QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 36-3857664 | ||||||||||||||||
(State or | ( Identification | ||||||||||||||||
Number) | |||||||||||||||||
Two North Riverside Plaza, Suite 800 | Chicago, | Illinois | 60606 | ||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.01 Par Value | ELS | New York Stock Exchange |
Large accelerated filer | Accelerated filer | ||||||||||
Non-accelerated filer | Smaller reporting company | ||||||||||
Emerging growth company |
Page | ||||||||
Item 1. | Financial Statements (unaudited) | |||||||
Index To Financial Statements | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. |
September 30, 2023 | December 31, 2022 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Investment in real estate: | |||||||||||
Land | $ | 2,088,657 | $ | 2,084,532 | |||||||
Land improvements | 4,307,943 | 4,115,439 | |||||||||
Buildings and other depreciable property | 1,228,897 | 1,169,590 | |||||||||
7,625,497 | 7,369,561 | ||||||||||
Accumulated depreciation | (2,401,384) | (2,258,540) | |||||||||
Net investment in real estate | 5,224,113 | 5,111,021 | |||||||||
Cash and restricted cash | 59,680 | 22,347 | |||||||||
Notes receivable, net | 49,684 | 45,356 | |||||||||
Investment in unconsolidated joint ventures | 84,328 | 81,404 | |||||||||
Deferred commission expense | 53,180 | 50,441 | |||||||||
Other assets, net | 155,306 | 181,950 | |||||||||
Total Assets | $ | 5,626,291 | $ | 5,492,519 | |||||||
Liabilities and Equity | |||||||||||
Liabilities: | |||||||||||
Mortgage notes payable, net | $ | 3,005,034 | $ | 2,693,167 | |||||||
Term loan, net | 497,422 | 496,817 | |||||||||
Unsecured line of credit | — | 198,000 | |||||||||
Accounts payable and other liabilities | 189,090 | 175,148 | |||||||||
Deferred membership revenue | 216,021 | 197,743 | |||||||||
Accrued interest payable | 12,296 | 11,739 | |||||||||
Rents and other customer payments received in advance and security deposits | 121,930 | 122,318 | |||||||||
Distributions payable | 87,491 | 80,102 | |||||||||
Total Liabilities | 4,129,284 | 3,975,034 | |||||||||
Equity: | |||||||||||
Stockholders' Equity: | |||||||||||
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 2023 and December 31, 2022; none issued and outstanding. | — | — | |||||||||
Common stock, $0.01 par value, 600,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 186,390,612 and 186,120,298 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively. | 1,917 | 1,916 | |||||||||
Paid-in capital | 1,641,553 | 1,628,618 | |||||||||
Distributions in excess of accumulated earnings | (232,081) | (204,248) | |||||||||
Accumulated other comprehensive income | 15,564 | 19,119 | |||||||||
Total Stockholders’ Equity | 1,426,953 | 1,445,405 | |||||||||
Non-controlling interests – Common OP Units | 70,054 | 72,080 | |||||||||
Total Equity | 1,497,007 | 1,517,485 | |||||||||
Total Liabilities and Equity | $ | 5,626,291 | $ | 5,492,519 |
September 30, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
Assets | |||||||
Investment in real estate: | |||||||
Land | $ | 1,167,620 | $ | 1,163,987 | |||
Land improvements | 2,940,500 | 2,893,759 | |||||
Buildings and other depreciable property | 647,513 | 627,590 | |||||
4,755,633 | 4,685,336 | ||||||
Accumulated depreciation | (1,488,722 | ) | (1,399,531 | ) | |||
Net investment in real estate | 3,266,911 | 3,285,805 | |||||
Cash | 77,395 | 56,340 | |||||
Notes receivable, net | 49,284 | 34,520 | |||||
Investment in unconsolidated joint ventures | 52,966 | 19,369 | |||||
Deferred commission expense | 31,608 | 31,375 | |||||
Escrow deposits, goodwill, and other assets, net | 47,683 | 51,578 | |||||
Total Assets | $ | 3,525,847 | $ | 3,478,987 | |||
Liabilities and Equity | |||||||
Liabilities: | |||||||
Mortgage notes payable, net | $ | 1,981,604 | $ | 1,891,900 | |||
Term loan | 199,534 | 199,379 | |||||
Accrued expenses and accounts payable | 106,688 | 89,864 | |||||
Deferred revenue – upfront payments from right-to-use contracts | 85,254 | 81,484 | |||||
Deferred revenue – right-to-use annual payments | 10,513 | 9,817 | |||||
Accrued interest payable | 7,969 | 8,379 | |||||
Rents and other customer payments received in advance and security deposits | 73,609 | 76,906 | |||||
Distributions payable | 45,501 | 39,411 | |||||
Total Liabilities | 2,510,672 | 2,397,140 | |||||
Equity: | |||||||
Stockholders’ Equity: | |||||||
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 2017 and 9,945,539 shares authorized as of December 31, 2016; none issued and outstanding. | — | — | |||||
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value, no shares authorized as of September 30, 2017 and 54,461 shares authorized as of December 31, 2016; none issued and outstanding as of September 30, 2017 and 54,458 shares issued and outstanding as of December 31, 2016. | — | 136,144 | |||||
Common stock, $0.01 par value, 200,000,000 shares authorized as of September 30, 2017 and December 31, 2016; 87,499,669 and 85,529,386 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively | 872 | 854 | |||||
Paid-in capital | 1,164,658 | 1,103,048 | |||||
Distributions in excess of accumulated earnings | (213,771 | ) | (231,276 | ) | |||
Accumulated other comprehensive (loss) | — | (227 | ) | ||||
Total Stockholders’ Equity | 951,759 | 1,008,543 | |||||
Non-controlling interests – Common OP Units | 63,416 | 73,304 | |||||
Total Equity | 1,015,175 | 1,081,847 | |||||
Total Liabilities and Equity | $ | 3,525,847 | $ | 3,478,987 |
Quarters Ended | Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Revenues: | |||||||||||||||
Community base rental income | $ | 123,177 | $ | 117,164 | $ | 365,833 | $ | 346,625 | |||||||
Rental home income | 3,592 | 3,484 | 10,829 | 10,572 | |||||||||||
Resort base rental income | 58,471 | 54,486 | 169,594 | 154,652 | |||||||||||
Right-to-use annual payments | 11,531 | 11,349 | 34,133 | 33,590 | |||||||||||
Right-to-use contracts current period, gross | 4,208 | 3,672 | 11,212 | 9,290 | |||||||||||
Right-to-use contract upfront payments, deferred, net | (1,670 | ) | (1,327 | ) | (3,766 | ) | (2,427 | ) | |||||||
Utility and other income | 26,295 | 21,174 | 69,071 | 61,490 | |||||||||||
Gross revenues from home sales | 10,012 | 10,895 | 24,872 | 28,239 | |||||||||||
Brokered resale revenues and ancillary services revenues, net | 1,983 | 920 | 4,088 | 2,736 | |||||||||||
Interest income | 1,974 | 1,767 | 5,542 | 5,052 | |||||||||||
Income from other investments, net | 2,052 | 2,581 | 3,918 | 6,574 | |||||||||||
Total revenues | 241,625 | 226,165 | 695,326 | 656,393 | |||||||||||
Expenses: | |||||||||||||||
Property operating and maintenance | 80,164 | 73,410 | 221,119 | 203,011 | |||||||||||
Rental home operating and maintenance | 1,704 | 1,768 | 4,912 | 4,874 | |||||||||||
Real estate taxes | 14,006 | 13,467 | 41,986 | 39,534 | |||||||||||
Sales and marketing, gross | 3,277 | 3,100 | 8,861 | 8,524 | |||||||||||
Right-to-use contract commissions, deferred, net | (176 | ) | (200 | ) | (372 | ) | (212 | ) | |||||||
Property management | 13,160 | 11,863 | 38,743 | 35,670 | |||||||||||
Depreciation on real estate assets and rental homes | 30,493 | 29,518 | 90,849 | 87,203 | |||||||||||
Amortization of in-place leases | 138 | 1,376 | 2,128 | 2,139 | |||||||||||
Cost of home sales | 10,377 | 10,745 | 25,391 | 28,507 | |||||||||||
Home selling expenses | 1,447 | 909 | 3,301 | 2,548 | |||||||||||
General and administrative | 7,505 | 7,653 | 23,339 | 23,315 | |||||||||||
Property rights initiatives and other, net | 324 | 855 | 814 | 2,036 | |||||||||||
Interest and related amortization | 25,027 | 25,440 | 74,728 | 76,635 | |||||||||||
Total expenses | 187,446 | 179,904 | 535,799 | 513,784 | |||||||||||
Income before equity in income of unconsolidated joint ventures | 54,179 | 46,261 | 159,527 | 142,609 | |||||||||||
Equity in income of unconsolidated joint ventures | 686 | 496 | 2,876 | 2,142 | |||||||||||
Consolidated net income | 54,865 | 46,757 | 162,403 | 144,751 | |||||||||||
Income allocated to non-controlling interests – Common OP Units | (3,286 | ) | (3,462 | ) | (9,825 | ) | (10,770 | ) | |||||||
Series C Redeemable Perpetual preferred stock dividends and original issuance costs | (3,054 | ) | (2,297 | ) | (7,667 | ) | (6,910 | ) | |||||||
Net income available for Common Stockholders | $ | 48,525 | $ | 40,998 | $ | 144,911 | $ | 127,071 | |||||||
Consolidated net income | $ | 54,865 | $ | 46,757 | $ | 162,403 | $ | 144,751 | |||||||
Other comprehensive income/(loss): | |||||||||||||||
Adjustment for fair market value of swap | (30 | ) | 551 | 227 | (93 | ) | |||||||||
Consolidated comprehensive income | 54,835 | 47,308 | 162,630 | 144,658 | |||||||||||
Comprehensive income allocated to non-controlling interests – Common OP Units | (3,237 | ) | (3,505 | ) | (9,792 | ) | (10,762 | ) | |||||||
Series C Redeemable Perpetual preferred stock dividends and original issuance costs | (3,054 | ) | (2,297 | ) | (7,667 | ) | (6,910 | ) | |||||||
Comprehensive income attributable to Common Stockholders | $ | 48,544 | $ | 41,506 | $ | 145,171 | $ | 126,986 |
Quarters Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental income | $ | 303,334 | $ | 289,016 | $ | 888,440 | $ | 849,411 | |||||||||||||||
Annual membership subscriptions | 16,673 | 16,254 | 48,832 | 47,003 | |||||||||||||||||||
Membership upgrade sales | 3,744 | 3,308 | 10,863 | 9,543 | |||||||||||||||||||
Other income | 15,658 | 15,580 | 51,283 | 43,316 | |||||||||||||||||||
Gross revenues from home sales, brokered resales and ancillary services | 44,795 | 52,547 | 115,841 | 144,937 | |||||||||||||||||||
Interest income | 2,276 | 1,865 | 6,623 | 5,346 | |||||||||||||||||||
Income from other investments, net | 2,333 | 2,399 | 6,897 | 6,920 | |||||||||||||||||||
Total revenues | 388,813 | 380,969 | 1,128,779 | 1,106,476 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating and maintenance | 126,846 | 123,181 | 361,543 | 341,480 | |||||||||||||||||||
Real estate taxes | 19,017 | 17,734 | 56,165 | 56,373 | |||||||||||||||||||
Membership sales and marketing | 5,696 | 5,937 | 16,055 | 15,720 | |||||||||||||||||||
Property management | 19,887 | 19,003 | 58,710 | 55,973 | |||||||||||||||||||
Depreciation and amortization | 50,968 | 52,547 | 152,934 | 152,737 | |||||||||||||||||||
Cost of home sales, brokered resales and ancillary services | 33,471 | 40,224 | 85,880 | 111,894 | |||||||||||||||||||
Home selling expenses and ancillary operating expenses | 7,164 | 7,080 | 21,258 | 21,146 | |||||||||||||||||||
General and administrative | 9,895 | 11,086 | 38,163 | 34,834 | |||||||||||||||||||
Casualty-related charges/(recoveries), net | — | — | — | — | |||||||||||||||||||
Other expenses | 1,338 | 1,627 | 4,187 | 6,880 | |||||||||||||||||||
Early debt retirement | 68 | — | 68 | 1,156 | |||||||||||||||||||
Interest and related amortization | 33,434 | 29,759 | 99,144 | 85,276 | |||||||||||||||||||
Total expenses | 307,784 | 308,178 | 894,107 | 883,469 | |||||||||||||||||||
Loss on sale of real estate and impairment, net | (949) | (3,747) | (3,581) | (3,747) | |||||||||||||||||||
Income before equity in income of unconsolidated joint ventures | 80,080 | 69,044 | 231,091 | 219,260 | |||||||||||||||||||
Equity in income of unconsolidated joint ventures | 661 | 1,465 | 2,158 | 2,889 | |||||||||||||||||||
Consolidated net income | 80,741 | 70,509 | 233,249 | 222,149 | |||||||||||||||||||
