\/sup> was 64.5% compared to 66.2%<\/li>\n<li style=\"text-align:justify\">Same Community NOI Margin<sup>1<\/sup> was 64.2% compared to 66.2%<\/li>\n<li style=\"text-align:justify\">Funds from operations (\u201cFFO\u201d) per unit (diluted)<sup>2<\/sup> was $0.382 compared to $0.332, which was an increase of $0.050 per unit or 15.0%<\/li>\n<li style=\"text-align:justify\">FFO adjusted per unit (diluted)<sup>2<\/sup> was $0.381 compared to $0.342 which was an increase of $0.039 per unit or 11.4%<\/li>\n<li style=\"text-align:justify\">Adjusted funds from operations (\u201cAFFO\u201d) per unit (diluted)<sup>2<\/sup> was $0.342 compared to $0.301, which was an increase of $0.041 per unit or 13.6%<\/li>\n<li style=\"text-align:justify\">AFFO adjusted per unit (diluted)<sup>2<\/sup> was $0.341 compared to $0.310 which was an increase of $0.031 per unit or 10.0%<\/li>\n<li style=\"text-align:justify\">Rent Collections<sup>1<\/sup> were 99.8%, an increase of 0.1% compared to 99.7%<\/li>\n<li style=\"text-align:justify\">Bolstered its presence in Ohio with the acquisition of a 96-lot manufactured housing community (\u201cMHC\u201d) with land expansion potential<\/li>\n<\/ul>\n<p align=\"justify\"><strong>As at March 31, 2026<\/strong><\/p>\n<ul>\n<li style=\"text-align:justify\">NAV<sup>1<\/sup> and NAV per Unit<sup>1<\/sup> were $822.9 million and $32.39, respectively, compared to $804.8 million and $31.93 as at December 31, 2025, respectively<\/li>\n<li style=\"text-align:justify\">Debt to Gross Book Value<sup>1<\/sup> was 39.0% compared to 39.2% as at December 31, 2025<\/li>\n<li style=\"text-align:justify\">Total portfolio Occupancy<sup>1<\/sup> was 84.1%, compared to 82.9% as at December 31, 2025<\/li>\n<li style=\"text-align:justify\">Same Community<sup>1<\/sup> Occupancy<sup>1<\/sup> was 84.8%, an increase of 1.4% when compared to Same Community Occupancy as at December 31, 2025, which was 83.4%<\/li>\n<\/ul>\n<p align=\"justify\"><strong>Subsequent to Quarter-End <\/strong><\/p>\n<ul>\n<li style=\"text-align:justify\">Increased revolving Line of Credit to a total capacity to $33.0 million, extending the term to three years and improving pricing<\/li>\n<li style=\"text-align:justify\">Published its sixth annual Environmental, Social and Governance (\u201cESG\u201d) report, which highlighted continued progress across affordable housing, environmental stewardship, community investment and corporate governance<\/li>\n<li style=\"text-align:justify\">Awarded the 2026 Manufactured Home Community Operator of the Year award by the national Manufactured Housing Institute (\u201cMHI\u201d), marking its second consecutive win and fifth national Community Operator of the Year recognition from MHI.<\/li>\n<\/ul>\n<p><sup>1<\/sup>See \u201cOther Real Estate Industry Metrics\u201d<br \/><sup>2<\/sup>See \u201cNon-IFRS Financial Measures\u201d<\/p>\n<p align=\"justify\">\u201cWe\u2019ve started 2026 with positive momentum, delivering solid growth across our portfolio while continuing to execute on our disciplined growth strategy,\u201d said Kurt Keeney, President and CEO. \u201cDuring the quarter, we expanded our presence in the key market of Ohio through a strategic acquisition, while our recognition by MHI as Community Operator of the Year reinforces our focus on operating high-quality communities.\u201d<\/p>\n<p align=\"justify\"><strong>Financial Summary<\/strong><\/p>\n<table align=\"center\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\"><strong>($000s except per share amounts)<\/strong><\/td>\n<td colspan=\"2\" style=\"width:16.9474%;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"2\" style=\"width:16.9474%;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"2\" style=\"width:16.9474%;text-align: center;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\" \/>\n<td colspan=\"2\" style=\"width:16.9474%;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>For the three<\/strong><br \/><strong>months ended<\/strong><br \/><strong>Mar. 31, 2026<\/strong><\/td>\n<td colspan=\"2\" style=\"width:16.9474%;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>For the three<\/strong><br \/><strong>months ended<\/strong><br \/><strong>Mar. 31, 2025<\/strong><\/td>\n<td colspan=\"2\" style=\"width:16.9474%;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>Variance<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:49%;width:49.1167%;min-width:49%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\"><strong>Rental revenue and related income<\/strong><\/td>\n<td style=\"max-width:15%;width:14.9753%;min-width:15%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>29,874<\/strong><\/td>\n<td style=\"max-width:2%;width:1.97206%;min-width:2%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"max-width:15%;width:14.9753%;min-width:15%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">24,781<\/td>\n<td style=\"max-width:2%;width:1.97206%;min-width:2%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"max-width:15%;width:14.9753%;min-width:15%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">20.6<\/td>\n<td style=\"max-width:2%;width:1.97206%;min-width:2%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: middle\">Same Community Revenue<sup>1<\/sup><\/td>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>26,922<\/strong><\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">24,781<\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">8.6<\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: middle\">Acquisitions Revenue<sup>1<\/sup><\/td>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>2,952<\/strong><\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">n\/a<\/td>\n<td style=\"width:1.97206%\" \/><\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\"><strong>Net income and comprehensive income<\/strong><\/td>\n<td style=\"width:14.9753%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>22,120<\/strong><\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">10,459<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">111.5<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: middle\"><strong>NOI, total portfolio<\/strong><\/td>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>19,259<\/strong><\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">16,403<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">17.4<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: middle\">Same Community NOI<sup>1<\/sup><\/td>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>17,271<\/strong><\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">16,403<\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">5.3<\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: middle\">Acquisitions NOI<sup>1<\/sup><\/td>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>1,988<\/strong><\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">n\/a<\/td>\n<td style=\"width:1.97206%\" \/><\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: middle\"><strong>NOI Margin<\/strong><sup><strong>1<\/strong><\/sup><strong>, total