Continued Strong Performance;
Provides 2024 Guidance and Increases Annual Dividend
Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to
herein as “we,” “us,” and “our”) today announced results for the
quarter and year ended December 31, 2023. All per share results are
reported on a fully diluted basis unless otherwise noted.
($ in millions, except per share
data)
FINANCIAL
RESULTS
Q4 2023
Q4 2022
$ Change
Total Revenues
$
360.6
$
340.6
$
20.0
Net Income available for Common
Stockholders
$
91.9
$
73.0
$
18.9
Net Income per Common Share
$
0.49
$
0.39
$
0.10
NON-GAAP
FINANCIAL MEASURES
Q4 2023
Q4 2022
$ Change
Funds from Operations (“FFO”) per Common
Share and OP Unit
$
0.76
$
0.63
$
0.13
Normalized Funds from Operations
(“Normalized FFO”) per Common Share and OP Unit
$
0.71
$
0.64
$
0.07
Property operating revenues
$
327.7
$
303.0
$
24.7
Income from property operations, excluding
property management
$
191.9
$
177.6
$
14.3
Core Portfolio
Performance
Q4 2023
Q4 2022
% Change
Core property operating revenues
$
318.8
$
299.0
6.6
%
Core Income from property operations,
excluding property management
$
186.7
$
177.5
5.2
%
2024 Dividends
Our Board of Directors has approved setting the annual dividend
rate for 2024 at $1.91 per share of Common Stock, an increase of
6.7%, or $0.12, over the current $1.79 per share of Common Stock
for 2023. Our Board of Directors, in its sole discretion, will
determine the amount of each quarterly dividend in advance of
payment.
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment
trust (“REIT”) with headquarters in Chicago. As of January 29,
2024, we own or have an interest in 451 properties in 35 states and
British Columbia consisting of 172,465 sites.
For additional information, please contact our Investor
Relations Department at (800) 247-5279 or at
investor_relations@equitylifestyle.com.
Conference Call
A live audio webcast of our conference call discussing these
results will take place tomorrow, Tuesday, January 30, 2024, 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. Forward-looking statements, including our guidance
concerning Net Income, FFO and Normalized FFO per share data, by
their nature, involve estimates, projections, goals, forecasts and
assumptions and are subject to risks and uncertainties that could
cause actual results or outcomes to differ materially from those
expressed in a forward-looking statement due to a number of
factors, which 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; (xiv)
costs to restore property operations and potential revenue losses
following storms or other unplanned events; and (xv) the potential
impact of, and our ability to remediate material weaknesses in our
internal control over financial reporting. 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” and
“Forward-Looking Statements” sections in our most recent Annual
Report on Form 10-K or Form 10-K/A and any subsequent Quarterly
Reports on Form 10-Q or Form 10-Q/A. 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 and Financial
Update
- Net income per Common Share was $1.69, for the year ended
December 31, 2023, 10.5% higher than the year ended December 31,
2022.
- FFO per Common Share was $2.77 for the year ended December 31,
2023, 7.1% higher than the year ended December 31, 2022.
- Normalized FFO per Common Share was $2.75 for the year ended
December 31, 2023, 4.7% higher than the year ended December 31,
2022.
- Acquired one RV community for a purchase price of $9.5 million
during the year ended December 31, 2023.
- Added 994 expansion sites during the year ended December 31,
2023.
- New home sales of 905 for the year ended December 31,
2023.
- During the year ended December 31, 2023, we closed on four
secured financing transactions totaling $463.8 million. The loans
have a weighted average fixed interest rate of 5.05% per annum and
a weighted average maturity of approximately eight years.
Core Portfolio
- Core portfolio generated growth of 5.0% in income from property
operations, excluding property management, for the year ended
December 31, 2023, compared to the year ended December 31,
2022.
- Core MH base rental income increased by 6.8% during the year
ended December 31, 2023, compared to the year ended December 31,
2022. During the year ended December 31, 2023, we filled 109
expansion sites in our Core MH portfolio.
- Manufactured homeowners within our Core portfolio increased by
554 to 66,623 as of December 31, 2023, compared to 66,069 as of
December 31, 2022.
- Core RV and marina base rental income for the year ended
December 31, 2023 increased by 3.5%, compared to the year ended
December 31, 2022.
- Core RV Annual and marina base rental income for the year ended
December 31, 2023 increased by $19.2 million, or 8.1%, compared to
the year ended December 31, 2022 and includes 7.6% growth from
rate.
- Core property operating expenses for the quarter and year ended
December 31, 2023 increased by $10.4 million, or 8.7%, and $36.6
million, or 7.0%, respectively, compared to the same periods in
2022. The increase for the quarter ended December 31, 2023 includes
an increase in real estate taxes of $3.9 million, or 22.7%,
primarily in our Florida portfolio. Core real estate taxes for the
year ended December 31, 2023 increased $6.3 million, or 9.1%,
compared to the year ended December 31, 2022.
