0000895417-19-000065.txt : 20191022 0000895417-19-000065.hdr.sgml : 20191022 20191022091603 ACCESSION NUMBER: 0000895417-19-000065 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20191021 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20191022 DATE AS OF CHANGE: 20191022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQUITY LIFESTYLE PROPERTIES INC CENTRAL INDEX KEY: 0000895417 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 363857664 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11718 FILM NUMBER: 191160685 BUSINESS ADDRESS: STREET 1: TWO N RIVERSIDE PLZ STREET 2: STE 800 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3122791400 MAIL ADDRESS: STREET 1: TWO N RIVERSIDE PLAZE CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: MANUFACTURED HOME COMMUNITIES INC DATE OF NAME CHANGE: 19940218 8-K 1 a8-k3q19earningspressr.htm 8-K Document
false2019-10-210000895417EQUITY LIFESTYLE PROPERTIES INC 0000895417 2019-10-21 2019-10-21


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2019


EQUITY LIFESTYLE PROPERTIES, INC.
(Exact name of registrant as specified in its charter)

Maryland
 
1-11718
 
36-3857664
(State or other jurisdiction of incorporation)
 
(Commission File No.)
 
(IRS Employer Identification Number)
Two North Riverside Plaza
 
Chicago,
Illinois
 
60606
(Address of Principal Executive Offices)
 
(Zip Code)

(312) 279-1400
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
 
 
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 Par Value
ELS
New York Stock Exchange

 




Item 2.02    Results of Operations and Financial Condition

On October 21, 2019, Equity LifeStyle Properties, Inc. (referred to herein as “we,” “us,” and “our”) issued a news release announcing our results of operations for the three and nine months ended September 30, 2019, detailed guidance assumptions on our projections for 2019 and our preliminary projections for 2020.

The news release is furnished as Exhibit 99.1 to this report on Form 8-K. The news release was also posted on our website, www.equitylifestyleproperties.com, on October 21, 2019.

Item 7.01     Regulation FD Disclosure

Our annualized dividend for 2019 is $1.225 per Common Share (adjusted for stock split). At the next quarterly Board of Directors meeting, our management intends to recommend that we increase our annual dividend by $0.145 per Common Share for 2020 for a total dividend of $1.37 per Common Share. Our Board of Directors has the sole discretion to approve an increase of the dividend and therefore there can be no assurance that this increase will be approved.

In accordance with General Instruction B.2. of Form 8-K, the information included in Items 2.02, 7.01 and 9.01 of this Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any registration statement filed by Equity Lifestyle Properties, Inc. under the Securities Act of 1933, as amended.

This report includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as “anticipate,” “expect,” “believe,” “project,” “intend,” “may be” and “will be” and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:

•
our ability to control costs and real estate market conditions, our ability to retain customers, the actual use of sites by customers and our success in acquiring new customers at our properties (including those that we may acquire);
•
our ability to maintain historical or increase future rental rates and occupancy with respect to properties currently owned or that we may acquire;
•
our ability to retain and attract customers renewing, upgrading and entering right-to-use contracts;
•
our assumptions about rental and home sales markets;
•
our assumptions and guidance concerning 2019 and 2020, including estimated net income, FFO and Normalized FFO;
•
our ability to manage counterparty risk;
•
our ability to renew our insurance policies at existing rates and on consistent terms;
•
in the age-qualified properties, home sales results could be impacted by the ability of potential homebuyers to sell their existing residences as well as by financial, credit and capital markets volatility;
•
results from home sales and occupancy will continue to be impacted by local economic conditions, lack of affordable manufactured home financing and competition from alternative housing options including site-built single-family housing;
•
impact of government intervention to stabilize site-built single-family housing and not manufactured housing;
•
effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions;
•
the completion of future transactions in their entirety, if any, and timing and effective integration with respect thereto;
•
unanticipated costs or unforeseen liabilities associated with recent acquisitions;
•
ability to obtain financing or refinance existing debt on favorable terms or at all;
•
the effect of interest rates;
•
the effect from any breach of our, or any of our vendors', data management systems;
•
the dilutive effects of issuing additional securities;
•
the outcome of pending or future lawsuits or actions brought against us, including those disclosed in our filings with the Securities and Exchange Commission; and
•
other risks indicated from time to time in our filings with the Securities and Exchange Commission.
    
For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q.




    
These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
We are a fully integrated owner and operator of lifestyle-oriented properties and own or have an interest in 413 quality properties in 33 states and British Columbia consisting of 156,081 sites. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago.

Item 9.01    Financial Statements and Exhibits

(d) Exhibits

The information contained in the attached exhibit is unaudited and should be read in conjunction with the Registrant's annual and quarterly reports filed with the Securities and Exchange Commission.

104 Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)





SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

 
 
EQUITY LIFESTYLE PROPERTIES, INC.
 
 
By: /s/ Paul Seavey
 
 
Paul Seavey
 
 
Executive Vice President, Chief Financial Officer and Treasurer


Date: October 22, 2019



 EX-99.1 2 elsex9913q19.htm EXHIBIT 99.1 Exhibit
N E W S R E L E A S E

elslogoa23.jpg
 
CONTACT: Paul Seavey
FOR IMMEDIATE RELEASE
(800) 247-5279
October 21, 2019


                                                        
ELS REPORTS THIRD QUARTER RESULTS
Strong Performance Drives 2019 Guidance Increase and
Preliminary 2020 Guidance Growth Rates
CHICAGO, IL – October 21, 2019 – Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as “we,” “us,” and “our”) today announced results for the quarter and nine months ended September 30, 2019. All Common Stock and OP units as well as per share results reflect the two-for-one stock split that was completed on October 15, 2019. Additionally, all per share results are reported on a fully diluted basis unless otherwise noted.
Financial Results for the Quarter and Nine Months Ended September 30, 2019     
For the quarter ended September 30, 2019, total revenues increased $14.5 million, or 5.6 percent, to $271.2 million compared to $256.7 million for the same period in 2018. For the quarter ended September 30, 2019, net income available for Common Stockholders increased $8.4 million, or $0.04 per Common Share, to $64.5 million, or $0.35 per Common Share, compared to $56.1 million, or $0.31 per Common Share, for the same period in 2018.
For the nine months ended September 30, 2019, total revenues increased $35.4 million, or 4.8 percent, to $778.6 million compared to $743.2 million for the same period in 2018. For the nine months ended September 30, 2019, net income available for Common Stockholders increased $61.8 million, or $0.33 per Common Share, to $224.2 million, or $1.24 per Common Share, compared to $162.4 million, or $0.91 per Common Share, for the same period in 2018.
Non-GAAP Financial Measures and Portfolio Performance
For the quarter ended September 30, 2019, Funds from Operations (“FFO”) available for Common Stock and OP Unit holders increased $10.9 million, or $0.05 per Common Share, to $108.6 million, or $0.56 per Common Share, compared to $97.7 million, or $0.51 per Common Share, for the same period in 2018. For the nine months ended September 30, 2019, FFO available for Common Stock and OP Unit holders increased $24.9 million, or $0.12 per Common Share, to $306.4 million, or $1.60 per Common Share, compared to $281.5 million, or $1.48 per Common Share, for the same period in 2018.
For the quarter ended September 30, 2019, Normalized Funds from Operations (“Normalized FFO”) available for Common Stock and OP Unit holders increased $8.8 million, or $0.04 per Common Share, to $102.7 million, or $0.53 per Common Share, compared to $93.9 million, or $0.49 per Common Share, for the same period in 2018. For the nine months ended September 30, 2019, Normalized FFO available for Common Stock and OP Unit holders increased $26.7 million, or $0.13 per Common Share, to $302.3 million, or $1.58 per Common Share, compared to $275.6 million, or $1.45 per Common Share, for the same period in 2018.
For the quarter ended September 30, 2019, property operating revenues, excluding deferrals, increased $14.6 million to $256.2 million compared to $241.6 million for the same period in 2018. For the nine months ended September 30, 2019, property operating revenues, excluding deferrals, increased $43.9 million to $747.8 million compared to $703.9 million for the same period in 2018. For the quarter ended September 30, 2019, income from property operations, excluding deferrals and property management, increased $6.9 million to $145.3 million compared to $138.4 million

