MHC Reports First Quarter Results

Apr 24, 2001, 01:00 ET from Manufactured Home Communities, Inc.

    CHICAGO, April 24 /PRNewswire Interactive News Release/ -- Manufactured
 Home Communities, Inc. (NYSE:   MHC) today announced results for the first
 quarter ended March 31, 2001.  Funds from operations (FFO) were $16.5 million
 or 62 cents per share (based on total stock and operating units outstanding --
 fully diluted) compared to $16.8 million or 59 cents per share in the same
 period in 2000.  First quarter 2000 FFO included approximately 2 cents per
 share of seasonal earnings from Mesa Regal, a 2,005-site RV resort which was
 sold in May of 2000.  Excluding Mesa Regal, FFO would have grown approximately
 8.7% from 57 cents per share in the first quarter of 2000 to 62 cents per
 share in the first quarter of 2001.  First quarter revenues were $57.5 million
 compared to $57.1 million (including $2 million attributable to Mesa Regal) in
 the first quarter of 2000.  For the first quarter of 2001, average occupancy
 was 94.8 percent and average monthly base rent per site for the Core Portfolio
 was $371.78 up from $357.81 in the same period last year.
     MHC's management projects that for the year 2001 property performance will
 continue in line with fundamentals, with rental revenue increases of between
 4 and 4.5 percent and expense growth in line with CPI. This, coupled with the
 Company's goal of filling between 250 and 300 expansion sites in 2001, should
 generate net operating income growth of 4.5 to 5 percent resulting in FFO per
 share growth of approximately 8 to 10 percent.
     The forward-looking statements contained in this news release are subject
 to certain risks and uncertainties including, but not limited to, the
 Company's ability to maintain rental rates and occupancy; the Company's
 assumptions about rental and home sales markets continuing at their current
 strong levels; the effect of interest rates as well as other risks indicated
 from time to time in the Company's filings with the Securities and Exchange
 Commission. The Company assumes no obligation to update or supplement forward-
 looking statements that become untrue because of subsequent events.
     Manufactured Home Communities, Inc. owns or has a controlling interest in
 149 quality communities in 23 states consisting of 50,922 sites.  MHC is a
 self-administered, self-managed, real estate investment trust (REIT) with
 headquarters in Chicago.
     A live webcast of the Company's conference call discussing these results
 will be available via the Company's website in the Investor Data section at
 www.mhchomes.com at 10:00 a.m. Central today.
 
                        Manufactured Home Communities, Inc.
                              Selected Financial Data
                                    (Unaudited)
                  (Amounts in thousands except for per share data)
 
                                                       For the quarters ended
                                                             March 31,
                                                         2001           2000
     Revenues
       Base rental income                             $49,013        $47,309
       RV base rental income                            1,850          3,699
       Utility and other income                         6,432          5,698
       Equity in income of affiliates                      23            150
       Interest income                                    214            292
         Total revenues                                57,532         57,148
     Expenses
       Property operating and maintenance              15,993         15,407
       Real estate taxes                                4,601          4,325
       Property management                              2,248          2,388
       General and administrative                       1,655          1,826
         Total expenses                                24,497         23,946
 
     Operating income (EBITDA)                         33,035         33,202
       Interest and related amortization              (13,406)       (13,332)
       Depreciation on corporate assets                  (304)          (271)
       Income allocated to Preferred OP Units          (2,813)        (2,813)
     Funds from operations (FFO)                      $16,512        $16,786
 
       Depreciation on real estate and other costs     (8,679)        (8,856)
       Gain on sale of properties and other             8,093            ---
       Income allocated to Common OP Units             (3,282)        (1,599)
     Net Income                                       $12,644         $6,331
 
     Net income per Common Share - Basic                 $.61           $.28
     Net income per Common Share - Fully Diluted         $.59           $.28
 
     FFO per Common Share - Basic                        $.63           $.60
     FFO per Common Share - Fully Diluted                $.62           $.59
 
     Average Common Shares - Basic                     20,793         22,297
     Average Common Shares and OP Units - Basic        26,299         27,934
     Average Common Shares and OP Units
      - Fully Diluted                                  26,771         28,242
 
     Funds From Operations:
     The Company believes that Funds From Operations provide an indicator of
 its financial performance and is influenced by both the operations of the
 properties and the capital structure of the Company.  FFO is defined by the
 National Association of Real Estate Investment Trusts ("NAREIT") as net income
 (computed in accordance with generally accepted accounting principles
 ("GAAP")), before allocation to minority interests, excluding gains (or
 losses) from sales of property, plus real estate depreciation.  The Company
 computes FFO in accordance with the NAREIT definition, which may differ from
 the methodology for calculating FFO utilized by other equity REITs and,
 accordingly, may not be comparable to such other REITs.
 