2024 Guidance Update
(1)(2)
($ in millions, except per share
data)
2024
First Quarter
Full Year
Net Income per Common Share
$0.49 to $0.55
$1.75 to $1.85
FFO per Common Share and OP Unit
$0.75 to $0.81
$2.83 to $2.93
Normalized FFO per Common Share and OP
Unit
$0.75 to $0.81
$2.83 to $2.93
2023 Actual
2024 Growth Rates
Core Portfolio:
First Quarter
Full Year
First Quarter
Full Year
MH base rental income
$
164.4
$
668.5
6.1% to 6.7%
5.5% to 6.5%
RV and marina base rental income (3)
$
109.3
$
413.5
5.3% to 5.9%
4.9% to 5.9%
Property operating revenues
$
326.4
$
1,297.7
5.6% to 6.2%
4.8% to 5.8%
Property operating expenses
$
134.0
$
562.3
4.1% to 4.7%
4.5% to 5.5%
Income from property operations, excluding
property management
$
192.4
$
735.4
6.7% to 7.3%
5.1% to 6.1%
Non-Core Portfolio:
2024 Full Year
Income from property operations, excluding
property management
$14.0 to $18.0
Other Guidance Assumptions:
2024 Full Year
Property management and general
administrative
$113.0 to $119.0
Debt assumptions:
Weighted average debt outstanding
$3,500 to $3,700
Interest and related amortization
$141.0 to $147.0
______________________
- First quarter and full year 2024 guidance represent
management’s estimate of a range of possible outcomes. The midpoint
of the ranges reflect management’s estimate of the most likely
outcome. Actual results could vary materially from management’s
estimates 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, are incorrect. See Forward-Looking Statements in this press
release for additional factors impacting our 2024 guidance
assumptions. See Non-GAAP Financial Measures Definitions and
Reconciliations at the end of the supplemental financial
information for definitions of FFO and Normalized FFO and a
reconciliation of Net income per Common Share - Fully Diluted to
FFO per Common Share and OP Unit - Fully Diluted and Normalized FFO
per Common Share and OP Unit - Fully Diluted.
- Guidance assumptions do not include future capital events
(financing transactions, acquisitions or dispositions).
- Core RV and marina annual revenue represents approximately
63.1% and 69.0% of first quarter 2024 and full year 2024 RV and
marina base rental income, respectively. Core RV and marina annual
revenue first quarter 2024 growth rate range is 7.5% to 8.1% and
the full year 2024 growth rate range is 6.5% to 7.5%.
Financial Highlights
(In millions, except Common Shares and OP Units outstanding
and per share data, unaudited)
As of and for the Quarters
Ended
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
Operating Information
Total revenues.
$
360.6
$
388.8
$
370.0
$
370.0
$
340.6
Consolidated net income
$
96.4
$
80.7
$
66.0
$
86.5
$
76.7
Net income available for Common
Stockholders
$
91.9
$
77.0
$
62.9
$
82.4
$
73.0
Adjusted EBITDAre (1)
$
171.1
$
167.0
$
157.7
$
173.0
$
156.2
FFO available for Common Stock and OP Unit
holders (1)(2)
$
148.5
$
133.8
$
118.6
$
140.3
$
123.6
Normalized FFO available for Common Stock
and OP Unit holders (1)(2)
$
138.2
$
133.9
$
124.9
$
140.5
$
125.1
Funds Available for Distribution ("FAD")
for Common Stock and OP Unit holders (1)(2)
$
109.2
$
107.8
$
98.3
$
122.4
$
103.8
Common Shares and OP Units Outstanding
(In thousands) and Per Share Data
Common Shares and OP Units, end of the
period
195,531
195,525
195,514
195,446
195,386
Weighted average Common Shares and OP
Units outstanding - Fully Diluted
195,475
195,440
195,430
195,369
195,281
Net income per Common Share - Fully
Diluted (3)
$
0.49
$
0.41
$
0.34
$
0.44
$
0.39
FFO per Common Share and OP Unit - Fully
Diluted
$
0.76
$
0.68
$
0.61
$
0.72
$
0.63
Normalized FFO per Common Share and OP
Unit - Fully Diluted
$
0.71
$
0.68
$
0.64
$
0.72
$
0.64
Dividends per Common Share
$
0.4475
$
0.4475
$
0.4475
$
0.4475
$
0.4100
Balance Sheet
Total assets
$
5,614
$
5,626
$
5,586
$
5,519
$
5,493
Total liabilities
$
4,115
$
4,129
$
4,083
$
4,006
$
3,975
Market Capitalization
Total debt (4)
$
3,548
$
3,533
$
3,479
$
3,414
$
3,416
Total market capitalization (5)
$
17,341
$
15,990
$
16,557
$
16,534
$
16,038
Ratios
Total debt / total market
capitalization
20.5
%
22.1
%
21.0
%
20.6
%
21.3
%
Total debt / Adjusted EBITDAre (6)
5.3
5.4
5.4
5.4
5.4
Interest coverage (7)
5.2
5.3
5.4
5.5
5.6
Fixed charges(8)
5.1
5.1
5.2
5.4
5.6
______________________
- 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.
- See page 7 for a reconciliation of Net income available for
Common Stockholders to Non-GAAP financial measures FFO available
for Common Stock and OP Unit holders, Normalized FFO available for
Common Stock and OP Unit holders and FAD for Common Stock and OP
Unit holders.
