Continued Strong Performance;
Provides 2022 Guidance and Increases Annual Dividend
CHICAGO–(BUSINESS WIRE)–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, 2021. All per share results are reported on a fully diluted basis unless otherwise noted.
Financial Results for the Quarter and Year Ended December 31, 2021
For the quarter ended December 31, 2021, total revenues increased $53.4 million, or 19.6 percent, to $325.3 million compared to $271.9 million for the same period in 2020. For the quarter ended December 31, 2021, net income available for Common Stockholders increased $0.9 million, or $0.01 per Common Share, to $65.5 million, or $0.36 per Common Share, compared to $64.6 million, or $0.35 per Common Share, for the same period in 2020.
For the year ended December 31, 2021, total revenues increased $180.3 million, or 16.5 percent, to $1,271.7 million compared to $1,091.4 million for the same period in 2020. For the year ended December 31, 2021, net income available for Common Stockholders increased $34.2 million, or $0.18 per Common Share, to $262.5 million, or $1.43 per Common Share, compared to $228.3 million, or $1.25 per Common Share, for the same period in 2020.
Non-GAAP Financial Measures and Portfolio Performance
For the quarter ended December 31, 2021, Funds from Operations (“FFO”) available for Common Stock and OP Unit holders increased $14.1 million, or $0.07 per Common Share, to $123.0 million, or $0.64 per Common Share, compared to $108.9 million, or $0.57 per Common Share, for the same period in 2020. For the year ended December 31, 2021, FFO available for Common Stock and OP Unit holders increased $79.2 million, or $0.41 per Common Share, to $485.6 million, or $2.52 per Common Share, compared to $406.4 million, or $2.11 per Common Share, for the same period in 2020.
For the quarter ended December 31, 2021, Normalized Funds from Operations (“Normalized FFO”) available for Common Stock and OP Unit holders increased $14.7 million, or $0.07 per Common Share, to $123.6 million, or $0.64 per Common Share, compared to $108.9 million, or $0.57 per Common Share, for the same period in 2020. For the year ended December 31, 2021, Normalized FFO available for Common Stock and OP Unit holders increased $70.3 million, or $0.36 per Common Share, to $489.0 million, or $2.53 per Common Share, compared to $418.7 million, or $2.17 per Common Share, for the same period in 2020.
For the quarter ended December 31, 2021, property operating revenues, excluding deferrals, increased $34.7 million to $296.6 million, compared to $261.9 million for the same period in 2020. For the year ended December 31, 2021, property operating revenues, excluding deferrals, increased $134.2 million to $1,185.6 million, compared to $1,051.4 million for the same period in 2020. For the quarter ended December 31, 2021, income from property operations, excluding deferrals and property management, increased $19.5 million to $172.4 million, compared to $152.9 million for the same period in 2020. For the year ended December 31, 2021, income from property operations, excluding deferrals and property management, increased $75.2 million to $682.0 million, compared to $606.8 million for the same period in 2020.
For the quarter ended December 31, 2021, Core property operating revenues, excluding deferrals, increased approximately 7.8 percent and Core income from property operations, excluding deferrals and property management, increased approximately 8.2 percent compared to the same period in 2020. For the year ended December 31, 2021, Core property operating revenues, excluding deferrals, increased approximately 8.3 percent and Core income from property operations, excluding deferrals and property management, increased approximately 8.8 percent compared to the same period in 2020.
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 November and December 2021, we completed the acquisitions of Hope Valley, a 164-site RV community located in Turner, Oregon, and Lake Conroe, a 261-site RV community in Montgomery, Texas, for an aggregate purchase price of $31.9 million.
In November 2021, we acquired an 80% equity interest in RVC Outdoor Destinations, an entity owning six operating RV communities containing 988 sites with a total value of $105.0 million.
As part of our strategy to expand owned communities with additional developed sites, during the quarter ended December 31, 2021, we completed the acquisitions of two parcels of land adjacent to two of our properties for an aggregate purchase price of $27.2 million.
In December 2021, we completed the acquisition of MHVillage/Datacomp for a purchase price of $43 million. MHVillage is the premier online marketplace dedicated to manufactured home buying and selling. Datacomp provides independent, market-based valuations for manufactured homes in land lease communities.
These acquisitions were funded with available cash, proceeds from our line of credit, and net proceeds from sales of common stock under our at-the-market (“ATM”) equity offering program as discussed further below.