 
                      Manufactured Home Communities, Inc.
                                     (Unaudited)
 
     Selected Balance Sheet Data:          As of March 31,      As of Dec. 31,
     (Amounts in thousands)                      2001                 2000
 
     Total real estate, net                  $1,038,531           $1,036,596
     Cash and cash equivalents                   $3,215               $2,847
     Total assets                            $1,110,625           $1,104,304
 
     Mortgage notes payable                    $555,532             $556,578
     Unsecured debt                            $158,106             $163,106
     Total liabilities                         $764,221             $764,938
     Minority interest                         $172,559             $171,271
     Total shareholder's equity                $173,845             $168,095
 
 
     Total Shares and OP Units Outstanding:  As of March 31,    As of Dec. 31,
                                                    2001              2000
     Total Common Shares Outstanding             21,121,329       21,064,785
     Total Common OP Units Outstanding            5,503,860        5,514,330
 
 
     Site Totals:                            As of March 31,    As of Dec. 31,
                                                   2001                 2000
     Manufactured Housing Sites Owned
      and Operated                               46,254               46,734
     Manufactured Housing Sites in
      Joint Ventures                              1,521                1,521
     Total RV Sites                               3,147                3,197
     Total Sites                                 50,922               51,452
 
 
     Site and Occupancy Averages:           For the quarters ended March 31,
                                                   2001                 2000
     Average total sites                         46,626               47,289
     Average occupied sites                      44,216               44,595
     Occupancy %                                  94.8%                94.3%
     Monthly Base Rent Per Site                 $369.49              $353.62
     Monthly Base Rent Per Site
       - Core Portfolio                         $371.78              $357.81
 
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                http://tbutton.prnewswire.com/prn/11690X65862781
 
 

SOURCE Manufactured Home Communities, Inc.
    CHICAGO, April 24 /PRNewswire Interactive News Release/ -- Manufactured
 Home Communities, Inc. (NYSE:   MHC) today announced results for the first
 quarter ended March 31, 2001.  Funds from operations (FFO) were $16.5 million
 or 62 cents per share (based on total stock and operating units outstanding --
 fully diluted) compared to $16.8 million or 59 cents per share in the same
 period in 2000.  First quarter 2000 FFO included approximately 2 cents per
 share of seasonal earnings from Mesa Regal, a 2,005-site RV resort which was
 sold in May of 2000.  Excluding Mesa Regal, FFO would have grown approximately
 8.7% from 57 cents per share in the first quarter of 2000 to 62 cents per
 share in the first quarter of 2001.  First quarter revenues were $57.5 million
 compared to $57.1 million (including $2 million attributable to Mesa Regal) in
 the first quarter of 2000.  For the first quarter of 2001, average occupancy
 was 94.8 percent and average monthly base rent per site for the Core Portfolio
 was $371.78 up from $357.81 in the same period last year.
     MHC's management projects that for the year 2001 property performance will
 continue in line with fundamentals, with rental revenue increases of between
 4 and 4.5 percent and expense growth in line with CPI. This, coupled with the
 Company's goal of filling between 250 and 300 expansion sites in 2001, should
 generate net operating income growth of 4.5 to 5 percent resulting in FFO per
 share growth of approximately 8 to 10 percent.
     The forward-looking statements contained in this news release are subject
 to certain risks and uncertainties including, but not limited to, the
 Company's ability to maintain rental rates and occupancy; the Company's
 assumptions about rental and home sales markets continuing at their current
 strong levels; the effect of interest rates as well as other risks indicated
 from time to time in the Company's filings with the Securities and Exchange
 Commission. The Company assumes no obligation to update or supplement forward-
 looking statements that become untrue because of subsequent events.
     Manufactured Home Communities, Inc. owns or has a controlling interest in
 149 quality communities in 23 states consisting of 50,922 sites.  MHC is a
 self-administered, self-managed, real estate investment trust (REIT) with
 headquarters in Chicago.
     A live webcast of the Company's conference call discussing these results
 will be available via the Company's website in the Investor Data section at
 www.mhchomes.com at 10:00 a.m. Central today.
 
