Included in Part I of today’s report are the January 30, 2023 Equity LifeStyle Properties (ELS) press release facts and figures plus their January 31, 2023 earnings call transcript. That transcript from Seeking Alpha (SA) has some edits made by MHProNews reflected with [bracketed] words. Those bracketed words represent corrections in apparent typos, as do some strikeouts that aim to correct an apparent typo in the SA transcript. That noted, the content is almost completely in line with what the respective sources (ELS, Seeking Alpha) published, with one additional caveat. MHProNews has added highlighting on several comments deemed to be noteworthy in our editorial and expert view of the manufactured home industry. That’s not to divert attention from other facts, statements or insights. For new readers who are researchers, investors, attorneys, or public officials seeking insights, our focus is obviously on the manufactured housing. Their remarks and information on recreational vehicles (RVs) sites, marina slips, and campgrounds remain. With those qualifiers disclosed, among the highlighted pull quotes below is from their press release, which includes a cautionary note for investors due to what they said was the possible: “impact of government intervention to stabilize site-built single-family housing and not manufactured housing…” (bold emphasis is added).
That remark, as well as others highlighted by MHProNews, are arguably significant on several levels. One, it seems to directly contradict recent Manufactured Housing Institute (MHI) and their surrogates’ talking points. MHI claimed that they have worked with the Biden Administration and Congress to get their priorities addressed. But the Manufactured Housing Association for Regulatory Reform (MHARR) says MHI is posturing without actually accomplishing their stated goals. See the linked reports to learn more.
ELS Remark Apparently Supports MHARR Claim
Put differently, what MHARR alleges with evidence in their White Paper has apparently been supported by ELS’ remark on the “impact of government intervention to stabilize site-built single-family housing and not manufactured housing.” This is significant to industry professionals, investors, affordable housing seekers, advocates, and others.
ELS’ Remark Demonstrates Example How Industry and National Politics Impact Manufactured Housing
With one eye on politics (manufactured home industry politics as well as national politics), several fascinating insights bubble up to the surface from that “impact of government intervention to stabilize site-built single-family housing and not manufactured housing” and other ELS remarks, such as on inflation, financing, and more.
As a brief but relevant aside, millions say that they ‘hate’ politics, which is understandable. After all, politics has been described as a dirty business. News headlines daily underscore how ugly and corrupt politics can be. That said, ignoring politics arguably isn’t the proper response to ‘hating’ politics. Why?
Because the reality is that those who avoid so-called political topics are doing so at their own peril. Who says?
- Nobel Prize winning author Thomas Mann once said: “Everything is politics.”
- Award-winning and left-leaning Paul Krugman of left-leaning New York Times fame was cited by JSTOR as remarking that ‘Everything Is Political.’
- Feminist and writer Carol Hanisch’s published an essay titled “The Personal is Political” (1970, cited by ThoughtCo, Psyche.co, and others), which is another way of saving that even personal matters have a political relevance. Hanisch reportedly said that she was not the first to say so.
- So, for approaching a century in the U.S. there are notable voices that have stressed the importance of understanding politics.
- As a quick aside as to sources, per JSTOR’s own site: “JSTOR is a digital library for the intellectually curious. ”JSTOR per left-leaning Wikipedia is: “JSTOR is a digital library founded in 1995 in New York City. Originally containing digitized back issues of academic journals, it now encompasses books and other primary sources as well as current issues of journals in the humanities and social sciences.”
- Back to Mann, Creative Associates cited his “Everything is Politics” statement and then noted that “thinking and working politically (TWP) is at the core of all we do in development.” They went on to say about TWP: “Our real-world experiences have taught us that TWP can be an effective tool for more than donors and implementing partners. TWP can serve as a way of working among local actors to guide strategic decision making and as a tool for empowerment.”
In business as well as in personal (individual) lives, the evidence makes clear that those who ignore politics do so at their own risk. Big businesspeople routinely are engaged in politics, which is the opposite of ignoring politics.
For example. Warren Buffett (Berkshire Hathaway or BRK) is a prime example of a corporate leader who is prominent in manufactured housing and other industries who is deftly involved in politics in a variety of ways. Buffett’s politics, and that of his partner Charles “Charlie” Munger, J.D., are demonstrably more left-leaning or pro-Democratic. That’s not to say that they don’t wield influence (think campaign donations, nonprofits, media, or other forms of influence) over political and bureaucratic (think regulatory) issues with so-called “Establishment Republicans,” they do.
