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Equity LifeStyle Properties, Inc.

$ELS
$70.47
Капитализция: $13.2B
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Одна из крупнейших федеральных сетей офисов по продаже недвижимости в США. Компания является полностью интегрированным владельцем и управляющим жилых объектов недвижимости. В основном это сборные дома и дома на колесах. показать больше
Бизнес-модель компании уникальна тем, что она является собственником земельных участков, на которых клиенты могут разместить здания заводского изготовления, включая сборные дома, коттеджи или дома на колесах на длительный или короткий срок. Клиенты также могут арендовать отдельные благоустроенные территории или получить доступ к определенной собственности на ограниченный срок на основе договора пользования (договора об уплате членских взносов). Бизнес-модель отличается от моделей других организаций из сферы недвижимости низкими эксплуатационными расходами и низкими расходами, связанными с оттоком клиентов. Диверсифицированный портфель компании включает площадки в востребованных курортных и городских районах США, а также в регионах, выбираемых для жизни на пенсии. В распоряжении компании более 90 площадок на берегах озер, рек и на побережье океана, а также более 120 площадок на расстоянии до 10 миль (около 16 км) от побережья.
We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of January 25, 2021, we own or have an interest in 423 quality properties in 33 states and British Columbia consisting of 161,229 sites.
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03.11.2021, 23:08 EPS за 3 квартал составил ХХ, консенсус YY

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ELS Reports First Quarter Results

ELS сообщает о результатах первого квартала

18 апр. 2022 г.

Continued Strong Performance; Guidance Update

CHICAGO--(BUSINESS WIRE)--Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as “we,” “us,” and “our”) today announced results for the quarter ended March 31, 2022. All per share results are reported on a fully diluted basis unless otherwise noted.

Financial Results for the Quarter Ended March 31, 2022

For the quarter ended March 31, 2022, total revenues increased $56.6 million, or 18.6 percent, to $360.2 million compared to $303.6 million for the same period in 2021. For the quarter ended March 31, 2022, net income available for Common Stockholders increased $17.7 million, or $0.09 per Common Share, to $82.9 million, or $0.45 per Common Share, compared to $65.2 million, or $0.36 per Common Share, for the same period in 2021.

Non-GAAP Financial Measures and Portfolio Performance

For the quarter ended March 31, 2022, Funds from Operations (“FFO”) available for Common Stock and OP Unit holders increased $20.3 million, or $0.09 per Common Share, to $140.9 million, or $0.72 per Common Share, compared to $120.6 million, or $0.63 per Common Share, for the same period in 2021.

For the quarter ended March 31, 2022, Normalized Funds from Operations (“Normalized FFO”) available for Common Stock and OP Unit holders increased $18.8 million, or $0.08 per Common Share, to $141.4 million, or $0.72 per Common Share, compared to $122.6 million, or $0.64 per Common Share, for the same period in 2021.

For the quarter ended March 31, 2022, property operating revenues, excluding deferrals, increased $37.2 million to $322.4 million, compared to $285.2 million for the same period in 2021. For the quarter ended March 31, 2022, income from property operations, excluding deferrals and property management, increased $22.3 million to $192.6 million, compared to $170.3 million for the same period in 2021.

For the quarter ended March 31, 2022, Core property operating revenues, excluding deferrals, increased approximately 9.5 percent and Core income from property operations, excluding deferrals and property management, increased approximately 9.0 percent compared to the same period in 2021.

Business Updates

Pages 1 and 2 of this Earnings Release and Supplemental Financial Information provide an update on operations and 2022 guidance.

Investment Activity

In February 2022, we completed the acquisition of Blue Mesa Recreational Ranch, a 385-site membership Recreational Vehicle (“RV”) community located in Gunnison, Colorado, and Pilot Knob RV Resort a 247-site RV community located in Winterhaven, California for an aggregate purchase price of $15.9 million.

Balance Sheet Activity

On February 24, 2022, we elected to extend our current “at the market” (“ATM”) offering program by entering into new separate Equity Distribution Agreements, pursuant to which we may sell, from time to time, shares of our common stock, having an aggregate offering price of up to $500 million. The new Equity Distribution Agreements replace the equity distribution agreements for our prior ATM offering program which had an aggregate offering price of up to $200 million.

In April 2022, we closed on a secured refinancing transaction generating gross proceeds of $200.0 million. The loan is secured by one MH community, has a fixed interest rate of 3.36% per annum and matures in 12 years. The net proceeds from the transaction were used to repay all debt scheduled to mature in 2022, as well as, to repay amounts outstanding on the line of credit. As a result, we have no debt maturing for the remainder of 2022 and 15% of our outstanding debt matures over the next five years.

About Equity LifeStyle Properties

We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of April 18, 2022, we own or have an interest in 446 quality properties in 35 states and British Columbia consisting of 169,984 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, April 19, 2022, 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.

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;
  • our ability to attract and retain customers entering, renewing and upgrading membership subscriptions;
  • our assumptions about rental and home sales markets;
  • our assumptions and guidance concerning 2022 growth rates and Net Income, FFO and Normalized FFO per share data;
  • our ability to manage counterparty risk;
  • our ability to renew our insurance policies at existing rates and on consistent terms;
  • 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, including an adequate supply of homes at reasonable costs, 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;
  • our ability to obtain financing or refinance existing debt on favorable terms or at all;
  • the effect of inflation and 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 by or 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.

Our guidance acknowledges the existence of volatile economic conditions, which may impact our current guidance assumptions. Factors impacting 2022 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 membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment; (ix) our ability to integrate and operate recent acquisitions in accordance with our estimates; (x) our ability to execute expansion/development opportunities in the face of supply chain delays/shortages; (xi) completion of pending transactions in their entirety and on assumed schedule; (xii) our ability to attract and retain property employees, particularly seasonal employees; (xiii) ongoing legal matters and related fees; and (xiv) costs to restore property operations and potential revenue losses following storms or other unplanned events. In addition, these forward-looking statements, including our 2022 guidance are subject to risks related to the COVID-19 pandemic, many of which are unknown, including the duration of the pandemic, the extent of the adverse health impact on the general population and on our residents, customers and employees in particular, its impact on the employment rate and the economy, the extent and impact of governmental responses and the impact of operational changes we have implemented and may implement in response to the pandemic.

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.

Supplemental Financial Information

Operations Update

We have continued our strong performance in 2022, as marked by these key operational and financial accomplishments:

  • Normalized FFO per Common Share on a fully diluted basis was $0.72 for the quarter ended March 31, 2022, 14% higher than the quarter ended March 31, 2021.
  • Core Portfolio generated growth of 9.0% in income from property operations, excluding deferrals and property management, for the quarter ended March 31, 2022 compared to the quarter ended March 31, 2021.
  • MH occupancy within our Core Portfolio increased by 296 sites as of March 31, 2022 compared to March 31, 2021.
  • Manufactured homeowners within our Core Portfolio increased by 191 to 65,623 as of March 31, 2022 compared to 65,432 as of December 31, 2021.
  • RV and marina and MH rental income within our Core Portfolio increased by 21.4% and 5.6%, respectively, for the quarter ended March 31, 2022, compared to quarter ended March 31, 2021.
  • RV Annual and MH rate increases within our Core Portfolio were 5.5% and 5.1%, respectively, for the quarter ended March 31, 2022, compared to the quarter ended March 31, 2021.
  • New home sales were 261 for the quarter ended March 31, 2022, compared to 192 for the quarter ended March 31, 2021, an increase of 35.9%.

2022 Guidance (1)

($ in millions except per share)

 

 

Second Quarter

 

Full Year

Net Income/share

 

$0.31 to $0.37

 

$1.61 to $1.71

FFO/share

 

$0.58 to $0.64

 

$2.67 to $2.77

Normalized FFO/share

 

$0.59 to $0.65

 

$2.68 to $2.78

 

 

 

 

 

Core Portfolio:

 

 

 

 

MH rate growth

 

5.1% to 5.3%

 

5.1% to 5.3%

RV Annual rate growth

 

6.3% to 6.5%

 

5.9% to 6.1%

Combined RV Seasonal and Transient base rental income growth

 

3.5% to 4.5%

 

13.5% to 14.5%

Property operating revenue growth rate

 

4.2% to 4.8%

 

5.5% to 6.5%

Property operating expense growth rate

 

6.1% to 6.7%

 

4.3% to 5.3%

Income from property operations, excluding deferrals and property management growth rate(2) (3)

 

2.7% to 3.3%

 

6.3% to 7.3%

______________________

(1)

Second quarter and full year 2022 guidance ranges represent a range of possible outcomes and the midpoint reflects management's estimate of the most likely outcome. Actual growth rates and per share amounts could vary materially from growth rates and per share amounts presented above if any of our assumptions, including occupancy and rate changes, our ability to manage expenses in an inflationary environment, our ability to integrate and operate recent acquisitions and costs to restore property operations and potential revenue losses following storms or other unplanned events, is incorrect. See Forward-Looking Statements in this release for additional factors impacting our 2022 guidance assumptions.

(2)

The expected contribution of our second quarter Core Income from property operations, excluding deferrals and property management is within a range of 23% to 24% of our expected full year Core Income from property operations, excluding deferrals and property management.

(3)

As disclosed in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, Utility and other income in our Core portfolio for the second quarter of 2021 included insurance recovery revenue of $2.4 million related to Hurricane Hanna.

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

UBS

 

Wes Golladay

Michael Goldsmith

 

 

 

 

 

 

 

 

 

 

______________________

(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.

Financial Highlights

(In millions, except Common Shares and OP Units outstanding and per share data, unaudited)

 

As of and for the Three Months Ended

 

Mar 31,
2022

Dec 31,
2021

Sept 30,
2021

Jun 30,
2021

Mar 31,
2021

Operating Information

 

 

 

 

 

Total revenues

$

360.2

 

$

335.3

 

$

347.2

 

$

330.0

 

$

303.6

 

Net income

$

87.1

 

$

68.8

 

$

74.1

 

$

64.1

 

$

69.0

 

Net income available for Common Stockholders

$

82.9

 

$

65.5

 

$

70.6

 

$

61.1

 

$

65.2

 

Adjusted EBITDAre (1)

$

168.4

 

$

150.7

 

$

150.8

 

$

144.6

 

$

147.9

 

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

$

140.9

 

$

123.0

 

$

124.5

 

$

117.6

 

$

120.6

 

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

$

141.4

 

$

123.6

 

$

124.5

 

$

118.3

 

$

122.6

 

Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders (1)(2)

$

125.1

 

$

102.3

 

$

106.1

 

$

99.0

 

$

111.0

 

 

 

 

 

 

 

Common Shares and OP Units Outstanding (In thousands) and Per Share Data

 

 

 

 

 

Common Shares and OP Units, end of the period

 

195,303

 

 

194,946

 

 

192,852

 

 

192,847

 

 

192,779

 

Weighted average Common Shares and OP Units outstanding - Fully Diluted

 

195,246

 

 

193,412

 

 

192,736

 

 

192,701

 

 

192,685

 

Net income per Common Share - Fully Diluted (3)

$

0.45

 

$

0.36

 

$

0.38

 

$

0.33

 

$

0.36

 

FFO per Common Share and OP Unit - Fully Diluted

$

0.72

 

$

0.64

 

$

0.65

 

$

0.61

 

$

0.63

 

Normalized FFO per Common Share and OP Unit - Fully Diluted

$

0.72

 

$

0.64

 

$

0.65

 

$

0.61

 

$

0.64

 

Dividends per Common Share

$

0.4100

 

$

0.3625

 

$

0.3625

 

$

0.3625

 

$

0.3625

 

 

 

 

 

 

 

Balance Sheet

 

 

 

 

 

Total assets

$

5,265

 

$

5,308

 

$

4,982

 

$

4,824

 

$

4,786

 

Total liabilities

$

3,734

 

$

3,822

 

$

3,673

 

$

3,522

 

$

3,481

 

 

 

 

 

 

 

Market Capitalization

 

 

 

 

 

Total debt (4)

$

3,193

 

$

3,303

 

$

3,154

 

$

3,010

 

$

3,012

 

Total market capitalization (5)

$

18,130

 

$

20,392

 

$

18,216

 

$

17,340

 

$

15,280

 

 

 

 

 

 

 

Ratios

 

 

 

 

 

Total debt / total market capitalization

 

17.6

%

 

16.2

%

 

17.3

%

 

17.4

%

 

19.7

%

Total debt / Adjusted EBITDAre (6)

 

5.2

 

 

5.6

 

 

5.5

 

 

5.4

 

 

5.7

 

Interest coverage (7)

 

5.7

 

 

5.5

 

 

5.5

 

 

5.4

 

 

5.2

 

Fixed charges(8)

 

5.6

 

 

5.5

 

 

5.4

 

 

5.3

 

 

5.1

 

______________________

(1)

See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the supplemental financial information for definitions of Adjusted EBITDAre, FFO, Normalized FFO and FAD and a reconciliation of Consolidated net income to Adjusted EBITDAre.