2022 Dividends
Our Board of Directors has approved setting the annual dividend rate for 2022 at $1.64 per share of common stock, an increase of 13.1%, or $0.19, over the current $1.45 per share of common stock for 2021. Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.
Balance Sheet Activity
During the quarter ended December 31, 2021 and through January 4, 2022, we sold approximately 2.0 million shares of our common stock under our ATM equity offering program with a weighted average price of $84.80 per share for net proceeds of $166.4 million.
In January 2022, we entered into a $200.0 million unsecured term loan agreement. The term of the loan is five years and bears interest at a rate of Secured Overnight Financing Rate (“SOFR”) plus approximately 1.30% to 1.80%, depending on leverage levels.
Proceeds generated from the ATM equity offering and the unsecured term loan were used to fund fourth quarter 2021 acquisition activity and repay a portion of the outstanding balance on the line of credit. As of January 24, 2022, the line of credit has an outstanding balance of $69.0 million.
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of January 24, 2022, we own or have an interest in 444 quality properties in 35 states and British Columbia consisting of 169,296 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, January 25, 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 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;
- in the age-qualified properties, home sales results could be impacted by the ability of potential home buyers 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) our ability to integrate and operate recent acquisitions in accordance with our estimates; (viii) completion of pending transactions in their entirety and on assumed schedule; (ix) ongoing legal matters and related fees; and (x) 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 2021, as marked by these key operational and financial accomplishments:
- Normalized FFO per common share on a fully diluted basis was $2.53 for the year ended December 31, 2021, 17% higher than the year ended December 31, 2020.
- Core Portfolio generated growth of 9% in income from property operations, excluding deferrals and property management, for the year ended December 31, 2021 compared to the year ended December 31, 2020.
- MH occupancy within our Core Portfolio increased by 323 sites during the year ended December 31, 2021 from the year ended December 31, 2020.
- Manufactured homeowners within our Core Portfolio increased by 785 to 65,730 as of December 31, 2021 compared to 64,945 as of December 31, 2020.
- Added 1,037 expansion Sites to our Core Portfolio during the year ended December 31, 2021.
- RV Annual occupancy within our Core RV and Thousand Trails portfolios increased by 1,180 sites during the year ended December 31, 2021 from the year ended December 31, 2020.
- RV and MH rental income within our Core Portfolio increased by 12.9% and 4.7%, respectively, compared to December 31, 2020.
- Membership sales and expenses, consisting of membership upgrade sales and expenses, as well as commissions on camping and Trails Collection passes, contributed $12.5 million for the year ended December 31, 2021, an increase of $8.1 million, or 184%, compared to the year ended December 31, 2020.
- New home sales of 1,163 for the year ended December 31, 2021, which was the highest in company history.
- Acquired eleven marinas, six RV communities, an 80% equity interest in a joint venture with six RV communities, MHVillage/Datacomp and three land parcels adjacent to our properties with an aggregate value of approximately $800 million during the year ended December 31, 2021.
- Originated secured debt with gross proceeds of $270.0 million with a maturity of 10 years and an interest rate of 2.4% during the year ended December 31, 2021. We used these proceeds to repay $67.0 million of debt due to mature in 2022 at a weighted average rate of 5.1%. The remainder of the proceeds were used to repay a portion of the outstanding balance on the line of credit.
- Closed on an amended revolving line of credit with borrowing capacity of $500.0 million and a $300.0 million term loan during the year ended December 31, 2021.
- Sold approximately 1.7 million shares of our common stock under our ATM equity offering program with a weighted average price of $84.48 per share for net proceeds of $138.4 million during the year ended December 31, 2021.