 
i 
 


for the same period in 2018. For the nine months ended September 30, 2019, income from property operations, excluding deferrals and property management, increased $25.5 million to $434.4 million compared to $408.9 million for the same period in 2018.
For the quarter ended September 30, 2019, Core property operating revenues, excluding deferrals, increased approximately 4.8 percent and Core income from property operations, excluding deferrals and property management, increased approximately 5.1 percent compared to the same period in 2018. For the nine months ended September 30, 2019, Core property operating revenues, excluding deferrals, increased approximately 4.6 percent and Core income from property operations, excluding deferrals and property management, increased approximately 5.1 percent compared to the same period in 2018.
Investment Activity
On September 10, 2019, we completed the acquisition of the remaining interest in the Loggerhead joint venture that owns 11 marinas for a purchase price of approximately $49.0 million. As part of the acquisition, we also funded the joint venture's repayment of its non-transferable debt of approximately $72.0 million. The transaction was funded with proceeds from our unsecured line of credit. Following the consummation of the transaction, we own 100% of the marinas.
About Equity LifeStyle Properties    
We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of October 21, 2019, we own or have an interest in 413 quality properties in 33 states and British Columbia consisting of 156,081 sites.
For additional information, please contact our Investor Relations Department at (800) 247-5279 or at investor_relations@equitylifestyle.com.
Conference Call    
A live webcast of our conference call discussing these results will take place tomorrow, Tuesday, October 22, 2019, at 10:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.
Reporting Calendar
Quarterly financial results and related earnings conference calls for the next three quarters are expected to occur as follows:
 
 
Release Date
 
Earnings Call
Fourth Quarter 2019
 
Monday, January 27, 2020
 
Tuesday, January 28, 2020 10:00 a.m. CT
First Quarter 2020
 
Monday, April 20, 2020
 
Tuesday, April 21, 2020 10:00 a.m. CT
Second Quarter 2020
 
Monday, July 20, 2020
 
Tuesday, July 21, 2020 10:00 a.m. CT
Forward-Looking Statements    
In addition to historical information, this press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:
•
our ability to control costs and real estate market conditions, our ability to retain customers, the actual use of sites by customers and our success in acquiring new customers at our properties (including those that we may acquire);
•
our ability to maintain historical or increase future rental rates and occupancy with respect to properties currently owned or that we may acquire;

 
ii 
 


•
our ability to retain and attract customers renewing, upgrading and entering right-to-use contracts;
•
our assumptions about rental and home sales markets;
•
our assumptions and guidance concerning 2019 and 2020, including estimated net income, FFO and Normalized FFO;
•
our ability to manage counterparty risk;
•
our ability to renew our insurance policies at existing rates and on consistent terms;
•
in the age-qualified properties, home sales results could be impacted by the ability of potential home buyers to sell their existing residences as well as by financial, credit and capital markets volatility;
•
results from home sales and occupancy will continue to be impacted by local economic conditions, lack of affordable manufactured home financing and competition from alternative housing options including site-built single-family housing;
•
impact of government intervention to stabilize site-built single-family housing and not manufactured housing;
•
effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions;
•
the completion of future transactions in their entirety, if any, and timing and effective integration with respect thereto;
•
unanticipated costs or unforeseen liabilities associated with recent acquisitions;
•
ability to obtain financing or refinance existing debt on favorable terms or at all;
•
the effect of interest rates;
•
the effect from any breach of our, or any of our vendors', data management systems;
•
the dilutive effects of issuing additional securities;
•
the outcome of pending or future lawsuits or actions brought against us, including those disclosed in our filings with the Securities and Exchange Commission; and
•
other risks indicated from time to time in our filings with the Securities and Exchange Commission.

For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the “Risk Factors” section in our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q.
These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.

 
iii 
 


Investor Information



Equity Research Coverage (1)
Bank of America Merrill Lynch Global Research
BMO Capital Markets
Citi Research
Jeffrey Spector/ Joshua Dennerlein
John Kim
Michael Bilerman/ Nick Joseph
646-855-1363
212-885-4115
212-816-1383
jeff.spector@baml.com
johnp.kim@bmo.com
michael.bilerman@citi.com
joshua.dennerlein@baml.com
 
nicholas.joseph@citi.com
 
 
 
Evercore ISI
Green Street Advisors
Robert W. Baird & Company
Steve Sakwa/ Samir Khanal
John Pawlowski
Drew T. Babin
212-466-5600
949-640-8780
215-553-7816
steve.sakwa@evercoreisi.com
jpawlowski@greenst.com
dbabin@rwbaird.com
samir.khanal@evercoreisi.com
 
 
 
 
 
Wells Fargo Securities
 
 
Todd Stender
 
 
562-637-1371
 
 
todd.stender@wellsfargo.com
 
 
 
 
 
 
 
 

























______________________
1.
Any opinions, estimates or forecasts regarding our performance made by these analysts or agencies do not represent our opinions, forecasts or predictions. We do not by reference to these firms imply our endorsement of or concurrence with such information, conclusions or recommendations.

3Q 2019 Supplemental information
1 
Equity LifeStyle Properties, Inc.


Financial Highlights

(In millions, except Common Stock and OP Units outstanding and per share data (adjusted for stock split), unaudited)
 
As of and for the Three Months Ended
 
Sept 30, 2019
June 30, 2019
March 31, 2019
Dec 31, 2018
Sept 30, 2018
Operating Information
 
 
 
 
 
Total revenues
$
271.2

$
248.4

$
259.1

$
243.5

$
256.7

Net income
$
68.2

$
49.1

$
120.5

$
53.4

$
59.7

Net income available for Common Stockholders
$
64.5

$
46.4

$
113.3

$
50.2

$
56.1

Adjusted EBITDAre (1)
$
127.0

$
117.7

$
133.3

$
117.9

$
119.5

FFO available for Common Stock and OP Unit holders (1)(2)
$
108.6

$
89.8

$
108.0

$
90.4

$
97.7

Normalized FFO available for Common Stock and OP Unit holders (1)(2)
$
102.7

$
91.9

$
107.7

$
92.3

$
93.9

Funds available for distribution ("FAD") available for Common Stock and OP Unit holders (1)(2)
$
88.4

$
79.1

$
97.6

$
80.4

$
82.1

 
 
 
 
 
 
Common Stock and OP Units Outstanding (In thousands) and Per Share Data
 
 
 
 
 
Common Stock and OP Units, end of the period
192,574

192,562

191,470

191,334

190,986

Weighted average Common Stock and OP Units outstanding - Fully Diluted
192,400

191,860

191,248

191,154

190,526

Net income per Common Share - Fully Diluted (3)
$
0.35

$
0.26

$
0.63

$
0.28

$
0.31

FFO per Common Share and OP Unit - Fully Diluted
$
0.56

$
0.47

$
0.56

$
0.47

$
0.51

Normalized FFO per Common Share and OP Unit - Fully Diluted
$
0.53

$
0.48

$
0.56

$
0.48

$
0.49

Dividends per Common Share
$
0.3063

$
0.3063

$
0.3063

$
0.2750

$
0.2750

 
 
 
 
 
 
Balance Sheet
 
 
 
 
 
Total assets
$
4,136

$
4,014

$
4,009

$
3,926

$
3,855

Total liabilities
$
2,816

$
2,707

$
2,752

$
2,732

$
2,665

 
 
 
 
 
 
Market Capitalization
 
 
 
 
 
Total debt (4)
$
2,406

$
2,300

$
2,372

$
2,386

$
2,318

Total market capitalization (5)
$
15,270

$
13,983

$
13,315

$
11,678

$
11,528

 
 
 
 
 
 
Ratios
 
 
 
 
 
Total debt / total market capitalization
15.8
%
16.4
%
17.8
%
20.4
%
20.1
%
Total debt / Adjusted EBITDAre (6)
4.9

4.7

4.9

5.1

5.1

Interest coverage (7)
4.8

4.7

4.6

4.5

4.4

Fixed charges + preferred distributions coverage (8)
4.7

4.6

4.5

4.5

4.4





______________________
1.
See Non-GAAP Financial Measures Definitions and Other Terms at the end of the supplemental information for definitions of Adjusted EBITDAre, FFO, Normalized FFO and FAD and a reconciliation of Consolidated net income to Adjusted EBITDAre.
2.
See page 7 for a reconciliation of Net income available for Common Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD available for Common Stock and OP Unit holders.
3.
Net income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
4.
Excludes deferred financing costs of approximately $24.6 million as of September 30, 2019.
5.
See page 18 for market capitalization as of September 30, 2019.
6.
Calculated using trailing twelve months Adjusted EBITDAre.
7.
Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.
8.
See Non-GAAP Financial Measures Definitions and Other Terms at the end of the supplemental information for a definition of fixed charges. This ratio is calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends during the same period.

