07/23/2024 | Press release | Distributed by Public on 07/23/2024 07:08
FINANCIAL RESULTS | |||||||
($ in millions, except per share data) | Quarter Ended June 30, | ||||||
2024 | 2023 | $ Change |
% Change (1)
|
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Net Income per Common Share | $ | 0.42 | $ | 0.34 | $ | 0.08 | 24.3% |
Funds from Operations ("FFO") per Common Share and OP Unit | $ | 0.69 | $ | 0.61 | $ | 0.08 | 13.5% |
Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit | $ | 0.66 | $ | 0.64 | $ | 0.02 | 2.9% |
Six Months Ended June 30, | |||||||
2024 | 2023 | $ Change |
% Change (1)
|
||||
Net Income per Common Share | $ | 1.01 | $ | 0.78 | $ | 0.23 | 29.4% |
FFO per Common Share and OP Unit | $ | 1.55 | $ | 1.33 | $ | 0.22 | 16.6% |
Normalized FFO per Common Share and OP Unit | $ | 1.44 | $ | 1.36 | $ | 0.08 | 5.9% |
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($ in millions, except per share data) | 2024 | |||||
Third quarter | Full Year | |||||
Net Income per Common Share | $0.42 to $0.48 | $1.89 to $1.99 | ||||
FFO per Common Share and OP Unit | $0.69 to $0.75 | $2.96 to $3.06 | ||||
Normalized FFO per Common Share and OP Unit | $0.69 to $0.75 | $2.86 to $2.96 | ||||
2023 Actual | 2024 Growth Rates | |||||
Core Portfolio: | Third quarter | Full Year | Third quarter | Full Year | ||
MH base rental income | $ | 167.8 | $ | 668.5 | 5.7% to 6.3% | 5.6% to 6.6% |
RV and marina base rental income (2)
|
$ | 109.5 | $ | 413.5 | 2.4% to 3.0% | 3.5% to 4.5% |
Property operating revenues | $ | 332.8 | $ | 1,297.7 | 4.1% to 4.7% | 4.5% to 5.5% |
Property operating expenses, excluding property management | $ | 149.9 | $ | 562.3 | 4.1% to 4.7% | 3.3% to 4.3% |
Income from property operations, excluding property management | $ | 182.9 | $ | 735.4 | 4.2% to 4.8% | 5.4% to 6.4% |
Non-Core Portfolio: | 2024 Full Year | |||||
Income from property operations, excluding property management | $14.0 to $18.0 | |||||
Other Guidance Assumptions: | 2024 Full Year | |||||
Property management and general administrative | $113.2 to $119.2 | |||||
Debt assumptions: | ||||||
Weighted average debt outstanding | $3,400 to $3,600 | |||||
Interest and related amortization | $140.6 to $146.6 |
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Financial Highlights (1)(2)
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As of and for the Quarters Ended | ||||||||||
June 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | ||||||
Operating Information | ||||||||||
Total revenues | $ | 380.0 | $ | 386.6 | $ | 360.6 | $ | 388.8 | $ | 370.0 |
Consolidated net income | $ | 82.1 | $ | 115.3 | $ | 96.4 | $ | 80.7 | $ | 66.0 |
Net income available for Common Stockholders | $ | 78.3 | $ | 109.9 | $ | 91.9 | $ | 77.0 | $ | 62.9 |
Adjusted EBITDAre | $ | 164.3 | $ | 186.3 | $ | 171.1 | $ | 167.0 | $ | 157.7 |
FFO available for Common Stock and OP Unit holders | $ | 134.7 | $ | 167.4 | $ | 148.5 | $ | 133.8 | $ | 118.6 |
Normalized FFO available for Common Stock and OP Unit holders | $ | 128.5 | $ | 152.7 | $ | 138.2 | $ | 133.9 | $ | 124.9 |
Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders | $ | 108.3 | $ | 136.9 | $ | 109.2 | $ | 107.8 | $ | 98.3 |
