Flagship Communities Real Estate Investment Trust · TSX:MHC.U
Flagship Communities Real Estate Investment Trust — Q1 2023 Earnings Presentation
17 slides from Flagship Communities Real Estate Investment Trust's earnings presentation, May 10, 2023
Slide 1: Q1 2023 Investor Presentation
Q1 2023 Investor Presentation May 10, 2023
Slide 2: Disclaimers
Disclaimers General This presentation contains statements that include forward-looking information (within the meaning of applicable When relying on forward‐looking statements to make decisions, the REIT cautions readers not to place undue Canadian securities laws). Forward-looking statements are id
Slide 3: Presenting management team
Kurt Keeney President & Chief Executive Officer Nathan Smith Chief Investment Officer Eddie Carlisle Chief Financial Officer
Slide 4: Q1 2023 Highlights
Q1 2023 Highlights REVENUE SAME COMMUNITY REVENUE 9.7% 22.4% $16.8M $14.9M $13.7M $13.5M Q1 2022 Q1 2023 Q1 2022 Q1 2023 1See “Other Real Estate Industry Metrics” for more information. 4
Slide 5: NOI and Same Community NOI
NOI and Same Community NOI SAME COMMUNITY NET OPERATING INCOME NET OPERATING INCOME 20.1% 6.3% $11.1M $9.8M $9.3M $9.2M Q1 2022 Q1 2023 Q1 2022 Q1 2023 1See “Other Real Estate Industry Metrics” for more information. 5
Slide 6: MHCs: Cost-Effective Pathway to Home Ownership
MHCs: Cost-Effective Pathway to Home Ownership ▪ Housing affordability ▪ Pride of home ownership ▪ Ability to build home equity ▪ Detached homes with deck, yard, driveway and in-house laundry ▪ Attractive lifestyle & amenities Mutually Beneficial Rental Relationship Between Community Residents and O
Slide 7: Stable and Consistent Occupancy
Stable and Consistent Occupancy Lot Rent Occupancy Consistent Same Stable and Growing Same Community Lot Rent Growth Community Occupancy 7
Slide 8: MHI Awards
MHI Awards MHI 2023 |. CONGRESS BexPO he
Slide 9: Third Annual ESG Report
i yy shi Third Annual ESG Report coe e ® Soe os eye do OS ~ aS 23% Minority Resident 43% Board Trustees 75% Frontline Managers Population Are Female/Minority Are Women Ml & 12,601 Community 67 Playgrounds and 16 Water Features Home Lots Picnic Areas Lakes-Ponds-Streams
Slide 10: Conservative Low-Cost, Debt Profile
Conservative Low-Cost, Debt Profile Obtain Secured Debt, Primarily on Fixed Rate Basis Allows Flagship to: 1) Maintain staggered maturities to lessen risk exposure 2) Ride out economic cycles MARBLEHEAD, OHIO SPRINGFIELD, ILLINOIS 10
Slide 11: Disciplined Acquisition Criteria
Disciplined Acquisition Criteria All Flagship REIT acquisitions adhere to strict and disciplined criteria: ▪ Accretive to AFFO per unit ▪ Leverage management synergies and generate economies of scale MARBLEHEAD, OHIO ▪ Adjacent U.S. states where we currently operate, or new states with similar chara
Slide 12: Recent Acquisitions
Recent Acquisitions Acquired MHCs in Key Markets ▪ Continued to grow within core markets ▪ Acquired high-quality MHC in Austin, Indiana ▪ Subsequent to quarter-end, acquired three properties in core markets CONWAY, ARKANSAS JACKSON, TENNESSEE 12
Slide 13: Proven Operator
Proven Operator MHC Industry Market Share Source: Manufactured Housing Institute ▪ Industry primarily comprised of local owner-operators ▪ Top 50 investors estimated to control ~17% of manufactured housing lots for rent ▪ ~5,300 communities within Flagship’s current target markets New Supply Constra
Slide 14: Q1 2023 Financial Summary
Q1 2023 Financial Summary ($000s except per share amounts) For the three For the three months ended months ended Variance Mar. 31, 2023 Mar. 31, 2022 Rental revenue and related income 16,758 13,693 3,065 Same Community Revenue1 14,852 13,537 1,315 Acquisitions Revenue1 1,906 156 1,750 Net income and
Slide 15: MHC Portfolio
MHC Portfolio As of Mar. 31, 2023 As of Mar. 31, 2022 Total communities (#) 70 69 Total lots (#) 12,743 12,601 Weighted Average Lot Rent1 (US$) 418 388 Total Portfolio Occupancy (%) 83.4 83.1 Same Community Occupancy (%) 84.0 82.9 Debt to Gross Book Value1 (%) 40.0 42.9 Weighted Average Mortgage (%)
Slide 16: Flagship Communities REIT
Flagship Communities REIT The Only Pure Play MHC Investment in Canadian Capital Markets Page16 16
Slide 17: Q1 2023 Investor Presentation
Q1 2023 Investor Presentation May 10, 2023
Flagship Communities Real Estate Investment Trust — Q1 2023 Earnings Presentation on 6ix