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ELS Reports Q4 Results, Provides 2022 Guidance and Increases Annual Dividend

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Equity LifeStyle Properties Inc. (ELS), an owner of both manufactured housing and RV communities throughout North America, on January 24 announced fourth quarter and year-end results for the period ended Dec. 31, 2021. All per share results are reported on a fully diluted basis unless otherwise noted.

Financial Results for the Quarter and Year Ended Dec. 31.

For the quarter ended Dec. 31, total revenues increased $53.4 million, or 19.6%, to $325.3 million compared to $271.9 million for the same period in 2020. For the quarter ended Dec. 31, net income available for Common Stockholders increased $0.9 million, or $0.01 per Common Share, to $65.5 million, or $0.36 per Common Share, compared to $64.6 million, or $0.35 per Common Share, for the same period in 2020.

For the year ended Dec. 31, total revenues increased $180.3 million, or 16.5%, to $1,271.7 million compared to $1,091.4 million for the same period in 2020. For the year ended Dec. 31, net income available for Common Stockholders increased $34.2 million, or $0.18 per Common Share, to $262.5 million, or $1.43 per Common Share, compared to $228.3 million, or $1.25 per Common Share, for the same period in 2020.

Non-GAAP Financial Measures and Portfolio Performance

For the quarter ended Dec. 31, Funds from Operations (“FFO”) available for Common Stock and OP Unit holders increased $14.1 million, or $0.07 per Common Share, to $123.0 million, or $0.64 per Common Share, compared to $108.9 million, or $0.57 per Common Share, for the same period in 2020. For the year ended Dec. 31, FFO available for Common Stock and OP Unit holders increased $79.2 million, or $0.41 per Common Share, to $485.6 million, or $2.52 per Common Share, compared to $406.4 million, or $2.11 per Common Share, for the same period in 2020.

For the quarter ended Dec. 31, Normalized Funds from Operations (“Normalized FFO”) available for Common Stock and OP Unit holders increased $14.7 million, or $0.07 per Common Share, to $123.6 million, or $0.64 per Common Share, compared to $108.9 million, or $0.57 per Common Share, for the same period in 2020. For the year ended Dec. 31, Normalized FFO available for Common Stock and OP Unit holders increased $70.3 million, or $0.36 per Common Share, to $489.0 million, or $2.53 per Common Share, compared to $418.7 million, or $2.17 per Common Share, for the same period in 2020.

For the quarter ended Dec. 31, property operating revenues, excluding deferrals, increased $34.7 million to $296.6 million, compared to $261.9 million for the same period in 2020. For the year ended Dec. 31, property operating revenues, excluding deferrals, increased $134.2 million to $1,185.6 million, compared to $1,051.4 million for the same period in 2020. For the quarter ended Dec. 31, income from property operations, excluding deferrals and property management, increased $19.5 million to $172.4 million, compared to $152.9 million for the same period in 2020. For the year ended Dec. 31, income from property operations, excluding deferrals and property management, increased $75.2 million to $682.0 million, compared to $606.8 million for the same period in 2020.

For the quarter ended Dec. 31, Core property operating revenues, excluding deferrals, increased approximately 7.8 percent and Core income from property operations, excluding deferrals and property management, increased approximately 8.2% compared to the same period in 2020. For the year ended Dec. 31, Core property operating revenues, excluding deferrals, increased approximately 8.3% and Core income from property operations, excluding deferrals and property management, increased approximately 8.8% compared to the same period in 2020.

Investment Activity

In November and December 2021, we completed the acquisitions of Hope Valley, a 164-site RV community located in Turner, Oregon, and Lake Conroe, a 261-site RV community in Montgomery, Texas, for an aggregate purchase price of $31.9 million.

In November 2021, we acquired an 80% equity interest in RVC Outdoor Destinations, an entity owning six operating RV communities containing 988 sites with a total value of $105.0 million.

As part of our strategy to expand owned communities with additional developed sites, during the quarter ended Dec. 31, we completed the acquisitions of two parcels of land adjacent to two of our properties for an aggregate purchase price of $27.2 million.

In December 2021, we completed the acquisition of MHVillage/Datacomp for a purchase price of $43 million. MHVillage is the premier online marketplace dedicated to manufactured home buying and selling. Datacomp provides independent, market-based valuations for manufactured homes in land lease communities.

These acquisitions were funded with available cash, proceeds from our line of credit, and net proceeds from sales of common stock under our at-the-market equity offering program as discussed further below.

2022 Dividends

Our Board of Directors has approved setting the annual dividend rate for 2022 at $1.64 per share of common stock, an increase of 13.1%, or $0.19, over the current $1.45 per share of common stock for 2021.

Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.

Balance Sheet Activity

During the quarter ended December 31, 2021 and through January 4, 2022, we sold approximately 2.0 million shares of our common stock under our ATM equity offering program with a weighted average price of $84.80 per share for net proceeds of $166.4 million.

In January 2022, we entered into a $200.0 million unsecured term loan agreement. The term of the loan is five years and bears interest at a rate of Secured Overnight Financing Rate (“SOFR”) plus approximately 1.30% to 1.80%, depending on leverage levels.

Proceeds generated from the ATM equity offering and the unsecured term loan were used to fund fourth quarter 2021 acquisition activity and repay a portion of the outstanding balance on the line of credit. As of January 24, 2022, the line of credit has an outstanding balance of $69.0 million.

About Equity LifeStyle Properties

We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of January 24, 2022, we own or have an interest in 444 quality properties in 35 states and British Columbia consisting of 169,296 sites.

For additional information, please contact our Investor Relations Department at (800) 247-5279 or at [email protected]

Conference Call 

A live webcast of our conference call discussing these results will take place on Tuesday, January 25, 2022, at 10:00 a.m. Central Time.
Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.

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Hi, you might find this article from Modern Campground interesting: ELS Reports Q4 Results, Provides 2022 Guidance and Increases Annual Dividend! This is the link: https://moderncampground.com/press-releases/els-reports-q4-results-provides-2022-guidance-and-increases-annual-dividend/