(State or other jurisdiction of incorporation) | (Commission File No.) | (IRS Employer Identification Number) | |||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
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)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
EQUITY LIFESTYLE PROPERTIES, INC. | ||||||||
Date: July 19, 2022 | By: /s/ Paul Seavey | |||||||
Paul Seavey | ||||||||
Executive Vice President and Chief Financial Officer |
CONTACT: Paul Seavey | FOR IMMEDIATE RELEASE | ||||
(800) 247-5279 | July 18, 2022 |
i |
ii |
iii |
Operations Update |
June 30, 2022 | June 30, 2021 | ||||||||||
Annual | 32,000 | 31,300 | |||||||||
Seasonal | 12,100 | 10,700 | |||||||||
Transient | 12,500 | 14,200 | |||||||||
Member | 25,400 | 24,800 |
2Q 2022 Supplemental Financial Information | 1 | Equity LifeStyle Properties, Inc. |
2022 Guidance (1) |
Third Quarter | Full Year | |||||||||||||
Net Income/share | $0.37 to $0.43 | $1.54 to $1.64 | ||||||||||||
FFO/share | $0.66 to $0.72 | $2.65 to $2.75 | ||||||||||||
Normalized FFO/share | $0.66 to $0.72 | $2.68 to $2.78 | ||||||||||||
Core Portfolio: | ||||||||||||||
MH rate growth | 5.3% to 5.5% | 5.2% to 5.4% | ||||||||||||
RV Annual rate growth | 6.6% to 6.8% | 6.4% to 6.6% | ||||||||||||
Combined RV Seasonal and Transient base rental income growth | (2.5)% to (3.5)% | 10.6% to 11.6% | ||||||||||||
Property operating revenue growth rate | 4.3% to 4.9% | 5.4% to 6.4% | ||||||||||||
Property operating expense growth rate | 3.7% to 4.3% | 5.2% to 6.2% | ||||||||||||
Income from property operations, excluding deferrals and property management growth rate(2) | 4.7% to 5.3% | 5.6% to 6.6% |
2Q 2022 Supplemental Financial Information | 2 | Equity LifeStyle Properties, Inc. |
Investor Information |
Equity Research Coverage(1) | ||||||||
Bank of America Securities | Barclays | Berenberg Bank | ||||||
Jeffrey Spector/ Joshua Dennerlein | Anthony Powell | Keegan Carl | ||||||
BMO Capital Markets | Citi Research | Colliers Securities | ||||||
John Kim | Michael Bilerman/ Nick Joseph | David Toti | ||||||
Evercore ISI | Green Street Advisors | RBC Capital Markets | ||||||
Steve Sakwa/ Samir Khanal | John Pawlowski | Brad Heffern | ||||||
Robert W. Baird & Company | Truist | UBS | ||||||
Wes Golladay | Anthony Hau | Michael Goldsmith | ||||||
2Q 2022 Supplemental Financial Information | 3 | Equity LifeStyle Properties, Inc. |
Financial Highlights |
As of and for the Three Months Ended | |||||||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sept 30, 2021 | Jun 30, 2021 | |||||||||||||
Operating Information | |||||||||||||||||
Total revenues | $ | 365.3 | $ | 360.2 | $ | 335.3 | $ | 347.2 | $ | 330.1 | |||||||
Net income | $ | 64.6 | $ | 87.1 | $ | 68.8 | $ | 74.1 | $ | 64.1 | |||||||
Net income available for Common Stockholders | $ | 61.5 | $ | 82.9 | $ | 65.5 | $ | 70.6 | $ | 61.1 | |||||||
Adjusted EBITDAre (1) | $ | 153.3 | $ | 168.4 | $ | 150.7 | $ | 150.8 | $ | 144.6 | |||||||
FFO available for Common Stock and OP Unit holders (1)(2) | $ | 121.6 | $ | 140.9 | $ | 123.0 | $ | 124.5 | $ | 117.6 | |||||||
Normalized FFO available for Common Stock and OP Unit holders (1)(2) | $ | 125.3 | $ | 141.4 | $ | 123.6 | $ | 124.5 | $ | 118.3 | |||||||
Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders (1)(2) | $ | 103.6 | $ | 125.1 | $ | 102.3 | $ | 106.1 | $ | 99.0 | |||||||
Common Shares and OP Units Outstanding (In thousands) and Per Share Data | |||||||||||||||||
Common Shares and OP Units, end of the period | 195,373 | 195,303 | 194,946 | 192,852 | 192,847 | ||||||||||||
Weighted average Common Shares and OP Units outstanding - Fully Diluted | 195,227 | 195,246 | 193,412 | 192,736 | 192,701 | ||||||||||||
Net income per Common Share - Fully Diluted (3) | $ | 0.33 | $ | 0.45 | $ | 0.36 | $ | 0.38 | $ | 0.33 | |||||||
FFO per Common Share and OP Unit - Fully Diluted | $ | 0.62 | $ | 0.72 | $ | 0.64 | $ | 0.65 | $ | 0.61 | |||||||