Income allocated to non-controlling interests – Common OP Units | (3,772) | (3,346) | (10,981) | (10,563) | |||||||||||||||||||
Redeemable perpetual preferred stock dividends | — | — | (8) | (8) | |||||||||||||||||||
Net income available for Common Stockholders | $ | 76,969 | $ | 67,163 | $ | 222,260 | $ | 211,578 | |||||||||||||||
Consolidated net income | $ | 80,741 | $ | 70,509 | $ | 233,249 | $ | 222,149 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Adjustment for fair market value of swaps | (1,763) | 4,235 | (3,555) | 16,952 | |||||||||||||||||||
Consolidated comprehensive income | 78,978 | 74,744 | 229,694 | 239,101 | |||||||||||||||||||
Comprehensive income allocated to non-controlling interests – Common OP Units | (3,690) | (3,547) | (10,814) | (11,370) | |||||||||||||||||||
Redeemable perpetual preferred stock dividends | — | — | (8) | (8) | |||||||||||||||||||
Comprehensive income attributable to Common Stockholders | $ | 75,288 | $ | 71,197 | $ | 218,872 | $ | 227,723 | |||||||||||||||
Earnings per Common Share – Basic | $ | 0.41 | $ | 0.36 | $ | 1.19 | $ | 1.14 | |||||||||||||||
Earnings per Common Share – Fully Diluted | $ | 0.41 | $ | 0.36 | $ | 1.19 | $ | 1.14 | |||||||||||||||
Weighted average Common Shares outstanding – Basic | 186,100 | 185,814 | 186,008 | 185,758 | |||||||||||||||||||
Weighted average Common Shares outstanding – Fully Diluted | 195,440 | 195,269 | 195,414 | 195,248 |
Quarters Ended | Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Earnings per Common Share – Basic: | |||||||||||||||
Net income available for Common Stockholders | $ | 0.56 | $ | 0.48 | $ | 1.67 | $ | 1.50 | |||||||
Earnings per Common Share – Fully Diluted: | |||||||||||||||
Net income available for Common Stockholders | $ | 0.56 | $ | 0.48 | $ | 1.66 | $ | 1.49 | |||||||
Distributions declared per Common Share outstanding | $ | 0.488 | $ | 0.425 | $ | 1.463 | $ | 1.275 | |||||||
Weighted average Common Shares outstanding – basic | 87,037 | 85,105 | 86,620 | 84,649 | |||||||||||
Weighted average Common Shares outstanding – fully diluted | 93,324 | 92,910 | 93,135 | 92,405 |
Common Stock | Paid-in Capital | Redeemable Perpetual Preferred Stock | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests – Common OP Units | Total Equity | |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | 1,916 | $ | 1,628,618 | $ | — | $ | (204,248) | $ | 19,119 | $ | 72,080 | $ | 1,517,485 | |||||||||||||||||||||||||||
Exchange of Common OP Units for Common Stock | — | 198 | — | — | — | (198) | — | ||||||||||||||||||||||||||||||||||
Issuance of Common Stock through employee stock purchase plan | — | 363 | — | — | — | — | 363 | ||||||||||||||||||||||||||||||||||
Compensation expenses related to restricted stock and stock options | — | 2,549 | — | — | — | — | 2,549 | ||||||||||||||||||||||||||||||||||
Repurchase of Common Stock or Common OP Units | — | (1,932) | — | — | — | — | (1,932) | ||||||||||||||||||||||||||||||||||
Adjustment for Common OP Unitholders in the Operating Partnership | — | 168 | — | — | — | (168) | — | ||||||||||||||||||||||||||||||||||
Adjustment for fair market value of swap | — | — | — | — | (3,978) | — | (3,978) | ||||||||||||||||||||||||||||||||||
Consolidated net income | — | — | — | 82,371 | — | 4,088 | 86,459 | ||||||||||||||||||||||||||||||||||
Distributions | — | — | — | (83,326) | — | (4,136) | (87,462) | ||||||||||||||||||||||||||||||||||
Other | — | (98) | — | — | — | — | (98) | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | 1,916 | $ | 1,629,866 | $ | — | $ | (205,203) | $ | 15,141 | $ | 71,666 | $ | 1,513,386 | |||||||||||||||||||||||||||
Issuance of Common Stock through employee stock purchase plan | — | 504 | — | — | — | — | 504 | ||||||||||||||||||||||||||||||||||
Compensation expenses related to restricted stock and stock options | — | 8,584 | — | — | — | — | 8,584 | ||||||||||||||||||||||||||||||||||
Adjustment for Common OP Unitholders in the Operating Partnership | — | (503) | — | — | — | 503 | — | ||||||||||||||||||||||||||||||||||
Adjustment for fair market value of swap | — | — | — | — | 2,186 | — | 2,186 | ||||||||||||||||||||||||||||||||||
Consolidated net income | — | — | 8 | 62,920 | — | 3,121 | 66,049 | ||||||||||||||||||||||||||||||||||
Distributions | — | — | (8) | (83,357) | — | (4,135) | (87,500) | ||||||||||||||||||||||||||||||||||
Other | — | (97) | — | — | — | — | (97) | ||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | 1,916 | $ | 1,638,354 | $ | — | $ | (225,640) | $ | 17,327 | $ | 71,155 | $ | 1,503,112 | |||||||||||||||||||||||||||
Exchange of Common OP Units for Common Stock | 1 | 812 | — | — | — | (813) | — | ||||||||||||||||||||||||||||||||||
Issuance of Common Stock through employee stock purchase plan | — | 736 | — | — | — | — | 736 | ||||||||||||||||||||||||||||||||||
Compensation expenses related to restricted stock and stock options | — | 1,799 | — | — | — | — | 1,799 | ||||||||||||||||||||||||||||||||||
Adjustment for Common OP Unitholders in the Operating Partnership | — | (27) | — | — | — | 27 | — | ||||||||||||||||||||||||||||||||||
Adjustment for fair market value of swaps | — | — | — | — | (1,763) | — | (1,763) | ||||||||||||||||||||||||||||||||||
Consolidated net income | — | — | — | 76,969 | — | 3,772 | 80,741 | ||||||||||||||||||||||||||||||||||
Distributions | — | — | — | (83,410) | — | (4,087) | (87,497) | ||||||||||||||||||||||||||||||||||
Other | — | (121) | — | — | — | — | (121) | ||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | $ | 1,917 | $ | 1,641,553 | $ | — | $ | (232,081) | $ | 15,564 | $ | 70,054 | $ | 1,497,007 | |||||||||||||||||||||||||||
Common Stock | Paid-in Capital | 6.75% Series C Cumulative Redeemable Perpetual Preferred Stock | Distributions in Excess of Accumulated Earnings | Non- controlling interests – Common OP Units | Accumulated Other Comprehensive Loss/(Income) | Total Equity | |||||||||||||||||||||
Balance, December 31, 2016 | $ | 854 | $ | 1,103,048 | $ | 136,144 | $ | (231,276 | ) | $ | 73,304 | $ | (227 | ) | $ | 1,081,847 | |||||||||||
Conversion of Common OP Units to Common Stock | 13 | 16,429 | — | — | (16,442 | ) | — | — | |||||||||||||||||||
Issuance of Common Stock through employee stock purchase plan | — | 1,615 | — | — | — | — | 1,615 | ||||||||||||||||||||
Issuance of Common Stock | 5 | 42,032 | — | — | — | — | 42,037 | ||||||||||||||||||||
Compensation expenses related to restricted stock | — | 6,813 | — | — | — | — | 6,813 | ||||||||||||||||||||
Adjustment for Common OP Unitholders in the Operating Partnership | — | (5,313 | ) | — | — | 5,313 | — | — | |||||||||||||||||||
Adjustment for fair market value of swap | — | — | — | — | — | 227 | 227 | ||||||||||||||||||||
Net income | — | — | 7,667 | 144,911 | 9,825 | — | 162,403 | ||||||||||||||||||||
Distributions | — | — | (6,910 | ) | (127,406 | ) | (8,584 | ) | — | (142,900 | ) | ||||||||||||||||
Series C Preferred stock redemption | — | — | (136,144 | ) | — | — | — | (136,144 | ) | ||||||||||||||||||
Series C Preferred stock original issuance costs | — | 757 | (757 | ) | — | — | — | — | |||||||||||||||||||
Other | — | (723 | ) | — | — | — | — | (723 | ) | ||||||||||||||||||
Balance, September 30, 2017 | $ | 872 | $ | 1,164,658 | $ | — | $ | (213,771 | ) | $ | 63,416 | $ | — | $ | 1,015,175 |
Common Stock | Paid-in Capital | Redeemable Perpetual Preferred Stock | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling interests – Common OP Units | Total Equity | |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | 1,913 | $ | 1,593,362 | $ | — | $ | (183,689) | $ | 3,524 | $ | 71,061 | $ | 1,486,171 | |||||||||||||||||||||||||||
Exchange of Common OP Units for Common Stock | — | 67 | — | — | — | (67) | — | ||||||||||||||||||||||||||||||||||
Issuance of Common Stock through employee stock purchase plan | — | 513 | — | — | — | — | 513 | ||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 3 | 28,367 | — | — | — | — | 28,370 | ||||||||||||||||||||||||||||||||||
Compensation expenses related to restricted stock and stock options | — | 2,590 | — | — | — | — | 2,590 | ||||||||||||||||||||||||||||||||||
Repurchase of Common Stock or Common OP Units | — | (3,449) | — | — | — | — | (3,449) | ||||||||||||||||||||||||||||||||||
Adjustment for Common OP Unitholders in the Operating Partnership | — | (1,641) | — | — | — | 1,641 | — | ||||||||||||||||||||||||||||||||||
Adjustment for fair market value of swap | — | — | — | — | 9,924 | — | 9,924 | ||||||||||||||||||||||||||||||||||
Consolidated net income | — | — | — | 82,906 | — | 4,144 | 87,050 | ||||||||||||||||||||||||||||||||||
Distributions | — | — | — | (76,375) | — | (3,812) | (80,187) | ||||||||||||||||||||||||||||||||||
Other | — | (645) | — | — | — | — | (645) | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | 1,916 | $ | 1,619,164 | $ | — | $ | (177,158) | $ | 13,448 | $ | 72,967 | $ | 1,530,337 | |||||||||||||||||||||||||||
Issuance of Common Stock through employee stock purchase plan | — | 1,388 | — | — | — | — | 1,388 | ||||||||||||||||||||||||||||||||||
Compensation expenses related to restricted stock and stock options | — | 2,681 | — | — | — | — | 2,681 | ||||||||||||||||||||||||||||||||||
Adjustment for Common OP Unitholders in the Operating Partnership | — | (303) | — | — | — | 303 | — | ||||||||||||||||||||||||||||||||||
Adjustment for fair market value of swap | — | — | — | — | 2,793 | — | 2,793 | ||||||||||||||||||||||||||||||||||
Consolidated net income | — | — | 8 | 61,509 | — | 3,073 | 64,590 | ||||||||||||||||||||||||||||||||||
Distributions | — | — | (8) | (76,179) | — | (3,812) | (79,999) | ||||||||||||||||||||||||||||||||||
Other | — | (54) | — | — | — | — | (54) | ||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | 1,916 | $ | 1,622,876 | $ | — | $ | (191,828) | $ | 16,241 | $ | 72,531 | $ | 1,521,736 | |||||||||||||||||||||||||||
Exchange of Common OP Units for Common Stock | — | 203 | — | — | — | (203) | — | ||||||||||||||||||||||||||||||||||
Issuance of Common Stock through employee stock purchase plan | — | 458 | — | — | — | — | 458 | ||||||||||||||||||||||||||||||||||
Compensation expenses related to restricted stock and stock options | — | 2,654 | — | — | — | — | 2,654 | ||||||||||||||||||||||||||||||||||
Adjustment for Common OP Unitholders in the Operating Partnership | — | (342) | — | — | — | 342 | — | ||||||||||||||||||||||||||||||||||
Adjustment for fair market value of swap | — | — | — | — | 4,235 | — | 4,235 | ||||||||||||||||||||||||||||||||||
Consolidated net income | — | — | — | 67,164 | — | 3,346 | 70,510 | ||||||||||||||||||||||||||||||||||
Distributions | — | — | — | (76,305) | — | (3,801) | (80,106) | ||||||||||||||||||||||||||||||||||
Other | — | (98) | — | — | — | — | (98) | ||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | 1,916 | $ | 1,625,751 | $ | — | $ | (200,969) | $ | 20,476 | $ | 72,215 | $ | 1,519,389 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash Flows From Operating Activities: | |||||||||||
Consolidated net income | $ | 233,249 | $ | 222,149 | |||||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | |||||||||||
Loss on sale of real estate and impairment, net | 3,581 | 3,747 | |||||||||
Early debt retirement | 68 | 1,156 | |||||||||
Depreciation and amortization | 156,967 | 156,074 | |||||||||
Amortization of loan costs | 3,637 | 3,631 | |||||||||
