“Core MH [i.e.: manufactured home] base rental income for the quarter ended June 30, 2024, increased 6.2% compared to the same period in 2023, which reflects 6.0% growth from rate increases and 0.2% from occupancy gains.” So said Equity LifeStyle Properties (ELS) as part of their second quarter of 2024 public disclosures. The firm described itself in their news release like this: “About Equity LifeStyle Properties | We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of July 22, 2024, we own or have an interest in 452 properties in 35 states and British Columbia consisting of 172,866 sites.” How many of those sites are intended for manufactured homes? Some pull quotes about the manufactured home site-count and occupancy levels, per ELS’ release, are below. What follows in Part I of today’s report provides the full context for the statements immediately below from ELS.

To compare that 94.4% occupancy rate to conventional multifamily (i.e.: apartments) housing occupancy, consider this from Multi Housing News on 5.14.2024: “National occupancy remained at 94.5 percent in March, a rate held since the beginning of the year.” Yardi and other sources provided that same figure. Given that fact, ELS’ performance reported for the most recent quarter may look pretty good.

But as seasoned manufactured housing pros know, the move-out rate of manufactured homes is very low. Manufactured homes, once sited, rarely are moved again, for cost and other reasons. When some marketing insights from ELS found in Part II are presented, the question should be asked: why aren’t they at over 98% or 99% occupancy? Before someone objects to that notion, ELS itself said in a recent IR pitch: “50% of MH Communities are 98%+ Occupied.” Since it has been achieved in over half of their properties, and given the affordable housing crisis, why aren’t more or all of the MHC properties operating at that level?

There is a lot to consider, because there is a lot of details, which follow in Part I below. Part II will explore potential legal and regulatory concerns in the light of ELS’ statements and apparent behaviors.

Part I – Equity LifeStyle Properties (ELS) Press Release on Quarterly Results

ELS REPORTS SECOND QUARTER RESULTS

PR Newswire 

Mon, Jul 22, 2024

Continued Strong Performance; Increases 2024 Earnings Guidance

CHICAGO, July 22, 2024 /PRNewswire/ — Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as “we,” “us,” and “our”) today announced results for the quarter and six months ended June 30, 2024. All per share results are reported on a fully diluted basis unless otherwise noted.

Operations Update

Normalized FFO per Common Share and OP Unit for the quarter ended June 30, 2024 was $0.66, representing a 2.9% increase compared to the same period in 2023, outperforming the midpoint of our guidance range of $0.64. Normalized FFO for the six months ended June 30, 2024, was $1.44 per Common Share and OP Unit, representing a 5.9% increase compared to the same period in 2023. Core property operating revenues increased 4.6% and Core income from property operations, excluding property management increased 5.5% for the quarter ended June 30, 2024, compared to the same period in 2023. For the six months ended June 30, 2024, Core property operating revenues increased 5.2% and Core income from property operations, excluding property management increased 6.4% compared to the same period in 2023.

MH

Core MH base rental income for the quarter ended June 30, 2024 increased 6.2% compared to the same period in 2023, which reflects 6.0% growth from rate increases and 0.2% from occupancy gains. Core MH homeowners increased by 171, and we sold 255 new homes during the quarter ended June 30, 2024. The new homes sold had an average sales price of approximately $89,000. Core MH base rental income for the six months ended June 30, 2024 increased 6.3% compared to the same period in 2023, which reflects 6.1% growth from rate increases and 0.2% from occupancy gains.

RV and Marina

Core RV and marina base rental income for the quarter ended June 30, 2024 increased 2.0% compared to the same period in 2023. Core RV and marina annual base rental income increased 6.6% for the quarter ended June 30, 2024, compared to the same period in 2023. Core RV and marina base rental income for the six months ended June 30, 2024 increased 4.0% compared to the same period in 2023. Core RV and marina annual base rental income increased 7.3% for the six months ended June 30, 2024, compared to the same period in 2023.

Property Operating Expenses

Core property operating expenses, excluding property management for the quarter ended June 30, 2024 increased 3.4% compared to the same period in 2023. For the six months ended June 30, 2024, Core property operating expenses, excluding property management increased 3.7% compared to same period in 2023.