2022 Guidance (1) |
||||
($ in millions except per share) |
||||
|
|
First Quarter |
|
Full Year |
Net Income/share |
|
$0.38 to $0.44 |
|
$1.56 to $1.66 |
FFO and Normalized FFO/share |
|
$0.66 to $0.72 |
|
$2.64 to $2.74 |
|
|
|
|
|
Core Portfolio: |
|
|
|
|
MH rate growth |
|
4.4% to 4.6% |
|
4.6% to 4.8% |
RV Annual rate growth |
|
4.6% to 4.8% |
|
5.0% to 5.2% |
Property operating revenue growth rate |
|
7.3% to 7.9% |
|
4.5% to 5.5% |
Property operating expense growth rate |
|
7.6% to 8.2% |
|
3.2% to 4.2% |
Income from property operations, excluding deferrals and property management growth rate |
|
7.1% to 7.7% |
|
5.4% to 6.4% |
_______________________
(1) |
First 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 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. |
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 |
||||||||||||||
|
Dec 31, |
Sept 30, |
Jun 30, |
Mar 31, |
Dec 31, |
||||||||||
Operating Information |
|
|
|
|
|
||||||||||
Total revenues |
$ |
325.3 |
|
$ |
332.9 |
|
$ |
317.4 |
|
$ |
296.0 |
|
$ |
271.9 |
|
Net income |
$ |
68.8 |
|
$ |
74.1 |
|
$ |
64.1 |
|
$ |
69.0 |
|
$ |
68.4 |
|
Net income available for Common Stockholders |
$ |
65.5 |
|
$ |
70.6 |
|
$ |
61.1 |
|
$ |
65.2 |
|
$ |
64.6 |
|
Adjusted EBITDAre (1) |
$ |
150.7 |
|
$ |
150.8 |
|
$ |
144.6 |
|
$ |
147.9 |
|
$ |
133.1 |
|
FFO available for Common Stock and OP Unit holders (1)(2) |
$ |
123.0 |
|
$ |
124.5 |
|
$ |
117.6 |
|
$ |
120.6 |
|
$ |
108.9 |
|
Normalized FFO available for Common Stock and OP Unit holders (1)(2) |
$ |
123.6 |
|
$ |
124.5 |
|
$ |
118.3 |
|
$ |
122.6 |
|
$ |
108.9 |
|
Funds Available for Distribution (“FAD”) for Common Stock and OP Unit holders (1)(2) |
$ |
102.3 |
|
$ |
106.1 |
|
$ |
99.0 |
|
$ |
111.0 |
|
$ |
91.1 |
|
|
|
|
|
|
|
||||||||||
Common Shares and OP Units Outstanding (In thousands) and Per Share Data |
|
|
|
|
|
||||||||||
Common Shares and OP Units, end of the period |
|
194,946 |
|
|
192,852 |
|
|
192,847 |
|
|
192,779 |
|
|
192,710 |
|
Weighted average Common Shares and OP Units outstanding – Fully Diluted |
|
193,412 |
|
|
192,736 |
|
|
192,701 |
|
|
192,685 |
|
|
192,578 |
|
Net income per Common Share – Fully Diluted (3) |
$ |
0.36 |
|
$ |
0.38 |
|
$ |
0.33 |
|
$ |
0.36 |
|
$ |
0.35 |
|
FFO per Common Share and OP Unit – Fully Diluted |
$ |
0.64 |
|
$ |
0.65 |
|
$ |
0.61 |
|
$ |
0.63 |
|
$ |
0.57 |
|
Normalized FFO per Common Share and OP Unit – Fully Diluted |
$ |
0.64 |
|
$ |
0.65 |
|
$ |
0.61 |
|
$ |
0.64 |
|
$ |
0.57 |
|
Dividends per Common Share |
$ |
0.3625 |
|
$ |
0.3625 |
|
$ |
0.3625 |
|
$ |
0.3625 |
|
$ |
0.3425 |
|
|
|
|
|
|
|
||||||||||
Balance Sheet |
|
|
|
|
|
||||||||||
Total assets |
$ |
5,308 |
|
$ |
4,982 |
|
$ |
4,824 |
|
$ |
4,786 |
|
$ |
4,419 |
|
Total liabilities |
$ |
3,822 |
|
$ |
3,673 |
|
$ |
3,522 |
|
$ |
3,481 |
|
$ |
3,114 |
|
|
|
|
|
|
|
||||||||||
Market Capitalization |
|
|
|
|
|
||||||||||
Total debt (4) |
$ |
3,303 |
|
$ |
3,154 |
|
$ |
3,010 |
|
$ |
3,012 |
|
$ |
2,695 |
|
Total market capitalization (5) |
$ |
20,392 |
|
$ |