3Q 2019 Supplemental information
2 
Equity LifeStyle Properties, Inc.


Consolidated Balance Sheets

(In thousands, except share and per share data (adjusted for stock split))

 
September 30, 2019
 
December 31, 2018
 
(unaudited)
 
 
Assets
 
 
 
Investment in real estate:
 
 
 
Land
$
1,516,956

 
$
1,408,832

Land improvements
3,290,312

 
3,143,745

Buildings and other depreciable property
870,511

 
720,900

 
5,677,779

 
5,273,477

Accumulated depreciation
(1,739,285
)
 
(1,631,888
)
Net investment in real estate
3,938,494

 
3,641,589

Cash and restricted cash
42,386

 
68,974

Notes receivable, net
37,228

 
35,041

Investment in unconsolidated joint ventures
20,339

 
57,755

Deferred commission expense
40,953

 
40,308

Other assets, net
56,551

 
46,227

Assets held for sale, net
—

 
35,914

Total Assets
$
4,135,951

 
$
3,925,808

 
 
 
 
Liabilities and Equity
 
 
 
Liabilities:
 
 
 
Mortgage notes payable, net
$
2,062,736

 
$
2,149,726

Term loan, net
198,868

 
198,626

Unsecured line of credit
120,000

 
—

Accounts payable and other liabilities
143,102

 
102,854

Deferred revenue – upfront payments from right-to-use contracts (membership upgrade sales)
124,577

 
116,363

Deferred revenue – right-to-use annual payments (membership subscriptions)
11,395

 
10,055

Accrued interest payable
8,410

 
8,759

Rents and other customer payments received in advance and security deposits
88,094

 
81,114

Distributions payable
58,976

 
52,617

Liabilities related to assets held for sale
—

 
12,350

Total Liabilities
2,816,158

 
2,732,464

Equity:
 
 
 
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 2019 and December 31, 2018; none issued and outstanding.
—

 
—

Common stock, $0.01 par value, 400,000,000 and 200,000,000 shares authorized as of September 30, 2019 and December 31, 2018, respectively; 182,080,186 and 179,842,036 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively.
1,802

 
1,792

Paid-in capital
1,399,961

 
1,328,495

Distributions in excess of accumulated earnings
(153,505
)
 
(211,034
)
Accumulated other comprehensive income (loss)
(499
)
 
2,299

Total Stockholders’ Equity
1,247,759

 
1,121,552

Non-controlling interests – Common OP Units
72,034

 
71,792

Total Equity
1,319,793

 
1,193,344

Total Liabilities and Equity
$
4,135,951

 
$
3,925,808



3Q 2019 Supplemental information
3 
Equity LifeStyle Properties, Inc.


Consolidated Income Statements

(In thousands, unaudited)

 
Quarters Ended September 30,

Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Rental income
$
225,116

 
$
211,102

 
$
660,689

 
$
617,250

Right-to-use annual payments (membership subscriptions)
13,150

 
12,206

 
38,052

 
35,616

Right-to-use contracts current period, gross (membership upgrade sales)
5,730

 
4,863

 
14,609

 
11,969

Right-to-use contract upfront payments, deferred, net
(3,530
)
 
(2,883
)
 
(8,213
)
 
(6,189
)
Other income
11,263

 
13,419

 
31,898

 
38,991

Gross revenues from home sales
8,438

 
9,339

 
22,738

 
26,753

Brokered resale and ancillary services revenues, net
2,133

 
1,362

 
4,564

 
3,380

Interest income
1,831

 
1,846

 
5,385

 
5,658

Income from other investments, net
7,029

 
5,421

 
8,894

 
9,774

Total revenues
271,160

 
256,675

 
778,616

 
743,202

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
Property operating and maintenance
90,765

 
86,349

 
253,581

 
244,401

Real estate taxes
15,166

 
13,240

 
45,596

 
40,815

Sales and marketing, gross
4,063

 
3,568

 
11,686

 
9,685

Right-to-use contract commissions, deferred, net
(313
)
 
(458
)
 
(893
)
 
(744
)
Property management
14,605

 
13,589

 
42,675

 
40,742

Depreciation and amortization
37,032

 
34,980

 
112,785

 
101,699

Cost of home sales
8,434

 
9,742

 
23,230

 
27,948

Home selling expenses
1,033

 
1,101

 
3,218

 
3,149

General and administrative
8,710

 
8,816

 
27,844

 
26,523

Other expenses
1,460

 
386

 
2,427

 
1,096

Early debt retirement
—

 
—

 
1,491

 
—

Interest and related amortization
25,547

 
26,490

 
77,964

 
78,478

Total expenses
206,502

 
197,803

 
601,604

 
573,792

Gain on sale of real estate, net
—

 
—

 
52,507

 
—

Income before equity in income of unconsolidated joint ventures
64,658

 
58,872

 
229,519

 
169,410

Equity in income of unconsolidated joint ventures
3,518


788


8,277


3,596

Consolidated net income
68,176

 
59,660

 
237,796

 
173,006

 
 
 
 
 
 
 
 
Income allocated to non-controlling interests – Common OP Units
(3,715
)
 
(3,590
)
 
(13,617
)
 
(10,569
)
Redeemable perpetual preferred stock dividends
—

 
—


(8
)

(8
)
Net income available for Common Stockholders
$
64,461

 
$
56,070

 
$
224,171

 
$
162,429





3Q 2019 Supplemental information
4 
Equity LifeStyle Properties, Inc.


Non-GAAP Financial Measures

This document contains certain non-GAAP measures used by management that we believe are helpful in understanding our business. We believe investors should review these non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT’s operating performance. Our definitions and calculations of these non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of non-GAAP measures to our financial statements as prepared under GAAP, please refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 7 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 20 - 22.







3Q 2019 Supplemental information
5 
Equity LifeStyle Properties, Inc.


Selected Non-GAAP Financial Measures

(In millions, except per share data (adjusted for stock split), unaudited)

 
Quarter Ended
 
September 30, 2019
Income from property operations, excluding deferrals and property management - 2019 Core (1)
$
140.5

Income from property operations, excluding deferrals and property management - Non-Core (1)
4.8

Property management and general and administrative
(23.3
)
Other income and expenses
6.2

Interest and related amortization
(25.5
)
Normalized FFO available for Common Stock and OP Unit holders (2)
102.7

Insurance proceeds due to catastrophic weather event (3)
5.9

FFO available for Common Stock and OP Unit holders (2)
$
108.6

 
 
Normalized FFO per Common Share and OP Unit - Fully Diluted
$0.53
FFO per Common Share and OP Unit - Fully Diluted
$0.56
 
 
 
 
Normalized FFO available for Common Stock and OP Unit holders (2)
$
102.7

Non-revenue producing improvements to real estate (2)
(14.3
)
FAD available for Common Stock and OP Unit holders (2)
$
88.4

 
 
Weighted average Common Stock and OP Units - Fully Diluted
192.4























__________________________
1.
See page 9 for details of the Core Income from Property Operations, excluding deferrals and property management. See page 10 for details of the Non-Core Income from Property Operations, excluding deferrals and property management.
2.
See page 7 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD available for Common Stock and OP Unit holders.
3.
Represents insurance recovery revenue from reimbursement for capital expenditures related to Hurricane Irma.

3Q 2019 Supplemental information
6 
Equity LifeStyle Properties, Inc.


