> SUBSCRIBE FOR FREE! 

Equity LifeStyle Properties Inc. (NYSE: ELS) has announced results for the quarter and nine months ended Sept. 30. For the quarter ended September 30, total revenues increased $47.9 million, or 16.8%, to $332.9 million compared to $285 million for the same period in 2020.

For the quarter ended September 30, net income available for Common Stockholders increased $20 million, or $0.10 per Common Share, to $70.6 million, or $0.38 per Common Share, compared to $50.6 million, or $0.28 per Common Share, for the same period in 2020.

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

Non-GAAP Financial Measures and Portfolio Performance

For the quarter ended Sept. 30, Funds from Operations (FFO) available for Common Stock and OP Unit holders increased $28.7 million, or $0.15 per Common Share, to $124.5 million, or $0.65 per Common Share, compared to $95.8 million, or $0.50 per Common Share, for the same period in 2020. For the nine months ended Sept. 30, FFO available for Common Stock and OP Unit holders increased $65 million, or $0.33 per Common Share, to $362.6 million, or $1.88 per Common Share, compared to $297.6 million, or $1.55 per Common Share, for the same period in 2020.

For the quarter ended Sept. 30, Normalized Funds from Operations (Normalized FFO) available for Common Stock and OP Unit holders increased $19 million, or $0.10 per Common Share, to $124.5 million, or $0.65 per Common Share, compared to $105.5 million, or $0.55 per Common Share, for the same period in 2020. For the nine months ended Sept. 30, Normalized FFO available for Common Stock and OP Unit holders increased $55.6 million, or $0.29 per Common Share, to $365.4 million, or $1.90 per Common Share, compared to $309.8 million, or $1.61 per Common Share, for the same period in 2020.

For the quarter ended Sept. 30, property operating revenues, excluding deferrals, increased $35.8 million to $308.7 million, compared to $272.9 million for the same period in 2020. For the nine months ended Sept. 30, property operating revenues, excluding deferrals, increased $99.6 million to $889.1 million, compared to $789.5 million for the same period in 2020.

For the quarter ended Sept. 30, income from property operations, excluding deferrals and property management, increased $22.2 million to $172.8 million, compared to $150.6 million for the same period in 2020. For the nine months ended Sept. 30, income from property operations, excluding deferrals and property management, increased $55.7 million to $509.6 million, compared to $453.9 million for the same period in 2020.

For the quarter ended Sept. 30, Core property operating revenues, excluding deferrals, increased approximately 8.5% and Core income from property operations, excluding deferrals and property management, increased approximately 10.7 percent compared to the same period in 2020. For the nine months ended Sept. 30, Core property operating revenues, excluding deferrals, increased approximately 8.5% and Core income from property operations, excluding deferrals and property management, increased approximately 9% compared to the same period in 2020.

Investment Activity

In August 2021, we acquired a portion of Pirateland Camping Resort located in Myrtle Beach, S.C., for $110.8 million. Pirateland is a 1,484 site RV community, and the ELS parcel contains 813 sites and approximately 1,800 feet of waterfront. Pirateland, including the ELS parcel, is managed by a tenant pursuant to existing ground leases. The ground lease with respect to the ELS parcel expires in February 2025. The acquisition was funded with proceeds from our unsecured line of credit.

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

On Oct. 14, we acquired our joint venture partner’s 50% interest in Voyager RV Resort. The purchase price to acquire our partner’s interest consisted of debt assumption of $20.1 million and $35.2 million payment primarily comprised of Operating Partnership units and the remainder in cash. Upon closing the acquisition, we became the resort’s sole owner. Voyager, located in Tucson, Ariz., is a resort with 1,801 sites of which 1,576 are RV and 225 are MH. The resort was recently awarded the Mega Park of the Year Award by the Arizona Association of RV Parks and Campgrounds. This marks the third time since 2014 the resort has been honored with this award.