- Net income per Common Share - Fully Diluted is calculated
before Income allocated to non-controlling interest - Common OP
Units.
- Excludes deferred financing costs of approximately $29.5
million as of December 31, 2023.
- See page 15 for the calculation of market capitalization as of
December 31, 2023.
- Calculated using trailing twelve months Adjusted EBITDAre.
- Calculated by dividing trailing twelve months Adjusted EBITDAre
by the interest expense incurred during the same period.
- 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)
December 31, 2023
December 31, 2022
(unaudited)
Assets
Investment in real estate:
Land
$
2,088,657
$
2,084,532
Land improvements
4,380,649
4,115,439
Buildings and other depreciable
property
1,236,985
1,169,590
7,706,291
7,369,561
Accumulated depreciation
(2,448,876
)
(2,258,540
)
Net investment in real estate
5,257,415
5,111,021
Cash and restricted cash
29,937
22,347
Notes receivable, net
49,937
45,356
Investment in unconsolidated joint
ventures
85,304
81,404
Deferred commission expense
53,641
50,441
Other assets, net
137,499
181,950
Total Assets
$
5,613,733
$
5,492,519
Liabilities and Equity
Liabilities:
Mortgage notes payable, net
$
2,989,959
$
2,693,167
Term loan, net
497,648
496,817
Unsecured line of credit
31,000
198,000
Accounts payable and other liabilities
151,567
175,148
Deferred membership revenue
218,337
197,743
Accrued interest payable
12,657
11,739
Rents and other customer payments received
in advance and security deposits
126,451
122,318
Distributions payable
87,493
80,102
Total Liabilities
4,115,112
3,975,034
Equity:
Preferred stock, $0.01 par value,
10,000,000 shares authorized as of December 31, 2023 and December
31, 2022; none issued and outstanding
—
Common stock, $0.01 par value, 600,000,000
shares authorized as of December 31, 2023 and December 31, 2022;
186,426,281 and 186,120,298 shares issued and outstanding as of
December 31, 2023 and December 31, 2022, respectively
1,917
1,916
Paid-in capital
1,644,319
1,628,618
Distributions in excess of accumulated
earnings
(223,576
)
(204,248
)
Accumulated other comprehensive income
6,061
19,119
Total Stockholders’ Equity
1,428,721
1,445,405
Non-controlling interests – Common OP
Units
69,900
72,080
Total Equity
1,498,621
1,517,485
Total Liabilities and Equity
$
5,613,733
$
5,492,519
Consolidated Statements of
Income
(In thousands, unaudited)
Quarters Ended December
31,
Years Ended December
31,
2023
2022
2023
2022
Revenues:
Rental income
$
290,519
$
269,190
$
1,178,959
$
1,118,601
Annual membership subscriptions
16,547
16,212
65,379
63,215
Membership upgrade sales (1)
3,856
3,415
14,719
12,958
Other income
16,124
12,828
67,407
56,144
Gross revenues from home sales, brokered
resales and ancillary services
29,378
35,242
145,219
180,179
Interest income
2,414
2,084
9,037
7,430
Income from other investments, net
1,806
1,633
8,703
8,553
Total revenues
360,644
340,604
1,489,423
1,447,080
Expenses:
Property operating and maintenance
108,369
101,677
469,912
443,157
Real estate taxes
21,828
17,772
77,993
74,145
Membership sales and marketing (2)
4,919
4,597
20,974
20,317
Property management
17,460
18,110
76,170
74,083
Depreciation and amortization
50,804
49,625
203,738
202,362
Cost of home sales, brokered resales and
ancillary services
21,788
27,118
107,668
139,012
Home selling expenses and ancillary
operating expenses
6,195
6,175
27,453
27,321
General and administrative (3)
9,117
10,022
47,280
44,857
Casualty-related charges/(recoveries), net
(4)
—
—
—
—
Other expenses
1,581
1,769
5,768
8,646
Early debt retirement
—
—
68
1,156
Interest and related amortization
33,198
31,286
132,342
116,562
Total expenses
275,259
268,151
1,169,366
1,151,618
Income before income taxes and other
items
85,385
72,453
320,057
295,462
Gain/(Loss) on sale of real estate and
impairment, net
—
3,747
(3,581
)
—
Income tax benefit (5)
10,488
—
10,488
—
Equity in income of unconsolidated joint
ventures
555
474
2,713
3,363
Consolidated net income
96,428
76,674
329,677
298,825
Income allocated to non-controlling
interests – Common OP Units
(4,489
)
(3,635
)
(15,470
)
(14,198
)
Redeemable perpetual preferred stock
dividends
(8
)
(8
)
(16
)
(16
)
Net income available for Common
Stockholders
$
91,931
$
73,031
$
314,191
$
284,611
_____________________
- Membership upgrade sales revenue is net of deferrals of $3.8
million and $3.5 million for the quarters ended December 31, 2023
and December 31, 2022, respectively, and $21.0 million and $21.7
million for the years ended December 31, 2023 and December 31,
2022, respectively. See page 14 for details of membership sales
activity.