Reconciliation of Net Income to Non-GAAP Financial Measures

(In thousands, except per share data (adjusted for stock split), unaudited)

 
 
Quarters Ended September 30,

Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income available for Common Stockholders
 
$
64,461

 
$
56,070

 
$
224,171

 
$
162,429

Income allocated to non-controlling interests – Common OP Units
 
3,715

 
3,590

 
13,617

 
10,569

Right-to-use contract upfront payments, deferred, net
 
3,530

 
2,883

 
8,213

 
6,189

Right-to-use contract commissions, deferred, net
 
(313
)
 
(458
)
 
(893
)
 
(744
)
Depreciation and amortization
 
37,032

 
34,980

 
112,785

 
101,699

Depreciation on unconsolidated joint ventures
 
174

 
651

 
1,047

 
1,390

Gain on sale of real estate, net
 
—

 
—

 
(52,507
)
 
—

FFO available for Common Stock and OP Unit holders
 
108,599

 
97,716

 
306,433

 
281,532

Early debt retirement
 
—

 
—

 
2,085

 
—

Insurance proceeds due to catastrophic weather event and other, net (1)
 
(5,856
)
 
(3,833
)
 
(6,205
)
 
(5,925
)
Normalized FFO available for Common Stock and OP Unit holders
 
102,743

 
93,883

 
302,313

 
275,607

Non-revenue producing improvements to real estate
 
(14,357
)
 
(11,790
)
 
(37,270
)
 
(32,965
)
FAD available for Common Stock and OP Unit holders
 
$
88,386

 
$
82,093

 
$
265,043

 
$
242,642

 
 
 
 
 
 
 
 
 
Net income available per Common Share - Basic
 
$
0.35

 
$
0.31

 
$
1.24

 
$
0.91

Net income available per Common Share - Fully Diluted (2)
 
$
0.35

 
$
0.31

 
$
1.24

 
$
0.91

 
 
 
 
 
 
 
 
 
FFO per Common Share and OP Unit - Basic
 
$
0.57

 
$
0.51

 
$
1.60

 
$
1.49

FFO per Common Share and OP Unit - Fully Diluted
 
$
0.56

 
$
0.51

 
$
1.60

 
$
1.48

 
 
 
 
 
 
 
 
 
Normalized FFO per Common Share and OP Unit - Basic
 
$
0.53

 
$
0.49

 
$
1.58

 
$
1.46

Normalized FFO per Common Share and OP Unit - Fully Diluted
 
$
0.53

 
$
0.49

 
$
1.58

 
$
1.45

 
 
 
 
 
 
 
 
 
Average Common Stock - Basic
 
181,649

 
178,400

 
180,515

 
177,520

Average Common Stock and OP Units - Basic
 
192,145

 
189,942

 
191,599

 
189,138

Average Common Stock and OP Units - Fully Diluted
 
192,400

 
190,526

 
191,840

 
189,654















______________________
1.
Represents insurance recovery revenue from reimbursement for capital expenditures related to Hurricane Irma.
2.
Net income per fully diluted Common Share is calculated before Income allocated to non-controlling interest - Common OP Units.

3Q 2019 Supplemental information
7 
Equity LifeStyle Properties, Inc.


Consolidated Income from Property Operations (1)

(In millions, except home site and occupancy figures, unaudited)

 
Quarters Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Community base rental income (2)
$
137.6

 
$
130.7

 
$
409.1

 
$
386.1

Rental home income
3.8

 
3.5

 
11.0

 
10.6

Resort and marina base rental income (3)
71.7

 
64.4

 
204.8

 
183.8

Right-to-use annual payments (membership subscriptions)
13.1

 
12.2

 
38.0

 
35.6

Right-to-use contracts current period, gross (membership upgrade sales)
5.7

 
4.9

 
14.6

 
12.0

Utility and other income (4)
24.3

 
25.9

 
70.3

 
75.8

    Property operating revenues
256.2

 
241.6

 
747.8

 
703.9

 
 
 
 
 
 
 
 
Property operating, maintenance and real estate taxes (5)
105.3

 
97.7

 
297.7

 
280.3

Rental home operating and maintenance
1.6

 
1.9

 
4.1

 
5.0

Sales and marketing, gross
4.0

 
3.6

 
11.6

 
9.7

    Property operating expenses
110.9

 
103.2

 
313.4

 
295.0

Income from property operations, excluding deferrals and property management (1)
$
145.3

 
$
138.4

 
$
434.4

 
$
408.9

 
 
 
 
 
 
 
 
Manufactured home site figures and occupancy averages:
 
 
 
 
 
 
 
Total sites
72,008

 
72,221

 
72,121

 
71,782

Occupied sites
68,352

 
68,330

 
68,419

 
67,857

Occupancy %
94.9
%
 
94.6
%
 
94.9
%
 
94.5
%
Monthly base rent per site
$
671

 
$
638

 
$
664

 
$
632

 
 
 
 
 
 
 
 
Resort and marina base rental income:
 
 
 
 
 
 
 
Annual
$
42.6

 
$
37.4

 
$
122.4

 
$
109.2

Seasonal
5.4

 
4.9

 
32.2

 
29.0

Transient
23.7

 
22.1

 
50.2

 
45.6

     Total resort and marina base rental income
$
71.7

 
$
64.4

 
$
204.8

 
$
183.8










____________________
1.
Excludes property management and the GAAP deferral of right-to-use contract upfront payments and related commissions, net.
2.
See the manufactured home site figures and occupancy averages included below within this table.
3.
See resort and marina base rental income detail included below within this table.
4.
Includes Hurricane Irma insurance recovery revenues of $0.2 million and $0.8 million, which we have identified as business interruption related to Non-Core properties for the quarter and nine months ended September 30, 2019, respectively, and Hurricane Irma insurance recovery revenues of $1.3 million and $6.5 million, of which we have identified $1.2 million and $3.7 million as business interruption related to Non-Core properties, for the quarter and nine months ended September 30, 2018, respectively.
5.
Property operating, maintenance and real estate taxes includes bad debt expense for the quarters and nine months ended September 30, 2019 and 2018.
Property operating, maintenance and real estate taxes includes debris removal and cleanup costs related to Hurricane Irma of $0.1 million and $2.6 million for the quarter and nine months ended September 30, 2018, respectively.

3Q 2019 Supplemental information
8 
Equity LifeStyle Properties, Inc.


Core Income from Property Operations (1)

(In millions, except home site and occupancy figures, unaudited)

 
Quarters Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
Change (2)
 
2019
 
2018
 
Change (2)
Community base rental income (3)
$
133.8

 
$
126.9

 
5.4
 %
 
$
397.2

 
$
377.6

 
5.2
 %
Rental home income
3.8

 
3.2

 
18.4
 %
 
10.9

 
9.7

 
12.4
 %
Resort base rental income (4)
65.5

 
62.6

 
4.5
 %
 
187.6

 
179.9

 
4.3
 %
Right-to-use annual payments (membership subscriptions)
13.1

 
12.2

 
7.7
 %
 
38.0

 
35.6

 
6.8
 %
Right-to-use contracts current period, gross
(membership upgrade sales)
5.7

 
4.9

 
17.8
 %
 
14.6

 
12.0

 
22.0
 %
Utility and other income (5)
23.4

 
24.3

 
(3.7
)%
 
67.8

 
70.2

 
(3.5
)%
    Property operating revenues
245.3

 
234.1

 
4.8
 %
 
716.1

 
685.0

 
4.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
Property operating, maintenance and real estate taxes (6)
99.2

 
95.1

 
4.3
 %
 
282.7

 
273.1

 
3.5
 %
Rental home operating and maintenance
1.6

 
1.8

 
(10.8
)%
 
4.1

 
4.7

 
(12.9
)%
Sales and marketing, gross
4.0

 
3.6

 
13.8
 %
 
11.6

 
9.7

 
20.7
 %
    Property operating expenses
104.8

 
100.5

 
4.4
 %
 
298.4

 
287.5

 
3.8
 %
Income from property operations, excluding deferrals and property management (1)
$
140.5

 
$
133.6

 
5.1
 %
 
$
417.7

 
$
397.5

 
5.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
Occupied sites (7)
66,573

 
66,161

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core manufactured home site figures and occupancy averages:
 
 
 
 
 
 
Total sites
69,693

 
69,568

 
 
 
69,634

 
69,546

 
 
Occupied sites
66,482

 
66,061

 
 
 
66,394

 
65,996

 
 
Occupancy %
95.4
%
 
95.0
%
 
 
 
95.3
%
 
94.9
%
 
 
Monthly base rent per site
$
671

 
$
640

 
 
 
$
665

 
$
636

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Resort base rental income:
 
 
 
 
 
 
 
 
 
 
 
Annual
$
39.0

 
$
36.7

 
6.2
 %
 
$
114.6

 
$
108.0

 
6.1
 %
Seasonal
4.6

 
4.4

 
3.9
 %
 
28.9

 
28.1

 
3.2
 %
Transient
21.9

 
21.5

 
1.8
 %
 
44.1

 
43.8

 
0.5
 %
     Total resort base rental income
$
65.5

 
$
62.6

 
4.5
 %
 
$
187.6

 
$
179.9

 
4.3
 %






______________________
1.
Excludes property management and the GAAP deferral of right-to-use contract upfront payments and related commissions, net.
2.
Calculations prepared using actual results without rounding.
3.
See Core manufactured home site figures and occupancy averages included below within this table.
4.
See Core resort base rental income detail included below within this table.
5.
Includes Hurricane Irma insurance recovery revenues of $2.4 million for the nine months ended September 30, 2018.
6.
Property operating, maintenance and real estate taxes includes bad debt expense for the quarters and nine months ended September 30, 2019 and 2018. Property operating, maintenance and real estate taxes includes debris removal and cleanup costs related to Hurricane Irma of $2.2 million for the nine months ended September 30, 2018.
7.
Occupied sites are presented as of the end of the period. Occupied sites have increased by 262 from 66,311 at December 31, 2018.