Normalized FFO per Common Share and OP Unit - Fully Diluted | $ | 0.64 | $ | 0.72 | $ | 0.64 | $ | 0.65 | $ | 0.61 | |||||||
Dividends per Common Share | $ | 0.4100 | $ | 0.4100 | $ | 0.3625 | $ | 0.3625 | $ | 0.3625 | |||||||
Balance Sheet | |||||||||||||||||
Total assets | $ | 5,400 | $ | 5,265 | $ | 5,308 | $ | 4,982 | $ | 4,824 | |||||||
Total liabilities | $ | 3,878 | $ | 3,734 | $ | 3,822 | $ | 3,673 | $ | 3,522 | |||||||
Market Capitalization | |||||||||||||||||
Total debt (4) | $ | 3,298 | $ | 3,193 | $ | 3,303 | $ | 3,154 | $ | 3,010 | |||||||
Total market capitalization (5) | $ | 17,066 | $ | 18,130 | $ | 20,392 | $ | 18,216 | $ | 17,340 | |||||||
Ratios | |||||||||||||||||
Total debt / total market capitalization | 19.3 | % | 17.6 | % | 16.2 | % | 17.3 | % | 17.4 | % | |||||||
Total debt / Adjusted EBITDAre (6) | 5.3 | 5.2 | 5.6 | 5.5 | 5.4 | ||||||||||||
Interest coverage (7) | 5.7 | 5.7 | 5.5 | 5.5 | 5.4 | ||||||||||||
Fixed charges(8) | 5.6 | 5.6 | 5.5 | 5.4 | 5.3 |
2Q 2022 Supplemental Financial Information | 4 | Equity LifeStyle Properties, Inc. |
Consolidated Balance Sheets |
June 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Investment in real estate: | |||||||||||
Land | $ | 2,073,106 | $ | 2,019,787 | |||||||
Land improvements | 4,031,259 | 3,912,062 | |||||||||
Buildings and other depreciable property | 1,138,211 | 1,057,215 | |||||||||
7,242,576 | 6,989,064 | ||||||||||
Accumulated depreciation | (2,197,013) | (2,103,774) | |||||||||
Net investment in real estate | 5,045,563 | 4,885,290 | |||||||||
Cash and restricted cash | 42,426 | 123,398 | |||||||||
Notes receivable, net | 41,925 | 39,955 | |||||||||
Investment in unconsolidated joint ventures | 84,113 | 70,312 | |||||||||
Deferred commission expense | 48,806 | 47,349 | |||||||||
Other assets, net | 136,755 | 141,567 | |||||||||
Total Assets | $ | 5,399,588 | $ | 5,307,871 | |||||||
Liabilities and Equity | |||||||||||
Liabilities: | |||||||||||
Mortgage notes payable, net | $ | 2,724,040 | $ | 2,627,783 | |||||||
Term loan, net | 496,373 | 297,436 | |||||||||
Unsecured line of credit | 47,800 | 349,000 | |||||||||
Accounts payable and other liabilities | 185,961 | 172,285 | |||||||||
Deferred membership revenue | 188,582 | 176,439 | |||||||||
Accrued interest payable | 9,520 | 9,293 | |||||||||
Rents and other customer payments received in advance and security deposits | 145,265 | 118,696 | |||||||||
Distributions payable | 80,311 | 70,768 | |||||||||
Total Liabilities | 3,877,852 | 3,821,700 | |||||||||
Equity: | |||||||||||
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2022 and December 31, 2021; none issued and outstanding. | — | — | |||||||||
Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 186,076,327 and 185,640,379 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively. | 1,916 | 1,913 | |||||||||
Paid-in capital | 1,622,876 | 1,593,362 | |||||||||
Distributions in excess of accumulated earnings | (191,828) | (183,689) | |||||||||
Accumulated other comprehensive income | 16,241 | 3,524 | |||||||||
Total Stockholders’ Equity | 1,449,205 | 1,415,110 | |||||||||
Non-controlling interests – Common OP Units | 72,531 | 71,061 | |||||||||
Total Equity | 1,521,736 | 1,486,171 | |||||||||
Total Liabilities and Equity | $ | 5,399,588 | $ | 5,307,871 |
2Q 2022 Supplemental Financial Information | 5 | Equity LifeStyle Properties, Inc. |
Consolidated Statements of Income |
Quarters Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental income | $ | 275,330 | $ | 255,698 | $ | 560,395 | $ | 504,720 | |||||||||||||||
Annual membership subscriptions | 15,592 | 14,267 | 30,749 | 27,921 | |||||||||||||||||||
Membership upgrade sales current period, gross | 9,535 | 9,207 | 16,686 | 19,221 | |||||||||||||||||||
Membership upgrade sales upfront payments, deferred, net | (6,367) | (6,454) | (10,451) | (13,881) | |||||||||||||||||||
Other income | 14,195 | 14,185 | 27,736 | 24,706 | |||||||||||||||||||