- Membership sales and marketing expense is net of sales
commission deferrals of $0.5 million for each of the quarters ended
December 31, 2023 and December 31, 2022, and $3.2 million for each
of the years ended December 31, 2023 and December 31, 2022. See
page 14 for details of membership sales activity.
- Includes accelerated vesting of stock-based compensation
expense of $6.3 million recognized during the year ended December
31, 2023 as a result of the passing of a member of our Board of
Directors.
- Casualty-related charges/(recoveries), net for the quarter
ended December 31, 2023 includes debris removal and cleanup costs
related to Hurricane Ian of $1.3 million and insurance recovery
revenue of $1.3 million. Casualty-related charges/(recoveries), net
for the year ended December 31, 2023 includes debris removal and
cleanup costs related to Hurricane Ian of $13.4 million and
insurance recovery revenue of $13.4 million.
- The Income tax benefit is attributable to the release of the
valuation allowance of U.S. federal and state deferred tax assets
related to our taxable REIT subsidiaries. We regularly assess the
need for a valuation allowance against our deferred tax assets and
concluded it was more likely than not we would realize the benefit
of the deferred tax assets.
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 7 and Non-GAAP
Financial Measures Definitions and Reconciliations on pages
17-20.
Selected Non-GAAP Financial
Measures
(In millions, except per share data, unaudited)
Quarter Ended
December 31, 2023
Income from property operations, excluding
property management - 2023 Core (1)
$
186.7
Income from property operations, excluding
property management - Non-Core (1)
5.2
Property management and general and
administrative
(26.6
)
Other income and expenses (excluding
deferred income tax benefit and transaction/pursuit costs)
6.1
Interest and related amortization
(33.2
)
Normalized FFO available for Common
Stock and OP Unit holders (2)
$
138.2
Deferred income tax benefit (3)
10.5
Transaction/pursuit costs (4)
(0.2
)
FFO available for Common Stock and OP
Unit holders (2)
$
148.5
FFO per Common Share and OP Unit
$
0.76
Normalized FFO per Common Share and OP
Unit
$
0.71
Normalized FFO available for Common
Stock and OP Unit holders (2)
$
138.2
Non-revenue producing improvements to real
estate
(29.0
)
FAD for Common Stock and OP Unit
holders (2)
$
109.2
Weighted average Common Shares and OP
Units - Fully Diluted
195.5
______________________
- See pages 8-9 for details of the Core Income from Property
Operations, excluding property management. See page 10 for details
of the Non-Core Income from Property Operations, excluding property
management.
- See page 6 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.
- Represents the release of the valuation allowance of U.S.
federal and state deferred tax assets related to our taxable REIT
subsidiaries.
- Represents transaction/pursuit costs related to unconsummated
acquisitions included in Other expenses in the Consolidated
Statements of Income on page 3.
Reconciliation of Net Income
to Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)
Quarters Ended December
31,
Years Ended December
31,
2023
2022
2023
2022
Net income available for Common
Stockholders
$
91,931
$
73,031
$
314,191
$
284,611
Income allocated to non-controlling
interests – Common OP Units
4,489
3,635
15,470
14,198
Depreciation and amortization
50,804
49,625
203,738
202,362
Depreciation on unconsolidated joint
ventures
1,242
1,075
4,599
3,886
Gain on unconsolidated joint ventures
—
—
(416
)
—
(Gain)/Loss on sale of real estate and
impairment, net
—
(3,747
)
3,581
—
FFO available for Common Stock and OP
Unit holders
148,466
123,619
541,163
505,057
Deferred income tax benefit (1)
(10,488
)
—
(10,488
)
—
Accelerated vesting of stock-based
compensation expense (2)
—
—
6,320
—
Early debt retirement
—
—
68
1,156
Transaction/pursuit costs (3)
251
423
368
3,807
Lease termination expenses(4)
—
1,046
90
3,119
Normalized FFO available for Common
Stock and OP Unit holders
138,229
125,088
537,521
513,139
Non-revenue producing improvements to real
estate
(28,974
)
(21,246
)
(99,726
)
(80,527
)
FAD for Common Stock and OP Unit
holders
$
109,255
$
103,842
$
437,795
$
432,612
Net income per Common Share -
Basic
$
0.49
$
0.39
$
1.69
$
1.53
Net income per Common Share - Fully
Diluted (5)
$
0.49
$
0.39
$
1.69
$
1.53
FFO per Common Share and OP Unit -
Basic
$
0.76
$
0.63
$
2.77
$
2.59
FFO per Common Share and OP Unit -
Fully Diluted
$
0.76
$
0.63
$
2.77
$
2.59
Normalized FFO per Common Share and OP
Unit - Basic
$
0.71
$
0.64
$
2.75
$
2.63
Normalized FFO per Common Share and OP
Unit - Fully Diluted
$
0.71
$
0.64
$
2.75
$
2.63
Weighted average Common Shares outstanding
- Basic
186,217
185,848
186,061
185,780
Weighted average Common Shares and OP
Units outstanding - Basic
195,348
195,117
195,278
195,069
Weighted average Common Shares and OP
Units outstanding - Fully Diluted
195,475
195,281
195,429
195,255
____________________
- Represents the release of the valuation allowance of U.S.
federal and state deferred tax assets related to our taxable REIT
subsidiaries.