Common Shares and OP Units Outstanding (In thousands) and Per Share Data
|
||||||||||
Common Shares and OP Units, end of the period | 195,621 | 195,598 | 195,531 | 195,525 | 195,514 | |||||
Weighted average Common Shares and OP Units outstanding - Fully Diluted | 195,465 | 195,545 | 195,475 | 195,440 | 195,430 | |||||
Net income per Common Share - Fully Diluted (3)
|
$ | 0.42 | $ | 0.59 | $ | 0.49 | $ | 0.41 | $ | 0.34 |
FFO per Common Share and OP Unit - Fully Diluted | $ | 0.69 | $ | 0.86 | $ | 0.76 | $ | 0.68 | $ | 0.61 |
Normalized FFO per Common Share and OP Unit - Fully Diluted | $ | 0.66 | $ | 0.78 | $ | 0.71 | $ | 0.68 | $ | 0.64 |
Dividends per Common Share | $ | 0.4775 | $ | 0.4775 | $ | 0.4475 | $ | 0.4475 | $ | 0.4475 |
Balance Sheet | ||||||||||
Total assets | $ | 5,645 | $ | 5,630 | $ | 5,614 | $ | 5,626 | $ | 5,586 |
Total liabilities | $ | 4,135 | $ | 4,110 | $ | 4,115 | $ | 4,129 | $ | 4,083 |
Market Capitalization | ||||||||||
Total debt (4)
|
$ | 3,499 | $ | 3,507 | $ | 3,548 | $ | 3,533 | $ | 3,479 |
Total market capitalization (5)
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$ | 16,240 | $ | 16,104 | $ | 17,341 | $ | 15,990 | $ | 16,557 |
Ratios | ||||||||||
Total debt / total market capitalization | 21.5 | % | 21.8 | % | 20.5 | % | 22.1 | % | 21.0 | % |
Total debt / Adjusted EBITDAre (6)
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5.1 | 5.1 | 5.3 | 5.4 | 5.4 | |||||
Interest coverage (7)
|
5.1 | 5.2 | 5.2 | 5.3 | 5.4 | |||||
Fixed charges (8)
|
5.1 | 5.1 | 5.1 | 5.1 | 5.2 |
2Q 2024 Supplemental Financial Information |
1
|
Equity LifeStyle Properties, Inc. |
Consolidated Balance Sheets |
June 30, 2024 | December 31, 2023 | |||
(unaudited) | ||||
Assets | ||||
Investment in real estate: | ||||
Land | $ | 2,088,682 | $ | 2,088,657 |
Land improvements | 4,490,978 | 4,380,649 | ||
Buildings and other depreciable property | 1,225,474 | 1,236,985 | ||
7,805,134 | 7,706,291 | |||
Accumulated depreciation | (2,544,276) | (2,448,876) | ||
Net investment in real estate | 5,260,858 | 5,257,415 | ||
Cash and restricted cash | 35,658 | 29,937 | ||
Notes receivable, net | 51,504 | 49,937 | ||
Investment in unconsolidated joint ventures | 86,439 | 85,304 | ||
Deferred commission expense | 54,882 | 53,641 | ||
Other assets, net | 156,134 | 137,499 | ||
Total Assets | $ | 5,645,475 | $ | 5,613,733 |
Liabilities and Equity | ||||
Liabilities: | ||||
Mortgage notes payable, net | $ | 2,959,443 | $ | 2,989,959 |
Term loans, net | 498,007 | 497,648 | ||
Unsecured line of credit | 14,000 | 31,000 | ||
Accounts payable and other liabilities | 177,819 | 151,567 | ||
Deferred membership revenue | 228,099 | 218,337 | ||
Accrued interest payable | 11,978 | 12,657 | ||
Rents and other customer payments received in advance and security deposits | 152,433 | 126,451 | ||
Distributions payable | 93,402 | 87,493 | ||
Total Liabilities | 4,135,181 | 4,115,112 | ||
Equity: | ||||
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2024 and December 31, 2023; none issued and outstanding.
|
- | - | ||
Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 186,516,405 and 186,426,281 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.