Balance Sheet Activity

On July 18, 2024, we closed on a modification of our $500 million unsecured line of credit to extend the maturity date to July 18, 2028 and add an option to extend the maturity date on our $300 million senior unsecured term loan to April 16, 2027. All other material terms, including interest rate terms, will remain the same.

Guidance Update ⁽¹⁾

About Equity LifeStyle Properties

We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of July 22, 2024, we own or have an interest in 452 properties in 35 states and British Columbia consisting of 172,866 sites.

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

Conference Call

A live audio webcast of our conference call discussing these results will take place tomorrow, Tuesday, July 23, 2024, at 10:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.

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,” “estimate,” “guidance,” “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. Forward-looking statements, including our guidance concerning Net Income, FFO and Normalized FFO per share data, and certain growth rates, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which 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 and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of supply chain delays/shortages; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of, and our ability to remediate, material weaknesses in our internal control over financial reporting. 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 the “Risk Factors” and “Forward-Looking Statements” sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. 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.

Supplemental Financial Information

Non-GAAP Financial Measures

This document contains certain Non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these Non-GAAP measures along with GAAP net income and cash flows 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 flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of Non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 6 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 16-19.

Non-GAAP Financial Measures Definitions and Reconciliations

The following Non-GAAP financial measures definitions have been revised and do not include adjustments in respect to membership upgrade sales: (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property operating revenues; (vi) Property operating expenses, excluding property management; and (vii) Income from property operations, excluding property management. For comparability, prior periods’ non-GAAP financial measures have also been updated.

FUNDS FROM OPERATIONS (FFO). We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated 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 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 non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, and 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 gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and 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 normal operations. For example, we believe that excluding the early extinguishment of debt and other miscellaneous non-comparable items from 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 PROPERTY MANAGEMENT. We define Income from property operations, excluding property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses, excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within Property operating, maintenance and real estate taxes in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties.

The following table reconciles Net income available for Common Stockholders to Income from property operations:

EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairments charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre 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 define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items.

We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT.

The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:

CORE. The Core properties include properties we owned and operated during all of 2023 and 2024. 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.

NON-CORE. The Non-Core properties in 2024 include properties that were not owned and operated during all of 2023 and 2024, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events. The 2024 guidance reflects Non-Core properties in 2024, which includes properties not owned and operated during all of 2023 and 2024.

NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that do 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.

FORWARD-LOOKING NON-GAAP MEASURES. The following table reconciles Net Income per Common Share – Fully Diluted guidance to FFO per Common Share and OP Unit – Fully Diluted guidance and Normalized FFO per Common Share and OP Unit – Fully diluted guidance:

This press release includes certain forward-looking information, including Core and Non-Core Income from property operations, excluding property management, that is not presented in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-K, we do not provide a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP, where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This includes, for example, (i) scheduled or implemented rate increases on community, resort and marina sites; (ii) scheduled or implemented rate increases in annual payments under membership subscriptions; (iii) occupancy changes; (iv) costs to restore property operations and potential revenue losses following storms or other unplanned events; and (v) other nonrecurring/unplanned income or expense items, which may not be within our control, may vary between periods and cannot be reasonably predicted. These unavailable reconciling items could significantly impact our future financial results.

SOURCE Equity Lifestyle Properties, Inc. ##

Part II – Additional Information with MHProNews Analysis and Commentary 

1) According to Wall Street Journal Markets (7.30.2024) are the following ownership interest’s data points.

Ownership Equity Lifestyle Properties Inc.

Institutions that own ELS

This “supply constrained asset class” and “growing demand coupled with almost no new supply is a strategic advantage for ELS” ought to raise conflicts of interest concerns at MHI. ELS has a seat on the MHI ‘executive committee.’ At this time, ELS also has another seat on the MHI board beyond their executive committee seat.