3Q 2019 Supplemental information
9 
Equity LifeStyle Properties, Inc.


Non-Core Income from Property Operations (1)

(In millions, unaudited)

 
Quarter Ended
 
Nine Months Ended
 
September 30, 2019
 
September 30, 2019
Community base rental income
$
3.8

 
$
11.9

Rental home income
—

 
0.1

Resort and marina base rental income
6.2

 
17.2

Utility and other income (2)
0.9

 
2.5

  Property operating revenues
10.9

 
31.7

 
 
 
 
  Property operating expenses (3)
6.1

 
15.0

Income from property operations, excluding deferrals and property management (1)
$
4.8

 
$
16.7





































______________________
1.
Excludes property management and the GAAP deferral of right-to-use contract upfront payments and related commissions, net.
2.
Utility and other income includes Hurricane Irma insurance recovery revenues of $0.2 million and $0.8 million, which we have identified as business interruption for the quarter and nine months ended September 30, 2019, respectively.
3.
Property operating expenses include bad debt expense for the quarter and nine months ended September 30, 2019.

3Q 2019 Supplemental information
10 
Equity LifeStyle Properties, Inc.


Income from Rental Home Operations

(In millions, except occupied rentals, unaudited)

 
Quarters Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Manufactured homes:
 
 
 
 
 
 
 
Rental operations revenues (1)
$
11.6

 
$
10.8

 
$
34.2

 
$
33.0

Rental operations expense
1.6

 
1.8

 
4.1

 
4.7

   Income from rental operations
10.0

 
9.0

 
30.1

 
28.3

Depreciation on rental homes (2)
2.7

 
2.3

 
7.6

 
6.9

   Income from rental operations, net of depreciation
$
7.3

 
$
6.7

 
$
22.5

 
$
21.4

 
 
 
 
 
 
 
 
Occupied rentals: (3)
 
 
 
 
 
 
 
New
3,073

 
2,622

 
 
 
 
Used
913

 
1,323

 
 
 
 
   Total occupied rental sites
3,986

 
3,945

 
 
 
 

 
As of September 30, 2019
 
As of September 30, 2018
Cost basis in rental homes: (4)
Gross
 
Net of Depreciation
 
Gross
 
Net of Depreciation
New
$
216.2

 
$
182.4

 
$
147.0

 
$
125.5

Used
23.4

 
10.4

 
32.1

 
16.3

  Total rental homes
$
239.6

 
$
192.8

 
$
179.1

 
$
141.8


















______________________
1.
For both quarters ended September 30, 2019 and 2018, approximately $7.8 million and $7.6 million, respectively, of the rental operations revenue is included in the Community base rental income in the Core Income from Property Operations on page 9. For the nine months ended September 30, 2019 and 2018, approximately $23.4 million and $23.3 million, respectively, of the rental operations revenue is included in the Community base rental income in the Core Income from Property Operations on page 9.The remainder of the rental operations revenue is included in Rental home income for the quarters and nine months ended September 30, 2019 and 2018 in the Core Income from Property Operations on page 9.
2.
Depreciation on rental homes in our Core portfolio is included in Depreciation and amortization in the Consolidated Income Statements on page 4.
3.
Occupied rentals as of the end of the period in our Core portfolio. Included in the quarters ended September 30, 2019 and 2018 were 294 and 265 homes rented through our ECHO joint venture, respectively. For the quarters ended September 30, 2019 and 2018, the rental home investment associated with our ECHO joint venture totaled approximately $10.7 million and $9.4 million, respectively.
4.
Includes both occupied and unoccupied rental homes in our Core portfolio. New home cost basis does not include the costs associated with our ECHO joint venture. At September 30, 2019 and 2018, our investment in the ECHO joint venture was approximately $16.7 million and $16.1 million, respectively.

3Q 2019 Supplemental information
11 
Equity LifeStyle Properties, Inc.


Total Sites and Home Sales

(In thousands, except sites and home sale volumes, unaudited)

Summary of Total Sites as of September 30, 2019
 
 
Sites
Community sites
72,100

Resort sites:
 
    Annuals
30,400

    Seasonal
11,300

    Transient
12,100

Marina slips
2,300

Right-to-use Membership (1)
24,300

Joint Ventures (2)
3,600

Total
156,100


Home Sales - Select Data
 
 
 
 
 
 
 
 
Quarters Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Total New Home Sales Volume (3)
128

 
141

 
336

 
417

     New Home Sales Volume - ECHO joint venture
19

 
31

 
50

 
74

New Home Sales Gross Revenues (3)
$
6,864

 
$
7,048

 
$
17,492

 
$
20,643

 
 
 
 
 
 
 
 
Total Used Home Sales Volume
198

 
304

 
627

 
842

Used Home Sales Gross Revenues
$
1,574

 
$
2,291

 
$
5,246

 
$
6,110

 
 
 
 
 
 
 
 
Brokered Home Resales Volume
270

 
231

 
675

 
677

Brokered Home Resale Revenues, net
$
420

 
$
358

 
$
1,077

 
$
1,009


















______________________
1.
Sites primarily utilized by approximately 117,600 members. Includes approximately 5,900 sites rented on an annual basis.
2.
Joint ventures have approximately 2,700 annual Sites, 400 seasonal Sites and 500 transient Sites.
3.
Total new home sales volume includes home sales from our ECHO joint venture. New home sales gross revenues does not include the revenues associated with our ECHO joint venture.

3Q 2019 Supplemental information
12 
Equity LifeStyle Properties, Inc.


2019 Guidance - Selected Financial Data (1)

Our guidance acknowledges the existence of volatile economic conditions, which may impact our current guidance assumptions. Factors impacting 2019 guidance include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under right-to-use contracts; (v) occupancy changes; (vi) our ability to retain and attract customers renewing or entering right-to-use contracts; (vii) our ability to integrate and operate recent acquisitions in accordance with our estimates; (viii) completion of pending transactions in their entirety and on assumed schedule; (ix) ongoing legal matters and related fees; and (x) costs to restore property operations and potential revenue losses following storms or other unplanned events.

