StockSelector.com
  Research, Select, & Monitor Thursday, December 14, 2017 2:55:20 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Equity LifeStyle Properties, Inc.$91.24($.18)(.20%)

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 ELS Reports First Quarter Results
   Monday, April 17, 2017 4:16:01 PM ET

Equity LifeStyle Properties, Inc. (ELS ) (referred to herein as "we," "us," and "our") today announced results for the quarter ended March 31, 2017. All per share results are reported on a fully diluted basis unless otherwise noted.

Financial Results for the Quarter Ended March 31, 2017

For the quarter ended March 31, 2017, total revenues increased $12.3 million, or 5.6 percent, to $232.4 million compared to $220.1 million for the same period in 2016. Net income available for Common Stockholders increased $6.3 million, or $0.05 per Common Share, to $56.9 million, or $0.65 per Common Share, compared to $50.6 million, or $0.60 per Common Share, for the same period in 2016.



Non-GAAP Financial Measures and Portfolio Performance

For the quarter ended March 31, 2017, Funds from Operations ("FFO") available for Common Stock and OP Unit holders increased $8.5 million, or $0.08 per Common Share, to $93.1 million or $1.00 per Common Share, compared to $84.6 million, or $0.92 per Common Share, for the same period in 2016.

For the quarter ended March 31, 2017 Normalized Funds from Operations ("Normalized FFO") available for Common Stock and OP Unit holders increased $8.4 million, or $0.08 per Common Share, to $93.2 million, or $1.00 per Common Share, compared to $84.8 million, or $0.92 per Common Share, for the same period in 2016.

For the quarter ended March 31, 2017, property operating revenues, excluding deferrals, increased $14.6 million to $222.0 million compared to $207.4 million for the same period in 2016. For the quarter ended March 31, 2017, income from property operations, excluding deferrals and property management, increased $8.4 million to $135.6 million compared to $127.2 million for the same period in 2016.

For the quarter ended March 31, 2017, Core property operating revenues, excluding deferrals, increased approximately 4.3 percent and Core income from property operations, excluding deferrals and property management, increased approximately 3.8 percent compared to the same period in 2016.

Balance Sheet Activity

During the quarter, we paid off one loan of approximately $21.1 million using available cash, with an interest rate of 5.76% per annum, secured by one manufactured home community.

About Equity LifeStyle Properties

We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago.

As of April 17, 2017, we own or have an interest in 391 quality properties in 32 states and British Columbia consisting of 146,626 sites.

For additional information, please contact our Investor Relations Department at (800) 247-5279 or at investor_relations@equitylifestyle.com.

Conference Call

A live webcast of our conference call discussing these results will take place tomorrow, Tuesday, April 18, 2017, at 10:00 a.m. Central Time. Please visit the Investor Information section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.

Reporting Calendar

Quarterly financial results and related earnings conference calls for the next three quarters are expected to occur as follows:

                            Release Date                       Earnings Call
                                         ------------------------                      ---------------------------------------
Second Quarter 2017                      Monday, July 17, 2017                         Tuesday, July 18, 2017 10:00 a.m. CT
Third Quarter 2017                       Monday, October 16, 2017                      Tuesday, October 17, 2017 10:00 a.m. CT
Fourth Quarter 2017                      Monday, January 29, 2018                      Tuesday, January 30, 2018 10:00 a.m. CT
                                                                                        

Forward-Looking Statements

In addition to historical information, this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:

-- our ability to control costs, real estate market conditions, the actual rate of decline in customers, the actual use of sites by customers and our success in acquiring new customers at our properties (including those that we may acquire);

-- our ability to maintain historical or increase future rental rates and occupancy with respect to properties currently owned or that we may acquire;

-- our ability to retain and attract customers renewing, upgrading and entering right-to-use contracts;

-- our assumptions about rental and home sales markets;

-- our assumptions and guidance concerning 2017 estimated net income, FFO and Normalized FFO;

-- our ability to manage counterparty risk;

-- in the age-qualified properties, home sales results could be impacted by the ability of potential home buyers to sell their existing residences as well as by financial, credit and capital markets volatility;

-- results from home sales and occupancy will continue to be impacted by local economic conditions, lack of affordable manufactured home financing and competition from alternative housing options including site-built single-family housing;

-- impact of government intervention to stabilize site-built single-family housing and not manufactured housing;

-- effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions;

-- the completion of future transactions in their entirety, if any, and timing and effective integration with respect thereto;

-- unanticipated costs or unforeseen liabilities associated with recent acquisitions;

-- ability to obtain financing or refinance existing debt on favorable terms or at all;

-- the effect of interest rates;

-- the dilutive effects of issuing additional securities;

-- the effect of accounting for the entry of contracts with customers representing a right-to-use the properties under the Codification Topic "Revenue Recognition";

-- the outcome of pending or future lawsuits or actions brought against us, including those disclosed in our filings with the Securities and Exchange Commission; and

-- other risks indicated from time to time in our filings with the Securities and Exchange Commission.

For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including "Risk Factors" in our most recent Annual Report on Form 10-K and subsequent quarterly reports.

These forward-looking statements are based on management’s present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.

 
                                                        Investor Information
--------------------------------------------------------------------------------------------------------------------------------
 
                                                    Equity Research Coverage (1)
-------------------------------------------------------------------------------------------------------------------------------------
Robert W. Baird & Company       BMO Capital Markets             Green Street Advisors
Drew T. Babin                                      Paul Adornato                                      Ryan Burke/Ryan Lumb
215-553-7816                                       212-885-4170                                       949-640-8780
dbabin@rwbaird.com                                 paul.adornato@bmo.com                              rburke@greenstreetadvisors.com
                                                                                                      rlumb@greenstreetadvisors.com
Cantor Fitzgerald                                  Citi Research
Gaurav Mehta                                       Michael Bilerman/ Nick Joseph                      Wells Fargo Securities
212-915-1221                                       212-816-1383                                       Todd Stender
gmehta@cantor.com                                  michael.bilerman@citi.com                          562-637-1371
                                                   nicholas.joseph@citi.com                           todd.stender@wellsfargo.com
                                                                                                       
Bank of America Merrill Lynch                      Evercore ISI
Global Research
Jeffrey Spector                                    Steve Sakwa/ Gwen Clark
646-855-1363                                       212-446-5600
jeff.spector@baml.com                              steve.sakwa@evercoreisi.com
                                                   gwen.clark@evercoreisi.com
______________________
1.        Any opinions, estimates or forecasts regarding our performance
                             made by these analysts or agencies do not represent our opinions,
                             forecasts or predictions. We do not by reference to these firms
                             imply our endorsement of or concurrence with such information,
                             conclusions or recommendations.
                              