portfolio<\/strong><\/td>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>64.5<\/strong><\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>%<\/strong><\/td>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">66.2<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(1.7<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: middle\">Same Community NOI Margin<sup>1<\/sup><\/td>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>64.2<\/strong><\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>%<\/strong><\/td>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">66.2<\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(2.0<\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: middle\">Acquisitions NOI Margin<sup>1<\/sup><\/td>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>67.3<\/strong><\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>%<\/strong><\/td>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">n\/a<\/td>\n<td style=\"width:1.97206%\" \/><\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: middle\">FFO<sup>2<\/sup><\/td>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>9,641<\/strong><\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">8,352<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">15.4<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: middle\">FFO per unit<sup>2<\/sup><\/td>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>0.382<\/strong><\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">0.332<\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">15.0<\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: middle\">FFO adjusted<sup>2<\/sup><\/td>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>9,613<\/strong><\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">8,580<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">12.0<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: middle\">FFO adjusted per unit<sup>2<\/sup><\/td>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>0.381<\/strong><\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">0.342<\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">11.4<\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: middle\">AFFO<sup>2<\/sup><\/td>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>8,641<\/strong><\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">7,572<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">14.1<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">AFFO per unit<sup>2<\/sup><\/td>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>0.342<\/strong><\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">0.301<\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">13.6<\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: middle\">AFFO Payout Ratio<sup>2<\/sup><\/td>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>47.3<\/strong><\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>%<\/strong><\/td>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">51.2<\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(7.6<\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: middle\">AFFO adjusted<sup>2<\/sup><\/td>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>8,613<\/strong><\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">7,800<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">10.4<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">AFFO adjusted per unit<sup>2<\/sup><\/td>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>0.341<\/strong><\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">0.310<\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">10.0<\/td>\n<td style=\"width:1.97206%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: middle\">AFFO adjusted Payout Ratio<sup>2<\/sup><\/td>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>47.4<\/strong><\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>%<\/strong><\/td>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">49.6<\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(4.4<\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: middle\">Weighted average units (basic)<\/td>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>19,402,056<\/strong><\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">19,402,056<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"width:1.97206%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:49.1167%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: middle\">Weighted average units (Diluted)<\/td>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>25,246,331<\/strong><\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">25,121,258<\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:14.9753%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">125,073<\/td>\n<td style=\"width:1.97206%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td colspan=\"7\" style=\"width:99.9589%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: middle\">\n<ol style=\"list-style-type:decimal\">\n<li>See \u201cOther Real Estate Industry Metrics\u201d<\/li>\n<li>See \u201cNon-IFRS Financial Measures\u201d<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong><br \/>Financial Overview<\/strong><\/p>\n<p align=\"justify\">Rental revenue and related income in the first quarter of 2026 was $29.9 million, an increase of 20.6% compared to the same period last year. This increase was driven by Acquisitions as well as lot rent increases across the REIT\u2019s portfolio.<\/p>\n<p align=\"justify\">Same Community Revenue for the first quarter 2026 was $26.9 million, up 8.6% from the same period last year. The increase in Same Community Revenue was a result of increasing monthly lot rent and ancillary revenues year over year combined with an increase to Same Community Occupancy.<\/p>\n<p align=\"justify\">Net income and comprehensive income for the three months ended March 31, 2026 was approximately $11.7 million more than the same period last year, as a result of the fair value adjustments on investment properties and Class B Units being $10.0 million more than in the same period in 2025.<\/p>\n<p align=\"justify\">NOI and NOI Margin for the first quarter of 2026 were $19.3 million and 64.5%, respectively, compared to $16.4 million and 66.2% during the first quarter of 2025.<\/p>\n<p align=\"justify\">Same Community NOI Margin for the first quarter 2026 was 64.2%, a (decrease) of (2.0)% compared to the same period last year.<\/p>\n<p align=\"justify\">While NOI saw an increase from amenity fees, NOI Margins were negatively impacted due to these corresponding services having a lower margin than what has historically been achieved by the REIT. Seasonal weather impacts also can increase costs and decrease margins.<\/p>\n<p align=\"justify\">Same Community Occupancy was 84.8% as at March 31, 2026, an increase of 1.4% when compared to Same Community Occupancy as at December 31, 2025, which was 83.4%.<\/p>\n<p align=\"justify\">FFO for the first quarter of 2026 was $9.6 million, a 15.4% increase from the first quarter of 2025. FFO per unit (diluted) for the three months ended March 31, 2026 was $0.382, resulting in an increase of 15.0%.