ManufacturedHomeCommunityREIT-EquityLifeStylePropertiesELSQuarter2-2022ExpensesGrewFasterThanIncomeNewsHomeSalesRentvOwnersFactsOfficialStatementsCriticalAnalysisMHProNewsMNaderPWaite

MHProNews highlighted weeks ago that the dirty little secret for land-lease communities in this Biden-era inflationary environment is that various companies’ revenue growth are arguably not keeping up with rising costs. See how that contention plays out in this new report and analysis for Equity LifeStyle Properties’ 2nd quarter 2022 results. ELS is a ‘proud member’ of the Manufactured Housing Institute (MHI). ELS are currently involved in a class action lawsuit. Historically, one of the top two REITs in the manufactured home community sector are Equity LifeStyle Properties (ELS) and Sun Communities (SUI). Several insights can therefore be gleaned from a careful examination of their data combined with the additional information and critical analysis provided by MHProNews.

Burying Lead? Manufactured Home Community (MHC) Research Reveals MHC Owners Losing Money While Roaring Biden-Era Inflation, Predatory Operators Pressure Residents; plus MHVille Markets

Press release via Business Wire per Seeking Alpha…

ELS Reports Second Quarter Results

Jul. 18, 2022 4:16 PM ET Equity LifeStyle Properties, Inc. (ELS)

Continued Strong Performance;
Guidance Update

CHICAGO–(BUSINESS WIRE)– Equity LifeStyle Properties, Inc. (ELS) (referred to herein as “we,” “us,” and “our”) today announced results for the quarter and six months ended June 30, 2022. All per share results are reported on a fully diluted basis unless otherwise noted.

Financial Results for the Quarter and Six Months Ended June 30, 2022

For the quarter ended June 30, 2022, total revenues increased $35.2 million, or 10.7%, to $365.3 million, compared to $330.1 million for the same period in 2021. For the quarter ended June 30, 2022, net income available for Common Stockholders increased $0.4 million, to $61.5 million, or $0.33 per Common Share, compared to $61.1 million, or $0.33 per Common Share, for the same period in 2021.

For the six months ended June 30, 2022, total revenues increased $91.7 million, or 14.5%, to $725.5 million, compared to $633.8 million for the same period in 2021. For the six months ended June 30, 2022, net income available for Common Stockholders increased $18.1 million, or $0.09 per Common Share, to $144.4 million, or $0.78 per Common Share, compared to $126.3 million, or $0.69 per Common Share, for the same period in 2021.

Non-GAAP Financial Measures and Portfolio Performance

For the quarter ended June 30, 2022, Funds from Operations (“FFO”) available for Common Stock and OP Unit holders increased $4.0 million, or $0.01 per Common Share, to $121.6 million, or $0.62 per Common Share, compared to $117.6 million, or $0.61 per Common Share, for the same period in 2021. For the six months ended June 30, 2022, Funds from Operations available for Common Stock and OP Unit holders increased $24.4 million, or $0.10 per Common Share, to $262.5 million, or $1.34 per Common Share, compared to $238.1 million, or $1.24 per Common Share, for the same period in 2021.

For the quarter ended June 30, 2022, Normalized Funds from Operations (“Normalized FFO”) available for Common Stock and OP Unit holders increased $7.0 million, or $0.03 per Common Share, to $125.3 million, or $0.64 per Common Share, compared to $118.3 million, or $0.61 per Common Share, for the same period in 2021. For the six months ended June 30, 2022, Normalized Funds from Operations available for Common Stock and OP Unit holders increased $25.8 million, or $0.12 per Common Share, to $266.7 million, or $1.37 per Common Share, compared to $240.9 million, or $1.25 per Common Share, for the same period in 2021.

For the quarter ended June 30, 2022, property operating revenues, excluding deferrals, increased $20.7 million to $315.8 million, compared to $295.1 million for the same period in 2021. For the six months ended June 30, 2022, property operating revenues, excluding deferrals, increased $57.8 million to $638.2 million, compared to $580.4 million for the same period in 2021. For the quarter ended June 30, 2022, income from property operations, excluding deferrals and property management, increased $8.3 million to $174.8 million, compared to $166.5 million for the same period in 2021. For the six months ended June 30, 2022, income from property operations, excluding deferrals and property management, increased $30.5 million to $367.3 million, compared to $336.8 million for the same period in 2021.

For the quarter ended June 30, 2022, Core property operating revenues, excluding deferrals, increased approximately 4.9% and Core income from property operations, excluding deferrals and property management, increased approximately 3.3%, compared to the same period in 2021. For the six months ended June 30, 2022, Core property operating revenues, excluding deferrals, increased approximately 7.2% and Core income from property operations, excluding deferrals and property management, increased approximately 6.2%, compared to the same period in 2021.

Business Updates

Pages 1 and 2 of this Earnings Release and Supplemental Financial Information provide an update on operations and 2022 guidance.

Investment Activity

In June 2022, we completed the acquisition of Holiday Trav-L-Park Resort, a 299-site oceanfront Recreational Vehicle (“RV”) community located in Emerald Isle, North Carolina, Oceanside RV Resort, a 139-site RV community located in Oceanside, California, and one land parcel adjacent to one of our properties for an aggregate purchase price of $97.4 million. Our total year to date acquisition investment is $113 million.

About Equity LifeStyle Properties

We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of July 18, 2022, we own or have an interest in 449 quality properties in 35 states and British Columbia consisting of 170,880 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, July 19, 2022, 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,” “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 and real estate market conditions, our ability to retain 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 attract and retain customers entering, renewing and upgrading membership subscriptions;
our assumptions about rental and home sales markets;
our assumptions and guidance concerning 2022 growth rates and Net Income, FFO and Normalized FFO per share data;
our ability to manage counterparty risk;
our ability to renew our insurance policies at existing rates and on consistent terms;
home sales results could be impacted by the ability of potential homebuyers 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, including an adequate supply of homes at reasonable costs, 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;
our ability to obtain financing or refinance existing debt on favorable terms or at all;
the effect of inflation and interest rates;
the effect from any breach of our, or any of our vendors’ data management systems;
the dilutive effects of issuing additional securities;
the outcome of pending or future lawsuits or actions brought by or 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.

Our guidance acknowledges the existence of volatile economic conditions, which may impact our current guidance assumptions. Factors impacting 2022 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 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) our ability to integrate and operate recent acquisitions in accordance with our estimates; (x) our ability to execute expansion/development opportunities in the face of supply chain delays/shortages; (xi) completion of pending transactions in their entirety and on assumed schedule; (xii) our ability to attract and retain property employees, particularly seasonal employees; (xiii) ongoing legal matters and related fees; and (xiv) costs to restore property operations and potential revenue losses following storms or other unplanned events. In addition, these forward-looking statements, including our 2022 guidance are subject to risks related to the COVID-19 pandemic, many of which are unknown, including the duration of the pandemic, the extent of the adverse health impact on the general population and on our residents, customers and employees in particular, its impact on the employment rate and the economy, the extent and impact of governmental responses and the impact of operational changes we have implemented and may implement in response to the pandemic.

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” section in our most recent Annual Report on Form 10-K and 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

Operations Update

Normalized FFO per Common Share

Second Quarter (“Q2”) 2022: $0.64 or 4.5% growth compared to the same period in 2021.
June Year to Date (“YTD”) 2022: $1.37 or 9.3% growth compared to the same period in 2021.

Core Income from property operations, excluding deferrals and property management

Q2 2022: 3.3% growth compared to the same period in 2021.
June YTD 2022: 6.2% growth compared to the same period in 2021.

MH – 60% of Total Property Operating Revenues

Q2 2022 Core MH base rental income: 5.7% growth compared to the same period in 2021, which reflects 5.3% growth from rate increases and 0.4% from occupancy gains.
June YTD 2022 Core MH base rental income: 5.7% growth compared to the same period in 2021, which reflects 5.2% growth from rate increases and 0.5% from occupancy gains.
June YTD 2022 Core MH occupancy increased by 97 sites since December 31, 2021.
June YTD 2022 Core Manufactured homeowners increased by 443 since December 31, 2021.
Q2 New home sales: 365 which represents the highest volume of new home sales in a quarter in our history.

RV and Marina – 32% of Total Property Operating Revenues

Q2 2022 Core RV and marina base rental income: 6.6% growth compared to the same period in 2021.
June YTD 2022 Core RV and marina base rental income: 13.9% growth compared to the same period in 2021.
Q2 2022 Core RV annual base rental income: 9.2% growth compared to the same period in 2021, which reflects 7.1% growth from rate increases and 2.1% from occupancy gains.
Q2 2022 combined Core Seasonal and Transient RV base rental income: 2.4% or $0.6 million growth over the same period in 2021. Growth was $0.5 million below the midpoint of our guidance.
June YTD 2022 combined Core Seasonal and Transient RV base rental income: 22.8% or $13.3 million growth over the same period in 2021.
Core RV Site Composition

	June 30, 2022	June 30, 2021
Annual	32,000	31,300
Seasonal	12,100	10,700
Transient	12,500	14,200
Member	25,400	24,800

Second quarter total nights camped increased 1.8% and 8.3% compared to the quarter ended June 30, 2021 and June 30, 2019, respectively.
During the quarter and six months ended June 30, 2022 combined Utility, Payroll and Repair & Maintenance expense, which represent approximately two thirds of property operating expense, were 28.8% and 27.1%, respectively, of total property operating revenue compared to 27.7% and 26.1% for the quarter and six months ended June 30, 2021.
Added 458 and 514 expansion Sites during the quarter and six months ended June 30, 2022, respectively.
Core Transient RV base rental income for the 2022 4th of July holiday weekend declined 5.7% over 2021 and increased 14.7% over 2019.

2022 Guidance⁽¹⁾

($ in millions except per share)

	Third Quarter	Full Year
Net Income/share	$0.37 to $0.43	$1.54 to $1.64
FFO/share	$0.66 to $0.72	$2.65 to $2.75
Normalized FFO/share	$0.66 to $0.72	$2.68 to $2.78

Core Portfolio:
MH rate growth	5.3% to 5.5%	5.2% to 5.4%
RV Annual rate growth	6.6% to 6.8%	6.4% to 6.6%
Combined RV Seasonal and Transient base rental income growth	(2.5)% to (3.5)%	10.6% to 11.6%
Property operating revenue growth rate	4.3% to 4.9%	5.4% to 6.4%
Property operating expense growth rate	3.7% to 4.3%	5.2% to 6.2%
Income from property operations, excluding deferrals and property management growth rate⁽²⁾	4.7% to 5.3%	5.6% to 6.6%

______________________

(1)

Third quarter and full year 2022 guidance ranges represent a range of possible outcomes and the midpoint reflects management’s estimate of the most likely outcome. Actual growth rates and per share amounts could vary materially from growth rates and per share amounts presented above if any of our assumptions, including occupancy and rate changes, our ability to manage expenses in an inflationary environment, our ability to integrate and operate recent acquisitions and costs to restore property operations and potential revenue losses following storms or other unplanned events, is incorrect. See Forward-Looking Statements in this release for additional factors impacting our 2022 guidance assumptions.