Gross revenues from home sales, brokered resales and ancillary services (1) | 52,681 | 40,237 | 92,390 | 65,478 | |||||||||||||||||||
Interest income | 1,722 | 1,742 | 3,481 | 3,509 | |||||||||||||||||||
Income from other investments, net | 2,617 | 1,222 | 4,521 | 2,158 | |||||||||||||||||||
Total revenues | 365,305 | 330,104 | 725,507 | 633,832 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating and maintenance | 114,307 | 102,663 | 218,299 | 191,536 | |||||||||||||||||||
Real estate taxes | 19,182 | 17,896 | 38,639 | 35,746 | |||||||||||||||||||
Sales and marketing, gross | 6,409 | 6,298 | 11,323 | 12,474 | |||||||||||||||||||
Membership sales commissions, deferred, net | (957) | (1,438) | (1,540) | (2,937) | |||||||||||||||||||
Property management | 19,099 | 16,560 | 36,970 | 31,940 | |||||||||||||||||||
Depreciation and amortization | 50,796 | 48,316 | 100,190 | 93,714 | |||||||||||||||||||
Cost of home sales, brokered resales and ancillary services (1) | 40,971 | 31,793 | 71,670 | 50,710 | |||||||||||||||||||
Home selling expenses and ancillary operating expenses (1) | 7,584 | 6,090 | 14,066 | 11,031 | |||||||||||||||||||
General and administrative | 11,695 | 10,228 | 23,992 | 20,740 | |||||||||||||||||||
Other expenses | 4,189 | 800 | 5,009 | 1,498 | |||||||||||||||||||
Early debt retirement | 640 | 755 | 1,156 | 2,784 | |||||||||||||||||||
Interest and related amortization | 28,053 | 27,131 | 55,517 | 53,406 | |||||||||||||||||||
Total expenses | 301,968 | 267,092 | 575,291 | 502,642 | |||||||||||||||||||
Loss on sale of real estate, net | — | — | — | (59) | |||||||||||||||||||
Income before equity in income of unconsolidated joint ventures | 63,337 | 63,012 | 150,216 | 131,131 | |||||||||||||||||||
Equity in income of unconsolidated joint ventures | 1,253 | 1,068 | 1,424 | 1,936 | |||||||||||||||||||
Consolidated net income | 64,590 | 64,080 | 151,640 | 133,067 | |||||||||||||||||||
Income allocated to non-controlling interests – Common OP Units | (3,073) | (3,021) | (7,217) | (6,768) | |||||||||||||||||||
Redeemable perpetual preferred stock dividends | (8) | (8) | (8) | (8) | |||||||||||||||||||
Net income available for Common Stockholders | $ | 61,509 | $ | 61,051 | $ | 144,415 | $ | 126,291 |
2Q 2022 Supplemental Financial Information | 6 | Equity LifeStyle Properties, Inc. |
2Q 2022 Supplemental Financial Information | 7 | Equity LifeStyle Properties, Inc. |
Selected Non-GAAP Financial Measures |
Quarter Ended | |||||
June 30, 2022 | |||||
Income from property operations, excluding deferrals and property management - 2022 Core (1) | $ | 166.6 | |||
Income from property operations, excluding deferrals and property management - Non-Core (1) | 8.2 | ||||
Property management and general and administrative | (30.8) | ||||
Other income and expenses (excluding transaction/pursuit costs) | 9.4 | ||||
Interest and related amortization | (28.1) | ||||
Normalized FFO available for Common Stock and OP Unit holders (2) | $ | 125.3 | |||
Early debt retirement | (0.6) | ||||
Transaction/pursuit costs (3) | (3.1) | ||||
FFO available for Common Stock and OP Unit holders (2) | $ | 121.6 | |||
FFO per Common Share and OP Unit - Fully Diluted | $0.62 | ||||
Normalized FFO per Common Share and OP Unit - Fully Diluted | $0.64 | ||||
Normalized FFO available for Common Stock and OP Unit holders (2) | $ | 125.3 | |||
Non-revenue producing improvements to real estate | (21.7) | ||||
FAD for Common Stock and OP Unit holders (2) | $ | 103.6 | |||
Weighted average Common Shares and OP Units - Fully Diluted | 195.2 |
2Q 2022 Supplemental Financial Information | 8 | Equity LifeStyle Properties, Inc. |
Reconciliation of Net Income to Non-GAAP Financial Measures |
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income available for Common Stockholders | $ | 61,509 | $ | 61,051 | $ | 144,415 | $ | 126,291 | ||||||||||||||||||
Income allocated to non-controlling interests – Common OP Units | 3,073 | 3,021 | 7,217 | 6,768 | ||||||||||||||||||||||