Notice: the graphic below can be expanded to a larger size.
See instructions below graphic, or click and follow the prompts.
As another brief but relevant aside, Wikipedia says: “The Establishment is a term used to describe a dominant group or elite that controls a polity or an organization.” Wiktionary says an Establishment Republicans is “A moderate or liberal member of the US Republican Party.” But to the point of the first definition, an “establishment” candidate is one who is ‘controlled’ by an “organized society” or “as a political entity.”
It is apparent to those who pay close attention that larger companies are often keenly engaged in political and lobbying efforts through a variety of means that include using media, nonprofits, campaign contributions, the revolving door between government and private enterprise, and so on.
ELS and Industry Politics
For example, in manufactured housing and pivoting back to ELS specifically.
ELS is a prominent Manufactured Housing Institute (MHI) member. MHI has an ELS executive on the MHI “executive committee” (the so-called ‘elected’ powers behind the MHI board of directors). ELS President and CEO Marguerite Nader has also called MHI ‘their’ trade association. While Nader’s remark might be interpreted as a mere figure of speech, one should approach her comment as an apparent example of oligopoly style economic feudalism or oligopoly style corporatist (fascist) operating in the manufactured home market which other MHI members who are publicly traded firms have described the manufactured housing industry as “fragmented.” That term “fragmented” means there are (and certainly were more so in past years) literally thousands of more independently owned locations. Those independent locations are referred to as ‘mom and pop’ or family-owned businesses as distinct from corporate ownership. Examples of corporate ownership among manufactured home community (MHC) operators include publicly traded firms such as ELS, Sun Communities (SUI), UMH Properties (UMH), Flagship Communities (MHC–UN.TO), or those owned by RHP Properties, Impact Communities (Frank Rolfe, Dave Reynolds), Havenpark Communities, etc. the later three of which are ‘privately owned’ but they and others in that group still may have private equity from publicly traded entities involved.
MHI asserts they are nonpartisan. A close look at their MHI PAC would certainly reflect contributions to members of both major parties. But before and during the Trump Administration, some statements and/or actions could be understood as being more Democratic supporting, although they may have had corporate and/or staff leaders that said otherwise (e.g.: Tim Williams, 21st Mortgage Corp). So, politics is an issue that savvy professionals as well as investors are wise to keep an eye upon. MHARR asserts that opportunities were frittered away by MHI during the Trump Administration.
So, with one eye on politics, several fascinating insights bubble up to the surface from the ELS remarks. More on that in Part II that follows Part I, below.
Part I. Equity LifeStyle Properties (ELS) 4th Quarter 2022 Results, per their own data
Per their Nov 2022 Investor Presentation, which MHProNews plans to examine and unpack in a planned future report, ELS had 202 manufactured home communities with “74,500 sites” as of 10.31.2022. Per their other statements, no other manufactured home communities were apparently added in the 4th quarter (see their various remarks, below). While ELS certainly outshines some other manufactured home community operations in total sales, which they reported a ‘record year’ in 2022. The PDF for the ELS release that follows is linked here.
Part I a.
ELS REPORTS FOURTH QUARTER RESULTS
Continued Strong Performance;
Provides 2023 Guidance and Increases Annual Dividend
CHICAGO, IL – January 30, 2023 – Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as “we,” “us,” and “our”) today announced results for the quarter and year ended December 31, 2022. All per share results are reported on a fully diluted basis unless otherwise noted.
Financial Results for the Quarter and Year Ended December 31, 2022
For the quarter ended December 31, 2022, total revenues increased $5.3 million, or 1.6%, to $340.6 million, compared to $335.3 million for the same period in 2021. For the quarter ended December 31, 2022, net income available for Common Stockholders increased $7.5 million, to $73.0 million, or $0.39 per Common Share, compared to $65.5 million, or $0.36 per Common Share, for the same period in 2021.
For the year ended December 31, 2022, total revenues increased $130.7 million, or 9.9%, to $1,447.1 million, compared to $1,316.4 million for the same period in 2021. For the year ended December 31, 2022, net income available for Common Stockholders increased $22.1 million, or $0.10 per Common Share, to $284.6
million, or $1.53 per Common Share, compared to $262.5 million, or $1.43 per Common Share, for the same period in 2021.