(2)

The expected contribution of our third quarter Core Income from property operations, excluding deferrals and property management is within a range of 24.6% to 25.6% of our expected full year Core Income from property operations, excluding deferrals and property management.

Investor Information

Equity Research Coverage⁽¹⁾
Bank of America Securities	Barclays	Berenberg Bank
Jeffrey Spector/ Joshua Dennerlein	Anthony Powell	Keegan Carl

BMO Capital Markets	Citi Research	Colliers Securities
John Kim	Michael Bilerman/ Nick Joseph	David Toti

Evercore ISI	Green Street Advisors	RBC Capital Markets
Steve Sakwa/ Samir Khanal	John Pawlowski	Brad Heffern

Robert W. Baird & Company	Truist	UBS
Wes Golladay	Anthony Hau	Michael Goldsmith

______________________

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 Common Shares and OP Units outstanding and per share data, unaudited)

	As of and for the Three Months Ended
	Jun 30, 2022			Mar 31, 2022			Dec 31, 2021			Sept 30, 2021			Jun 30, 2021
Operating Information
Total revenues	$	365.3		$	360.2		$	335.3		$	347.2		$	330.1
Net income	$	64.6		$	87.1		$	68.8		$	74.1		$	64.1
Net income available for Common Stockholders	$	61.5		$	82.9		$	65.5		$	70.6		$	61.1
Adjusted EBITDAre ⁽¹⁾	$	153.3		$	168.4		$	150.7		$	150.8		$	144.6
FFO available for Common Stock and OP Unit holders ⁽¹⁾⁽²⁾	$	121.6		$	140.9		$	123.0		$	124.5		$	117.6
Normalized FFO available for Common Stock and OP Unit holders ⁽¹⁾⁽²⁾	$	125.3		$	141.4		$	123.6		$	124.5		$	118.3
Funds Available for Distribution (“FAD”) for Common Stock and OP Unit holders ⁽¹⁾⁽²⁾	$	103.6		$	125.1		$	102.3		$	106.1		$	99.0

Common Shares and OP Units Outstanding (In thousands) and Per Share Data
Common Shares and OP Units, end of the period		195,373			195,303			194,946			192,852			192,847
Weighted average Common Shares and OP Units outstanding – Fully Diluted		195,227			195,246			193,412			192,736			192,701
Net income per Common Share – Fully Diluted⁽³⁾	$	0.33		$	0.45		$	0.36		$	0.38		$	0.33
FFO per Common Share and OP Unit – Fully Diluted	$	0.62		$	0.72		$	0.64		$	0.65		$	0.61
Normalized FFO per Common Share and OP Unit – Fully Diluted	$	0.64		$	0.72		$	0.64		$	0.65		$	0.61
Dividends per Common Share	$	0.4100		$	0.4100		$	0.3625		$	0.3625		$	0.3625

Balance Sheet
Total assets	$	5,400		$	5,265		$	5,308		$	4,982		$	4,824
Total liabilities	$	3,878		$	3,734		$	3,822		$	3,673		$	3,522

Market Capitalization
Total debt ⁽⁴⁾	$	3,298		$	3,193		$	3,303		$	3,154		$	3,010
Total market capitalization⁽⁵⁾	$	17,066		$	18,130		$	20,392		$	18,216		$	17,340

Ratios
Total debt / total market capitalization		19.3	%		17.6	%		16.2	%		17.3	%		17.4	%
Total debt / Adjusted EBITDAre ⁽⁶⁾		5.3			5.2			5.6			5.5			5.4
Interest coverage ⁽⁷⁾		5.7			5.7			5.5			5.5			5.4
Fixed charges⁽⁸⁾		5.6			5.6			5.5			5.4			5.3

______________________

1.	See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the supplemental financial information for definitions of Adjusted EBITDAre, FFO, Normalized FFO and FAD and a reconciliation of Consolidated net income to Adjusted EBITDAre.
2.	See page 9 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 for Common Stock and OP Unit holders.
3.	Net income per Common Share – Fully Diluted is calculated before Income allocated to non-controlling interest – Common OP Units.
4.	Excludes deferred financing costs of approximately $29.8 million as of June 30, 2022.
5.	See page 16 for the calculation of market capitalization as of June 30, 2022.
6.	Calculated using trailing twelve months Adjusted EBITDAre.
7.	Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.
8.	See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the supplemental financial information for a definition of fixed charges. This ratio is calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.

Consolidated Balance Sheets

(In thousands, except share and per share data)

	June 30, 2022			December 31, 2021
	(unaudited)
Assets
Investment in real estate:
Land	$	2,073,106		$	2,019,787
Land improvements		4,031,259			3,912,062
Buildings and other depreciable property		1,138,211			1,057,215
		7,242,576			6,989,064
Accumulated depreciation		(2,197,013	)		(2,103,774	)
Net investment in real estate		5,045,563			4,885,290
Cash and restricted cash		42,426			123,398
Notes receivable, net		41,925			39,955
Investment in unconsolidated joint ventures		84,113			70,312
Deferred commission expense		48,806			47,349
Other assets, net		136,755			141,567
Total Assets	$	5,399,588		$	5,307,871

Liabilities and Equity
Liabilities:
Mortgage notes payable, net	$	2,724,040		$	2,627,783
Term loan, net		496,373			297,436
Unsecured line of credit		47,800			349,000
Accounts payable and other liabilities		185,961			172,285
Deferred membership revenue		188,582			176,439
Accrued interest payable		9,520			9,293
Rents and other customer payments received in advance and security deposits		145,265			118,696
Distributions payable		80,311			70,768
Total Liabilities		3,877,852			3,821,700
Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2022 and December 31, 2021; none issued and outstanding.		—			—
Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 186,076,327 and 185,640,379 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively.		1,916			1,913
Paid-in capital		1,622,876			1,593,362
Distributions in excess of accumulated earnings		(191,828	)		(183,689	)
Accumulated other comprehensive income		16,241			3,524
Total Stockholders’ Equity		1,449,205			1,415,110
Non-controlling interests – Common OP Units		72,531			71,061
Total Equity		1,521,736			1,486,171
Total Liabilities and Equity	$	5,399,588		$	5,307,871

Consolidated Statements of Income

(In thousands, unaudited)

	Quarters Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Revenues:
Rental income	$	275,330		$	255,698		$	560,395		$	504,720
Annual membership subscriptions		15,592			14,267			30,749			27,921
Membership upgrade sales current period, gross		9,535			9,207			16,686			19,221
Membership upgrade sales upfront payments, deferred, net		(6,367	)		(6,454	)		(10,451	)		(13,881	)
Other income		14,195			14,185			27,736			24,706
Gross revenues from home sales, brokered resales and ancillary services ⁽¹⁾		52,681			40,237			92,390			65,478
Interest income		1,722			1,742			3,481			3,509
Income from other investments, net		2,617			1,222			4,521			2,158
Total revenues		365,305			330,104			725,507			633,832

Expenses:
Property operating and maintenance		114,307			102,663			218,299			191,536
Real estate taxes		19,182			17,896			38,639			35,746
Sales and marketing, gross		6,409			6,298			11,323			12,474
Membership sales commissions, deferred, net		(957	)		(1,438	)		(1,540	)		(2,937	)
Property management		19,099			16,560			36,970			31,940
Depreciation and amortization		50,796			48,316			100,190			93,714
Cost of home sales, brokered resales and ancillary services ⁽¹⁾		40,971			31,793			71,670			50,710
Home selling expenses and ancillary operating expenses⁽¹⁾		7,584			6,090			14,066			11,031
General and administrative		11,695			10,228			23,992			20,740
Other expenses		4,189			800			5,009			1,498
Early debt retirement		640			755			1,156			2,784
Interest and related amortization		28,053			27,131			55,517			53,406
Total expenses		301,968			267,092			575,291			502,642
Loss on sale of real estate, net		—			—			—			(59	)
Income before equity in income of unconsolidated joint ventures		63,337			63,012			150,216			131,131
Equity in income of unconsolidated joint ventures		1,253			1,068			1,424			1,936
Consolidated net income		64,590			64,080			151,640			133,067

Income allocated to non-controlling interests – Common OP Units		(3,073	)		(3,021	)		(7,217	)		(6,768	)
Redeemable perpetual preferred stock dividends		(8	)		(8	)		(8	)		(8	)
Net income available for Common Stockholders	$	61,509		$	61,051		$	144,415		$	126,291

______________________

1.	Prior period amounts have been reclassified to conform to the current period presentation.

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 9 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 18 – 20.

Selected Non-GAAP Financial Measures

(In millions, except per share data, unaudited)

	Quarter Ended
	June 30, 2022
Income from property operations, excluding deferrals and property management – 2022 Core ⁽¹⁾	$	166.6
Income from property operations, excluding deferrals and property management – Non-Core ⁽¹⁾		8.2
Property management and general and administrative		(30.8	)
Other income and expenses (excluding transaction/pursuit costs)		9.4
Interest and related amortization		(28.1	)
Normalized FFO available for Common Stock and OP Unit holders ⁽²⁾	$	125.3
Early debt retirement		(0.6	)
Transaction/pursuit costs ⁽³⁾		(3.1	)
FFO available for Common Stock and OP Unit holders⁽²⁾	$	121.6

FFO per Common Share and OP Unit – Fully Diluted	$	0.62
Normalized FFO per Common Share and OP Unit – Fully Diluted	$	0.64


Normalized FFO available for Common Stock and OP Unit holders ⁽²⁾	$	125.3
Non-revenue producing improvements to real estate		(21.7	)
FAD for Common Stock and OP Unit holders ⁽²⁾	$	103.6

Weighted average Common Shares and OP Units – Fully Diluted		195.2

______________________

1.	See page 11 for details of the Core Income from Property Operations, excluding deferrals and property management. See page 12 for details of the Non-Core Income from Property Operations, excluding deferrals and property management.
2.	See page 9 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.
3.	Represents transaction/pursuit costs related to unconsummated acquisitions included in Other expenses in the Consolidated Statements of Income on page 6.