Membership upgrade sales upfront payments, deferred, net | 6,367 | 6,454 | 10,451 | 13,881 | ||||||||||||||||||||||
Membership sales commissions, deferred, net | (957) | (1,438) | (1,540) | (2,937) | ||||||||||||||||||||||
Depreciation and amortization | 50,796 | 48,316 | 100,190 | 93,714 | ||||||||||||||||||||||
Depreciation on unconsolidated joint ventures | 835 | 184 | 1,776 | 367 | ||||||||||||||||||||||
Loss on sale of real estate, net | — | — | — | 59 | ||||||||||||||||||||||
FFO available for Common Stock and OP Unit holders | 121,623 | 117,588 | 262,509 | 238,143 | ||||||||||||||||||||||
Early debt retirement | 640 | 755 | 1,156 | 2,784 | ||||||||||||||||||||||
Transaction/pursuit costs (1) | 3,082 | — | 3,082 | — | ||||||||||||||||||||||
Normalized FFO available for Common Stock and OP Unit holders | 125,345 | 118,343 | 266,747 | 240,927 | ||||||||||||||||||||||
Non-revenue producing improvements to real estate | (21,738) | (19,308) | (38,106) | (30,892) | ||||||||||||||||||||||
FAD for Common Stock and OP Unit holders | $ | 103,607 | $ | 99,035 | $ | 228,641 | $ | 210,035 | ||||||||||||||||||
Net income available per Common Share - Basic | $ | 0.33 | $ | 0.33 | $ | 0.78 | $ | 0.69 | ||||||||||||||||||
Net income available per Common Share - Fully Diluted (2) | $ | 0.33 | $ | 0.33 | $ | 0.78 | $ | 0.69 | ||||||||||||||||||
FFO per Common Share and OP Unit - Basic | $ | 0.62 | $ | 0.61 | $ | 1.35 | $ | 1.24 | ||||||||||||||||||
FFO per Common Share and OP Unit - Fully Diluted | $ | 0.62 | $ | 0.61 | $ | 1.34 | $ | 1.24 | ||||||||||||||||||
Normalized FFO per Common Share and OP Unit - Basic | $ | 0.64 | $ | 0.61 | $ | 1.37 | $ | 1.25 | ||||||||||||||||||
Normalized FFO per Common Share and OP Unit - Fully Diluted | $ | 0.64 | $ | 0.61 | $ | 1.37 | $ | 1.25 | ||||||||||||||||||
Weighted average Common Shares outstanding - Basic | 185,767 | 182,337 | 185,729 | 182,142 | ||||||||||||||||||||||
Weighted average Common Shares and OP Units outstanding - Basic | 195,064 | 192,490 | 195,028 | 192,454 | ||||||||||||||||||||||
Weighted average Common Shares and OP Units outstanding - Fully Diluted | 195,227 | 192,701 | 195,253 | 192,668 |
2Q 2022 Supplemental Financial Information | 9 | Equity LifeStyle Properties, Inc. |
Consolidated Income from Property Operations (1) |
Quarters Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
MH base rental income (2) | $ | 158.7 | $ | 150.1 | $ | 316.0 | $ | 299.1 | |||||||||||||||
Rental home income (2) | 3.8 | 4.3 | 7.8 | 8.6 | |||||||||||||||||||
RV and marina base rental income (2) | 98.3 | 89.0 | 207.1 | 172.6 | |||||||||||||||||||
Annual membership subscriptions | 15.6 | 14.3 | 30.7 | 27.9 | |||||||||||||||||||
Membership upgrade sales current period, gross | 9.5 | 9.2 | 16.7 | 19.2 | |||||||||||||||||||
Utility and other income (2) | 29.9 | 28.2 | 59.9 | 53.0 | |||||||||||||||||||
Property operating revenues | 315.8 | 295.1 | 638.2 | 580.4 | |||||||||||||||||||
Property operating, maintenance and real estate taxes (2) | 134.6 | 122.3 | 259.6 | 231.1 | |||||||||||||||||||
Sales and marketing, gross | 6.4 | 6.3 | 11.3 | 12.5 | |||||||||||||||||||
Property operating expenses | 141.0 | 128.6 | 270.9 | 243.6 | |||||||||||||||||||
Income from property operations, excluding deferrals and property management (1) | $ | 174.8 | $ | 166.5 | $ | 367.3 | $ | 336.8 | |||||||||||||||
Manufactured home site figures and occupancy averages: | |||||||||||||||||||||||
Total sites | 73,442 | 73,182 | 73,452 | 73,088 | |||||||||||||||||||
Occupied sites | 69,693 | 69,405 | 69,670 | 69,354 | |||||||||||||||||||
Occupancy % | 94.9 | % | 94.8 | % | 94.9 | % | 94.9 | % | |||||||||||||||
Monthly base rent per site | $ | 759 | $ | 721 | $ | 756 | $ | 719 | |||||||||||||||
RV and marina base rental income: | |||||||||||||||||||||||
Annual | $ | 66.6 | $ | 58.8 | $ | 131.0 | $ | 113.3 | |||||||||||||||
Seasonal | 9.5 | 7.4 | 36.1 | 22.8 | |||||||||||||||||||
Transient | 22.2 | 22.8 | 40.0 | 36.5 | |||||||||||||||||||