(2)

See page 9 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 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 $29.4 million as of March 31, 2022.

(5)

See page 16 for the calculation of market capitalization as of March 31, 2022.

(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 Reconciliations at the end of the supplemental financial 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, if any, during the same period.

Consolidated Balance Sheets

(In thousands, except share and per share data)

 

March 31, 2022

 

December 31, 2021

 

(unaudited)

 

 

Assets

 

 

 

Investment in real estate:

 

 

 

Land

$

2,025,609

 

 

$

2,019,787

 

Land improvements

 

3,962,367

 

 

 

3,912,062

 

Buildings and other depreciable property

 

1,083,942

 

 

 

1,057,215

 

 

 

7,071,918

 

 

 

6,989,064

 

Accumulated depreciation

 

(2,150,238

)

 

 

(2,103,774

)

Net investment in real estate

 

4,921,680

 

 

 

4,885,290

 

Cash and restricted cash

 

38,120

 

 

 

123,398

 

Notes receivable, net

 

40,542

 

 

 

39,955

 

Investment in unconsolidated joint ventures

 

79,688

 

 

 

70,312

 

Deferred commission expense

 

47,859

 

 

 

47,349

 

Other assets, net

 

136,916

 

 

 

141,567

 

Total Assets

$

5,264,805

 

 

$

5,307,871

 

 

 

 

 

Liabilities and Equity

 

 

 

Liabilities:

 

 

 

Mortgage notes payable, net

$

2,598,830

 

 

$

2,627,783

 

Term loan, net

 

496,148

 

 

 

297,436

 

Unsecured line of credit

 

69,000

 

 

 

349,000

 

Accounts payable and other liabilities

 

166,435

 

 

 

172,285

 

Deferred membership revenue

 

182,181

 

 

 

176,439

 

Accrued interest payable

 

9,175

 

 

 

9,293

 

Rents and other customer payments received in advance and security deposits

 

132,412

 

 

 

118,696

 

Distributions payable

 

80,287

 

 

 

70,768

 

Total Liabilities

 

3,734,468

 

 

 

3,821,700

 

Equity:

 

 

 

Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2022 and December 31, 2021; none issued and outstanding.

 

 

 

 

 

Common stock, $0.01 par value, 600,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 186,006,354 and 185,640,379 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.

 

1,916

 

 

 

1,913

 

Paid-in capital

 

1,619,164

 

 

 

1,593,362

 

Distributions in excess of accumulated earnings

 

(177,158

)

 

 

(183,689

)

Accumulated other comprehensive income

 

13,448

 

 

 

3,524

 

Total Stockholders’ Equity

 

1,457,370

 

 

 

1,415,110

 

Non-controlling interests – Common OP Units

 

72,967

 

 

 

71,061

 

Total Equity

 

1,530,337

 

 

 

1,486,171

 

Total Liabilities and Equity

$

5,264,805

 

 

$

5,307,871

 

Consolidated Statements of Income

(In thousands, unaudited)

 

Quarters Ended March 31,

 

2022

 

2021

Revenues:

 

 

 

Rental income

$

285,065

 

 

$

249,022

 

Annual membership subscriptions

 

15,157

 

 

 

13,654

 

Membership upgrade sales current period, gross

 

7,151

 

 

 

10,014

 

Membership upgrade sales upfront payments, deferred, net

 

(4,084

)

 

 

(7,427

)

Other income

 

13,542

 

 

 

10,521

 

Gross revenues from home sales, brokered resales and ancillary services (1)

 

39,695

 

 

 

25,160

 

Interest income

 

1,759

 

 

 

1,767

 

Income from other investments, net

 

1,904

 

 

 

936

 

Total revenues

 

360,189

 

 

 

303,647

 

 

 

 

 

Expenses:

 

 

 

Property operating and maintenance

 

103,992

 

 

 

88,873

 

Real estate taxes

 

19,457

 

 

 

17,850

 

Sales and marketing, gross

 

4,914

 

 

 

6,176

 

Membership sales commissions, deferred, net

 

(583

)

 

 

(1,499

)

Property management

 

17,871

 

 

 

15,380

 

Depreciation and amortization

 

49,394

 

 

 

45,398

 

Cost of home sales, brokered resales and ancillary services (1)

 

30,684

 

 

 

18,836

 

Home selling expenses and ancillary operating expenses (1)

 

6,481

 

 

 

4,941

 

General and administrative

 

12,297

 

 

 

10,512

 

Other expenses

 

823

 

 

 

698

 

Early debt retirement

 

516

 

 

 

2,029

 

Interest and related amortization

 

27,464

 

 

 

26,275

 

Total expenses

 

273,310

 

 

 

235,469

 

Loss on sale of real estate, net

 

 

 

 

(59

)

Income before equity in income of unconsolidated joint ventures

 

86,879

 

 

 

68,119

 

Equity in income of unconsolidated joint ventures

 

171

 

 

 

868

 

Consolidated net income

 

87,050

 

 

 

68,987

 

 

 

 

 

Income allocated to non-controlling interests – Common OP Units

 

(4,144

)

 

 

(3,747

)

Net income available for Common Stockholders

$

82,906

 

 

$

65,240

 

______________________

(1)

Prior period amounts have been reclassified to conform to the current period presentation.

Non-GAAP Financial Measures

This document contains certain non-GAAP measures used by management that we believe are helpful to understand 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 are they 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, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 9 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 18 - 20.

Selected Non-GAAP Financial Measures

(In millions, except per share data, unaudited)

 

Quarter Ended

 

March 31, 2022

Income from property operations, excluding deferrals and property management - 2021 Core (1)

$

182.1

 

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

 

10.5

 

Property management and general and administrative

 

(30.2

)

Other income and expenses

 

6.5

 

Interest and related amortization

 

(27.5

)

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

$

141.4

 

Early debt retirement

 

(0.5

)

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

$

140.9

 

 

 

FFO per Common Share and OP Unit - Fully Diluted

$

0.72

 

Normalized FFO per Common Share and OP Unit - Fully Diluted

$

0.72

 

 

 

 

 

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

$

141.4

 

Non-revenue producing improvements to real estate

 

(16.3

)

FAD for Common Stock and OP Unit holders (2)

$

125.1

 

 

 

Weighted average Common Shares and OP Units - Fully Diluted

 

195.2

 

______________________

(1)

See page 11 for details of the Core Income from Property Operations, excluding deferrals and property management. See page 12 for details of the Non-Core Income from Property Operations, excluding deferrals and property management.

(2)

See page 9 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 for Common Stock and OP Unit holders.

Reconciliation of Net Income to Non-GAAP Financial Measures

(In thousands, except per share data, unaudited)

 

 

Quarters Ended March 31,

 

 

2022

 

2021

Net income available for Common Stockholders

 

$

82,906

 

 

$

65,240

 

Income allocated to non-controlling interests – Common OP Units

 

 

4,144

 

 

 

3,747

 

Membership upgrade sales upfront payments, deferred, net

 

 

4,084

 

 

 

7,427

 

Membership sales commissions, deferred, net

 

 

(583

)

 

 

(1,499

)

Depreciation and amortization

 

 

49,394

 

 

 

45,398

 

Depreciation on unconsolidated joint ventures

 

 

941

 

 

 

183

 

Loss on sale of real estate, net

 

 

 

 

 

59

 

FFO available for Common Stock and OP Unit holders

 

 

140,886

 

 

 

120,555

 

Early debt retirement

 

 

516

 

 

 

2,029

 

Normalized FFO available for Common Stock and OP Unit holders

 

 

141,402

 

 

 

122,584

 

Non-revenue producing improvements to real estate

 

 

(16,337

)

 

 

(11,584

)

FAD for Common Stock and OP Unit holders

 

$

125,065

 

 

$

111,000

 

 

 

 

 

 

Net income available per Common Share - Basic

 

$

0.45

 

 

$

0.36

 

Net income available per Common Share - Fully Diluted (1)

 

$

0.45

 

 

$

0.36

 

 

 

 

 

 

FFO per Common Share and OP Unit - Basic

 

$

0.72

 

 

$

0.63

 

FFO per Common Share and OP Unit - Fully Diluted

 

$

0.72

 

 

$

0.63

 

 

 

 

 

 

Normalized FFO per Common Share and OP Unit - Basic

 

$

0.73

 

 

$

0.64

 

Normalized FFO per Common Share and OP Unit - Fully Diluted

 

$

0.72

 

 

$

0.64

 

 

 

 

 

 

Weighted average Common Shares outstanding - Basic

 

 

185,690

 

 

 

181,945

 

Weighted average Common Shares and OP Units outstanding - Basic

 

 

194,991

 

 

 

192,418

 

Weighted average Common Shares and OP Units outstanding - Fully Diluted

 

 

195,246

 

 

 

192,685

 

______________________

(1)

Net income per fully diluted Common Share is calculated before Income allocated to non-controlling interest - Common OP Units.

Consolidated Income from Property Operations (1)

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

 

Quarters Ended March 31,

 

2022

 

2021

MH base rental income (2)

$

157.3

 

 

$

149.0

 

Rental home income (2)

 

4.0

 

 

 

4.3

 

RV and marina base rental income (2)

 

108.8

 

 

 

83.6

 

Annual membership subscriptions

 

15.2

 

 

 

13.6

 

Membership upgrade sales current period, gross

 

7.2

 

 

 

10.0

 

Utility and other income (2)

 

29.9

 

 

 

24.7

 

Property operating revenues

 

322.4

 

 

 

285.2

 

 

 

 

 

Property operating, maintenance and real estate taxes (2)

 

124.9

 

 

 

108.7

 

Sales and marketing, gross

 

4.9

 

 

 

6.2

 

Property operating expenses

 

129.8

 

 

 

114.9

 

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

$

192.6

 

 

$

170.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufactured home site figures and occupancy averages:

 

 

 

Total sites

 

73,463

 

 

 

72,994

 

Occupied sites

 

69,646

 

 

 

69,303

 

Occupancy %

 

94.8

%

 

 

94.9

%

Monthly base rent per site

$

753

 

 

$

717

 

 

 

 

 

RV and marina base rental income:

 

 

 

Annual

$

64.4

 

 

$

54.5

 

Seasonal

 

26.6

 

 

 

15.4

 

Transient

 

17.8

 

 

 

13.7

 

Total RV and marina base rental income

$

108.8

 

 

$

83.6

 

______________________

(1)

Excludes property management and the GAAP deferral of membership upgrade sales upfront payments and membership sales commissions, net.

(2)

MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Statements of Income on page 6. Bad debt expense is presented in Property operating, maintenance and real estate taxes in this table.

Core Income from Property Operations (1)

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

 

Quarters Ended March 31,

 

2022

 

2021

 

Change (2)

MH base rental income

$

154.4

 

 

$

146.2

 

 

5.6

%

Rental home income

 

4.0

 

 

 

4.3

 

 

(7.8

)%

RV and marina base rental income

 

96.4

 

 

 

79.4

 

 

21.4

%

Annual membership subscriptions

 

15.1

 

 

 

13.7

 

 

10.6

%

Membership upgrade sales current period, gross

 

7.1

 

 

 

10.0

 

 

(28.9

)%

Utility and other income

 

26.3

 

 

 

23.4

 

 

12.2

%

Property operating revenues

 

303.3

 

 

 

277.0

 

 

9.5

%

 

 

 

 

 

 

Utility expense

 

33.7

 

 

 

29.1

 

 

15.8

%

Payroll

 

24.6

 

 

 

22.9

 

 

7.0

%

Repair & Maintenance

 

18.8

 

 

 

15.9

 

 

18.2

%

Insurance and other (3)

 

22.0

 

 

 

19.6

 

 

12.3

%

Real estate taxes

 

17.2

 

 

 

16.2

 

 

6.0

%

Sales and marketing, gross

 

4.9

 

 

 

6.2

 

 

(20.7

)%

Property operating expenses .