|
1,917 | 1,917 | ||
Paid-in capital | 1,646,160 | 1,644,319 | ||
Distributions in excess of accumulated earnings | (213,486) | (223,576) | ||
Accumulated other comprehensive income | 5,292 | 6,061 | ||
Total Stockholders' Equity | 1,439,883 | 1,428,721 | ||
Non-controlling interests - Common OP Units | 70,411 | 69,900 | ||
Total Equity | 1,510,294 | 1,498,621 | ||
Total Liabilities and Equity | $ | 5,645,475 | $ | 5,613,733 |
2Q 2024 Supplemental Financial Information |
2
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Equity LifeStyle Properties, Inc. |
Consolidated Statements of Income |
Quarters Ended June 30, | Six Months Ended June 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Revenues: | ||||||||
Rental income | $ | 300,788 | $ | 288,655 | $ | 617,386 | $ | 585,106 |
Annual membership subscriptions | 16,369 | 16,189 | 32,584 | 32,159 | ||||
Membership upgrade sales (1)
|
4,050 | 3,614 | 7,997 | 7,119 | ||||
Other income | 16,197 | 17,911 | 31,746 | 35,625 | ||||
Gross revenues from home sales, brokered resales and ancillary services | 37,565 | 38,913 | 67,618 | 71,046 | ||||
Interest income | 2,420 | 2,259 | 4,588 | 4,347 | ||||
Income from other investments, net | 2,630 | 2,473 | 4,668 | 4,564 | ||||
Total revenues | 380,019 | 370,014 | 766,587 | 739,966 | ||||
Expenses: | ||||||||
Property operating and maintenance | 126,105 | 122,214 | 240,888 | 234,697 | ||||
Real estate taxes | 20,099 | 18,832 | 40,886 | 37,148 | ||||
Membership sales and marketing (2)
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6,126 | 5,521 | 11,423 | 10,359 | ||||
Property management | 19,436 | 19,359 | 39,146 | 38,823 | ||||
Depreciation and amortization | 51,344 | 51,464 | 102,452 | 101,966 | ||||
Cost of home sales, brokered resales and ancillary services | 27,650 | 29,268 | 49,617 | 52,409 | ||||
Home selling expenses and ancillary operating expenses | 7,472 | 7,170 | 13,619 | 14,094 | ||||
General and administrative | 8,985 | 16,607 | 20,974 | 28,268 | ||||
Casualty-related charges/(recoveries), net (3)
|
(6,170) | - | (21,013) | - | ||||
Other expenses | 1,387 | 1,381 | 2,718 | 2,849 | ||||
Interest and related amortization | 36,037 | 33,122 | 69,580 | 65,710 | ||||
Total expenses | 298,471 | 304,938 | 570,290 | 586,323 | ||||
Income before income taxes and other items | 81,548 | 65,076 | 196,297 | 153,643 | ||||
Gain/(Loss) on sale of real estate and impairment, net | - | - | - | (2,632) | ||||
Income tax benefit | - | - | 239 | - | ||||
Equity in income of unconsolidated joint ventures | 579 | 973 | 862 | 1,497 | ||||
Consolidated net income | 82,127 | 66,049 | 197,398 | 152,508 | ||||
Income allocated to non-controlling interests - Common OP Units | (3,822) | (3,121) | (9,188) | (7,209) | ||||
Redeemable perpetual preferred stock dividends | (8) | (8) | (8) | (8) | ||||
Net income available for Common Stockholders | $ | 78,297 | $ | 62,920 | $ | 188,202 | $ | 145,291 |
2Q 2024 Supplemental Financial Information |
3
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Equity LifeStyle Properties, Inc. |
2Q 2024 Supplemental Financial Information |
4
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Equity LifeStyle Properties, Inc. |
Selected Non-GAAP Financial Measures (1)
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Quarter Ended | ||
June 30, 2024 | ||
Income from property operations, excluding property management - Core (2)
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$ | 181.8 |
Income from property operations, excluding property management - Non-Core (2)
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3.3 | |
Property management and general and administrative | (28.4) | |
Other income and expenses | 7.8 | |
Interest and related amortization | (36.0) | |
Normalized FFO available for Common Stock and OP Unit holders (3)
|
$ | 128.5 |
Insurance proceeds due to catastrophic weather event (4)
|
6.2 | |
FFO available for Common Stock and OP Unit holders | $ | 134.7 |