Debt premium amortization | (62) | (145) | |||||||||
Equity in income of unconsolidated joint ventures | (2,158) | (2,889) | |||||||||
Distributions of income from unconsolidated joint ventures | 1,155 | 340 | |||||||||
Proceeds from insurance claims, net | 21,770 | (457) | |||||||||
Compensation expense related to incentive plans | 15,275 | 5,367 | |||||||||
Revenue recognized from membership upgrade sales upfront payments | (10,863) | (9,543) | |||||||||
Commission expense recognized related to membership sales | 3,122 | 2,850 | |||||||||
Changes in assets and liabilities: | |||||||||||
Manufactured homes, net | (31,980) | (6,972) | |||||||||
Notes receivable, net | (4,365) | (3,954) | |||||||||
Deferred commission expense | (5,861) | (5,531) | |||||||||
Other assets, net | (5,076) | (298) | |||||||||
Accounts payable and other liabilities | 12,165 | 15,475 | |||||||||
Deferred membership revenue | 29,140 | 28,080 | |||||||||
Rents and other customer payments received in advance and security deposits | (1,106) | (3,957) | |||||||||
Net cash provided by operating activities | 418,658 | 405,123 | |||||||||
Cash Flows From Investing Activities: | |||||||||||
Real estate acquisitions, net | (9,326) | (119,255) | |||||||||
Investment in unconsolidated joint ventures | (6,060) | (16,022) | |||||||||
Distributions of capital from unconsolidated joint ventures | 3,730 | 3,602 | |||||||||
Proceeds from insurance claims, net | 5,309 | 1,405 | |||||||||
Capital improvements | (231,172) | (185,916) | |||||||||
Net cash used in investing activities | (237,519) | (316,186) | |||||||||
September 30, 2017 | September 30, 2016 | ||||||
Cash Flows From Operating Activities: | |||||||
Consolidated net income | $ | 162,403 | $ | 144,751 | |||
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | |||||||
Depreciation | 91,781 | 88,043 | |||||
Amortization of in-place leases | 2,128 | 2,139 | |||||
Amortization of loan costs | 2,676 | 2,930 | |||||
Debt premium amortization | (1,664 | ) | (2,633 | ) | |||
Equity in income of unconsolidated joint ventures | (2,876 | ) | (2,142 | ) | |||
Distributions of income from unconsolidated joint ventures | 2,711 | 1,417 | |||||
Stock-based compensation | 6,813 | 6,796 | |||||
Revenue recognized from right-to-use contract upfront payments | (7,440 | ) | (6,863 | ) | |||
Commission expense recognized related to right-to-use contracts | 3,327 | 3,071 | |||||
Long term incentive plan compensation | 1,011 | (3,390 | ) | ||||
Recovery for uncollectible rents receivable | (52 | ) | (548 | ) | |||
Changes in assets and liabilities: | |||||||
Notes receivable activity, net | (337 | ) | 349 | ||||
Deferred commission expense | (3,560 | ) | (3,641 | ) | |||
Escrow deposits, goodwill and other assets | 28,985 | 22,516 | |||||
Accrued expenses and accounts payable | 11,002 | 15,392 | |||||
Deferred revenue – upfront payments from right-to-use contracts | 11,210 | 9,290 | |||||
Deferred revenue – right-to-use annual payments | 696 | 700 | |||||
Rents received in advance and security deposits | (3,305 | ) | (3,595 | ) | |||
Net cash provided by operating activities | 305,509 | 274,582 | |||||
Cash Flows From Investing Activities: | |||||||
Real estate acquisition | (2,163 | ) | (78,203 | ) | |||
Investment in unconsolidated joint ventures | (33,479 | ) | (5,000 | ) | |||
Distributions of capital from unconsolidated joint ventures | — | 4,094 | |||||
Repayments of notes receivable | 7,643 | 7,788 | |||||
Issuance of notes receivable | (22,297 | ) | (7,436 | ) | |||
Capital improvements | (87,877 | ) | (87,316 | ) | |||
Net cash used in investing activities | (138,173 | ) | (166,073 | ) | |||
Cash Flows From Financing Activities: | |||||||
Proceeds from stock options and employee stock purchase plan | 1,615 | 5,931 | |||||
Share based award tax withholding | — | (98 | ) | ||||
Gross proceeds from sale of Common Stock | 42,037 | 50,000 | |||||
Distributions: | |||||||
Common Stockholders | (121,114 | ) | (103,803 | ) | |||
Common OP Unitholders | (8,786 | ) | (8,828 | ) | |||
Preferred Stockholders | (6,910 | ) | (6,910 | ) | |||
Principal payments and mortgage debt payoff | (60,392 | ) | (109,256 | ) | |||
New mortgage notes payable financing proceeds | 146,000 | 54,450 | |||||
Redemption of preferred stock | (136,144 | ) | — | ||||
Debt issuance and defeasance costs | (1,864 | ) | (617 | ) | |||
Other | (723 | ) | (824 | ) | |||
Net cash used in financing activities | (146,281 | ) | (119,955 | ) | |||
Net increase (decrease) in cash | 21,055 | (11,446 | ) | ||||
Cash, beginning of period | 56,340 | 80,258 | |||||
Cash, end of period | $ | 77,395 | $ | 68,812 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash Flows From Financing Activities: | |||||||||||
Proceeds from stock options and employee stock purchase plan | 1,604 | 2,359 | |||||||||
Gross proceeds from the issuance of common stock | — | 28,370 | |||||||||
Distributions: | |||||||||||
Common Stockholders | (242,994) | (219,854) | |||||||||
Common OP Unitholders | (12,069) | (10,997) | |||||||||
Preferred Stockholders | (8) | (8) | |||||||||
Share based award tax withholding payments | (1,932) | (3,449) | |||||||||
Principal payments and mortgage debt repayment | (148,811) | (119,608) | |||||||||
Mortgage notes payable financing proceeds | 463,753 | 200,000 | |||||||||
Term loan proceeds | — | 200,000 | |||||||||
Line of credit repayment | (605,000) | (495,016) | |||||||||
Line of credit proceeds | 407,000 | 241,000 | |||||||||
Debt issuance and defeasance costs | (5,033) | (3,826) | |||||||||
Other | (316) | (796) | |||||||||
Net cash used in financing activities | (143,806) | (181,825) | |||||||||
Net increase (decrease) in cash and restricted cash | 37,333 | (92,888) | |||||||||
Cash and restricted cash, beginning of period | 22,347 | 123,398 | |||||||||
Cash and restricted cash, end of period | $ | 59,680 | $ | 30,510 |
September 30, 2017 | September 30, 2016 | ||||||
Supplemental Information: | |||||||
Cash paid during the period for interest | $ | 76,713 | $ | 79,762 | |||
Capital improvements – used homes acquired by repossessions | 227 | 485 | |||||
Net repayments of notes receivable – used homes acquired by repossessions | (227 | ) | (485 | ) | |||
Building and other depreciable property – reclassification of rental homes | 25,852 | 26,070 | |||||
Escrow deposits and other assets – reclassification of rental homes | (25,852 | ) | (26,070 | ) | |||
Real estate acquisitions: | |||||||
Investment in real estate, fair value | $ | (7,985 | ) | $ | (100,148 | ) | |
Investment in real estate, cost | (110 | ) | (2,000 | ) | |||
Escrow deposits and other assets | — | (20 | ) | ||||
Debt assumed | 5,900 | 22,010 | |||||
Accrued expenses and accounts payable | 32 | 1,955 | |||||
Real estate acquisitions, net | $ | (2,163 | ) | $ | (78,203 | ) |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Supplemental Information: | |||||||||||
Cash paid for interest, net | $ | 97,297 | $ | 82,368 | |||||||
Cash paid for the purchase of manufactured homes | $ | 90,477 | $ | 82,698 | |||||||
Real estate acquisitions: | |||||||||||
Investment in real estate | $ | (10,057) | $ | (119,796) | |||||||
Notes receivable, net | — | (772) | |||||||||
Other assets, net | 13 | — | |||||||||
Deferred membership revenue | — | 315 | |||||||||
Other liabilities | — | 702 | |||||||||
Rents and other customer payments received in advance and security deposits | 718 | 296 | |||||||||
Real estate acquisitions, net | $ | (9,326) | $ | (119,255) | |||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
Operating Activities | As Reported | Effect of Revision | As Revised | ||||||||||||||||||||
Manufactured homes | $ | — | (6,972) | $ | (6,972) | ||||||||||||||||||
Other assets, net | $ | 75,428 | (75,726) | $ | (298) | ||||||||||||||||||
Net cash provided by operating activities | $ | 487,821 | (82,698) | $ | 405,123 | ||||||||||||||||||
Investing Activities | |||||||||||||||||||||||
Capital improvements | $ | (268,614) | 82,698 | $ | (185,916) | ||||||||||||||||||
Net cash used in investing activities | $ | (398,884) | 82,698 | $ | (316,186) |
(amounts in thousands) | As of September 30, 2023 | |||||||
2023 | $ | 31,687 | ||||||
2024 | 129,794 | |||||||
2025 | 55,073 | |||||||
2026 | 24,570 | |||||||
2027 | 23,096 | |||||||
Thereafter | 58,914 | |||||||
Total | $ | 323,134 |
As of September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | Ground Leases | Office and Other Leases | Total | |||||||||||||||||||||||||||||||||||
2023 | $ | 152 | $ | 1,698 | $ | 1,850 | ||||||||||||||||||||||||||||||||
2024 | 675 | 3,407 | 4,082 | |||||||||||||||||||||||||||||||||||
2025 | 680 | 3,108 | 3,788 | |||||||||||||||||||||||||||||||||||
2026 | 684 | 2,613 | 3,297 | |||||||||||||||||||||||||||||||||||
2027 | 689 | 2,424 | 3,113 | |||||||||||||||||||||||||||||||||||
Thereafter | 4,525 | 10,794 | 15,319 | |||||||||||||||||||||||||||||||||||
Total undiscounted rental payments | 7,405 | 24,044 | 31,449 | |||||||||||||||||||||||||||||||||||
Less imputed interest | (1,890) | (3,397) | (5,287) | |||||||||||||||||||||||||||||||||||
Total lease liabilities | $ | 5,515 | $ | 20,647 | $ | 26,162 |
Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(amounts in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Numerators: | ||||||||||||||||||||||||||
Net income available for Common Stockholders – Basic | $ | 76,969 | $ | 67,163 | $ | 222,260 | $ | 211,578 | ||||||||||||||||||
Amounts allocated to non controlling interest (dilutive securities) | 3,772 | 3,346 | 10,981 | 10,563 | ||||||||||||||||||||||
Net income available for Common Stockholders – Fully Diluted | $ | 80,741 | $ | 70,509 | $ | 233,241 | $ | 222,141 | ||||||||||||||||||
Denominators: | ||||||||||||||||||||||||||
Weighted average Common Shares outstanding – Basic | 186,100 | 185,814 | 186,008 | 185,758 | ||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||
Exchange of Common OP Units for Common Shares | 9,235 | 9,288 | 9,246 | 9,295 | ||||||||||||||||||||||
Stock options and restricted stock | 105 | 167 | 160 | 195 | ||||||||||||||||||||||
Weighted average Common Shares outstanding – Fully Diluted | 195,440 | 195,269 | 195,414 | 195,248 | ||||||||||||||||||||||
Earnings per Common Share – Basic | $ | 0.41 | $ | 0.36 | $ | 1.19 | $ | 1.14 | ||||||||||||||||||
Earnings per Common Share – Fully Diluted | $ | 0.41 | $ | 0.36 | $ | 1.19 | $ | 1.14 | ||||||||||||||||||
Quarters Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Numerator: | |||||||||||||||
Net Income Available for Common Stockholders: | |||||||||||||||
Net income available for Common Stockholders – basic | $ | 48,525 | $ | 40,998 | $ | 144,911 | $ | 127,071 | |||||||
Amounts allocated to dilutive securities | 3,286 | 3,462 | 9,825 | 10,770 | |||||||||||
Net income available for Common Stockholders – fully diluted | $ | 51,811 | $ | 44,460 | $ | 154,736 | $ | 137,841 | |||||||
Denominator: | |||||||||||||||
Weighted average Common Shares outstanding – basic | 87,037 | 85,105 | 86,620 | 84,649 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Conversion of Common OP Units to Common Shares | 5,836 | 7,203 | 6,100 | 7,205 | |||||||||||
Stock options and restricted shares | 451 | 602 | 415 | 551 | |||||||||||
Weighted average Common Shares outstanding – fully diluted | 93,324 | 92,910 | 93,135 | 92,405 | |||||||||||