 

121.2

 

 

 

109.9

 

 

10.3

%

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

$

182.1

 

 

$

167.1

 

 

9.0

%

 

 

 

 

 

 

Occupied sites (4)

 

68,933

 

 

 

68,637

 

 

 

 

 

 

 

 

 

Core manufactured home site figures and occupancy averages:

 

 

 

 

 

Total sites

 

72,455

 

 

 

71,995

 

 

 

Occupied sites

 

68,876

 

 

 

68,547

 

 

 

Occupancy % (5)

 

95.1

%

 

 

95.2

%

 

 

Monthly base rent per site

$

747

 

 

$

711

 

 

 

 

 

 

 

 

 

Core RV and marina base rental income:

 

 

 

 

 

Annual (6)

$

55.4

 

 

$

51.0

 

 

8.6

%

Seasonal

 

24.9

 

 

 

15.1

 

 

64.8

%

Transient

 

16.1

 

 

 

13.3

 

 

21.2

%

Total RV and marina base rental income

$

96.4

 

 

$

79.4

 

 

21.4

%

 

 

 

 

 

 

Core utility information:

 

 

 

 

 

Income

$

15.5

 

 

$

13.5

 

 

14.8

%

Expense

 

33.7

 

 

 

29.1

 

 

15.8

%

Expense, net

$

18.2

 

 

$

15.6

 

 

16.7

%

 

 

 

 

 

 

Utility Recovery Rate (7)

 

46.0

%

 

 

46.4

%

 

 

______________________

(1)

Excludes property management and the GAAP deferral of membership upgrades sales upfront payments and membership sales commissions, net.

(2)

Calculations prepared using actual results without rounding.

(3)

Includes bad debt expense for the periods presented.

(4)

Occupied sites are presented as of the end of the period. Occupied sites have increased by 38 from 68,895 at December 31, 2021.

(5)

The decrease in the occupancy rate is due to additional expansion sites.

(6)

Core Annual marina base rental income represents approximately 99% of the total Core marina base rental income for all periods presented.

(7)

Calculated by dividing the utility income by utility expense.

Non-Core Income from Property Operations (1)

(In millions, unaudited)

 

Quarter Ended

 

March 31, 2022

MH base rental income

$

2.9

RV and marina base rental income

 

12.4

Annual membership subscriptions

 

0.1

Utility and other income

 

3.7

Property operating revenues

 

19.1

 

 

Property operating expenses (2)

 

8.6

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

$

10.5

 

 

 

 

______________________

(1)

Excludes property management and the GAAP deferral of membership upgrade sales upfront payments and membership sales commissions, net.

(2)

Includes bad debt expense for the period presented.

Income from Rental Home Operations

(In millions, except occupied rentals, unaudited)

 

Quarters Ended March 31,

 

2022

 

2021

Manufactured homes:

 

 

 

Rental operations revenues (1)

$

11.3

 

$

12.4

Rental home operations expense (2)

 

1.4

 

 

1.2

Income from rental home operations

 

9.9

 

 

11.2

Depreciation on rental homes (3)

 

2.5

 

 

2.6

Income from rental operations, net of depreciation

$

7.4

 

$

8.6

 

 

 

 

Occupied rentals: (4)

 

 

 

New

 

2,908

 

 

3,383

Used

 

402

 

 

524

Total occupied rental sites

 

3,310

 

 

3,907

 

As of March 31, 2022

 

As of March 31, 2021

Cost basis in rental homes: (5)

Gross

 

Net of
Depreciation

 

Gross

 

Net of
Depreciation

New

$

228.8

 

$

185.9

 

$

237.6

 

$

203.2

Used

 

15.0

 

 

7.9

 

 

15.3

 

 

9.0

Total rental homes

$

243.8

 

$

193.8

 

$

252.9

 

$

212.2

______________________

(1)

For the quarters ended March 31, 2022 and 2021, approximately $7.4 million and $8.1 million, respectively, of the rental operations revenue is included in the MH base rental income in the Core Income from Property Operations on page 11. The remainder of the rental operations revenue is included in Rental home income for the quarters ended March 31, 2022 and 2021 in the Core Income from Property Operations on page 11.

(2)

Rental home operations expense is included in Property operating, maintenance and real estate taxes in the Consolidated Income from Property Operations on page 10. Rental home operations expense is included in Insurance and other in the Core Income from Property Operations on page 11.

(3)

Depreciation on rental homes in our Core portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 6.

(4)

Occupied rentals as of the end of the period in our Core portfolio. Included in the quarters ended March 31, 2022 and 2021 were 210 and 295 homes rented through ECHO Financing LLC ("ECHO joint venture"), respectively. As of March 31, 2022 and 2021, the rental home investment associated with the ECHO joint venture totaled approximately $8.2 million and $11.6 million, respectively.

(5)

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. As of March 31, 2022 and 2021, our investment in the ECHO joint venture was approximately $18.3 million and $17.5 million, respectively

Total Sites and Home Sales

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

Summary of Total Sites as of March 31, 2022

 

 

Sites (1)

MH sites

73,400

RV sites:

 

Annual

34,000

Seasonal

12,700

Transient

14,700

Marina slips

6,900

Membership (2)

25,500

Joint Ventures (3)

2,800

Total

170,000

Home Sales - Select Data

 

 

 

 

Quarters Ended March 31,

 

2022

 

2021

Total New Home Sales Volume (4)

 

261

 

 

192

New Home Sales Volume - ECHO joint venture

 

22

 

 

8

New Home Sales Gross Revenues (4)

$

25,530

 

$

14,338

 

 

 

 

Total Used Home Sales Volume

 

72

 

 

102

Used Home Sales Gross Revenues

$

998

 

$

882

 

 

 

 

Brokered Home Resales Volume

 

188

 

 

160

Brokered Home Resales Gross Revenues

$

611

 

$

433

______________________

(1)

MH sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina sites are leased to customers generally for one to six months. Transient RV and marina sites are leased to customers on a short-term basis.

(2)

Sites primarily utilized by approximately 128,100 members. Includes approximately 6,200 sites rented on an annual basis.

(3)

Joint ventures have approximately 1,800 annual Sites and 1,000 transient Sites.

(4)

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 the ECHO joint venture.

Memberships - Select Data

(Unaudited)

 

 

Years Ended December 31,

 

 

 

 

2018

 

2019

 

2020

 

2021

 

Q1 2022 (1)

Member Count (2)

 

 

111,094

 

 

115,680

 

 

116,169

 

 

125,149

 

 

128,081

Thousand Trails Camping Pass (TTC) Origination

 

 

37,528

 

 

41,484

 

 

44,129

 

 

50,523

 

 

10,956

TTC Sales

 

 

17,194

 

 

19,267

 

 

20,587

 

 

23,923

 

 

4,573

RV Dealer TTC Activations

 

 

20,334

 

 

22,217

 

 

23,542

 

 

26,600

 

 

6,383

Number of annuals (3)

 

 

5,888

 

 

5,938

 

 

5,986

 

 

6,320

 

 

6,217

Number of upgrade sales (4)

 

 

2,500

 

 

2,919

 

 

3,373

 

 

4,863

 

 

892

 

 

 

 

 

 

 

 

 

 

 

(In thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

Annual membership subscriptions

 

$

47,778

 

$

51,015

 

$

53,085

 

$

58,251

 

$

15,157

RV base rental income from annuals

 

$

18,363

 

$

19,634

 

$

20,761

 

$

23,127

 

$

6,011

RV base rental income from seasonals/transients

 

$

19,840

 

$

20,181

 

$

18,126

 

$

25,562

 

$

3,553

Membership upgrade sales current period, gross

 

$

15,191

 

$

19,111

 

$

21,739

 

$

36,270

 

$

7,151

Utility and other income

 

$

2,410

 

$

2,422

 

$

2,426

 

$

2,735

 

$

479

 

 

 

 

 

 

 

 

 

 

 

______________________

(1)

Activity through March 31, 2022.

(2)

Members have entered into annual 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 membership subscriptions.

(4)

Existing members who have upgraded memberships 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.

Market Capitalization

(In millions, except share and OP Unit data, unaudited)

Capital Structure as of March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Common
Shares/Units

 

% of Total
Common
Shares/Units

 

Total

 

% of Total

 

% of Total
Market
Capitalization

 

 

 

 

 

 

 

 

 

 

 

Secured Debt

 

 

 

 

 

$

2,624

 

82.2

%

 

 

Unsecured Debt

 

 

 

 

 

 

569

 

17.8

%

 

 

Total Debt (1)

 

 

 

 

 

$

3,193

 

100.0

%

 

17.6

%

 

 

 

 

 

 

 

 

 

 

 

Common Shares

 

 

186,006,354

 

95.2

%

 

 

 

 

 

 

OP Units

 

 

9,297,011

 

4.8

%

 

 

 

 

 

 

Total Common Shares and OP Units

 

 

195,303,365

 

100.0

%

 

 

 

 

 

 

Common Stock price at March 31, 2022

 

$

76.48

 

 

 

 

 

 

 

 

Fair Value of Common Shares and OP Units

 

 

 

 

 

$

14,937

 

100.0

%

 

 

Total Equity

 

 

 

 

 

$

14,937

 

100.0

%

 

82.4

%

 

 

 

 

 

 

 

 

 

 

 

Total Market Capitalization

 

 

 

 

 

$

18,130

 

 

 

100.0

%

______________________

(1)

Excludes deferred financing costs of approximately $29.4 million.

Debt Maturity Schedule

Debt Maturity Schedule as of March 31, 2022

(In thousands, unaudited)

Year

 

Secured
Debt

 

Weighted
Average
Interest
Rate

 

Unsecured
Debt (1)

 

Weighted
Average
Interest
Rate

 

Total Debt

 

% of Total
Debt

 

Weighted
Average
Interest
Rate

 

2022

 

$

59,053

 

 

3.90

%

 

$

 

 

%

 

$

59,053

 

 

1.89

%

 

3.90

%

 

2023

 

 

95,248

 

 

4.95

%

 

 

 

 

%

 

 

95,248

 

 

3.05

%

 

4.95

%

 

2024

 

 

10,170

 

 

5.49

%

 

 

 

 

%

 

 

10,170

 

 

0.33

%

 

5.49

%

 

2025

 

 

95,191

 

 

3.45

%

 

 

 

 

%

 

 

95,191

 

 

3.05

%

 

3.45

%

 

2026

 

 

 

 

%

 

 

300,000

 

 

1.79

%

 

 

300,000

 

 

9.60

%

 

1.79

%

 

2027

 

 

 

 

%

 

 

200,000

 

 

1.42

%

 

 

200,000

 

 

6.40

%

 

1.42

%

 

2028

 

 

210,927

 

 

4.19

%

 

 

 

 

%

 

 

210,927

 

 

6.75

%

 

4.19

%

 

2029

 

 

39,927

 

 

4.10

%

 

 

 

 

%

 

 

39,927

 

 

1.28

%

 

4.10

%

 

2030

 

 

275,385

 

 

2.69

%

 

 

 

 

%

 

 

275,385

 

 

8.81

%

 

2.69

%

 

2031

 

 

265,704

 

 

2.46

%

 

 

 

 

%

 

 

265,704

 

 

8.50

%

 

2.46

%

 

Thereafter

 

 

1,572,547

 

 

3.82

%

 

 

 

 

%

 

 

1,572,547

 

 

50.34

%

 

3.82

%

 

Total

 

$

2,624,152

 

 

3.63

%

 

$

500,000

 

 

1.65

%

 

$

3,124,152

 

 

100.0

%

 

3.32

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Line of Credit

 

 

 

 

 

 

 

69,000

 

 

 

 

 

69,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note Premiums

 

 

257

 

 

 

 

 

 

 

 

 

 

257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt

 

 

2,624,409

 

 

 

 

 

569,000

 

 

 

 

 

3,193,409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred Financing Costs

 

 

(25,580

)

 

 

 

 

(3,851

)

 

 

 

 

(29,431

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt, net

 

$

2,598,829

 

 

 

 

$

565,149

 

 

 

 

$

3,163,978

 

 

 

 

3.45

%

(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Years to Maturity

 

 

11.7

 

 

 

 

 

4.3

 

 

 

 

 

10.4

 

 

 

 

 

 

______________________

(1)

Reflects effective interest rate for the quarter ended March 31, 2022, including interest associated with the line of credit and amortization of note premiums and deferred financing costs.