<\/p>\n<p align=\"justify\">FFO adjusted was $9.6 million for the first quarter of 2026, a 12.0% increase compared to the same period last year. FFO adjusted per unit for the first quarter of 2026 was $0.381, an 11.4% increase compared to the same period in 2025.<\/p>\n<p align=\"justify\">AFFO for the first quarter of 2026 was $8.6 million, a 14.1% increase from the first quarter of 2025. AFFO per unit for the three months ended March 31, 2026 was $0.342, a 13.6% increase compared to the same period in 2025.<\/p>\n<p align=\"justify\">AFFO adjusted was $8.6 million for the first quarter of 2026, a 10.4% increase compared to the same period last year. AFFO adjusted per unit for the first quarter of 2026 was $0.341, a 10.0% increase compared to the same period in 2025.<\/p>\n<p align=\"justify\">Rent Collections for the first quarter of 2026 were 99.8%, an increase of 0.1% from the same period in 2025.<\/p>\n<p align=\"justify\">As at March 31, 2026 the REIT\u2019s Weighted Average Mortgage Interest Rate (see \u201cOther Real Estate Industry Metrics\u201d for more information) was 4.54%. The REIT\u2019s Weighted Average Mortgage Term (see \u201cOther Real Estate Industry Metrics\u201d for more information) to maturity was 8.0 years. Flagship has no substantial debt maturities until 2030.<\/p>\n<p align=\"justify\">Flagship\u2019s Liquidity (see \u201cOther Real Estate Industry Metrics\u201d for more information) as at March 31, 2026 was approximately $13.2 million consisting of cash, cash equivalents, and available capacity on lines of credit.<\/p>\n<p align=\"justify\">Subsequent to quarter-end, Flagship increased its revolving Line of Credit to a total capacity of $33.0 million, extending the term to three years, and eliminating the 0.50% spread.<\/p>\n<p align=\"justify\"><strong>Operations Overview<\/strong><\/p>\n<p align=\"justify\">During the first quarter of 2026, Flagship acquired an MHC in Cleves, Ohio (the \u201cAcquisition\u201d). The 96-lot MHC also offers future land expansion potential that could support an additional 12 lots, while further expanding Flagship\u2019s presence in the key market of Ohio. The Acquisition follows Flagship\u2019s recent purchase of three communities in the Greater Cincinnati area, including one in Cleves.<\/p>\n<p align=\"justify\">Flagship also recently published its sixth ESG Report (the \u201cReport\u201d). The Report highlights Flagship\u2019s progress across affordable housing, environmental stewardship, community investment and corporate governance. The 2025 ESG Report outlines Flagship\u2019s continued investment in practical initiatives designed to support a more affordable, sustainable and community-focused living experience for residents across its manufactured housing communities. To access the Report click <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=CU0pJynG9zj8T32Z3DO-NkhNuhSmwcfSdTi-1BQBUeslf50cECaV-rpAGIwYcfK9ArPDkyDUn7AHoiRVgPi_1w==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"here\">here<\/a>.<\/p>\n<p align=\"justify\">In early April 2026, Flagship was named the 2026 Manufactured Home Community Operator of the Year award from MHI, marking the REIT\u2019s second consecutive Operator of the Year award and its fifth national Community Operator of the Year recognition.<\/p>\n<p align=\"justify\">As at March 31, 2026, the REIT owned a 100% interest in a portfolio of 86 MHCs with 16,545 lots as well as two recreational vehicle (\u201cRV\u201d) resort communities with 470 sites, located in eight contiguous states. The table below provides a summary of the REIT\u2019s portfolio as of March 31, 2026, compared to December 31, 2025:<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:54%;width:54%;min-width:54%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\"><strong>($000s except per unit and Weighted Average Lot Rent amounts)<\/strong><\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"max-width:18%;width:18%;min-width:18%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\"><strong>As at March 31, 2026<\/strong><\/td>\n<td style=\"max-width:18%;width:18%;min-width:18%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: top\"><strong>As at December 31, 2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;text-align: justify;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Total communities<\/td>\n<td style=\"border-top: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">(#)<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>88<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">87<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Total lots<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">(#)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\"><strong>17,015<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">16,920<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Weighted Average Lot Rent<sup>1<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">(US$)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\"><strong>516<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">483<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Total portfolio Occupancy<sup>1<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">(%)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\"><strong>84.1<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">82.9<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Same Community<sup>1<\/sup>Occupancy<sup>1<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">(%)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>84.8<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">83.4<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;text-align: justify;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">NAV<sup>1<\/sup><\/td>\n<td style=\"border-top: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">(US$)<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>822,904<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">804,815<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">NAV per Unit<sup>1<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">(US$)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>32.39<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">31.93<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;text-align: justify;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Debt to Gross Book Value<sup>1<\/sup><\/td>\n<td style=\"border-top: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">(%)<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>39.0<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">39.2<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Weighted Average Mortgage Interest Rate<sup>1<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">(%)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\"><strong>4.54<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">4.54<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;border-left: solid black 1pt;vertical-align: top\">Weighted Average Mortgage Term<sup>1<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">(Years)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>8.0<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: middle\">8.2<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n<ol style=\"list-style-type:decimal\">\n<li style=\"margin-top:4pt;margin-bottom:4pt;text-align:justify\">See \u201cOther Real Estate Industry Metrics\u201d<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong><br \/>Outlook <\/strong><\/p>\n<p align=\"justify\">Flagship maintains a positive outlook for the MHC industry and believes it offers significant upside potential to investors. This is primarily due to the MHC industry\u2019s consistent track record of historical outperformance relative to other real estate classes. Rising home ownership costs and limited new supply, have led to greater housing unaffordability for many Americans. Additionally, the lack of supply of new manufactured housing communities given the various layers of regulatory restrictions, competing land uses and scarcity of land zoned has created high barriers to entry for new market entrants. <\/p>\n<p align=\"justify\">Other macro and MHC industry-specific characteristics and trends that support Flagship\u2019s positive outlook include:<\/p>\n<ul>\n<li style=\"text-align:justify\">Increasing household formations;<\/li>\n<li style=\"text-align:justify\">Lower housing and rental affordability;<\/li>\n<li style=\"text-align:justify\">Declining single-family residential homeownership rates<\/li>\n<\/ul>\n<p><strong>Non-IFRS Financial Measures <\/strong><\/p>\n<p align=\"justify\">In this news release, the REIT uses certain financial measures that are not defined under IFRS including certain non-IFRS ratios, to measure, compare and explain the operating results, financial performance, and cash flows of the REIT. These measures are commonly used by entities in the real estate industry as useful metrics for measuring performance. However, they do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS.<\/p>\n<p align=\"justify\">Funds from operations (\u201cFFO\u201d) and adjusted funds from operations (\u201cAFFO\u201d) are calculated in accordance with the definition provided by the Real Property Association of Canada (\u201cREALPAC\u201d).<\/p>\n<p align=\"justify\">FFO is defined as IFRS consolidated net income (loss) adjusted for items such as distributions on redeemable or exchangeable units (including distributions on the Class B Units), unrealized fair value adjustments to Class B Units, unrealized fair value adjustments to investment properties, unrealized fair value adjustments to unit based compensation, loss on extinguishment of acquired mortgages payable, gain on disposition of investment properties, and depreciation. FFO should not be construed as an alternative to consolidated net income (loss), or consolidated cash flows provided by (used in) operating activities determined in accordance with IFRS. The REIT\u2019s method of calculating FFO is substantially in accordance with REALPAC\u2019s recommendations but may differ from other issuers\u2019 methods and, accordingly, may not be comparable to FFO reported by other issuers. Refer to section \u201cReconciliation of FFO, FFO per unit, FFO adjusted, FFO adjusted per unit, AFFO, AFFO per unit, AFFO adjusted and AFFO adjusted per unit\u201d for a reconciliation of FFO and FFO adjusted to net income and comprehensive income.<\/p>\n<p align=\"justify\">\u201cFFO per unit (diluted)\u201d is defined as FFO for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested Restricted Units (\u201cRUs\u201d) and vested Deferred Trust Units (\u201cDTUs\u201d)) during the period.<\/p>\n<p align=\"justify\">\u201cFFO adjusted\u201d is defined as FFO adjusted for non-real estate industry specific operating transactions. FFO adjusted presents FFO in a normalized manner that is substantially in accordance with REALPAC\u2019s recommendations. FFO adjusted may, as transactions occur, include adjustments that were not included in the definition of FFO adjusted in a previous period but are included in the current period to present FFO in a normalized manner that is substantially in accordance with REALPAC\u2019s recommendations. Adjustments for the three months ended March 31, 2026 and 2025 included note payable settlement expense, which is comprised of prepayment penalties, defeasance, amortization of financing costs, and other costs associated with the refinance and payoff of a note payable prior to maturity; and insurance proceeds related to covered damage to investment property or property and equipment.<\/p>\n<p align=\"justify\">\u201cFFO adjusted per unit (diluted)\u201d is defined as FFO adjusted for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested RUs and vested DTUs) during the period.<\/p>\n<p align=\"justify\">AFFO is defined as FFO adjusted for items such as maintenance capital expenditures, and certain non-cash items such as amortization of intangible assets, and premiums and discounts on debt and investments. AFFO should not be construed as an alternative to consolidated net income (loss), or consolidated cash flows provided by (used in) operating activities determined in accordance with IFRS. The REIT\u2019s method of calculating AFFO is substantially in accordance with REALPAC\u2019s recommendations. The REIT uses a capital expenditure reserve of $90 per lot per year and $1,200 per rental home per year, for the year ending December 31, 2026 in the AFFO calculation. The REIT used a capital expenditure reserve of $75 per lot per year and $1,100 per rental home per year for the year ended December 31, 2025. This reserve is based on management\u2019s best estimate of the cost that the REIT may incur related to maintaining the investment properties. This may differ from other issuers\u2019 methods and, accordingly, may not be comparable to AFFO reported by other issuers. Refer to section \u201cReconciliation of FFO, FFO per unit, FFO adjusted, FFO adjusted per unit, AFFO, AFFO per unit, AFFO adjusted and AFFO adjusted per unit\u201d for a reconciliation of AFFO and AFFO adjusted to net income and comprehensive income.<\/p>\n<p align=\"justify\">\u201cAFFO Payout Ratio\u201d is defined as total cash distributions of the REIT (including distributions on Class B Units) divided by AFFO.<\/p>\n<p align=\"justify\">\u201cAFFO per unit (diluted)\u201d is defined as AFFO for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested RUs and vested DTUs) during the period.<\/p>\n<p align=\"justify\">\u201cAFFO adjusted\u201d is defined as AFFO adjusted for transactions that are not considered recurring measures of economic earnings with the goal of presenting AFFO in a normalized manner that is substantially in accordance with REALPAC\u2019s recommendations. AFFO adjusted may, as transactions occur, include adjustments that were not included in the definition of AFFO adjusted in a previous period but are included in the current period to present AFFO in a normalized manner that is substantially in accordance with REALPAC\u2019s recommendations. Adjustments for the three months ended March 31, 2026 and 2025 included note payable settlement expense, which is comprised of prepayment penalties, defeasance, amortization of financing costs, and other costs associated with the refinance and payoff of a note payable prior to maturity; and insurance proceeds related to covered damage to investment property or property and equipment.