Earnings per Common Share – Basic: | |||||||||||||||
Net income available for Common Stockholders | $ | 0.56 | $ | 0.48 | $ | 1.67 | $ | 1.50 | |||||||
Earnings per Common Share – Fully Diluted: | |||||||||||||||
Net income available for Common Stockholders | $ | 0.56 | $ | 0.48 | $ | 1.66 | $ | 1.49 |
Distribution Amount Per Share | For the Quarter Ended | Stockholder Record Date | Payment Date | |||||
$ | 0.421875 | March 31, 2017 | March 10, 2017 | March 31, 2017 | ||||
$ | 0.421875 | June 30, 2017 | June 15, 2017 | June 30, 2017 | ||||
$ | 0.421875 | September 30, 2017 | September 15, 2017 | September 25, 2017 |
Distribution Amount Per Share | For the Quarter Ended | Stockholder Record Date | Payment Date | |||||||||||||||||
$0.4100 | March 31, 2022 | March 25, 2022 | April 8, 2022 | |||||||||||||||||
$0.4100 | June 30, 2022 | June 24, 2022 | July 8, 2022 | |||||||||||||||||
$0.4100 | September 30, 2022 | September 30, 2022 | October 14, 2022 | |||||||||||||||||
$0.4100 | December 31, 2022 | December 30, 2022 | January 13, 2023 | |||||||||||||||||
$0.4475 | March 31, 2023 | March 31, 2023 | April 14, 2023 | |||||||||||||||||
$0.4475 | June 30, 2023 | June 30, 2023 | July 14, 2023 | |||||||||||||||||
$0.4475 | September 30, 2023 | September 29, 2023 | October 13, 2023 |
Distribution Amount Per Share | For the Quarter Ended | Stockholder Record Date | Payment Date | |||||
$ | 0.4875 | March 31, 2017 | March 31, 2017 | April 14, 2017 | ||||
$ | 0.4875 | June 30, 2017 | June 30, 2017 | July 14, 2017 | ||||
$ | 0.4875 | September 30, 2017 | September 29, 2017 | October 13, 2017 |
Nine Months Ended | ||||||||
September 30, 2017 | September 30, 2016 | |||||||
Shares of Common Stock sold | 484,913 | 683,548 | ||||||
Weighted average price | $ | 86.69 | $ | 73.15 | ||||
Total gross proceeds | $ | 42,037 | $ | 50,000 | ||||
Commissions paid to sales agents | $ | 526 | $ | 657 |
Investment as of | Income/(Loss) for the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Investment | Location | Number of Sites | Economic Interest (a) | September 30, 2023 | December 31, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||
Meadows | Various (2,2) | 1,077 | 50 | % | $ | 407 | $ | 158 | $ | 1,649 | $ | 1,850 | ||||||||||||||||||||||||||||||||
Lakeshore | Florida (3,3) | 721 | (b) | 3,048 | 2,625 | 487 | 480 | |||||||||||||||||||||||||||||||||||||
Voyager | Arizona (1,1) | — | — | % | (c) | — | 139 | 694 | 39 | |||||||||||||||||||||||||||||||||||
ECHO JV | Various | — | 50 | % | 2,764 | 2,963 | (199) | 843 | ||||||||||||||||||||||||||||||||||||
RVC | Various | 1,283 | 80 | % | (d) | 61,805 | 60,323 | (297) | (323) | |||||||||||||||||||||||||||||||||||
Mulberry Farms | Arizona | 200 | 50 | % | 10,560 | 9,902 | 96 | — | ||||||||||||||||||||||||||||||||||||
Hiawassee KOA JV | Georgia | 283 | 50 | % | 5,744 | 5,294 | (272) | — | ||||||||||||||||||||||||||||||||||||
3,564 | $ | 84,328 | $ | 81,404 | $ | 2,158 | $ | 2,889 |
Investment as of | Joint Venture Income/(Loss) for the Nine Months Ended | ||||||||||||||||||||||||
Investment | Location | Number of Sites (d) | Economic Interest (a) | September 30, 2017 | December 31, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||||||||
Meadows | Various (2,2) | 1,077 | 50 | % | $ | 170 | $ | 510 | $ | 1,610 | $ | 1,026 | |||||||||||||
Lakeshore | Florida (3,2) | 720 | (b) | 2,170 | 56 | 10 | 250 | ||||||||||||||||||
Voyager | Arizona (1,1) | 1,801 | 50 | % | (c) | 3,455 | 3,376 | 795 | 902 | ||||||||||||||||
Loggerhead | Florida | 2,343 | 49 | % | 31,646 | — | 230 | — | |||||||||||||||||
ECHO JV | Various | — | 50 | % | 15,525 | 15,427 | 231 | (36 | ) | ||||||||||||||||
5,941 | $ | 52,966 | $ | 19,369 | $ | 2,876 | $ | 2,142 |
As of September 30, 2023 | As of December 31, 2022 | |||||||||||||||||||||||||
(amounts in thousands) | Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||||||||||
Mortgage notes payable, excluding deferred financing costs | $ | 2,116,027 | $ | 3,032,920 | $ | 2,043,412 | $ | 2,718,114 |
As of September 30, | As of December 31, | |||||||||||||||||||
(amounts in thousands) | Balance Sheet Location | 2023 | 2022 | |||||||||||||||||
Interest Rate Swaps | Other assets, net | $ | 15,564 | $ | 19,119 | |||||||||||||||
Derivatives in Cash Flow Hedging Relationship | Amount of (gain)/loss recognized in OCI on derivative for the nine months ended September 30, | Location of (gain)/ loss reclassified from accumulated OCI into income | Amount of (gain)/loss reclassified from accumulated OCI into income for the nine months ended September 30, | |||||||||||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | (amounts in thousands) | 2023 | 2022 | |||||||||||||||||||||||||||
Interest Rate Swaps | $ | (9,364) | $ | (18,479) | Interest Expense | $ | (12,919) | $ | (1,527) |
(amounts in thousands) | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | ||||||||||||
Deferred revenue - upfront payments from membership upgrade sales, beginning | $ | 185,660 | $ | 163,957 | ||||||||||
Membership upgrade sales, gross | 28,041 | 27,771 | ||||||||||||
Revenue recognized from membership upgrade sales upfront payments | (10,863) | (9,543) | ||||||||||||
Net increase in deferred revenue - upfront payments from membership grade sales | 17,178 | 18,228 | ||||||||||||
Deferred revenue - upfront payments from membership upgrade sales, ending (a) | $ | 202,838 | $ | 182,185 | ||||||||||
Deferred commission expense, beginning | $ | 50,441 | $ | 47,349 | ||||||||||
Deferred commission expense | 5,850 | 5,594 | ||||||||||||
Commission expense recognized | (3,122) | (2,850) | ||||||||||||
Net increase in deferred commission expense | 2,728 | 2,744 | ||||||||||||
Deferred commission expense, ending | $ | 53,169 | $ | 50,093 |
Property Operations | Home Sales and Rentals Operations | Consolidated | ||||||||||||||||||||||||||
(amounts in thousands) | (amounts in thousands) | Property Operations | Home Sales and Rentals Operations | Consolidated | ||||||||||||||||||||||||
Operations revenues | $ | 223,184 | $ | 14,415 | $ | 237,599 | Operations revenues | $ | 351,243 | $ | 32,961 | $ | 384,204 | |||||||||||||||
Operations expenses | (110,431 | ) | (13,528 | ) | (123,959 | ) | Operations expenses | (183,579) | (28,502) | (212,081) | ||||||||||||||||||
Income from segment operations | 112,753 | 887 | 113,640 | Income from segment operations | 167,664 | 4,459 | 172,123 | |||||||||||||||||||||
Interest income | 773 | 1,042 | 1,815 | Interest income | 1,637 | 631 | 2,268 | |||||||||||||||||||||
Depreciation on real estate assets and rental homes | (27,879 | ) | (2,614 | ) | (30,493 | ) | ||||||||||||||||||||||
Amortization of in-place leases | (138 | ) | — | (138 | ) | |||||||||||||||||||||||
Income (loss) from operations | $ | 85,509 | $ | (685 | ) | $ | 84,824 | |||||||||||||||||||||
Reconciliation to Consolidated net income: | ||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (48,242) | (2,726) | (50,968) | ||||||||||||||||||||||||
Loss on sale of real estate and impairment, net | Loss on sale of real estate and impairment, net | (949) | — | (949) | ||||||||||||||||||||||||
Income from operations | Income from operations | $ | 120,110 | $ | 2,364 | $ | 122,474 | |||||||||||||||||||||
Reconciliation to consolidated net income: | Reconciliation to consolidated net income: | |||||||||||||||||||||||||||
Corporate interest income | 159 | Corporate interest income | 8 | |||||||||||||||||||||||||
Income from other investments, net | 2,052 | Income from other investments, net | 2,333 | |||||||||||||||||||||||||
General and administrative | (7,505 | ) | General and administrative | (9,895) | ||||||||||||||||||||||||
Property rights initiatives and other | (324 | ) | ||||||||||||||||||||||||||
Other expenses | Other expenses | (1,338) | ||||||||||||||||||||||||||
Interest and related amortization | (25,027 | ) | Interest and related amortization | (33,434) | ||||||||||||||||||||||||
Equity in income of unconsolidated joint ventures | 686 | Equity in income of unconsolidated joint ventures | 661 | |||||||||||||||||||||||||
Early debt retirement | Early debt retirement | (68) | ||||||||||||||||||||||||||
Consolidated net income | $ | 54,865 | Consolidated net income | $ | 80,741 | |||||||||||||||||||||||
Total assets | $ | 3,298,122 | $ | 227,725 | $ | 3,525,847 | Total assets | $ | 5,351,993 | $ | 274,298 | $ | 5,626,291 | |||||||||||||||
Capital improvements | Capital improvements | $ | 79,750 | $ | 2,420 | $ | 82,170 |
(amounts in thousands) | Property Operations | Home Sales and Rentals Operations | Consolidated | ||||||||||||||
Operations revenues | $ | 338,208 | $ | 38,497 | $ | 376,705 | |||||||||||
Operations expenses | (179,775) | (33,384) | (213,159) | ||||||||||||||
Income from segment operations | 158,433 | 5,113 | 163,546 | ||||||||||||||
Interest income | 1,441 | 422 | 1,863 | ||||||||||||||
Depreciation and amortization | (50,026) | (2,521) | (52,547) | ||||||||||||||
Loss on sale of real estate and impairment, net | (2,289) | (1,458) | (3,747) | ||||||||||||||
Income from operations | $ | 107,559 | $ | 1,556 | $ | 109,115 | |||||||||||
Reconciliation to consolidated net income: | |||||||||||||||||
Corporate interest income | 2 | ||||||||||||||||
Income from other investments, net | 2,399 | ||||||||||||||||
General and administrative (1) | (11,086) | ||||||||||||||||
Other expenses (1) | (1,627) | ||||||||||||||||
Interest and related amortization | (29,759) | ||||||||||||||||
Equity in income of unconsolidated joint ventures | 1,465 | ||||||||||||||||
Consolidated net income | $ | 70,509 | |||||||||||||||
Total assets | $ | 5,160,230 | $ | 245,216 | $ | 5,405,446 | |||||||||||
Capital improvements | $ | 49,553 | $ | 6,026 | $ | 55,579 |
Property Operations | Home Sales and Rentals Operations | Consolidated | |||||||||
Operations revenues | $ | 207,162 | $ | 14,655 | $ | 221,817 | |||||
Operations expenses | (101,640 | ) | (13,422 | ) | (115,062 | ) | |||||
Income from segment operations | 105,522 | 1,233 | 106,755 | ||||||||
Interest income | 711 | 1,056 | 1,767 | ||||||||
Depreciation on real estate assets and rental homes | (26,804 | ) | (2,714 | ) | (29,518 | ) | |||||
Amortization of in-place leases | (1,376 | ) | — | (1,376 | ) | ||||||
Income (loss) from operations | $ | 78,053 | $ | (425 | ) | $ | 77,628 | ||||
Reconciliation to Consolidated net income: | |||||||||||
Corporate interest income | — | ||||||||||
Income from other investments, net | 2,581 | ||||||||||
General and administrative | (7,653 | ) | |||||||||
Property rights initiatives and other | (855 | ) | |||||||||
Interest and related amortization | (25,440 | ) | |||||||||
Equity in income of unconsolidated joint ventures | 496 | ||||||||||
Consolidated net income | $ | 46,757 | |||||||||
Total assets | $ | 3,238,699 | $ | 231,684 | $ | 3,470,383 |
Property Operations | Home Sales and Rentals Operations | Consolidated | ||||||||||||||||||||||||||
(amounts in thousands) | (amounts in thousands) | Property Operations | Home Sales and Rentals Operations | Consolidated | ||||||||||||||||||||||||
Operations revenues | $ | 648,766 | $ | 37,100 | $ | 685,866 | Operations revenues | $ | 1,029,609 | $ | 85,650 | $ | 1,115,259 | |||||||||||||||
Operations expenses | (310,337 | ) | (33,604 | ) | (343,941 | ) | Operations expenses | (526,052) | (73,559) | (599,611) | ||||||||||||||||||