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 non-refundable upfront payments from membership upgrade contracts. In accordance with GAAP, the non-refundable upfront payments and related commissions are deferred and amortized over the estimated membership upgrade contract term. Although the NAREIT definition of FFO does not address the treatment of non-refundable upfront 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 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. 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 and 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 and other miscellaneous non-comparable items from 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, membership subscriptions and upgrade sales, utility and other 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 membership upgrade sales upfront payments and membership sales 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 properties.

The following table reconciles Net income available for Common Stockholders to Income from property operations:

 

 

Quarters Ended March 31,

(amounts in thousands)

 

2022

 

2021

Net income available for Common Stockholders

 

$

82,906

 

 

$

65,240

 

Income allocated to non-controlling interests – Common OP Units

 

 

4,144

 

 

 

3,747

 

Equity in income of unconsolidated joint ventures

 

 

(171

)

 

 

(868

)

Income before equity in income of unconsolidated joint ventures

 

 

86,879

 

 

 

68,119

 

Loss on sale of real estate, net

 

 

 

 

 

59

 

Membership upgrade sales upfront payments, deferred, net

 

 

4,084

 

 

 

7,427

 

Gross revenues from home sales, brokered resales and ancillary services (1)

 

 

(39,695

)

 

 

(25,160

)

Interest income

 

 

(1,759

)

 

 

(1,767

)

Income from other investments, net

 

 

(1,904

)

 

 

(936

)

Membership sales commissions, deferred, net

 

 

(583

)

 

 

(1,499

)

Property management

 

 

17,871

 

 

 

15,380

 

Depreciation and amortization

 

 

49,394

 

 

 

45,398

 

Cost of home sales, brokered resales and ancillary services (1)

 

 

30,684

 

 

 

18,836

 

Home selling expenses and ancillary operating expenses

 

 

6,481

 

 

 

4,941

 

General and administrative

 

 

12,297

 

 

 

10,512

 

Other expenses

 

 

823

 

 

 

698

 

Early debt retirement

 

 

516

 

 

 

2,029

 

Interest and related amortization

 

 

27,464

 

 

 

26,275

 

Income from property operations, excluding deferrals and property management

 

 

192,552

 

 

 

170,312

 

Membership upgrade sales upfront payments, and membership sales commissions, deferred, net

 

 

(3,501

)

 

 

(5,928

)

Property management

 

 

(17,871

)

 

 

(15,380

)

Income from property operations

 

$

171,180

 

 

$

149,004

 

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 non-refundable upfront payments from membership upgrade contracts. In accordance with GAAP, the non-refundable upfront 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 upfront 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.

______________________

(1)

Prior period amounts have been reclassified to conform to the current period presentation.

The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:

 

 

Quarters Ended March 31,

(amounts in thousands)

 

2022

 

2021

Consolidated net income

 

$

87,050

 

 

$

68,987

 

Interest income

 

 

(1,759

)

 

 

(1,767

)

Membership upgrade sales upfront payments, deferred, net

 

 

4,084

 

 

 

7,427

 

Membership sales commissions, deferred, net

 

 

(583

)

 

 

(1,499

)

Real estate depreciation and amortization

 

 

49,394

 

 

 

45,398

 

Other depreciation and amortization

 

 

827

 

 

 

704

 

Interest and related amortization

 

 

27,464

 

 

 

26,275

 

Loss on sale of real estate, net

 

 

 

 

 

59

 

Adjustments to our share of EBITDAre of unconsolidated joint ventures

 

 

1,456

 

 

 

246

 

EBITDAre

 

 

167,933

 

 

 

145,830

 

Early debt retirement

 

 

516

 

 

 

2,029

 

Adjusted EBITDAre

 

$

168,449

 

 

$

147,859

 

CORE. The Core properties include properties we owned and operated during all of 2021 and 2022. 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 properties that were not owned and operated during all of 2021 and 2022. This includes, but is not limited to, six RV communities and eleven marinas acquired during 2021 and one membership RV community and one RV community acquired during 2022 and our Westwinds MH community and Nicholson Plaza.

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 do 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.

Продолжающиеся Высокие Показатели; Обновление руководства

ЧИКАГО - (BUSINESS WIRE) - Equity LifeStyle Properties, Inc. (NYSE: ELS) (именуемая здесь “мы”, “нас” и “наш”) сегодня объявила результаты за квартал, закончившийся 31 марта 2022 года. Все результаты в расчете на акцию отражаются на основе полного разводнения, если не указано иное.

Финансовые результаты за квартал, закончившийся 31 марта 2022 года

За квартал, закончившийся 31 марта 2022 года, общая выручка увеличилась на 56,6 миллиона долларов, или на 18,6 процента, до 360,2 миллиона долларов по сравнению с 303,6 миллиона долларов за аналогичный период 2021 года. За квартал, закончившийся 31 марта 2022 года, чистая прибыль, доступная для владельцев обыкновенных акций, увеличилась на 17,7 млн долларов, или на 0,09 доллара на одну обыкновенную акцию, до 82,9 млн долларов, или на 0,45 доллара на одну обыкновенную акцию, по сравнению с 65,2 млн долларов, или на 0,36 доллара на одну обыкновенную акцию, за аналогичный период 2021 года.

Финансовые показатели, не относящиеся к GAAP, и показатели портфеля

За квартал, закончившийся 31 марта 2022 года, Средства от операций (“FFO”), доступные держателям обыкновенных акций и операционных паев, увеличились на 20,3 миллиона долларов, или на 0,09 доллара на одну Обыкновенную акцию, до 140,9 миллиона долларов, или на 0,72 доллара на одну обыкновенную акцию, по сравнению с 120,6 миллиона долларов, или на 0,63 доллара на одну обыкновенную акцию. Доля за тот же период 2021 года.

За квартал, закончившийся 31 марта 2022 года, Нормализованные средства от операций (“Нормализованный FFO”), доступные для владельцев обыкновенных акций и операционных паев, увеличились на 18,8 млн долларов, или 0,08 доллара на одну Обыкновенную акцию, до 141,4 млн долларов, или 0,72 доллара на одну обыкновенную акцию, по сравнению с 122,6 млн долларов, или 0,64 доллара на одну обыкновенную акцию за тот же период 2021 года.

За квартал, закончившийся 31 марта 2022 года, операционные доходы от недвижимости, без учета отсрочки, увеличились на 37,2 млн долларов до 322,4 млн долларов по сравнению с 285,2 млн долларов за аналогичный период 2021 года. За квартал, закончившийся 31 марта 2022 года, доход от операций с недвижимостью, исключая отсрочки и управление имуществом, увеличился на 22,3 миллиона долларов до 192, 6 миллиона долларов по сравнению с 170,3 миллиона долларов за аналогичный период 2021 года.

За квартал, закончившийся 31 марта 2022 года, операционные доходы от основной недвижимости, за исключением отсрочки, увеличились примерно на 9,5 процента, а основной доход от операций с недвижимостью, за исключением отсрочки и управления недвижимостью, увеличился примерно на 9,0 процента по сравнению с аналогичным периодом 2021 года.

Бизнес-обновления

Страницы 1 и 2 этого Отчета о доходах и Дополнительной финансовой информации содержат обновленную информацию об операциях и руководстве на 2022 год.

Инвестиционная Деятельность

В феврале 2022 года мы завершили сделку по приобретению Blue Mesa Recreation Ranch, сообщества для отдыха на колесах (“RV”) на 385 мест, расположенного в Ганнисоне, штат Колорадо, и Pilot Knob RV Resort, сообщества на колесах на 247 мест, расположенного в Винтерхейвене, Калифорния, за совокупную цену покупки в 15,9 миллионов долларов.

Балансовая деятельность

24 февраля 2022 года мы решили продлить нашу текущую программу размещения акций “на рынке” (“ATM”), заключив новые отдельные соглашения о распределении акций, в соответствии с которыми мы можем время от времени продавать акции наших обыкновенных акций, совокупная цена размещения которых составляет до $500 миллионов. Новые Соглашения о распределении акций заменяют соглашения о распределении акций для нашей предыдущей программы размещения банкоматов, совокупная цена размещения которых составляла до 200 миллионов долларов.

В апреле 2022 года мы завершили сделку по рефинансированию под залог, которая принесла валовую выручку в размере 200,0 млн. долл. Кредит обеспечен одним сообществом MH, имеет фиксированную процентную ставку в размере 3,36% годовых и погашается через 12 лет. Чистая выручка от сделки была использована для погашения всех долгов, срок погашения которых запланирован на 2022 год, а также для погашения непогашенных сумм по кредитной линии. В результате у нас нет долга со сроком погашения до конца 2022 года, а 15% нашего непогашенного долга погашается в течение следующих пяти лет.

Об Equity LifeStyle Properties

Мы являемся самоуправляемым, самоуправляемым инвестиционным фондом недвижимости (“REIT”) со штаб-квартирой в Чикаго. По состоянию на 18 апреля 2022 года мы владеем или имеем долю в 446 качественных объектах недвижимости в 35 штатах и Британской Колумбии, состоящих из 169 984 объектов.

Для получения дополнительной информации, пожалуйста, свяжитесь с нашим Отделом по связям с инвесторами по телефону (800) 247-5279 или по адресу investor_relations@equitylifestyle.com .

Конференц-связь

Прямая трансляция нашей телефонной конференции с обсуждением этих результатов состоится завтра, во вторник, 19 апреля 2022 года, в 10:00 по центральному времени. Пожалуйста, посетите раздел по связям с инвесторами по адресу www.equitylifestyleproperties.com для ссылки. Повтор веб-трансляции будет доступен в течение двух недель на этом сайте.

Прогнозные заявления

В дополнение к исторической информации, этот пресс-релиз содержит определенные “прогнозные заявления” по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. При использовании такие слова, как “предвидеть”, “ожидать”, “верить”, “прогнозировать”, “намереваться”, “может быть” и “будет” и аналогичные слова или фразы или их отрицательные значения, если контекст не требует иного, предназначены для обозначения прогнозных заявлений. и может включать, помимо прочего, информацию о наших ожиданиях, целях или намерениях в отношении будущего, а также ожидаемый эффект от наших приобретений. Эти прогнозные заявления подвержены многочисленным допущениям, рискам и неопределенностям, включая, но не ограничиваясь ими:

  • наша способность контролировать затраты и конъюнктуру рынка недвижимости, наша способность удерживать клиентов, фактическое использование сайтов клиентами и наш успех в привлечении новых клиентов в наши объекты недвижимости (включая те, которые мы можем приобрести);
  • наша способность поддерживать исторические или увеличивать будущие арендные ставки и заполняемость в отношении объектов недвижимости, находящихся в собственности в настоящее время или которые мы можем приобрести;
  • наша способность привлекать и удерживать клиентов, вводящих, продлевающих и обновляющих членские подписки;
  • наши предположения о рынках аренды и продажи жилья;
  • наши предположения и рекомендации относительно темпов роста и чистой прибыли на 2022 год, данных по FFO и нормализованным данным FFO на акцию;
  • наша способность управлять рисками контрагентов;
  • наша способность продлевать наши страховые полисы по существующим тарифам и на постоянных условиях;
  • на результаты продаж жилья может повлиять способность потенциальных покупателей жилья продавать свои существующие дома, а также волатильность финансовых, кредитных рынков и рынков капитала;
  • на результаты продаж и заселения домов по-прежнему будут влиять местные экономические условия, в том числе достаточное предложение домов по разумным ценам, отсутствие доступного финансирования строительства жилья и конкуренция со стороны альтернативных вариантов жилья, включая жилье для одной семьи, построенное на месте;
  • влияние государственного вмешательства на стабилизацию жилищного строительства на одну семью, построенного на месте, а не на производстве;
  • эффективная интеграция недавних приобретений и наши оценки относительно будущих результатов недавних приобретений;
  • завершение будущих транзакций в полном объеме, если таковые имеются, а также сроки и эффективная интеграция в отношении них;
  • непредвиденные расходы или непредвиденные обязательства, связанные с недавними приобретениями;
  • наша способность получить финансирование или рефинансировать существующий долг на выгодных условиях или вообще;
  • влияние инфляции и процентных ставок;
  • последствия любого нарушения наших или любых систем управления данными наших поставщиков;
  • разводняющие последствия выпуска дополнительных ценных бумаг;
  • результаты ожидающих рассмотрения или будущих судебных исков или действий, возбужденных нами или против нас, включая те, которые раскрыты в наших заявках в Комиссию по ценным бумагам и биржам; и
  • другие риски, время от времени указываемые в наших заявках в Комиссию по ценным бумагам и биржам.