Reconciliation of Net Income to Non-GAAP Financial Measures

(In thousands, except per share data, unaudited)

	Quarters Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Net income available for Common Stockholders	$	61,509		$	61,051		$	144,415		$	126,291
Income allocated to non-controlling interests – Common OP Units		3,073			3,021			7,217			6,768
Membership upgrade sales upfront payments, deferred, net		6,367			6,454			10,451			13,881
Membership sales commissions, deferred, net		(957	)		(1,438	)		(1,540	)		(2,937	)
Depreciation and amortization		50,796			48,316			100,190			93,714
Depreciation on unconsolidated joint ventures		835			184			1,776			367
Loss on sale of real estate, net		—			—			—			59
FFO available for Common Stock and OP Unit holders		121,623			117,588			262,509			238,143
Early debt retirement		640			755			1,156			2,784
Transaction/pursuit costs ⁽¹⁾		3,082			—			3,082			—
Normalized FFO available for Common Stock and OP Unit holders		125,345			118,343			266,747			240,927
Non-revenue producing improvements to real estate		(21,738	)		(19,308	)		(38,106	)		(30,892	)
FAD for Common Stock and OP Unit holders	$	103,607		$	99,035		$	228,641		$	210,035

Net income available per Common Share – Basic	$	0.33		$	0.33		$	0.78		$	0.69
Net income available per Common Share – Fully Diluted ⁽²⁾	$	0.33		$	0.33		$	0.78		$	0.69

FFO per Common Share and OP Unit – Basic	$	0.62		$	0.61		$	1.35		$	1.24
FFO per Common Share and OP Unit – Fully Diluted	$	0.62		$	0.61		$	1.34		$	1.24

Normalized FFO per Common Share and OP Unit – Basic	$	0.64		$	0.61		$	1.37		$	1.25
Normalized FFO per Common Share and OP Unit – Fully Diluted	$	0.64		$	0.61		$	1.37		$	1.25

Weighted average Common Shares outstanding – Basic		185,767			182,337			185,729			182,142
Weighted average Common Shares and OP Units outstanding – Basic		195,064			192,490			195,028			192,454
Weighted average Common Shares and OP Units outstanding – Fully Diluted		195,227			192,701			195,253			192,668

______________________

1.	Represents transaction/pursuit costs related to unconsummated acquisitions included in Other expenses in the Consolidated Statements of Income on page 6.
2.	Net income per fully diluted Common Share is calculated before Income allocated to non-controlling interest – Common OP Units.

Consolidated Income from Property Operations ⁽¹⁾

(In millions, except home site and occupancy figures, unaudited)

	Quarters Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
MH base rental income ⁽²⁾	$	158.7		$	150.1		$	316.0		$	299.1
Rental home income ⁽²⁾		3.8			4.3			7.8			8.6
RV and marina base rental income ⁽²⁾		98.3			89.0			207.1			172.6
Annual membership subscriptions		15.6			14.3			30.7			27.9
Membership upgrade sales current period, gross		9.5			9.2			16.7			19.2
Utility and other income ⁽²⁾		29.9			28.2			59.9			53.0
Property operating revenues		315.8			295.1			638.2			580.4

Property operating, maintenance and real estate taxes ⁽²⁾		134.6			122.3			259.6			231.1
Sales and marketing, gross		6.4			6.3			11.3			12.5
Property operating expenses		141.0			128.6			270.9			243.6
Income from property operations, excluding deferrals and property management ⁽¹⁾	$	174.8		$	166.5		$	367.3		$	336.8



Manufactured home site figures and occupancy averages:
Total sites		73,442			73,182			73,452			73,088
Occupied sites		69,693			69,405			69,670			69,354
Occupancy %		94.9	%		94.8	%		94.9	%		94.9	%
Monthly base rent per site	$	759		$	721		$	756		$	719

RV and marina base rental income:
Annual	$	66.6		$	58.8		$	131.0		$	113.3
Seasonal		9.5			7.4			36.1			22.8
Transient		22.2			22.8			40.0			36.5
Total RV and marina base rental income	$	98.3		$	89.0		$	207.1		$	172.6

______________________

1.	Excludes property management and the GAAP deferral of membership upgrade sales upfront payments and membership sales commissions, net.
2.	MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Statements of Income on page 6. Bad debt expense is presented in Property operating, maintenance and real estate taxes in this table.

Core Income from Property Operations ⁽¹⁾

(In millions, except home site and occupancy figures, unaudited)

	Quarters Ended June 30,								Six Months Ended June 30,
	2022			2021			Change ⁽²⁾		2022			2021			Change ⁽²⁾
MH base rental income	$	155.8		$	147.4		5.7	%	$	310.2		$	293.6		5.7	%
Rental home income		3.8			4.3		(10.9	)%		7.8			8.6		(9.4	)%
RV and marina base rental income		87.4			81.9		6.6	%		183.8			161.4		13.9	%
Annual membership subscriptions		15.4			14.3		7.9	%		30.5			27.9		9.2	%
Membership upgrade sales current period, gross		9.3			9.2		1.2	%		16.4			19.2		(14.5	)%
Utility and other income		26.1			26.8		(2.7	)%		52.4			50.3		4.2	%
Property operating revenues		297.8			283.9		4.9	%		601.1			561.0		7.2	%

Utility expense		33.7			30.9		9.0	%		67.3			59.9		12.3	%
Payroll		28.5			26.7		6.8	%		53.1			49.7		6.9	%
Repair & Maintenance		23.6			21.0		12.3	%		42.4			36.9		14.9	%
Insurance and other⁽³⁾		22.4			21.5		4.1	%		44.5			41.2		8.0	%
Real estate taxes		16.7			16.2		3.4	%		33.9			32.4		4.7	%
Sales and marketing, gross		6.3			6.3		0.8	%		11.2			12.5		(9.8	)%
Property operating expenses		131.2			122.6		7.0	%		252.4			232.6		8.6	%
Income from property operations, excluding deferrals and property management ⁽¹⁾	$	166.6		$	161.3		3.3	%	$	348.7		$	328.4		6.2	%

Occupied sites ⁽⁴⁾		68,992			68,711

Core manufactured home site figures and occupancy averages:
Total sites		72,454			72,186					72,455			72,091
Occupied sites		68,915			68,642					68,895			68,595
Occupancy % ⁽⁵⁾		95.1	%		95.1	%				95.1	%		95.2	%
Monthly base rent per site	$	753		$	716				$	750		$	713

Core RV and marina base rental income:
Annual⁽⁶⁾	$	57.4		$	52.6		9.1	%	$	112.8		$	103.6		8.9	%
Seasonal		9.0			6.9		30.6	%		34.0			22.1		54.1	%
Transient		21.0			22.4		(6.6	)%		37.0			35.7		3.7	%
Total Seasonal and Transient	$	30.0		$	29.3		2.4	%	$	71.0		$	57.8		22.8	%

Total RV and marina base rental income	$	87.4		$	81.9		6.6	%	$	183.8		$	161.4		13.9	%

Core utility information:
Income	$	14.7		$	13.4		9.7	%	$	30.2		$	26.9		12.3	%
Expense		33.7			30.9		9.1	%		67.3			59.9		12.4	%
Expense, net	$	19.0		$	17.5		8.6	%	$	37.1		$	33.0		12.4	%

Utility Recovery Rate ⁽⁷⁾		43.6	%		43.4	%				44.9	%		44.9	%

_____________________

1.	Excludes property management and the GAAP deferral of membership upgrades sales upfront payments and membership sales commissions, net.
2.	Calculations prepared using actual results without rounding.
3.	Includes bad debt expense for the periods presented.
4.	Occupied sites are presented as of the end of the period. Occupied sites have increased by 97 from 68,895 at December 31, 2021.
5.	The decrease in the occupancy rate for the six months ended June 30, 2022 is due to the addition of expansion sites.
6.	Core Annual marina base rental income represents approximately 99% of the total Core marina base rental income for all periods presented.
7.	Calculated by dividing the utility income by utility expense.

Non-Core Income from Property Operations ⁽¹⁾

(In millions, unaudited)

	Quarter Ended		Six Months Ended
	June 30, 2022		June 30, 2022
MH base rental income	$	2.9	$	5.8
RV and marina base rental income		10.9		23.3
Annual membership subscriptions		0.2		0.3
Utility and other income		3.7		7.4
Membership upgrade sales current period, gross		0.3		0.3
Property operating revenues		18.0		37.1

Property operating expenses⁽²⁾		9.8		18.5
Income from property operations, excluding deferrals and property management ⁽¹⁾	$	8.2	$	18.6

______________________

1.	Excludes property management and the GAAP deferral of membership upgrade sales upfront payments and membership sales commissions, net.
2.	Includes bad debt expense for the period presented.

Income from Rental Home Operations

(In millions, except occupied rentals, unaudited)

	Quarters Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Manufactured homes:
Rental operations revenues ⁽¹⁾	$	10.9	$	12.4	$	22.2	$	24.8
Rental home operations expense⁽²⁾		1.2		1.3		2.6		2.5
Income from rental home operations		9.7		11.1		19.6		22.3
Depreciation on rental homes ⁽³⁾		2.5		2.7		5.0		5.3
Income from rental operations, net of depreciation	$	7.2	$	8.4	$	14.6	$	17.0

Occupied rentals:⁽⁴⁾
New		2,742		3,305
Used		375		491
Total occupied rental sites		3,117		3,796

	As of June 30, 2022				As of June 30, 2021
Cost basis in rental homes: ⁽⁵⁾	Gross		Net of Depreciation		Gross		Net of Depreciation
New	$	221.3	$	184.1	$	230.8	$	196.5
Used		14.6		6.1		17.8		11.7
Total rental homes	$	235.9	$	190.2	$	248.6	$	208.2

______________________

1.	For the quarters ended June 30, 2022 and 2021, approximately $7.1 million and $8.1 million, respectively, of the rental operations revenue is included in the MH base rental income in the Core Income from Property Operations on page 11. The remainder of the rental operations revenue is included in Rental home income for the quarters ended June 30, 2022 and 2021 in the Core Income from Property Operations on page 11.
2.	Rental home operations expense is included in Property operating, maintenance and real estate taxes in the Consolidated Income from Property Operations on page 10. Rental home operations expense is included in Insurance and other in the Core Income from Property Operations on page 11.
3.	Depreciation on rental homes in our Core portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 6.
4.	Occupied rentals as of the end of the period in our Core portfolio. Included in the quarters ended June 30, 2022 and 2021 were 185 and 282 homes rented through ECHO Financing LLC (“ECHO joint venture”), respectively. As of June 30, 2022 and 2021, the rental home investment associated with the ECHO joint venture totaled approximately $7.1 million and $11.1 million, respectively.
5.	Includes both occupied and unoccupied rental homes in our Core portfolio. New home cost basis does not include the costs associated with our ECHO joint venture. As of June 30, 2022 and 2021, our investment in the ECHO joint venture was approximately $18.7 million and $17.7 million, respectively.