Non-GAAP Financial Measures and Portfolio Performance
For the quarter ended December 31, 2022, Funds from Operations (“FFO”) available for Common Stock and OP Unit holders increased $3.6 million, or $0.01 per Common Share, to $126.6 million, or $0.65 per Common Share, compared to $123.0 million, or $0.64 per Common Share, for the same period in 2021. For the year ended December 31, 2022, FFO available for Common Stock and OP Unit holders increased $38.0 million, or $0.16 per Common Share, to $523.6 million, or $2.68 per Common Share, compared to $485.6 million, or $2.52 per Common Share, for the same period in 2021.
For the quarter ended December 31, 2022, Normalized Funds from Operations (“Normalized FFO”) available for Common Stock and OP Unit holders increased $4.6 million, or $0.02 per Common Share, to $128.1 million, or $0.66 per Common Share, compared to $123.6 million, or $0.64 per Common Share, for the same period in 2021. For the year ended December 31, 2022, Normalized FFO available for Common Stock and OP Unit holders increased $42.7 million, or $0.19 per Common Share, to $531.6 million, or $2.72 per Common Share, compared to $489.0 million, or $2.53 per Common Share, for the same period in 2021.
For the quarter ended December 31, 2022, property operating revenues, excluding deferrals, increased $9.8 million to $306.4 million, compared to $296.6 million for the same period in 2021. For the year ended December 31, 2022, property operating revenues, excluding deferrals, increased $91.9 million to $1,277.5 million, compared to $1,185.6 million for the same period in 2021. For the quarter ended December 31, 2022, income from property operations, excluding deferrals and property management, increased $8.2 million to $180.6 million, compared to $172.4 million for the same period in 2021. For the year ended December 31, 2022, income from property operations, excluding deferrals and property management, increased $49.9 million to $731.9 million, compared to $682.0 million for the same period in 2021.
For the quarter ended December 31, 2022, Core property operating revenues, excluding deferrals, increased approximately 5.1% and Core income from property operations, excluding deferrals and property management, increased approximately 7.3%, compared to the same period in 2021. For the year ended December 31, 2022, Core property operating revenues, excluding deferrals, increased approximately 6.1% and Core income from property operations, excluding deferrals and property management, increased approximately 5.7%, 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 2023 guidance.
Investment Activity
In November 2022, we acquired an 80% interest in a joint venture with RVC Outdoor Destinations for a total purchase price of $2.4 million. The joint venture owns one Recreational Vehicle (“RV”) property under construction located in Sandusky, Ohio.
In November 2022, we acquired a 50% interest in a joint venture with Kampgrounds of America for a total purchase price of $5.1 million. The joint venture owns and operates, through its wholly owned subsidiary, Bald Mountain RV, LLC, a 283-site RV community located in Hiawassee, Georgia.
In December 2022, we completed the acquisition of Whippoorwill, a 288-site RV community located in Marmora, New Jersey for a purchase price of $21.8 million.
2023 Dividends
Our Board of Directors has approved setting the annual dividend rate for 2023 at $1.79 per share of
Common Stock, an increase of 9.1%, or $0.15, over the current $1.64 per share of Common Stock for 2022. Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of January 30, 2023, we own or have an interest in 448 properties in 35 states and British Columbia consisting of 170,965 sites.
For additional information, please contact our Investor Relations Department at (800) 247-5279 or at investor_relations@equitylifestyle.com.
Conference Call
A live audio webcast of our conference call discussing these results will take place tomorrow, Tuesday, January 31, 2023, 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 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;
- the effect of Hurricane Ian on our business including, but not limited to the following: (i) the timing and cost of recovery, (ii) the impact of the condition of properties and homes on occupancy demand and related rent revenue and (iii) the timing and amount of insurance proceeds;
- 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 2023 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 2023 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 and Financial Update
- Net income available for Common Stockholders was $1.53 per fully diluted share, for the year ended December 31, 2022, 7.0% higher than the year ended December 31, 2021.
- Normalized FFO per Common Share on a fully diluted basis was $2.72 for the year ended December 31, 2022, 7.4% higher than the year ended December 31, 2021.
- Acquired four RV communities, one membership RV community, an 80% interest in two joint ventures with RV properties under development, a 50% interest in one joint venture with one RV community, and three land parcels with an aggregate value of approximately $150.9 million.