FFO per Common Share and OP Unit | $ | 0.69 |
Normalized FFO per Common Share and OP Unit | $ | 0.66 |
Normalized FFO available for Common Stock and OP Unit holders | $ | 128.5 |
Non-revenue producing improvements to real estate | (20.2) | |
FAD for Common Stock and OP Unit holders | $ | 108.3 |
Weighted average Common Shares and OP Units - Fully Diluted | 195.5 |
2Q 2024 Supplemental Financial Information |
5
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Equity LifeStyle Properties, Inc. |
Reconciliation of Net Income to Non-GAAP Financial Measures |
Quarters Ended June 30, | Six Months Ended June 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net income available for Common Stockholders | $ | 78,297 | $ | 62,920 | $ | 188,202 | $ | 145,291 |
Income allocated to non-controlling interests - Common OP Units | 3,822 | 3,121 | 9,188 | 7,209 | ||||
Depreciation and amortization | 51,344 | 51,464 | 102,452 | 101,966 | ||||
Depreciation on unconsolidated joint ventures | 1,200 | 1,081 | 2,251 | 2,216 | ||||
(Gain)/Loss on unconsolidated joint ventures | - | - | - | (416) | ||||
(Gain)/Loss on sale of real estate and impairment, net | - | - | - | 2,632 | ||||
FFO available for Common Stock and OP Unit holders | 134,663 | 118,586 | 302,093 | 258,898 | ||||
Deferred income tax benefit | - | - | (239) | - | ||||
Accelerated vesting of stock-based compensation expense | - | 6,320 | - | 6,320 | ||||
Transaction/pursuit costs and other (1)
|
- | - | 383 | 207 | ||||
Insurance proceeds due to catastrophic weather event (2)
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(6,170) | - | (21,013) | - | ||||
Normalized FFO available for Common Stock and OP Unit holders | 128,493 | 124,906 | 281,224 | 265,425 | ||||
Non-revenue producing improvements to real estate | (20,220) | (26,573) | (36,042) | (44,685) | ||||
FAD for Common Stock and OP Unit holders | $ | 108,273 | $ | 98,333 | $ | 245,182 | $ | 220,740 |
Net income per Common Share - Basic | $ | 0.42 | $ | 0.34 | $ | 1.01 | $ | 0.78 |
Net income per Common Share - Fully Diluted (3)
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$ | 0.42 | $ | 0.34 | $ | 1.01 | $ | 0.78 |
FFO per Common Share and OP Unit - Basic | $ | 0.69 | $ | 0.61 | $ | 1.55 | $ | 1.33 |
FFO per Common Share and OP Unit - Fully Diluted | $ | 0.69 | $ | 0.61 | $ | 1.55 | $ | 1.33 |
Normalized FFO per Common Share and OP Unit - Basic | $ | 0.66 | $ | 0.64 | $ | 1.44 | $ | 1.36 |
Normalized FFO per Common Share and OP Unit - Fully Diluted | $ | 0.66 | $ | 0.64 | $ | 1.44 | $ | 1.36 |
Weighted average Common Shares outstanding - Basic | 186,318 | 186,023 | 186,303 | 185,962 | ||||
Weighted average Common Shares and OP Units outstanding - Basic | 195,423 | 195,263 | 195,408 | 195,213 | ||||
Weighted average Common Shares and OP Units outstanding - Fully Diluted | 195,465 | 195,430 | 195,505 | 195,388 |
2Q 2024 Supplemental Financial Information |
6
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Equity LifeStyle Properties, Inc. |
Consolidated Income from Property Operations (1)
|
Quarters Ended June 30, | Six Months Ended June 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
MH base rental income (2)
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$ | 176.7 | $ | 166.4 | $ | 351.8 | $ | 331.0 |
Rental home income (2)
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3.4 | 3.7 | 6.9 | 7.6 | ||||
RV and marina base rental income (2)
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103.4 | 101.9 | 223.5 | 213.5 | ||||
Annual membership subscriptions | 16.4 | 16.2 | 32.6 | 32.1 | ||||
Membership upgrade sales (3)
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4.1 | 3.6 | 8.0 | 7.1 | ||||
Utility and other income (2)(4)
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34.6 | 35.9 | 69.5 | 71.2 | ||||
Property operating revenues | 338.6 | 327.7 | 692.3 | 662.5 | ||||
Property operating, maintenance and real estate taxes (2)