<\/p>\n<p align=\"justify\">\u201cAFFO adjusted Payout Ratio\u201d is defined as total cash distributions of the REIT (including distributions on Class B Units) divided by AFFO adjusted.<\/p>\n<p align=\"justify\">\u201cAFFO adjusted per unit (diluted)\u201d is defined as AFFO adjusted for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested RUs and vested DTUs) during the period.<\/p>\n<p align=\"justify\">The REIT believes these non-IFRS financial measures and ratios provide useful supplemental information to both management and investors in measuring the operating performance, financial performance, and financial condition of the REIT. The REIT also uses AFFO and AFFO adjusted in assessing its distribution paying capacity.<\/p>\n<p><strong>Other Real Estate Industry Metrics<\/strong><\/p>\n<p align=\"justify\">Additionally, this news release contains several other real estate industry financial metrics:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:4pt;margin-bottom:4pt;text-align:justify\">\u201cAcquisitions\u201d means the REIT\u2019s properties, excluding Same Community (as defined below) (i.e., Acquisitions Revenue, as well as Acquisitions net operating income (\u201cNOI\u201d), and Acquisitions NOI Margin (as defined below)), and such measure is used by management to evaluate period-over-period performance of such investment properties throughout both respective periods. These results reflect the impact of acquisitions of investment properties.<\/li>\n<li style=\"margin-top:4pt;margin-bottom:4pt;text-align:justify\">\u201cDebt to Gross Book Value\u201d is calculated by dividing indebtedness, which consists of the total principal amounts outstanding under mortgages and note payable, net and credit facilities, by Gross Book Value (as defined below). Refer to section \u201cCalculation of Other Real Estate Industry Metrics \u2013 Debt to Gross Book Value.\u201d<\/li>\n<li style=\"margin-top:4pt;margin-bottom:4pt;text-align:justify\">\u201cGross Book Value\u201d means, at any time, the greater of: (a) the value of the assets of the REIT and its consolidated subsidiaries, as shown on its then most recent consolidated statements of financial position prepared in accordance with IFRS, less the amount of any receivable reflecting interest rate subsidies on any debt assumed by the REIT; and (b) the historical cost of the investment properties, plus (i) the carrying value of cash and cash equivalents, (ii) the carrying value of mortgages receivable; and (iii) the historical cost of other assets and investments used in operations.<\/li>\n<li style=\"margin-top:4pt;margin-bottom:4pt;text-align:justify\">\u201cLiquidity\u201d is defined as (a) cash and cash equivalents, plus (b) borrowing capacity available under any existing credit facilities.<\/li>\n<li style=\"margin-top:4pt;margin-bottom:4pt;text-align:justify\">\u201cNet Asset Value\u201d or \u201cNAV\u201d is calculated by taking unitholders\u2019 equity plus Class B Units, vested RUs and vested DTUs. NAV provides an indication of the total value of the REIT&#8217;s investment properties, after accounting for outstanding mortgages and note payable. NAV also provides an indication of the changes in the REIT\u2019s overall value resulting from the performance of its assets. The reason for adding back Class B Units, vested RUs and vested DTUs is that they are economically equivalent to Units, receive the same distributions (or distribution equivalents) as Units, and can be exchanged for Units.<\/li>\n<li style=\"margin-top:4pt;margin-bottom:4pt;text-align:justify\">\u201cNet Asset Value per Unit\u201d or \u201cNAV per Unit\u201d is defined as NAV divided by the total number of units (including Units, Class B Units, vested RUs and vested DTUs) outstanding.<\/li>\n<li style=\"margin-top:4pt;margin-bottom:4pt;text-align:justify\">\u201cNOI Margin\u201d is defined as NOI divided by total revenue. Refer to section \u201cCalculation of Other Real Estate Industry Metrics \u2013 NOI and NOI Margin\u201d.<\/li>\n<li style=\"margin-top:4pt;margin-bottom:4pt;text-align:justify\">\u201cOccupancy\u201d is defined as the number of economically occupied lots in a community, defined as a lot that is generating revenue for the REIT as opposed to a lot that is physically occupied by a vacant structure, divided by the total lots in that community.<\/li>\n<li style=\"margin-top:4pt;margin-bottom:4pt;text-align:justify\">\u201cRent Collections\u201d is defined as the total cash collected in a period divided by total revenue charged in that same period.<\/li>\n<li style=\"margin-top:4pt;margin-bottom:4pt;text-align:justify\">\u201cSame Community\u201d means all properties which have been owned and operated continuously since the first day of the preceding calendar year by the REIT and such measures (i.e., Same Community Revenue, as well as Same Community NOI, Same Community NOI Margin, and Same Community Occupancy) are used by management to evaluate period-over-period performance.<\/li>\n<li style=\"margin-top:4pt;margin-bottom:4pt;text-align:justify\">\u201cWeighted Average Lot Rent\u201d means the lot rent for each individual community multiplied by the total lots in that community summed for all communities divided by the total number of lots for all communities.<\/li>\n<li style=\"margin-top:4pt;margin-bottom:4pt;text-align:justify\">\u201cWeighted Average Mortgage and Note Interest Rate\u201d is calculated by multiplying the interest rate of each outstanding mortgage and note by the mortgage balance and dividing the sum by the total mortgage and note balance.<\/li>\n<li style=\"margin-top:4pt;margin-bottom:4pt;text-align:justify\">\u201cWeighted Average Mortgage and Note Term\u201d is calculated by multiplying the remaining term of each mortgage by the mortgage balance and dividing the sum by the total mortgage and note balance.