Flagship Communities Real Estate Investment Trust · TSX:MHC.U
Flagship Communities Real Estate Investment Trust — Q3 2023 Earnings Presentation
15 slides from Flagship Communities Real Estate Investment Trust's earnings presentation, Nov 15, 2023
Slide 1: Q3 2023 Investor Presentation
Q3 2023 Investor Presentation November 15, 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: Kurt Keeney, Nathan Smith, Eddie Carlisle
Kurt Keeney President & Chief Executive Officer Nathan Smith Chief Investment Officer Eddie Carlisle Chief Financial Officer
Slide 4: Q3 2023 Highlights
Q3 2023 Highlights REVENUE FUNDS FROM OPERATIONS1 NET OPERATING INCOME 20.7% 20.1% 17.4% 18.2M $15.0M $11.8M $9.8M $6.3M $5.3M Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 1See “Non-IFRS Financial Measures and Real Estate Industry Metrics” for more information. 4
Slide 5: Increases in Same Community Metrics
Increases in Same Community Metrics SAME COMMUNITY REVENUE1 SAME COMMUNITY SAME COMMUNITY NET OPERATING INCOME1 NET OPERATING INCOME MARGIN1 10.3% 10.9% 0.3% $11.8M $9.8M 10.4M 65.7% 66.0% $9.3M Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 1See “Non-IFRS Financial Measures and Real Estate Industr
Slide 6: Stable and Consistent Occupancy
Stable and Consistent Occupancy Lot Rent Occupancy Consistent Same Stable and Growing Same Community Lot Rent Growth Community Occupancy 6
Slide 7: 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 NEWLY INSTALLED PICKLEBALL COURT Mutually Beneficial Rental Relationship
Slide 8: Evansville, Indiana
Fay “lagship Evansville, Indiana Bore
Slide 9: Bolstering Resort Style Community Presence
Bolstering Resort Style Community Presence LAKEVIEW, OHIO RESORT STYLE COMMUNITY 9
Slide 10: 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 CLARKSVILLE, INDIANA ▪ Adjacent U.S. states where we currently operate, or new states with similar c
Slide 11: 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 12: Q3 2023 Financial Summary
Q3 2023 Financial Summary ($000s except per share amounts) For the three For the three For the nine-months For the nine-months months ended months ended Variance ended ended Variance Sep. 30, 2023 Sep. 30, 2022 Sep. 30, 2023 Sep. 30, 2022 Rental revenue and related income 18,154 15,042 3,112 52,291
Slide 13: MHC Portfolio
MHC Portfolio As of Sep. 30, 2023 As of Dec. 31, 2022 Total communities (#) 74 69 Total lots (#) 13,716 12,601 Weighted Average Lot Rent1 (US$) 415 388 Total Portfolio Occupancy (%) 83.5 83.1 Same Community Occupancy (%) 85.0 83.62 Debt to Gross Book Value1 (%) 39.9 42.9 Weighted Average Mortgage (%
Slide 14: Flagship Communities REIT
Flagship Communities REIT The Only Pure Play MHC Investment in Canadian Capital Markets CONWAY, ARKANSAS Page14 14
Slide 15: Q3 2023 Investor Presentation
Q3 2023 Investor Presentation November 15, 2023
Flagship Communities Real Estate Investment Trust — Q3 2023 Earnings Presentation on 6ix