• a) 1) The number of independent manufactured home retailers have been decimated in the 21st century. Kevin Clayton said it was some 7500+ retailers lost by 2011. More “street retailers” have been lost since.
• b) 2) When someone grasps the “enhanced preemption” provision of the Manufactured Housing Improvement Act (MHIA) of 2000, there is an apparent or obvious conflict of interest between MHI community members and those who are or ‘represent’ independent street retailers. MHI has apparently paid periodic lip service to federal enhanced preemption. But MHARR has noted the failure of post-production MHI efforts to sue to get enhanced preemption enforced. ELS’ statement and similar ones by other higher profile MHI members may help explain why enhanced preemption isn’t earnestly pushed by MHI.
• c) 3) While ELS notes that the source for this data is Datacomp, they obviously fail on this page to disclose that ELS owns Datacomp.
• d) 4) UMH Properties (UMH) has made a different case that ELS investors, resident-advocates, affordable housing advocates, and public officials ought to explore and consider. UMH said in 2024 that they can make the evidence-based case that developing new manufactured home land-lease communities (MHCs) can be as or more profitable as buying and filling existing properties. If so, then ELS’ investment thesis is questionable if not flawed.

To see this image below in a larger size, depending on your device,
click the image and follow the prompts.

5) From page 28 of the ELS IR pitch for May 2024 is the following.

Over 1.6 Million
Total Followers
across social media channels
ELS has an engagement-focused social media
strategy where we build meaningful interactions
with existing and potential customers. These
interactions build brand awareness and help
drive sales and reservations.

“Since January 2023, ELS had over 11.0 Million total interactions
on social media channels”

Which begs the question. Why aren’t they at 98%+ occupancy across all of their manufactured home properties?

Regular and detail minded professionals who are MHProNews readers may recall this page from rival Sun Communities (SUI) IR pitch. Not only has ELS and Sun made very similar arguments about ‘compelling supply-demand fundamentals’ and a lack of new development as a strategic advantage for their firm, but Sun goes one step further in the screen capture from their IR pitch. They stated that in 2022 alone they had 55,000 applications for residents.

To see this image below in a larger size, depending on your device,
click the image and follow the prompts.

ELS is plain about favoring residents who can pay cash for homes in their properties, per their own IR pitch which uses an example of someone paying cash for a manufactured home vs. someone paying 20 percent down for a conventional house. See screen capture below.

To see this image below in a larger size, depending on your device,
click the image and follow the prompts.

Naturally, many like cash buyers.

ELS and Sun are both going for the nicer communities to acquire in their historic 21st century quest for portfolio expansion and have said as much in their own words.

But one takeaway from ELS’ and Sun’s statements is this.  There is evidence that suggests that many, many time more people are applying for and/or are at least initially interested in moving into an ELS or Sun community than actually close on a deal and move in. What explains the fallout rate from interest to the tiny fraction of people that close a move into their properties? Neither firm apparently elaborates on that problematic, but significant, point. MHProNews plans to look deeper into such topics in a planned follow up planned for August 2024.

6) ELS, Sun, and several other prominent members of MHI and/or MHI linked state association affiliates are periodically in the news for concerns from a potential manufactured home buyers or residents’ perspective. Antitrust and other litigation, as well as consumer complaints are fairly common fare in the news. On this date, ELS has an A+ Better Business Bureau (BBB) rating. But it is also apparent that complaints are filed, and ELS responds to and seems to resolve them, which is likely part of the BBB rating formula.

That noted, on this date (7.31.2024) from the popular Pissed Consumer website, ELS has a 1.6 star rating.  rom the also popular Yelp website, ELS has a 1.1 star rating. That’s according to the Google search results as shown in the screen capture with commentary below.

To see this image below in a larger size, depending on your device,
click the image and follow the prompts.

7) A search for ELS linked litigation yielded this result for the following inquiry: “Equity Lifestyle Properties allegations of predatory behavior by ELS toward residents of their manufactured home communities.” The screen grab (screen capture) of the results are shown below.

To see this image below in a larger size, depending on your device,
click the image and follow the prompts.

At the time of this test, the top result in the screen capture shown above is on MHProNews:

Manufactured and Modular Housing Industry News
https://www.manufacturedhomepronews.com/class…
Class Action Case #1:23-cv-14565 Sailer et al v. Datacomp, Equity …
Oct 12, 2023 · In the case of Equity LifeStyle Properties (ELS), resident concerns apparently sparked the launch of a Facebook page called “ELS Victims Unite.”

The Bing AI-powered Copilot response to that inquiry said the following. Note that MHLivingNews is the sister site to MHProNews, and is among those linked Copilot responses.