Income from segment operations | 338,429 | 3,496 | 341,925 | Income from segment operations | 503,557 | 12,091 | 515,648 | |||||||||||||||||||||
Interest income | 2,256 | 3,122 | 5,378 | Interest income | 4,819 | 1,782 | 6,601 | |||||||||||||||||||||
Depreciation on real estate assets and rental homes | (82,939 | ) | (7,910 | ) | (90,849 | ) | ||||||||||||||||||||||
Amortization of in-place leases | (2,128 | ) | — | (2,128 | ) | |||||||||||||||||||||||
Income (loss) from operations | $ | 255,618 | $ | (1,292 | ) | $ | 254,326 | |||||||||||||||||||||
Reconciliation to Consolidated net income: | ||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (144,659) | (8,275) | (152,934) | ||||||||||||||||||||||||
Loss on sale of real estate and impairment, net | Loss on sale of real estate and impairment, net | (3,581) | — | (3,581) | ||||||||||||||||||||||||
Income from operations | Income from operations | $ | 360,136 | $ | 5,598 | $ | 365,734 | |||||||||||||||||||||
Reconciliation to consolidated net income: | Reconciliation to consolidated net income: | |||||||||||||||||||||||||||
Corporate interest income | 164 | Corporate interest income | 22 | |||||||||||||||||||||||||
Income from other investments, net | 3,918 | Income from other investments, net | 6,897 | |||||||||||||||||||||||||
General and administrative | (23,339 | ) | General and administrative | (38,163) | ||||||||||||||||||||||||
Property rights initiatives and other | (814 | ) | ||||||||||||||||||||||||||
Other expenses | Other expenses | (4,187) | ||||||||||||||||||||||||||
Interest and related amortization | (74,728 | ) | Interest and related amortization | (99,144) | ||||||||||||||||||||||||
Equity in income of unconsolidated joint ventures | 2,876 | Equity in income of unconsolidated joint ventures | 2,158 | |||||||||||||||||||||||||
Early debt retirement | Early debt retirement | (68) | ||||||||||||||||||||||||||
Consolidated net income | $ | 162,403 | Consolidated net income | $ | 233,249 | |||||||||||||||||||||||
Total assets | $ | 3,298,122 | $ | 227,725 | $ | 3,525,847 | Total assets | $ | 5,351,993 | $ | 274,298 | $ | 5,626,291 | |||||||||||||||
Capital improvements | $ | 52,040 | $ | 35,837 | $ | 87,877 | Capital improvements | $ | 208,576 | $ | 22,596 | $ | 231,172 |
(amounts in thousands) | Property Operations | Home Sales and Rentals Operations | Consolidated | ||||||||||||||
Operations revenues | $ | 984,535 | $ | 109,675 | $ | 1,094,210 | |||||||||||
Operations expenses | (506,739) | (95,847) | (602,586) | ||||||||||||||
Income from segment operations | 477,796 | 13,828 | 491,624 | ||||||||||||||
Interest income | 4,198 | 1,143 | 5,341 | ||||||||||||||
Depreciation and amortization | (145,200) | (7,537) | (152,737) | ||||||||||||||
Loss on sale of real estate and impairment,, net | (2,289) | (1,458) | (3,747) | ||||||||||||||
Income from operations | $ | 334,505 | $ | 5,976 | $ | 340,481 | |||||||||||
Reconciliation to consolidated net income: | |||||||||||||||||
Corporate interest income | 5 | ||||||||||||||||
Income from other investments, net | 6,920 | ||||||||||||||||
General and administrative (1) | (34,834) | ||||||||||||||||
Other expenses (1) | (6,880) | ||||||||||||||||
Interest and related amortization | (85,276) | ||||||||||||||||
Equity in income of unconsolidated joint ventures | 2,889 | ||||||||||||||||
Early debt retirement | (1,156) | ||||||||||||||||
Consolidated net income | $ | 222,149 | |||||||||||||||
Total assets | $ | 5,160,230 | $ | 245,216 | $ | 5,405,446 | |||||||||||
Capital improvements | $ | 169,233 | $ | 16,683 | $ | 185,916 |
Property Operations | Home Sales and Rentals Operations | Consolidated | |||||||||
Operations revenues | $ | 605,072 | $ | 39,695 | $ | 644,767 | |||||
Operations expenses | (286,527 | ) | (35,929 | ) | (322,456 | ) | |||||
Income from segment operations | 318,545 | 3,766 | 322,311 | ||||||||
Interest income | 2,164 | 2,841 | 5,005 | ||||||||
Depreciation on real estate assets and rental homes | (79,086 | ) | (8,117 | ) | (87,203 | ) | |||||
Amortization of in-place leases | (2,139 | ) | — | (2,139 | ) | ||||||
Income (loss) from operations | $ | 239,484 | $ | (1,510 | ) | $ | 237,974 | ||||
Reconciliation to Consolidated net income: | |||||||||||
Corporate interest income | 47 | ||||||||||
Income from other investments, net | 6,574 | ||||||||||
General and administrative | (23,315 | ) | |||||||||
Property rights initiatives and other | (2,036 | ) | |||||||||
Interest and related amortization | (76,635 | ) | |||||||||
Equity in income of unconsolidated joint ventures | 2,142 | ||||||||||
Consolidated net income | $ | 144,751 | |||||||||
Total assets | $ | 3,238,699 | $ | 231,684 | $ | 3,470,383 | |||||
Capital improvements | $ | 38,758 | $ | 48,558 | $ | 87,316 |
Quarters Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental income | $ | 299,781 | $ | 285,272 | $ | 877,310 | $ | 837,892 | |||||||||||||||
Annual membership subscriptions | 16,673 | 16,254 | 48,832 | 47,003 | |||||||||||||||||||
Membership upgrade sales | 3,744 | 3,308 | 10,863 | 9,543 | |||||||||||||||||||
Other income | 15,658 | 15,580 | 51,283 | 43,316 | |||||||||||||||||||
Gross revenues from ancillary services | 15,387 | 17,794 | 41,321 | 46,781 | |||||||||||||||||||
Total property operations revenues | 351,243 | 338,208 | 1,029,609 | 984,535 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating and maintenance | 125,081 | 121,692 | 357,660 | 337,363 | |||||||||||||||||||
Real estate taxes | 19,017 | 17,734 | 56,165 | 56,373 | |||||||||||||||||||
Membership sales and marketing | 5,696 | 5,937 | 16,055 | 15,720 | |||||||||||||||||||
Cost of ancillary services | 8,226 | 9,765 | 20,562 | 24,639 | |||||||||||||||||||
Ancillary operating expenses | 5,672 | 5,644 | 16,900 | 16,671 | |||||||||||||||||||
Property management | 19,887 | 19,003 | 58,710 | 55,973 | |||||||||||||||||||
Total property operations expenses | 183,579 | 179,775 | 526,052 | 506,739 | |||||||||||||||||||
Income from property operations segment | $ | 167,664 | $ | 158,433 | $ | 503,557 | $ | 477,796 |
Quarters Ended | Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Revenues: | |||||||||||||||
Community base rental income | $ | 123,177 | $ | 117,164 | $ | 365,833 | $ | 346,625 | |||||||
Resort base rental income | 58,471 | 54,486 | 169,594 | 154,652 | |||||||||||
Right-to-use annual payments | 11,531 | 11,349 | 34,133 | 33,590 | |||||||||||
Right-to-use contracts current period, gross | 4,208 | 3,672 | 11,212 | 9,290 | |||||||||||
Right-to-use contract upfront payments, deferred, net | (1,670 | ) | (1,327 | ) | (3,766 | ) | (2,427 | ) | |||||||
Utility and other income | 26,295 | 21,174 | 69,071 | 61,490 | |||||||||||
Ancillary services revenues, net | 1,172 | 644 | 2,689 | 1,852 | |||||||||||
Total property operations revenues | 223,184 | 207,162 | 648,766 | 605,072 | |||||||||||
Expenses: | |||||||||||||||
Property operating and maintenance | 80,164 | 73,410 | 221,119 | 203,011 | |||||||||||
Real estate taxes | 14,006 | 13,467 | 41,986 | 39,534 | |||||||||||
Sales and marketing, gross | 3,277 | 3,100 | 8,861 | 8,524 | |||||||||||
Right-to-use contract commissions, deferred, net | (176 | ) | (200 | ) | (372 | ) | (212 | ) | |||||||
Property management | 13,160 | 11,863 | 38,743 | 35,670 | |||||||||||
Total property operations expenses | 110,431 | 101,640 | 310,337 | 286,527 | |||||||||||
Income from property operations segment | $ | 112,753 | $ | 105,522 | $ | 338,429 | $ | 318,545 |
Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | |||||||||||||||||||||||||||||||||||
(amounts in thousands) | (amounts in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||||||||||||
Gross revenue from home sales | $ | 10,012 | $ | 10,895 | $ | 24,872 | $ | 28,239 | ||||||||||||||||||||||||||||||
Brokered resale revenues, net | 337 | 276 | 925 | 884 | ||||||||||||||||||||||||||||||||||
Rental home income (a) | 3,592 | 3,484 | 10,829 | 10,572 | ||||||||||||||||||||||||||||||||||
Ancillary services revenues, net | 474 | — | 474 | — | ||||||||||||||||||||||||||||||||||
Rental income (1) | Rental income (1) | $ | 3,553 | $ | 3,744 | $ | 11,130 | $ | 11,519 | |||||||||||||||||||||||||||||
Gross revenue from home sales and brokered resales | Gross revenue from home sales and brokered resales | 29,408 | 34,753 | 74,520 | 98,156 | |||||||||||||||||||||||||||||||||
Total revenues | 14,415 | 14,655 | 37,100 | 39,695 | Total revenues | 32,961 | 38,497 | 85,650 | 109,675 | |||||||||||||||||||||||||||||
Expenses: | Expenses: | |||||||||||||||||||||||||||||||||||||
Cost of home sales | 10,377 | 10,745 | 25,391 | 28,507 | ||||||||||||||||||||||||||||||||||
Rental home operating and maintenance | Rental home operating and maintenance | 1,765 | 1,489 | 3,883 | 4,117 | |||||||||||||||||||||||||||||||||
Cost of home sales and brokered resales | Cost of home sales and brokered resales | 25,245 | 30,459 | 65,318 | 87,255 | |||||||||||||||||||||||||||||||||
Home selling expenses | 1,447 | 909 | 3,301 | 2,548 | Home selling expenses | 1,492 | 1,436 | 4,358 | 4,475 | |||||||||||||||||||||||||||||
Rental home operating and maintenance | 1,704 | 1,768 | 4,912 | 4,874 | ||||||||||||||||||||||||||||||||||
Total expenses | 13,528 | 13,422 | 33,604 | 35,929 | Total expenses | 28,502 | 33,384 | 73,559 | 95,847 | |||||||||||||||||||||||||||||
Income from home sales and rentals operations segment | $ | 887 | $ | 1,233 | $ | 3,496 | $ | 3,766 | Income from home sales and rentals operations segment | $ | 4,459 | $ | 5,113 | $ | 12,091 | $ | 13,828 |
Total Sites as of September 30, | ||||||||
72,700 | ||||||||
Annual | 35,300 | |||||||
Seasonal | 12,500 | |||||||
Transient | 14,900 | |||||||
Marina Slips | 6,900 | |||||||
25,800 | ||||||||
Joint Ventures (2) | 3,600 | |||||||
Total | 171,700 |
Location | Type of Property | Transaction Date | Sites | ||||||||||||||||||||||||
Total Sites as of January 1, | 169,300 | ||||||||||||||||||||||||||
385 | |||||||||||||||||||||||||||
RV | 247 | ||||||||||||||||||||||||||
RV | June 15, | 299 | |||||||||||||||||||||||||
RV | 139 | ||||||||||||||||||||||||||
283 | |||||||||||||||||||||||||||
Marmora, New Jersey | RV | December 20, 2022 | 288 | ||||||||||||||||||||||||
223 | |||||||||||||||||||||||||||
Expansion Site | |||||||||||||||||||||||||||
1,034 | |||||||||||||||||||||||||||
236 | |||||||||||||||||||||||||||
Ground Lease Termination: | |||||||||||||||||||||||||||
Westwinds | San Jose, California | MH | August 31, 2022 | (723) | |||||||||||||||||||||||
Total Sites as of September 30, | |||||||||||||||||||||||||||
171,700 |
Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Computation of Income from Property Operations: | ||||||||||||||||||||||||||
Net income available for Common Stockholders | $ | 76,969 | $ | 67,163 | $ | 222,260 | $ | 211,578 | ||||||||||||||||||
Redeemable preferred stock dividends | — | — | 8 | 8 | ||||||||||||||||||||||
Income allocated to non-controlling interests – Common OP Units | 3,772 | 3,346 | 10,981 | 10,563 | ||||||||||||||||||||||
Equity in income of unconsolidated joint ventures | (661) | (1,465) | (2,158) | (2,889) | ||||||||||||||||||||||
Income before equity in income of unconsolidated joint ventures | 80,080 | 69,044 | 231,091 | 219,260 | ||||||||||||||||||||||
Loss on sale of real estate and impairment, net (1) | 949 | 3,747 | 3,581 | 3,747 | ||||||||||||||||||||||