18,216 |
|
$ |
17,340 |
|
$ |
15,280 |
|
$ |
14,905 |
|
|
|
|
|
|
|
||||||||||
Ratios |
|
|
|
|
|
||||||||||
Total debt / total market capitalization |
|
16.2 |
% |
|
17.3 |
% |
|
17.4 |
% |
|
19.7 |
% |
|
18.1 |
% |
Total debt / Adjusted EBITDAre (6) |
|
5.6 |
|
|
5.5 |
|
|
5.4 |
|
|
5.7 |
|
|
5.2 |
|
Interest coverage (7) |
|
5.5 |
|
|
5.5 |
|
|
5.4 |
|
|
5.2 |
|
|
5.1 |
|
Fixed charges(8) |
|
5.5 |
|
|
5.4 |
|
|
5.3 |
|
|
5.1 |
|
|
5.0 |
|
______________________
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 $28.9 million as of December 31, 2021. |
5. |
See page 16 for the calculation of market capitalization as of December 31, 2021. |
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) |
|||||||
|
December 31, 2021 |
|
December 31, 2020 |
||||
|
(unaudited) |
|
|
||||
Assets |
|
|
|
||||
Investment in real estate: |
|
|
|
||||
Land |
$ |
2,019,787 |
|
|
$ |
1,676,636 |
|
Land improvements |
|
3,912,062 |
|
|
|
3,543,479 |
|
Buildings and other depreciable property |
|
1,057,215 |
|
|
|
940,311 |
|
|
|
6,989,064 |
|
|
|
6,160,426 |
|
Accumulated depreciation |
|
(2,103,774 |
) |
|
|
(1,924,585 |
) |
Net investment in real estate |
|
4,885,290 |
|
|
|
4,235,841 |
|
Cash and restricted cash |
|
123,398 |
|
|
|
24,060 |
|
Notes receivable, net |
|
39,955 |
|
|
|
35,844 |
|
Investment in unconsolidated joint ventures |
|
70,312 |
|
|
|
19,726 |
|
Deferred commission expense |
|
47,349 |
|
|
|
42,472 |
|
Other assets, net |
|
141,567 |
|
|
|
61,026 |
|
Total Assets |
$ |
5,307,871 |
|
|
$ |
4,418,969 |
|
|
|
|
|
||||
Liabilities and Equity |
|
|
|
||||
Liabilities: |
|
|
|
||||
Mortgage notes payable, net |
$ |
2,627,783 |
|
|
$ |
2,444,930 |
|
Term loan, net |
|
297,436 |
|
|
|
— |
|
Unsecured line of credit |
|
349,000 |
|
|
|
222,000 |
|
Accounts payable and other liabilities |
|
172,285 |
|
|
|
129,666 |
|
Deferred membership revenue |
|
176,439 |
|
|
|
150,692 |
|
Accrued interest payable |
|
9,293 |
|
|
|
8,336 |
|
Rents and other customer payments received in advance and security deposits |
|
118,696 |
|
|
|
92,587 |
|
Distributions payable |
|
70,768 |
|
|
|
66,003 |
|
Total Liabilities |
|
3,821,700 |
|
|
|
3,114,214 |
|
Equity: |
|
|
|
||||
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2021 and December 31, 2020; none issued and outstanding. |
|
— |
|
|
|
— |
|
Common stock, $0.01 par value, 600,000,000 shares authorized as of December 31, 2021 and December 31, 2020; 185,640,379 and 182,230,631 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively. |
|
1,913 |
|
|
|
1,813 |
|
Paid-in capital |
|
1,593,362 |
|
|
|
1,411,397 |
|
Distributions in excess of accumulated earnings |
|
(183,689 |
) |
|
|
(179,523 |
) |
Accumulated other comprehensive income (loss) |
|
3,524 |
|
|
|
— |
|
Total Stockholders’ Equity |
|
1,415,110 |
|
|
|
1,233,687 |
|
Non-controlling interests – Common OP Units |
|
71,061 |
|
|
|
71,068 |
|
Total Equity |
|
1,486,171 |
|
|
|
1,304,755 |
|
Total Liabilities and Equity |
$ |
5,307,871 |
|
|
$ |
4,418,969 |
|
Consolidated Income Statements |