 

9) But what is less debatable is the notion that MHInsider, and perhaps some other publications/bloggers in the 21st century diminished manufactured home industry (a.k.a.: MHVille) have been described as de facto mouthpieces for MHI, and in the case of MHInsider specifically, it is difficult to imagine that they act independently of ELS’ interests. Test it yourself. Attempt to find critical articles about ELS or MHI on MHInsider. Good luck with that effort.

To illustrate, consider this Q&A follow up to AI powered Copilot.

The Bing search that accompanied this Copilot response showed an article on MHProNews about Equity LifeStyle Properties. Seemingly absent was an result from MHInsider. MHInsider is owned by ELS, as is Datacomp, correct? ELS and Datacomp are being sued in a class action lawsuit for purported antitrust violations that include claims of price fixing, correct?

Yes, you are correct. MHInsider is indeed owned by Equity LifeStyle Properties (ELS), and Datacomp is also associated with ELS. There is an ongoing class action lawsuit against ELS and Datacomp, which includes allegations of antitrust violations such as price fixing.

If you have any more questions or need further details, feel free to ask! …”

10) Consider this follow up inquiry to Copilot.

Since ELS purchased MHVillage, Datacomp, and essentially MHInsider, can you find any article on MHInsider that criticizes ELS’ business practices? Or that of other prominent Manufactured Housing Institute (MHI) members? ELS currently has two people on MHI’s board of directors, correct? And one of those ELS executives is on the MHI executive commitee, correct? Link results.

I couldn’t find any articles on MHInsider that criticize Equity LifeStyle Properties (ELS) or other prominent Manufactured Housing Institute (MHI) members. Given that MHInsider is owned by ELS, it might not be surprising that critical articles about ELS or its affiliates are not prominently featured.

Regarding your other questions, ELS does have two representatives on the MHI board of directors. …”

11) Next, look at this other Q&A in that same thread with Copilot by MHProNews.

I know you are not a legal scholar, but based on information you can access, address the following concern. ELS has noted previously that there are over 50,000 manufactured home communities nationwide in the U.S. MHVillage and MHInsider put that number at around 43,000+, which apparently corresponds to what MHVillage/Datacomp have in their own database, correct? That is a minor example of ELS owned MHVillage/MHInsider publishing information that may be technically correct, but is arguably nevertheless misleading. When MHInsider fails to show in relevant articles that they are owned by ELS, given that they are owned by ELS, is that potentially a materially misleading statement from SEC and other legal perspectives?

 

14) Ticking time bomb? MHProNews and our MHLivingNews sister site have essentially stood alone in pointing out the antitrust and other legal risks that face investors in ELS and arguably several other prominent members of MHI.  Kurt Kelley’s quarterly publication has attempted to pooh-pooh the concern, and others have similarly downplayed or ignored the risks, or dealt with it so obliquely that it is not worthy of mention.

 

 

15) Sources deemed reliable have indicated to MHProNews that more investors are following our publication. How that may impact or influence their analysis is a fair question.

 

 

16) Because such a sizable number of new manufactured homes produced are in the 21st century being sold directly to community operators, the business model of the industry has arguably been upended since the late 1990s. That upending includes the loss of street retailers, noted above, and the seemingly dwindling numbers of manufactured home communities. Because what the Datacomp information shown in the screen capture above doesn’t mention is that new land lease manufactured home communities are not only opening at a far slower pace in the 21st century, the numbers of manufactured home communities that have closed for various kinds of redevelopment (most commonly) is another factor that ELS, Sun and others appear to duck.

 

17) MHProNews plans a short periodic series of follow up reports on ELS, MHInsider, MHI, and their touch points on the industry as a whole. Newcomers and longtime readers alike should find meaty information. Watch for those planned reports in the days ahead.

To see this image below in a larger size, depending on your device,
click the image and follow the prompts.

 

 

 

18) MHProNews previously announced: “MHProNews Programming Notice: several fact-packed corporate specific reports are pending. Some of those have obvious ties to MHI. Watch for more this week and beyond.  When facts matter, and they do, count on MHProNews and our MHLivingNews sister site to sift past the paltering, pandering, posturing, propaganda and spin by providing the facts and evidence from across the left-right divide with sound analysis that make it easier to navigate a troubled world.” This is the first of those reports. Stay tuned for what’s next.