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147.4 | 142.4 | 284.4 | 274.3 | ||||
Membership sales and marketing (3)
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6.1 | 5.5 | 11.4 | 10.4 | ||||
Property operating expenses, excluding property management (1)
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153.5 | 147.9 | 295.8 | 284.7 | ||||
Income from property operations, excluding property management (1)
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$ | 185.1 | $ | 179.8 | $ | 396.5 | $ | 377.8 |
Manufactured home site figures and occupancy averages: | ||||||||
Total sites (5)
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73,006 | 72,729 | 73,007 | 72,723 | ||||
Occupied sites | 68,928 | 68,792 | 68,922 | 68,820 | ||||
Occupancy % | 94.4 | % | 94.6 | % | 94.4 | % | 94.6 | % |
Monthly base rent per site | $ | 854 | $ | 806 | $ | 851 | $ | 802 |
RV and marina base rental income: | ||||||||
Annual | $ | 76.6 | $ | 72.7 | $ | 152.0 | $ | 142.1 |
Seasonal | 8.0 | 9.5 | 37.5 | 37.4 | ||||
Transient | 18.8 | 19.7 | 34.0 | 34.0 | ||||
Total RV and marina base rental income | $ | 103.4 | $ | 101.9 | $ | 223.5 | $ | 213.5 |
2Q 2024 Supplemental Financial Information |
7
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Equity LifeStyle Properties, Inc. |
Core Income from Property Operations (1)
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Quarters Ended June 30, | Six Months Ended June 30, | ||||||||||
2024 | 2023 |
Change (2)
|
2024 | 2023 |
Change (2)
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MH base rental income | $ | 176.5 | $ | 166.3 | 6.2% | $ | 351.5 | $ | 330.7 | 6.3 | % |
Rental home income | 3.4 | 3.7 | (8.7)% | 6.9 | 7.5 | (9.0) | % | ||||
RV and marina base rental income | 100.6 | 98.6 | 2.0% | 216.2 | 208.0 | 4.0 | % | ||||
Annual membership subscriptions | 16.3 | 16.1 | 1.3% | 32.6 | 31.9 | 2.0 | % | ||||
Membership upgrade sales (3)
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4.0 | 3.6 | 12.0% | 8.0 | 7.1 | 12.9 | % | ||||
Utility and other income | 31.4 | 29.4 | 6.6% | 62.5 | 58.9 | 6.1 | % | ||||
Property operating revenues | 332.2 | 317.7 | 4.6% | 677.7 | 644.1 | 5.2 | % | ||||
Utility expense | 38.0 | 36.5 | 4.2% | 76.7 | 74.9 | 2.4 | % | ||||
Payroll | 30.9 | 31.1 | (0.6)% | 58.6 | 59.2 | (1.0) | % | ||||
Repair & maintenance | 26.6 | 26.4 | 0.6% | 47.4 | 48.3 | (1.7) | % | ||||
Insurance and other (4)
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29.1 | 27.5 | 5.9% | 55.5 | 50.5 | 9.9 | % | ||||
Real estate taxes | 19.7 | 18.4 | 6.8% | 40.1 | 36.3 | 10.5 | % | ||||
Membership sales and marketing (3)
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6.1 | 5.5 | 10.8% | 11.4 | 10.3 | 10.4 | % | ||||
Property operating expenses, excluding property management (1)
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150.4 | 145.4 | 3.4% | 289.7 | 279.5 | 3.7 | % | ||||
Income from property operations, excluding property management (1)
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$ | 181.8 | $ | 172.3 | 5.5% | $ | 388.0 | $ | 364.7 | 6.4% | |
Occupied sites (5)
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68,933 | 68,778 |
2Q 2024 Supplemental Financial Information |
8
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Equity LifeStyle Properties, Inc. |
Core Income from Property Operations (continued)
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Quarters Ended June 30, | Six Months Ended June 30, | |||||||||
2024 | 2023 | 2024 | 2023 | |||||||
Core manufactured home site figures and occupancy averages: | ||||||||||
Total sites | 72,592 | 72,468 | 72,593 | 72,462 | ||||||
Occupied sites | 68,870 | 68,734 | 68,864 | 68,762 | ||||||
Occupancy % | 94.9 | % | 94.8 | % | 94.9 | % | 94.9 | % | ||
Monthly base rent per site | $ | 854 | $ | 806 | $ | 850 | $ | 801 | ||
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||
2024 | 2023 |
Change (1)
|