 
                                                                                                                     Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
(In millions, except Stock and OP Units outstanding and per
share data, unaudited)
                                                                       
                                                                                                                                                           As of and for the Three Months Ended
                                                                                              March 31,      December 31,      September 30,     June 30,           March 31,
                                                                                                2017                                2016                                 2016                               2016                                  2016
                                                                                           -----------                        -------------                        -------------                        ----------                        ------------------
Operating Information
---------------------------------------------------------------------
Total revenues                                                                               $ 232.4                             $ 214.0                              $ 226.2                             $ 210.1                              $  220.1
Net income                                                                                   $  63.1                             $  42.4                              $  46.8                             $  40.8                              $   57.2
Net income available for Common Stockholders                                                 $  56.9                             $  37.0                              $  41.0                             $  35.5                              $   50.6
Adjusted EBITDA (1)                                                                          $ 118.9                             $ 101.4                              $ 103.4                             $  95.9                              $  111.3
FFO available for Common Stock and OP Unit holders(1)(2)                                     $  93.1                             $  72.5                              $  76.9                             $  68.9                              $   84.6
Normalized FFO available for Common Stock and OP Unit holders(1)(2)                          $  93.2                             $  75.2                              $  77.2                             $  69.3                              $   84.8
Funds available for distribution (FAD) available for Common Stock                            $  86.0                             $  65.8                              $  67.2                             $  58.4                              $   77.4
and OP Unit holders(1)(2)
                                                                                                                                                                                                                                           
Stock Outstanding (In thousands)
and Per Share Data
---------------------------------------------------------------------
Common Stock and OP Units, end of the period                                                  92,780                              92,699                               92,507                              92,499                                91,802
Weighted average Common Stock and OP Unit outstanding - fully diluted                         93,011                              92,965                               92,910                              92,264                                92,041
Net income per Common Share - fully diluted                                                  $  0.65                             $  0.43                              $  0.48                             $  0.42                              $   0.60
FFO per Common Share - fully diluted                                                         $  1.00                             $  0.78                              $  0.83                             $  0.75                              $   0.92
Normalized FFO per Common Share - fully diluted                                              $  1.00                             $  0.81                              $  0.83                             $  0.75                              $   0.92
Dividends per Common Share                                                                   $ 0.488                             $ 0.425                              $ 0.425                             $ 0.425                              $  0.425
                                                                                                                                                                                                                                           
Balance Sheet
---------------------------------------------------------------------
Total assets                                                                                 $ 3,471                             $ 3,479                              $ 3,470                             $ 3,486                              $  3,415
Total liabilities                                                                            $ 2,371                             $ 2,397                              $ 2,396                             $ 2,420                              $  2,400
                                                                                                                                                                                                                                           
Market Capitalization
---------------------------------------------------------------------
Total debt                                                                                   $ 2,078                             $ 2,110                              $ 2,111                             $ 2,134                              $  2,125
Total market capitalization (3)                                                              $ 9,364                             $ 8,930                              $ 9,387                             $ 9,675                              $  8,938
                                                                                                                                                                                                                                           
Ratios
---------------------------------------------------------------------
Total debt / total market capitalization                                                        22.2   %                            23.6    %                            22.5    %                           22.1  %                               23.8      %
Total debt + preferred stock / total market capitalization                                      23.6   %                            25.2    %                            23.9    %                           23.5  %                               25.3      %
Total debt / Adjusted EBITDA (4)                                                                 5.0                                 5.1                                  5.2                                 5.3                                   5.4
Interest coverage (5)                                                                            4.2                                 4.1                                  4.1                                 4.0                                   4.0
Fixed charges + preferred distributions coverage (6)                                             3.8                                 3.7                                  3.6                                 3.5                                   3.5
______________________
1.        See Non-GAAP Financial Measure Definitions and Other Terms at the
                             end of the supplemental information for definitions of Adjusted
                             EBITDA, FFO, Normalized FFO and FAD; and reconciliation of Adjusted
                             EBITDA.
2.                           See page 7 for a reconciliation of Net income available for Common
                             Stockholders to non-GAAP financial measures FFO available for Common
                             Stock and OP Unit holders, Normalized FFO available for Common Stock
                             and OP Unit holders and FAD available for Common Stock and OP Unit
                             holders.
3.                           See page 16 for market capitalization calculation as of March 31,
                             2017.
4.                           Represents trailing twelve months Adjusted EBITDA. We believe
                             trailing twelve months Adjusted EBITDA provides additional
                             information for determining our ability to meet future debt service
                             requirements.
5.                           Interest coverage is calculated by dividing trailing twelve months
                             Adjusted EBITDA by the interest expense incurred during the same
                             period.
6.                           See Non-GAAP Financial Measure Definitions and Other Terms at the
                             end of the supplemental information for a definition of fixed
                             charges. This ratio is calculated by dividing trailing twelve months
                             Adjusted EBITDA by the sum of fixed charges and preferred stock
                             dividends during the same period.
                              
                                                                                                                             
                                                                                               Balance Sheet
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                     
(In thousands, except share and per share data)
                                                                                                                                                                     
                                                                                                                       March 31,                                                 December 31,
                                                                                                                         2017                                                        2016
                                                                                                                      (unaudited)
                                                                                                        ---------------------------------------                     ------------------------------------
Assets
Investment in real estate:
      Land                                                                                                    $ 1,163,987                                                 $ 1,163,987
      Land improvements                                                                                         2,903,564                                                   2,893,759
      Buildings and other depreciable property                                                                    635,248                                  627,590  
                                                                                                        --------------------------------------                      --------------------------------------
                                                                                                                4,702,799                                                   4,685,336
      Accumulated depreciation                                                                                 (1,429,999 )                                                (1,399,531 )
                                                                                                        --------------------------------------                      --------------------------------------
         Net investment in real estate                                                                          3,272,800                                                   3,285,805
Cash                                                                                                               73,248                                                      56,340
Notes receivable, net                                                                                              34,239                                                      34,520
Investment in unconsolidated joint ventures                                                                        19,187                                                      19,369
Deferred commission expense                                                                                        31,357                                                      31,375
Escrow deposits, goodwill, and other assets, net (1)                                                               40,210                                   51,578  
                                                                                                        --------------------------------------                      --------------------------------------
      Total Assets                                                                                            $ 3,471,041                              $ 3,478,987  
                                                                                                        ======= ========= ====================                      ======= ========= ====================
Liabilities and Equity
Liabilities:
      Mortgage notes payable                                                                                  $ 1,859,890                                                 $ 1,891,900
      Term loan                                                                                                   199,431                                                     199,379
      Accrued expenses and accounts payable (1)                                                                    85,554                                                      89,864
      Deferred revenue - upfront payments from right-to-use contracts                                 82,264                                                      81,484
      Deferred revenue - right-to-use annual payments                                                 13,316                                                       9,817
      Accrued interest payable                                                                                      8,212                                                       8,379
      Rents and other customer payments received in advance and security                                           77,398                                                      76,906
      deposits
      Distributions payable                                                                                        45,230                                   39,411  
                                                                                                        --------------------------------------                      --------------------------------------
         Total Liabilities                                                                                      2,371,295                                2,397,140  
                                                                                                        --------------------------------------                      --------------------------------------
Equity:
   Stockholders’ Equity:
      Preferred stock, $0.01 par value, 9,945,539 shares authorized as of                                  --                                              --
      March 31, 2017 and December 31, 2016; none issued and outstanding.
      6.75% Series C Cumulative Redeemable Perpetual Preferred Stock,                                             136,144                                                     136,144
      $0.01 par value, 54,461 shares authorized and 54,458 issued and
      outstanding as of March 31, 2017 and December 31, 2016 at
      liquidation value
      Common stock, $0.01 par value, 200,000,000 shares authorized as of                                              866                                                         854
      March 31, 2017 and December 31, 2016; 86,841,775 and 85,529,386
      shares issued and outstanding as of March 31, 2017 and December 31,
      2016, respectively
      Paid-in capital                                                                                           1,117,628                                                   1,103,048
      Distributions in excess of accumulated earnings                                                            (216,724 )                                                  (231,276 )
      Accumulated other comprehensive loss                                                                             (1 )                                                      (227 )
                                                                                                        --------------------------------------                      --------------------------------------
      Total Stockholders’ Equity                                                     1,037,913                                                   1,008,543
      Non-controlling interests - Common OP Units                                                     61,833                                   73,304  
                                                                                                        --------------------------------------                      --------------------------------------
         Total Equity                                                                                           1,099,746                                1,081,847  
                                                                                                        --------------------------------------                      --------------------------------------
         Total Liabilities and Equity                                                                         $ 3,471,041                              $ 3,478,987  
                                                                                                        ======= ========= ====================                      ======= ========= ====================
______________________
1.        As of December 31, 2016, Escrow deposits, goodwill, and other
                             assets, net includes insurance receivable of approximately $10.9
                             million, and Accrued expenses and accounts payable includes
                             approximately $13.3 million litigation settlement payable related to
                             resolution of the California lawsuits. These amounts were received
                             and paid during the first quarter of 2017.
                              