 

 

 

 

 

 

 

 

Part III

Our Daily Business News on MHProNews stock market recap which features our business-daily at-a-glance update of over 2 dozen manufactured housing industry stocks.

NOTICE: following the TPG deal with CAPREIT, TPG has been added to our tracked stocks list below.

This segment of the Daily Business News on MHProNews is the recap of yesterday evening’s market report at the closing bell, so that investors can see-at-glance the type of topics may have influenced other investors. Our format includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines for a more balanced report.

The macro market moves graphics below provide context and comparisons for those invested in or tracking manufactured housing connected equities. Meaning, you can see ‘at a glance’ how manufactured housing connected firms do compared to other segments of the broader equities market.

• In minutes a day, readers can get a good sense of significant or major events while keeping up with the trends that may be impacting manufactured housing connected investing.

MHProNews note, bold emphasis added below.

 

Headlines from left-of-center CNN Business – 7.30.2024

• Starbucks sales tumble as customers reject high-priced coffee
• Norah O’Donnell reports from the 2024 Republican National Convention in Milwaukee, Wisconsin
• Norah O’Donnell to step down as anchor of ‘CBS Evening News’ for new role
• Parents who make online deposits into their child’s school lunch accounts end up paying more than just the price of a meal — in some cases much more, especially low-income parents.
• ‘Junk fees’ for school lunches can hit 60 cents for every dollar a parent spends, agency says
• Ultra-low cost alrline Spirit will start offering business class seats.
• Spirit Airlines, known for no-frills flying, will offer business-class seats
• Bill Ackman, chief executive officer of Pershing Square Capital Management
• Bill Ackman won’t raise anything close to what he planned for his hedge fund IPO
• A Tesla Model Y is seen on a Tesla car lot on May 31, 2023 in Austin, Texas. Tesla’s Model Y has become the world’s best selling car in the first quarter of 2023.
• Elon Musk said Tesla robotaxi skeptics should try ‘full self driving.’ A Wall Street analyst nearly crashed
• ChatGPT is getting chattier with ‘advanced voice mode’
• In this June 2023 photo, Norfolk Southern locomotives are moved in Norfolk Southern’s Conway Terminal in Conway, Pennsylvania.
• Justice Department sues Norfolk Southern, accusing rail company of creating delays for Amtrak passengers
• A customer holds a drink inside a Starbucks coffee shop in San Francisco, California, on Thursday, July 28, 2022.
• Starbucks online ordering returns after app outage
• Delta hires powerful lawyer David Boies’ firm to seek compensation from CrowdStrike and Microsoft for its outage
• Amazon can now be held responsible for dangerous products sold on its platform
• We’ve been wrong about a key contributor to human happiness
• The number of available jobs in the US is shrinking
• In Harris, business leaders tired of Biden see a potential friend
• It’s not just Big Macs. Consumers are ditching Johnnie Walker whisky and Casamigos tequila
• The aviation industry mess is turning into bad news for the planet
• Record heat is set to drive the cost of fruits and vegetables higher
• Marvel reclaims its mojo with ‘Deadpool & Wolverine’ and the return of Robert Downey Jr.
• Court blocks US rule requiring airlines to disclose all fees up front
• Lululemon pulls new leggings line that gives customers ‘long butt’
• Former BBC News presenter Huw Edwards charged with making indecent images of children
• Olympics commentator dropped over sexist comments about women’s swim team
• Google’s Olympics ad went viral for all the wrong reasons

 

To see this image below in a larger size, depending on your device,
click the image and follow the prompts.

