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Sep 30, 2020
ELS Q3 2020 Earnings Report
ELS reported strong operating performance in the third quarter of 2020.
Key Takeaways
Equity LifeStyle Properties reported an increase in total revenues to $285.0 million compared to $271.2 million for the same period in 2019. Net income available for Common Stockholders decreased to $50.6 million, or $0.28 per Common Share, compared to $64.5 million, or $0.35 per Common Share, for the same period in 2019.
Total revenues increased by 5.1 percent to $285.0 million compared to the same period in 2019.
Net income available for Common Stockholders decreased to $50.6 million, or $0.28 per Common Share.
Normalized Funds from Operations (“Normalized FFO”) available for Common Stock and OP Unit holders increased $2.8 million, or $0.02 per Common Share, to $105.5 million, or $0.55 per Common Share, compared to the same period in 2019.
Core property operating revenues, excluding deferrals, increased approximately 4.9 percent and Core income from property operations, excluding deferrals and property management, increased approximately 1.8 percent compared to the same period in 2019.
ELS
ELS
Forward Guidance
Preliminary 2021 rent rate growth assumptions
Positive Outlook
- By October month-end ELS will have sent 2021 rent increase notices to 48% of MH residents.
- The average rent increase of these notices support preliminary expectations for 2021 Core MH rate growth of 4.0%.
- ELS have set RV annual rates for the 2021 season for 90% of annual sites.
- These rates support preliminary expectations for 2021 Core RV annual rate growth of 4.0%.
- All properties continue to be open subject to state and local guidelines.
Challenges Ahead
- Some of the amenities at certain properties remain closed at this time due to state and local guidelines.
- Hurricanes Hanna and Isaias made landfall during the third quarter of 2020 and impacted some of our communities in Texas, North Carolina, Delaware, New Jersey and Pennsylvania.
- The affected properties resumed operations shortly after the storms passed.
- Our current aggregate property damage estimate is approximately $9.0 million.
- During the quarter ended September 30, 2020, ELS recorded expenses of $2.8 million with offsetting insurance recovery revenue of $2.3 million.