- Added 1,036 expansion sites during the year ended December 31, 2022.
- New home sales of 1,176 for the year ended December 31, 2022, which was the highest in company history.
- During the year ended December 31, 2022, we entered into a $200.0 million unsecured term loan agreement. The term of the loan is five years and bears interest at a rate of Secured Overnight Financing Rate (“SOFR”) plus approximately 1.30% to 1.80%, depending on leverage levels.
- During the year ended December 31, 2022, we closed on a secured refinancing transaction generating gross proceeds of $200.0 million. The loan is secured by one MH community, has a fixed interest rate of 3.36% per annum and matures in 11 years.
- During the year ended December 31, 2022, we entered into our current at-the-market (“ATM”) equity offering program with an aggregate offering price of up to $500.0 million. The full capacity remains available for issuance.
- Recognized $40.6 million of expenses for debris removal and cleanup costs related to Hurricane Ian and an offsetting insurance recovery revenue accrual of $40.6 million for the quarter and year ended December 31, 2022.
- Recorded a $5.4 million reduction to the carrying value of certain assets and offsetting insurance recovery revenue of $5.4 million as a result of Hurricane Ian for the year ended December 31, 2022.
Core Portfolio
- Core portfolio generated growth of 5.7% in income from property operations, excluding deferrals and property management, for the year ended December 31, 2022, compared to the year ended December 31, 2021.
- Core MH base rental income increased by 5.8% during the year ended December 31, 2022, compared to the year ended December 31, 2021. The increase is due to 5.4% growth from rate increases and 0.4% from occupancy gains.
- Maintained average Core MH occupancy at 95.1% for the years ended December 31, 2022 and 2021.
- Manufactured homeowners within our Core portfolio increased by 637 to 66,069 as of December 31, 2022, compared to 65,432 as of December 31, 2021.
- Core RV and marina base rental income for the year ended December 31, 2022 increased by 9.1%, compared to the year ended December 31, 2021.
- Combined Core Seasonal and Transient RV base rental income for the year ended December 31, 2022 increased by
9.5% or $11.1 million, compared to the year ended December 31, 2021.
- RV Annual occupancy within our Core RV and Thousand Trails portfolios increased by 570 during the year ended December 31, 2022, compared to the year ended December 31, 2021.
Non-Core Portfolio
- During the quarter ended December 31, 2022, operations at our Fort Myers Beach, Gulf Air, Pine Island, and Ramblers Rest properties were interrupted as a result of Hurricane Ian, therefore we designated them as Non-core properties. This change is reflected throughout the results represented in this release and in our Supplemental Financial Information package.
($ in millions, except per share) 2023
First Quarter Full Year
Net Income/share $0.42 to $0.48 $1.65 to $1.75
FFO/share $0.70 to $0.76 $2.79 to $2.89
Normalized FFO/share $0.70 to $0.76 $2.79 to $2.89
2022 Actual 2023 Growth Rates
Core Portfolio: First Quarter Full Year First Quarter Full Year
MH base rental income $154.4 $626.0 6.0% to 6.6% 6.0% to 7.0% RV and marina base rental income (3) $102.7 $393.4 5.8% to 6.4% 5.7% to 6.7%
Property operating revenues $310.2 $1,240.2 5.7% to 6.3% 5.7% to 6.7%
Property operating expenses $124.9 $526.4 7.5% to 8.1% 6.7% to 7.7%
Income from property operations, excluding deferrals $185.3 $713.8 4.4% to 5.0% 5.0% to 6.0%
and property management
Non Core Portfolio: 2023 Full Year
Income from property operations, excluding deferrals
and property management $17.7 to $21.7
Other Guidance Assumptions: 2023 Full Year
Property management and general administrative $114.4 to $120.4
Debt Assumptions:
Weighted average debt outstanding $3,300 to $3,500
Interest and related amortization $127.5 to $133.5
- First quarter and full year 2023 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 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 2023 guidance assumptions.
- Guidance assumptions do not include future capital events (financing transactions, acquisitions or dispositions) or the use of free cash flow.
