EX-99.2 3 c58184exv99w2.htm EX-99.2 exv99w2
Exhibit 99.2
Equity LifeStyle Properties, Inc.
Pro-forma Consolidated Statements of Operations
For the Years Ended December 31, 2009, 2008 and 2007
(amounts in thousands, except per share data)
                         
    2009     2008     2007  
 
                        
Revenues:
                        
Community base rental income
   $ 253,379     $ 245,833     $ 236,933  
Resort base rental income
     124,822       111,876       102,372  
Right-to-use annual payments
     50,765       19,667       —  
Right-to-use contracts current period, gross
     21,526       10,951       —  
Right-to-use contracts, deferred, net of prior period amortization
     (18,882 )     (10,611 )     —  
Utility and other income
     47,685       41,633       36,849  
Gross revenues from home sales
     7,136       21,845       33,333  
Brokered resale revenues, net
     758       1,094       1,528  
Ancillary services revenues, net
     2,745       1,197       2,436  
Interest income
     5,119       3,095       1,732  
Income from other investments, net
     8,168       17,006       22,476  
 
                  
Total revenues
     503,221       463,586       437,659  
 
                        
Expenses:
                        
Property operating and maintenance
     (180,870 )     (152,363 )     (127,342 )
Real estate taxes
     (31,674 )     (29,457 )     (27,429 )
Sales and marketing, gross
     (13,536 )     (7,116 )     —  
Sales and marketing, deferred commissions, net
     5,729       3,644       —  
Property management
     (33,383 )     (25,451 )     (18,385 )
Depreciation on real estate and other costs
     (69,049 )     (66,193 )     (63,554 )
Cost of home sales
     (7,471 )     (24,069 )     (30,713 )
Home selling expenses
     (2,383 )     (5,776 )     (7,555 )
General and administrative
     (22,279 )     (20,617 )     (15,591 )
Rent control initiatives
     (456 )     (1,555 )     (2,657 )
Depreciation on corporate assets
     (1,039 )     (390 )     (437 )
Interest and related amortization
     (98,311 )     (99,430 )     (103,070 )
 
                  
Total expenses
     (454,722 )     (428,773 )     (396,733 )
 
                  
Income before equity in income of unconsolidated joint ventures
     48,499       34,813       40,926  
 
                  
Equity in income of unconsolidated joint ventures
     2,896       3,753       2,696  
 
                  
Consolidated income from continuing operations
     51,395       38,566       43,622  
 
                  
 
                        
Discontinued Operations:
                        
Discontinued operations
     181       257       289  
Gain (loss) from discontinued real estate
     4,685       (79 )     12,036  
 
                  
Income from discontinued operations
     4,866       178       12,325  
 
                  
Consolidated net income
     56,261       38,744       55,947  
Income allocated to non-controlling interests:
                        
Common OP Units
     (6,113 )     (4,297 )     (7,705 )
Perpetual Preferred OP Units
     (16,143 )     (16,144 )     (16,140 )
 
                  
Net income available for Common Shares
   $ 34,005     $ 18,303     $ 32,102  
 
                  

 

 

Equity LifeStyle Properties, Inc.
Pro-forma Consolidated Statements of Operations
For the Years Ended December 31, 2009, 2008 and 2007
(amounts in thousands, except per share data)
                         
    2009     2008     2007  
 
                        
Earnings per Common Share — Basic:
                        
Income from continuing operations
   $ 1.08     $ 0.74     $ 0.92  
 
                  
Income from discontinued operations
   $ 0.15     $ 0.01     $ 0.41  
 
                  
Net income available for Common Shares
   $ 1.23     $ 0.75     $ 1.33  
 
                  
 
                        
Earnings per Common Share — Fully Diluted:
                        
Income from continuing operations
   $ 1.07     $ 0.74     $ 0.90  
 
                  
Income from discontinued operations
   $ 0.15     $ 0.01     $ 0.41  
 
                  
Net income available for Common Shares
   $ 1.22     $ 0.75     $ 1.31  
 
                  
 