(In millions, except per share data (adjusted for stock split), unaudited)

 
Quarter Ending
 
Year Ending
 
December 31, 2019
 
December 31, 2019
Income from property operations, excluding deferrals and property management - Core (2)
$
139.4

 
$
557.2

Income from property operations - Non-Core (3)
6.3

 
23.0

Property management and general and administrative
(22.6
)
 
(93.1
)
Other income and expenses
1.6

 
17.9

Interest and related amortization
(26.1
)
 
(104.1
)
Normalized FFO available for Common Stock and OP Unit holders
98.6

 
400.9

Early debt retirement
—

 
(2.1
)
Insurance proceeds due to catastrophic weather event (4)
—

 
6.2

FFO available for Common Stock and OP Unit holders
98.6

 
405.0

    Depreciation and amortization
(38.3
)
 
(152.0
)
    Deferral of right-to-use contract sales revenue and commission, net
(1.6
)
 
(9.0
)
    Gain on sale of real estate, net
—

 
52.5

    Income allocated to non-controlling interest-Common OP Units
(3.2
)
 
(16.7
)
Net income available for Common Stockholders
$
55.5

 
$
279.8

 
 
 
 
 
 
 
 
Net income per Common Share - Fully Diluted (5)
$0.29 - $0.33

 
$1.52 - $1.56

FFO per Common Share and OP Unit - Fully Diluted
$0.49 - $0.53

 
$2.09 - $2.13

Normalized FFO per Common Share and OP Unit - Fully Diluted
$0.49 - $0.53

 
$2.07 - $2.11

 
 
 
 
Weighted average Common Stock outstanding - Fully Diluted
192.4

 
192.0








______________________
1.
Each line item represents the mid-point of a range of possible outcomes and reflects management’s estimate of the most likely outcome. Actual Normalized FFO available for Common Stock and OP Unit holders, Normalized FFO per Common Share and OP Unit, FFO available for Common Stock and OP Unit holders, FFO per Common Share and OP Unit, Net income available for Common Stockholders and Net income per Common Share could vary materially from amounts presented above if any of our assumptions is incorrect.
2.
See page 14 for 2019 Core Guidance Assumptions. Amount represents 2018 Income from property operations, excluding deferrals and property management, from the 2019 Core properties of $133.4 million multiplied by an estimated growth rate of 4.6% and $530.9 million multiplied by an estimated growth rate of 4.9% for the quarter and year ending December 31, 2019, respectively.
3.
See page 14 for the 2019 Assumptions regarding the Non-Core Properties.
4.
Includes insurance recovery revenue from reimbursement for capital expenditures related to Hurricane Irma.
5.
Net income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.

3Q 2019 Supplemental information
13 
Equity LifeStyle Properties, Inc.


2019 Core Guidance Assumptions (1) 
(In millions, unaudited)
 
Quarter Ended
 
Fourth Quarter 2019
 
Year Ended
 
2019
 
December 31, 2018
 
Growth Factors (2)
 
December 31, 2018
 
Growth Factors (2)
Community base rental income
$
127.7

 
5.3
 %
 
$
505.3

 
5.2
 %
Rental home income
3.4

 
16.7
 %
 
13.1

 
13.5
 %
Resort base rental income (3)
53.4

 
4.9
 %
 
233.4

 
4.4
 %
Right-to-use annual payments (membership subscriptions)
12.2

 
6.4
 %
 
47.8

 
6.7
 %
Right-to-use contracts current period, gross (membership upgrade sales)
3.2

 
6.3
 %
 
15.2

 
18.7
 %
Utility and other income
23.4

 
(10.0
)%
 
93.5

 
(5.1
)%
    Property operating revenues
223.3

 
3.9
 %
 
908.3

 
4.4
 %
 
 
 
 
 
 
 
 
Property operating, maintenance, and real estate taxes
85.2

 
3.3
 %
 
358.4

 
3.5
 %
Rental home operating and maintenance
1.8

 
(20.0
)%
 
6.5

 
(14.9
)%
Sales and marketing, gross
2.9

 
4.2
 %
 
12.5

 
16.9
 %
    Property operating expenses
89.9

 
2.8
 %
 
377.4

 
3.6
 %
Income from property operations, excluding deferrals and property management
$
133.4

 
4.6
 %
 
$
530.9

 
4.9
 %
 
 
 
 
 
 
 
 
Resort base rental income:
 
 
 
 
 
 
 
Annual
$
37.6

 
5.5
 %
 
$
145.7

 
6.0
 %
Seasonal
8.2

 
4.1
 %
 
36.3

 
3.4
 %
Transient
7.6

 
3.0
 %
 
51.4

 
0.8
 %
    Total resort base rental income
$
53.4

 
4.9
 %
 
$
233.4

 
4.4
 %


2019 Non-Core Guidance Assumptions (1) 
(In millions, unaudited)
 
Quarter Ending
 
Year Ending
 
December 31, 2019
 
December 31, 2019
Community base rental income
$
3.8

 
$
15.7

Rental home income
—

 
0.1

Resort and marina base rental income
8.5

 
25.7

Utility and other income
1.2

 
3.7

  Property operating revenues
13.5

 
45.2

 
 
 
 
Property operating, maintenance, and real estate taxes
7.2

 
22.2

  Property operating expenses
7.2

 
22.2

Income from property operations, excluding deferrals and property management
$
6.3

 
$
23.0





___________________
1.
Each line item represents the mid-point of a range of possible outcomes and reflects management’s best estimate of the most likely outcome. Actual income from property operations could vary materially from amounts presented above if any of our assumptions is incorrect.
2.
Management’s estimate of the growth of property operations in the 2019 Core Properties compared to actual 2018 performance. Represents the mid-point of a range of possible outcomes. Calculations prepared using actual results without rounding. Actual growth for Core properties could vary materially from amounts presented above if any of our assumptions is incorrect.
3.
See resort base rental income detail included below within this table.

3Q 2019 Supplemental information
14 
Equity LifeStyle Properties, Inc.


Preliminary 2020 Guidance - Selected Financial Data (1)

Our guidance acknowledges the existence of volatile economic conditions, which may impact our current guidance assumptions. Factors impacting 2020 guidance include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under right-to-use contracts; (v) occupancy changes; (vi) our ability to retain and attract customers renewing or entering right-to-use contracts; (vii) our ability to integrate and operate recent acquisitions in accordance with our estimates; (viii) completion of pending transactions in their entirety and on assumed schedule; and (ix) ongoing legal matters and related fees; and (x) costs to restore property operations following storms or other unplanned events.

(In millions, except per share data, unaudited)

 
Year Ending
 
December 31, 2020
Income from property operations, excluding deferrals and property management - 2020 Core (2)
$
605.8

Income from property operations - Non-Core  (3)
10.8

Property management and general and administrative
(95.5
)
Other income and expenses
11.6

Interest and related amortization
(106.3
)
Normalized FFO and FFO available for Common Stock and OP Unit holders
426.4

    Depreciation on real estate and other
(137.6
)
    Depreciation on rental homes
(11.1
)
    Deferral of right-to-use contract sales revenue and commission, net
(9.5
)
    Income allocated to non-controlling interest-Common OP Units
(14.6
)
Net income available for Common Stockholders
$
253.6

 
 
 
 
Net income per Common Share - Fully Diluted (4)
$1.36 - $1.42

FFO per Common Share and OP Unit - Fully Diluted
$2.19 - $2.25

Normalized FFO per Common Share and OP Unit - Fully Diluted
$2.19 - $2.25

 
 
Weighted average Common Stock outstanding - Fully Diluted
192.5









______________________
1.
Each line item represents the mid-point of a range of possible outcomes and reflects management’s estimate of the most likely outcome. Actual Normalized FFO available for Common Stock and OP Unit holders, Normalized FFO per Common Share and OP Unit, FFO available for Common Stock and OP Unit holders, FFO per Common Share and OP Unit, Net income available for Common Stockholders and Net income per Common Share could vary materially from amounts presented above if any of our assumptions is incorrect.
2.
See page 16 for Preliminary 2020 Core Guidance Assumptions. Amount represents estimated 2019 Income from property operations, excluding deferrals and property management, from the 2020 Core properties of $575.0 million multiplied by an estimated growth rate of 5.3% for the year ending December 31, 2020.
3.
See page 16 for Preliminary 2020 Non-Core Guidance Assumptions.
4.
Net income per fully diluted Common Share is calculated before Income allocated to Common OP Units.


3Q 2019 Supplemental information
15 
Equity LifeStyle Properties, Inc.


