Posts Tagged ‘Equity LifeStyle Properties’
Equity LifeStyle Properties Inc. (ELS) announced improving results for the quarter ended March 31.
Funds From Operations increased $5.3 million, or $0.12 per common share, to $64.0 million, or $1.41 per common share, compared to $58.7 million, or $1.29 per common share, for the same period in 2012, ELS reported in a news release.
FFO increased $6.3 million, or $0.14 per common share, to $65.0 million, or $1.43 per common share, compared to $58.7 million, or $1.29 per common share, for the same period in 2012.
Net income available to common stockholders totaled $35.0 million, or $0.84 per common share, compared to $12.4 million, or $0.30 per common share, for the same period in 2012.
Property operating revenues, excluding deferrals, increased $8.2 million to $182.2 million, compared to $174.0 million for the same period in 2012. Income from property operations increased $4.3 million to $108.1 million compared to $103.8 million for the same period in 2012.
Core property operating revenues increased approximately 3.4% and income from Core property operations increased approximately 2.9% compared to the same period in 2012.
Cash balance as of March 31 was approximately $81.8 million.
Year-to-date, ELS has paid off the maturing mortgages on two manufactured home properties totaling approximately $12.9 million, with a weighted average interest rate of 6% per annum.
As of April 22, ELS owned or had an interest in 383 properties in 32 states and British Columbia consisting of 142,682 sites.
Today Equity LifeStyle Properties, Inc. acquired two properties, Victoria Palms Resort and Alamo Palms, in the Rio Grande Valley, Texas. The two properties contain approximately 1,765 sites on approximately 175 acres for a stated purchase price of $25.0 million. The Company funded the purchase price with available cash.
Victoria Palms is an age restricted 1,122 site property with 270 manufactured home sites and 853 RV sites. Alamo Palms is an age restricted 643 site property with 293 manufactured home sites and 350 RV sites. The Acquisition will compliment ELS’ South Texas portfolio of eight properties and 5,100 sites and further strengthen its presence in the market.
Chicago-based Equity LifeStyle Properties Inc. (ELS), the nation’s largest RV park owner/operator, is currently testing a rather unique new promotion involving its Thousand Trails membership-based “preserves” and a few aggressive, multi-store RV dealerships in an effort to “leverage the great RV lifestyle and open up to more of the RV universe.”
It’s all part of a new “global relationship” ELS is trying to foster between the industry that produces and sells the RVs and the American public that purchases and recreates in those leisure-time products – a relationship that ELS CEO Thomas Heneghan and President and CFO Marguerite Nader feel is long overdue.
Although there are other potential new components on the table, such as social media initiatives and online parts and accessories sales, the crux of ELS’s new program is that a consumer buying an RV from any participating dealer will receive a free year’s membership to access parks in one of four zones among the 80 Thousand Trails preserves in 22 states and British Columbia.
“What we’re really trying to do is develop products in relation to the RV dealer that help him and us,” says Heneghan, whose 4,000-employee company also operates 90 Encore parks as well as some 200 manufactured home communities. “We think that buying an RV embedded with the lifestyle aspects is a natural and should be something that happens much more frequently than it does. And we designed this kind of dealer program to find RV dealerships across the U.S. that were excited about the opportunity to sell RVs to consumers along with the lifestyle that comes attached with that vehicle so that they’re getting the hotdog and the hotdog bun all at the same time.
“So, that’s been the program,” Heneghan told Woodall’s Campground Management, “but it’s really part of a larger strategy. We don’t really just want to have that one event. We want to have a relationship with the RV dealerships that understand that staying in contact with the customer – meeting that customer’s needs – is going to increase his ability to sell more vehicles over time and get that repeat buyer.”’