<\/li>\n<\/ul>\n<p align=\"justify\"><strong><br \/>Reconciliation of FFO, FFO per unit, FFO adjusted, FFO adjusted per unit, AFFO, AFFO per unit, AFFO adjusted and AFFO adjusted per unit<\/strong><\/p>\n<table align=\"center\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>($000s, except per unit amounts)<\/strong><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>For the three months <br \/>ended Mar. 31, 2026<\/strong><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>For the three months <br \/>ended Mar. 31, 2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:58%;width:58%;min-width:58%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>Net income and comprehensive income<\/strong><\/td>\n<td style=\"max-width:20%;width:20%;min-width:20%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>22,120<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:20%;width:20%;min-width:20%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>10,459<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><em>Adjustments to arrive at FFO<\/em><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Depreciation<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">157<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">127<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">(Gain) on sale of investment properties<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(11<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(50<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Fair value adjustments &#8211; Class B units<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(4,585<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">10,820<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Distributions on Class B units<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">922<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">865<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Fair value adjustment \u2013 investment properties<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(8,813<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(14,207<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Fair value adjustment \u2013 unit based compensation<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(149<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">338<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>Funds from Operations (\u201cFFO\u201d)<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>9,641<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>8,352<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>FFO per unit (diluted)<\/strong><\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>0.382<\/strong><\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>0.332<\/strong><\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><em>Adjustments to arrive at FFO adjusted<\/em><\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Note payable settlement expenses<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">228<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Insurance proceeds<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(28<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>FFO adjusted<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>9,613<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>8,580<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>FFO adjusted per unit (diluted)<\/strong><\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>0.381<\/strong><\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>0.342<\/strong><\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><em>Adjustments to arrive at AFFO<\/em><\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Accretion of mark-to-market adjustment on mortgage payable<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(56<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(56<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Capital Expenditure Reserves<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(944<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(724<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>Adjusted Funds from Operations (\u201cAFFO\u201d)<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>8,641<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>7,572<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>AFFO per unit (diluted)<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>0.342<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>0.301<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><em>Adjustments to arrive at AFFO adjusted<\/em><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Note payable settlement expenses<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">228<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Insurance proceeds<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(28<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>AFFO adjusted<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>8,613<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>7,800<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>AFFO adjusted per unit (diluted)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>0.341<\/strong><\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>0.310<\/strong><\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<\/table>\n<p><strong><br \/>Calculation of Other Real Estate Industry Metrics<\/strong><\/p>\n<p><strong>NOI and NOI Margin<\/strong><\/p>\n<table align=\"center\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>($000s)<\/strong><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>For the three months <br \/>ended Mar. 31, 2026<\/strong><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>For the three months <br \/>ended Mar. 31, 2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:58%;width:58%;min-width:58%;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Rental revenue and related income<\/td>\n<td style=\"max-width:20%;width:20%;min-width:20%;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">29,874<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:20%;width:20%;min-width:20%;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">24,781<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Property operating expenses<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">10,615<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">8,378<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\"><strong>NOI<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>19,259<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>16,403<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\"><strong>NOI Margin<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>64.5<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>%<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>66.2<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>%<\/strong><\/td>\n<\/tr>\n<\/table>\n<p><strong><br \/>NAV and NAV per Unit<\/strong><\/p>\n<table align=\"center\" style=\"border-top: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:60%;width:60.0246%;min-width:60%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>($000s, except per unit amounts)<\/strong><\/td>\n<td style=\"max-width:20%;width:20.0288%;min-width:20%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>As at March 31, 2026<\/strong><\/td>\n<td style=\"max-width:20%;width:20.0288%;min-width:20%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>As at December 31, 2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:60.0246%;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Unitholders Equity<\/td>\n<td style=\"width:20.0288%;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">707,674<\/td>\n<td