2024 | 2023 |
Change (1)
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|||||
Core RV and marina base rental income: | ||||||||||
Annual (2)
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$ | 74.4 | $ | 69.7 | 6.6% | $ | 147.3 | $ | 137.3 | 7.3% |
Seasonal | 7.7 | 9.3 | (16.7)% | 36.1 | 36.9 | (2.4)% | ||||
Transient | 18.5 | 19.6 | (5.6)% | 32.8 | 33.8 | (2.7)% | ||||
Total Seasonal and Transient | $ | 26.2 | $ | 28.9 | (9.2)% | $ | 68.9 | $ | 70.7 | (2.5)% |
Total RV and marina base rental income | $ | 100.6 | $ | 98.6 | 2.0% | $ | 216.2 | $ | 208.0 | 4.0% |
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||
2024 | 2023 |
Change (1)
|
2024 | 2023 |
Change (1)
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Core utility information: | ||||||||||
Income | $ | 17.6 | $ | 16.4 | 7.2% | $ | 35.6 | $ | 34.0 | 4.7% |
Expense | 38.0 | 36.5 | 4.2% | 76.7 | 74.9 | 2.4% | ||||
Expense, net | $ | 20.4 | $ | 20.1 | 1.5% | $ | 41.1 | $ | 40.9 | 0.5% |
Utility recovery rate (3)
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46.3 | % | 44.9 | % | 46.4 | % | 45.4 | % |
2Q 2024 Supplemental Financial Information |
9
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Equity LifeStyle Properties, Inc. |
Non-Core Income from Property Operations (1)
|
Quarter Ended | Six Months Ended | |||
June 30, 2024 | June 30, 2024 | |||
MH base rental income | $ | 0.2 | $ | 0.3 |
RV and marina base rental income | 2.8 | 7.3 | ||
Utility and other income | 3.4 | 7.0 | ||
Property operating revenues | 6.4 | 14.6 | ||
Property operating expenses, excluding property management (1)(2)
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3.1 | 6.1 | ||
Income from property operations, excluding property management (1)
|
$ | 3.3 | $ | 8.5 |
2Q 2024 Supplemental Financial Information |
10
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Equity LifeStyle Properties, Inc. |
Home Sales and Rental Home Operations |
Home Sales - Select Data | Quarters Ended June 30, | Six Months Ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | |||||
Total new home sales volume | 255 | 226 | 446 | 402 | ||||
New home sales gross revenues | $ | 22,706 | $ | 23,038 | $ | 40,406 | $ | 41,352 |
Total used home sales volume | 59 | 66 | 113 | 168 | ||||
Used home sales gross revenues | $ | 1,240 | $ | 1,034 | $ | 2,078 | $ | 2,209 |
Brokered home resales volume | 152 | 201 | 261 | 335 | ||||
Brokered home resales gross revenues | $ | 649 | $ | 876 | $ | 1,221 | $ | 1,551 |
Rental Homes - Select Data | Quarters Ended June 30, | Six Months Ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | |||||
Rental operations revenues (1)
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$ | 8,597 | $ | 9,827 | $ | 17,655 | $ | 20,085 |
Rental home operations expense (2)
|
1,557 | 1,158 | 2,926 | 2,117 | ||||
Depreciation on rental homes (3)
|
2,492 | 2,802 | 5,060 | 5,549 | ||||
Occupied rentals: (4)
|
||||||||
New | 1,790 | 2,236 | ||||||
Used | 226 | 292 | ||||||
Total occupied rental sites | 2,016 | 2,528 |
As of June 30, 2024 | As of June 30, 2023 | |||||||
Cost basis in rental homes: (5)
|
Gross | Net of Depreciation | Gross | Net of Depreciation | ||||
New | $ | 227,569 | $ | 187,382 | $ | 257,978 | $ | 226,759 |
Used | 11,521 | 7,124 | 13,491 | 9,616 | ||||
Total rental homes | $ | 239,090 | $ | 194,506 | $ | 271,469 | $ | 236,375 |
2Q 2024 Supplemental Financial Information |
11
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Equity LifeStyle Properties, Inc. |
Total Sites |
Summary of Total Sites as of June 30, 2024 | |
Sites (1)
|
|
MH sites | 73,000 |
RV sites: | |
Annual | 34,500 |
Seasonal | 11,800 |
Transient | 16,900 |
Marina slips | 6,900 |
Membership (2)
|
26,000 |
Joint Ventures (3)
|
3,800 |
Total | 172,900 |
2Q 2024 Supplemental Financial Information |
12
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Equity LifeStyle Properties, Inc. |
Membership Campgrounds - Select Data |
