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Manufactured Housing Properties Inc. (OTC: MHPC) reported significant growth for the quarter ended March 31, 2022, with total revenues increasing by 79% to $3,055,022 and Adjusted EBITDA soaring 97% to $1,071,707. However, the company also experienced a net loss of $789,690, up from $359,191 the previous year. The company acquired three communities totaling 158 lots for $5,250,000 and has additional acquisitions in the pipeline. Management attributes the revenue growth to a strategic growth strategy alongside a continued focus on maintaining operating expenses at 35% of revenues.
Manufactured Housing Properties Inc. (OTC:MHPC) has announced significant changes in its senior leadership team, aimed at bolstering long-term growth. Effective immediately, Jay W. Wardlaw has been appointed President, bringing extensive finance experience from Regions Bank and Bank of America. Michael Anise, previously CFO, is now Chief Operating Officer, focusing on operational growth and acquisitions. Chelsea H. Gee has taken over as CFO, having been VP of Finance since January 2021. These strategic shifts highlight the company's commitment to diversifying leadership and enhancing profitability.
Manufactured Housing Properties Inc. (OTC: MHPC) reported a 31% increase in revenues for the year ending December 31, 2021, totaling $8.36 million compared to $6.38 million in 2020. EBITDA decreased to $2.86 million from $3.93 million. The company emphasized growth in profitability, with a 77% increase in cash from operating activities. They are pursuing further acquisitions alongside a $47 million preferred stock offering. Despite the positive revenue growth, the company reported a net loss of $1.56 million for the period, highlighting operational challenges.
Manufactured Housing Properties announced the acquisition of six manufactured housing communities, increasing its portfolio to 43 communities with a total of 2,044 lots.
The acquisitions, completed in December 2021, include three communities in Charlotte, NC and two in Asheboro, NC, along with another in Morganton, NC. The company is focused on expanding in high-growth markets and is currently offering Series C Cumulative Redeemable Preferred Stock, as qualified by the SEC. Investors are advised to review associated risks before investing.
Manufactured Housing Properties Inc. (OTC:MHPC) announced the acquisition of four manufactured housing communities since July 2021, including Anderson, Capital View, Hidden Oaks, and North Raleigh. The acquisitions add 391 lots to their portfolio, bringing the total to 1,743 lots across 37 communities. Anderson includes 179 lots, while Capital View and Hidden Oaks have 32 and 43 lots, respectively. North Raleigh encompasses five communities with 137 lots. The company aims to expand its presence in high-growth markets.
Manufactured Housing Properties Inc. (OTC: MHPC) reported a 33% increase in revenues and a 10% rise in EBITDA for the third quarter of 2021 compared to Q3 2020, totaling $2,259,169 and $960,687, respectively. For the nine months ended September 30, 2021, revenues grew 24% to $5,764,471, and EBITDA increased 11% to $2,346,561 compared to the prior year. The company emphasizes its commitment to expanding its portfolio, supported by a $47 million preferred stock offering. Forward-looking statements are included, underlining potential uncertainties.
Manufactured Housing Properties Inc. (OTC: MHPC) reported impressive financial results for Q2 and the first six months of 2021. Revenues reached $1,799,438, up 14% year-over-year, while EBITDA increased 16% to $840,719. For the six-month period, revenues climbed to $3,505,302 (+19%) and EBITDA grew 15% to $1,385,874. The company continues to expand its portfolio with strategic acquisitions and has a $47 million preferred stock offering underway to support further growth.
Manufactured Housing Properties Inc. (OTC: MHPC) reported a 25% increase in revenues to $1,705,863 and a 13% rise in Adjusted EBITDA to $545,155 for Q1 2021 compared to Q1 2020. Despite these gains, the company experienced a net loss of $359,191, slightly higher than the previous year's loss of $358,616. Management highlighted ongoing portfolio stabilization and expressed optimism about future acquisitions, supported by a planned $47 million Preferred C stock offering. The company emphasizes the significance of non-GAAP measures like Adjusted EBITDA for evaluating operational performance.
Manufactured Housing Properties, Inc. (OTC:MHPC) announced the acquisition of the Golden Isles manufactured housing community, situated in Brunswick, Georgia. This community consists of 121 lots, bringing the total number of owned and operated properties to 20, comprising 1,356 lots. The company aims to expand its portfolio in high-growth markets, reflecting its strategic focus on the manufactured housing sector.
Manufactured Housing Properties Inc. (OTC:MHPC) reported substantial financial growth for the year ending December 31, 2020. Revenues surged by 99% to $6.38 million, while EBITDA rose 479% to $3.93 million, compared to 2019 figures. The company operates 19 manufactured housing communities with approximately 1,235 sites. Looking ahead, MHPC is planning a $47 million Preferred C stock offering to further facilitate growth in 2021. However, the company reported a net loss of $151,714 for the year.
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