- Represents accelerated vesting of stock-based compensation
expense of $6.3 million recognized during the year ended December
31, 2023 as a result of the passing of a member of our Board of
Directors.
- Represents transaction/pursuit costs related to unconsummated
acquisitions included in Other expenses in the Consolidated
Statements of Income on page 3.
- Represents non-operating expenses associated with the Westwinds
ground leases that terminated on August 31, 2022.
- Net income per Common Share - Fully Diluted 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 December
31,
Years Ended December
31,
2023
2022
2023
2022
MH base rental income (2)
$
170.2
$
158.9
$
669.1
$
634.0
Rental home income (2)
3.5
3.7
14.6
15.2
RV and marina base rental income (2)
99.4
92.6
425.7
409.6
Annual membership subscriptions
16.5
16.2
65.4
63.2
Membership upgrade sales (3)
3.9
3.4
14.7
13.0
Utility and other income (2)(4)
34.2
28.2
141.2
120.7
Property operating revenues
327.7
303.0
1,330.7
1,255.7
Property operating, maintenance and real
estate taxes (2)
130.8
120.8
552.1
522.1
Membership sales and marketing (3)
5.0
4.6
21.0
20.3
Property operating expenses
135.8
125.4
573.1
542.4
Income from property operations,
excluding property management (1)
$
191.9
$
177.6
$
757.6
$
713.3
Manufactured home site figures and
occupancy averages:
Total sites
72,825
72,715
72,752
73,204
Occupied sites
68,879
68,968
68,834
69,449
Occupancy %
94.6
%
94.8
%
94.6
%
94.9
%
Monthly base rent per site
$
824
$
768
$
810
$
761
RV and marina base rental
income:
Annual
$
75.4
$
67.1
$
291.5
$
266.1
Seasonal
12.6
13.3
58.6
58.9
Transient
11.4
12.2
75.6
84.6
Total RV and marina base rental income
$
99.4
$
92.6
$
425.7
$
409.6
______________________
- Excludes property management expenses.
- 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 4. Bad debt expense is presented in Property operating,
maintenance and real estate taxes in this table.
- See page 14 for details of membership sales activity.
- Includes approximately $0.9 million and $10.6 million of
business interruption income from Hurricane Ian during the quarter
and year ended December 31, 2023, respectively.
Core Income from Property
Operations (1)
(In millions, except occupancy figures, unaudited)
Quarters Ended December
31,
Years Ended December
31,
2023
2022
Change (2)
2023
2022
Change (2)
MH base rental income
$
170.1
$
158.8
7.1
%
$
668.5
$
626.0
6.8
%
Rental home income
3.5
3.7
(6.1
)%
14.6
15.2
(4.1
)%
RV and marina base rental income
94.7
91.2
3.8
%
406.0
392.3
3.5
%
Annual membership subscriptions
16.3
15.8
2.9
%
64.0
61.7
3.7
%
Membership upgrade sales
3.8
3.4
13.4
%
13.9
11.6
20.4
%
Utility and other income
30.4
26.1
16.7
%
120.5
109.5
10.0
%
Property operating revenues
318.8
299.0
6.6
%
1,287.5
1,216.3
5.8
%
Utility expense
36.1
34.1
6.1
%
152.1
142.4
6.8
%
Payroll
27.0
26.8
0.9
%
116.8
113.7
2.7
%
Repair & maintenance
18.8
17.2
9.2
%
91.6
83.5
9.7
%
Insurance and other (3)
23.9
21.5
11.3
%
100.6
92.2
9.1
%
Real estate taxes
21.3
17.4
22.7
%
75.7
69.4
9.1
%
Membership sales and marketing
4.9
4.6
7.0
%
20.7
19.7
5.5
%
Property operating expenses
132.0
121.6
8.7
%
557.5
520.9
7.0
%
Income from property operations,
excluding property management (1)
$
186.7
$
177.5
5.2
%
$
730.0
$
695.3
5.0
%
Occupied sites (4)
68,885
68,880
_____________________
- Excludes property management expenses.
- Calculations prepared using actual results without
rounding.
- Includes bad debt expense for the periods presented.
- Occupied sites are presented as of the end of the period.
Core Income from Property
Operations (continued)
(In millions, except home site and occupancy figures,
unaudited)
Quarters Ended December
31,
Years Ended December
31,
2023
2022
Change (1)
2023
2022
Change (1)
Core manufactured home site figures and
occupancy averages:
Total sites
72,512
72,454
72,478
72,461
Occupied sites
68,820
68,913
68,776
68,913
Occupancy %
94.9
%
95.1
%
94.9
%
95.1
%
Monthly base rent per site
$
824
$
768
$
810
$
757
Core RV and marina base rental
income:
Annual (2)
$
71.9
$
66.4
8.3
%
$
278.3
$
257.4
8.1
%
Seasonal
12.1
12.9
(6.8
)%
56.6
55.1
2.6
%
Transient
10.8
11.9
(9.4
)%
71.1
79.9
(11.0
)%
Total Seasonal and Transient
$
22.9
$
24.8
(8.1
)%
$
127.7
$
135.0
(5.4
)%
Total RV and marina base rental income
$
94.8
$
91.2
3.8
%
$
406.0
$
392.4
3.5
%
Core utility information:
Income
$
16.4
$
15.3
7.1
%
$
68.3
$
62.5
9.3
%
Expense
36.1
34.1
6.1
%
152.1
142.4
6.8
%
Expense, net
$
19.7
$
18.8
4.8
%
$
83.8
$
79.9
4.9
%
Utility recovery rate (3)
45.4
%
44.9
%
44.9
%
43.9
%
_____________________
- Calculations prepared using actual results without
rounding.