Total RV and marina base rental income | $ | 98.3 | $ | 89.0 | $ | 207.1 | $ | 172.6 |
2Q 2022 Supplemental Financial Information | 10 | Equity LifeStyle Properties, Inc. |
Core Income from Property Operations (1) |
Quarters Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change (2) | 2022 | 2021 | Change (2) | ||||||||||||||||||||||||||||||
MH base rental income | $ | 155.8 | $ | 147.4 | 5.7 | % | $ | 310.2 | $ | 293.6 | 5.7 | % | |||||||||||||||||||||||
Rental home income | 3.8 | 4.3 | (10.9) | % | 7.8 | 8.6 | (9.4) | % | |||||||||||||||||||||||||||
RV and marina base rental income | 87.4 | 81.9 | 6.6 | % | 183.8 | 161.4 | 13.9 | % | |||||||||||||||||||||||||||
Annual membership subscriptions | 15.4 | 14.3 | 7.9 | % | 30.5 | 27.9 | 9.2 | % | |||||||||||||||||||||||||||
Membership upgrade sales current period, gross | 9.3 | 9.2 | 1.2 | % | 16.4 | 19.2 | (14.5) | % | |||||||||||||||||||||||||||
Utility and other income | 26.1 | 26.8 | (2.7) | % | 52.4 | 50.3 | 4.2 | % | |||||||||||||||||||||||||||
Property operating revenues | 297.8 | 283.9 | 4.9 | % | 601.1 | 561.0 | 7.2 | % | |||||||||||||||||||||||||||
Utility expense | 33.7 | 30.9 | 9.0 | % | 67.3 | 59.9 | 12.3 | % | |||||||||||||||||||||||||||
Payroll | 28.5 | 26.7 | 6.8 | % | 53.1 | 49.7 | 6.9 | % | |||||||||||||||||||||||||||
Repair & Maintenance | 23.6 | 21.0 | 12.3 | % | 42.4 | 36.9 | 14.9 | % | |||||||||||||||||||||||||||
Insurance and other (3) | 22.4 | 21.5 | 4.1 | % | 44.5 | 41.2 | 8.0 | % | |||||||||||||||||||||||||||
Real estate taxes | 16.7 | 16.2 | 3.4 | % | 33.9 | 32.4 | 4.7 | % | |||||||||||||||||||||||||||
Sales and marketing, gross | 6.3 | 6.3 | 0.8 | % | 11.2 | 12.5 | (9.8) | % | |||||||||||||||||||||||||||
Property operating expenses | 131.2 | 122.6 | 7.0 | % | 252.4 | 232.6 | 8.6 | % | |||||||||||||||||||||||||||
Income from property operations, excluding deferrals and property management (1) | $ | 166.6 | $ | 161.3 | 3.3 | % | $ | 348.7 | $ | 328.4 | 6.2 | % | |||||||||||||||||||||||
Occupied sites (4) | 68,992 | 68,711 | |||||||||||||||||||||||||||||||||
Core manufactured home site figures and occupancy averages: | |||||||||||||||||||||||||||||||||||
Total sites | 72,454 | 72,186 | 72,455 | 72,091 | |||||||||||||||||||||||||||||||
Occupied sites | 68,915 | 68,642 | 68,895 | 68,595 | |||||||||||||||||||||||||||||||
Occupancy % (5) | 95.1 | % | 95.1 | % | 95.1 | % | 95.2 | % | |||||||||||||||||||||||||||
Monthly base rent per site | $ | 753 | $ | 716 | $ | 750 | $ | 713 | |||||||||||||||||||||||||||
Core RV and marina base rental income: | |||||||||||||||||||||||||||||||||||
Annual (6) | $ | 57.4 | $ | 52.6 | 9.1 | % | $ | 112.8 | $ | 103.6 | 8.9 | % | |||||||||||||||||||||||
Seasonal | 9.0 | 6.9 | 30.6 | % | 34.0 | 22.1 | 54.1 | % | |||||||||||||||||||||||||||
Transient | 21.0 | 22.4 | (6.6) | % | 37.0 | 35.7 | 3.7 | % | |||||||||||||||||||||||||||
Total Seasonal and Transient | $ | 30.0 | $ | 29.3 | 2.4 | % | $ | 71.0 | $ | 57.8 | 22.8 | % | |||||||||||||||||||||||
Total RV and marina base rental income | $ | 87.4 | $ | 81.9 | 6.6 | % | $ | 183.8 | $ | 161.4 | 13.9 | % | |||||||||||||||||||||||
Core utility information: | |||||||||||||||||||||||||||||||||||
Income | $ | 14.7 | $ | 13.4 | 9.7 | % | $ | 30.2 | $ | 26.9 | 12.3 | % | |||||||||||||||||||||||
Expense | 33.7 | 30.9 | 9.1 | % | 67.3 | 59.9 | 12.4 | % | |||||||||||||||||||||||||||
Expense, net | $ | 19.0 | $ | 17.5 | 8.6 | % | $ | 37.1 | $ | 33.0 | 12.4 | % | |||||||||||||||||||||||
Utility Recovery Rate (7) | 43.6 | % | 43.4 | % | 44.9 | % | 44.9 | % |
2Q 2022 Supplemental Financial Information | 11 | Equity LifeStyle Properties, Inc. |
Non-Core Income from Property Operations (1) |
Quarter Ended | Six Months Ended | ||||||||||
June 30, 2022 | June 30, 2022 | ||||||||||
MH base rental income | $ | 2.9 | $ | 5.8 | |||||||
RV and marina base rental income | 10.9 | 23.3 | |||||||||
Annual membership subscriptions | 0.2 | 0.3 | |||||||||