Years Ended December 31, | Six Months Ended June 30, | |||||||||
Campground and Membership Revenue
($ in thousands, unaudited)
|
2020 | 2021 | 2022 | 2023 | 2024 | |||||
Annual membership subscriptions | $ | 53,085 | $ | 58,251 | $ | 63,215 | $ | 65,379 | $ | 32,584 |
Annual RV base rental income | $ | 20,761 | $ | 23,127 | $ | 25,945 | $ | 27,842 | $ | 14,336 |
Seasonal/Transient RV base rental income | $ | 18,126 | $ | 25,562 | $ | 24,316 | $ | 20,996 | $ | 8,893 |
Membership upgrade sales | $ | 9,677 | $ | 11,191 | $ | 12,958 | $ | 14,719 | $ | 7,997 |
Utility and other income | $ | 2,426 | $ | 2,735 | $ | 2,626 | $ | 2,544 | $ | 993 |
Membership Count | ||||||||||
Total Memberships (1)
|
116,169 | 125,149 | 128,439 | 121,002 | 117,115 | |||||
Paid Membership Origination | 20,587 | 23,923 | 23,237 | 20,758 | 10,524 | |||||
Promotional Membership Origination | 23,542 | 26,600 | 28,178 | 25,232 | 12,283 | |||||
Membership Upgrade Sales Volume (2)
|
3,373 | 4,863 | 4,068 | 3,858 | 1,776 | |||||
Campground Metrics | ||||||||||
Membership Campground Count | 81 | 81 | 82 | 82 | 82 | |||||
Membership Campground RV Site Count | 24,800 | 25,100 | 25,800 | 26,000 | 26,000 | |||||
Annual Site Count (3)
|
5,986 | 6,320 | 6,390 | 6,154 | 5,891 |
Membership Sales Activity
($ in thousands, unaudited)
|
Quarters Ended June 30, | |||
2024 | 2023 | |||
Membership upgrade sales current period, gross | $ | 8,785 | $ | 9,278 |
Membership upgrade sales upfront payments, deferred, net | (4,735) | (5,664) | ||
Membership upgrade sales | $ | 4,050 | $ | 3,614 |
Membership sales and marketing, gross | $ | (6,979) | $ | (6,392) |
Membership sales commissions, deferred, net | 853 | 871 | ||
Membership sales and marketing | $ | (6,126) | $ | (5,521) |
2Q 2024 Supplemental Financial Information |
13
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Equity LifeStyle Properties, Inc. |
Market Capitalization |
Capital Structure as of June 30, 2024 | ||||||
Total Common Shares/Units | % of Total Common Shares/Units | Total | % of Total | % of Total Market Capitalization | ||
Secured Debt | $ | 2,985 | 85.3 | % | ||
Unsecured Debt | 514 | 14.7 | % | |||
Total Debt (1)
|
$ | 3,499 | 100.0 | % | 21.5 | % |
Common Shares | 186,516,405 | 95.3 | % | |||
OP Units | 9,104,654 | 4.7 | % | |||
Total Common Shares and OP Units | 195,621,059 | 100.0 | % | |||
Common Stock price at June 30, 2024 | $ | 65.13 | ||||
Fair Value of Common Shares and OP Units | $ | 12,741 | 100.0 | % | ||
Total Equity | $ | 12,741 | 100.0 | % | 78.5 | % |
Total Market Capitalization | $ | 16,240 | 100.0 | % |
2Q 2024 Supplemental Financial Information |
14
|
Equity LifeStyle Properties, Inc. |
Debt Maturity Schedule |
Year | Outstanding Debt | Weighted Average Interest Rate | % of Total Debt | Weighted Average Years to Maturity | |||
Secured Debt | |||||||
2024 | $ | - | - | % | - | % | - |
2025 | 89,056 | 3.45 | % | 2.55 | % | 0.77 | |
2026 | - | - | % | - | % | - | |
2027 | - | - | % | - | % | - | |
2028 | 199,098 | 4.19 | % | 5.69 | % | 4.20 | |
2029 | 272,049 | 4.92 | % | 7.77 | % | 5.18 | |
2030 | 275,385 | 2.69 | % | 7.87 | % | 5.75 | |
2031 | 246,576 | 2.46 | % | 7.05 | % | 6.89 | |
2032 | 202,000 | 2.47 | % | 5.77 | % | 8.21 | |
2033 | 345,019 | 4.83 | % | 9.86 | % | 9.31 | |
Thereafter | 1,356,053 | 3.88 | % | 38.75 | % | 13.43 | |
Total | $ | 2,985,236 | 3.77 | % | 85.31 | % | 9.59 |
Unsecured Term Loans | |||||||
2024 | $ | - | - | % | - | % | - |
2025 | - | - | % | - | % | - | |
2026 | 300,000 | 6.05 | % | 8.57 | % | 1.82 | |
2027 | 200,000 | 4.88 | % | 5.72 | % | 2.60 | |
2028 | - | - | % | - | % | - | |
Thereafter | - | - | % | - | % | - | |
Total | $ | 500,000 | 5.58 | % | 14.29 | % | 2.13 |
Total Secured and Unsecured | $ | 3,485,236 | 4.03 | % | 99.60 | % | 8.50 |
Line of Credit Borrowing (1)
|
14,000 | 6.65 | % | 0.40 | % | - | |
Note Premiums and Unamortized loan costs | (27,786) | ||||||
Total Debt, Net | $ | 3,471,449 |
4.21% (2)
