Flagship Communities Real Estate Investment Trust · TSX:MHC.U
Flagship Communities Real Estate Investment Trust — Q1 2024 Earnings Presentation
15 slides from Flagship Communities Real Estate Investment Trust's earnings presentation, May 8, 2024
Slide 1: Q1 2024 Investor Presentation
Q1 2024 Investor Presentation May 8, 2024
Slide 2: Disclaimers
Disclaimers General This presentation contains statements that include forward-looking information (within the meaning of applicable Canadian When relying on forward‐looking statements to make decisions, the REIT cautions readers not to place undue reliance on securities laws). Forward-looking state
Slide 3: Presenters: Kurt Keeney, Nathan Smith, Eddie Carlisle
Kurt Keeney President & Chief Executive Officer Nathan Smith Chief Investment Officer Eddie Carlisle Chief Financial Officer
Slide 4: Q1 2024 Highlights
Q1 2024 Highlights REVENUE FUNDS FROM OPERATIONS ADJUSTED1 $19.9 M $6.9 M $5.9 M $16.8 M 18.9% 16.5% Q1 2023 Q1 2024 Q1 2023 Q1 2024 NET OPERATING INCOME ADJUSTED FUNDS FROM $13.3 M OPERATIONS ADJUSTED1 $6.0 M 20.0% $5.2 M 16.8% $11.1 M Q1 2023 Q1 2024 Q1 2023 Q1 2024 1See “Non-IFRS Financial Measur
Slide 5: Conservative Low-Cost Debt Profile
Conservative Low-Cost Debt Profile As at March 31, 20241 Year Principal payments due during period % of Total Principal 2024 $219 0.1% 2025 $274 0.1% 2026 $288 0.1% 2027 $678 0.2% 2028 $2,065 0.5% Thereafter $373,183 99.0% TOTAL $376,707 No Substantial Debt Maturities Until 2030 Weighted Average Mor
Slide 6: Expanding Existing Footprint
Expanding Existing Footprint WV Establishing IN OH new presence IL WV MO KY TN AR TN Expanding existing footprint 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 EVANSVILLE, INDIANA ▪ Detached homes with deck, yard, driveway and in-house laundry ▪ Attractive lifestyle & amenities PICKLEBALL COURT Mutually Beneficial Rental Relations
Slide 8: Fourth Annual ESG Report
LF chi Fourth Annual ESG Report coe oe Sl 3,000 Portfolio Acres 20 Water Features 69 Playgrounds and Lakes-Ponds-Streams Picnic Areas Dee phate bs o28 eg @ e2%e it tH HOHOTTE = ASA 33% Minority Resident 85% of Frontline 29% Board Members Population Managers Are Women Are Women
Slide 9: Transformative Acquisitions
Transformative Acquisitions Highlights: ▪ Enhanced Size & Scale ▪ Expanding Presence in New and Existing Markets ▪ Organic Growth Potential ▪ Operating Platform Synergies & Economies of MORGANTOWN, WEST VIRGINIA Scale 9
Slide 10: Tennessee Acquisitions
Tennessee Acquisitions Two MHCs in Nashville Area: ▪ Nashville, TN ▪ 300 lots ▪ 67% occupied ▪ Value-add community ▪ Murfreesboro, TN ▪ 173 lots ▪ 99% occupied ▪ Amenities include: basketball court and clubhouse MURFREESBORO, TENNESSEE 10
Slide 11: West Virginia Acquisitions
West Virginia Acquisitions 5 MHCs in 3 Distinct Markets: ▪ Morgantown, WV (2 communities) ▪ 187 lots ▪ 203 lots ▪ 88% occupied ▪ 81% occupied MORGANTOWN, WEST VIRGINIA ▪ Milton, WV ▪ 213 lots ▪ 66% occupied MILTON, WEST VIRGINIA ▪ Beckley, WV (2 communities) ▪ 120 lots ▪ 57 lots ▪ 87% occupied ▪ 68%
Slide 12: Q1 2024 Financial Summary
Q1 2024 Financial Summary ($000s except per share amounts) For the three For the three months ended months ended Variance Mar. 31, 2024 Mar. 31, 2023 Rental revenue and related income 19,920 16,758 3,162 Same Community Revenue1 18,600 16,732 1,868 Acquisitions Revenue1 1,320 26 1,294 Net income and
Slide 13: MHC Portfolio
MHC Portfolio As of Mar. 31, 2014 As of Dec. 31, 2023 Total communities (#) 75 75 Total lots (#) 13,780 12,743 Weighted Average Lot Rent1 (US$) 447 418 Total Portfolio Occupancy (%) 83.9 83.4 Same Community Occupancy (%) 84.7 84.7 Debt to Gross Book Value1 (%) 40.5 40.3 Weighted Average Mortgage (%)
Slide 14: Stable and Consistent Occupancy
Stable and Consistent Occupancy Lot Rent Occupancy Consistent Same Stable and Growing Same Community Lot Rent Growth Community Occupancy 14
Slide 15: Q1 2024 Investor Presentation
Q1 2024 Investor Presentation May 8, 2024
Flagship Communities Real Estate Investment Trust — Q1 2024 Earnings Presentation on 6ix