- Core RV Annual revenue represents approximately 61.5% and 66.5% of first quarter 2023 and full year 2023 RV and marina base rental income, respectively. Core RV Annual revenue first quarter 2023 growth rate range is 2% to 8.8% and the full year 2023 growth rate range is 7.5% to 8.5%.
| Investor Information
Equity Research Coverage(1) |
||
| Bank of America Securities | Barclays | BMO Capital Markets |
| Jeffrey Spector/Joshua Dennerlein | Anthony Powell | John Kim |
| Citi Research | Colliers Securities | Evercore ISI |
| Nick Joseph | David Toti | Steve Sakwa/Samir Khanal |
| Green Street Advisors | RBC Capital Markets | Robert W. Baird & Company |
| John Pawlowski | Brad Heffern | Wes Golladay |
| Truist | UBS | Wolfe Research |
| Anthony Hau | Michael Goldsmith | Andrew Rosivach/Keegan Carl |
______________________
- 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 Quarter Ended
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2022 2022 2022 2022 2021
| Total revenues ………………………………………………………………………………………. | $ 340.6 | $ 381.0 | $ 365.3 | $ 360.2 | $ 335.3 |
| Net income …………………………………………………………………………………………… | $ 76.7 | $ 70.5 | $ 64.6 | $ 87.1 | $ 68.8 |
| Net income available for Common Stockholders ………………………………………. | $ 73.0 | $ 67.2 | $ 61.5 | $ 82.9 | $ 65.5 |
| Adjusted EBITDAre (1) …………………………………………………………………………..
|
$ 159.2 | $ 166.4 | $ 153.3 | $ 168.4 | $ 150.7 |
| FFO available for Common Stock and OP Unit holders (1)(2) ……………………….
|
$ 126.6 | $ 134.4 | $ 121.6 | $ 140.9 | $ 123.0 |
| Normalized FFO available for Common Stock and OP Unit holders (1)(2) …….. | $ 128.1 | $ 136.8 | $ 125.3 | $ 141.4 | $ 123.6 |
| Funds Available for Distribution (“FAD”) for Common Stock and OP Unit holders (1)(2) ……………………………………………………………………………………………
Common Shares and OP Units Outstanding (In thousands) and Per Share Data |
$ 106.9 | $ 115.4 | $ 103.6 | $ 125.1 | $ 102.3 |
| Common Shares and OP Units, end of the period ………………………………………
Weighted average Common Shares and OP Units outstanding – Fully Diluted Net income per Common Share – Fully Diluted (3) ……………………………………..
FFO per Common Share and OP Unit – Fully Diluted ……………………………….. Normalized FFO per Common Share and OP Unit – Fully Diluted ……………… Dividends per Common Share ………………………………………………………………… Balance Sheet Total assets …………………………………………………………………………………………… Total liabilities ……………………………………………………………………………………… Market Capitalization Total debt (4) ………………………………………………………………………………………….
Total market capitalization (5)…………………………………………………………………..
Ratios Total debt / total market capitalization …………………………………………………….. Total debt / Adjusted EBITDAre (6)………………………………………………………….
Interest coverage (7) ………………………………………………………………………………..
Fixed charges(8) ……………………………………………………………………………………..
|
195,386
195,281 $ 0.39 $ 0.65 $ 0.66 $ 0.4100 $ 5,493 $ 3,975 $ 3,416 $ 16,038 |
195,380
195,269 $ 0.36 $ 0.69 $ 0.70 $ 0.4100 $ 5,405 $ 3,886 $ 3,329 $ 15,607 |
195,373
195,227 $ 0.33 $ 0.62 $ 0.64 $ 0.4100 $ 5,400 $ 3,878 $ 3,298 $ 17,066 |
195,303
195,246 $ 0.45 $ 0.72 $ 0.72 $ 0.4100 $ 5,265 $ 3,734 $ 3,193 $ 18,130 |
194,946
193,412 $ 0.36 $ 0.64 $ 0.64 $ 0.3625 $ 5,308 $ 3,822 $ 3,303 $ 20,392 |
| 21.3 % 21.3 % 19.3 % 17.6 % 16.2 %
5.3 5.2 5.3 5.2 5.6 5.6 5.7 5.7 5.7 5.5 5.6 5.6 5.6 5.6 5.5 |
|||||
______________________
- 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.
- 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.
- Net income per Common Share – Fully Diluted is calculated before Income allocated to non-controlling interest – Common OP Units.