                        Manufactured Home Communities, Inc.
                              Selected Financial Data
                                    (Unaudited)
                  (Amounts in thousands except for per share data)
 
                                                       For the quarters ended
                                                             March 31,
                                                         2001           2000
     Revenues
       Base rental income                             $49,013        $47,309
       RV base rental income                            1,850          3,699
       Utility and other income                         6,432          5,698
       Equity in income of affiliates                      23            150
       Interest income                                    214            292
         Total revenues                                57,532         57,148
     Expenses
       Property operating and maintenance              15,993         15,407
       Real estate taxes                                4,601          4,325
       Property management                              2,248          2,388
       General and administrative                       1,655          1,826
         Total expenses                                24,497         23,946
 
     Operating income (EBITDA)                         33,035         33,202
       Interest and related amortization              (13,406)       (13,332)
       Depreciation on corporate assets                  (304)          (271)
       Income allocated to Preferred OP Units          (2,813)        (2,813)
     Funds from operations (FFO)                      $16,512        $16,786
 
       Depreciation on real estate and other costs     (8,679)        (8,856)
       Gain on sale of properties and other             8,093            ---
       Income allocated to Common OP Units             (3,282)        (1,599)
     Net Income                                       $12,644         $6,331
 
     Net income per Common Share - Basic                 $.61           $.28
     Net income per Common Share - Fully Diluted         $.59           $.28
 
     FFO per Common Share - Basic                        $.63           $.60
     FFO per Common Share - Fully Diluted                $.62           $.59
 
     Average Common Shares - Basic                     20,793         22,297
     Average Common Shares and OP Units - Basic        26,299         27,934
     Average Common Shares and OP Units
      - Fully Diluted                                  26,771         28,242
 
     Funds From Operations:
     The Company believes that Funds From Operations provide an indicator of
 its financial performance and is influenced by both the operations of the
 properties and the capital structure of the Company.  FFO is defined by the
 National Association of Real Estate Investment Trusts ("NAREIT") as net income
 (computed in accordance with generally accepted accounting principles
 ("GAAP")), before allocation to minority interests, excluding gains (or
 losses) from sales of property, plus real estate depreciation.  The Company
 computes FFO in accordance with the NAREIT definition, which may differ from
 the methodology for calculating FFO utilized by other equity REITs and,
 accordingly, may not be comparable to such other REITs.
 
 
                      Manufactured Home Communities, Inc.
                                     (Unaudited)
 
     Selected Balance Sheet Data:          As of March 31,      As of Dec. 31,
     (Amounts in thousands)                      2001                 2000
 
     Total real estate, net                  $1,038,531           $1,036,596
     Cash and cash equivalents                   $3,215               $2,847
     Total assets                            $1,110,625           $1,104,304
 
     Mortgage notes payable                    $555,532             $556,578
     Unsecured debt                            $158,106             $163,106
     Total liabilities                         $764,221             $764,938
     Minority interest                         $172,559             $171,271
     Total shareholder's equity                $173,845             $168,095
 
 
     Total Shares and OP Units Outstanding:  As of March 31,    As of Dec. 31,
                                                    2001              2000
     Total Common Shares Outstanding             21,121,329       21,064,785
     Total Common OP Units Outstanding            5,503,860        5,514,330
 
 
     Site Totals:                            As of March 31,    As of Dec. 31,
                                                   2001                 2000
     Manufactured Housing Sites Owned
      and Operated                               46,254               46,734
     Manufactured Housing Sites in
      Joint Ventures                              1,521                1,521
     Total RV Sites                               3,147                3,197
     Total Sites                                 50,922               51,452
 
 
     Site and Occupancy Averages:           For the quarters ended March 31,
                                                   2001                 2000
     Average total sites                         46,626               47,289
     Average occupied sites                      44,216               44,595
     Occupancy %                                  94.8%                94.3%
     Monthly Base Rent Per Site                 $369.49              $353.62
     Monthly Base Rent Per Site
       - Core Portfolio                         $371.78              $357.81
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X65862781
 
 SOURCE  Manufactured Home Communities, Inc.