|
100 | % | ||
2Q 2024 Supplemental Financial Information |
15
|
Equity LifeStyle Properties, Inc. |
Non-GAAP Financial Measures Definitions and Reconciliations |
2Q 2024 Supplemental Financial Information |
16
|
Equity LifeStyle Properties, Inc. |
Quarters Ended June 30, | Six Months Ended June 30, | |||||||
(amounts in thousands)
|
2024 | 2023 | 2024 | 2023 | ||||
Net income available for Common Stockholders | $ | 78,297 | $ | 62,920 | $ | 188,202 | $ | 145,291 |
Redeemable perpetual preferred stock dividends | 8 | 8 | 8 | 8 | ||||
Income allocated to non-controlling interests - Common OP Units | 3,822 | 3,121 | 9,188 | 7,209 | ||||
Consolidated net income | 82,127 | 66,049 | 197,398 | 152,508 | ||||
Equity in income of unconsolidated joint ventures | (579) | (973) | (862) | (1,497) | ||||
Income tax benefit
|
- | - | (239) | - | ||||
(Gain)/Loss on sale of real estate and impairment, net | - | - | - | 2,632 | ||||
Gross revenues from home sales, brokered resales and ancillary services | (37,565) | (38,913) | (67,618) | (71,046) | ||||
Interest income | (2,420) | (2,259) | (4,588) | (4,347) | ||||
Income from other investments, net | (2,630) | (2,473) | (4,668) | (4,564) | ||||
Property management | 19,436 | 19,359 | 39,146 | 38,823 | ||||
Depreciation and amortization | 51,344 | 51,464 | 102,452 | 101,966 | ||||
Cost of home sales, brokered resales and ancillary services | 27,650 | 29,268 | 49,617 | 52,409 | ||||
Home selling expenses and ancillary operating expenses | 7,472 | 7,170 | 13,619 | 14,094 | ||||
General and administrative | 8,985 | 16,607 | 20,974 | 28,268 | ||||
Casualty-related charges/(recoveries), net (1)
|
(6,170) | - | (21,013) | - | ||||
Other expenses | 1,387 | 1,381 | 2,718 | 2,849 | ||||
Interest and related amortization | 36,037 | 33,122 | 69,580 | 65,710 | ||||
Income from property operations, excluding property management | 185,074 | 179,802 | 396,516 | 377,805 | ||||
Property management | (19,436) | (19,359) | (39,146) | (38,823) | ||||
Income from property operations | $ | 165,638 | $ | 160,443 | $ | 357,370 | $ | 338,982 |
2Q 2024 Supplemental Financial Information |
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|
Equity LifeStyle Properties, Inc. |
Quarters Ended June 30, | Six Months Ended June 30, | |||||||
(amounts in thousands) | 2024 | 2023 | 2024 | 2023 | ||||
Consolidated net income | $ | 82,127 | $ | 66,049 | $ | 197,398 | $ | 152,508 |
Interest income | (2,420) | (2,259) | (4,588) | (4,347) | ||||
Real estate depreciation and amortization | 51,344 | 51,464 | 102,452 | 101,966 | ||||
Other depreciation and amortization | 1,387 | 1,339 | 2,705 | 2,690 | ||||
Interest and related amortization | 36,037 | 33,122 | 69,580 | 65,710 | ||||
Income tax benefit
|
- | - | (239) | - | ||||
Loss on sale of real estate and impairment, net | - | - | - | 2,632 | ||||
Adjustments to our share of EBITDAre of unconsolidated joint ventures | 2,027 | 1,268 | 3,907 | 2,991 | ||||
EBITDAre | 170,502 | 150,983 | 371,215 | 324,150 | ||||
Stock-based compensation expense | - | 6,320 | - | 6,320 | ||||
Transaction/pursuit costs and other (1)
|
- | - | 383 | 207 | ||||
Insurance proceeds due to catastrophic weather event (2)
|
(6,170) | - | (21,013) | - | ||||
Adjusted EBITDAre | $ | 164,332 | $ | 157,303 | $ | 350,585 | $ | 330,677 |
2Q 2024 Supplemental Financial Information |
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|
Equity LifeStyle Properties, Inc. |
(Unaudited) |
Third Quarter 2024 |
Full Year 2024 |
Net income per Common Share | $0.42 to $0.48 | $1.89 to $1.99 |
Depreciation and amortization | 0.27 | 1.07 |
FFO per Common Share and OP Unit - Fully Diluted | $0.69 to $0.75 | $2.96 to $3.06 |
Other | $- | $(0.11) |
Normalized FFO per Common Share and OP Unit - Fully Diluted | $0.69 to $0.75 | $2.86 to $2.96 |
2Q 2024 Supplemental Financial Information |
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Equity LifeStyle Properties, Inc. |