- Excludes deferred financing costs of approximately $28.1 million as of December 31, 2022.
- See page 17 for the calculation of market capitalization as of December 31, 2022.
- Calculated using trailing twelve months Adjusted EBITDAre.
- Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.
- 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)
December 31, 2022 December 31, 2021
Assets
Investment in real estate:
| (unaudited) | |
| $
|
2,084,532
4,115,439 1,169,590 |
|
|
7,369,561
(2,258,540) |
|
|
5,111,021 22,347
45,356 81,404 50,441 181,950 |
| $ | 5,492,519 |
| $
|
2,693,167 496,817
198,000 175,148 197,743 11,739 122,318 80,102 |
| 3,975,034 | |
|
|
—
1,916 1,628,618 (204,248) 19,119 |
|
|
1,445,405 72,080 |
| 1,517,485 | |
| $ | 5,492,519 |
|
|
6,989,064
(2,103,774) |
|
|
4,885,290
123,398 39,955 70,312 47,349 141,567 |
| $ | 5,307,871 |
| $
|
2,627,783 297,436
349,000 172,285 176,439 9,293 118,696 70,768 |
| 3,821,700 | |
|
|
—
1,913 1,593,362 (183,689) 3,524 |
|
|
1,415,110 71,061 |
| 1,486,171 | |
| $ | 5,307,871 |
Land …………………………………………………………………………………………………………………..$ 2,019,787
Land improvements …………………………………………………………………………………………….. 3,912,062
Buildings and other depreciable property ……………………………………………………………….. 1,057,215
Accumulated depreciation ……………………………………………………………………………………. Net investment in real estate …………………………………………………………………………..
Cash and restricted cash ………………………………………………………………………………………………. Notes receivable, net …………………………………………………………………………………………………… Investment in unconsolidated joint ventures …………………………………………………………………… Deferred commission expense ……………………………………………………………………………………… Other assets, net …………………………………………………………………………………………………………. Total Assets …………………………………………………………………………………………………
Liabilities and Equity Liabilities:
Mortgage notes payable, net …………………………………………………………………………………. Term loan, net …………………………………………………………………………………………………….. Unsecured line of credit ………………………………………………………………………………………..
Accounts payable and other liabilities ……………………………………………………………………. Deferred membership revenue ……………………………………………………………………………….
Accrued interest payable ……………………………………………………………………………………….
Rents and other customer payments received in advance and security deposits ……………
Distributions payable …………………………………………………………………………………………… Total Liabilities …………………………………………………………………………………………..
Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2022 and December 31, 2021; none issued and outstanding.
Common stock, $0.01 par value, 600,000,000 shares authorized as of December 31, 2022 and December 31, 2021; 186,120,298 and 185,640,379 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively.
Paid-in capital ……………………………………………………………………………………………………..
Distributions in excess of accumulated earnings ………………………………………………………
Accumulated other comprehensive income …………………………………………………………….. Total Stockholders’ Equity ……………………………………………………………………………. Non-controlling interests – Common OP Units ………………………………………………………..
Total Equity ………………………………………………………………………………………………..