 

Headlines from right-of-center Newsmax – 7.30.2024

• Harris, Trump Locked in Tight WH Contest, Says Reuters/Ipsos Poll
• Democrat presidential candidate Kamala Harris held a marginal one-percentage-point lead over Republican Donald Trump in a new Reuters/Ipsos poll, closing the gap that opened in the final weeks of President Joe Biden’s reelection bid. [Full Story]
• Related Stories
• Trump Launches Ad Attacking Harris’ Record as Border Czar
• Israel Beset by Conflict
• Israel Believes Hezbollah Senior Commander Killed in Beirut Strike
• Netanyahu: Hamas, Not Israel, Preventing Hostage Deal
• Mobs Storm IDF Base Over Arrests of Soldiers
• Defense Secretary Austin: Hezbollah-Israel War Not Inevitable
• US Embassy in Lebanon: Leave Before Crisis Begins
• British Urged to Leave Lebanon
• Lebanon on Alert as Israel Vows Payback for Rocket Deaths
• Bibi Vows Retaliation Over Golan Heights Attack
• Israeli Foreign Minister Urges NATO Expel Turkey
• Israeli Cabinet Meets for 6 Hours, Strikes on Lebanon Imminent
• US in ‘Continuous Discussions’ With Israel, Lebanon After Attack
• Newsmax TV
• Sunshine: Trump Will Debate Harris If She’s Dem Nominee
• Gimenez: Hold Secret Service Accountable
• Fry: Harris Not on Board With Law and Order | video
• Senate Hopeful: Gov. Can’t Swing State to Harris If VP | video
• Marshall: Faith in FBI, Secret Service Waning | video
• Napolitano: Biden’s Supreme Court Plan ‘Dead in the Water’ | video
• Arizona’s Hamadeh: Kamala Wants to ‘Destroy’ Country | video
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• Newsfront
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To see this image below in a larger size, depending on your device,
click the image and follow the prompts.

Notice: MHProNews invites the firms or organizations named in these reports to respond to any concerns about possibly inaccurate information via email that identifies the concern and offers evidence that sheds a different light on the topic discussed. That said, until 5.9.2024, neither MHI nor most MHI publicly traded ‘insider brands’ have done so. They’ve been repeatedly invited to do so, including but not limited to an outreach on Dec 7, 2o23 and Feb 25, 2024. In the case of that response linked above, no apparent reply was given to follow up inquires by MHProNews. 

APO = Apolo Global Management – bought Inspire Communities

BAM = Brookfield Asset Management – owns and invests in manufactured home communities (MHCs).

BLK = BlackRock – conglomerate has investments in firms and operations involved in manufactured housing.

BRK-A = Berkshire Hathaway – includes outright ownership of Clayton Homes, 21st Mortgage Corp, Vanderbilt Mortgage and Finance, other manufactured home industry linked firms (MHC brokerage, suppliers, etc.).

BX = Blackstone – Blackstone Group LP has made its first big bet on manufactured housing by buying a portfolio of communities sold by Tricon Capital Group Inc.

CDPYF = Canadian Apartment Properties Real Estate Investment Trust – also has manufactured home communities (MHCs).

CIGI = Colliers International Group Inc. – The Manufactured Housing and RV Group “We Assist Owners and Investors with Disposition, Acquisition, and Financing for Manufactured Housing Communities and RV Parks.”

CG = The Carlyle Group – has manufactured home communities investments.

CSGP = CoStar Group – is commercial real estate’s leading provider of information, analytics and online marketplaces. They acquired listing service Homes.com.

CVCO = Cavco Industries – manufactured home and other factory-built housing production, retail, finance, insurance.

ECNCF = ECN Capital Group – includes manufactured home lender Triad Financial Services.

ELS = Equity LifeStyle Properties – includes land lease manufactured home communities (MHCs), but also RV and marine slips holdings. Also has captive manufactured home retail operations, and parent to Datacomp/MHVillage.

FGF = FG Financial Group – FG Communities “Owns and Operates Growing Portfolio of Manufactured Housing Communities.” KEY = KeyCorp – manufactured home community financing and manufactured home single-family mortgage financing.

KMMPF = Killam Apartment REITs- (includes manufactured home communities (MHCs).

LCII = LCI Industries – components for the manufactured home industry and others (RVs, housing, etc.).

LEGH = Legacy Housing – produces manufactured homes, tiny houses, retail, and captive finance operations.

LPX = Louisiana Pacific Corporation – components for the manufactured home industry and others (housing, etc.).

MHC-UN.TO = Flagship Communities Real Estate Investment Trust (REIT).