                                                                       
                                                                            Consolidated Income Statement
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                            
(In thousands, unaudited)
                                                                                            
                                                                                                                                 Quarters Ended
                                                                                                                                    March 31,
                                                                                                         2017                                 2016
                                                                                           ---------------------------------                     ------------------------------------
Revenues:
Community base rental income                                                                 $ 120,692                                                $ 114,076
Rental home income                                                                               3,605                                                    3,545
Resort base rental income                                                                       61,068                                                   55,434
Right-to-use annual payments                                                                    11,252                                                   11,054
Right-to-use contracts current period, gross                                                     3,206                                                    2,532
Right-to-use contract upfront payments, deferred, net                                             (775 )                                                   (302 )
Utility and other income                                                                        22,126                                                   20,793
Gross revenues from home sales                                                                   7,027                                                    8,214
Brokered resale revenue and ancillary services revenues, net                                     1,661                                                    1,418
Interest income                                                                                  1,770                                                    1,660
Income from other investments, net                                                                 757                                 1,723  
                                                                                           --------------------------------                      -----------------------------------
   Total revenues                                                                              232,389                                                  220,147
                                                                                                                                                  
Expenses:
Property operating and maintenance                                                              68,054                                                   62,954
Rental home operating and maintenance                                                            1,551                                                    1,525
Real estate taxes                                                                               14,037                                                   13,198
Sales and marketing, gross                                                                       2,690                                                    2,493
Right-to-use contract commissions, deferred, net                                                   (84 )                                                    104
Property management                                                                             12,560                                                   11,763
Depreciation on real estate assets and rental homes                                             30,109                                                   28,656
Amortization of in-place leases                                                                  1,032                                                      335
Cost of home sales                                                                               7,119                                                    8,281
Home selling expenses                                                                              925                                                      834
General and administrative                                                                       7,373                                                    7,407
Property rights initiatives and other                                                              219                                                      654
Interest and related amortization                                                               24,879                                25,634  
                                                                                           --------------------------------                      -----------------------------------
   Total expenses                                                                              170,464                               163,838  
                                                                                           --------------------------------                      -----------------------------------
      Income before equity in income of unconsolidated joint ventures                           61,925                                                   56,309
   Equity in income of unconsolidated joint ventures                                             1,150                                   881  
                                                                                           --------------------------------                      -----------------------------------
Consolidated net income                                                                         63,075                                57,190  
                                                                                           --------------------------------                      -----------------------------------
                                                                                                                                                  
Income allocated to non-controlling interest-Common OP Units                                    (3,890 )                                                 (4,310 )
Series C Redeemable Perpetual Preferred Stock Dividends                                         (2,297 )                                                 (2,297 )
                                                                                           --------------------------------                      -----------------------------------
Net income available for Common Stockholders                                                 $  56,888                             $  50,583  
                                                                                           === ======= ====================                      ====== ======= ====================
                                                                                                                                                                 
                                                                                                                                                                 

Non-GAAP Financial Measures

                                                                      
                                       First Quarter 2017 - Selected Non-GAAP Financial Measures
----------------------------------------------------------------------------------------------------------------------------------
                                                                                           
(In millions, except per share data, unaudited)
                                                                                           
                                                                                                          Quarter Ended
                                                                                                            March 31,
                                                                                                              2017
                                                                                          ------------------------------------------
Income from property operations, excluding deferrals and property                                   $       132.0
management - 2017 Core (1)
Income from property operations, excluding deferrals and property                                             3.6
management - Acquisitions (2)
Property management and general and administrative (excluding                                               (19.8 )
transaction costs)
Other income and expenses                                                                                     4.6
Financing costs and other                                                                                   (27.2 )
                                                                                          --------------------------------------------
   Normalized FFO available for Common Stock and OP Unit holders                                             93.2
   (3)
Transaction costs                                                                                            (0.1 )
                                                                                          --------------------------------------------
                                                                                                    $        93.1  
   FFO available for Common Stock and OP Unit holders (3)
                                                                                          =========== =========== ====================
                                                                                           
Normalized FFO per Common Share - fully diluted                                                     $        1.00
FFO per Common Share - fully diluted                                                                $        1.00
                                                                                           
                                                                                           
   Normalized FFO available for Common Stock and OP Unit holders (3)                                $        93.2
Non-revenue producing improvements to real estate                                                            (7.2 )
                                                                                          --------------------------------------------
   FAD available for Common Stock and OP Unit holders (3)                                           $        86.0  
                                                                                          =========== =========== ====================
                                                                                           
Weighted average Common Stock and OP Units - fully diluted                                                   93.0
___________________
1.       See Non-GAAP Financial Measure Definitions and Other Terms at the
                            end of the supplemental information for definitions of non-GAAP
                            financial measures Income from property operations, excluding
                            deferrals and property management, and Core, and reconciliation of
                            income from property operations, excluding deferrals and property
                            management to income before equity in income of unconsolidated joint
                            ventures. See page 9 for details of the 2017 Core Income from
                            Property Operations, excluding deferrals and property management.
2.                          See Non-GAAP Financial Measure Definitions and Other Terms at the
                            end of the supplemental information for a definition of Acquisition
                            properties. See page 10 for details of the Income from Property
                            Operations, excluding deferrals and property management for the
                            Acquisitions.
3.                          See page 7 for a reconciliation of Net income available for Common
                            Stockholders to non-GAAP financial measures FFO available for Common
                            Stock and OP Unit holders, Normalized FFO available for Common Stock
                            and OP Unit holders and FAD available for Common Stock and OP Unit
                            holders. See definitions of non-GAAP financial measures of FFO,
                            Normalized FFO and FAD and Non-revenue producing improvements in
                            Non-GAAP Financial Measure Definitions and Other Terms at the end of
                            the supplemental information.
                             
                                                                     
                                                             Reconciliation of Net Income to Non-GAAP Financial Measures
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                          
(In thousands, except per share data, unaudited)
                                                                                          
                                                                                                                               Quarters Ended
                                                                                                                                  March 31,
                                                                                                        2017                                 2016
                                                                                         -----------------------------------                     -----------------------------------
   Net income available for Common Stockholders                                               $ 56,888                                                $ 50,583
Income allocated to Common OP Units                                                              3,890                                                   4,310
Right-to-use contract upfront payments, deferred, net (1)                                          775                                                     302
Right-to-use contract commissions, deferred, net (2)                                               (84 )                                                   104
Depreciation on real estate assets                                                              27,452                                                  26,008
Depreciation on rental homes                                                                     2,657                                                   2,647
Amortization of in-place leases                                                                  1,032                                                     335
Depreciation on unconsolidated joint ventures                                                      447                                  290  
                                                                                         ----------------------------------                      ----------------------------------
   FFO available for Common Stock and OP Unit holders (3)                                       93,057                                                  84,579
Transaction costs (4)                                                                              104                                  200  
                                                                                         ----------------------------------                      ----------------------------------
   Normalized FFO available for Common Stock and OP Unit holders(3)                             93,161                                                  84,779
Non-revenue producing improvements to real estate                                               (7,160 )                                                (7,337 )
                                                                                         ----------------------------------                      ----------------------------------
   FAD available for Common Stock and OP Unit holders (3)                                     $ 86,001                             $ 77,442  
                                                                                         ====== ====== ====================                      ====== ====== ====================
                                                                                                                                                  