- Core Annual marina base rental income represents approximately
99% of the total Core marina base rental income for all periods
presented.
- Calculated by dividing the utility income by utility
expense.
Non-Core Income from Property
Operations (1)
(In millions, unaudited)
Quarter Ended
Year Ended
December 31, 2023
December 31, 2023
MH base rental income
$
0.2
$
0.6
RV and marina base rental income
4.6
19.7
Annual membership subscriptions
0.3
1.4
Utility and other income
3.7
20.7
Membership upgrade sales
—
0.8
Property operating revenues
8.8
43.2
Property operating expenses (2)
3.6
15.6
Income from property operations,
excluding property management (1)
$
5.2
$
27.6
______________________
- Excludes property management expenses.
- Includes bad debt expense for the periods presented.
Home Sales and Rental Home
Operations
(In thousands, except home sale volumes and occupied rentals,
unaudited)
Home Sales - Select Data
Quarters Ended December
31,
Years Ended December
31,
2023
2022
2023
2022
Total new home sales volume (1)
218
219
905
1,176
New home sales gross revenues (1)
$
19,510
$
24,562
$
88,546
$
116,790
Total used home sales volume
61
87
313
337
Used home sales gross revenues
$
643
$
1,064
$
3,872
$
4,401
Brokered home resales volume
135
134
630
808
Brokered home resales gross revenues
$
592
$
604
$
2,847
$
3,195
Rental Homes - Select Data
Quarters Ended December
31,
Years Ended December
31,
2023
2022
2023
2022
Rental operations revenues (2)
$
9,142
$
10,236
$
38,633
$
42,871
Rental home operations expense (3)
1,511
1,276
5,390
5,370
Depreciation on rental homes (4)
2,606
2,522
10,881
10,060
Occupied rentals:
New
2,016
2,481
Used
246
330
Total occupied rental sites
2,262
2,811
As of December 31,
2023
As of December 31,
2022
Cost basis in rental homes: (5)
Gross
Net of Depreciation
Gross
Net of Depreciation
New
$
245,130
$
203,936
$
237,932
$
205,946
Used
12,245
7,372
15,127
10,837
Total rental homes
$
257,375
$
211,308
$
253,059
$
216,783
______________________
- For the quarter and year ended December 31, 2022, total new
home sales volume includes 6 and 78 home sales, respectively, from
our ECHO Financing LLC ("ECHO joint venture"). New home sales gross
revenues does not include the revenues associated with the ECHO
joint venture. On December 22, 2022, we completed the purchase of
all homes held by the ECHO joint venture.
- For the quarters ended December 31, 2023 and 2022,
approximately $5.7 million and $6.5 million, respectively, of the
rental operations revenue is included in the MH base rental income
in the Core Income from Property Operations on pages 9-10. The
remainder of the rental operations revenue for the quarters ended
December 31, 2023 and 2022 is included in Rental home income in the
Core Income from Property Operations on pages 9-10.
- Rental home operations expense is included in Property
operating, maintenance and real estate taxes in the Consolidated
Income from Property Operations on page 8. Rental home operations
expense is included in Insurance and other in the Core Income from
Property Operations on pages 9-10.
- Depreciation on rental homes in our Core portfolio is presented
in Depreciation and amortization in the Consolidated Statements of
Income on page 4.
- Includes both occupied and unoccupied rental homes in our Core
portfolio.
Total Sites
(Unaudited)
Summary of Total Sites as of December
31, 2023
Sites (1)
MH sites.
73,000
RV sites:
Annual
34,900
Seasonal
12,500
Transient
15,600
Marina slips
6,900
Membership (2)
26,000
Joint Ventures (3)
3,600
Total
172,500
______________________
- 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.
- Sites primarily utilized by approximately 121,000 members.
Includes approximately 6,200 sites rented on an annual basis.
- Joint ventures have approximately 2,000 annual sites and 1,600
transient.