Utility and other income | 3.7 | 7.4 | |||||||||
Membership upgrade sales current period, gross | 0.3 | 0.3 | |||||||||
Property operating revenues | 18.0 | 37.1 | |||||||||
Property operating expenses (2) | 9.8 | 18.5 | |||||||||
Income from property operations, excluding deferrals and property management (1) | $ | 8.2 | $ | 18.6 | |||||||
2Q 2022 Supplemental Financial Information | 12 | Equity LifeStyle Properties, Inc. |
Income from Rental Home Operations |
Quarters Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Manufactured homes: | |||||||||||||||||||||||
Rental operations revenues (1) | $ | 10.9 | $ | 12.4 | $ | 22.2 | $ | 24.8 | |||||||||||||||
Rental home operations expense (2) | 1.2 | 1.3 | 2.6 | 2.5 | |||||||||||||||||||
Income from rental home operations | 9.7 | 11.1 | 19.6 | 22.3 | |||||||||||||||||||
Depreciation on rental homes (3) | 2.5 | 2.7 | 5.0 | 5.3 | |||||||||||||||||||
Income from rental operations, net of depreciation | $ | 7.2 | $ | 8.4 | $ | 14.6 | $ | 17.0 | |||||||||||||||
Occupied rentals: (4) | |||||||||||||||||||||||
New | 2,742 | 3,305 | |||||||||||||||||||||
Used | 375 | 491 | |||||||||||||||||||||
Total occupied rental sites | 3,117 | 3,796 |
As of June 30, 2022 | As of June 30, 2021 | ||||||||||||||||||||||
Cost basis in rental homes: (5) | Gross | Net of Depreciation | Gross | Net of Depreciation | |||||||||||||||||||
New | $ | 221.3 | $ | 184.1 | $ | 230.8 | $ | 196.5 | |||||||||||||||
Used | 14.6 | 6.1 | 17.8 | 11.7 | |||||||||||||||||||
Total rental homes | $ | 235.9 | $ | 190.2 | $ | 248.6 | $ | 208.2 |
2Q 2022 Supplemental Financial Information | 13 | Equity LifeStyle Properties, Inc. |
Total Sites and Home Sales |
Summary of Total Sites as of June 30, 2022 | |||||
Sites (1) | |||||
MH sites | 73,400 | ||||
RV sites: | |||||
Annual | 34,200 | ||||
Seasonal | 12,700 | ||||
Transient | 14,900 | ||||
Marina slips | 6,900 | ||||
Membership (2) | 25,800 | ||||
Joint Ventures (3) | 3,000 | ||||
Total | 170,900 |
Home Sales - Select Data | |||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Total New Home Sales Volume (4) | 365 | 295 | 626 | 487 | |||||||||||||||||||
New Home Sales Volume - ECHO joint venture | 29 | 16 | 51 | 24 | |||||||||||||||||||
New Home Sales Gross Revenues (4) | $ | 33,848 | $ | 23,320 | $ | 59,378 | $ | 37,658 | |||||||||||||||
Total Used Home Sales Volume | 97 | 108 | 169 | 210 | |||||||||||||||||||
Used Home Sales Gross Revenues | $ | 1,367 | $ | 1,107 | $ | 2,365 | $ | 1,989 | |||||||||||||||
Brokered Home Resales Volume | 263 | 212 | 451 | 372 | |||||||||||||||||||
Brokered Home Resales Gross Revenues | $ | 1,049 | $ | 588 | $ | 1,660 | $ | 1,020 |
2Q 2022 Supplemental Financial Information | 14 | Equity LifeStyle Properties, Inc. |
Memberships - Select Data |
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | Six Months Ended June 30, 2022 (1) | ||||||||||||||||||||||||||||
Member Count (2) | 111,094 | 115,680 | 116,169 | 125,149 | 131,049 | |||||||||||||||||||||||||||
Thousand Trails Camping Pass (TTC) Origination | 37,528 | 41,484 | 44,129 | 50,523 | 27,157 | |||||||||||||||||||||||||||
TTC Sales | 17,194 | 19,267 | 20,587 | 23,923 | 12,284 | |||||||||||||||||||||||||||
RV Dealer TTC Activations | 20,334 | 22,217 | 23,542 | 26,600 | 14,873 | |||||||||||||||||||||||||||
Number of annuals (3) | 5,888 | 5,938 | 5,986 | 6,320 | 6,341 | |||||||||||||||||||||||||||
Number of upgrade sales (4) | 2,500 | 2,919 | 3,373 | 4,863 | 1,969 | |||||||||||||||||||||||||||
(In thousands, unaudited) | ||||||||||||||||||||||||||||||||
Annual membership subscriptions | $ | 47,778 | $ | 51,015 | $ | 53,085 | $ | 58,251 | $ | 30,749 | ||||||||||||||||||||||
RV base rental income from annuals | $ | 18,363 | $ | 19,634 | $ | 20,761 | $ | 23,127 | $ | 12,388 | ||||||||||||||||||||||
RV base rental income from seasonals/transients | $ | 19,840 | $ | 20,181 | $ | 18,126 | $ | 25,562 | $ | 10,867 | ||||||||||||||||||||||