Total Liabilities and Equity …………………………………………………………………………
Consolidated Statements of Income
(In thousands, unaudited)
Quarters Ended December 31, Years Ended December 31,
Revenues:
| $
|
1,118,601 63,215
34,661 (21,703) 56,144 180,179 7,430 8,553 |
|
|
1,447,080
443,157 74,145 23,513 (3,196) 74,083 202,362 139,012 27,321 44,857 — 8,646 1,156 116,562 |
|
|
1,151,618
— |
|
|
295,462 3,363 |
| 298,825 | |
|
|
(14,198) (16) |
| $ | 284,611 |
| $
|
269,190
16,212 6,890 (3,475) 12,828 35,242 2,084 1,633 |
|
|
340,604
101,677 17,772 5,047 (450) 18,110 49,625 27,118 6,175 10,022 — 1,769 — 31,286 |
|
|
268,151 3,747 |
|
|
76,200 474 |
| 76,674 | |
|
|
(3,635)
(8) |
| $ | 73,031 |
Rental income ………………………………………………………………..$ 258,282 $ 1,032,575 Annual membership subscriptions ……………………………………. 15,203 58,251 Membership upgrade sales current period, gross ………………… 6,927 36,270
Membership upgrade sales upfront payments, deferred, net … (3,945) (25,079)
Other income …………………………………………………………………. 13,539 50,298
Gross revenues from home sales, brokered resales and
ancillary services (1) ………………………………………………………… 42,467 152,517 Interest income ………………………………………………………………. 1,702 7,016
Income from other investments, net ………………………………….. 1,159 4,555
Total revenues …………………………………………………………….. 335,334 1,316,403
Expenses:
Property operating and maintenance …………………………………. 98,283 398,983 Real estate taxes …………………………………………………………….. 18,517 72,671 Sales and marketing, gross ………………………………………………. 4,756 23,743
Membership sales commissions, deferred, net …………………… (670) (5,075)
Property management …………………………………………………….. 17,024 65,979 Depreciation and amortization …………………………………………. 50,317 188,444
Cost of home sales, brokered resales and ancillary services
(1) …………………………………………………………………………………. 35,081 120,623
Home selling expenses and ancillary operating expenses (1) …. 5,949 23,538
General and administrative (1) ………………………………………….. 8,983 39,576 Casualty-related charges/(recoveries), net (2) ……………………… — —
Other expenses (1) …………………………………………………………… 1,398 4,241 Early debt retirement ………………………………………………………. — 2,784
Interest and related amortization ………………………………………. 108,718
Total expenses …………………………………………………………….. 1,044,225 Gain/(loss) on sale of real estate and impairment, net (3) ……
Income before equity in income of unconsolidated joint
ventures ………………………………………………………………………… 67,745 272,119
Equity in income of unconsolidated joint ventures …………… 1,095 3,881
Consolidated net income …………………………………………………. 68,840 276,000
Income allocated to non-controlling interests – Common OP
Units …………………………………………………………………………….. (3,286) (13,522)
Redeemable perpetual preferred stock dividends ……………….. (8) (16)
Net income available for Common Stockholders …………….$ 65,546 $ 262,462
______________________
- Prior period amounts have been reclassified to conform to the current period presentation.
- Casualty-related charges/(recoveries), net includes debris removal and cleanup costs related to Hurricane Ian of $40.6 million and insurance recovery revenue of $40.6 million for the quarter and year ended December 31, 2022.
- Reflects a $1.7 million reduction to the carrying value of certain assets as a result of Hurricane Ian and insurance recovery revenue of $5.4 million for the quarter ended December 31, 2022. Reflects a $5.4 million reduction to the carrying value of certain assets and insurance recovery revenue of $5.4 million as a result of Hurricane Ian for the year ended December 31, 2022.
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 19-21.
Selected Non-GAAP Financial Measures
(In millions, except per share data, unaudited)
Quarter Ended December 31, 2022
| $
|
174.8
5.8 (28.1) 6.9 (31.3) |
| $
|
128.1
(0.4) (1.1) |
| $ | 126.6 |
| $0.65
$0.66 |
|
| $
|
128.1
(21.2) |
| $ | 106.9 |
Income from property operations, excluding deferrals and property management – 2022 Core (1) …………………………….
Income from property operations, excluding deferrals and property management – Non-Core (1) ……………………………..
Property management and general and administrative ………………………………………………………………………………………..
Other income and expenses (excluding transaction/pursuit costs) …………………………………………………………………………
Interest and related amortization ………………………………………………………………………………………………………………………
Normalized FFO available for Common Stock and OP Unit holders (2)………………………………………………………..
Transaction/pursuit costs (3)……………………………………………………………………………………………………………………………..
Lease termination expenses (4)………………………………………………………………………………………………………………………….
FFO available for Common Stock and OP Unit holders (2) …………………………………………………………………………..
FFO per Common Share and OP Unit – Fully Diluted ………………………………………………………………………………………… Normalized FFO per Common Share and OP Unit – Fully Diluted ……………………………………………………………………….
Normalized FFO available for Common Stock and OP Unit holders (2)………………………………………………………..
Non-revenue producing improvements to real estate ………………………………………………………………………………………….
FAD for Common Stock and OP Unit holders (2)…………………………………………………………………………………………
| Weighted average Common Shares and OP Units – Fully Diluted ……………………………………………………………………….. | 195.3 |
______________________
- See pages 11-12 for details of the Core Income from Property Operations, excluding deferrals and property management. See page 13 for details of the Non-Core Income from Property Operations, excluding deferrals and property management.