Memberships - Select
Data
(Unaudited)
Years Ended December
31,
2019
2020
2021
2022
2023
Member Count (1)
115,680
116,169
125,149
128,439
121,002
Thousand Trails Camping Pass (TTC)
Origination
41,484
44,129
50,523
51,415
45,990
TTC Sales
19,267
20,587
23,923
23,237
20,758
RV Dealer TTC Activations
22,217
23,542
26,600
28,178
25,232
Number of annuals (2)
5,938
5,986
6,320
6,390
6,154
Number of upgrade sales (3)
2,919
3,373
4,863
4,068
3,858
(In thousands, unaudited)
Annual membership subscriptions
$
51,015
$
53,085
$
58,251
$
63,215
$
65,379
RV base rental income from annuals
$
19,634
$
20,761
$
23,127
$
25,945
$
27,842
RV base rental income from
seasonals/transients
$
20,181
$
18,126
$
25,562
$
24,316
$
20,996
Membership upgrade sales current period,
gross
$
19,111
$
21,739
$
36,270
$
34,661
$
35,684
Utility and other income
$
2,422
$
2,426
$
2,735
$
2,626
$
2,544
(In thousands, unaudited)
Membership Sales Activity
Quarters Ended December
31,
Years Ended December
31,
2023
2022
2023
2022
Membership upgrade sales current period,
gross
$
7,643
$
6,890
$
35,684
$
34,661
Membership upgrade sales upfront payments,
deferred, net
(3,787
)
(3,475
)
(20,965
)
(21,703
)
Membership upgrade sales
$
3,856
$
3,415
$
14,719
$
12,958
Membership sales and marketing, gross
$
(5,411
)
$
(5,047
)
$
(24,194
)
$
(23,513
)
Membership sales commissions, deferred,
net
492
450
3,220
3,196
Membership sales and marketing
$
(4,919
)
$
(4,597
)
$
(20,974
)
$
(20,317
)
______________________
- Members who have entered into annual subscriptions with us that
entitle them to use certain properties on a continuous basis for up
to 21 days.
- Members who rent a specific site for an entire year in
connection with their membership subscriptions.
- 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 December 31,
2023
Total Common
Shares/Units
% of Total Common
Shares/Units
Total
% of Total
% of Total Market
Capitalization
Secured Debt
$
3,017
85.0
%
Unsecured Debt
531
15.0
%
Total Debt (1)
$
3,548
100.0
%
20.5
%
Common Shares
186,426,281
95.3
%
OP Units
9,104,654
4.7
%
Total Common Shares and OP Units
195,530,935
100.0
%
Common Stock price at December 31,
2023
$
70.54
Fair Value of Common Shares and OP
Units
$
13,793
100.0
%
Total Equity
$
13,793
100.0
%
79.5
%
Total Market Capitalization
$
17,341
100.0
%
______________________
- Excludes deferred financing costs of approximately $29.5
million.
Debt Maturity Schedule
Debt Maturity Schedule as of December 31, 2023
(In thousands, unaudited)
Year
Outstanding Debt
Weighted Average Interest
Rate
% of Total Debt
Weighted Average Years to
Maturity
Secured Debt
2024
$
—
—
%
—
%
—
2025
90,461
3.45
%
2.55
%
1.27
2026
—
—
%
—
%
—
2027
—
—
%
—
%
—
2028
201,823
4.19
%
5.69
%
4.70
2029
272,481
4.92
%
7.68
%
5.69
2030
275,385
2.69
%
7.76
%
6.26
2031
250,924
2.46
%
7.07
%
7.40
2032
202,000
2.47
%
5.69
%
8.71
Thereafter
1,724,075
4.07
%
48.59
%
13.12
Total
$
3,017,149
3.77
%
85.03
%
10.12
Unsecured Term Loans
2024
$
—
—
%
—
%
—
2025
—
—
%
—
%
—
2026
300,000
1.81
%
8.46
%
2.33
2027
200,000
4.88
%
5.64
%
3.10
Thereafter
—
—
%
—
%
—
Total
$
500,000
3.04
%
14.10
%
2.64
Total Secured and
Unsecured
$
3,517,149
3.67
%
99.13
%
9.07
Line of Credit Borrowing
(1)
31,000
6.65
%
0.87
%
—
Note Premiums and Unamortized
loan costs
(29,541
)
Total Debt, Net
$
3,518,608
3.83% (2)
100
%
_____________________
- The floating interest rate on the line of credit is daily SOFR
plus 1.25% to 1.65%. During the quarter ended December 31, 2023,
the effective interest rate on the line of credit borrowings was
6.65%.
- Reflects effective interest rate for the quarter ended December
31, 2023, including interest associated with the line of credit and
amortization of note premiums and deferred financing costs.
Non-GAAP Financial Measures
Definitions and Reconciliations
The following Non-GAAP financial measures definitions have been
revised and do not include adjustments in respect to membership
upgrade sales: (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv)
Adjusted EBITDAre; (v) Property operating revenues; (vi) Property
operating expenses; and (vii) Income from property operations,
excluding property management. For comparability, prior periods’
non-GAAP financial measures have also been updated.