                        
Distributions declared per Common Share outstanding
   $ 1.10     $ 0.80     $ 0.60  
 
                  
 
                        
Tax status of Common Shares distributions deemed paid during the year:
                        
Ordinary income
   $ 0.72     $ 0.80     $ 0.60  
 
                  
Long-term capital gain
   $ 0.24     $ —     $ —  
 
                  
Unrecaptured section 1250 gain
   $ 0.14     $ —     $ —  
 
                  
 
                        
Weighted average Common Shares outstanding — basic
     27,582       24,466       24,089  
 
                  
Weighted average Common Shares outstanding — fully diluted
     32,944       30,498       30,414  
 
                  

 

 

Equity LifeStyle Properties, Inc.
Pro-forma Consolidated Statements of Operations
For the Quarters Ended March 31, 2010 and 2009
(amounts in thousands, except per share data)
                 
    Quarters Ended  
    March 31,  
    2010     2009  
Revenues:
                
Community base rental income
   $ 64,422     $ 63,184  
Resort base rental income
     36,945       35,458  
Right-to-use annual payments
     12,185       12,895  
Right-to-use contracts current period, gross
     4,937       5,577  
Right-to-use contracts, deferred, net of prior period amortization
     (3,948 )     (5,163 )
Utility and other income
     12,889       12,404  
Gross revenues from home sales
     1,047       1,211  
Brokered resale revenues, net
     239       186  
Ancillary services revenues, net
     1,063       1,156  
Interest income
     1,192       1,383  
Income from other investments, net
     1,177       2,523  
 
            
Total revenues
     132,148       130,814  
 
                
Expenses:
                
Property operating and maintenance
     43,454       42,004  
Real estate taxes
     8,314       8,456  
Sales and marketing, gross
     3,263       3,072  
Sales and marketing, deferred commissions, net
     (1,412 )     (1,493 )
Property management
     8,740       8,704  
Depreciation on real estate assets
     16,923       17,399  
Cost of home sales
     1,159       2,117  
Home selling expenses
     477       1,072  
General and administrative
     5,676       6,157  
Rent control initiatives
     714       146  
Depreciation on corporate assets
     210       168  
Interest and related amortization
     23,767       24,550  
 
            
Total expenses
     111,285       112,352  
 
            
Income before equity in income of unconsolidated joint ventures
     20,863       18,462  
 
            
Equity in income of unconsolidated joint ventures
     841       1,903  
 
            
Consolidated income from continuing operations
     21,704       20,365  
 
            
Discontinued Operations:
                
Discontinued operations
     —       126  
Loss from discontinued real estate
     (177 )     (20 )
 
            
(Loss) income from discontinued operations
     (177 )     106  
 
            
Consolidated net income
     21,527       20,471  
Income allocated to non-controlling interests:
                
Common OP Units
     (2,432 )     (2,794 )
Perpetual Preferred OP Units
     (4,031 )     (4,033 )
 
            
Net income available for Common Shares
   $ 15,064     $ 13,644  
 
            

 

 

Equity LifeStyle Properties, Inc.
Pro-forma Consolidated Statements of Operations
For the Quarters Ended March 31, 2010 and 2009
(amounts in thousands, except per share data)
                 
    Quarters Ended  
    March 31,  
    2010     2009  
Earnings per Common Share — Basic:
                
Income from continuing operations
   $ 0.50     $ 0.55  
(Loss) income from discontinued operations
     —       —  
 
            
Net income available for Common Shares
   $ 0.50     $ 0.55  
 
            
Earnings per Common Share — Fully Diluted:
                
Income from continuing operations
   $ 0.49     $ 0.54  
(Loss) income from discontinued operations
     —       —  
 
            
Net income available for Common Shares
   $ 0.49     $ 0.54  
 
            
 
                
Distributions declared per Common Share outstanding
   $ 0.30     $ 0.25  
 
            
 
                
Weighted average Common Shares outstanding — basic
     30,304       24,945  
 
            
Weighted average Common Shares outstanding — fully diluted
     35,500       30,523