|||||||||||||||
(In thousands, unaudited) |
|||||||||||||||
|
Quarters Ended December 31, |
|
Years Ended December 31, |
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Rental income |
$ |
258,282 |
|
|
$ |
227,565 |
|
|
$ |
1,032,575 |
|
|
$ |
923,743 |
|
Annual membership subscriptions |
|
15,203 |
|
|
|
13,609 |
|
|
|
58,251 |
|
|
|
53,085 |
|
Membership upgrade sales current period, gross |
|
6,927 |
|
|
|
5,217 |
|
|
|
36,270 |
|
|
|
21,739 |
|
Membership upgrade sales upfront payments, deferred, net |
|
(3,945 |
) |
|
|
(2,683 |
) |
|
|
(25,079 |
) |
|
|
(12,062 |
) |
Other income |
|
13,539 |
|
|
|
13,001 |
|
|
|
50,298 |
|
|
|
46,008 |
|
Gross revenues from home sales |
|
31,534 |
|
|
|
12,450 |
|
|
|
98,457 |
|
|
|
45,695 |
|
Brokered resale and ancillary services revenues, net |
|
929 |
|
|
|
49 |
|
|
|
9,351 |
|
|
|
2,060 |
|
Interest income |
|
1,702 |
|
|
|
1,755 |
|
|
|
7,016 |
|
|
|
7,154 |
|
Income from other investments, net |
|
1,159 |
|
|
|
933 |
|
|
|
4,555 |
|
|
|
4,026 |
|
Total revenues |
|
325,330 |
|
|
|
271,896 |
|
|
|
1,271,694 |
|
|
|
1,091,448 |
|
|
|
|
|
|
|
|
|
||||||||
Expenses: |
|
|
|
|
|
|
|
||||||||
Property operating and maintenance |
|
98,283 |
|
|
|
85,875 |
|
|
|
398,983 |
|
|
|
354,340 |
|
Real estate taxes |
|
18,517 |
|
|
|
16,630 |
|
|
|
72,671 |
|
|
|
66,120 |
|
Sales and marketing, gross |
|
4,756 |
|
|
|
4,024 |
|
|
|
23,743 |
|
|
|
17,332 |
|
Membership sales commissions, deferred, net |
|
(670 |
) |
|
|
(333 |
) |
|
|
(5,075 |
) |
|
|
(1,660 |
) |
Property management |
|
17,024 |
|
|
|
13,623 |
|
|
|
65,979 |
|
|
|
57,967 |
|
Depreciation and amortization |
|
50,317 |
|
|
|
39,194 |
|
|
|
188,444 |
|
|
|
155,131 |
|
Cost of home sales |
|
29,743 |
|
|
|
12,602 |
|
|
|
94,314 |
|
|
|
46,229 |
|
Home selling expenses |
|
1,283 |
|
|
|
1,037 |
|
|
|
5,138 |
|
|
|
4,572 |
|
General and administrative |
|
9,576 |
|
|
|
8,120 |
|
|
|
40,717 |
|
|
|
39,276 |
|
Other expenses |
|
805 |
|
|
|
682 |
|
|
|
3,100 |
|
|
|
2,567 |
|
Early debt retirement |
|
— |
|
|
|
— |
|
|
|
2,784 |
|
|
|
10,786 |
|
Interest and related amortization |
|
27,951 |
|
|
|
25,231 |
|
|
|
108,718 |
|
|
|
102,771 |
|
Total expenses |
|
257,585 |
|
|
|
206,685 |
|
|
|
999,516 |
|
|
|
855,431 |
|
Loss on sale of real estate, net |
|
— |
|
|
|
— |
|
|
|
(59 |
) |
|
|
— |
|
Income before equity in income of unconsolidated joint ventures |
|
67,745 |
|
|
|
65,211 |
|
|
|
272,119 |
|
|
|
236,017 |
|
Equity in income of unconsolidated joint ventures |
|
1,095 |
|
|
|
3,160 |
|
|
|
3,881 |
|
|
|
5,399 |
|
Consolidated net income |
|
68,840 |
|
|
|
68,371 |
|
|
|
276,000 |
|
|
|
241,416 |
|
|
|
|
|
|
|
|
|
||||||||
Income allocated to non-controlling interests – Common OP Units |
|
(3,286 |
) |
|
|
(3,717 |
) |
|
|
(13,522 |
) |
|
|
(13,132 |
) |
Redeemable perpetual preferred stock dividends |
|
(8 |
) |
|
|
(8 |
) |
|
|
(16 |
) |
|
|
(16 |
) |
Net income available for Common Stockholders |
$ |
65,546 |
|
|
$ |
64,646 |
|
|
$ |
262,462 |
|
|
$ |
228,268 |
|
Contacts
Paul Seavey
(800) 247-5279