style=\"width:20.0288%;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">688,726<\/td>\n<\/tr>\n<tr>\n<td style=\"width:60.0246%;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Class B Units<\/td>\n<td style=\"width:20.0288%;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">110,707<\/td>\n<td style=\"width:20.0288%;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">111,548<\/td>\n<\/tr>\n<tr>\n<td style=\"width:60.0246%;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Vested RU<\/td>\n<td style=\"width:20.0288%;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">1,885<\/td>\n<td style=\"width:20.0288%;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">1,964<\/td>\n<\/tr>\n<tr>\n<td style=\"width:60.0246%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Vested DTU<\/td>\n<td style=\"width:20.0288%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">2,638<\/td>\n<td style=\"width:20.0288%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">2,577<\/td>\n<\/tr>\n<tr>\n<td style=\"width:60.0246%;border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>NAV<\/strong><\/td>\n<td style=\"width:20.0288%;border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>822,904<\/strong><\/td>\n<td style=\"width:20.0288%;border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>804,815<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:60.0246%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Total Units<sup>1<\/sup><\/td>\n<td style=\"width:20.0288%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">25,406,753<\/td>\n<td style=\"width:20.0288%;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">25,206,534<\/td>\n<\/tr>\n<tr>\n<td style=\"width:60.0246%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>NAV per Unit<\/strong><\/td>\n<td style=\"width:20.0288%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>32.39<\/strong><\/td>\n<td style=\"width:20.0288%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>31.93<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"width:100.082%;border-left: solid black 1pt;border-bottom: solid black 1pt\">\n<ol style=\"list-style-type:decimal\">\n<li>Total Units includes Units, Class B Units, vested RUs and vested DTUs<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<\/table>\n<p><strong><br \/>Debt to Gross Book Value<\/strong><\/p>\n<table align=\"center\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>($000s)<\/strong><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>As at Mar. 31, 2026<\/strong><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>As at Dec. 31, 2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>Total Debt<\/strong><\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"max-width:60%;width:60%;min-width:60%;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Line of Credit<\/td>\n<td style=\"max-width:19%;width:19%;min-width:19%;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">10,000<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:19%;width:19%;min-width:19%;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Mortgages payable, net (current portion)<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,528<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,905<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Mortgages payable, net (non-current portion)<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">531,838<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">531,723<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">543,366<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">533,628<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>Gross Book Value<\/strong><\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Cash and cash equivalents<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">13,198<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">9,748<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Tenant and other receivables, net<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,872<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,603<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Prepaids and other assets<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">3,508<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">3,692<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Lender escrow deposits<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">5,644<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">4,197<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Other non-current assets<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">140<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">140<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Investment properties<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,364,097<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,335,325<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Property and equipment, net<\/td>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">3,955<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">3,780<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Note receivable \u2013 related party<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,460<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,460<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,394,874<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,360,945<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\"><strong>Debt to Gross Book Value<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>39.0<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>%<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>39.2<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>%<\/strong><\/td>\n<\/tr>\n<\/table>\n<p><strong><br \/>Forward-Looking Statements <\/strong><\/p>\n<p align=\"justify\">This news release contains statements that include forward-looking information (within the meaning of applicable Canadian securities laws). Forward-looking statements are identified by words such as \u201cbelieve\u201d, \u201canticipate\u201d, \u201cproject\u201d, \u201cexpect\u201d, \u201cintend\u201d, \u201cplan\u201d, \u201cwill\u201d, \u201cmay\u201d, \u201ccan\u201d, \u201ccould\u201d, \u201cwould\u201d, \u201cmust\u201d, \u201cestimate\u201d, \u201ctarget\u201d, \u201cobjective\u201d, and other similar expressions, or negative versions thereof, and include statements herein concerning: the REIT\u2019s investment strategy, objectives and creation of long-term value; the REIT\u2019s intention to continue to expand in its existing operational footprint, increasing its presence in core markets to enhance efficiencies and achieve economies of scale, and to target growth markets; the REIT\u2019s intention to convert rental homes to tenant owned homes as opportunities allow; expected sources of funding for future acquisitions and the expected performance of acquisitions; macro characteristics and trends in the United States real estate and housing industry, as well as the manufactured housing community (\u201cMHC\u201d) industry specifically; the REIT\u2019s distribution