Flagship Communities Real Estate Investment Trust · TSX:MHC.U
Flagship Communities Real Estate Investment Trust — Q3 2024 Earnings Presentation
14 slides from Flagship Communities Real Estate Investment Trust's earnings presentation, Nov 14, 2024
Slide 1: Investor Presentation, November 14, 2024
2024 Os | INVESTOR PRESENTATION November 14) 2024 Wx lagship 3 — ’ 4 i of Communities REIT ‘Pin Oai eS
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: Executive Leadership
Executive Leadership Eddie Carlisle Kurt Keeney Nathan Smith Chief Financial Officer Chief Executive Officer Chief Investment Officer 3
Slide 4: Q3 2024 Highlights
Q3 2024 Highlights REVENUE FFO ADJUSTED1 $23.2 M $8.0 M $18.2 M $6.3 M 27.9% 27.1% Q3 2023 Q3 2024 Q3 2023 Q3 2024 NET OPERATING INCOME (NOI) AFFO ADJUSTED1 $15.1 M $11.8 M $7.0 M $5.5 M 27.7% 27.9% Q3 2023 Q3 2024 Q3 2023 Q3 2024 1See “Non-IFRS Financial Measures and Real Estate Industry Metrics” f
Slide 5: Increases in Same Community Metrics
Increases in Same Community Metrics SAME COMMUNITY REVENUE1 SAME COMMUNITY NOI1 SAME COMMUNITY NOI MARGIN1 $19.7 M $13.0 M 12.7% 13.7% 0.6% 66.0% $17.5 M $11.4 M 65.4% Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 1See “Non-IFRS Financial Measures and Real Estate Industry Metrics” for more informa
Slide 6: 2024: A Year of Noteworthy Milestones
2024: A Year of Noteworthy Milestones ▪ Completed Largest Transaction in Flagship’s History ▪ Expanded footprint in Tennessee ▪ Established new presence in West Virginia ▪ Preserved Conservative Capital Structure ▪ Refinanced near-term debt at a lower fixed interest rate ▪ Expect to refinance Bridge
Slide 7: MHCs: Track Record of Outperformance
MHCs: Track Record of Outperformance ▪ Stable and Growing Customer Base ▪ Residents have steady employment, or: ▪ Retired and receiving Social Security, Disability or Pensions ▪ Less Susceptible to Fluctuating Interest Rates ▪ Interest Rates of residents have not changed substantially ▪ Credit under
Slide 8: 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 9: Disciplined Acquisition Criteria
Disciplined Acquisition Criteria All Flagship REIT acquisitions adhere to strict and disciplined criteria: ▪ Accretive to AFFO per unit BECKLEY, WEST VIRGINIA ▪ Leverage management synergies and generate economies of scale ▪ Adjacent U.S. states where we currently operate, or new states with similar
Slide 10: Q3 2024 Financial Summary
Q3 2024 Financial Summary ($000s except per unit amounts) For the three For the three For the nine For the nine months ended months ended Variance months ended months ended Variance Sept. 30, 2024 Sept. 30, 2023 Sept. 30, 2024 Sept. 30, 2023 Rental revenue and related income 23,228 18,154 5,074 64,3
Slide 11: MHC Portfolio
MHC Portfolio ($000s except per unit and Weighted Average Lot Rent amounts) As of Sept. 30, 2024 As of Dec. 31, 2023 Total communities (#) 82 75 Total lots (#) 15,138 12,743 Weighted Average Lot Rent1 (US$) 447 418 Total Portfolio Occupancy (%) 84.4 83.4 Same Community Occupancy (%) 85.7 84.62 NAV1
Slide 12: Stable and Consistent Occupancy
Stable and Consistent Occupancy Lot Rent Occupancy Consistent Same Stable and Growing Same Community Lot Rent Growth Community Occupancy 12
Slide 13: Committed to Strong Corporate Governance
Committed to Strong Corporate Governance Candace McGraw Jonathan Li CEO, Cincinnati/Northern Kentucky President and CEO, International Airport Minto Apartment REIT 13
Slide 14: November 14, 2024
2024 Os | INVESTOR PRESENTATION November 14) 2024 Wx lagship 3 — ’ 4 i of Communities REIT ‘Pin Oai eS
Flagship Communities Real Estate Investment Trust — Q3 2024 Earnings Presentation on 6ix