Total other expenses, net | 91,094 | 90,755 | 280,976 | 268,617 | ||||||||||||||||||||||
Gain from home sales operations and other | (4,160) | (5,243) | (8,703) | (11,897) | ||||||||||||||||||||||
Income from property operations | $ | 167,963 | $ | 158,303 | $ | 506,945 | $ | 479,727 |
Quarters ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Computation of Income from Property Operations: | ||||||||||||||||
Net income available for Common Stockholders | $ | 48,525 | $ | 40,998 | $ | 144,911 | $ | 127,071 | ||||||||
Perpetual preferred stock dividends and original issuance costs | 3,054 | 2,297 | 7,667 | 6,910 | ||||||||||||
Income allocated to non-controlling interests - Common OP Units | 3,286 | 3,462 | 9,825 | 10,770 | ||||||||||||
Equity in income of unconsolidated joint ventures | (686 | ) | (496 | ) | (2,876 | ) | (2,142 | ) | ||||||||
Income before equity in income of unconsolidated joint ventures | 54,179 | 46,261 | 159,527 | 142,609 | ||||||||||||
Total other expenses, net | 59,461 | 60,494 | 182,398 | 179,702 | ||||||||||||
Income/(loss) from home sales operations and other | (171 | ) | (161 | ) | (268 | ) | 80 | |||||||||
Income from property operations | $ | 113,469 | $ | 106,594 | $ | 341,657 | $ | 322,391 |
Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Computation of FFO and Normalized FFO: | ||||||||||||||||||||||||||
Net income available for Common Stockholders | $ | 76,969 | $ | 67,163 | $ | 222,260 | $ | 211,578 | ||||||||||||||||||
Income allocated to non-controlling interests – Common OP Units | 3,772 | 3,346 | 10,981 | 10,563 | ||||||||||||||||||||||
Membership upgrade sales upfront payments, deferred, net | 7,044 | 7,777 | 17,178 | 18,228 | ||||||||||||||||||||||
Membership sales commissions, deferred, net | (1,178) | (1,206) | (2,728) | (2,746) | ||||||||||||||||||||||
Depreciation and amortization | 50,968 | 52,547 | 152,934 | 152,737 | ||||||||||||||||||||||
Depreciation on unconsolidated joint ventures | 1,141 | 1,035 | 3,357 | 2,811 | ||||||||||||||||||||||
Gain on unconsolidated joint ventures | — | — | (416) | — | ||||||||||||||||||||||
Loss on sale of real estate and impairment, net | 949 | 3,747 | 3,581 | 3,747 | ||||||||||||||||||||||
FFO available for Common Stock and OP Unit holders | 139,665 | 134,409 | 407,147 | 396,918 | ||||||||||||||||||||||
Early debt retirement | 68 | — | 68 | 1,156 | ||||||||||||||||||||||
Transaction/pursuit costs (1) | — | 302 | 117 | 3,384 | ||||||||||||||||||||||
Accelerated vesting of stock-based compensation (2) | — | — | 6,320 | — | ||||||||||||||||||||||
Lease termination expenses (3) | — | 2,073 | 90 | 2,073 | ||||||||||||||||||||||
Normalized FFO available for Common Stock and OP Unit holders | $ | 139,733 | $ | 136,784 | $ | 413,742 | $ | 403,531 | ||||||||||||||||||
Weighted average Common Shares outstanding – Fully Diluted | 195,440 | 195,269 | 195,414 | 195,248 |
Quarters ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Computation of FFO and Normalized FFO: | ||||||||||||||||
Net income available for Common Stockholders | $ | 48,525 | $ | 40,998 | $ | 144,911 | $ | 127,071 | ||||||||
Income allocated to common OP units | 3,286 | 3,462 | 9,825 | 10,770 | ||||||||||||
Right-to-use contract upfront payments, deferred, net | 1,670 | 1,327 | 3,766 | 2,427 | ||||||||||||
Right-to-use contract commissions, deferred, net | (176 | ) | (200 | ) | (372 | ) | (212 | ) | ||||||||
Depreciation on real estate assets | 27,879 | 26,847 | 82,939 | 79,218 | ||||||||||||
Depreciation on rental homes | 2,614 | 2,671 | 7,910 | 7,985 | ||||||||||||
Amortization of in-place leases | 138 | 1,376 | 2,128 | 2,139 | ||||||||||||
Depreciation on unconsolidated joint ventures | 360 | 373 | 1,171 | 968 | ||||||||||||
FFO available for Common Stock and OP Unit holders | 84,296 | 76,854 | 252,278 | 230,366 | ||||||||||||
Transaction costs | — | 327 | 324 | 925 | ||||||||||||
Preferred stock original issuance costs | 757 | — | 757 | — | ||||||||||||
Normalized FFO available for Common Stock and OP Unit holders | $ | 85,053 | $ | 77,181 | $ | 253,359 | $ | 231,291 | ||||||||
Weighted average Common Shares outstanding – fully diluted | 93,324 | 92,910 | 93,135 | 92,405 |
Core Portfolio | Total Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended September 30, | Quarters Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | Variance | % Change | 2023 | 2022 | Variance | % Change | ||||||||||||||||||||||||||||||||||||||||||
MH base rental income (1) | $ | 167,780 | $ | 157,037 | $ | 10,743 | 6.8 | % | $ | 167,937 | $ | 159,045 | $ | 8,892 | 5.6 | % | ||||||||||||||||||||||||||||||||||
Rental home income (1) | 3,542 | 3,729 | (187) | (5.0) | % | 3,553 | 3,744 | (191) | (5.1) | % | ||||||||||||||||||||||||||||||||||||||||
RV and marina base rental income (1) | 106,426 | 104,297 | 2,129 | 2.0 | % | 112,819 | 109,882 | 2,937 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||
Annual membership subscriptions | 16,242 | 15,833 | 409 | 2.6 | % | 16,673 | 16,254 | 419 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||
Membership upgrades sales current period, gross | 10,375 | 10,204 | 171 | 1.7 | % | 10,788 | 11,085 | (297) | (2.7) | % | ||||||||||||||||||||||||||||||||||||||||
Utility and other income (1) | 31,350 | 29,582 | 1,768 | 6.0 | % | 35,840 | 32,746 | 3,094 | 9.4 | % | ||||||||||||||||||||||||||||||||||||||||
Property operating revenues, excluding deferrals | 335,715 | 320,682 | 15,033 | 4.7 | % | 347,610 | 332,756 | 14,854 | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||
Property operating and maintenance (1)(2) | 122,469 | 117,640 | 4,829 | 4.1 | % | 126,238 | 122,513 | 3,725 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||
Real estate taxes | 18,529 | 16,577 | 1,952 | 11.8 | % | 19,017 | 17,734 | 1,283 | 7.2 | % | ||||||||||||||||||||||||||||||||||||||||
Rental home operating and maintenance | 1,762 | 1,483 | 279 | 18.8 | % | 1,765 | 1,489 | 276 | 18.5 | % | ||||||||||||||||||||||||||||||||||||||||
Membership sales and marketing, gross | 6,773 | 6,619 | 154 | 2.3 | % | 6,874 | 7,143 | (269) | (3.8) | % | ||||||||||||||||||||||||||||||||||||||||
Property operating expenses, excluding deferrals and property management | 149,533 | 142,319 | 7,214 | 5.1 | % | 153,894 | 148,879 | 5,015 | 3.4 | % | ||||||||||||||||||||||||||||||||||||||||
Income from property operations, excluding deferrals and property management (3) | 186,182 | 178,363 | 7,819 | 4.4 | % | 193,716 | 183,877 | 9,839 | 5.4 | % | ||||||||||||||||||||||||||||||||||||||||
Property management | 19,887 | 19,003 | 884 | 4.7 | % | 19,887 | 19,003 | 884 | 4.7 | % | ||||||||||||||||||||||||||||||||||||||||
Income from property operations, excluding deferrals (3) | 166,295 | 159,360 | 6,935 | 4.4 | % | 173,829 | 164,874 | 8,955 | 5.4 | % | ||||||||||||||||||||||||||||||||||||||||
Membership upgrade sales upfront payments and membership sales commission, deferred, net | 5,866 | 6,571 | (705) | (10.7) | % | 5,866 | 6,571 | (705) | (10.7) | % | ||||||||||||||||||||||||||||||||||||||||
Income from property operations (3) | $ | 160,429 | $ | 152,789 | $ | 7,640 | 5.0 | % | $ | 167,963 | $ | 158,303 | $ | 9,660 | 6.1 | % |
Core Portfolio | Total Portfolio | ||||||||||||||||||||||||||||
2017 | 2016 | Variance | % Change | 2017 | 2016 | Variance | % Change | ||||||||||||||||||||||
Community base rental income | $ | 121,802 | $ | 116,052 | $ | 5,750 | 5.0 | % | $ | 123,177 | $ | 117,164 | $ | 6,013 | 5.1 | % | |||||||||||||
Rental home income | 3,592 | 3,484 | 108 | 3.1 | % | 3,592 | 3,484 | 108 | 3.1 | % | |||||||||||||||||||
Resort base rental income | 56,399 | 53,317 | 3,082 | 5.8 | % | 58,471 | 54,486 | 3,985 | 7.3 | % | |||||||||||||||||||
Right-to-use annual payments | 11,528 | 11,349 | 179 | 1.6 | % | 11,531 | 11,349 | 182 | 1.6 | % | |||||||||||||||||||
Right-to-use contracts current period, gross | 4,208 | 3,672 | 536 | 14.6 | % | 4,208 | 3,672 | 536 | 14.6 | % | |||||||||||||||||||
Utility and other income | 25,958 | 20,987 | 4,971 | 23.7 | % | 26,295 | 21,174 | 5,121 | 24.2 | % | |||||||||||||||||||
Property operating revenues, excluding deferrals | 223,487 | 208,861 | 14,626 | 7.0 | % | 227,274 | 211,329 | 15,945 | 7.5 | % | |||||||||||||||||||
Property operating and maintenance | 78,376 | 72,687 | 5,689 | 7.8 | % | 80,164 | 73,410 | 6,754 | 9.2 | % | |||||||||||||||||||
Rental home operating and maintenance | 1,704 | 1,765 | (61 | ) | (3.5 | )% | 1,704 | 1,768 | (64 | ) | (3.6 | )% | |||||||||||||||||
Real estate taxes | 13,525 | 13,161 | 364 | 2.8 | % | 14,006 | 13,467 | 539 | 4.0 | % | |||||||||||||||||||
Sales and marketing, gross | 3,277 | 3,100 | 177 | 5.7 | % | 3,277 | 3,100 | 177 | 5.7 | % | |||||||||||||||||||
Property operating expenses, excluding deferrals and Property management | 96,882 | 90,713 | 6,169 | 6.8 | % | 99,151 | 91,745 | 7,406 | 8.1 | % | |||||||||||||||||||
Income from property operations, excluding deferrals and Property management (1) | 126,605 | 118,148 | 8,457 | 7.2 | % | 128,123 | 119,584 | 8,539 | 7.1 | % | |||||||||||||||||||
Property management | 13,160 | 11,861 | 1,299 | 11.0 | % | 13,160 | 11,863 | 1,297 | 10.9 | % | |||||||||||||||||||
Income from property operations, excluding deferrals (1) | 113,445 | 106,287 | 7,158 | 6.7 | % | 114,963 | 107,721 | 7,242 | 6.7 | % | |||||||||||||||||||
Right-to-use contracts, deferred and sales and marketing, deferred, net | 1,494 | 1,127 | 367 | 32.6 | % | 1,494 | 1,127 | 367 | 32.6 | % | |||||||||||||||||||
Income from property operations (1) | $ | 111,951 | $ | 105,160 | $ | 6,791 | 6.5 | % | $ | 113,469 | $ | 106,594 | $ | 6,875 | 6.4 | % |
Core Portfolio | Total Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended September 30, | Quarters Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | Variance | % Change | 2023 | 2022 | Variance | % Change | ||||||||||||||||||||||||||||||||||||||||||
Annual | $ | 70,374 | $ | 65,181 | $ | 5,193 | 8.0 | % | $ | 74,125 | $ | 68,008 | $ | 6,117 | 9.0 | % | ||||||||||||||||||||||||||||||||||
Seasonal | 8,035 | 8,779 | (744) | (8.5) | % | 8,462 | 9,478 | (1,016) | (10.7) | % | ||||||||||||||||||||||||||||||||||||||||
Transient | 28,017 | 30,337 | (2,320) | (7.6) | % | 30,232 | 32,396 | (2,164) | (6.7) | % | ||||||||||||||||||||||||||||||||||||||||
RV and marina base rental income | $ | 106,426 | $ | 104,297 | $ | 2,129 | 2.0 | % | $ | 112,819 | $ | 109,882 | $ | 2,937 | 2.7 | % |
Core Portfolio | Total Portfolio | ||||||||||||||||||||||||||||
2017 | 2016 | Variance | % Change | 2017 | 2016 | Variance | % Change | ||||||||||||||||||||||
Annual | $ | 32,737 | $ | 30,874 | $ | 1,863 | 6.0 | % | $ | 33,647 | $ | 31,278 | $ | 2,369 | 7.6 | % | |||||||||||||
Seasonal | 4,510 | 3,799 | 711 | 18.7 | % | 4,952 | 4,244 | 708 | 16.7 | % | |||||||||||||||||||
Transient | 19,152 | 18,644 | 508 | 2.7 | % | 19,872 | 18,964 | 908 | 4.8 | % | |||||||||||||||||||
Resort base rental income | $ | 56,399 | $ | 53,317 | $ | 3,082 | 5.8 | % | $ | 58,471 | $ | 54,486 | $ | 3,985 | 7.3 | % |
2017 | 2016 | Variance | % Change | ||||||||||||
Gross revenues from new home sales (1) | $ | 7,233 | $ | 8,057 | $ | (824 | ) | (10.2 | )% | ||||||
Cost of new home sales (1) | (7,276 | ) | (7,900 | ) | 624 | 7.9 | % | ||||||||
Gross profit (loss) from new home sales | (43 | ) | 157 | (200 | ) | (127.4 | )% | ||||||||
Gross revenues from used home sales | 2,779 | 2,838 | (59 | ) | (2.1 | )% | |||||||||