Total Sites and Home Sales

(In thousands, except sites and home sale volumes, unaudited)

Summary of Total Sites as of June 30, 2022
	Sites ⁽¹⁾
MH sites	73,400
RV sites:
Annual	34,200
Seasonal	12,700
Transient	14,900
Marina slips	6,900
Membership⁽²⁾	25,800
Joint Ventures ⁽³⁾	3,000
Total	170,900

Home Sales – Select Data
	Quarters Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Total New Home Sales Volume ⁽⁴⁾		365		295		626		487
New Home Sales Volume – ECHO joint venture		29		16		51		24
New Home Sales Gross Revenues ⁽⁴⁾	$	33,848	$	23,320	$	59,378	$	37,658

Total Used Home Sales Volume		97		108		169		210
Used Home Sales Gross Revenues	$	1,367	$	1,107	$	2,365	$	1,989

Brokered Home Resales Volume		263		212		451		372
Brokered Home Resales Gross Revenues	$	1,049	$	588	$	1,660	$	1,020

______________________

1.	MH sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina sites are leased to customers generally for one to six months. Transient RV and marina sites are leased to customers on a short-term basis.
2.	Sites primarily utilized by approximately 131,000 members. Includes approximately 6,300 sites rented on an annual basis.
3.	Joint ventures have approximately 1,800 annual Sites and 1,200 transient Sites.
4.	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 the ECHO joint venture.

Memberships – Select Data

(Unaudited)

	Years Ended December 31,
	2018		2019		2020		2021		Six Months Ended June 30, 2022 ⁽¹⁾
Member Count ⁽²⁾		111,094		115,680		116,169		125,149		131,049
Thousand Trails Camping Pass (TTC) Origination		37,528		41,484		44,129		50,523		27,157
TTC Sales		17,194		19,267		20,587		23,923		12,284
RV Dealer TTC Activations		20,334		22,217		23,542		26,600		14,873
Number of annuals ⁽³⁾		5,888		5,938		5,986		6,320		6,341
Number of upgrade sales ⁽⁴⁾		2,500		2,919		3,373		4,863		1,969

(In thousands, unaudited)
Annual membership subscriptions	$	47,778	$	51,015	$	53,085	$	58,251	$	30,749
RV base rental income from annuals	$	18,363	$	19,634	$	20,761	$	23,127	$	12,388
RV base rental income from seasonals/transients	$	19,840	$	20,181	$	18,126	$	25,562	$	10,867
Membership upgrade sales current period, gross	$	15,191	$	19,111	$	21,739	$	36,270	$	16,686
Utility and other income	$	2,410	$	2,422	$	2,426	$	2,735	$	1,093

______________________

1.	Activity through June 30, 2022.
2.	Members have entered into annual subscriptions with us that entitle them to use certain properties on a continuous basis for up to 21 days.
3.	Members who rent a specific site for an entire year in connection with their membership subscriptions.
4.	Existing members who have upgraded memberships are eligible for enhanced benefits, including but not limited to longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties. Upgrades require a non-refundable upfront payment.

Market Capitalization

(In millions, except share and OP Unit data, unaudited)

Capital Structure as of June 30, 2022

	Total Common Shares/Units		% of Total Common Shares/Units		Total		% of Total		% of Total Market Capitalization

Secured Debt					$	2,750	83.4	%
Unsecured Debt						548	16.6	%
Total Debt ⁽¹⁾					$	3,298	100.0	%	19.3	%

Common Shares		186,076,327	95.2	%
OP Units		9,297,011	4.8	%
Total Common Shares and OP Units		195,373,338	100.0	%
Common Stock price at June 30, 2022	$	70.47
Fair Value of Common Shares and OP Units					$	13,768	100.0	%
Total Equity					$	13,768	100.0	%	80.7	%

Total Market Capitalization					$	17,066			100.0	%

______________________

1.	Excludes deferred financing costs of approximately $29.8 million.

Debt Maturity Schedule

Debt Maturity Schedule as of June 30, 2022 (In thousands, unaudited)

Year	Secured Debt			Weighted Average Interest Rate		Unsecured Debt ⁽¹⁾			Weighted Average Interest Rate		Total Debt			% of Total Debt		Weighted Average Interest Rate
2022	$	—		—	%	$	—		—	%	$	—		—	%	—	%
2023		94,355		4.94	%		—		—	%		94,355		2.90	%	4.94	%
2024		10,116		5.49	%		—		—	%		10,116		0.31	%	5.49	%
2025		94,538		3.45	%		—		—	%		94,538		2.91	%	3.45	%
2026		—		—	%		300,000		1.79	%		300,000		9.23	%	1.79	%
2027		—		—	%		200,000		2.01	%		200,000		6.15	%	2.01	%
2028		209,675		4.19	%		—		—	%		209,675		6.45	%	4.19	%
2029		39,727		4.10	%		—		—	%		39,727		1.22	%	4.10	%
2030		275,385		2.69	%		—		—	%		275,385		8.47	%	2.69	%
2031		263,642		2.46	%		—		—	%		263,642		8.11	%	2.46	%
Thereafter		1,762,573		3.77	%		—		—	%		1,762,573		54.23	%	3.77	%
Total	$	2,750,011		3.61	%	$	500,000		1.88	%	$	3,250,011		100.0	%	3.34	%

Unsecured Line of Credit		—					47,800					47,800

Note Premiums		213					—					213

Total Debt		2,750,224					547,800					3,298,024

Deferred Financing Costs		(26,185	)				(3,627	)				(29,812	)

Total Debt, net	$	2,724,039				$	544,173				$	3,268,212				3.48	%	⁽¹⁾

Average Years to Maturity		11.7					4.1					10.4

______________________

1.	Reflects effective interest rate for the quarter ended June 30, 2022, including interest associated with the line of credit and amortization of note premiums and deferred financing costs.

Non-GAAP Financial Measures Definitions and Reconciliations

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 receive non-refundable upfront payments from membership upgrade contracts. In accordance with GAAP, the non-refundable upfront payments and related commissions are deferred and amortized over the estimated membership upgrade contract term. Although the NAREIT definition of FFO does not address the treatment of non-refundable upfront 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 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 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 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 DEFERRALS AND PROPERTY MANAGEMENT. We define Income from property operations, excluding deferrals and 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, sales and marketing expenses, excluding property management and the GAAP deferral of membership upgrade sales upfront payments and membership sales commissions, net. 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:

	Quarters Ended June 30,						Six Months Ended June 30,
(amounts in thousands)	2022			2021			2022			2021
Net income available for Common Stockholders	$	61,509		$	61,051		$	144,415		$	126,291
Redeemable perpetual preferred stock dividends		8			8			8			8
Income allocated to non-controlling interests – Common OP Units		3,073			3,021			7,217			6,768
Equity in income of unconsolidated joint ventures		(1,253	)		(1,068	)		(1,424	)		(1,936	)
Income before equity in income of unconsolidated joint ventures		63,337			63,012			150,216			131,131
Loss on sale of real estate, net		—			—			—			59
Membership upgrade sales upfront payments, deferred, net		6,367			6,454			10,451			13,881
Gross revenues from home sales, brokered resales and ancillary services ⁽¹⁾		(52,681	)		(40,237	)		(92,390	)		(65,478	)
Interest income		(1,722	)		(1,742	)		(3,481	)		(3,509	)
Income from other investments, net		(2,617	)		(1,222	)		(4,521	)		(2,158	)
Membership sales commissions, deferred, net		(957	)		(1,438	)		(1,540	)		(2,937	)
Property management		19,099			16,560			36,970			31,940
Depreciation and amortization		50,796			48,316			100,190			93,714
Cost of home sales, brokered resales and ancillary services ⁽¹⁾		40,971			31,793			71,670			50,710
Home selling expenses and ancillary operating expenses		7,584			6,090			14,066			11,031
General and administrative		11,695			10,228			23,992			20,740
Other expenses		4,189			800			5,009			1,498
Early debt retirement		640			755			1,156			2,784
Interest and related amortization		28,053			27,131			55,517			53,406
Income from property operations, excluding deferrals and property management		174,754			166,500			367,305			336,812
Membership upgrade sales upfront payments, and membership sales commissions, deferred, net		(5,410	)		(5,016	)		(8,911	)		(10,944	)
Property management		(19,099	)		(16,560	)		(36,970	)		(31,940	)
Income from property operations	$	150,245		$	144,924		$	321,424		$	293,928

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 receive non-refundable upfront payments from membership upgrade contracts. In accordance with GAAP, the non-refundable upfront payments and related commissions are deferred and amortized over the estimated customer life. Although the NAREIT definition of EBITDAre does not address the treatment of non-refundable upfront payments, we believe that it is appropriate to adjust for the impact of the deferral activity in our calculation of EBITDAre.

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 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.

______________________

1.	Prior period amounts have been reclassified to conform to the current period presentation.

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

	Quarters Ended June 30,						Six Months Ended June 30,
(amounts in thousands)	2022			2021			2022			2021
Consolidated net income	$	64,590		$	64,080		$	151,640		$	133,067
Interest income		(1,722	)		(1,742	)		(3,481	)		(3,509	)
Membership upgrade sales upfront payments, deferred, net		6,367			6,454			10,451			13,881
Membership sales commissions, deferred, net		(957	)		(1,438	)		(1,540	)		(2,937	)
Real estate depreciation and amortization		50,796			48,316			100,190			93,714
Other depreciation and amortization		1,119			740			1,946			1,444
Interest and related amortization		28,053			27,131			55,517			53,406
Loss on sale of real estate, net		—			—			—			59
Adjustments to our share of EBITDAre of unconsolidated joint ventures		1,361			273			2,817			519
EBITDAre		149,607			143,814			317,540			289,644
Early debt retirement		640			755			1,156			2,784
Transaction/pursuit costs ⁽¹⁾		3,082			—			3,082			—
Adjusted EBITDAre	$	153,329		$	144,569		$	321,778		$	292,428

CORE. The Core properties include properties we owned and operated during all of 2021 and 2022. 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 include properties that were not owned and operated during all of 2021 and 2022. This includes, but is not limited to, six RV communities and eleven marinas acquired during 2021, one membership RV community and three RV communities acquired during 2022 and our Westwinds MH community and Nicholson Plaza.

INCOME FROM RENTAL OPERATIONS, NET OF DEPRECIATION. We use Income from rental operations, net of depreciation as an alternative measure to evaluate the operating results of our home rental program. Income from rental operations, net of depreciation, represents income from rental operations less depreciation expense on rental homes. We believe this measure is meaningful for investors as it provides a complete picture of the home rental program operating results, including the impact of depreciation, which affects our home rental program investment decisions.

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.

______________________

1.	Represents transaction/pursuit costs related to unconsummated acquisitions included in Other expenses in the Consolidated Statements of Income on page 6.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220717005073/en/

Paul Seavey
(800) 247-5279

Source: Equity LifeStyle Properties, Inc. ##

The transcript via Seeking Alpha for the ELS earnings call is posted below, and the audio recording of that call with transcript is found at this link here. Typos are in the original, but the highlighting is added by MHProNews for emphasis on specific topics of interest.

