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ELS Sees Minimal Property Damage From Sandy

November 1, 2012 by · Leave a Comment 

Equity LifeStyle Properties Inc. reported minimal damage from Hurricane Sandy to its properties along the Atlantic seaboard and in the northeast.

According to a press release, no injuries to residents, customers or employees have been reported. The company has a total of 56 properties (21 manufactured home communities and 35 RV resorts) that were within the storm’s trajectory.

Property damage losses at those properties are preliminarily estimated to total less than $500,000. The bulk of those losses are expected to be for removal of damaged trees and debris cleanup.

Three RV resorts that would otherwise have been open for customer use on weekends remain closed due to loss of electricity as a result of the storm. All of the manufactured home communities are open, one is without electricity.

The company does not yet have an estimate for business interruption losses, but they are expected to be relatively limited.

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CEO Changeover for Equity Lifestyles Imminent

October 17, 2012 by · 1 Comment 

A final decision on the management transition at billionaire Sam Zell’s Chicago real-estate investment company Equity International will likely come soon, the property magnate said in an interview Tuesday (Oct. 16) posted on NASDAQ.com.

Zell is backing Thomas Heneghan, CEO of Equity LifeStyle Properties Inc. (ELS), to succeed Gary Garrabrant as Equity International’s next chief executive. Equity LifeStyle is one of Zell’s residential real estate companies with major holdings in RV parks and manufactured housing communities.

“It’s mechanical at this point,” he said. “I think it’s going to happen.”

The finalization of the appointment of the company’s next CEO depends not only on Zell’s choice but also on the approval of investors in Equity International’s most recently constituted funds.

“I would say everybody seems to be moving in the right direction,” Zell said.

Garrabrant and Thomas McDonald, formerly Equity International’s chief strategic officer, left the company last month in a surprising shake-up.

Zell and Garrabrant formed Equity International in the 1990s and invested primarily in emerging-market countries through various funds. Equity International has so far raised $2.1 billion for funds that have invested in property companies in places such as Brazil, Mexico and Eastern Europe.

Though questions have been raised about Heneghan’s international experience, Zell expressed confidence in the likely next chief executive of Equity International, saying Heneghan has been working for him “in one form or another” for 25 years.

“Tom is a very sophisticated investor,” said Zell. “He currently runs a four-billion-dollar New York Stock Exchange company. I think he, for sure, will bring a new level of confidence and aggressiveness in the right way.”

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ELS Posts Increase in FFO During 4Q, Year-end

January 24, 2012 by · Leave a Comment 

Real estate investment trust Equity LifeStyle Properties Inc. (ELS) reported fourth quarter Funds From Operations (FFO) of $43.5 million or $0.96 per share, up from $25.9 million or $0.73 per share in the prior year quarter. For the year ended Dec. 31, FFO was $143.2 million, or $3.55 per share on a fully-diluted basis, compared to $123.2 million, or $3.47 per share on a fully-diluted basis, for the same period in 2010.

Excluding about $1.2 million in transaction costs incurred in connection with the acquisition of a portfolio of 75 manufactured home communities and one RV resort during the quarter, FFO would have been $44.7 million or $0.99 per share for the quarter.

Net loss available to common stockholders totaled $0.2 million or breakeven per share, compared to net income available to common stockholders of $5.7 million, or $0.18 per share a year earlier. Excluding transaction costs incurred in connection with the acquisition, net income available to common stockholders would have been $0.9 million or $0.02 per share for the quarter.

Total revenues for the quarter were $159.31 million, up from $121.17 million in the prior year. Quarterly property operating revenues, excluding deferrals, were $158.4 million, compared to $120.9 million last year. Core property operating revenues increased about 2.5% as compared to previous year.

To view the entire report click here.

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ELS Secures $100M Financing for Acquisitions

August 10, 2011 by · Leave a Comment 

Equity LifeStyle Properties Inc. announced Tuesday (Aug. 9) that it closed on $100 million of secured financing to help fund a major property acquisition, according to a news release.

The Chicago-based company previously announced that it entered into purchase and other agreements to acquire a portfolio of 75 manufactured home communities and one RV resort and certain manufactured homes and loans secured by manufactured homes located at the acquisition properties for a stated purchase price of $1.43 billion, excluding estimated closing costs of approximately $22 million. Approximately $17 million of the estimated closing costs are expected to be incurred during the quarter ended Sept. 30.

As of Monday (Aug. 8), the company has closed on 51 of the 76 properties, and the proceeds from the $100 million loan are expected to be used in closing on the remaining 25 properties. In addition to the $100 million of gross proceeds obtained from Tuesday’s closing, the company also expects to obtain an additional $125 million of secured financing in the next 60 days to fund a portion of the acquisition, for a total of $225 million of new secured financing.

The company’s closing of the remainder of the acquisition is subject to the receipt of loan servicer consents and other customary closing conditions.

The loan requires interest only payments for the first two years and matures on Sept. 6, 2021. ELS previously locked its interest rate on the loan at 5.03%. The loan is secured by 10 manufactured home communities and two RV resorts.

ELS is a fully integrated owner and operator of lifestyle-oriented properties and as of Tuesday owns or has an interest in 358 properties in 32 states and British Columbia consisting of 130,891 sites.

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ELS Increases Line of Credit to $380 Million

May 20, 2011 by · Leave a Comment 

Equity LifeStyle Properties Inc., a Chicago-based real estate investment trust (REIT), today (May 19) announced that it has entered into an “Amended and Restated Credit Agreement.”

The $380 million unsecured revolving facility increases borrowing capacity from $100 million under the current line of credit. The $100 million line of credit was set to mature on June 29, 2011.

The facility accrues interest at LIBOR plus 1.65% to 2.50% per annum and contains a 0.30% to 0.40% facility fee. The spread over LIBOR and the facility fee pricing are variable based on leverage throughout the loan term.

The $380 million matures on September 18, 2015 and has an eight-month extension option.

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