Membership upgrade sales current period, gross | $ | 15,191 | $ | 19,111 | $ | 21,739 | $ | 36,270 | $ | 16,686 | ||||||||||||||||||||||
Utility and other income | $ | 2,410 | $ | 2,422 | $ | 2,426 | $ | 2,735 | $ | 1,093 | ||||||||||||||||||||||
2Q 2022 Supplemental Financial Information | 15 | Equity LifeStyle Properties, Inc. |
Market Capitalization |
Capital Structure as of June 30, 2022 | ||||||||||||||||||||||||||||||||
Total Common Shares/Units | % of Total Common Shares/Units | Total | % of Total | % of Total Market Capitalization | ||||||||||||||||||||||||||||
Secured Debt | $ | 2,750 | 83.4 | % | ||||||||||||||||||||||||||||
Unsecured Debt | 548 | 16.6 | % | |||||||||||||||||||||||||||||
Total Debt (1) | $ | 3,298 | 100.0 | % | 19.3 | % | ||||||||||||||||||||||||||
Common Shares | 186,076,327 | 95.2 | % | |||||||||||||||||||||||||||||
OP Units | 9,297,011 | 4.8 | % | |||||||||||||||||||||||||||||
Total Common Shares and OP Units | 195,373,338 | 100.0 | % | |||||||||||||||||||||||||||||
Common Stock price at June 30, 2022 | $ | 70.47 | ||||||||||||||||||||||||||||||
Fair Value of Common Shares and OP Units | $ | 13,768 | 100.0 | % | ||||||||||||||||||||||||||||
Total Equity | $ | 13,768 | 100.0 | % | 80.7 | % | ||||||||||||||||||||||||||
Total Market Capitalization | $ | 17,066 | 100.0 | % |
2Q 2022 Supplemental Financial Information | 16 | Equity LifeStyle Properties, Inc. |
Debt Maturity Schedule |
Year | Secured Debt | Weighted Average Interest Rate | Unsecured Debt (1) | Weighted Average Interest Rate | Total Debt | % of Total Debt | Weighted Average Interest Rate | ||||||||||||||||||||||||||||||||||||||||
2022 | $ | — | — | % | $ | — | — | % | $ | — | — | % | — | % | |||||||||||||||||||||||||||||||||
2023 | 94,355 | 4.94 | % | — | — | % | 94,355 | 2.90 | % | 4.94 | % | ||||||||||||||||||||||||||||||||||||
2024 | 10,116 | 5.49 | % | — | — | % | 10,116 | 0.31 | % | 5.49 | % | ||||||||||||||||||||||||||||||||||||
2025 | 94,538 | 3.45 | % | — | — | % | 94,538 | 2.91 | % | 3.45 | % | ||||||||||||||||||||||||||||||||||||
2026 | — | — | % | 300,000 | 1.79 | % | 300,000 | 9.23 | % | 1.79 | % | ||||||||||||||||||||||||||||||||||||
2027 | — | — | % | 200,000 | 2.01 | % | 200,000 | 6.15 | % | 2.01 | % | ||||||||||||||||||||||||||||||||||||
2028 | 209,675 | 4.19 | % | — | — | % | 209,675 | 6.45 | % | 4.19 | % | ||||||||||||||||||||||||||||||||||||
2029 | 39,727 | 4.10 | % | — | — | % | 39,727 | 1.22 | % | 4.10 | % | ||||||||||||||||||||||||||||||||||||
2030 | 275,385 | 2.69 | % | — | — | % | 275,385 | 8.47 | % | 2.69 | % | ||||||||||||||||||||||||||||||||||||
2031 | 263,642 | 2.46 | % | — | — | % | 263,642 | 8.11 | % | 2.46 | % | ||||||||||||||||||||||||||||||||||||
Thereafter | 1,762,573 | 3.77 | % | — | — | % | 1,762,573 | 54.23 | % | 3.77 | % | ||||||||||||||||||||||||||||||||||||
Total | $ | 2,750,011 | 3.61 | % | $ | 500,000 | 1.88 | % | $ | 3,250,011 | 100.0 | % | 3.34 | % | |||||||||||||||||||||||||||||||||
Unsecured Line of Credit | — | 47,800 | 47,800 | ||||||||||||||||||||||||||||||||||||||||||||
Note Premiums | 213 | — | 213 | ||||||||||||||||||||||||||||||||||||||||||||
Total Debt | 2,750,224 | 547,800 | 3,298,024 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred Financing Costs | (26,185) | (3,627) | (29,812) | ||||||||||||||||||||||||||||||||||||||||||||
Total Debt, net | $ | 2,724,039 | $ | 544,173 | $ | 3,268,212 | 3.48 | % | (1) | ||||||||||||||||||||||||||||||||||||||
Average Years to Maturity | 11.7 | 4.1 | 10.4 |
2Q 2022 Supplemental Financial Information | 17 | Equity LifeStyle Properties, Inc. |
Non-GAAP Financial Measures Definitions and Reconciliations |
2Q 2022 Supplemental Financial Information | 18 | Equity LifeStyle Properties, Inc. |
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(amounts in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net income available for Common Stockholders | $ | 61,509 | $ | 61,051 | $ | 144,415 | $ | 126,291 | ||||||||||||||||||
Redeemable perpetual preferred stock dividends | 8 | 8 | 8 | 8 | ||||||||||||||||||||||