Cost of used home sales | (3,101 | ) | (2,845 | ) | (256 | ) | (9.0 | )% | |||||||
Loss from used home sales | (322 | ) | (7 | ) | (315 | ) | (4,500.0 | )% | |||||||
Brokered resale revenues and ancillary services revenues, net | 1,983 | 920 | 1,063 | 115.5 | % | ||||||||||
Home selling expenses | (1,447 | ) | (909 | ) | (538 | ) | (59.2 | )% | |||||||
Income from home sales and other | $ | 171 | $ | 161 | $ | 10 | 6.2 | % | |||||||
Home sales volumes | |||||||||||||||
Total new home sales (2) | 173 | 207 | (34 | ) | (16.4 | )% | |||||||||
New Home Sales Volume - ECHO JV | 48 | 65 | (17 | ) | (26.2 | )% | |||||||||
Used home sales | 331 | 335 | (4 | ) | (1.2 | )% | |||||||||
Brokered home resales | 239 | 182 | 57 | 31.3 | % |
Quarters Ended September 30, | ||||||||||||||||||||||||||
(amounts in thousands, except home sales volumes) | 2023 | 2022 | Variance | % Change | ||||||||||||||||||||||
Gross revenues from new home sales | $ | 27,684 | $ | 32,850 | $ | (5,166) | (15.7) | % | ||||||||||||||||||
Cost of new home sales | 24,068 | 29,380 | (5,312) | (18.1) | % | |||||||||||||||||||||
Gross revenues from used home sales | 1,020 | 972 | 48 | 4.9 | % | |||||||||||||||||||||
Cost of used home sales | 932 | 747 | 185 | 24.8 | % | |||||||||||||||||||||
Gross revenue from brokered resales and ancillary services | 16,091 | 18,725 | (2,634) | (14.1) | % | |||||||||||||||||||||
Cost of brokered resales and ancillary services | 8,471 | 10,097 | (1,626) | (16.1) | % | |||||||||||||||||||||
Home selling and ancillary operating expenses | 7,164 | 7,080 | 84 | 1.2 | % | |||||||||||||||||||||
Home sales volumes | ||||||||||||||||||||||||||
New home sales (1) | 285 | 331 | (46) | (13.9) | % | |||||||||||||||||||||
Used home sales | 84 | 81 | 3 | 3.7 | % | |||||||||||||||||||||
Brokered home resales | 160 | 223 | (63) | (28.3) | % |
Quarters Ended September 30, | ||||||||||||||||||||||||||
(amounts in thousands, except rental unit volumes) | 2023 | 2022 | Variance | % Change | ||||||||||||||||||||||
Rental operations revenue (1) | $ | 9,406 | $ | 10,420 | $ | (1,014) | (9.7) | % | ||||||||||||||||||
Rental home operating and maintenance expenses | 1,762 | 1,483 | 279 | 18.8 | % | |||||||||||||||||||||
Depreciation on rental homes (2) | 2,726 | 2,521 | 205 | 8.1 | % | |||||||||||||||||||||
Gross investment in new manufactured home rental units (3) | $ | 249,568 | $ | 221,840 | $ | 27,728 | 12.5 | % | ||||||||||||||||||
Gross investment in used manufactured home rental units | $ | 12,606 | $ | 15,226 | $ | (2,620) | (17.2) | % | ||||||||||||||||||
Net investment in new manufactured home rental units (3) | $ | 207,303 | $ | 180,299 | $ | 27,004 | 15.0 | % | ||||||||||||||||||
Net investment in used manufactured home rental units | $ | 7,481 | $ | 8,657 | $ | (1,176) | (13.6) | % | ||||||||||||||||||
Number of occupied rentals – new, end of period (4) | 2,086 | 2,594 | (508) | (19.6) | % | |||||||||||||||||||||
Number of occupied rentals – used, end of period | 259 | 355 | (96) | (27.0) | % |
2017 | 2016 | Variance | % Change | ||||||||||||
Manufactured homes: | |||||||||||||||
New Home | $ | 7,100 | $ | 6,329 | $ | 771 | 12.2 | % | |||||||
Used Home | 5,157 | 6,013 | (856 | ) | (14.2 | )% | |||||||||
Rental operations revenue (1) | 12,257 | 12,342 | (85 | ) | (0.7 | )% | |||||||||
Rental home operating and maintenance | (1,704 | ) | (1,768 | ) | 64 | 3.6 | % | ||||||||
Income from rental operations | 10,553 | 10,574 | (21 | ) | (0.2 | )% | |||||||||
Depreciation on rental homes (2) | (2,614 | ) | (2,671 | ) | 57 | 2.1 | % | ||||||||
Income from rental operations, net of depreciation | $ | 7,939 | $ | 7,903 | $ | 36 | 0.5 | % | |||||||
Gross investment in new manufactured home rental units (3) | $ | 131,389 | $ | 123,866 | $ | 7,523 | 6.1 | % | |||||||
Gross investment in used manufactured home rental units | $ | 44,624 | $ | 52,628 | $ | (8,004 | ) | (15.2 | )% | ||||||
Net investment in new manufactured home rental units | $ | 105,424 | $ | 101,768 | $ | 3,656 | 3.6 | % | |||||||
Net investment in used manufactured home rental units | $ | 24,833 | $ | 34,169 | $ | (9,336 | ) | (27.3 | )% | ||||||
Number of occupied rentals – new, end of period (4) | 2,492 | 2,316 | 176 | 7.6 | % | ||||||||||
Number of occupied rentals – used, end of period | 2,010 | 2,473 | (463 | ) | (18.7 | )% |
Quarters Ended September 30, | ||||||||||||||||||||||||||
(amounts in thousands, expenses shown as negative) | 2023 | 2022 | Variance | % Change | ||||||||||||||||||||||
Depreciation and amortization | $ | (50,968) | $ | (52,547) | $ | 1,579 | 3.0 | % | ||||||||||||||||||
Interest income | 2,276 | 1,865 | 411 | 22.0 | % | |||||||||||||||||||||
Income from other investments, net | 2,333 | 2,399 | (66) | (2.8) | % | |||||||||||||||||||||
General and administrative | (9,895) | (11,086) | 1,191 | 10.7 | % | |||||||||||||||||||||
Other expenses | (1,338) | (1,627) | 289 | 17.8 | % | |||||||||||||||||||||
Early debt retirement | (68) | — | (68) | — | % | |||||||||||||||||||||
Interest and related amortization | (33,434) | (29,759) | (3,675) | (12.3) | % | |||||||||||||||||||||
Total other income and expenses, net | $ | (91,094) | $ | (90,755) | $ | (339) | (0.4) | % |
2017 | 2016 | Variance | % Change | ||||||||||||
Depreciation on real estate and rental homes | $ | (30,493 | ) | $ | (29,518 | ) | $ | (975 | ) | (3.3 | )% | ||||
Amortization of in-place leases | (138 | ) | (1,376 | ) | 1,238 | 90.0 | % | ||||||||
Interest income | 1,974 | 1,767 | 207 | 11.7 | % | ||||||||||
Income from other investments, net | 2,052 | 2,581 | (529 | ) | (20.5 | )% | |||||||||
General and administrative (excluding transaction costs) | (7,505 | ) | (7,326 | ) | (179 | ) | (2.4 | )% | |||||||
Transaction costs | — | (327 | ) | 327 | 100.0 | % | |||||||||
Property rights initiatives and other, net | (324 | ) | (855 | ) | 531 | 62.1 | % | ||||||||
Interest and related amortization | (25,027 | ) | (25,440 | ) | 413 | 1.6 | % | ||||||||
Total other income and expenses, net | $ | (59,461 | ) | $ | (60,494 | ) | $ | 1,033 | 1.7 | % |
Core Portfolio | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | Variance | % Change | 2023 | 2022 | Variance | % Change | |||||||||||||||||||||||||||||||||||||||
MH base rental income (1) | $ | 498,442 | $ | 467,233 | $ | 31,209 | 6.7 | % | $ | 498,906 | $ | 475,070 | $ | 23,836 | 5.0 | % | |||||||||||||||||||||||||||||||
Rental home income (1) | 11,096 | 11,487 | (391) | (3.4) | % | 11,130 | 11,519 | (389) | (3.4) | % | |||||||||||||||||||||||||||||||||||||
RV and marina base rental income (1) | 311,228 | 301,112 | 10,116 | 3.4 | % | 326,280 | 316,984 | 9,296 | 2.9 | % | |||||||||||||||||||||||||||||||||||||
Annual membership subscriptions | 47,738 | 45,885 | 1,853 | 4.0 | % | 48,832 | 47,003 | 1,829 | 3.9 | % | |||||||||||||||||||||||||||||||||||||
Membership upgrade sales current period, gross | 27,305 | 26,445 | 860 | 3.3 | % | 28,041 | 27,771 | 270 | 1.0 | % | |||||||||||||||||||||||||||||||||||||
Utility and other income (1) | 90,062 | 83,457 | 6,605 | 7.9 | % | 107,029 | 92,612 | 14,417 | 15.6 | % | |||||||||||||||||||||||||||||||||||||
Property operating revenues, excluding deferrals | 985,871 | 935,619 | 50,252 | 5.4 | % | 1,020,218 | 970,959 | 49,259 | 5.1 | % | |||||||||||||||||||||||||||||||||||||
Property operating and maintenance (1)(2) | 351,319 | 328,194 | 23,125 | 7.0 | % | 361,282 | 340,821 | 20,461 | 6.0 | % | |||||||||||||||||||||||||||||||||||||
Real estate taxes | 54,403 | 52,025 | 2,378 | 4.6 | % | 56,165 | 56,373 | (208) | (0.4) | % | |||||||||||||||||||||||||||||||||||||
Rental home operating and maintenance | 3,879 | 4,094 | (215) | (5.3) | % | 3,883 | 4,117 | (234) | (5.7) | % | |||||||||||||||||||||||||||||||||||||
Membership sales and marketing, gross | 18,549 | 17,806 | 743 | 4.2 | % | 18,783 | 18,466 | 317 | 1.7 | % | |||||||||||||||||||||||||||||||||||||
Property operating expenses, excluding deferrals and property management | 428,150 | 402,119 | 26,031 | 6.5 | % | 440,113 | 419,777 | 20,336 | 4.8 | % | |||||||||||||||||||||||||||||||||||||
Income from property operations, excluding deferrals and property management (3) | 557,721 | 533,500 | 24,221 | 4.5 | % | 580,105 | 551,182 | 28,923 | 5.2 | % | |||||||||||||||||||||||||||||||||||||
Property management | 58,710 | 55,972 | 2,738 | 4.9 | % | 58,710 | 55,973 | 2,737 | 4.9 | % | |||||||||||||||||||||||||||||||||||||
Income from property operations, excluding deferrals (3) | 499,011 | 477,528 | 21,483 | 4.5 | % | 521,395 | 495,209 | 26,186 | 5.3 | % | |||||||||||||||||||||||||||||||||||||
Membership upgrade sales upfront payments and membership sales commission, deferred, net | 14,450 | 15,482 | (1,032) | (6.7) | % | 14,450 | 15,482 | (1,032) | (6.7) | % | |||||||||||||||||||||||||||||||||||||
Income from property operations (3) | $ | 484,561 | $ | 462,046 | $ | 22,515 | 4.9 | % | $ | 506,945 | $ | 479,727 | $ | 27,218 | 5.7 | % |
Core Portfolio | Total Portfolio | ||||||||||||||||||||||||||||
2017 | 2016 | Variance | % Change | 2017 | 2016 | Variance | % Change | ||||||||||||||||||||||
Community base rental income | $ | 362,080 | $ | 345,316 | $ | 16,764 | 4.9 | % | $ | 365,833 | $ | 346,625 | $ | 19,208 | 5.5 | % | |||||||||||||
Rental home income | 10,829 | 10,573 | 256 | 2.4 | % | 10,829 | 10,572 | 257 | 2.4 | % | |||||||||||||||||||
Resort base rental income | 161,002 | 152,697 | 8,305 | 5.4 | % | 169,594 | 154,652 | 14,942 | 9.7 | % | |||||||||||||||||||
Right-to-use annual payments | 34,130 | 33,590 | 540 | 1.6 | % | 34,133 | 33,590 | 543 | 1.6 | % | |||||||||||||||||||
Right-to-use contracts current period, gross | 11,212 | 9,290 | 1,922 | 20.7 | % | 11,212 | 9,290 | 1,922 | 20.7 | % | |||||||||||||||||||
Utility and other income | 67,961 | 61,235 | 6,726 | 11.0 | % | 69,071 | 61,490 | 7,581 | 12.3 | % | |||||||||||||||||||
Property operating revenues, excluding deferrals | 647,214 | 612,701 | 34,513 | 5.6 | % | 660,672 | 616,219 | 44,453 | 7.2 | % | |||||||||||||||||||
Property operating and maintenance | 215,802 | 201,871 | 13,931 | 6.9 | % | 221,119 | 203,011 | 18,108 | 8.9 | % | |||||||||||||||||||
Rental home operating and maintenance | 4,912 | 4,871 | 41 | 0.8 | % | 4,912 | 4,874 | 38 | 0.8 | % | |||||||||||||||||||
Real estate taxes | 40,557 | 39,118 | 1,439 | 3.7 | % | 41,986 | 39,534 | 2,452 | 6.2 | % | |||||||||||||||||||
Sales and marketing, gross | 8,860 | 8,526 | 334 | 3.9 | % | 8,861 | 8,524 | 337 | 4.0 | % | |||||||||||||||||||
Property operating expenses, excluding deferrals and Property management | 270,131 | 254,386 | 15,745 | 6.2 | % | 276,878 | 255,943 | 20,935 | 8.2 | % | |||||||||||||||||||
Income from property operations, excluding deferrals and Property management (1) | 377,083 | 358,315 | 18,768 | 5.2 | % | 383,794 | 360,276 | 23,518 | 6.5 | % | |||||||||||||||||||
Property management | 38,743 | 35,668 | 3,075 | 8.6 | % | 38,743 | 35,670 | 3,073 | 8.6 | % | |||||||||||||||||||
Income from property operations, excluding deferrals (1) | 338,340 | 322,647 | 15,693 | 4.9 | % | 345,051 | 324,606 | 20,445 | 6.3 | % | |||||||||||||||||||
Right-to-use contracts, deferred and sales and marketing, deferred, net | 3,394 | 2,215 | 1,179 | 53.2 | % | 3,394 | 2,215 | 1,179 | 53.2 | % | |||||||||||||||||||
Income from property operations (1) | $ | 334,946 | $ | 320,432 | $ | 14,514 | 4.5 | % | $ | 341,657 | $ | 322,391 | $ | 19,266 | 6.0 | % |