Net income available per Common Share - Basic                                                 $   0.66                                                $   0.60
Net income available per Common Share - Fully Diluted                                         $   0.65                                                $   0.60
                                                                                                                                                  
FFO per Common Share & OP Units-Basic                                                         $   1.00                                                $   0.92
FFO per Common Share & OP Units-Fully Diluted                                                 $   1.00                                                $   0.92
                                                                                                                                                  
Normalized FFO per Common Share & OP Units-Basic                                              $   1.01                                                $   0.93
Normalized FFO per Common Share & OP Units-Fully Diluted                                      $   1.00                                                $   0.92
                                                                                                                                                  
Average Common Stock - Basic                                                                    86,048                                                  84,321
Average Common Stock and OP Units - Basic                                                       92,636                                                  91,529
Average Common Stock and OP Units - Fully Diluted                                               93,011                                                  92,041
_____________________________
1.          We are required by GAAP to defer, over the estimated customer life,
                               recognition of non-refundable upfront payments from sales of new and
                               upgrade right-to-use contracts. For 2017, the customer life is
                               estimated to be 40 years and is based upon our experience operating
                               the membership platform since 2008. The amount shown represents the
                               deferral of a substantial portion of current period upgrade sales,
                               offset by amortization of prior period sales.
2.                             We are required by GAAP to defer recognition of commissions paid
                               related to the entry of right-to-use contracts. The deferred
                               commissions will be amortized using the same method as used for the
                               related non-refundable upfront payments from the entry of
                               right-to-use contracts and upgrade sales. The amount shown
                               represents the deferral of a substantial portion of current period
                               commissions on those contracts, offset by the amortization of prior
                               period commissions.
3.                             See Non-GAAP Financial Measure Definitions and Other Terms at the
                               end of the supplemental information for non-GAAP financial measure
                               definitions of FFO, Normalized FFO and FAD and for a definition of
                               Non-revenue producing improvements.
4.                             Included in general and administrative on the Consolidated Income
                               Statement on page 4.
                                
                                                                   
                                                                Consolidated Income from Property Operations (1)
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                        
(In millions, except home site and occupancy figures,
unaudited)
                                                                                        
                                                                                                                            Quarters Ended
                                                                                                                               March 31,
                                                                                                     2017                                2016
                                                                                       ---------------------------------                     -----------------------------------
Community base rental income (2)                                                           $ 120.7                                                $  114.1
Rental home income                                                                             3.6                                                     3.5
Resort base rental income (3)                                                                 61.1                                                    55.4
Right-to-use annual payments                                                                  11.3                                                    11.1
Right-to-use contracts current period, gross                                                   3.2                                                     2.5
Utility and other income                                                                      22.1                                 20.8  
                                                                                       --------------------------------                      ----------------------------------
   Property operating revenues                                                               222.0                                                   207.4
                                                                                                                                              
Property operating, maintenance and real estate taxes                                         82.1                                                    76.2
Rental home operating and maintenance                                                          1.6                                                     1.5
Sales and marketing, gross                                                                     2.7                                  2.5  
                                                                                       --------------------------------                      ----------------------------------
   Property operating expenses                                                                86.4                                 80.2  
                                                                                       --------------------------------                      ----------------------------------
Income from property operations, excluding deferrals and property                          $ 135.6                             $  127.2  
management (1)
                                                                                       ===== ===== ====================                      ====== ====== ====================
                                                                                                                                              
Manufactured home site figures and occupancy averages:
Total sites                                                                                 70,992                                                  70,114
Occupied sites                                                                              66,641                                                  65,153
Occupancy %                                                                                   93.9                    %                               92.9                    %
Monthly base rent per site                                                                 $   604                                                $    584
                                                                                                                                              
Resort base rental income:
Annual                                                                                     $  32.1                                                $   30.0
Seasonal                                                                                      18.5                                                    16.2
Transient                                                                                     10.5                                  9.2  
                                                                                       --------------------------------                      ----------------------------------
   Total resort base rental income                                                         $  61.1                             $   55.4  
                                                                                       ===== ===== ====================                      ====== ====== ====================
_________________________
1.         See page 4 for the Consolidated Income Statement and see Non-GAAP
                              Financial Measure Definitions and Other Terms at the end of the
                              supplemental information for non-GAAP measure definitions and
                              reconciliation of Income from property operations, excluding
                              deferrals and property management.
2.                            See the manufactured home site figures and occupancy averages below
                              within this table.
3.                            See resort base rental income detail included below within this
                              table.
                               
                                                                                                                                                          
                                                                                     2017 Core Income from Property Operations (1)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                  
(In millions, except home site and occupancy figures,
unaudited)
                                                                                                                                                                                                  
                                                                                                                          Quarters Ended
                                                                                                                             March 31,                                                                     %
                                                                                                     2017                              2016                                        Change (2)
                                                                                       --------------------------------                     --------------------------------                     ---------------------
Community base rental income (3)                                                          $ 119.6                                              $ 114.1                                                  4.8         %
Rental home income                                                                            3.6                                                  3.5                                                  1.7         %
Resort base rental income (4)                                                                56.9                                                 55.2                                                  3.0         %
Right-to-use annual payments                                                                 11.3                                                 11.1                                                  1.8         %
Right-to-use contracts current period, gross                                                  3.2                                                  2.5                                                 26.6         %
Utility and other income                                                                     21.6                              20.8                               4.2         %
                                                                                       -------------------------------                      -------------------------------                      ---------- ---------
   Property operating revenues                                                              216.2                                                207.2                                                  4.3         %
                                                                                                                                                                                                  
Property operating, maintenance and real estate taxes                                        79.9                                                 76.0                                                  5.1         %
Rental home operating and maintenance                                                         1.6                                                  1.5                                                  1.7         %
Sales and marketing, gross                                                                    2.7                               2.5                               7.9         %
                                                                                       -------------------------------                      -------------------------------                      ---------- ---------
   Property operating expenses                                                               84.2                              80.0                               5.2         %
                                                                                       -------------------------------                      -------------------------------                      ---------- ---------
Income from property operations, excluding deferrals and property                         $ 132.0                           $ 127.2                               3.8         %
management (1)
                                                                                       ==== ===== ====================                      ==== ===== ====================
Occupied sites (5)                                                                         65,867                                               65,278
                                                                                                                                                                                                  
Core manufactured home site figures and occupancy averages:
Total sites                                                                                69,972                                               69,986
Occupied sites                                                                             65,753                                               65,153
Occupancy %                                                                                  94.0                    %                            93.1                    %
Monthly base rent per site                                                                $   606                                              $   584
                                                                                                                                                                                                  
Resort base rental income:
Annual                                                                                    $  31.3                                              $  29.9                                                  4.6         %
Seasonal                                                                                     16.4                                                 16.1                                                  1.4         %
Transient                                                                                     9.2                               9.2                               0.5         %
                                                                                       -------------------------------                      -------------------------------                      ---------- ---------
   Total resort base rental income                                                        $  56.9                           $  55.2                               3.0         %
                                                                                       ==== ===== ====================                      ==== ===== ====================
___________________________
1.          See Non-GAAP Financial Measure Definitions and Other Terms at the
                               end of the supplemental information for definitions of non-GAAP
                               measures Income from property operations, excluding deferrals and
                               property management, and Core.
2.                             Calculations prepared using actual results without rounding.
3.                             See the Core manufactured home site figures and occupancy averages
                               included below within this table.
4.                             See resort base rental income detail included below within this
                               table.
5.                             Occupied sites as of the end of the period shown. Occupied sites
                               have increased by 141 from 65,726 at December 31, 2016.
                                