Income allocated to non-controlling interests – Common OP Units | 3,073 | 3,021 | 7,217 | 6,768 | ||||||||||||||||||||||
Equity in income of unconsolidated joint ventures | (1,253) | (1,068) | (1,424) | (1,936) | ||||||||||||||||||||||
Income before equity in income of unconsolidated joint ventures | 63,337 | 63,012 | 150,216 | 131,131 | ||||||||||||||||||||||
Loss on sale of real estate, net | — | — | — | 59 | ||||||||||||||||||||||
Membership upgrade sales upfront payments, deferred, net | 6,367 | 6,454 | 10,451 | 13,881 | ||||||||||||||||||||||
Gross revenues from home sales, brokered resales and ancillary services (1) | (52,681) | (40,237) | (92,390) | (65,478) | ||||||||||||||||||||||
Interest income | (1,722) | (1,742) | (3,481) | (3,509) | ||||||||||||||||||||||
Income from other investments, net | (2,617) | (1,222) | (4,521) | (2,158) | ||||||||||||||||||||||
Membership sales commissions, deferred, net | (957) | (1,438) | (1,540) | (2,937) | ||||||||||||||||||||||
Property management | 19,099 | 16,560 | 36,970 | 31,940 | ||||||||||||||||||||||
Depreciation and amortization | 50,796 | 48,316 | 100,190 | 93,714 | ||||||||||||||||||||||
Cost of home sales, brokered resales and ancillary services (1) | 40,971 | 31,793 | 71,670 | 50,710 | ||||||||||||||||||||||
Home selling expenses and ancillary operating expenses | 7,584 | 6,090 | 14,066 | 11,031 | ||||||||||||||||||||||
General and administrative | 11,695 | 10,228 | 23,992 | 20,740 | ||||||||||||||||||||||
Other expenses | 4,189 | 800 | 5,009 | 1,498 | ||||||||||||||||||||||
Early debt retirement | 640 | 755 | 1,156 | 2,784 | ||||||||||||||||||||||
Interest and related amortization | 28,053 | 27,131 | 55,517 | 53,406 | ||||||||||||||||||||||
Income from property operations, excluding deferrals and property management | 174,754 | 166,500 | 367,305 | 336,812 | ||||||||||||||||||||||
Membership upgrade sales upfront payments, and membership sales commissions, deferred, net | (5,410) | (5,016) | (8,911) | (10,944) | ||||||||||||||||||||||
Property management | (19,099) | (16,560) | (36,970) | (31,940) | ||||||||||||||||||||||
Income from property operations | $ | 150,245 | $ | 144,924 | $ | 321,424 | $ | 293,928 |
2Q 2022 Supplemental Financial Information | 19 | Equity LifeStyle Properties, Inc. |
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(amounts in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Consolidated net income | $ | 64,590 | $ | 64,080 | $ | 151,640 | $ | 133,067 | ||||||||||||||||||
Interest income | (1,722) | (1,742) | (3,481) | (3,509) | ||||||||||||||||||||||
Membership upgrade sales upfront payments, deferred, net | 6,367 | 6,454 | 10,451 | 13,881 | ||||||||||||||||||||||
Membership sales commissions, deferred, net | (957) | (1,438) | (1,540) | (2,937) | ||||||||||||||||||||||
Real estate depreciation and amortization | 50,796 | 48,316 | 100,190 | 93,714 | ||||||||||||||||||||||
Other depreciation and amortization | 1,119 | 740 | 1,946 | 1,444 | ||||||||||||||||||||||
Interest and related amortization | 28,053 | 27,131 | 55,517 | 53,406 | ||||||||||||||||||||||
Loss on sale of real estate, net | — | — | — | 59 | ||||||||||||||||||||||
Adjustments to our share of EBITDAre of unconsolidated joint ventures | 1,361 | 273 | 2,817 | 519 | ||||||||||||||||||||||
EBITDAre | 149,607 | 143,814 | 317,540 | 289,644 | ||||||||||||||||||||||
Early debt retirement | 640 | 755 | 1,156 | 2,784 | ||||||||||||||||||||||
Transaction/pursuit costs (1) | 3,082 | — | 3,082 | — | ||||||||||||||||||||||
Adjusted EBITDAre | $ | 153,329 | $ | 144,569 | $ | 321,778 | $ | 292,428 |
2Q 2022 Supplemental Financial Information | 20 | Equity LifeStyle Properties, Inc. |
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Cover Document |
Jul. 18, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 18, 2022 |
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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