policy and intended sources of cash therefor; and the REIT\u2019s target indebtedness as a percentage of Gross Book Value. These statements are based on the REIT\u2019s expectations, estimates, forecasts, and projections, as well as assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies that could cause actual results to differ materially from those that are disclosed in such forward-looking statements. While considered reasonable by management of the REIT as at the date of this news release, any of these expectations, estimates, forecasts, projections, or assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those expectations, estimates, forecasts, projections, or assumptions could be incorrect. Material factors and assumptions used by management of the REIT to develop the forward-looking information in this news release include, but are not limited to, the REIT\u2019s current expectations about: vacancy and rental growth rates in MHCs and the continued receipt of rental payments in line with historical collections; demographic trends in areas where the MHCs are located; further MHC acquisitions by the REIT; the applicability of any government regulation concerning MHCs and other residential accommodations; the availability of debt financing and future interest rates, as there is no guarantee that the future Federal Reserve will continue to hold or decrease interest rates; increasing expenditures and fees, in connection with the ownership of MHCs, driven by inflation or tariffs; tax laws; general economic conditions; and the recent increased volatility of equity markets in the United States. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed or referenced under the heading \u201cRisks and Uncertainties\u201d herein or otherwise disclosed in the REIT\u2019s Management\u2019s Discussion and Analysis, the Annual Management\u2019s Discussion and Analysis or the Annual Information Form. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Further, certain forward-looking statements included in this news release may be considered as \u201cfinancial outlook\u201d for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than to understand management\u2019s current expectations and plans relating to the future, as disclosed in this news release. Forward-looking statements are made as of the date of this news release (or the date otherwise indicated herein) and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"2\" style=\"text-align: left;vertical-align: middle;vertical-align: top\"><strong>First Quarter 2026 Results Conference Call and Webcast<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"max-width:20%;width:20%;min-width:20%;text-align: left;vertical-align: middle;vertical-align: top\">DATE:<\/td>\n<td style=\"max-width:80%;width:80%;min-width:80%;text-align: left;vertical-align: middle;vertical-align: top\">Tuesday, May 5, 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:20%;width:20%;min-width:20%;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"max-width:80%;width:80%;min-width:80%;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">TIME:<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">8:30 a.m. ET<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">JOIN BY PHONE:<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\"><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=LjoDq16zU2WmsrZVVZrsWpaX2KA4DZA6pDqNh_n-UHgj4UC-vxtlzP74j6ao5cue5p4o9UXLVPPu5ry92DYSeXKCK2WAsv7UP_vdGkShKCXr4DElHhNAhrwnp8qYIVrOQWgu4NVSmbsjsjzED6435QmU-xRRX_aQ_kxxajE6Zwqr8ByFYcHkMnNMSB6rBADslbtNiPap6YyNVOo1FCQwWGOF9gqSzuhdS3zaxaKT3IsWDgOebjUwdYEIDpj3QA2y8VRolAQhZVY0ikYA1uYhczwZxNRRgb-c9BWEQ0PQMrgozjM6Ej59rjCnvcdA3WstjNE-Fh8uTsgPHsoVR9_gOtlRHgUMvXKyWDgwmNsSp7gr1GTPUNzv6hyp6rHrdjE29rbtU3t4BYtLclAsTTEFItpUkwNQbT7cXBvd9JB1c_UwFQJ9bJhqzZEYn3WutUXgS5ftATmZDMYMfWsvgeaz3t1PcvAlfOXO5OOyn1X1dtgSuvmpa3APx8ykgsyDYgAyDSW6K-vSyi8K_MotbcTqnpNR1DYXVp-RTBruqmgoDnsn7ZEAQupdvFYT1dEGpVlISeEVi8fErqZLvuSL4wYIMp8N4JvdiwJW6auJLhIKo_4qFgcdRDOmdPB2DgcgxLFi0eeYYxgUiPHBni24AOuS_Otx2lOZkK3eGVaHRm5IWGSqMRhenUBOWHiX2ad5YDn9h3kUX3WCE_dyagFKT0CqD7WrrJnfdtjwY0lBr8GHZPA=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Conference Call Registration\">Conference Call Registration<\/a><\/p>\n<p>(Click the URL to join the conference call by phone)<\/p>\n<p>Please register at least 10 minutes before the start of the call. Upon registration, an email will be sent, including dial-in details and a unique conference call access code required to join the live call.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">LIVE WEBCAST:<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\"><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ExkDKr5a83emMRrlBTQ9ZXXrx8E38xiz19LskNH2YEngecXQXVp-1qPO2O6c9vstQu0RCoRcUSH023bkTBGS1T_jS3oet39HJZLud3RZ7mjN1Se9WtLID-3mhLvmDWuc40zHZR5dh5BX-PHTCOJGRe7wjEoRqNJywSfkceojaZ4=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Q1 2026 Webcast\">Q1 2026 Webcast<\/a><\/td>\n<\/tr>\n<\/table>\n<p><strong><br \/>About Flagship Communities Real Estate Investment Trust<\/strong><\/p>\n<p>Flagship Communities Real Estate Investment Trust (TSX: MHC.U; MHC.UN) is a leading operator of affordable residential Manufactured Housing Communities primarily serving working families seeking affordable home ownership. The REIT owns and operates exceptional residential living experiences and investment opportunities in family-oriented communities in Kentucky, Indiana, Ohio, West Virginia, Tennessee, Arkansas, Missouri, and Illinois. To learn more about Flagship, visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=FHYi_mtK1DUYalnTIFCrPQxd3haL_aDYkQANaeMEGxGhxY_E4KeOH3vncxo-aqQfu8TzyWgFkGJ3IrygR7onRqb6qB8Aa6CLojp29L-f5tjniZk0Ppvw1QXuUNIh5z3o\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.flagshipcommunities.com\">www.flagshipcommunities.com<\/a>.<\/p>\n<p><strong>For further information, please contact:<\/strong><\/p>\n<p>Eddie Carlisle, Chief Financial Officer<br \/>Flagship Communities Real Estate Investment Trust<br \/>Tel: +1 (859) 568-3390<\/p>\n<p><img alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/NWJjNmVlZmMtYWNmMS00MTM2LWEzNDgtYWQ4ODg5YmZlMzg1LTEyNjU0MTAtMjAyNi0wNS0wNC1lbg==\/tiny\/Flagship-Communities-Real-Esta.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p align=\"center\">Not for distribution to U.S. newswire services or dissemination in the United States.<\/p>\n<p align=\"justify\">TORONTO, May 04, 2026 (GLOBE NEWSWIRE) &#8212; Flagship Communities Real Estate Investment Trust (\u201cFlagship\u201d or the \u201cREIT\u201d) (TSX: MHC.U; MHC.UN) today released its first quarter 2026 results.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/18826"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=18826"}],"version-history":[{"count":0,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/18826\/revisions"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=18826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=18826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=18826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}