Equity LifeStyle Properties, Inc.’s (ELS) CEO Marguerite Nader on Q2 2022 Results – Earnings Call Transcript

Jul. 19, 2022 5:51 PM ET Equity LifeStyle Properties, Inc. (ELS)

quotequotationMark198x330 Equity LifeStyle Properties, Inc. (NYSE:ELS) Q2 2022 Earnings Conference Call July 19, 2022 11:00 AM ET

Company Participants

Marguerite Nader – President & Chief Executive Officer

Paul Seavey – Executive Vice President & Chief Financial Officer

Patrick Waite – Executive Vice President & Chief Operating Officer

Conference Call Participants

Keegan Carl – Berenberg

Lizzy Doykan – Bank of America

Samir Khanal – Evercore ISI

David Toti – Colliers

Brad Heffern – RBC

Wes Golladay – Baird

John Pawlowski – Green Street

Anthony Hau – Truist

Anthony Powell – Barclays

Nick Joseph – Citi

Michael Bilerman – Citi

Michael Goldsmith – UBS

Operator

Good day, everyone, and thank you for joining us to discuss Equity LifeStyle Properties’ Second Quarter 2022 Results. Our featured speakers today are Marguerite Nader, our President and CEO; Paul Seavey, our Executive Vice President and CFO; and Patrick Waite, our Executive Vice President and COO. In advance of today’s call, management released earnings. Today’s call will consist of opening remarks and a question-and-answer session with management relating to the company’s earnings release. [Operator Instructions] As a reminder, this call is being recorded.

Certain matters discussed during this conference call may contain forward-looking statements in the meanings of the federal securities laws. Our forward-looking statements are subject to certain economic risks and uncertainties. The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events. In addition, during today’s call, we will discuss non-GAAP financial measures as defined by the SEC Regulation G. Reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release, our supplement information and our historical SEC filings.

At this time, I’d like to turn the call over to Marguerite Nader, our President and CEO.

Marguerite Nader

Good morning and thank you for joining us today. I am pleased to report the results for the second quarter of 2022.

We continued our record of strong core operations and FFO growth with a 4.5% growth in normalized FFO per share in the quarter and a 9.3% growth year-to-date. We have often discussed the quality of our portfolio and our cash flow. Over the years, our acquisition strategy has been focused on the quality of cash flow from property operations and buying in locations with long-term positive demographic trends. We see high demand for our key locations with our customers expressing a desire to stay with us on a longer-term basis.

Our residents and customers see the benefit of an increased commitment to us from a quality of life standpoint. We are well-positioned and benefited from an influx of resident and customer interest into our key states of Florida, Arizona and California. Our strong top line performance, coupled with disciplined operating practices, resulted in continued strength and growth in normalized FFO per share.

The revenue from our MH communities represents 60% of our revenue. We have seen a heightened increase in leads and interest in our locations over the past two years. Over the last two years, Florida has seen outsized population growth. Our customers are attracted to the Sun Belt climates. They are taking advantage of the added flexibility in their schedules as well as technology to accelerate the move from their northern location.

Our portfolio is well-positioned to take advantage of this key demographic movement. Continued evidence of the demand for our product offerings is seen in our new home sales results. During the quarter, our new home sales increased 24%. We sold 365 new homes in the quarter, which was a high watermark for ELS. The primary driver of the new home sales volume increase was our Florida MH sales program, where we saw an increase in the volume of 60%.

Over 95% of these new homebuyers were cash buyers. This investment is consistent with our entire portfolio as the vast majority of our residents have made a capital commitment to live in our community. That commitment from our homeowners results in a pride of ownership and a long-term resident base.

Core RV and marina revenue produced strong results with an increase of 6.6% in the quarter. The primary driver of this increase was the strength of our annual revenue stream which increased by over 9%. Our market surveys provide support for an increase in market rates and we saw an increase in conversions from transient and seasonal guests.

Our transient and seasonal revenue grew by 2.4%. We saw a strong pickup in seasonal revenue demand. Roughly half of the increase in seasonal demand was from our Florida customers who extended their stays in April due to the continued difficult weather conditions in the north. The transient revenue decline was impacted as well by the difficult weather in April and May in key locations. Strong demand for longer-term stays has reduced the number of available transient sites across our portfolio. We were able to increase the rate on the transient sites to combat some of the weather-related declines.

Our operating teams have done a great job keeping up with a high demand for our properties. In June, TripAdvisor announced that 63 of our properties received Travelers’ Choice Awards and 23 of those properties are in the Hall of Fame since they have received the award for five or more consecutive years. Our ELS team members are dedicated to exceeding the needs of our customers. They have done a great job delivering excellent customer service and have continued to focus on safety for our customers, guests and employees.

I will now turn it over to Paul to walk through the numbers in detail.

Paul Seavey

Thank you, Marguerite. Good morning, everyone. I will review our results for the second quarter and June year-to-date, highlight our guidance assumptions for the third quarter and full year 2022 and discuss debt market conditions as well as our balance sheet.

For the second quarter, we reported $0.64 normalized FFO per share. Core and noncore property operations delivered the strong results we expected, while home sales volumes and profits exceeded our expectations in the quarter. Our second quarter core MH rent growth of 5.7% consists of approximately 5.3% rate growth and 40 basis points related to occupancy gains when compared to the same period last year. We have increased occupancy in 97 sites since December with an increase in owners of 443 while renters decreased by 346.

Core RV and marina base rental income increased 6.6% in the second quarter and 13.9% year-to-date compared to prior year. Base rental income from annuals represents more than 60% of total RV and marina based rental income and it increased approximately 9% for the second quarter and year-to-date periods compared to last year. Annual RV rate increases generated approximately 6.4% growth in the year-to-date period, with occupancy contributing close to 300 basis points of growth.

Our guidance for the second quarter included a range of growth rates for combined seasonal and transient rents was 4% at the midpoint of the range. The actual results for the second quarter was 2.4% growth, a variance of approximately $500,000. Demand for extended stays resulted in better-than-expected seasonal rental income during the quarter and offset to lower-than-expected transient income. Year-to-date, combined seasonal and transient rent increased almost 23% compared to prior year, following recovery of our seasonal RV business during the first quarter of 2022.

Membership dues revenue increased 9.3% and 10.1% for the quarter and year-to-date, respectively, compared to the prior year. Year-to-date, we’ve sold approximately 12,300 Thousand Trails Camping pass memberships. While this represents a 9% decrease over the same period in 2021, it represents a 20% increase over membership sales in second quarter of 2019. At the end of the second quarter 2022, our member count, excluding our RV dealer free trials, was 3.6% higher than the same time last year. Also, during the quarter, members purchased approximately 1,100 upgrades at an average price of approximately $8,700.

Core utility and other income was higher than expected during the quarter as a result of utility income that offset higher-than-expected utility expense. Year-to-date, our utility recovery rate is approximately 45%, the same rate we experienced in the first six months of last year. The decrease in utility and other income in the second quarter compared to prior year is the result of $2.3 million of hurricane-related insurance proceeds that we recognized in 2021. Core property operating expense growth was 7% in the second quarter and 8.6% year-to-date. The second quarter growth rate was 60 basis points higher than the midpoint of our guidance range, a variance of approximately $800,000.

In the second quarter, utility expense, specifically electric expense, was the largest contributor to core property operating expense growth. Rate driven increases in Florida and California caused electric expense to be more than $1 million higher than last year and our guidance. The increase in repair and maintenance expense compared to last year is attributed to inflationary effects on the services of third-party contractors we engage for property maintenance and landscaping. Property payroll reflects a modest increase in the number of employees across our portfolio. The percentage growth is mainly the result of wage rate changes with some additional expense for overtime to cover open positions.

In summary, second quarter core property operating revenues increased 4.9% and core NOI before property management increased 3.3%. For the year-to-date period, core property operating revenues increased 7.2% and core NOI before property management increased 6.2%.

Income from property operations generated by our noncore portfolio was $8.2 million in the quarter and $18.6 million year-to-date. These results were in line with our expectations. Revenues generated by our recently acquired assets reflect our strategic focus on long-term revenue streams. During the year-to-date period, only 8% of our noncore property operating revenues were generated from transient rent. Property management and corporate G&A expenses were $30.8 million for the second quarter of 2022 and $61 million for the year-to-date period. Other income and expenses, excluding transaction and pursuit costs generated a net contribution of $9.4 million for the quarter.

New home sales profits, along with our ancillary retail and restaurant operations, generated approximately $4.1 million in the second quarter and $6.7 million year-to-date. Interest and related amortization expense was $28.1 million for the quarter and $55.5 million for the year-to-date period.

The press release provides an overview of third quarter and full year 2022 earnings guidance. As I provide some context for the information we’ve provided, keep in mind, my remarks are intended to provide our current estimates of future results. All growth rates and revenue and expense projections represent midpoints in our guidance range and are qualified by the risk factors included in our press release and supplemental financial information. A significant factor in our guidance assumptions for the remainder of 2022 is the level of demand for shorter-term stays in our RV communities. We have developed guidance based on current customer reservation trends. We provide no assurance that our actual results will be consistent with our guidance and we assume no obligation to update guidance as conditions change.

Our full year 2022 normalized FFO guidance is $2.73 per share at the midpoint of our range of $2.68 to $2.78. Full year normalized FFO per share at the midpoint represents an estimated 7.5% growth rate compared to 2021. We expect third quarter normalized FFO per share in the range of $0.66 to $0.72. Full year core NOI is projected to increase 6.1% at the midpoint of our guidance range of 5.6% to 6.6%. We project a core NOI growth rate range of 4.7% to 5.3% for the third quarter and expect NOI for the quarter to represent 25% of full year core NOI. Full year guidance assumes core rent rate growth in the ranges of 5.2% to 5.4% for MH and 6.2% to 6.4% for annual RV rents. Our guidance assumptions for the third and fourth quarters include MH occupancy gained in the second quarter with no assumed occupancy increase in the second half of the year. Our assumptions for expense growth reflects current expectations based on year-to-date activity and our review of property level and consolidated expense projections for the remainder of the year.

As a reminder, we make no assumptions for storm events or other uninsured property losses we may incur. The midpoints of our guidance assumptions for combined seasonal and transient show a decline of 3% in the third quarter and growth of 11.1% for the full year compared to the respective periods last year. Our guidance for the full year and third quarter includes the impact of the acquisition activity we’ve closed in the first and second quarters, with no assumptions for additional acquisitions during the year. We have repaid all debt with maturity dates in 2022. The full year guidance model makes no assumptions regarding other capital events or the use of free cash flow we expect to generate in the remainder of 2022.