                                                                   
                               Acquisitions - Income from Property Operations (1)
-------------------------------------------------------------------------------------------------------------
                                                                                        
(In millions, unaudited)
                                                                                        
                                                                                                 Quarter
                                                                                                  Ended
                                                                                                March 31,
                                                                                                  2017
                                                                                       ------------------------
Community base rental income                                                                      $          1.1
Resort base rental income                                                                                    4.2
Utility income and other property income                                                                     0.5
                                                                                       --------------------------
   Property operating revenues                                                                               5.8
                                                                                        
   Property operating expenses                                                                               2.2
                                                                                       --------------------------
Income from property operations, excluding deferrals and property                                 $          3.6
management
                                                                                       ============ ============
______________________
1.        See Non-GAAP Financial Measure Definitions and Other Terms at the
                             end of the supplemental information for a definition of Acquisitions.
                              
                                                       
                                                           Income from Rental Home Operations
-------------------------------------------------------------------------------------------------------------------------------------------------
                                                                            
(In millions, except occupied rentals, unaudited)
                                                                            
                                                                                                           Quarters Ended
                                                                                                              March 31,
                                                                                          2017                           2016
                                                                           -----------------------------------                     ----------------------
Manufactured homes:
New home                                                                        $    6.6                                                    $        6.1
Used home                                                                            5.8                                          6.4
                                                                           ----------------------------------                      ----------------------
   Rental operations revenues (1)                                                   12.4                                                            12.5
Rental operations expense                                                            1.6                                          1.5
                                                                           ----------------------------------                      ----------------------
   Income from rental operations, before depreciation                               10.8                                                            11.0
Depreciation on rental homes                                                         2.7                                          2.6
                                                                           ----------------------------------                      ----------------------
   Income from rental operations, after depreciation                            $    8.1                                 $        8.4
                                                                           ====== ====== ====================                      ========== ==========
                                                                                                                                    
Occupied rentals: (2)
New                                                                                2,467                                                           2,247
Used                                                                               2,297                                        2,716
                                                                           ----------------------------------                      ----------------------
   Total occupied rental sites                                                     4,764                                        4,963
                                                                           ==================================                      ======================
                                                                                                                                    
                                                                                                                    As of
                                                                                       March 31, 2017                                                              March 31, 2016
Cost basis in rental homes: (3)                                   Gross                           Net of                                               Gross                  Net of
                                                                                                                  Depreciation                                                                                   Depreciation
                                                     ---------------------------                        -----------------------------                        ---------------------------                        ------------
New                                                   $ 128.3                                              $  99.8                                            $ 115.6                                                $   92.3
Used                                                     50.0                              21.6                            56.5                                 33.6
                                                     -----------------------------                      -------------------------------                      -----------------------------                      --------------
   Total rental homes                                 $ 178.3                           $ 121.4                         $ 172.1                             $  125.9
                                                     == ===== ====================                      ==== ===== ====================                      == ===== ====================                      ====== ======
__________________________
1.         For the quarters ended March 31, 2017 and 2016, approximately $8.8
                              million and $9.0 million, respectively, of the rental operations
                              revenue are included in the Community base rental income in the
                              Consolidated Income from Property Operations table on page 8. The
                              remainder of the rental operations revenue is included in the Rental
                              home income in the Consolidated Income from Property Operations
                              table on page 8.
2.                            Occupied rentals as of the end of the period shown in our Core
                              portfolio. Included in the quarters ended March 31, 2017 and 2016
                              are 228 and 131 homes rented through our ECHO joint venture,
                              respectively. For the three months ended March 31, 2017 and 2016,
                              the rental home investment associated with our ECHO joint venture
                              totals approximately $8.0 million and $4.3 million, respectively.
3.                            Includes both occupied and unoccupied rental homes. New home cost
                              basis does not include the costs associated with our ECHO joint
                              venture. At March 31, 2017 and 2016, our investment in the ECHO
                              joint venture was approximately $15.3 million and $15.4 million,
                              respectively.
                               
                                             
                              Total Sites and Home Sales
-----------------------------------------------------------------------------------
                                                                  
(In thousands, except sites and home sale volumes, unaudited)
                                                                  
Summary of Total Sites as of March 31, 2017
                                                                         Sites
                                                                 --------------------
Community sites                                                                71,000
Resort sites:
   Annuals                                                                     26,600
   Seasonal                                                                    11,200
   Transient                                                                   10,500
Membership (1)                                                                 24,100
Joint Ventures (2)                                                              3,200
                                                                 --------------------
Total                                                                         146,600
                                                                 ====================
                                                                  
Home Sales - Select Data                                   
                                                                                      Quarters Ended
                                                                                         March 31,
                                                                      2017                                 2016
                                                                   ----------                     ----------------------
Total New Home Sales Volume (3)                                         120                                         121
   New Home Sales Volume - ECHO joint venture                            37                                          34
New Home Sales Gross Revenues(3)                                    $ 4,943                                $      5,399
                                                                                                   
Total Used Home Sales Volume (3)                                        285                                         311
Used Home Sales Gross Revenues(3)                                   $ 2,084                                $      2,815
                                                                                                   
Brokered Home Resales Volume                                            168                                         186
Brokered Home Resale Revenues, net                                  $   242                                $        279
__________________________
1.         Sites primarily utilized by approximately 105,300 members. Includes
                              approximately 5,700 sites rented on an annual basis.
2.                            Joint venture income is included in the Equity in income from
                              unconsolidated joint ventures in the Consolidated Income Statement
                              on page 4.
3.                            Total new home sales volume includes home sales from our ECHO joint
                              venture. New home sales gross revenues does not include the revenues
                              associated with our ECHO joint venture.
                               
                                                                                                               
                                                                        2017 Guidance - Selected Financial Data (1)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                       
Our guidance acknowledges the existence of volatile economic
conditions, which may impact our current guidance assumptions.
Factors impacting 2017 guidance include, but are not limited to
the following: (i) the mix of site usage within the portfolio;
(ii) yield management on our short-term resort sites; (iii)
scheduled or implemented rate increases on community and resort
sites; (iv) scheduled or implemented rate increases in annual
payments under right-to-use contracts; (v) occupancy changes; (vi)
our ability to retain and attract customers renewing or entering
right-to-use contracts; (vii) our ability to integrate and operate
recent acquisitions in accordance with our estimates; (viii)
completion of pending transactions in their entirety and on
assumed schedule; (ix) ongoing legal matters and related fees; and
(x) costs to restore property operations and potential revenues
losses following storms or other unplanned events.
                                                                                                                                                       
(In millions, except per share data, unaudited)
                                                                                                                                                       
