Outdoor Hospitality News
For Campground & RV Park Owners

News for January 23, 2022

ELS Reports Strong Third Quarter Results, Acquires Portion of S.C. Camping Resort

Share this article

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email

Equity LifeStyle Properties, Inc. (NYSE: ELS)  today announced results for the quarter and nine months ended September 30, 2021. All per share results are reported on a fully diluted basis unless otherwise noted.

Financial Results for the Quarter and Nine Months Ended September 30, 2021

For the quarter ended September 30, 2021, total revenues increased $47.9 million, or 16.8 percent, to $332.9 million compared to $285.0 million for the same period in 2020. 

For the quarter ended September 30, 2021,net income available for Common Stockholders increased $20.0 million, or $0.10 per Common Share, to $70.6 million, or $0.38 per Common Share, compared to $50.6 million, or $0.28 per Common Share, for the same period in 2020.

For the nine months ended September 30, 2021, total revenues increased $126.8 million, or 15.5 percent, to $946.4 million compared to $819.6 million for the same period in 2020. For the nine months ended September 30, 2021, net income available for Common Stockholders increased $33.3 million, or $0.18 per Common Share, to $196.9 million, or $1.08 per Common Share, compared to $163.6 million, or $0.90 per Common Share, for the same period in 2020.

Non-GAAP Financial Measures and Portfolio Performance

For the quarter ended September 30, 2021, Funds from Operations (“FFO”) available for Common Stock and OP Unit holders increased $28.7 million, or $0.15 per Common Share, to $124.5 million, or $0.65 per Common Share, compared to $95.8 million, or $0.50 per Common Share, for the same period in 2020. For the nine months ended September 30, 2021, FFO available for Common Stock and OP Unit holders increased $65.0 million, or $0.33 per Common Share, to $362.6 million, or $1.88 per Common Share, compared to $297.6 million, or $1.55 per Common Share, for the same period in 2020.

For the quarter ended September 30, 2021, Normalized Funds from Operations (“Normalized FFO”) available for Common Stock and OP Unit holders increased $19.0 million, or $0.10 per Common Share, to $124.5 million, or $0.65 per Common Share, compared to $105.5 million, or $0.55 per Common Share, for the same period in 2020. For the nine months ended September 30, 2021, Normalized FFO available for Common Stock and OP Unit holders increased $55.6 million, or $0.29 per Common Share, to $365.4 million, or $1.90 per Common Share, compared to $309.8 million, or $1.61 per Common Share, for the same period in 2020.

For the quarter ended September 30, 2021, property operating revenues, excluding deferrals, increased $35.8 million to $308.7 million, compared to $272.9 million for the same period in 2020. For the nine months ended September 30, 2021, property operating revenues, excluding deferrals, increased $99.6 million to $889.1 million, compared to $789.5 million for the same period in 2020. For the quarter ended September 30, 2021, income from property operations, excluding deferrals and property management, increased $22.2 million to $172.8 million, compared to $150.6 million for the same period in 2020. For the nine months ended September 30, 2021, income from property operations, excluding deferrals and property management, increased $55.7 million to $509.6 million, compared to $453.9 million for the same period in 2020.

For the quarter ended September 30, 2021, Core property operating revenues, excluding deferrals, increased approximately 8.5 percent and Core income from property operations, excluding deferrals and property management, increased approximately 10.7 percent compared to the same period in 2020. For the nine months ended September 30, 2021, Core property operating revenues, excluding deferrals, increased approximately 8.5 percent and Core income from property operations, excluding deferrals and property management, increased approximately 9.0 percent compared to the same period in 2020.

Investment Activity In August 2021

We acquired a portion of Pirateland Camping Resort located in Myrtle Beach, South Carolina for $110.8 million. Pirateland is a 1,484 site RV community, and the ELS parcel contains 813 sites and approximately 1,800 feet of waterfront. 

Pirateland, including the ELS parcel, is managed by a tenant pursuant to existing ground leases. The ground lease with respect to the ELS parcel expires in February 2025. The acquisition was funded with proceeds from our unsecured line of credit.

 As part of our strategy to expand owned communities with additional developed sites, in September 2021, we completed the acquisition of a parcel of land adjacent to one of our properties in Nokomis, Florida for a purchase price of $10.4 million, which was funded with available cash. 

On October 14, 2021, we acquired our joint venture partner’s 50% interest in Voyager RV Resort. The purchase price to acquire our partner’s interest consisted of debt assumption of $20.1 million and $35.2 million payment primarily comprised of Operating Partnership units and the remainder in cash. 

Upon closing the acquisition, we became the resort’s sole owner. Voyager, located in Tucson, AZ, is a resort with 1,801 sites of which 1,576 are RV and 225 are MH. The resort was recently awarded the Mega Park of the Year Award by the Arizona Association of RV Parks and Campgrounds. 

This marks the third time since 2014 the resort has been honored with this award.

Share this article

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email
Modern Campground

Modern Campground

Modern Campground is the most innovative news source in the Outdoor Hospitality industry. We provide global news coverage for RV Park and Campground owners, operators, managers, and their team members.
Connect on Social Media
MC Fireside Chats
Latest Outdoor Hospitality News
Biden Administration Announces Strategic Plan to Combat US Wildfires
$1.5 Million Available in Tourism Grants for Kansas
Travels Disrupted As Winter Storms Blanket Canada
Report: Outdoor Rec Key Component in Driving New Hampshire’s Economy
This Luxury RV Resort at Reunion Lake is Perfect for Winter Relaxation

Stay Updated
Outdoor Hospitality News