MANUFACTURED HOUSING PROPERTIES INC. ANNOUNCES RESULTS FOR THE YEAR ENDED DECEMBER 31, 2020
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- Revenues and EBITDA Increased 99% and 479%, respectively Over Prior Year For the Year Ended December 31, 2020.
Charlotte, North Carolina, April 01, 2021 (GLOBE NEWSWIRE) -- Manufactured Housing Properties Inc. (OTC:MHPC), which acquires, owns, and operates 19 manufactured housing communities containing approximately 1,235 developed sites, today announced operating results for the year ended December 31, 2020.
Total revenues and EBITDA for the year ended December 31, 2020 were $6,380,515 and $3,927,206, respectively, compared to $3,205,925 and $678,743, respectively for the year ended December 31, 2019.
Raymond M. Gee, Chairman and CEO of Manufactured Housing Properties Inc. commented, “Our year-to-date results reflect the strong performance of our growing portfolio as we continue our efforts to maximize returns to our investors and execute on our acquisition strategy.”
Michael Z. Anise, President and CFO of Manufactured Housing Properties Inc. added “We are focused on continued growth in 2021, which will be facilitated by our upcoming $47 million Preferred C stock offering filed with, and currently being reviewed by, the Securities and Exchange Commission.”
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.
|Year Ended December 31,|
|Depreciation & Amortization expense||1,652,509||805,421|
|Interest Expense & Refinancing Cost||2,426,411||1,886,362|
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.
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