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 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, defeasance costs,
transaction/pursuit 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
normal 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 PROPERTY
MANAGEMENT. We define Income from property operations,
excluding 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, membership sales and marketing expenses, excluding
property management expenses. Property management represents the
expenses associated with indirect costs such as off-site payroll
and certain administrative and professional expenses. We believe
exclusion of property management expenses is helpful to investors
and analysts as a measure of the operating results of our
properties, excluding items that are not directly related to the
operation of the properties. 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 December
31,
Years Ended December
31,
(amounts in thousands)
2023
2022
2023
2022
Net income available for Common
Stockholders
$
91,931
$
73,031
$
314,191
$
284,611
Redeemable perpetual preferred stock
dividends
8
8
16
16
Income allocated to non-controlling
interests – Common OP Units
4,489
3,635
15,470
14,198
Income before income taxes and other
items
96,428
76,674
329,677
298,825
Equity in income of unconsolidated joint
ventures
(555
)
(474
)
(2,713
)
(3,363
)
Income tax benefit
(10,488
)
—
(10,488
)
—
(Gain)/Loss on sale of real estate and
impairment, net
—
(3,747
)
3,581
—
Gross revenues from home sales, brokered
resales and ancillary services
(29,378
)
(35,242
)
(145,219
)
(180,179
)
Interest income
(2,414
)
(2,084
)
(9,037
)
(7,430
)
Income from other investments, net
(1,806
)
(1,633
)
(8,703
)
(8,553
)
Property management
17,460
18,110
76,170
74,083
Depreciation and amortization
50,804
49,625
203,738
202,362
Cost of home sales, brokered resales and
ancillary services
21,788
27,118
107,668
139,012
Home selling expenses and ancillary
operating expenses
6,195
6,175
27,453
27,321
General and administrative
9,117
10,022
47,280
44,857
Casualty-related charges/(recoveries),
net
—
—
—
—
Other expenses
1,581
1,769
5,768
8,646
Early debt retirement
—
—
68
1,156
Interest and related amortization
33,198
31,286
132,342
116,562
Income from property operations, excluding
property management
191,930
177,599
757,585
713,299
Property management
(17,460
)
(18,110
)
(76,170
)
(74,083
)
Income from property operations
$
174,470
$
159,489
$
681,415
$
639,216
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 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, transaction/pursuit 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.
The following table reconciles Consolidated net income to
EBITDAre and Adjusted EBITDAre:
Quarters Ended December
31,
Years Ended December
31,
(amounts in thousands)
2023
2022
2023
2022
Consolidated net income
$
96,428
$
76,674
$
329,677
$
298,825
Interest income
(2,414
)
(2,084
)
(9,037
)
(7,430
)
Real estate depreciation and
amortization
50,804
49,625
203,738
202,362
Other depreciation and amortization
1,330
1,346
5,358
4,619
Interest and related amortization
33,198
31,286
132,342
116,562
Income tax benefit
(10,488
)
—
(10,488
)
—
(Gain)/Loss on sale of real estate and
impairment, net
—
(3,747
)
3,581
—
Adjustments to our share of EBITDAre of
unconsolidated joint ventures
2,014
1,637
6,799
5,893
EBITDAre
170,872
154,737
661,970
620,831
Stock-based compensation expense (1)
—
—
6,320
—
Early debt retirement
—
—
68
1,156
Transaction/pursuit costs (2)
251
423
368
3,807
Lease termination expenses (3)
—
1,046
90
3,119
Adjusted EBITDAre
$
171,123
$
156,206
$
668,816
$
628,913
CORE. The Core properties include properties we owned and
operated during all of 2022 and 2023. 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 in
2023 that were not owned and operated during all of 2022 and 2023.
The 2024 guidance reflects Non-Core properties in 2024, which
includes properties not owned and operated during all of 2023 and
2024.
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.
______________________
- Represents accelerated vesting of stock-based compensation
expense of $6.3 million recognized during the year ended December
31, 2023 as a result of the passing of a member of our Board of
Directors.
- Represents transaction/pursuit costs related to unconsummated
acquisitions included in Other expenses in the Consolidated
Statements of Income on page 3.
-
Represents non-operating expenses associated
with the Westwinds ground leases that terminated on August 31,
2022.
FORWARD-LOOKING NON-GAAP MEASURES. The following table
reconciles Net Income per Common Share - Fully Diluted guidance to
FFO per Common Share and OP Unit - Fully Diluted guidance and
Normalized FFO per Common Share and OP Unit - Fully diluted
guidance:
(Unaudited)
First Quarter
2024
Full Year
2024
Net income per Common Share
$0.49 to $0.55
$1.75 to $1.85
Depreciation and amortization
0.27
1.08
FFO and Normalized FFO per Common Share
and OP Unit
$0.75 to $0.81
$2.83 to $2.93
This press release includes certain forward-looking information,
including Core and Non-Core Income from property operations,
excluding property management, that is not presented in accordance
with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of
Regulation S-K, we do not provide a quantitative reconciliation of
such forward-looking information to the most directly comparable
financial measure calculated and presented in accordance with GAAP,
where we are unable to provide a meaningful or accurate calculation
or estimation of reconciling items and the information is not
available without unreasonable effort. This includes, for example,
(i) scheduled or implemented rate increases on community, resort
and marina sites; (ii) scheduled or implemented rate increases in
annual payments under membership subscriptions; (iii) occupancy
changes; (iv) costs to restore property operations and potential
revenue losses following storms or other unplanned events and (v)
other nonrecurring/unplanned income or expense items, which may not
be within our control, may vary between periods and cannot be
reasonably predicted. These unavailable reconciling items could
significantly impact our future financial results.
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version on businesswire.com: https://www.businesswire.com/news/home/20240128988534/en/
Paul Seavey (800) 247-5279
Equity Lifestyle Propert... (NYSE:ELS)
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