Core Portfolio | Total Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | Variance | % Change | 2023 | 2022 | Variance | % Change | ||||||||||||||||||||||||||||||||||||||||||
Annual | $ | 206,440 | $ | 191,018 | $ | 15,422 | 8.1 | % | $ | 216,163 | $ | 198,994 | $ | 17,169 | 8.6 | % | ||||||||||||||||||||||||||||||||||
Seasonal | 44,518 | 42,186 | 2,332 | 5.5 | % | 45,908 | 45,576 | 332 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||
Transient | 60,270 | 67,908 | (7,638) | (11.2) | % | 64,209 | 72,414 | (8,205) | (11.3) | % | ||||||||||||||||||||||||||||||||||||||||
RV and marina base rental income | $ | 311,228 | $ | 301,112 | $ | 10,116 | 3.4 | % | $ | 326,280 | $ | 316,984 | $ | 9,296 | 2.9 | % |
Core Portfolio | Total Portfolio | ||||||||||||||||||||||||||||
2017 | 2016 | Variance | % Change | 2017 | 2016 | Variance | % Change | ||||||||||||||||||||||
Annual | $ | 95,860 | $ | 90,828 | $ | 5,032 | 5.5 | % | $ | 98,612 | $ | 91,648 | $ | 6,964 | 7.6 | % | |||||||||||||
Seasonal | 25,374 | 23,899 | 1,475 | 6.2 | % | 28,353 | 24,573 | 3,780 | 15.4 | % | |||||||||||||||||||
Transient | 39,768 | 37,970 | 1,798 | 4.7 | % | 42,629 | 38,431 | 4,198 | 10.9 | % | |||||||||||||||||||
Resort base rental income | $ | 161,002 | $ | 152,697 | $ | 8,305 | 5.4 | % | $ | 169,594 | $ | 154,652 | $ | 14,942 | 9.7 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||||
(amounts in thousands, except home sales volumes) | 2023 | 2022 | Variance | % Change | ||||||||||||||||||||||
Gross revenues from new home sales | $ | 69,036 | $ | 92,228 | $ | (23,192) | (25.1) | % | ||||||||||||||||||
Cost of new home sales | 61,542 | 82,726 | (21,184) | (25.6) | % | |||||||||||||||||||||
Gross revenues from used home sales | 3,229 | 3,337 | (108) | (3.2) | % | |||||||||||||||||||||
Cost of used home sales | 2,987 | 3,594 | (607) | (16.9) | % | |||||||||||||||||||||
Gross revenue from brokered resales and ancillary services | 43,576 | 49,372 | (5,796) | (11.7) | % | |||||||||||||||||||||
Cost of brokered resales and ancillary services | 21,351 | 25,574 | (4,223) | (16.5) | % | |||||||||||||||||||||
Home selling and ancillary operating expenses | 21,258 | 21,146 | 112 | 0.5 | % | |||||||||||||||||||||
Home sales volumes | ||||||||||||||||||||||||||
New home sales (1) | 687 | 957 | (270) | (28.2) | % | |||||||||||||||||||||
Used home sales | 252 | 250 | 2 | 0.8 | % | |||||||||||||||||||||
Brokered home resales | 495 | 674 | (179) | (26.6) | % |
2017 | 2016 | Variance | % Change | ||||||||||||
Gross revenues from new home sales (1) | $ | 16,724 | $ | 19,500 | $ | (2,776 | ) | (14.2 | )% | ||||||
Cost of new home sales (1) | (16,467 | ) | (19,598 | ) | 3,131 | 16.0 | % | ||||||||
Gross profit (loss) from new home sales | 257 | (98 | ) | 355 | 362.2 | % | |||||||||
Gross revenues from used home sales | 8,148 | 8,739 | (591 | ) | (6.8 | )% | |||||||||
Cost of used home sales | (8,924 | ) | (8,909 | ) | (15 | ) | (0.2 | )% | |||||||
Loss from used home sales | (776 | ) | (170 | ) | (606 | ) | (356.5 | )% | |||||||
Brokered resale revenues and ancillary services revenues, net | 4,088 | 2,736 | 1,352 | 49.4 | % | ||||||||||
Home selling expenses | (3,301 | ) | (2,548 | ) | (753 | ) | (29.6 | )% | |||||||
Income (loss) from home sales and other | $ | 268 | $ | (80 | ) | $ | 348 | 435.0 | % | ||||||
Home sales volumes | |||||||||||||||
Total new home sales (2) | 413 | 508 | (95 | ) | (18.7 | )% | |||||||||
New Home Sales Volume - ECHO JV | 126 | 162 | (36 | ) | (22.2 | )% | |||||||||
Used home sales | 954 | 988 | (34 | ) | (3.4 | )% | |||||||||
Brokered home resales | 659 | 585 | 74 | 12.6 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||||
(amounts in thousands, except rental unit volumes) | 2023 | 2022 | Variance | % Change | ||||||||||||||||||||||
Rental operations revenue (1) | $ | 29,491 | $ | 32,635 | $ | (3,144) | (9.6) | % | ||||||||||||||||||
Rental home operating and maintenance expenses | 3,879 | 4,094 | (215) | (5.3) | % | |||||||||||||||||||||
Depreciation on rental homes (2) | 8,275 | 7,538 | 737 | 9.8 | % | |||||||||||||||||||||
Gross investment in new manufactured home rental units (3) | $ | 249,568 | $ | 221,840 | $ | 27,728 | 12.5 | % | ||||||||||||||||||
Gross investment in used manufactured home rental units | $ | 12,606 | $ | 15,226 | $ | (2,620) | (17.2) | % | ||||||||||||||||||
Net investment in new manufactured home rental units | $ | 207,303 | $ | 180,299 | $ | 27,004 | 15.0 | % | ||||||||||||||||||
Net investment in used manufactured home rental units | $ | 7,481 | $ | 8,657 | $ | (1,176) | (13.6) | % | ||||||||||||||||||
Number of occupied rentals – new, end of period (4) | 2,086 | 2,594 | (508) | (19.6) | % | |||||||||||||||||||||
Number of occupied rentals – used, end of period | 259 | 355 | (96) | (27.0) | % |
2017 | 2016 | Variance | % Change | ||||||||||||
Manufactured homes: | |||||||||||||||
New Home | $ | 20,718 | $ | 18,802 | $ | 1,916 | 10.2 | % | |||||||
Used Home | 16,425 | 18,728 | (2,303 | ) | (12.3 | )% | |||||||||
Rental operations revenue (1) | 37,143 | 37,530 | (387 | ) | (1.0 | )% | |||||||||
Rental home operating and maintenance | (4,912 | ) | (4,874 | ) | (38 | ) | (0.8 | )% | |||||||
Income from rental operations | 32,231 | 32,656 | (425 | ) | (1.3 | )% | |||||||||
Depreciation on rental homes (2) | (7,910 | ) | (8,007 | ) | 97 | 1.2 | % | ||||||||
Income from rental operations, net of depreciation | $ | 24,321 | $ | 24,649 | $ | (328 | ) | (1.3 | )% | ||||||
Gross investment in new manufactured home rental units (3) | $ | 131,389 | $ | 123,866 | $ | 7,523 | 6.1 | % | |||||||
Gross investment in used manufactured home rental units | $ | 44,624 | $ | 52,628 | $ | (8,004 | ) | (15.2 | )% | ||||||
Net investment in new manufactured home rental units | $ | 105,424 | $ | 101,768 | $ | 3,656 | 3.6 | % | |||||||
Net investment in used manufactured home rental units | $ | 24,833 | $ | 34,169 | $ | (9,336 | ) | (27.3 | )% | ||||||
Number of occupied rentals – new, end of period (4) | 2,492 | 2,316 | 176 | 7.6 | % | ||||||||||
Number of occupied rentals – used, end of period | 2,010 | 2,473 | (463 | ) | (18.7 | )% |
Rental |
Nine Months Ended September 30, | ||||||||||||||||||||||||||
(amounts in thousands, expenses shown as negative) | 2023 | 2022 | Variance | % Change | ||||||||||||||||||||||
Depreciation and amortization | $ | (152,934) | $ | (152,737) | $ | (197) | (0.1) | % | ||||||||||||||||||
Interest income | 6,623 | 5,346 | 1,277 | 23.9 | % | |||||||||||||||||||||
Income from other investments, net | 6,897 | 6,920 | (23) | (0.3) | % | |||||||||||||||||||||
General and administrative | (38,163) | (34,834) | (3,329) | (9.6) | % | |||||||||||||||||||||
Other expenses | (4,187) | (6,880) | 2,693 | 39.1 | % | |||||||||||||||||||||
Early debt retirement | (68) | (1,156) | 1,088 | 94.1 | % | |||||||||||||||||||||
Interest and related amortization | (99,144) | (85,276) | (13,868) | (16.3) | % | |||||||||||||||||||||
Total other income and expenses, net | $ | (280,976) | $ | (268,617) | $ | (12,359) | (4.6) | % |
2017 | 2016 | Variance | % Change | ||||||||||||
Depreciation on real estate and rental homes | $ | (90,849 | ) | $ | (87,203 | ) | $ | (3,646 | ) | (4.2 | )% | ||||
Amortization of in-place leases | (2,128 | ) | (2,139 | ) | 11 | 0.5 | % | ||||||||
Interest income | 5,542 | 5,052 | 490 | 9.7 | % | ||||||||||
Income from other investments, net | 3,918 | 6,574 | (2,656 | ) | (40.4 | )% | |||||||||
General and administrative (excluding transaction costs) | (23,015 | ) | (22,390 | ) | (625 | ) | (2.8 | )% | |||||||
Transaction costs | (324 | ) | (925 | ) | 601 | 65.0 | % | ||||||||
Property rights initiatives and other | (814 | ) | (2,036 | ) | 1,222 | 60.0 | % | ||||||||
Interest and related amortization | (74,728 | ) | (76,635 | ) | 1,907 | 2.5 | % | ||||||||
Total other income and expenses, net | $ | (182,398 | ) | $ | (179,702 | ) | $ | (2,696 | ) | (1.5 | )% |
Nine Months Ended September 30, | |||||||||||
(amounts in thousands) | 2023 | 2022 | |||||||||
Net cash provided by operating activities (1) | $ | 418,658 | $ | 405,123 | |||||||
Net cash used in investing activities (1) | (237,519) | (316,186) | |||||||||
Net cash used in financing activities | (143,806) | (181,825) | |||||||||
Net increase (decrease) in cash and restricted cash | $ | 37,333 | $ | (92,888) |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Net cash provided by operating activities | $ | 305,509 | $ | 274,582 | |||
Net cash used in investing activities | (138,173 | ) | (166,073 | ) | |||
Net cash used in financing activities | (146,281 | ) | (119,955 | ) | |||
Net increase (decrease) in cash | $ | 21,055 | $ | (11,446 | ) |
Nine Months Ended September 30, | ||||||||||||||
(amounts in thousands) | 2023 | 2022 | ||||||||||||
Purchase of manufactured homes | $ | (90,477) | $ | (82,698) | ||||||||||
Sale of manufactured homes | 58,497 | 75,726 | ||||||||||||
Manufactured homes, net | $ | (31,980) | $ | (6,972) |
Nine Months Ended September 30, | |||||||||||
(amounts in thousands) | 2023 | 2022 | |||||||||
Asset preservation (1) | $ | 41,246 | $ | 32,302 | |||||||
Improvements and renovations(2) | 29,505 | 26,950 | |||||||||
Property upgrades and development (3) | 132,310 | 97,800 | |||||||||
Site development (4) | 22,596 | 16,683 | |||||||||
Total property improvements | 225,657 | 173,735 | |||||||||
Corporate | 5,515 | 12,181 | |||||||||
Total capital improvements | $ | 231,172 | $ | 185,916 |
Nine Months Ended September 30, (1) | |||||||
2017 | 2016 | ||||||
Recurring Capital Expenditures (2) | $ | 29,823 | $ | 28,321 | |||
Property upgrades and site development | 20,931 | 9,833 | |||||
New home investments (3)(4) | 32,724 | 44,293 | |||||
Used home investments (4) | 3,113 | 4,265 | |||||
Total Property | 86,591 | 86,712 | |||||
Corporate | 1,286 | 604 | |||||
Total Capital improvements | $ | 87,877 | $ | 87,316 |
Total (5) | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | |||||||||||||||||||||
Long Term Borrowings (1) | $ | 2,196,259 | $ | 11,544 | $ | 242,082 | $ | 237,497 | $ | 354,758 | $ | 214,448 | $ | 1,135,930 | |||||||||||||
Interest Expense (2) | 675,257 | 25,525 | 93,878 | 78,862 | 63,396 | 55,369 | 358,227 | ||||||||||||||||||||
Operating Lease | 8,901 | 547 | 2,221 | 2,062 | 2,011 | 1,711 | 349 | ||||||||||||||||||||
LOC Maintenance Fee (3) | 644 | 204 | 440 | — | |||||||||||||||||||||||
Ground Lease (4) | 15,534 | 496 | 1,980 | 1,983 | 1,984 | 1,987 | 7,104 | ||||||||||||||||||||
Total Contractual Obligations | $ | 2,896,595 | $ | 38,316 | $ | 340,601 | $ | 320,404 | $ | 422,149 | $ | 273,515 | $ | 1,501,610 | |||||||||||||
Weighted average interest rates - Long Term Borrowings | 4.35 | % | 4.66 | % | 4.57 | % | 4.38 | % | 4.45 | % | 4.36 | % | 4.23 | % |
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
104 | Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document) |
EQUITY LIFESTYLE PROPERTIES, INC. | ||||||||
Date: October | By: | /s/ Marguerite Nader | ||||||
Marguerite Nader | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: October | By: | /s/ Paul Seavey | ||||||
Paul Seavey | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) | ||||||||
Date: October 24, 2023 | By: | /s/ Valerie Henry | ||||||
Valerie Henry | ||||||||
Senior Vice President and Chief Accounting Officer | ||||||||
(Principal Accounting Officer) |