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MANUFACTURED HOME COMMUNITIES INC. REPORTS FIRST QUARTER RESULTS

 CHICAGO, May 10 /PRNewswire/ -- Manufactured Home Communities Inc. (NYSE: MHC) today reported first quarter 1993 pro forma funds from operations of $4.7 million compared to $4.1 million in 1992. Pro forma funds from operations per share were 62 cents for 1993 compared to 55 cents in 1992. The pro forma amounts assume the company's February 1993 initial public offering occurred on Jan. 1, 1992 and the conversion of all operating partnership units into common stock. Funds from operations is a widely accepted measure of the performance of an equity real estate investment trust.
 Pro forma net income was $3.3 million, or 44 cents per share, for 1993 compared to $2.8 million, or 37 cents per share, for 1992.
 Reportable net income for 1993, which only includes the period subsequent to the initial public offering, was $650,000 or 10 cents per share.
 Total revenues increased to $9.4 million for 1993 compared to $8.7 million for 1992. The increase in revenues primarily was the result of rent increases which became effective subsequent to March 1992.
 "We're very pleased with MHC's results for its first quarter as a public company. The company, with the acquisitions of Burns Harbor and Palm Shadows, and the pending acquisition of Brentwood Manor, has taken the first steps towards realizing the tremendous growth we believe is possible in this highly fragmented industry," said Randy Rowe, co- chairman and chief executive officer of MHC.
 Manufactured Home Communities Inc. is a self-administered and self- managed equity real estate investment trust which owns and operates 42 properties consisting of 12,606 sites.
 MANUFACTURED HOME COMMUNITIES INC.
 FINANCIAL HIGHLIGHTS
 (In thousands, except share data)
 Three months ended March 31, 1993 1992
 Total Revenues $9,391 $8,664
 Operating Expenses 3,904 3,699
 Interest Expense 2,475 3,071
 Depreciation and Amortization 3,307 1,149
 Income (Loss) prior to allocation to Minority
 Interests (295) 745
 Income (Loss) allocated to Minority Interests (945) 745
 Net Income $ 650 $ 0
 Number of Shares Outstanding 6,365,599
 Net Income Per Share $0.10
 Dividend Declared Per Share $0.16
 PRO FORMA INFORMATION(A):
 Pro Forma Net Income $3,293 $2,788
 Pro Forma Shares Outstanding 7,505,505 7,505,505
 Pro Forma Net Income Per Share $0.44 $0.37
 Pro Forma Funds from Operations (B) $4,675 $4,127
 Pro Forma Funds From Operations Per Share (B) $0.62 $0.55
 (A) Pro forma information assumes conversion of all Operating Partnership Units into shares of common stock and is based on the pro forma methodology employed in the prospectus in the initial public offering.
 (B) Funds from operations is defined as net income (loss) plus depreciation and amortization.
 -0- 5/10/93
 /CONTACT: Susan Obuchowski, 312-466-4010, or Kirk Brewer, 312-258-4359, both for Manufactured Home Communities, Inc./
 (MHC)


CO: Manufactured Home Communities Inc. ST: Illinois IN: CST SU: ERN

LR -- NY016 -- 6302 05/10/93 08:31 EDT
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Publication:PR Newswire
Date:May 10, 1993
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