And now, some comments on debt markets and our balance sheet. During the quarter, we observed significant volatility in the debt capital markets. In April we closed the previously announced $200 million secured loan at a fixed rate of 3.36% for 12 years. Proceeds were used to repay 2022 maturities that carried a weighted average rate of 4.2%. Shortly after we locked rate on that loan, treasuries began to rise. The 10-year moved around 175 basis points before it topped out close to 3.5% in the middle of June. During that same time period, we noted varied reactions from lending sources but they generally behaved in a similar manner by increasing spreads on loans and limiting capacity for new deals. For comparison, the loan we closed in April would likely price around 150 basis points higher if we locked rate today. In the face of extreme volatility and uncertainty, ELS is well-positioned with a debt maturity schedule that shows only 15% of our outstanding debt matures over the next five years. This compares to an average of approximately 45% for REITs.

In addition, 23% of our outstanding secured debt is fully amortizing and carries no refinancing risk. Current secured debt terms available for MH and RV assets range from 50% to 75% LTV with rates from 4.25% to 5% for 10-year maturities. High-quality, age-qualified MH will command best financing terms.

RV assets with a high percentage of annual occupancy have access to financing from certain life companies as well as CMBS lenders. Life companies continue to express interest in high-quality communities, though some have set limits on capacity and pricing. We continue to place high importance on balance sheet flexibility and we believe we have multiple sources of capital available to us. Our debt-to-EBITDA is 5.3x and our interest coverage is 5.7x. The weighted average maturity of our outstanding secured debt is approximately 12 years.

Now, we would like to open it up for questions.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question comes from the line of Keegan Carl from Berenberg.

Keegan Carl

Maybe first, can you help us reconcile the performance a bit on the core seasonal transient RV base rental income? Maybe just what drove the slower growth? Was it a function of the site mix or something larger?

Paul Seavey

Yes. I think what we saw, Keegan, as we made our way through the quarter, was certainly strengthen the seasonals as very strong interest on the part of our customers to spend more time in our properties. And we talked quite a bit about the weather in April and May and its impact on the transient business. And into June, we didn’t quite see the development that we expected in terms of the demand for those shorter-term stays.

Marguerite Nader

And then I think also, I mentioned it in my comments but the seasonal days in Florida, they were extended just because it was tough weather up north which caused people wanting to stay in Florida for a longer period of time which we were the beneficiaries of that in the seasonal area.

Keegan Carl

Got it. And just to clarify one thing on that. So I saw that the days actually spent in the parks were up. I’m curious, is that just a function of more seasonal sales and less transient? Or are you seeing a shift in how people are staying with maybe less trips but extended stays and it’s going further into the week?

Marguerite Nader

I think the overall transient is up slightly by about half a day. But what you’re seeing is that shift from transient to seasonal and annual which is making up the additional nights.

Keegan Carl

Got it. And then just kind of one more here. Maybe on the July 4 weekend, what drove the weaker rent to income there? Was it particularly volume or price? And were there any sort of elevated cancellations maybe coming into the weekend?

Paul Seavey

I think in terms of cancellations, when you think about the booking window, what we have seen with our customers is when we look — overall, sorry, those customers who make their reservations 90 days in advance, that represents about 20% of the reservations at the end of the period. So we have a significant portion that are making their decision within eight or nine days of arrival. That represents 55% to 60%. And so we’ve long talked about weather dependency and so forth. But that really is the kind of time frame that we have an indication as to what’s happening with that transient, that short-term customer and when they’re coming to the property.

Keegan Carl

Got it. So it’s primarily weather. And then I guess there’s just — from your seat, there’s not necessarily anything that’s going to concern you going into Labor Day weekend?

Paul Seavey

As I just said, 60% of the revenue comes from those customers who are making the reservation eight to nine days in advance. So Labor Day is a ways out. But yes, we’re up…

Operator

And our next question comes from the line of Lizzy Doykan from Bank of America.

Lizzy Doykan

I just wanted to understand the utility recovery rate a bit more which ticked down this quarter. Historically, what has that number been for 2Q? And just if you could break down how exactly you’re passing through these costs to the residents? What specific measures are you guys taking to relieve some of that pressure to utility costs?

Paul Seavey

Yes. So just overall, I think our long-term history and we focus really on the full year activity, not so much quarter-to-quarter but 45% is really kind of the midpoint of the recovery range and it’s consistent with what we saw in the quarter.

With regard to our practices, we definitely focus on, we call it unbundling. So to the extent that there are charges that are utility in nature that the customers are reimbursing us for the expense, we separate that from the rent and charge that to them separately in every chance we get essentially.

One of the limiting factors for us in utility recovery relates to our transient RV business. Just that short-term stay, the infrastructure is not there to measure that activity for a very brief period of time and charge those customers. So when customers are annual or have longer-term stays in those RV communities, we are able to bill them back for their utility usage but not those shorter-term stays.

Marguerite Nader

And Lizzy, that also helps from a conservation standpoint. And we find that if people are submetered, they will use less and that just helps from an energy conservation standpoint.

Lizzy Doykan

Okay. Got it. And my second question is just around the transient demand. What visibility do you have for that trending into the second half as we go into the third quarter and the fourth quarter, given the nature of bookings? I mean, do we expect the third quarter to be the heaviest period for transient?

Paul Seavey

Yes. So I mean our third quarter guidance, the 2.5% to 3.5% decline in the combined seasonal and transient, that’s based on our current pace for seasonal and transient rents. The seasonal pace continues to reflect demand for longer-term stays. That’s showing about a mid-teens percentage growth compared to last year. Transient pace looks similar to the experience we had in the second quarter, kind of evidenced by what we saw over the fourth of July weekend, it’s down, call it, 6% to 7%.

When we think about that transient pace, particularly in the third quarter, the booking window that I mentioned a minute ago is really important. I’ll say it again, just in 2019 and 2021, about 40% of the booked reservations were made more than 90 days in advance of planned arrival. But by the end of the third quarter in those years, that reservation category represented about 20%. So as we step into the quarter, that reservation made a while ago represents significantly more than it ends up representing and that’s because those short-term reservations, kind of eight to nine days ahead of arrival, they end up representing 60% in total.

Operator

And our next question comes from the line of Samir Khanal from Evercore ISI.

Samir Khanal

I guess I’m just trying to dig a little bit deeper into this transient growth where you brought down the forecast by 300 basis points. Is there a way to quantify between — what we’re trying to figure out is how much of that is related to sort of things just slowing here, right? You over-earned last year, comps are tougher versus weather or transient conversions here? I’m not sure if you can quantify that.

Paul Seavey

I mean, I guess the way that I think about it, I think you’re right. We certainly — when we think about 2021 and the comparison to 2022 and I’ll set aside weather because that variable just exists in our business. But when you think about the comparison of last year to this year, you certainly had in 2021 a maximum level of flexibility in terms of our customers’ ability to kind of live and work in most any place they chose. And that drove outsized demand. The other thing that I’ll say in comparison last year to this year, certainly, the overall inflationary impact. I think there’s been a lot of discussion and questions around gas prices. And I think that the response that we have to that question is it’s really kind of all costs that are rising and I think are causing our customers to potentially pause and change their behavior or patterns as compared to last year. But when you think about all of this activity and roll it all up compared to 2019, we’re showing continued strength relative to that year as a base year.

Marguerite Nader

And I think, Samir, if you — we have experienced operating RV parks over the last 60 quarters. And when you look at the annual seasonal and transient results over that time, transient revenue has been the most volatility by far. We’ve seen periods of negative growth, flat and then outsized growth. But we really — we’ve continued to focus our business on that annual rental stream to avoid the volatility and you saw that come through in the quarter. When you think about, I think, over a 10-year period of time, the transient growth has contributed approximately 30 basis points of our overall NOI growth. So it’s not a large driver of our operating results by design and the way we built our portfolio.

Samir Khanal

Okay. Got it. And I guess my next question is on the MH rate growth side. I mean, you’re forecasting sort of low 5% rate increases. I guess, Marguerite, given where inflation is today and past and what you’re seeing as well, what is your ability to push that up further, let’s say, over the next 12 months? Trying to — is there a point at which you start to get pushed back from the customers? Trying to see how much more upside there is to that growth.

Patrick Waite

Yes. Samir, it’s Patrick. Just as a reminder, we’re about to enter our budget process for 2023 and we’ll have better visibility into the impact of CPI as we work our way through that process. About 1/4 of our rents have some tie to CPI. So by and large, our portfolio is market-driven. And we’ll keep pace with the market. Over time, we do recognize our long-term relationship with our customers. But we tend to track very closely in line with the market and to the extent that CPI has an impact. Based on history, I would expect that we’re going to track favorably. Yes, I would highlight that Florida with 40,000 MH sites is a driver of our business. And just given the structure of leases and prospectuses in that submarket, CPI does play a role there. Roughly — year-to-date, 15% of our sites are in Florida, so roughly 6,500 have experienced increases based on CPI. Those CPI increases have rolled through without incidents. The thing about our residents that have CPI-linked leases and prospectuses is they were very well versed on first-time CPI so that they watch it closely and it tends not to be a surprise with respect to the results — the resulting impact on rent increases.

Marguerite Nader

And I think it’s also helpful that there is going to be social security increase. So that will benefit our customers as well.

Operator

And our next question comes from the line of David Toti from Colliers.

David Toti

Just quickly, Marguerite, maybe you can comment on any differences that you might expect from the next cycle of the MH housing sales? And how that might differ from single-family home sales which is obviously expected to cool? Do you expect MH patterns to be different in terms of sales?

Marguerite Nader

No I think the — about, I think 50% of our vacant sites and our ability to put homes are in Florida and Florida is a really high demand market. We have a product that is attractively priced which I think has been beneficial. And really, you’ve seen that in the quarter as we’ve increased our home sales. So I would continue to see robust demand in our well-positioned portfolio. I would caution that in time when it’s difficult for one to sell their home up north, you may tend to see some decline in home sales. And I think that we have positioned ourselves well over the years. When we could sell homes and thought it would — thought we were in a very good position to be able to sell homes, we’ve done that and we’ve reduced our rental pool significantly. So there is some room in that rental pool, should that need to increase. But right now, we feel very confident as we look out to the rest of the year.

David Toti

Great. That’s helpful. And just one follow-up relative to strategy. Obviously, with the increased price sensitivity among some of your customer segments, gasoline, housing and so forth, are you planning any strategic shifts in terms of product to meet more sensitive customers or lower price points or higher volumes? Are there any changes coming around those anticipations?

Marguerite Nader

We’ll always look on the MH side — on the MH home sales side. We’re really pushing through some of the costs that we’re getting from our — from the manufacturers. So we’ll always look to ways to maximize the — everything for our customer. But I don’t have anything right now that would — that I can highlight other than making certain that we get the best price for the manufacturer that then we can then pass that through to our customer.

Operator

And our next question comes from the line of Brad Heffern from RBC.