В нашем руководстве признается существование нестабильных экономических условий, которые могут повлиять на наши текущие допущения в отношении руководства. Факторы, влияющие на руководство на 2022 год, включают, но не ограничиваются следующим: (i) сочетание использования участков в портфеле; (ii) управление доходностью на наших краткосрочных курортах и пристанях для яхт; (iii) запланированное или осуществленное повышение ставок на участках сообщества, курортов и пристаней для яхт; (iv) запланированное или осуществленное повышение ставок ежегодных платежей по членским подпискам; (v) изменения в заполняемости; (vi) наша способность привлекать и удерживать клиентов-членов; (vii) изменение потребительского спроса в отношении поездок и мест отдыха на природе; (viii) наша способность управлять расходами в условиях инфляции; (ix) наша способность интегрировать и управлять недавними приобретениями в соответствии с нашими оценками; (x) наша способность реализовывать возможности расширения / развития в условиях задержек / нехватки в цепочке поставок; (xi) завершение незавершенных сделок в полном объеме и по предполагаемому графику; (xii) наша способность привлекать и удерживать собственность сотрудников, особенно сезонных работников; (xiii) текущие юридические вопросы и связанные с ними сборы; и (xiv) расходы на восстановление имущества и возможные потери доходов в результате штормов или других незапланированных событий. Кроме того, эти прогнозные заявления, включая наше руководство на 2022 год, подвержены рискам, связанным с пандемией COVID-19, многие из которых неизвестны, включая продолжительность пандемии, степень неблагоприятного воздействия на здоровье населения в целом и, в частности, на наших жителей, клиентов и сотрудников, его влияние на уровень занятости и экономику, масштабы и воздействие правительственных мер реагирования, а также влияние оперативных изменений, которые мы осуществили и можем осуществить в ответ на пандемию.

Для получения дополнительной информации об этих и других факторах, которые могут повлиять на нас и заявления, содержащиеся в настоящем документе, обратитесь к нашим заявкам в Комиссию по ценным бумагам и биржам, включая раздел “Факторы риска” в нашем последнем Годовом отчете по форме 10-K и последующих квартальных отчетах по форме 10-Q.

Эти прогнозные заявления основаны на нынешних ожиданиях и убеждениях руководства относительно будущих событий. Как и в случае любого прогноза или прогноза, эти заявления по своей сути подвержены неопределенности и изменениям обстоятельств. Мы не несем никаких обязательств и прямо отказываемся от каких-либо обязательств обновлять или изменять наши прогнозные заявления, будь то в результате таких изменений, новой информации, последующих событий или иным образом.

Дополнительная Финансовая Информация

Operations Update

Мы продолжили наши высокие показатели в 2022 году, что было отмечено этими ключевыми операционными и финансовыми достижениями:

  • Нормализованный FFO на одну обыкновенную акцию на полностью разводненной основе составил 0,72 доллара США за квартал, закончившийся 31 марта 2022 года, что на 14% выше, чем за квартал, закончившийся 31 марта 2021 года.
  • Основной портфель обеспечил рост доходов от операций с недвижимостью на 9,0%, исключая отсрочки и управление недвижимостью, за квартал, закончившийся 31 марта 2022 года, по сравнению с кварталом, закончившимся 31 марта 2021 года.
  • Заполняемость MH в нашем Основном портфеле увеличилась на 296 объектов по состоянию на 31 марта 2022 года по сравнению с 31 марта 2021 года.
  • Число домовладельцев промышленного производства в нашем Основном портфеле увеличилось на 191 до 65 623 по состоянию на 31 марта 2022 года по сравнению с 65 432 по состоянию на 31 декабря 2021 года.
  • Доход от аренды RV, marina и MH в нашем Основном портфеле увеличился на 21,4% и 5,6% соответственно за квартал, закончившийся 31 марта 2022 года, по сравнению с кварталом, закончившимся 31 марта 2021 года.
  • Годовой прирост ставок RV и MH в нашем Основном портфеле составил 5,5% и 5,1% соответственно за квартал, закончившийся 31 марта 2022 года, по сравнению с кварталом, закончившимся 31 марта 2021 года.
  • Продажи новых домов составили 261 за квартал, закончившийся 31 марта 2022 года, по сравнению со 192 за квартал, закончившийся 31 марта 2021 года, увеличившись на 35,9%.

2022 Guidance (1)

($ in millions except per share)

 

 

Second Quarter

 

Full Year

Net Income/share

 

$0.31 to $0.37

 

$1.61 to $1.71

FFO/share

 

$0.58 to $0.64

 

$2.67 to $2.77

Normalized FFO/share

 

$0.59 to $0.65

 

$2.68 to $2.78

 

 

 

 

 

Core Portfolio:

 

 

 

 

MH rate growth

 

5.1% to 5.3%

 

5.1% to 5.3%

RV Annual rate growth

 

6.3% to 6.5%

 

5.9% to 6.1%

Combined RV Seasonal and Transient base rental income growth

 

3.5% to 4.5%

 

13.5% to 14.5%

Property operating revenue growth rate

 

4.2% to 4.8%

 

5.5% to 6.5%

Property operating expense growth rate

 

6.1% to 6.7%

 

4.3% to 5.3%

Income from property operations, excluding deferrals and property management growth rate(2) (3)

 

2.7% to 3.3%

 

6.3% to 7.3%

______________________

(1)

Second quarter and full year 2022 guidance ranges represent a range of possible outcomes and the midpoint reflects management's estimate of the most likely outcome. Actual growth rates and per share amounts could vary materially from growth rates and per share amounts presented above if any of our assumptions, including occupancy and rate changes, our ability to manage expenses in an inflationary environment, our ability to integrate and operate recent acquisitions and costs to restore property operations and potential revenue losses following storms or other unplanned events, is incorrect. See Forward-Looking Statements in this release for additional factors impacting our 2022 guidance assumptions.

(2)

The expected contribution of our second quarter Core Income from property operations, excluding deferrals and property management is within a range of 23% to 24% of our expected full year Core Income from property operations, excluding deferrals and property management.

(3)

As disclosed in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, Utility and other income in our Core portfolio for the second quarter of 2021 included insurance recovery revenue of $2.4 million related to Hurricane Hanna.

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

UBS

 

Wes Golladay

Michael Goldsmith

 

 

 

 

 

 

 

 

 

 

______________________

(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.

Financial Highlights

(In millions, except Common Shares and OP Units outstanding and per share data, unaudited)

 

As of and for the Three Months Ended

 

Mar 31,
2022

Dec 31,
2021

Sept 30,
2021

Jun 30,
2021

Mar 31,
2021

Operating Information

 

 

 

 

 

Total revenues

$

360.2

 

$

335.3

 

$

347.2

 

$

330.0

 

$

303.6

 

Net income

$

87.1

 

$

68.8

 

$

74.1

 

$

64.1

 

$

69.0

 

Net income available for Common Stockholders

$

82.9

 

$

65.5

 

$

70.6

 

$

61.1

 

$

65.2

 

Adjusted EBITDAre (1)

$

168.4

 

$

150.7

 

$

150.8

 

$

144.6

 

$

147.9

 

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

$

140.9

 

$

123.0

 

$

124.5

 

$

117.6

 

$

120.6

 

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

$

141.4

 

$

123.6

 

$

124.5

 

$

118.3

 

$

122.6

 

Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders (1)(2)

$

125.1

 

$

102.3

 

$

106.1

 

$

99.0

 

$

111.0

 

 

 

 

 

 

 

Common Shares and OP Units Outstanding (In thousands) and Per Share Data

 

 

 

 

 

Common Shares and OP Units, end of the period

 

195,303

 

 

194,946

 

 

192,852

 

 

192,847

 

 

192,779

 

Weighted average Common Shares and OP Units outstanding - Fully Diluted

 

195,246

 

 

193,412

 

 

192,736

 

 

192,701

 

 

192,685

 

Net income per Common Share - Fully Diluted (3)

$

0.45

 

$

0.36

 

$

0.38

 

$

0.33

 

$

0.36

 

FFO per Common Share and OP Unit - Fully Diluted

$

0.72

 

$

0.64

 

$

0.65

 

$

0.61

 

$

0.63

 

Normalized FFO per Common Share and OP Unit - Fully Diluted

$

0.72

 

$

0.64

 

$

0.65

 

$

0.61

 

$

0.64

 

Dividends per Common Share

$

0.4100

 

$

0.3625

 

$

0.3625

 

$

0.3625

 

$

0.3625

 

 

 

 

 

 

 

Balance Sheet

 

 

 

 

 

Total assets

$

5,265

 

$

5,308

 

$

4,982

 

$

4,824

 

$

4,786

 

Total liabilities

$

3,734

 

$

3,822

 

$

3,673

 

$

3,522

 

$

3,481

 

 

 

 

 

 

 

Market Capitalization

 

 

 

 

 

Total debt (4)

$

3,193

 

$

3,303

 

$

3,154

 

$

3,010

 

$

3,012

 

Total market capitalization (5)

$

18,130

 

$

20,392

 

$

18,216

 

$

17,340

 

$

15,280

 

 

 

 

 

 

 

Ratios

 

 

 

 

 

Total debt / total market capitalization

 

17.6

%

 

16.2

%

 

17.3

%

 

17.4

%

 

19.7

%

Total debt / Adjusted EBITDAre (6)

 

5.2

 

 

5.6

 

 

5.5

 

 

5.4

 

 

5.7

 

Interest coverage (7)

 

5.7

 

 

5.5

 

 

5.5

 

 

5.4

 

 

5.2

 

Fixed charges(8)

 

5.6

 

 

5.5

 

 

5.4

 

 

5.3

 

 

5.1

 

______________________

(1)

See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the supplemental financial information for definitions of Adjusted EBITDAre, FFO, Normalized FFO and FAD and a reconciliation of Consolidated net income to Adjusted EBITDAre.

(2)

See page 9 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 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 $29.4 million as of March 31, 2022.

(5)

See page 16 for the calculation of market capitalization as of March 31, 2022.

(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 Reconciliations at the end of the supplemental financial 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, if any, during the same period.

Consolidated Balance Sheets

(In thousands, except share and per share data)

 

March 31, 2022

 

December 31, 2021

 

(unaudited)

 

 

Assets

 

 

 

Investment in real estate:

 

 

 

Land

$

2,025,609

 

 

$

2,019,787

 

Land improvements

 

3,962,367

 

 

 

3,912,062

 

Buildings and other depreciable property

 

1,083,942

 

 

 

1,057,215

 

 

 

7,071,918

 

 

 

6,989,064

 

Accumulated depreciation

 

(2,150,238

)

 

 

(2,103,774

)

Net investment in real estate

 

4,921,680

 

 

 

4,885,290

 

Cash and restricted cash

 

38,120

 

 

 

123,398

 

Notes receivable, net

 

40,542

 

 

 

39,955

 

Investment in unconsolidated joint ventures

 

79,688

 

 

 

70,312

 

Deferred commission expense

 

47,859

 

 

 

47,349

 

Other assets, net

 

136,916

 

 

 

141,567

 

Total Assets

$

5,264,805

 

 

$

5,307,871

 

 

 

 

 

Liabilities and Equity

 

 

 

Liabilities:

 

 

 

Mortgage notes payable, net

$

2,598,830

 

 

$

2,627,783

 

Term loan, net

 

496,148

 

 

 

297,436

 

Unsecured line of credit

 

69,000

 

 

 

349,000

 

Accounts payable and other liabilities

 

166,435

 

 

 

172,285

 

Deferred membership revenue

 

182,181

 

 

 

176,439

 

Accrued interest payable

 

9,175

 

 

 

9,293

 

Rents and other customer payments received in advance and security deposits

 

132,412

 

 

 

118,696

 

Distributions payable

 

80,287

 

 

 

70,768

 

Total Liabilities

 

3,734,468

 

 

 

3,821,700

 

Equity:

 

 

 

Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2022 and December 31, 2021; none issued and outstanding.