                                                                                                        Quarter Ended                                              Year Ended
                                                                                                        June 30, 2017                        December 31, 2017
                                                                                            --------------------------------------------------------- -------------------------------------
Income from property operations, excluding deferrals and property                                 $   117.9                                                 $   498.1
management - 2017 Core (2)
Income from property operations - Acquisitions (3)                                                      1.5                                                       8.4
Property management and general and administrative                                                    (21.1 )                                                   (80.7 )
Other income and expenses                                                                               3.3                                                      13.5
Financing costs and other                                                                             (27.1 )                               (108.3 )
                                                                                            ------------------------------------ -------------------- ------------------------------------
Normalized FFO available for Common Stock and OP Unit holders (4)                                      74.5                                                     331.0
Transaction costs                                                                            --                (0.1 )
                                                                                            ------------------------------------ -------------------- ------------------------------------
FFO available for Common Stock and OP Unit holders (4)                                                 74.5                                                     330.9
   Depreciation on real estate and other                                                              (28.7 )                                                  (113.2 )
   Depreciation on rental homes                                                                        (2.6 )                                                   (10.6 )
   Deferral of right-to-use contract sales revenue and commission, net                                  0.4                                                      (3.4 )
   Income allocated to non-controlling interest-Common OP Units                                        (2.8 )                                (13.0 )
                                                                                            ------------------------------------ -------------------- ------------------------------------
Net income available for Common Stockholders                                                      $    40.8           $   190.7  
                                                                                            ======= ======= ==================== ==================== ======= ======= ====================
                                                                                                                                                       
                                                                                                                                                       
Net income per Common Share - fully diluted (5)                                                                    $0.44 - $0.50                                             $2.14 - $2.24
FFO per Common Share - fully diluted                                                                               $0.77 - $0.83                                             $3.50 - $3.60
Normalized FFO per Common Share - fully diluted                                                                    $0.77 - $0.83                                             $3.51 - $3.61
                                                                                                                                                       
Weighted average Common Stock outstanding - fully diluted                                              93.1                                                      93.1
_____________________________________
1.             Each line item represents the mid-point of a range of possible
                                  outcomes and reflects management’s estimate of the most likely
                                  outcome. Actual Normalized FFO available for Common Stock and OP
                                  Unit holders, Normalized FFO per Common Share, FFO available for
                                  Common Stock and OP Unit holders, FFO per Common Share, Net income
                                  available for Common Stockholders and Net income per Common Share
                                  could vary materially from amounts presented above if any of our
                                  assumptions is incorrect.
2.                                See page 14 for 2017 Core Guidance Assumptions. Amount represents
                                  2016 income from property operations, excluding deferrals and
                                  property management, from the 2017 Core properties of $113.0 million
                                  multiplied by an estimated growth rate of 4.4% and $476.1 million
                                  multiplied by an estimated growth rate of 4.6% for the quarter ended
                                  June 30, 2017 and the year ended December 31, 2017, respectively.
3.                                See page 14 for the 2017 Assumptions regarding the Acquisition
                                  properties.
4.                                See Non-GAAP Financial Measure Definitions and Other Terms at the
                                  end of the supplemental information for definitions of Normalized
                                  FFO and FFO.
5.                                Net income per fully diluted Common Share is calculated before
                                  Income allocated to non-controlling interest-Common OP Units.
                                   
                                                                                                                                                       
                                                                                                                 2017 Core Guidance Assumptions (1)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(In millions, unaudited)
                                                                                                                                                                                                                                     
                                                                                                    Quarter                                     Second                                    Year Ended                                              2017
                                                                                                     Ended                                   Quarter 2017
                                                                                                 June 30, 2016                                  Growth                                   December 31,                                            Growth
                                                                                                                                              Factors (2)                                    2016                                              Factors (2)
                                                                                       -----------------------------                        ------------                       -----------------------------                        ------------------------------
Community base rental income                                                              $ 115.2                                              4.6      %                         $ 462.3                                                  4.5                    %
Rental home income                                                                            3.5                                              0.2      %                            14.1                                                  0.3                    %
Resort base rental income (3)                                                                44.2                                              5.7      %                           196.8                                                  4.5                    %
Right-to-use annual payments                                                                 11.2                                              1.2      %                            45.0                                                  0.5                    %
Right-to-use contracts current period, gross                                                  3.1                                             11.2      %                            12.3                                                  1.7                    %
Utility and other income                                                                     19.4                          (0.1     )%                            80.9                              (1.0                   )%
                                                                                       -------------------------------                      ------ ------                      -------------------------------                      ---------- --------------------
   Property operating revenues                                                              196.6                                              4.2      %                           811.4                                                  3.6                    %
                                                                                                                                                                                                                                     
Property operating, maintenance, and real estate taxes                                       79.1                                              4.0      %                           317.3                                                  2.3                    %
Rental home operating and maintenance                                                         1.6                                              1.6      %                             6.9                                                 (5.8                   )%
Sales and marketing, gross                                                                    2.9                           4.4      %                            11.1                               3.8                    %
                                                                                       -------------------------------                      ------ ------                      -------------------------------                      ---------- --------------------
   Property operating expenses                                                               83.6                           4.0      %                           335.3                               2.2                    %
                                                                                       -------------------------------                      ------ ------                      -------------------------------                      ---------- --------------------
Income from property operations, excluding deferrals and property                         $ 113.0                           4.4      %                         $ 476.1                               4.6                    %
management
                                                                                       ==== ===== ====================                      ====== ======                      ==== ===== ====================                      ========== ====================
                                                                                                                                                                                                                                     
Resort base rental income:
Annual                                                                                    $  30.1                                              5.4      %                         $ 122.3                                                  5.2                    %
Seasonal                                                                                      3.9                                              3.0      %                            30.2                                                  2.1                    %
Transient                                                                                    10.2                           7.5      %                            44.3                               4.3                    %
                                                                                       -------------------------------                      ------ ------                      -------------------------------                      ---------- --------------------
   Total resort base rental income                                                        $  44.2                           5.7      %                         $ 196.8                               4.5                    %
                                                                                       ==== ===== ====================                      ====== ======                      ==== ===== ====================                      ========== ====================
                                                                                                                                                                                                                                                
                                                                                                        
                                                        2017 Assumptions Regarding Acquisition Properties (1)
-------------------------------------------------------------------------------------------------------------------------------------------------------------
(In millions, unaudited)
                                                                                                                                                
                                                                                                  Quarter Ended                                      Year Ended
                                                                                                June 30, 2017 (4)                                   December 31,
                                                                                                                                                      2017 (4)
                                                                                       --------------------------------                        --------------------
Community base rental income                                                                $    1.2                                                    $        4.6
Resort base rental income                                                                        2.4                                                            11.5
Utility income and other property income                                                         0.2                                          1.3
                                                                                       ----------------------------------                      ----------------------
   Property operating revenues                                                                   3.8                                                            17.4
                                                                                                                                                
Property operating, maintenance, and real estate taxes                                           2.3                                          9.0
                                                                                       ----------------------------------                      ----------------------
   Property operating expenses                                                                                               
                                                                                       -----------------------------------                     ----------------------
Income from property operations, excluding deferrals and property                           $    1.5                                 $        8.4
management
                                                                                       ====== ====== ====================                      ========== ==========
_____________________________________
1.             See Non-GAAP Financial Measure Definitions and Other Terms at the
                                  end of the supplemental information for a definition of Core and
                                  Acquisition properties.
2.                                Management’s estimate of the growth of property operations in the
                                  2017 Core Properties compared to actual 2016 performance. Represents
                                  our estimate of the mid-point of a range of possible outcomes.
                                  Calculations prepared using actual results without rounding. Actual
                                  growth could vary materially from amounts presented above if any of
                                  our assumptions is incorrect.
3.                                See Resort base rental income table included below within this table.
4.                                Each line item represents our estimate of the mid-point of a
                                  possible range of outcomes and reflects management’s best estimate
                                  of the most likely outcome for the Acquisition properties. Actual
                                  income from property operations for the Acquisition properties could
                                  vary materially from amounts presented above if any of our
                                  assumptions is incorrect.
                                   