Brad Heffern

Given the limited visibility you have in the transient, I guess, why guide down at this point? Is that based largely on the relatively small proportion of forward bookings? Or are you seeing some sort of consistent demand erosion day-to-day?

Paul Seavey

I think, Brad, it’s our practice, our historical custom to take a look at our reservation pace and adjust based on what — the information that’s available at the time that we update our guidance. So we followed our historical practice.

Brad Heffern

Okay. And so that’s basically just suggesting that the reservation pace is down 3% or something like that?

Paul Seavey

Right, right.

Brad Heffern

Okay. Got it. And then on the acquisition front, can you just talk about what you’ve seen in terms of cap rates across the businesses?

Marguerite Nader

Sure. So in the quarter, we closed on two RV parks. The blend of those purchases from a cap rate perspective is about a 5% cap. Both properties are Oceanside resorts, one on the East Coast, one on the West Coast. And I think that’s kind of in line with the types of cap rates we’ve seen for these types of assets.

Brad Heffern

Okay. And then any color on anything that you’ve seen on MH or marinas as well?

Marguerite Nader

I think that — we haven’t seen a noticeable change in the cap rates for pricing in general. I think cap rates are somewhere in the 4% to 5%. There are exceptions with really very high-quality, age-qualified MH trading more aggressively. But other than that, we haven’t seen a real change in cap rates.

Operator

And our next question comes from the line of Wes Golladay from Baird.

Wes Golladay

I just have a quick question on the annual RV. I guess, do you think any of the softness in the transient will end up spilling over into the annual side and you may see some churn pick up? And then maybe a follow-up to that. It’s my understanding that the portfolio lags you tied it for both the MH and annual RV. And can you either confirm that? And I guess how you capture all the CPI that you missed this year? The rent increase for this year will be maybe a 2023 event?

Paul Seavey

Yes. So I guess I’ll go to the latter part of the question first in terms of our rate increase process. On the MH side, as Patrick earlier mentioned, we’ve started our process for 2023. By the end of September, we’ll have sent our first notices to residents for MH rent increases effective January 1, 2023. As a reminder, I think we’ve talked before, 25% of our leases overall have a tighter CPI, the remaining 75% are market-driven. And by the time of our October earnings call, notices to about 50% of our MH residents will have been sent. So we’ll take a look and kind of figure that out. On the RV side of the business, the rates will have also been noticed. It’s a much greater percentage. It’s closer to 95% by November. So in this time period right now, the next three months, there’s a significant amount of activity related to setting rates that become effective in 2023.

Marguerite Nader

And then we would continue — so we anticipate that we will continue to see that transition from a transient and a seasonal to an annual. And if you think about it just from the — just considering the northern location, our properties are really attractive vacation opportunity for people to spend the summer 90 miles from their home, have their resort cottage there. And I think that that will only become more attractive.

Wes Golladay

Got it. And then I guess for Labor Day, how important is that for the quarter? And then when we look at that, the guidance, how much of that is just to having fewer sites because of the conversions and then maybe just demand being down? Would it imply that rate is still low to mid-single digits for the people that you show up?

Paul Seavey

Yes. I think that rate — yes, you’re right in terms of the rate increase. In terms of the impact of the weekend, our holiday weekends tend to be kind of a $2-ish million number for the contribution. So we anticipate something similar for Labor Day.

Operator

And our next question comes from the line of John Pawlowski from Green Street.

John Pawlowski

Paul, the reduction to 2022 revenue growth guidance after the second quarter beat expectations. Is that solely driven by transient? Or are there any other business lines that you have some incremental concern over?

Paul Seavey

Yes. It’s really driven by our transient business.

John Pawlowski

Okay. Maybe Paul or Marguerite, could you remind us the average turnover rate within the total Thousand Trails membership program? And then just in recent years and then historically, during soft economic times, how do you see that turnover rate, the attrition rate change?

Paul Seavey

Yes. well, we have — we kind of — we have two pieces inside that business. We have the legacy members and the attrition associated with them is about 10%. The cabin pass members, they have a higher attrition rate. That rate is closer to about 25%. I think on the legacy members, during — really through kind of the cycles that we’ve seen with our legacy membership, their decision-making really is built around the memories that they have at the properties and their desire to camp. And so our focus is on encouraging them to camp at the properties because we see that as the greatest indicator of retention more so than kind of their economic circumstances at a point in time. The Camp Pass membership has perhaps a bit more sensitivity to changes in the economy.

Operator

And our next question comes from the line of Anthony Hau from Truist.

Anthony Hau

What is the mark-to-market premium on the MH lot rent when there is a homeowner turnover today?

Paul Seavey

It’s going to vary broadly. With respect to Florida, we’ve been seeing 10% to 15%. It’s obviously a strong market for us and it’s a major driver of that growth for portfolio.

Marguerite Nader

And that’s borne out of market survey, basically, what’s happening in and around the community, looking at single-family rental, multifamily, MH and that those are important components which provides them what the market increase should be.

Anthony Hau

And what do you think that number will be by year-end? Do you think it will go up to like 20% and 25%?

Marguerite Nader

So I definitely really don’t think it’s going up to 20% or 25%. I think we look at it on a monthly basis. We look at what’s happening in and around our properties and also look at our resident base and understand that we have a long-term relationship with our resident base and want to make certain that we’re evaluating it from a fare [sic] perspective.

Operator

And our next question comes from the line of Anthony Powell from Barclays.

Anthony Powell

On transient, maybe just some more qualitative, I guess, thoughts on what you think is going on with the customer there? Is it an inflation that’s maybe impacted some customers? Is it the availability of alternate travel experiences? What do you think may be driving some of the softness? And I know it’s above ’19 but I guess, what do you think the right baseline is for us as we look at the business in the next several quarters, not just this year? Actually, trying to have — get a sense of where we should be on a run rate basis.

Marguerite Nader

Yes. I mean, I think there’s inflationary pressures in all areas which begin to put pressure on incremental or last men decisions. The transient line item is a volatile line item. It’s something that people are deciding, as Paul has walked through, based on the forward bookings. So what we’ve tried to do and lay out for you is our best guess of what we see happening for the rest of the year. But I think we’ve long said that this is a particular area that can surprise us on the negative or the positive. And you’ve seen that happen over the last 60 quarters within the business.

Anthony Powell

And maybe demographically, how does the seasonal and transient customer differ besides geographic origin? Are they similar in income and what not? And just maybe what’s your view on that seasonal customer over the next several quarters?

Marguerite Nader

Sure. The primary, the seasonal customer is the customer that stays with us in the South, Florida, Texas, Arizona and they stay with us, they’re snow birders. They get out — they’re getting out of the cold and spending 30, 60, 90 days with us. And in the quarter, we saw that group stay with us longer into April because of the weather was good in Florida, good in Arizona and it wasn’t so good up north.

Operator

And our next question comes from the line of Nick Joseph from Citi.

Nick Joseph

Marguerite, I want to go back to your comments about the cap rates. It sounds like they haven’t moved much and then maybe tie that to Paul’s commentary on the volatility in the capital markets. How much — when would you expect to see an impact to cap rates from higher interest rates? How much would they need to move before you think it would actually impact the transaction market?

Marguerite Nader

It’s difficult to answer that question. I think owners have seen really a decrease in the number of interested bidders due to the financing environment, so potential buyers are pulling back but they’re still seeing — sellers are still seeing twice as many bidders as they did six years ago. So they still seem like they’re very popular. I think the rising interest rate environment could present an incentive to sellers who were maybe not quite committed to a transaction and that may get them to move along. One of the deals that we closed in the quarter was to a seller who had developed a property in 1976 and was reaching a period in his life where he just wanted more freedom. And I think there might be more opportunities similar to that just because of the timing of when a lot of the RV park and manufactured home trees were built. I don’t know how long it takes for the cap rates to change and be affected. These assets are rely high demand and we continue to just see really strong demand for them. So there’s really no change in the cap rates.

Michael Bilerman

Marguerite, it’s Michael Bilerman. I just wanted to come back on RVs and transient and just explore a couple of topics. You talked a little bit about sort of alternative travel. And when you look at the front page of the journal this morning, air travel is breaking down at all levels of summer. I think the online was — air travel was broken. I would have thought that experience could have driven the opposite for your transient business. More people wanted to get in their cars, gas prices are down 10%, 15% off their peak travel costs and getting your car. Why are you not seeing that if the air travel was so bad?

Marguerite Nader

No, I — and we’ve talked about that a lot here and that everything in the paper is you’re going to take a flight and you’re not sure whether or not you’re going to get there. You better book two days — leave two days in advance to try to get there. So, I agree that that should be a driver. Although some people are — have their trip planned at Disney World and that’s where they want to go and they don’t want to drive from Chicago. But I do think that the comparison to — for our transient traffic, looking at it from 2019 to 2022 are significant increases. It’s just the year-over-year comparisons are difficult.

Operator

Our next question comes from the line of Michael Goldsmith from UBS.

Michael Goldsmith

My first question is on the expense expectations for the back half of the year. Core operating expense was up 7% in the second quarter. Biden calls for it to slow in the back half. Like what are the factors that can help kind of slow the growth of expenses in the back half of the year? And then as you look out, like, should expense be growing kind of in the rate of inflation? Is that the right way to think about it?

Paul Seavey

Sure. So each quarter as part of our process for determining any updates that we make to our guidance, we review our property level, our consolidated expenses for the quarter and year-to-date periods and identify any outliers in terms of expected growth. We then use the information to refine our projection for the remaining quarters in the year. And our second quarter expense results as well as the increase to our full year property expense expectations, they reflect the rapidly increasing CPI environment that we’ve been operating in throughout 2022; so we saw that. Now in terms of the deceleration, we also test our forecasted growth by reviewing our actual 2021 results. And in the latter half of last year, we incurred almost $5 million in R&M, legal, utility and some other expenses that we don’t expect to recur. So if the expense growth rates were adjusted, you’d see less of that deceleration that you mentioned.

Michael Goldsmith

Got it. That’s helpful. And my second question is on the transient revenue. I guess just try to put the performance in the 4th of July weekend into perspective. In the weekend surrounding the holiday weekend, this summer travel season, were core transient revenues ex the impact of the conversions, were those up year-over-year?

Paul Seavey

I’m sorry, Michael, core transient revenue ex the conversion…

Michael Goldsmith

Just like — Essentially, you’ve converted a number of transient RV sites, 40% to annual and to other types. But I guess what I’m trying to understand is were the weekends surrounding July 4 which seems like it was impacted by weather, among other things, were core — were RV transient revenues up if you back out impact of some of the conversions?

Paul Seavey

I think the answer to your question is that the conversions are not the sole reason for the decline in the transient pace. That there is — the factors that we talked about, again, weather is just there as a factor but then also some of the inflationary pressures, they are impacting the transient customer who would have been a transient customer last year or the year before and wasn’t transient customer this year impacting their decision.