Preliminary 2020 Core Guidance Assumptions (1) 
(In millions, unaudited)
 
Year Ending
 
2020
 
December 31, 2019
 
Growth Factors (2)
Community base rental income
$
544.4

 
4.4
%
Rental home income
14.9

 
2.5
%
Resort base rental income (3)
258.9

 
5.2
%
Right-to-use annual payments (membership subscriptions)
51.0

 
4.2
%
Right-to-use contracts current period, gross (membership upgrade sales)
18.0

 
10.5
%
Utility and other income
91.1

 
2.7
%
    Property operating revenues
978.3

 
4.6
%
 
 
 
 
Property operating, maintenance, and real estate taxes
383.1

 
3.1
%
Rental home operating and maintenance
5.5

 
2.9
%
Sales and marketing, gross
14.7

 
7.5
%
    Property operating expenses
403.3

 
3.3
%
Income from property operations, excluding deferrals and property management
$
575.0

 
5.3
%
 
 
 
 
Resort base rental income:
 
 
 
Annual
$
160.8

 
5.4
%
Seasonal
41.0

 
4.6
%
Transient
57.1

 
4.8
%
    Total resort base rental income
$
258.9

 
5.2
%


Preliminary 2020 Non-Core Guidance Assumptions (1) 
(In millions, unaudited)
 
Year Ending
 
December 31, 2020
Community base rental income
$
—

Rental home income
—

Resort and marina base rental income
22.0

Utility and other income
3.0

  Property operating revenues
25.0

 
 
Property operating, maintenance, and real estate taxes
14.2

  Property operating expenses
14.2

Income from property operations, excluding deferrals and property management
$
10.8





______________________
1.
Each line item represents the mid-point of a range of possible outcomes and reflects management’s best estimate of the most likely outcome. Actual income from property operations could vary materially from amounts presented above if any of our assumptions is incorrect.
2.
Management’s estimate of the growth of property operations in the 2020 Core Properties compared to estimated 2019 performance. Represents the mid-point of a range of possible outcomes. Calculations prepared using actual results without rounding. Actual growth could vary materially from amounts presented above if any of our assumptions is incorrect.
3.
See resort base rental income table included below within this table.

3Q 2019 Supplemental information
16 
Equity LifeStyle Properties, Inc.


Right-To-Use Memberships - Select Data

(Unaudited)

 
 
 
 
2016
 
2017
 
2018
 
2019 (1)
 
2020 (1)
Member Count (2)
 
104,728

 
106,456

 
111,094

 
116,000

 
120,000

Thousand Trails Camping Pass (TTC) Origination
 
29,576

 
31,618

 
37,528

 
40,800

 
42,700

TTC Sales
 
12,856

 
14,128

 
17,194

 
19,100

 
20,300

RV Dealer TTC Activations
 
16,720

 
17,490

 
20,334

 
21,700

 
22,400

Number of annuals (3)
 
5,756

 
5,843

 
5,888

 
5,600

 
5,600

Number of upgrade sales (4)
 
2,477

 
2,514

 
2,500

 
2,900

 
3,100

 
 
 
 
 
 
 
 
 
 
 
(In thousands, unaudited)
 
 
 
 
 
 
 
 
 
 
Right-to-use annual payments (membership subscriptions)
 
$
45,036

 
$
45,798

 
$
47,778

 
$
51,000

 
$
53,100

Resort base rental income from annuals
 
$
15,413

 
$
16,841

 
$
18,363

 
$
19,600

 
$
21,100

Resort base rental income from seasonals/transients
 
$
17,344

 
$
18,231

 
$
19,840

 
$
20,400

 
$
21,900

Upgrade contract initiations (5)
 
$
12,312

 
$
14,130

 
$
15,191

 
$
18,000

 
$
20,000

Utility and other income
 
$
2,442

 
$
2,254

 
$
2,410

 
$
2,300

 
$
2,000

 
 
 
 
 
 
 
 
 
 
 
























______________________
1.
Guidance estimate. Each line item represents the mid-point of a range of possible outcomes and reflects management’s best estimate of the most likely outcome. Actual figures could vary materially from amounts presented above if any of our assumptions is incorrect.
2.
Members have entered into right-to-use contracts (membership subscriptions) with us that entitle them to use certain properties on a continuous basis for up to 21 days.
3.
Members who rent a specific site for an entire year in connection with their right-to-use contracts (membership subscriptions).
4.
Existing members who have upgraded agreements are eligible for enhanced benefits, including but not limited to longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties. Upgrades require a non-refundable upfront payment.
5.
Revenues associated with contract upgrades, included in Right-to-use contracts current period, gross (membership upgrade sales) on our Consolidated Income Statements on page 4.


3Q 2019 Supplemental information
17 
Equity LifeStyle Properties, Inc.



Market Capitalization

(In millions, except share and OP Unit data (adjusted for stock split), unaudited)

Capital Structure as of September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Common Stock/Units
 
% of Total Common Stock/Units
 
Total
 
% of Total
 
% of Total Market Capitalization
 
 
 
 
 
 
 
 
 
 
 
Secured Debt
 
 
 
 
 
$
2,086

 
86.7
%
 
 
Unsecured Debt
 
 
 
 
 
320

 
13.3
%
 
 
Total Debt (1)
 
 
 
 
 
$
2,406

 
100.0
%
 
15.8
%
 
 
 
 
 
 
 
 
 
 
 
Common Stock
 
182,080,186

 
94.6
%
 
 
 
 
 
 
OP Units
 
10,493,422

 
5.4
%
 
 
 
 
 
 
Total Common Stock and OP Units
 
192,573,608

 
100.0
%
 
 
 
 
 
 
Common Stock price at September 30, 2019
(2) 
$
66.80

 
 
 
 
 
 
 
 
Fair Value of Common Stock and OP Units
 
 
 
 
 
$
12,864

 
100.0
%
 
 
Total Equity
 
 
 
 
 
$
12,864

 
100.0
%
 
84.2
%
 
 
 
 
 
 
 
 
 
 
 
Total Market Capitalization
 
 
 
 
 
$
15,270

 
 
 
100.0
%




























______________________
1.    Excludes deferred financing costs of approximately $24.6 million.
2.     Reflects the September 30, 2019 share closing price of $133.60 on a post stock-split basis.

3Q 2019 Supplemental information
18 
Equity LifeStyle Properties, Inc.


Debt Maturity Schedule

Debt Maturity Schedule as of September 30, 2019
(In thousands, unaudited)

 Year
 
Secured Debt
 
Weighted Average Interest Rate
 
Unsecured Debt
 
Weighted Average Interest Rate
 
Total Debt
 
% of Total Debt
 
Weighted Average Interest Rate
 
2019
 
$
—

 
—
%
 
$
—

 
—
%
 
$
—

 
—
%
 
—
%
 
2020
 
48,607

 
5.18
%
 
—

 
—
%
 
48,607

 
2.13
%
 
5.18
%
 
2021
 
169,804

 
5.01
%
 
—

 
—
%
 
169,804

 
7.43
%
 
5.01
%
 
2022
 
147,101

 
4.62
%
 
—

 
—
%
 
147,101

 
6.44
%
 
4.62
%
 
2023
 
103,552

 
5.05
%
 
200,000

 
3.05
%
 
303,552

 
13.28
%
 
3.73
%
 
2024
 
10,683

 
5.49
%
 
—

 
—
%
 
10,683

 
0.47
%
 
5.49
%
 
2025
 
101,486

 
3.45
%
 
—

 
—
%
 
101,486

 
4.44
%
 
3.45
%
 
2026
 
—

 
—
%
 
—

 
—
%
 
—

 
—
%
 
—
%
 
2027
 
—

 
—
%
 
—

 
—
%
 
—

 
—
%
 
—
%
 
2028
 
222,879

 
4.19
%
 
—

 
—
%
 
222,879

 
9.75
%
 
4.19
%
 
Thereafter
 
1,280,856

 
4.24
%
 
—

 
—
%
 
1,280,856

 
56.06
%
 
4.24
%
 
Total
 
$
2,084,968

 
4.35
%
 
$
200,000

 
3.05
%
 
$
2,284,968

 
100.0
%
 
4.24
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured Line of Credit (1)
 
—

 
 
 
120,000

 
 
 
120,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note Premiums
 
1,234

 
 
 
—

 
 
 
1,234

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt
 
2,086,202

 
 
 
320,000

 
 
 
2,406,202

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred Financing Costs
 
(23,466
)
 
 
 
(1,132
)
 
 
 
(24,598
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt, net
 
$
2,062,736

 
 
 
$
318,868

 
 
 
$
2,381,604

 
 
 
4.29
%
(2) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Years to Maturity
 
13.4
 
 
 
3.1
 
 
 
12.0
 
 
 
 
 





















______________________
1.
Reflects outstanding balance on the Line of Credit as of September 30, 2019. The Line of Credit matures in October 2021 and had an effective interest rate of 1.76% during the third quarter of 2019.
2.Reflects effective interest rate during the third quarter of 2019, including amortization of note premiums and deferred financing costs.

3Q 2019 Supplemental information
19 
Equity LifeStyle Properties, Inc.