                                                     
                                                                                              Right-To-Use Memberships - Select Data
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                          
(In thousands, except member count, number of Thousand
Trails Camping Pass, number of annuals and number of upgrades,
unaudited)
                                                                          
                                                                                                                                           Year Ended December 31,
                                                                             2013          2014          2015          2016             2017 (1)
                                                                         ------------                     ------------                     ------------                     -------------------------------- ----------------------
Member Count (2)                                                             98,277                           96,130                          102,413                          104,728                  105,500
Thousand Trails Camping Pass (TTC) Origination (3)                           15,607                           18,187                           25,544                           29,576                                      30,100
   TTC Sales                                                                  9,289                           10,014                           11,877                           12,856                                      13,100
   RV Dealer TTC Activations                                                  6,318                            8,173                           13,667                           16,720                                      17,000
Number of annuals (4)                                                         4,830                            5,142                            5,470                            5,756                                       6,000
Number of upgrade sales (5)                                                   2,999                            2,978                            2,687                            2,477                                       2,600
                                                                                                                                                                                                              
Right-to-use annual payments (6)                                           $ 47,967                         $ 44,860                         $ 44,441                         $ 45,036                                $     45,300
Resort base rental income from annuals                                     $ 11,148                         $ 12,491                         $ 13,821                         $ 15,413                                $     16,800
Resort base rental income from seasonals/transients                        $ 12,692                         $ 13,894                         $ 15,795                         $ 17,344                                $     17,800
Upgrade contract initiations (7)                                           $ 13,815                         $ 13,892                         $ 12,783                         $ 12,312                                $     12,500
Utility and other income                                                   $  2,293                         $  2,455                         $  2,430                         $  2,442                                $      2,400
________________________________
1.           Guidance estimate. Each line item represents our estimate of the
                                mid-point of a possible range of outcomes and reflects management’s
                                best estimate of the most likely outcome. Actual figures could vary
                                materially from amounts presented above if any of our assumptions is
                                incorrect.
2.                              Members have entered into right-to-use contracts with us that
                                entitle them to use certain properties on a continuous basis for up
                                to 21 days.
3.                              TTCs allow access to any of five geographic areas in the United
                                States.
4.                              Members who rent a specific site for an entire year in connection
                                with their right-to-use contract.
5.                              Existing customers that have upgraded agreements are eligible for
                                longer stays, can make earlier reservations, may receive discounts
                                on rental units, and may have access to additional properties.
                                Upgrades require a non-refundable upfront payment.
6.                              The year ended December 31, 2013 includes $2.1 million of revenue
                                recognized related to our right-to-use annual memberships activated
                                through our dealer program. During the third quarter of 2013, we
                                changed the accounting treatment of revenues and expenses associated
                                with the RV dealer program to recognize as revenue only the cash
                                received from members generated by the program.
7.                              Revenues associated with contract upgrades, included in Right-to-use
                                contracts current period, gross, on our Consolidated Income
                                Statement on page 4.
                                 
                                                                                                                                                                                    
                                                                                                                                           Market Capitalization
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                     
(In millions, except share and OP Unit data, unaudited)
                                                                                                                                                                                                                                                                                     
Capital Structure as of March 31, 2017
                                      
                                                                        Total                     % of Total                     Total                % of Total      % of Total
                                                                       Common                                          Common                                                                                                                       Market
                                                                     Stock/Units                                     Stock/Units                                                                                                                Capitalization
                                                          ------------------------------   -------------------- -------------------  -------------------- ----------------------------   -------------------- ---------   -------------------- -------------
                                                                                                                                                                                                                                                                                     
Secured Debt                                                                                                                                                $ 1,878                                              90.4   %
Unsecured Debt                                                                                                                                                  200                            9.6   %
                                                                                                                                                          ------------------------------                      -----------
Total Debt (1)                                                                                                                                              $ 2,078                                             100.0   %                            22.2    %
                                                                                                                                                                                                                                                                                     
Common Stock                                               86,841,775                                                 93.6         %
OP Units                                                    5,938,204                               6.4         %
                                                          --------------------------------                      ---------- ---------
Total Common Stock and OP Units                            92,779,979                                                100.0         %
Common Stock price at March 31, 2017                          $ 77.06
Fair Value of Common Stock                                                                                                                                  $ 7,150                                              98.1   %
Perpetual Preferred Stock                                                                                                                                       136                            1.9   %
                                                                                                                                                          ------------------------------                      -----------
Total Equity                                                                                                                                                $ 7,286                                             100.0   %                            77.8    %
                                                                                                                                                                                                                                                                                     
Total Market Capitalization                                                                                                                                 $ 9,364                                                                                 100.0    %
                                                                                                                                                                                                                                                                                     
Perpetual Preferred Stock as of March 31, 2017
                                                                                                                                                                                                                                                                                     
               Series                              Callable                             Outstanding             Liquidation       Annual               Annual
                                                                        Date                                                                                           Stock                                      Value                          Dividend Per                              Dividend
                                                                                                                                                                                                                                                     Share                                   Value
------------------------------------ -------------------- ------------------------------   -------------------- -------------------  -------------------- ----------------------------   -------------------- ---------   -------------------- -------------   -------------------- --------------------
   6.75% Series C                                                     9/7/2017                                                                                        54,458                                    $ 136                             $ 168.8                                    $        9.2
_________________
1.      Excludes deferred financing costs of approximately $18.4 million.
                            
                                                                                                                                                                                                                                                         
                                                                                                                                                                                                         Debt Maturity Schedule
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                    
   Debt Maturity Schedule as of March 31, 2017
      (In thousands, unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                    
           Year                                                Secured                        Weighted                        Unsecured                              Weighted                              Total Debt                        % of               Weighted       
                                                                Debt                                              Average                                                                Debt                                                     Average                                                                                                      Total                                  Average
                                                                                                                 Interest                                                                                                                        Interest                                                                                                      Debt                                  Interest
                                                                                                                   Rate                                                                                                                            Rate                                                                                                                                                Rate
-------------------------                      ------------------------------------   -------------------- ------------------  -------------------- -------------------- ----------------------------------   -------------------- ----------------------------------  -------------------- ------------------------------------   -------------------- ----------------  -------------------- ------------------  --------------------
           2017                                           13,177                                                     6.00    %                                            --                                           --                                                      13,177                                                     0.64  %                                6.00    %
           2018                                          198,222                                                     5.97    %                                            --                                           --                                                     198,222                                                     9.56  %                                5.97    %
           2019                                          200,167                                                     6.27    %                                            --                                           --                                                     200,167                                                     9.66  %                                6.27    %
           2020                                          121,283                                                     6.13    %                                                   200,000                                                     2.39                    %                                321,283                                                    15.50  %                                3.80    %
           2021                                          189,525                                                     5.01    %                                            --                                           --                                                     189,525                                                     9.14  %                                5.01    %
           2022                                          149,310                                                     4.59    %                                            --                                           --                                                     149,310                                                     7.20  %                                4.59    %
           2023                                          110,645                                                     5.11    %                                            --                                           --                                                     110,645                                                     5.34  %                                5.11    %
           2024                                   --                                           --    %                                            --                                           --                                              --                                           --  %                      --    %
           2025                                          107,236                                                     3.45    %                                            --                                           --                                                     107,236                                                     5.17  %                                3.45    %
           2026                                   --                                           --    %                                            --                                           --                                              --                                           --  %                      --    %
        Thereafter                                       783,303                                  4.27    %                                            --                        --                                  783,303                                 37.79  %                                4.27    %  
                                               --------------------------------------                      -------------- ----                                           ------------------------------------                      -------------- --------------------                      --------------------------------------                      -------------- --                      -------------- ---- --------------------
           Total                                     $ 1,872,868                                                     4.90    %                                                 $ 200,000                                                     2.39                    %                            $ 2,072,868                                                    100.0  %                                4.66    %
                                                                                                                                                                                                                                                                                                                                                                                                                    