MHPC = Manufactured Housing Properties – land lease manufactured home communities (MHCs).

MMI = Marcus and Millichap – commercial real estate brokerage services that include land lease manufactured home communities (MHCs).

NOBH = Nobility Homes – produces and offers captive retail, financing, and insurance services for HUD Code manufactured homes and modular homes.

PATK = Patrick Industries – components for the manufactured home industry and others (RVs, housing, etc.).

SKY = Skyline Champion – produces and offers captive retail, financing, and insurance for HUD Code manufactured homes and modular homes.

SUI = Sun Communities – includes land lease manufactured home communities (MHCs), but also RV and marine slips holdings. Also has captive manufactured home retail operations.

TPG = TPG includes land lease manufactured home communities (MHCs) among a broader basket of investments.

UMH = UMH Properties – includes land lease manufactured home communities and captive manufactured home retail, leasing, and financing operations.

UFPI = UFP Industries – components for the manufactured home industry and others (housing, etc.).

• • • NOTE 1: Chart above of manufactured housing connected equities includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry finance lender.
    • NOTE 2: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
    • NOTE 3: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm.  Thus, there is still periodic activity on DVLY.
    • Note 4: some recent or related reports to the REITs, stocks, and other equities named above follow in the reports linked below.
    • Note 5: Gifts of Sight and Insights, What’s in Store for 2024? Including 2023 Year End Reflections, manufactured homes, manufactured housing, mobile homes, MHVille, USA Snapshots, Manufactured housing industry year in review 2023.

 

 

2023 …Berkshire Hathaway is the parent company to Clayton Homes, 21^st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.

 

 

2022 was a tough year for many stocks. Unfortunately, that pattern held true for manufactured home industry (MHVille) connected stocks too. See the facts, linked above.

====================================

Disclosure. MHProNews holds no positions in the stocks in this report.

· For expert manufactured housing business development or other manufactured housing professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.

• Note 1: MHVille means manufactured housing industry, MHVille also means artificially smaller manufactured housing (MH) industry,
• Note 2: Manufactured housing, building, factories, retail, dealers, manufactured home, communities, passive mobile home park investing, suppliers, brokers, finance, financial services, macro-markets, manufactured housing stocks, Manufactured Home Communities Real Estate Investment Trusts, MHC REITs.
• Note 3:
  

  APO, Apollo Global Management, BAM, Brookfield Asset Management, BLK, BlackRock, BRK-A, Berkshire Hathaway, BX, Blackstone, CDPYF, Canadian Apartment Properties Real Estate Investment Trust, CIGI, Colliers International Group Inc, CG, The Carlyle Group, CSGP, CoStar Group, CVCO, Cavco Industries, ECNCF, ECN Capital Group, ELS, Equity LifeStyle Properties, FGF, FG Financial Group, FG Communities,  KEY, KeyCorp, KMMPF, Killam Apartment REITs, LCII, LCI Industries, LEGH, Legacy Housing, LPX, Louisiana Pacific Corporation, MHC-UN.TO, Flagship Communities Real Estate Investment Trust (REIT), MHPC, Manufactured Housing Properties, MMI, Marcus and Millichap, NOBH, Nobility Homes, PATK, Patrick Industries, SKY, Skyline Champion, SUI, Sun Communities, UMH, UMH Properties, UFPI, UFP Industries.

That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports linked herein. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)

 

By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards, honors and numerous public recognitions for his achievements in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. Kovach is a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHLivingNews.com and MHProNews. MHProNews is ranked as the runaway most read trade media in modern manufactured housing history. Manufactured Home Pro News (MHProNews) is the documented #1 largest and most read source for manufactured housing industry News Tips and Views Pros Can Use, per Webalizer 2.23 (on 5.22.2024) and known data. MHProNews gets millions of visits a year and has significantly more pageviews per visit than CNN or Fox per SimilarWeb’s stats for those two sites (but in fairness CNN and Fox sites get more much more total traffic). Statistics – Data – Infographics – Research – Facts – Evidence – Trends – and manufactured housing industry expert Analysis make us and keep us the runaway most read in MHVille trade media. This article reflects the LLC’s and/or the writer’s editorial views and may or may not reflect the views of sponsors or supporters.