Manufactured Housing Properties Inc. Announces Results For the Three Months Ended March 31, 2023

Revenues increased by 39%, net loss increased by 168%, and Adjusted EBITDA decreased by 10%.

CHARLOTTE, N.C., May 18, 2023 (GLOBE NEWSWIRE) -- Manufactured Housing Properties Inc. (OTC: MHPC), whose principal activities are to acquire, own, and operate manufactured housing communities, today announced operating results for the three months ended March 31, 2023.

Total revenues, net loss and adjusted EBITDA for the quarter ended March 31, 2023 were $4,257,489, $2,117,042 and $959,428, respectively, compared to $3,055,022, $789,690 and $1,071,707, respectively, for the quarter ended March 31, 2022.

As of March 31, 2023, the total portfolio consisted of 57 manufactured housing communities containing approximately 2,723 developed sites and 1410 company-owned, manufactured homes. MHPC acquired two communities during the first quarter of 2023, consisting of 144 lots.

Jay Wardlaw, President of Manufactured Housing Properties Inc. added “We are happy to report another quarter of total revenue increases of 39% which reflects our continued strategic growth strategy. We continue to grow our portfolio and have an additional 1,200 lots under contract that we anticipate acquiring in the 2^nd and 3^rd quarters of 2023.

Vira Turchinyak, CFO of Manufactured Housing Properties Inc. commented, “We continue to see an upward trend in our revenue with two new acquisitions closed in the first quarter adding to our growing portfolio. We added another 402 pads with our acquisition that closed on April 14, 2023 which brings us over 3,000 sites and an additional approximately 5%⁽¹⁾ in expected revenue on a quarterly basis. Increasing our cash flows and EBITDA continues to be our focus.”

Raymond M. Gee, Chairman and CEO of Manufactured Housing Properties Inc. commented, “We had a strong quarter in growing our total revenue, which reflects the commitment and dedication of our team and our core values in providing affordable housing to our customers while maximizing returns to our investors. The total revenue growth results are in line with the company’s strategy for continued year over year growth.”

Footnotes

⁽¹⁾ To calculate the additional expected revenue, we utilized the property’s rent roll at the date of closing, April 14, 2023, and MHPC’s revenue reported for the three months ended March 31, 2023. Actual additional revenue may vary from this projection.

Reconciliation of Non-GAAP Financial Measures

Manufactured Housing Properties Inc. presents Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in addition to its Net Income (Loss) reported in accordance with accounting principles generally accepted in the United States (GAAP).  EBITDA is a non-GAAP financial measure that differs from Net Income. Non-GAAP EBITDA excludes income tax expense, interest expense and depreciation and amortization, as well as refinancing cost. The table presented below includes a list of items excluded from Net Income (Loss) to reconcile to non-GAAP EBITDA.