 

 

 

 

 

Common stock, $0.01 par value, 600,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 186,006,354 and 185,640,379 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.

 

1,916

 

 

 

1,913

 

Paid-in capital

 

1,619,164

 

 

 

1,593,362

 

Distributions in excess of accumulated earnings

 

(177,158

)

 

 

(183,689

)

Accumulated other comprehensive income

 

13,448

 

 

 

3,524

 

Total Stockholders’ Equity

 

1,457,370

 

 

 

1,415,110

 

Non-controlling interests – Common OP Units

 

72,967

 

 

 

71,061

 

Total Equity

 

1,530,337

 

 

 

1,486,171

 

Total Liabilities and Equity

$

5,264,805

 

 

$

5,307,871

 

Consolidated Statements of Income

(In thousands, unaudited)

 

Quarters Ended March 31,

 

2022

 

2021

Revenues:

 

 

 

Rental income

$

285,065

 

 

$

249,022

 

Annual membership subscriptions

 

15,157

 

 

 

13,654

 

Membership upgrade sales current period, gross

 

7,151

 

 

 

10,014

 

Membership upgrade sales upfront payments, deferred, net

 

(4,084

)

 

 

(7,427

)

Other income

 

13,542

 

 

 

10,521

 

Gross revenues from home sales, brokered resales and ancillary services (1)

 

39,695

 

 

 

25,160

 

Interest income

 

1,759

 

 

 

1,767

 

Income from other investments, net

 

1,904

 

 

 

936

 

Total revenues

 

360,189

 

 

 

303,647

 

 

 

 

 

Expenses:

 

 

 

Property operating and maintenance

 

103,992

 

 

 

88,873

 

Real estate taxes

 

19,457

 

 

 

17,850

 

Sales and marketing, gross

 

4,914

 

 

 

6,176

 

Membership sales commissions, deferred, net

 

(583

)

 

 

(1,499

)

Property management

 

17,871

 

 

 

15,380

 

Depreciation and amortization

 

49,394

 

 

 

45,398

 

Cost of home sales, brokered resales and ancillary services (1)

 

30,684

 

 

 

18,836

 

Home selling expenses and ancillary operating expenses (1)

 

6,481

 

 

 

4,941

 

General and administrative

 

12,297

 

 

 

10,512

 

Other expenses

 

823

 

 

 

698

 

Early debt retirement

 

516

 

 

 

2,029

 

Interest and related amortization

 

27,464

 

 

 

26,275

 

Total expenses

 

273,310

 

 

 

235,469

 

Loss on sale of real estate, net

 

 

 

 

(59

)

Income before equity in income of unconsolidated joint ventures

 

86,879

 

 

 

68,119

 

Equity in income of unconsolidated joint ventures

 

171

 

 

 

868

 

Consolidated net income

 

87,050

 

 

 

68,987

 

 

 

 

 

Income allocated to non-controlling interests – Common OP Units

 

(4,144

)

 

 

(3,747

)

Net income available for Common Stockholders

$

82,906

 

 

$

65,240

 

______________________

(1)

Prior period amounts have been reclassified to conform to the current period presentation.

Финансовые показатели, Не относящиеся к ОПБУ

Этот документ содержит некоторые показатели, не относящиеся к GAAP, используемые руководством, которые, по нашему мнению, полезны для понимания нашего бизнеса. Мы считаем, что инвесторам следует рассмотреть эти показатели, не относящиеся к GAAP, наряду с чистой прибылью по GAAP и денежными потоками от операционной деятельности, инвестиционной деятельности и финансовой деятельности при оценке операционных показателей акционерного капитала REIT. Наши определения и расчеты этих финансовых и операционных показателей, не относящихся к GAAP, и других терминов могут отличаться от определений и методологий, используемых другими REIT, и, соответственно, могут быть несопоставимыми. Эти финансовые и операционные показатели, не относящиеся к GAAP, не отражают денежные средства, полученные от операционной деятельности в соответствии с GAAP, а также не представляют денежные средства, доступные для распределения выплат, и не должны рассматриваться в качестве альтернативы чистой прибыли, определенной в соответствии с GAAP, как показатель наших финансовых результатов или денежных потоков от операционной деятельности, определенные в соответствии с GAAP, в качестве показателя нашей ликвидности, и они также не указывают на наличие средств для финансирования наших потребностей в денежных средствах, включая нашу способность распределять денежные средства. Для получения определений и сверки показателей, не относящихся к GAAP, с нашей финансовой отчетностью, подготовленной в соответствии с GAAP, обратитесь как к Сверке чистой прибыли с Финансовыми показателями, не относящимися к GAAP, на странице 9, так и к Определениям и сверкам финансовых показателей, не относящихся к GAAP, на страницах 18-20.

Selected Non-GAAP Financial Measures

(In millions, except per share data, unaudited)

 

Quarter Ended

 

March 31, 2022

Income from property operations, excluding deferrals and property management - 2021 Core (1)

$

182.1

 

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

 

10.5

 

Property management and general and administrative

 

(30.2

)

Other income and expenses

 

6.5

 

Interest and related amortization

 

(27.5

)

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

$

141.4

 

Early debt retirement

 

(0.5

)

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

$

140.9

 

 

 

FFO per Common Share and OP Unit - Fully Diluted

$

0.72

 

Normalized FFO per Common Share and OP Unit - Fully Diluted

$

0.72

 

 

 

 

 

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

$

141.4

 

Non-revenue producing improvements to real estate

 

(16.3

)

FAD for Common Stock and OP Unit holders (2)

$

125.1

 

 

 

Weighted average Common Shares and OP Units - Fully Diluted

 

195.2

 

______________________

(1)

See page 11 for details of the Core Income from Property Operations, excluding deferrals and property management. See page 12 for details of the Non-Core Income from Property Operations, excluding deferrals and property management.

(2)

See page 9 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 for Common Stock and OP Unit holders.

Reconciliation of Net Income to Non-GAAP Financial Measures

(In thousands, except per share data, unaudited)

 

 

Quarters Ended March 31,

 

 

2022

 

2021

Net income available for Common Stockholders

 

$

82,906

 

 

$

65,240

 

Income allocated to non-controlling interests – Common OP Units

 

 

4,144

 

 

 

3,747

 

Membership upgrade sales upfront payments, deferred, net

 

 

4,084

 

 

 

7,427

 

Membership sales commissions, deferred, net

 

 

(583

)

 

 

(1,499

)

Depreciation and amortization

 

 

49,394

 

 

 

45,398

 

Depreciation on unconsolidated joint ventures

 

 

941

 

 

 

183

 

Loss on sale of real estate, net

 

 

 

 

 

59

 

FFO available for Common Stock and OP Unit holders

 

 

140,886

 

 

 

120,555

 

Early debt retirement

 

 

516

 

 

 

2,029

 

Normalized FFO available for Common Stock and OP Unit holders

 

 

141,402

 

 

 

122,584

 

Non-revenue producing improvements to real estate

 

 

(16,337

)

 

 

(11,584

)

FAD for Common Stock and OP Unit holders

 

$

125,065

 

 

$

111,000

 

 

 

 

 

 

Net income available per Common Share - Basic

 

$

0.45

 

 

$

0.36

 

Net income available per Common Share - Fully Diluted (1)

 

$

0.45

 

 

$

0.36

 

 

 

 

 

 

FFO per Common Share and OP Unit - Basic

 

$

0.72

 

 

$

0.63

 

FFO per Common Share and OP Unit - Fully Diluted

 

$

0.72

 

 

$

0.63

 

 

 

 

 

 

Normalized FFO per Common Share and OP Unit - Basic

 

$

0.73

 

 

$

0.64

 

Normalized FFO per Common Share and OP Unit - Fully Diluted

 

$

0.72

 

 

$

0.64

 

 

 

 

 

 

Weighted average Common Shares outstanding - Basic

 

 

185,690

 

 

 

181,945

 

Weighted average Common Shares and OP Units outstanding - Basic

 

 

194,991

 

 

 

192,418

 

Weighted average Common Shares and OP Units outstanding - Fully Diluted

 

 

195,246

 

 

 

192,685

 

______________________

(1)

Net income per fully diluted Common Share is calculated before Income allocated to non-controlling interest - Common OP Units.

Consolidated Income from Property Operations (1)

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

 

Quarters Ended March 31,

 

2022

 

2021

MH base rental income (2)

$

157.3

 

 

$

149.0

 

Rental home income (2)

 

4.0

 

 

 

4.3

 

RV and marina base rental income (2)

 

108.8

 

 

 

83.6

 

Annual membership subscriptions

 

15.2

 

 

 

13.6

 

Membership upgrade sales current period, gross

 

7.2

 

 

 

10.0

 

Utility and other income (2)

 

29.9

 

 

 

24.7

 

Property operating revenues

 

322.4

 

 

 

285.2

 

 

 

 

 

Property operating, maintenance and real estate taxes (2)

 

124.9

 

 

 

108.7

 

Sales and marketing, gross

 

4.9

 

 

 

6.2

 

Property operating expenses

 

129.8

 

 

 

114.9

 

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

$

192.6

 

 

$

170.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufactured home site figures and occupancy averages:

 

 

 

Total sites

 

73,463

 

 

 

72,994

 

Occupied sites

 

69,646

 

 

 

69,303

 

Occupancy %

 

94.8

%

 

 

94.9

%

Monthly base rent per site

$

753

 

 

$

717

 

 

 

 

 

RV and marina base rental income:

 

 

 

Annual

$

64.4

 

 

$

54.5

 

Seasonal

 

26.6

 

 

 

15.4

 

Transient

 

17.8

 

 

 

13.7

 

Total RV and marina base rental income

$

108.8

 

 

$

83.6

 

______________________

(1)

Excludes property management and the GAAP deferral of membership upgrade sales upfront payments and membership sales commissions, net.

(2)

MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Statements of Income on page 6. Bad debt expense is presented in Property operating, maintenance and real estate taxes in this table.

Core Income from Property Operations (1)

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

 

Quarters Ended March 31,

 

2022

 

2021

 

Change (2)

MH base rental income

$

154.4

 

 

$

146.2

 

 

5.6

%

Rental home income

 

4.0

 

 

 

4.3

 

 

(7.8

)%

RV and marina base rental income

 

96.4

 

 

 

79.4

 

 

21.4

%

Annual membership subscriptions

 

15.1

 

 

 

13.7

 

 

10.6

%

Membership upgrade sales current period, gross

 

7.1

 

 

 

10.0

 

 

(28.9

)%

Utility and other income

 

26.3

 

 

 

23.4

 

 

12.2

%

Property operating revenues

 

303.3

 

 

 

277.0

 

 

9.5

%

 

 

 

 

 

 

Utility expense

 

33.7

 

 

 

29.1

 

 

15.8

%

Payroll

 

24.6

 

 

 

22.9

 

 

7.0

%

Repair & Maintenance

 

18.8

 

 

 

15.9

 

 

18.2

%

Insurance and other (3)

 

22.0

 

 

 

19.6

 

 

12.3

%

Real estate taxes

 

17.2

 

 

 

16.2

 

 

6.0

%

Sales and marketing, gross

 

4.9

 

 

 

6.2

 

 

(20.7

)%

Property operating expenses .