Operator

This does conclude the question-and-answer session of today’s program. I’d like to hand the program back to Marguerite Nader for closing comments.

Marguerite Nader

Thank you for joining us today. We look forward to updating you in next quarter and are available for any questions you may have. Take care.

Operator

Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect. Good day. ###

Additional Information with More MHProNews Analysis and Commentary

There was barely a mention of legal issues in the above. Perhaps those involved in the call want to play down any concerns?

Equity Lifestyle Properties (ELS) Legal Defense of Suit by ELS Residents Brought by FeganScott Class Action Focused Attorneys – Case No 2:21-CV-14492-DMM Facts and Analysis

FeganScott Class Action v Manufactured Housing Institute Member ELS: “Announces Investigation into Equity LifeStyle Properties for Widespread, Chronic Neglect of Mobile Home Properties Across U.S.” – plus MHMarket Updates

Then, there was no serious mention of regulatory issues, such as the approaching DOE manufactured housing energy rule. Perhaps the target market for ELS – which they say 95 percent of their buyers pay cash for the homes that they sold in the quarter – won’t be impacted by the rule?

MHARRWarnsAffordableHousingManufacturedHomeConsumersProfessionalsAlertonDOEmanufacturedHousingEnergyRuleWoesTheyAssertAreConnectedToManufacturedHousingInstituteMHLivingNews — https://www.manufacturedhomelivingnews.com/mharr-warns-affordable-housing-and-manufactured-home-consumers-professionals-alert-on-doe-manufactured-housing-energy-rule-woes-they-assert-are-connected-to-manufactured-housing-institute/

ToutPublicOfficialsPraisingManufacturedHomesManufacturedHousingInstituteIronicUrgesTakeActionToSupportCostEffectiveMHenergyEfficiencyRequirementsFactsAnalysisMastMHProNews — https://www.manufacturedhomepronews.com/masthead/touting-public-officials-praising-manufactured-homes-manufactured-housing-institute-ironically-urges-take-action-to-support-cost-effective-mh-energy-efficiency-requirements/

Nor was there any mention of financing or zoning/placement issues. Again, for those who are paying cash, why would more competitive financing be an issue?

Then, there is a press for state-level as well as national protections for manufactured home community residents. That is another largely non-issue, based on this quarterly earnings call. Why? MHProNews/MHLivingNews revealed the answer to that some time ago, by highlighting this comment from ELS CEO Nader.

MargNaderPhotoEquityLifestylePropertiesLogoELSLogoQuoteOnRentControlManufacturedHomeCommunityProNewsLogo

The Cliff-notes version that this 2019 quote above reveals is as apt today as then. Companies like ELS know that “for us, its more of the same. I know — others [i.e. mom and pops, independents] are dealing with it [rent control] kind of for the first time, but we’ve been dealing with it for a while now.” ELS, and their fellow MHI members, apparently do not lose sleep over this issue.

bigCompaniesLoveRegulationsAnticompetitiveEveryNewRuleLimitsAbilityCompetitorsCompeteBigBizLobbyDealRegsSmallBusinessCanPutOutofBizCarolRothMHProNewsQuote

The reason is summed up in the Carol Roth quote above. So, when some readers wonder why there is not an outcry against Warren Buffett and like-minded leftist billionaires using dark money channels to financially support MHAction via the Tides nonprofit, the Nader/ELS/Roth insights are the reason.

SenateTestimonyHowPrivateEquityLandlordsChangingHousingMarketPrivateEquityStakeholderProjectLOGOHitsNewsPESPwantsMoreManufacturedHomeCommunitiesDevelopedMHVilleMarketsMHProNewsMHAction — https://www.manufacturedhomepronews.com/u-s-senate-banking-testimony-how-private-equity-landlords-are-changing-the-housing-market-private-equity-stakeholder-project-hits-news-more-mhc-development-wanted-plus-mhville/

VladimirLeninPhotoQUoteTheBestWayToControlOppositionIsToLeaditOurselvesAZQuotesLogoMHProNews

The disconnects between what the Manufactured Housing Institute (MHI) and their National Communities Council (NCC) say, do, and claim can be surprising to those who do not closely follow MHProNews/MHLivingNews reports, fact-checks, and analyses. For example, a few years ago, MHI was claiming there were some 38,000 land lease manufactured home communities (MHC), but they have steadily increased that tally toward the 43,000 MHC mark. That’s not because more communities are opening, but rather because MHI under-reported before and is closing in on a more accurate number since.

MobileHomeParksManufacturedHomeCommunitiesOpenClosedSince2000-2016DataCompLogoManufacturedHousingInstituteMHProNewsFactCheck — Estimates of community count opening and closing are based upon sources that ironically are all MHI members. This is one of several critical issues in our industry. For instance, fewer communities means that someone that may want to move from one community to another for whatever reason may be unable to do so. That and other factors are pressing site fees higher, harming land-lease affordability for hundreds of thousands of manufactured home residents.

The aim of numbers of portfolio operators in the manufactured housing space is consolidation. Relatively few ‘greenfield’ developments are opening, despite the facts admitted below.

GarySchiffmanPhotoSunCommunitiesLogoQuoteDevelopNewsSitesForLessThanBuyAtCurrentCapRates — “Drew, it’s Gary. There certainly is and it’s certainly the West Coast, certainly right up to the Northwest is area of concentration where we feel, we can actually develop communities to a better return for our shareholders than buying them at the cap rates that they’re trade at currently.” From a Seeking Alpha earnings call transcript.

In the third-party governmental research report linked below it was determined that manufactured home communities with homes could be developed at a lower cost than multifamily housing. That begs the question, where is the push to do more new greenfield developments? Why aren’t MHI/NCC and/or state associations pressing to have more new land-lease communities developed?

DemocratsRepublicansAgreeManufacturedHomesCanPlayVitalRoleEasingAffordableHousingShortageMHLivingNews600 — *https://www.manufacturedhomelivingnews.com/democrats-republicans-agree-manufactured-homes-can-play-a-vital-role-in-easing-the-affordable-housing-shortage/*

The bottom lines are often revealed by the more notorious operators, who also happen to have ties to MHI. Namely, that by avoiding new developments, and allowing policies and behaviors that drive ‘white hat’ mom and pops out of the industry, the net result is that consolidation is accelerating. The values on those properties are driven up through the law of supply and demand (scarcity = higher value).

GaryASchiffmanPhotoSunCommunitiesIncLogoMHIlogoSUIChairCEOShiffmanQuoteNoNatllRepositoryInfoScarcityAvailableManufacturedHousingCommunitiesLatestManufacturedHomeInvestingStockUpdates — https://www.manufacturedhomepronews.com/sun-communities-chair-ceo-gary-a-shiffman-no-national-repository-of-information-scarcity-of-available-manufactured-housing-communities-latest-result-plus-manufac/

FrankRolfeSaysWhyYouShouldNeverBuildMobileHomeParkSeriouslyFactCheckAnalysisManufacturedHomeLivingNews — *https://www.manufacturedhomelivingnews.com/frank-rolfe-says-why-you-should-never-build-a-mobile-home-park-seriously-fact-check-and-analysis/*

CastleMoatMobileHomeUFrankRolfeDaveReynoldsImpactManHousingInstituteRolfeReynoldsRipBidenTippingPointNoGoodNewsDisasterousPoliciesMarketRiskMobileHomeParkWinnersLosers — *https://www.manufacturedhomepronews.com/mhu-frank-rolfe-dave-reynolds-rip-biden-regime-tipping-point-no-good-news-disastrous-policies-market-risk-vs-mobile-home-parks/*

RossPartrichCEO-RHPpropertiesBayshoreHomeSalesRespondsResidentComplaintsReportMainstreamMediaMHProNewsFactPackedExclusivePlusManufacturedHomeStocksMarketsUpdateMHProNews — https://www.manufacturedhomepronews.com/ross-partrich-ceo-of-rhp-properties-responds-to-resident-complaints-reported-by-mainstream-media-mhpronews-fact-packed-exclusive-plus-manufactured-home-stocks-markets-update/

An antitrust Congressional subcommittee recently did a bipartisan study on issues that may in 2023 and beyond hit home in the manufactured home community sector as well as other parts of the economy. MHProNews plans a report on that topic in the near term. But until then, check out the analysis by Samuel “Sam” Knudson of Knudson Law who makes the argument that MHI and some of their key members are guilty of “felony” antitrust violations.

SamStrommenIMGKnudsonLawUSDSchoolLawLOGOs — *https://www.manufacturedhomelivingnews.com/strommen-felony-conspiracy-case-monopolization-of-affordable-manufactured-housing-and-manufactured-home-communities-rube-goldberg-machine-of-human-suff/*

Strommen specifically mentions the REIT component of the industry, which of course would include ELS and its fellow “proud members” of MHI.

StrommenKnudsonLawProudMemberManHousingInstituteMHIClaytonHomesSkylineChampionNewCavcoLogoSunCommunitiesELSPropertiesFlagshipRHPpropertiesFlagshipCommunitiesImpactCommunitiesLogo — *https://www.manufacturedhomelivingnews.com/strommen-felony-conspiracy-case-monopolization-of-affordable-manufactured-housing-and-manufactured-home-communities-rube-goldberg-machine-of-human-suff/*

Programming Notice: The item linked immediately below is scheduled to go live mid-afternoon 7.25.2022.

ManufacturedHomeWhitePaperRipsManufacturedHousingInstituteExploitation-PosturingOnBehalfOfAllSegmentsIndustryMediaReleaseDocumentsAllegationsAnalysisViewpointsMastMHProNews — https://www.manufacturedhomepronews.com/masthead/manufactured-home-white-paper-rips-manufactured-housing-institute-mhi-exploitation-posturing-on-behalf-of-all-segments-industry-media-release-documents-allegations-a/

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Again, our thanks to free email subscribers and all readers like you, our tipsters/sources, sponsors and God for making and keeping us the runaway number one source for authentic “News through the lens of manufactured homes and factory-built housing” © where “We Provide, You Decide.” © ## (Affordable housing, manufactured homes, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)

CongRepAlGreenDeskTamasKovachLATonyKovachPhoto12.3.2019ManufacturedHomeProNews — Our son has grown quite a bit since this 12.2019 photo. All on Capitol Hill were welcoming and interested in our manufactured housing industry related concerns. But Congressman Al Green’s office was tremendous in their hospitality. Our son’s hand is on a package that included the Constitution of the United States, bottled water, and other goodies.

By L.A. “Tony” Kovach – for MHProNews.com.

Tony earned a journalism scholarship and earned numerous awards in history and 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. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.

http://latonykovach.com

Connect on LinkedIn: http://www.linkedin.com/in/latonykovach

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