- Revenues and EBITDA Increased 103% and 90%, respectively Over Prior Period For the Quarter Ended September 30, 2020, And Revenues and EBITDA Increased 124% and 176%, respectively Over Prior Period For the Nine Months Ended September 30, 2020

Charlotte, North Carolina, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Manufactured Housing Properties Inc. (OTC:MHPC), which acquires, owns, and operates 20 manufactured housing communities containing approximately 1,308 developed sites, today announced operating results for the quarter and nine months ended September 30, 2020. 

Total revenues and EBITDA for the quarter ended September 30, 2020 were $1,620,998 and $813,743, respectively, compared to $798,707 and $428,185, respectively for the quarter ended September 30, 2019. Total revenues and EBITDA for the nine months ended September 30, 2020 were $4,435,269 and $1,988,677, respectively, compared to $1,983,283 and $719,592, respectively for the nine months ended September 30, 2019.

Raymond M. Gee, Chairman and CEO of Manufactured Housing Properties Inc. commented, “We believe our year to date results continue to reflect strong performance on our growing stable portfolio as we continue our efforts to maximize returns to our investors and continue our acquisition strategy.”

Michael Z. Anise, President and CFO of Manufactured Housing Properties Inc. added “We have been focused on identifying additional growth opportunities and increasing occupancy in our communities.” Mr. Anise added “We continue to experience higher than usual demands in our communities due to the impact of COVID-19 on the economy as renters are looking for more affordable housing. Government restrictions on evictions during the pandemic are gradually being lifted so that we can enforce our housing communities’ rules and regulations. We have not experienced any material impact on rent collections so far; however, we may experience additional delays in processing evictions for non-payments, which could occur more frequently than usual as our tenants may be restricted in their ability to work and pay rent when due.”

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).  Adjusted EBITDA is a non-GAAP financial measure that differs from Net Income. Non-GAAP Adjusted 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 Adjusted EBITDA.

Management believes non-GAAP Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our income producing properties before management’s decision to deploy capital. The presentation of non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to, the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies. 

 Three Months Ended September 30, Nine Months Ended September 30,
(Unaudited)2020 2019 2020 2019
Net (Loss) $          (56,824)  $         (332,320)  $         (657,651)  $   (1,405,900)
Depreciation & Amortization expense            485,377                204,719             1,357,629             496,966
Interest Expense & Refinancing Cost            385,190                555,786             1,288,699          1,628,526
EBITDA $         813,743   $          428,185   $        1,988,677   $        719,592

About Manufactured Housing Properties Inc.

Manufactured Housing Properties Inc. together with its affiliates, acquires, owns, and operates manufactured housing communities. The Company focuses on acquiring and operating manufactured home communities in high growth markets.

Michael Z. Anise
President and Chief Financial Officer
(980) 273-1702 ext. 244

Cautionary Statement Regarding Forward-Looking Statements

Any statements contained in this press release regarding us, our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-looking statements. Investors are cautioned that these forward-looking statements involve uncertainties and risks that could cause actual performance and results of operations to differ materially from those anticipated. The forward-looking statements contained herein represent our judgment as of the date of publication of this press release and we caution you not to place undue reliance on such statements. Factors that could cause actual results to differ from the forward looking statements include those factors described in the “Risk Factor” section in our annual and quarterly reports filed with the SEC.  Our company, our management and our affiliates assume no obligation to update any forward-looking statements to reflect events after the initial publication of this press release or to reflect the occurrence of subsequent events.