       Note Premiums                                       4,809                                                                                       --                                                                                             4,809  
                                               --------------------------------------                                                                                    ------------------------------------                                                                               --------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                    
        Total Debt                                     1,877,677                                                                                                                 200,000                                                                                                            2,077,677
                                                                                                                                                                                                                                                                                                                                                                                                                    
 Deferred Financing Costs                                (17,787 )                                                                                                                  (569 )                                                                                                            (18,356 )
                                               --------------------------------------                                                                                    ------------------------------------                                                                               --------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                    
      Total Debt, net                                  1,859,890                                  4.94    %                  (1)                              199,431                                  2.50                    %                            $ 2,059,321                                                                         4.71    %                  (1)
                                               ======================================                                                                                    ====================================                                                                               ======= ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                    
 Average Years to Maturity                                                       11.0                                                                                                                     2.8                                                                                                                 10.2
                                               =======================================                                                                                   =====================================                                                                              =======================================
______________________
1.        Reflects effective interest rate including amortization of note
                             premiums and amortization of deferred loan cost for secured and
                             total debt and stated interest rate for unsecured debt.
                              

Non-GAAP Financial Measures Definitions and Other Terms

This document contains certain non-GAAP measures used by management that we believe are helpful in understanding our business, as further discussed in the paragraphs below. We believe investors should review Funds from Operations ("FFO"), Normalized Funds from Operations ("Normalized FFO"), Funds Available for Distribution ("FAD") and Adjusted Earnings Before Interest, Tax, Depreciation and Amortization ("Adjusted EBITDA"), along with GAAP net income and cash flow from operating activities, investing activities and financing activities, when evaluating an equity REIT’s operating performance. Our definitions and calculations of these non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flow from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions.

FUNDS FROM OPERATIONS (FFO). We define FFO as net income, computed in accordance with GAAP, excluding gains and actual or estimated losses from sales of properties, plus real estate related depreciation and amortization, impairments, if any, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. We receive up-front non-refundable payments from the entry of right-to-use contracts. In accordance with GAAP, the upfront non-refundable payments and related commissions are deferred and amortized over the estimated customer life. Although the NAREIT definition of FFO does not address the treatment of non-refundable right-to-use payments, we believe that it is appropriate to adjust for the impact of the deferral activity in our calculation of FFO.

We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.

NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding the following non-operating income and expense items: a) the financial impact of contingent consideration; b) gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs; c) property acquisition and other transaction costs related to mergers and acquisitions; and d) other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.

FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures.

We believe that FFO, Normalized FFO and FAD are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of depreciation, amortization, impairments, if any, and actual or estimated gains or losses from sales of real estate, all of which are based on historical costs and which may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our operations. For example, we believe that excluding the early extinguishment of debt, property acquisition and other transaction costs related to mergers and acquisitions from Normalized FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.

INCOME FROM PROPERTY OPERATIONS, EXCLUDING DEFERRALS AND PROPERTY MANAGEMENT. We define Income from property operations, excluding deferrals and property management as rental income, utility income and right-to-use income less property operating and maintenance expenses, real estate tax, sales and marketing expenses, property management and the GAAP deferral of right-to-use contract upfront payments and related commissions, net. We believe that this non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our manufactured home and RV communities.

The following table reconciles Income before equity in income of unconsolidated joint ventures to Income from property operations (amounts in thousands):

                                                                                                             Quarters Ended
                                                                                                                                   March 31,
                                                                                                          2017                               2016
                                                                                            ---------------------------------                     ---------------------------------
Income before equity in income of unconsolidated joint ventures                               $  61,925                                             $  56,309
   Right-to-use upfront payments, deferred, net                                                     775                                                   302
   Gross revenues from home sales                                                                (7,027 )                                              (8,214 )
   Brokered resale revenues and ancillary services revenues, net                                 (1,661 )                                              (1,418 )
   Interest income                                                                               (1,770 )                                              (1,660 )
   Income from other investments, net                                                              (757 )                                              (1,723 )
   Right-to-use contract commissions, deferred, net                                                 (84 )                                                 104
   Property management                                                                           12,560                                                11,763
   Depreciation on real estate and rental homes                                                  30,109                                                28,656
   Amortization of in-place leases                                                                1,032                                                   335
   Cost of homes sales                                                                            7,119                                                 8,281
   Home selling expenses                                                                            925                                                   834
   General and administrative                                                                     7,373                                                 7,407
   Property rights initiatives and other                                                            219                                                   654
   Interest and related amortization                                                             24,879                             25,634  
                                                                                            --------------------------------                      --------------------------------
Income from property operations, excluding deferrals and property                               135,617                                               127,264
management
   Right-to-use contracts, deferred and sales and marketing, deferred,                             (691 )                                                (406 )
   net
   Property management                                                                          (12,560 )                                             (11,763 )
                                                                                            --------------------------------                      --------------------------------
Income from property operations                                                               $ 122,366                          $ 115,095  
                                                                                            === ======= ====================                      === ======= ====================
                                                                                                                                                               

EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION (EBITDA) AND ADJUSTED EBITDA. EBITDA is defined as net income or loss before interest income and expense, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding the following non-operating income and expense items: a) the financial impact of contingent consideration; b) gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs; c) property acquisition and other transaction costs related to mergers and acquisitions; d) GAAP deferral of right-to-use contract upfront payments and related commissions, net; e) impairments, if any; and f) other miscellaneous non-comparable items. EBITDA and Adjusted EBITDA provide us with an understanding of one aspect of earnings before the impact of investing and financing charges. We believe that EBITDA and Adjusted EBITDA may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure a company’s operating performance and they are used by rating agencies and other parties, including lenders, to evaluate our creditworthiness.

The following table reconciles Consolidated net income to EBITDA and Adjusted EBITDA (amounts in thousands):

                                                                                               Quarters Ended
                                                                                                                     March 31,
                                                                                            2017                               2016
                                                                              ---------------------------------                     ---------------------------------
Consolidated net income                                                         $  63,075                                             $  57,190
   Interest Income                                                                 (1,770 )                                              (1,660 )
   Depreciation on real estate assets and rental homes                             30,109                                                28,656
   Amortization of in-place leases                                                  1,032                                                   335
   Depreciation on corporate assets                                                   289                                                   279
   Depreciation on unconsolidated joint ventures                                      447                                                   290
                                                                                   24,879                             25,634  
   Interest and related amortization
                                                                              ----------  --------------------                      ----------  --------------------
EBITDA                                                                            118,061                                               110,724
   Right-to-use contract upfront payments, deferred, net                              775                                                   302
   Right-to-use contract commissions, deferred, net                                   (84 )                                                 104
   Transaction costs                                                                  104                                200  
                                                                              --------------------------------                      --------------------------------
Adjusted EBITDA                                                                 $ 118,856                          $ 111,330  
                                                                              === ======= ====================                      === ======= ====================
                                                                                                                                                 

CORE. The Core properties include properties we owned and operated during all of 2016 and 2017. We believe Core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.

ACQUISITIONS. The Acquisition properties include all properties that were not owned and operated in 2016 and 2017. This includes, but is not limited to, four properties acquired during 2016 and Tropical Palms RV Resort.

NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that will not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture, and mechanical improvements.

FIXED CHARGES. Fixed charges consist of interest expense, amortization of note premiums and debt issuance costs.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170417005643r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170417005643/en/

SOURCE: Equity LifeStyle Properties, Inc.

Equity LifeStyle Properties, Inc. 
Paul Seavey, 800-247-5279


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2017 StockSelector.com. All rights reserved.