![]() ![]() ![]() Same Community Revenues of $14.9 million for the first quarter ended March 31, 2023, exceeded the first quarter ended Maby approximately $1.3 million or 9.7%. Rental revenue and related income in the first quarter of 2023 was $16.8 million, up 22.4% compared to the same period last year primarily due to Acquisitions, lot rent increases and occupancy increases across the portfolio. Published third annual Environmental, Social and Governance ("ESG") report, which outlines Flagship's commitments to its unitholders, employees, and communities through initiatives on renewable energy, education, household amenities, and resident well-being.and Community Impact of the Year for efforts associated with Grandin Pointe Received three of the Manufactured Housing Institute's highest national awards for excellence in manufactured housing including: Land Lease Community Operator of the Year, Retail Sales Center of the Year for the Eastern U.S.Subsequent to quarter-end, acquired three Manufactured Housing Communities ("MHC") in Indiana, Arkansas and Tennessee, for a purchase price of approximately US$21 million.Acquired a 20-acre, high-quality MHC in Austin, Indiana that included 94 developed lots and 26 lots for additional expansion, totaling 120 MHC homesites for approximately $2.0 million by the issuance of 120,598 Class B units by Flagship Operating, LLC, a subsidiary of the REIT from a related party, Empower Park, LLC.The net proceeds from the exercise of the ATM Issuance will be used by the REIT to fund future acquisitions and for general business purposes During the first quarter 2023, Flagship raised gross proceeds of $20 million through the issuance of 1,176,471 Units at a price of $17.00 per Unit pursuant to the at-the-market Offering ("ATM") announced in May 2022.Rent Collections 1 for the three months ended Mawas 99.7%, up from 99.0% for the three months ended March 31, 2022.Same Community 1 occupancy increased to 84.0% as at March 31, 2023, an increase of 1.1% compared to 82.9% as at March 31, 2022, demonstrating the REITs ability to drive occupancy growth utilizing the home ownership model.Total portfolio occupancy was 83.4% as at March 31, 2023, no change compared to December 31, 2022.Debt to Gross Book Value 1 as at Mawas 40.0% compared to 42.9% as at December 31, 2022.Same Community NOI Margin 1 for the three months ended Mawas 65.9% compared to 68.1% for the three months ended March 31, 2022. ![]() NOI Margin 1 for the three months ended Mawas 66.3% compared to 67.6% for the three months ended March 31, 2022.Same Community NOI 1 for the three months ended Mawas $9.8 million, an increase of 6.3%, compared to $9.2 million for the three months ended March 31, 2022.Net Operating Income ("NOI") for the three months ended Mawas $11.1 million, up 20.1% compared to $9.3 million for the three months ended March 31, 2022.Adjusted Funds From Operations ("AFFO") per unit (diluted) 2 for the three months ended Mawas $0.260, an increase of 4.8% compared to $0.248 for the three months ended March 31, 2022.Net income and comprehensive income for the three months ended Mawas $16.2 million compared to $2.4 million for the three months ended March 31, 2022.Same Community Revenue 1 for the three months ended Mawas $14.9 million, up 9.7% compared to $13.5 million for the three months ended March 31, 2022.Rental revenue for the three months ended Mawas $16.8 million, an increase of 22.4% compared to $13.7 million for the three months ended March 31, 2022.Each income-producing property is unique in its revenue-generating components and its operating expenses. The gross operating income, for example, should not be incorrectly rounded or estimated, as this would give a false NOI calculation. The accuracy of an NOI calculation is wholly dependent on the right components being used in its calculation. In terms of operating expenses, these aren’t only maintenance fees, but everything from insurance to professional help. The total income of a property comes from various sources such as tenant rents, parking fees, coin laundry machines, etc. NOI can only be properly calculated when all income that a property makes is taken into consideration, and all of the general expenses accrued during operation are subtracted. (Gross Operating Income + Other Income) - Total Operating Expenses = Net Operating Income ![]()
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