Flagship Communities Real Estate Investment Trust · TSX:MHC.U
Flagship Communities Real Estate Investment Trust — Q1 2021 Earnings Presentation
13 slides from Flagship Communities Real Estate Investment Trust's earnings presentation, May 11, 2021
Slide 1: Q1 2021 Investor Presentation
Q1 2021 Investor Presentation May 11, 2021
Slide 2: Disclaimers
Disclaimers General This presentation contains statements that include forward-looking information (within the meaning of applicable Canadian securities laws). Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "e
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 2021 Overview
Q1 2021 Overview Revenues, Net Operating Income, Adjusted Funds from Operations all ABOVE forecasts, mainly due to: • Acquisitions completed in Q1 2021 • Revenue sharing agreements in place Strong Q1 2021 Results Also Indicative of Cost Containment Initiatives 4
Slide 5: COVID-19 Update
COVID-19 Update • Sizable number of residents have been able to maintain employment through COVID-19 or are on fixed incomes • Majority of residents received stimulus checks from the recently passed President Biden stimulus bill • For an average family of four, this amount was $5,600, which is signi
Slide 6: Benefits of MHCs vs. Multi-Family Apartments
Benefits of MHCs vs. Multi-Family Apartments ✓ Amenable to social distancing ✓ Housing affordability ✓ Pride of home ownership ✓ Ability to build home equity ✓ Detached home with deck, yard, driveway and in-house laundry ✓ Attractive lifestyle & amenities Mutually Beneficial Rental Relationship Betw
Slide 7: MHC Industry has Strong Economic Fundamentals
MHC Industry has Strong Economic Fundamentals Consistent Track Record of Stable Average Annual NOI Growth Occupancy and Growing Rents of 4% over 20+ years Same-Property NOI Growth: Manufactured Housing vs. Other U.S. Real Estate Sectors Manufactured Housing Other U.S. Real Estate Sub-Sector Average
Slide 8: Fragmented Industry with Limited New Supply
Fragmented Industry with Limited New Supply MHC Industry Market Share • 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 Source: Manufactured Housing
Slide 9: Stable and Consistent Occupancy
Stable and Consistent Occupancy Lot Rent Occupancy Total Portfolio Weighted Average Monthly Lot Rent Total Portfolio Occupancy Same Community Year-over-Year Weighted Average Monthly Lot Rent Growth Same Community Year-over-Year Occupancy Increase 5.5% 6.1% 5.9% 3.4% 3.9% 3.5% 2.6% 3.0% 3.1% 1.6% 1.9
Slide 10: Q1 2021 Financial Summary
Q1 2021 Financial Summary ($000s except per share amounts) For the three months ended March 31, 2021 Actual Results Forecast Variance Revenue, Total Portfolio 9,649 8,988 661 Revenue, Same Community1 Properties 9,097 8,988 109 Revenue, Acquisitions 552 - 552 Net Income (loss) and comprehensive incom
Slide 11: MHC Portfolio as of March 31, 2021
MHC Portfolio as of March 31, 2021 Total MHCs (#) 54 Total Manufactured Housing Lots (#) 8,793 Total Lot Occupancy (%) 80.2 Total Lot Average Monthly Revenue (US$) 361 Operational Metrics within Management’s Expectations 11
Slide 12: Summary
Summary • Solid performance demonstrates steady and predictable nature of MHC industry • One of the Midwest region’s largest MHC operators • Only pure-play vehicle to invest in the MHC sector in Canadian capital markets • Continue to undertake initiatives to generate long- term unitholder value • Fi
Slide 13: Q1 2021 Investor Presentation
Q1 2021 Investor Presentation May 11, 2021
Flagship Communities Real Estate Investment Trust — Q1 2021 Earnings Presentation on 6ix