 

121.2

 

 

 

109.9

 

 

10.3

%

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

$

182.1

 

 

$

167.1

 

 

9.0

%

 

 

 

 

 

 

Occupied sites (4)

 

68,933

 

 

 

68,637

 

 

 

 

 

 

 

 

 

Core manufactured home site figures and occupancy averages:

 

 

 

 

 

Total sites

 

72,455

 

 

 

71,995

 

 

 

Occupied sites

 

68,876

 

 

 

68,547

 

 

 

Occupancy % (5)

 

95.1

%

 

 

95.2

%

 

 

Monthly base rent per site

$

747

 

 

$

711

 

 

 

 

 

 

 

 

 

Core RV and marina base rental income:

 

 

 

 

 

Annual (6)

$

55.4

 

 

$

51.0

 

 

8.6

%

Seasonal

 

24.9

 

 

 

15.1

 

 

64.8

%

Transient

 

16.1

 

 

 

13.3

 

 

21.2

%

Total RV and marina base rental income

$

96.4

 

 

$

79.4

 

 

21.4

%

 

 

 

 

 

 

Core utility information:

 

 

 

 

 

Income

$

15.5

 

 

$

13.5

 

 

14.8

%

Expense

 

33.7

 

 

 

29.1

 

 

15.8

%

Expense, net

$

18.2

 

 

$

15.6

 

 

16.7

%

 

 

 

 

 

 

Utility Recovery Rate (7)

 

46.0

%

 

 

46.4

%

 

 

______________________

(1)

Excludes property management and the GAAP deferral of membership upgrades sales upfront payments and membership sales commissions, net.

(2)

Calculations prepared using actual results without rounding.

(3)

Includes bad debt expense for the periods presented.

(4)

Occupied sites are presented as of the end of the period. Occupied sites have increased by 38 from 68,895 at December 31, 2021.

(5)

The decrease in the occupancy rate is due to additional expansion sites.

(6)

Core Annual marina base rental income represents approximately 99% of the total Core marina base rental income for all periods presented.

(7)

Calculated by dividing the utility income by utility expense.

Non-Core Income from Property Operations (1)

(In millions, unaudited)

 

Quarter Ended

 

March 31, 2022

MH base rental income

$

2.9

RV and marina base rental income

 

12.4

Annual membership subscriptions

 

0.1

Utility and other income

 

3.7

Property operating revenues

 

19.1

 

 

Property operating expenses (2)

 

8.6

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

$

10.5

 

 

 

 

______________________

(1)

Excludes property management and the GAAP deferral of membership upgrade sales upfront payments and membership sales commissions, net.

(2)

Includes bad debt expense for the period presented.

Income from Rental Home Operations

(In millions, except occupied rentals, unaudited)

 

Quarters Ended March 31,

 

2022

 

2021

Manufactured homes:

 

 

 

Rental operations revenues (1)

$

11.3

 

$

12.4

Rental home operations expense (2)

 

1.4

 

 

1.2

Income from rental home operations

 

9.9

 

 

11.2

Depreciation on rental homes (3)

 

2.5

 

 

2.6

Income from rental operations, net of depreciation

$

7.4

 

$

8.6

 

 

 

 

Occupied rentals: (4)

 

 

 

New

 

2,908

 

 

3,383

Used

 

402

 

 

524

Total occupied rental sites

 

3,310

 

 

3,907

 

As of March 31, 2022

 

As of March 31, 2021

Cost basis in rental homes: (5)

Gross

 

Net of
Depreciation

 

Gross

 

Net of
Depreciation

New

$

228.8

 

$

185.9

 

$

237.6

 

$

203.2

Used

 

15.0

 

 

7.9

 

 

15.3

 

 

9.0

Total rental homes

$

243.8

 

$

193.8

 

$

252.9

 

$

212.2

______________________

(1)

For the quarters ended March 31, 2022 and 2021, approximately $7.4 million and $8.1 million, respectively, of the rental operations revenue is included in the MH base rental income in the Core Income from Property Operations on page 11. The remainder of the rental operations revenue is included in Rental home income for the quarters ended March 31, 2022 and 2021 in the Core Income from Property Operations on page 11.

(2)

Rental home operations expense is included in Property operating, maintenance and real estate taxes in the Consolidated Income from Property Operations on page 10. Rental home operations expense is included in Insurance and other in the Core Income from Property Operations on page 11.

(3)

Depreciation on rental homes in our Core portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 6.

(4)

Occupied rentals as of the end of the period in our Core portfolio. Included in the quarters ended March 31, 2022 and 2021 were 210 and 295 homes rented through ECHO Financing LLC ("ECHO joint venture"), respectively. As of March 31, 2022 and 2021, the rental home investment associated with the ECHO joint venture totaled approximately $8.2 million and $11.6 million, respectively.

(5)

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. As of March 31, 2022 and 2021, our investment in the ECHO joint venture was approximately $18.3 million and $17.5 million, respectively

Total Sites and Home Sales

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

Summary of Total Sites as of March 31, 2022

 

 

Sites (1)

MH sites

73,400

RV sites:

 

Annual

34,000

Seasonal

12,700

Transient

14,700

Marina slips

6,900

Membership (2)

25,500

Joint Ventures (3)

2,800

Total

170,000

Home Sales - Select Data

 

 

 

 

Quarters Ended March 31,

 

2022

 

2021

Total New Home Sales Volume (4)

 

261

 

 

192

New Home Sales Volume - ECHO joint venture

 

22

 

 

8

New Home Sales Gross Revenues (4)

$

25,530

 

$

14,338

 

 

 

 

Total Used Home Sales Volume

 

72

 

 

102

Used Home Sales Gross Revenues

$

998

 

$

882

 

 

 

 

Brokered Home Resales Volume

 

188

 

 

160

Brokered Home Resales Gross Revenues

$

611

 

$

433

______________________

(1)

MH sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina sites are leased to customers generally for one to six months. Transient RV and marina sites are leased to customers on a short-term basis.

(2)

Sites primarily utilized by approximately 128,100 members. Includes approximately 6,200 sites rented on an annual basis.

(3)

Joint ventures have approximately 1,800 annual Sites and 1,000 transient Sites.

(4)

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 the ECHO joint venture.

Memberships - Select Data

(Unaudited)

 

 

Years Ended December 31,

 

 

 

 

2018

 

2019

 

2020

 

2021

 

Q1 2022 (1)

Member Count (2)

 

 

111,094

 

 

115,680

 

 

116,169

 

 

125,149

 

 

128,081

Thousand Trails Camping Pass (TTC) Origination

 

 

37,528

 

 

41,484

 

 

44,129

 

 

50,523

 

 

10,956

TTC Sales

 

 

17,194

 

 

19,267

 

 

20,587

 

 

23,923

 

 

4,573

RV Dealer TTC Activations

 

 

20,334

 

 

22,217

 

 

23,542

 

 

26,600

 

 

6,383

Number of annuals (3)

 

 

5,888

 

 

5,938

 

 

5,986

 

 

6,320

 

 

6,217

Number of upgrade sales (4)

 

 

2,500

 

 

2,919

 

 

3,373

 

 

4,863

 

 

892

 

 

 

 

 

 

 

 

 

 

 

(In thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

Annual membership subscriptions

 

$

47,778

 

$

51,015

 

$

53,085

 

$

58,251

 

$

15,157

RV base rental income from annuals

 

$

18,363

 

$

19,634

 

$

20,761

 

$

23,127

 

$

6,011

RV base rental income from seasonals/transients

 

$

19,840

 

$

20,181

 

$

18,126

 

$

25,562

 

$

3,553

Membership upgrade sales current period, gross

 

$

15,191

 

$

19,111

 

$

21,739

 

$

36,270

 

$

7,151

Utility and other income

 

$

2,410

 

$

2,422

 

$

2,426

 

$

2,735

 

$

479

 

 

 

 

 

 

 

 

 

 

 

______________________

(1)

Activity through March 31, 2022.

(2)

Members have entered into annual 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 membership subscriptions.

(4)

Existing members who have upgraded memberships 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.

Market Capitalization

(In millions, except share and OP Unit data, unaudited)

Capital Structure as of March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Common
Shares/Units

 

% of Total
Common
Shares/Units

 

Total

 

% of Total

 

% of Total
Market
Capitalization

 

 

 

 

 

 

 

 

 

 

 

Secured Debt

 

 

 

 

 

$

2,624

 

82.2

%

 

 

Unsecured Debt

 

 

 

 

 

 

569

 

17.8

%

 

 

Total Debt (1)

 

 

 

 

 

$

3,193

 

100.0

%

 

17.6

%

 

 

 

 

 

 

 

 

 

 

 

Common Shares

 

 

186,006,354

 

95.2

%

 

 

 

 

 

 

OP Units

 

 

9,297,011

 

4.8

%

 

 

 

 

 

 

Total Common Shares and OP Units

 

 

195,303,365

 

100.0

%

 

 

 

 

 

 

Common Stock price at March 31, 2022

 

$

76.48

 

 

 

 

 

 

 

 

Fair Value of Common Shares and OP Units

 

 

 

 

 

$

14,937

 

100.0

%

 

 

Total Equity

 

 

 

 

 

$

14,937

 

100.0

%

 

82.4

%

 

 

 

 

 

 

 

 

 

 

 

Total Market Capitalization

 

 

 

 

 

$

18,130

 

 

 

100.0

%

______________________

(1)

Excludes deferred financing costs of approximately $29.4 million.

Debt Maturity Schedule

Debt Maturity Schedule as of March 31, 2022

(In thousands, unaudited)

Year

 

Secured
Debt

 

Weighted
Average
Interest
Rate

 

Unsecured
Debt (1)

 

Weighted
Average
Interest
Rate

 

Total Debt

 

% of Total
Debt

 

Weighted
Average
Interest
Rate

 

2022

 

$

59,053

 

 

3.90

%

 

$

 

 

%

 

$

59,053

 

 

1.89

%

 

3.90

%

 

2023

 

 

95,248

 

 

4.95

%

 

 

 

 

%

 

 

95,248

 

 

3.05

%

 

4.95

%

 

2024

 

 

10,170

 

 

5.49

%

 

 

 

 

%

 

 

10,170

 

 

0.33

%

 

5.49

%

 

2025

 

 

95,191

 

 

3.45

%

 

 

 

 

%

 

 

95,191

 

 

3.05

%

 

3.45

%

 

2026

 

 

 

 

%

 

 

300,000

 

 

1.79

%

 

 

300,000

 

 

9.60

%

 

1.79

%

 

2027

 

 

 

 

%

 

 

200,000

 

 

1.42

%

 

 

200,000

 

 

6.40

%

 

1.42

%

 

2028

 

 

210,927

 

 

4.19

%

 

 

 

 

%

 

 

210,927

 

 

6.75

%

 

4.19

%

 

2029

 

 

39,927

 

 

4.10

%

 

 

 

 

%

 

 

39,927

 

 

1.28

%

 

4.10

%

 

2030

 

 

275,385

 

 

2.69

%

 

 

 

 

%

 

 

275,385

 

 

8.81

%

 

2.69

%

 

2031

 

 

265,704

 

 

2.46

%

 

 

 

 

%

 

 

265,704

 

 

8.50

%

 

2.46

%

 

Thereafter

 

 

1,572,547

 

 

3.82

%

 

 

 

 

%

 

 

1,572,547

 

 

50.34

%

 

3.82

%

 

Total

 

$

2,624,152

 

 

3.63

%

 

$

500,000

 

 

1.65

%

 

$

3,124,152

 

 

100.0

%

 

3.32

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Line of Credit

 

 

 

 

 

 

 

69,000

 

 

 

 

 

69,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note Premiums

 

 

257

 

 

 

 

 

 

 

 

 

 

257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt

 

 

2,624,409

 

 

 

 

 

569,000

 

 

 

 

 

3,193,409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred Financing Costs

 

 

(25,580

)

 

 

 

 

(3,851

)

 

 

 

 

(29,431

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt, net

 

$

2,598,829

 

 

 

 

$

565,149

 

 

 

 

$

3,163,978

 

 

 

 

3.45

%

(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Years to Maturity

 

 

11.7

 

 

 

 

 

4.3

 

 

 

 

 

10.4

 

 

 

 

 

 

______________________

(1)

Reflects effective interest rate for the quarter ended March 31, 2022, including interest associated with the line of credit and amortization of note premiums and deferred financing costs.