Non-GAAP Financial Measures Definitions and Reconciliations

FUNDS FROM OPERATIONS (FFO). We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges, and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. We receive up-front non-refundable payments from the entry of right-to-use contracts. In accordance with GAAP, the upfront non-refundable payments and related commissions are deferred and amortized over the estimated customer life. Although the NAREIT definition of FFO does not address the treatment of non-refundable right-to-use payments, we believe that it is appropriate to adjust for the impact of the deferral activity in our calculation of FFO.
We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.
NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding the following non-operating income and expense items: a) gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, and b) other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.
FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures.
We believe that FFO, Normalized FFO and FAD are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our operations. For example, we believe that excluding the early extinguishment of debt, property acquisition and other transaction costs related to mergers and acquisitions from Normalized FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.
INCOME FROM PROPERTY OPERATIONS, EXCLUDING DEFERRALS AND PROPERTY MANAGEMENT. We define Income from property operations, excluding deferrals and property management as rental income, utility and other income and right-to-use income less property and rental home operating and maintenance expenses, real estate taxes, sales and marketing expenses, excluding property management and the GAAP deferral of right-to-use contract upfront payments and related commissions, net. For comparative purposes, we present bad debt expense within Property operating, maintenance and real estate taxes in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our manufactured home and RV communities.

3Q 2019 Supplemental information
20 
Equity LifeStyle Properties, Inc.


The following table reconciles Net income available for Common Stockholders to Income from property operations:
 
 
Quarters Ended September 30,

Nine Months Ended September 30,
(amounts in thousands)
 
2019
 
2018
 
2019
 
2018
Net income available for Common Stockholders
 
$
64,461

 
$
56,070

 
$
224,171

 
$
162,429

Redeemable perpetual preferred stock dividends
 
—

 
—

 
8

 
8

Income allocated to non-controlling interests – Common OP Units
 
3,715

 
3,590

 
13,617

 
10,569

Equity in income of unconsolidated joint ventures
 
(3,518
)
 
(788
)
 
(8,277
)
 
(3,596
)
Income before equity in income of unconsolidated joint ventures
 
64,658

 
58,872

 
229,519

 
169,410

Gain on sale of real estate, net
 
—

 
—

 
(52,507
)
 
—

Right-to-use contract upfront payments, deferred, net
 
3,530

 
2,883

 
8,213

 
6,189

Gross revenues from home sales
 
(8,438
)
 
(9,339
)
 
(22,738
)
 
(26,753
)
Brokered resale and ancillary services revenues, net
 
(2,133
)
 
(1,362
)
 
(4,564
)
 
(3,380
)
Interest income
 
(1,831
)
 
(1,846
)
 
(5,385
)
 
(5,658
)
Income from other investments, net
 
(7,029
)
 
(5,421
)
 
(8,894
)
 
(9,774
)
Right-to-use contract commissions, deferred, net
 
(313
)
 
(458
)
 
(893
)
 
(744
)
Property management
 
14,605

 
13,589

 
42,675

 
40,742

Depreciation and amortization
 
37,032

 
34,980

 
112,785

 
101,699

Cost of home sales
 
8,434

 
9,742

 
23,230

 
27,948

Home selling expenses
 
1,033

 
1,101

 
3,218

 
3,149

General and administrative
 
8,710

 
8,816

 
27,844

 
26,523

Other expenses
 
1,460

 
386

 
2,427

 
1,096

Early debt retirement
 
—

 
—

 
1,491

 
—

Interest and related amortization
 
25,547

 
26,490

 
77,964

 
78,478

Income from property operations, excluding deferrals and property management
 
145,265

 
138,433

 
434,385

 
408,925

Right-to-use contracts, upfront payments and commissions, deferred, net
 
(3,217
)
 
(2,425
)
 
(7,320
)
 
(5,445
)
Property management
 
(14,605
)
 
(13,589
)
 
(42,675
)
 
(40,742
)
Income from property operations
 
$
127,443

 
$
122,419

 
$
384,390

 
$
362,738

EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairments charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. We receive up-front non-refundable payments from the entry of right-to-use contracts. In accordance with GAAP, the upfront non-refundable payments and related commissions are deferred and amortized over the estimated customer life. Although the NAREIT definition of EBITDAre does not address the treatment of non-refundable right-to-use payments, we believe that it is appropriate to adjust for the impact of the deferral activity in our calculation of EBITDAre.
We define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, and other miscellaneous non-comparable items.
We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT.





3Q 2019 Supplemental information
21 
Equity LifeStyle Properties, Inc.


The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:
 
 
Quarters Ended September 30,
 
Nine Months Ended September 30,
(amounts in thousands)
 
2019
 
2018
 
2019
 
2018
Consolidated net income
 
$
68,176

 
$
59,660

 
$
237,796

 
$
173,006

Interest income
 
(1,831
)
 
(1,846
)
 
(5,385
)
 
(5,658
)
Right-to-use contract upfront payments, deferred, net
 
3,530

 
2,883

 
8,213

 
6,189

Right-to-use contract commissions, deferred, net
 
(313
)
 
(458
)
 
(893
)
 
(744
)
Real estate depreciation and amortization
 
37,032

 
34,980

 
112,785

 
101,699

Other depreciation and amortization
 
460

 
386

 
1,336

 
1,096

Interest and related amortization
 
25,547

 
26,490

 
77,964

 
78,478

Gain on sale of real estate, net
 
—

 
—

 
(52,507
)
 
—

Adjustments to our share of EBITDAre of unconsolidated joint ventures 
 
259

 
1,214

 
2,858

 
3,125

EBITDAre
 
132,860

 
123,309

 
382,167

 
357,191

Early debt retirement
 
—

 
—

 
2,085

 
—

Insurance proceeds due to catastrophic weather event
 
(5,856
)
 
(3,833
)
 
(6,205
)
 
(5,925
)
Adjusted EBITDAre
 
$
127,004

 
$
119,476

 
$
378,047

 
$
351,266

CORE. The Core properties include properties we owned and operated during all of 2018 and 2019. We believe Core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.
NON-CORE. The Non-Core properties include all properties that were not owned and operated during all of 2018 and 2019. This includes, but is not limited to, four properties and the Loggerhead marinas acquired and five properties sold during 2019, five properties acquired during 2018 and Fiesta Key and Sunshine Key RV Resorts.
INCOME FROM RENTAL OPERATIONS, NET OF DEPRECIATION. We use Income from rental operations, net of depreciation as an alternative measure to evaluate the operating results of our home rental program. Income from rental operations, net of depreciation, represents income from rental operations less depreciation expense on rental homes. We believe this measure is meaningful for investors as it provides a complete picture of the home rental program operating results, including the impact of depreciation, which affects our home rental program investment decisions.
NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that will not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture and mechanical improvements.
FIXED CHARGES. Fixed charges consist of interest expense, amortization of note premiums and debt issuance costs.


3Q 2019 Supplemental information
22 
Equity LifeStyle Properties, Inc.

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Document Type Document Type Document Period End Date Document Period End Date Entity Registrant Name Entity Registrant Name Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address, Street Entity Address, Address Line One City Entity Address, City or Town Entity Address, State Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre-commencement Tender Offer Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Pre-commencement Issuer Tender Offer Entity Emerging Growth Company Entity Emerging Growth Company Title of each class Title of 12(b) Security Trading Symbol Trading Symbol Name of each exchange on which registered Security Exchange Name Entity Central Index Key Entity Central Index Key Amendment Flag Amendment Flag EX-101.PRE 7 els-20191021_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 8 elslogoa23.jpg begin 644 elslogoa23.jpg M_]C_X 02D9)1@ ! 0$ > !X #_X1#Z17AI9@ 34T *@ @ ! $[ ( M 0 (2H=I 0 ! 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Cover Document
Oct. 21, 2019
Cover page.  
Document Type 8-K
Document Period End Date Oct. 21, 2019
Entity Registrant Name EQUITY LIFESTYLE PROPERTIES INC
Entity Incorporation, State or Country Code MD
Entity File Number 1-11718
Entity Tax Identification Number 36-3857664
Entity Address, Street Two North Riverside Plaza
City Chicago,
Entity Address, State IL
Entity Address, Postal Zip Code 60606
City Area Code 312
Local Phone Number 279-1400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of each class Common Stock, $0.01 Par Value
Trading Symbol ELS
Name of each exchange on which registered NYSE
Entity Central Index Key 0000895417
Amendment Flag false
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