Non-GAAP Financial Measures Definitions and Reconciliations

СРЕДСТВА ОТ ОПЕРАЦИЙ (FFO). Мы определяем FFO как чистую прибыль, рассчитанную в соответствии с GAAP, без учета прибылей или убытков от продажи недвижимости, износа и амортизации, связанных с недвижимостью, расходов на обесценение и корректировок, отражающих нашу долю в FFO неконсолидированных совместных предприятий. Корректировки для неконсолидированных совместных предприятий рассчитываются для отражения FFO на той же основе. Мы рассчитываем FFO в соответствии с нашей интерпретацией стандартов, установленных Национальной ассоциацией Инвестиционных фондов недвижимости (“NAREIT”), которые могут быть несопоставимы с FFO, сообщаемыми другими REIT, которые не определяют термин в соответствии с текущим определением NAREIT или которые интерпретируют текущее определение NAREIT иначе, чем мы делай. Мы получаем невозвращаемые авансовые платежи по контрактам на повышение членства. В соответствии с GAAP невозвращаемые авансовые платежи и связанные с ними комиссионные откладываются и амортизируются в течение предполагаемого срока действия контракта на повышение членства. Несмотря на то, что определение FFO в NAREIT не касается учета невозвращаемых авансовых платежей, мы считаем целесообразным скорректировать влияние отсрочки при расчете FFO.

Мы считаем, что FFO, как определено Советом управляющих NAREIT, как правило, является показателем эффективности для акционерного REIT. В то время как FFO является актуальным и широко используемым показателем операционной эффективности для акционерных REIT, он не отражает денежный поток от операций или чистую прибыль, как определено GAAP, и его не следует рассматривать в качестве альтернативы этим показателям при оценке ликвидности или операционной эффективности.

НОРМАЛИЗОВАННЫЕ СРЕДСТВА ОТ ОПЕРАЦИЙ (НОРМАЛИЗОВАННЫЙ FFO). Мы определяем нормализованный финансовый результат как финансовый результат, исключающий статьи внереализационных доходов и расходов, такие как прибыли и убытки от досрочного погашения задолженности, включая штрафы за досрочное погашение и расходы на возмещение убытков, а также другие разные несопоставимые статьи. Нормализованный FFO, представленный здесь, не обязательно сопоставим с нормализованным FFO, представленным другими компаниями по недвижимости, из-за того, что не все компании по недвижимости используют одну и ту же методологию для расчета этой суммы.

СРЕДСТВА, ДОСТУПНЫЕ ДЛЯ РАСПРЕДЕЛЕНИЯ (FAD). Мы определяем FAD как нормализованный FFO за вычетом капитальных затрат, не приносящих дохода.

Мы считаем, что FFO, Нормализованный FFO и FAD полезны для инвесторов в качестве дополнительных показателей эффективности акционерного REIT. Мы считаем, что, исключая влияние прибылей или убытков от продажи недвижимости, износа и амортизации, связанных с недвижимостью, и расходов на обесценение, которые основаны на исторических затратах и могут иметь ограниченное значение при оценке текущих результатов, FFO может облегчить сравнение операционных показателей между периодами и среди других инвестиций в акционерный капитал. Мы также считаем, что Нормализованный FFO предоставляет полезную информацию инвесторам, аналитикам и нашему руководству, поскольку позволяет им сравнивать наши операционные показатели с операционными показателями других компаний по недвижимости и между периодами на постоянной основе без необходимости учитывать различия, не связанные с нашей деятельностью. Например, мы считаем, что исключение досрочного погашения долга и других несопоставимых статей из FFO позволяет инвесторам, аналитикам и нашему руководству оценить устойчивость операционных показателей в будущих периодах, поскольку эти затраты не влияют на будущую эксплуатацию объектов недвижимости. В некоторых случаях мы предоставляем информацию о выявленных неденежных компонентах FFO и нормализованных FFO, поскольку это позволяет инвесторам, аналитикам и нашему руководству оценить влияние этих статей.

ДОХОД ОТ ОПЕРАЦИЙ С НЕДВИЖИМОСТЬЮ, ИСКЛЮЧАЯ ОТСРОЧКИ И УПРАВЛЕНИЕ НЕДВИЖИМОСТЬЮ. Мы определяем доход от операций с недвижимостью, исключая отсрочки и управление недвижимостью, как доход от аренды, подписки на членство и продажи улучшений, коммунальные услуги и другие доходы за вычетом расходов на эксплуатацию и техническое обслуживание недвижимости и арендного жилья, налогов на недвижимость, расходов на продажи и маркетинг, исключая управление недвижимостью и отсрочку по GAAP от продажи улучшений членства, авансовых платежей и членства комиссионные от продаж, нетто. Для сравнения мы представляем расходы по безнадежным долгам в составе налогов на эксплуатацию, техническое обслуживание и недвижимость за текущий и предыдущие периоды. Мы считаем, что этот финансовый показатель, не относящийся к GAAP, полезен инвесторам и аналитикам в качестве показателя операционных результатов нашей недвижимости.

В следующей таблице приведена сверка чистой прибыли, доступной для владельцев обыкновенных акций, с доходом от операций с недвижимостью:

 

 

Quarters Ended March 31,

(amounts in thousands)

 

2022

 

2021

Net income available for Common Stockholders

 

$

82,906

 

 

$

65,240

 

Income allocated to non-controlling interests – Common OP Units

 

 

4,144

 

 

 

3,747

 

Equity in income of unconsolidated joint ventures

 

 

(171

)

 

 

(868

)

Income before equity in income of unconsolidated joint ventures

 

 

86,879

 

 

 

68,119

 

Loss on sale of real estate, net

 

 

 

 

 

59

 

Membership upgrade sales upfront payments, deferred, net

 

 

4,084

 

 

 

7,427

 

Gross revenues from home sales, brokered resales and ancillary services (1)

 

 

(39,695

)

 

 

(25,160

)

Interest income

 

 

(1,759

)

 

 

(1,767

)

Income from other investments, net

 

 

(1,904

)

 

 

(936

)

Membership sales commissions, deferred, net

 

 

(583

)

 

 

(1,499

)

Property management

 

 

17,871

 

 

 

15,380

 

Depreciation and amortization

 

 

49,394

 

 

 

45,398

 

Cost of home sales, brokered resales and ancillary services (1)

 

 

30,684

 

 

 

18,836

 

Home selling expenses and ancillary operating expenses

 

 

6,481

 

 

 

4,941

 

General and administrative

 

 

12,297

 

 

 

10,512

 

Other expenses

 

 

823

 

 

 

698

 

Early debt retirement

 

 

516

 

 

 

2,029

 

Interest and related amortization

 

 

27,464

 

 

 

26,275

 

Income from property operations, excluding deferrals and property management

 

 

192,552

 

 

 

170,312

 

Membership upgrade sales upfront payments, and membership sales commissions, deferred, net

 

 

(3,501

)

 

 

(5,928

)

Property management

 

 

(17,871

)

 

 

(15,380

)

Income from property operations

 

$

171,180

 

 

$

149,004

 

ПРИБЫЛЬ ДО ВЫЧЕТА ПРОЦЕНТОВ, НАЛОГОВ, ИЗНОСА И АМОРТИЗАЦИИ ПО НЕДВИЖИМОСТИ (ПОКАЗАТЕЛЬ EBITDA) И СКОРРЕКТИРОВАННЫЙ ПОКАЗАТЕЛЬ EBITDA. Мы определяем показатель EBITDA как чистую прибыль или убыток без учета процентных доходов и расходов, налогов на прибыль, износа и амортизации, прибылей или убытков от продажи имущества, расходов на обесценение и корректировок, отражающих нашу долю в показателе EBITDA неконсолидированных совместных предприятий. Мы рассчитываем показатель EBITDAre в соответствии с нашей интерпретацией стандартов, установленных NAREIT, которые могут быть несопоставимы с показателем EBITDAre, представленным другими REIT, которые не определяют этот термин в соответствии с текущим определением NAREIT или которые интерпретируют текущее определение NAREIT иначе, чем мы. Мы получаем невозвращаемые авансовые платежи по контрактам на повышение членства. В соответствии с GAAP невозвращаемые авансовые платежи и связанные с ними комиссионные откладываются и амортизируются в течение предполагаемого срока службы клиента. Хотя определение EBITDAre в NAREIT не касается учета невозвращаемых авансовых платежей, мы считаем целесообразным скорректировать влияние отсрочки при расчете EBITDAre.

Мы определяем Скорректированный показатель EBITDAre как показатель EBITDAre без учета статей внереализационных доходов и расходов, таких как прибыли и убытки от досрочного погашения задолженности, включая штрафы за досрочное погашение и расходы на возмещение убытков, а также другие разные несопоставимые статьи.

Мы считаем, что показатель EBITDAre и скорректированный показатель EBITDAre могут быть полезны инвестору при оценке наших операционных показателей и ликвидности, поскольку эти показатели широко используются для измерения операционных показателей акционерного капитала REIT.

______________________

(1)

Prior period amounts have been reclassified to conform to the current period presentation.

В следующей таблице приведена сверка консолидированной чистой прибыли с EBITDAre и скорректированной EBITDAre:

 

 

Quarters Ended March 31,

(amounts in thousands)

 

2022

 

2021

Consolidated net income

 

$

87,050

 

 

$

68,987

 

Interest income

 

 

(1,759

)

 

 

(1,767

)

Membership upgrade sales upfront payments, deferred, net

 

 

4,084

 

 

 

7,427

 

Membership sales commissions, deferred, net

 

 

(583

)

 

 

(1,499

)

Real estate depreciation and amortization

 

 

49,394

 

 

 

45,398

 

Other depreciation and amortization

 

 

827

 

 

 

704

 

Interest and related amortization

 

 

27,464

 

 

 

26,275

 

Loss on sale of real estate, net

 

 

 

 

 

59

 

Adjustments to our share of EBITDAre of unconsolidated joint ventures

 

 

1,456

 

 

 

246

 

EBITDAre

 

 

167,933

 

 

 

145,830

 

Early debt retirement

 

 

516

 

 

 

2,029

 

Adjusted EBITDAre

 

$

168,449

 

 

$

147,859

 

ядро. Основные объекты включают объекты, которыми мы владели и управляли в течение всего 2021 и 2022 годов. Мы считаем, что Core - это показатель, который полезен инвесторам для ежегодного сравнения, поскольку он устраняет колебания, связанные с приобретениями, отчуждениями и значительными сделками или уникальными ситуациями.

НЕПРОФИЛЬНЫЙ. К непрофильным объектам относятся объекты, которые не находились в собственности и не эксплуатировались в течение всего 2021 и 2022 годов. Это включает, но не ограничивается, шесть сообществ RV и одиннадцать пристаней для яхт, приобретенных в течение 2021 года, а также одно сообщество RV и одно сообщество RV, приобретенное в течение 2022 года, а также наше сообщество Westwinds MH и Nicholson Plaza.

ДОХОД ОТ ОПЕРАЦИЙ ПО АРЕНДЕ, ЗА ВЫЧЕТОМ АМОРТИЗАЦИИ. Мы используем доход от операций по аренде за вычетом амортизации в качестве альтернативного показателя для оценки операционных результатов нашей программы аренды жилья. Доход от операций по аренде, за вычетом амортизации, представляет собой доход от операций по аренде за вычетом расходов на амортизацию арендуемых домов. Мы считаем, что эта мера имеет значение для инвесторов, поскольку она дает полную картину операционных результатов программы аренды жилья, включая влияние амортизации, которое влияет на наши инвестиционные решения по программе аренды жилья.

УЛУЧШЕНИЯ, НЕ ПРИНОСЯЩИЕ ДОХОДА. Представляет собой капитальные затраты, которые непосредственно не приводят к увеличению доходов или экономии расходов и в основном состоят из улучшений в местах общего пользования, мебели и механических улучшений.

ФИКСИРОВАННЫЕ СБОРЫ. Фиксированные платежи состоят из процентных расходов, амортизации премий по векселям и затрат на выпуск долговых обязательств.

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