- 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.
- Represents transaction/pursuit costs related to unconsummated acquisitions included in Other expenses in the Consolidated Statements of Income on page 6.
- Represents non-operating expenses associated with the Westwinds ground leases that terminated on August 31, 2022. As such, the expenses are not comparable from period to period and have been added back to Normalized FFO.
Reconciliation of Net Income to Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)
Quarters Ended December 31, Years Ended December 31,
| $
|
284,611 14,198
21,703 (3,196) 202,362 3,886 — |
|
|
523,564 1,156
3,807 3,119 |
|
|
531,646
(80,527) |
| $ | 451,119 |
| $
|
73,031 3,635
3,475 (450) 49,625 1,075 (3,747) |
|
|
126,644
— 423 1,046 |
|
|
128,113
(21,246) |
| $ | 106,867 |
Net income available for Common Stockholders ………………………$ 65,546 $ 262,462 Income allocated to non-controlling interests – Common OP Units .. 3,286 13,522 Membership upgrade sales upfront payments, deferred, net ………….. 3,945 25,079
Membership sales commissions, deferred, net …………………………….. (670) (5,075)
Depreciation and amortization …………………………………………………… 50,317 188,444 Depreciation on unconsolidated joint ventures …………………………….. 536 1,083 (Gain)/loss on sale of real estate and impairment, net (1) ……………….. — 59
FFO available for Common Stock and OP Unit holders 122,960 485,574
Early debt retirement ………………………………………………………………… — 2,784
Transaction/pursuit costs (2) ………………………………………………………. 598 598 Lease termination expenses (3) …………………………………………………… — —
Normalized FFO available for Common Stock and OP Unit holders …………………………………………………………………………………… 123,558 488,956 Non-revenue producing improvements to real estate ……………………. (21,247) (70,510)
FAD for Common Stock and OP Unit holders ………………………….$ 102,311 $ 418,446
| Net income available per Common Share – Basic …………………….. | $ | 0.39 | $ | 0.36 | $ | 1.53 | $ | 1.43 |
| Net income available per Common Share – Fully Diluted (4)………
|
$ | 0.39 | $ | 0.36 | $ | 1.53 | $ | 1.43 |
| FFO per Common Share and OP Unit – Basic …………………………. | $ | 0.65 | $ | 0.64 | $ | 2.68 | $ | 2.52 |
| FFO per Common Share and OP Unit – Fully Diluted ……………… | $ | 0.65 | $ | 0.64 | $ | 2.68 | $ | 2.52 |
| Normalized FFO per Common Share and OP Unit – Basic ……….
Normalized FFO per Common Share and OP Unit – Fully |
$ | 0.66 | $ | 0.64 | $ | 2.73 | $ | 2.54 |
| Diluted …………………………………………………………………………………… | $ | 0.66 | $ | 0.64 | $ | 2.72 | $ | 2.53 |
| Weighted average Common Shares outstanding – Basic ………………..
Weighted average Common Shares and OP Units outstanding – |
185,848 | 183,889 | 185,780 | 182,917 | ||||
| Basic ……………………………………………………………………………………….
Weighted average Common Shares and OP Units outstanding – |
195,117 | 193,183 | 195,069 | 192,656 | ||||
| Fully Diluted …………………………………………………………………………… | 195,281 | 193,412 | 195,255 | 192,883 |
______________________
- Reflects a $1.7 million reduction to the carrying value of certain assets as a result of Hurricane Ian and insurance recovery revenue of $5.4 million for the quarter ended December 31, 2022. Reflects a $5.4 million reduction to the carrying value of certain assets and insurance recovery revenue of $5.4 million as a result of Hurricane Ian for the year ended December 31, 2022.
- Represents transaction/pursuit costs related to unconsummated acquisitions included in Other expenses in the Consolidated Statements of Income on page 6.
- Represents non-operating expenses associated with the Westwinds ground leases that terminated on August 31, 2022. As such, the expenses are not comparable from period to period and have been added back to Normalized FFO.
- 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
December 31, Years Ended December 31,
2021
| $
|
634.0
15.2 409.6 63.2 34.7 120.8 |
|
|
1,277.5
522.1 23.5 |
| 545.6 | |
| $ | 731.9 |
|
|
73,265
69,509 94.9 % |
| $ | 760 |
| $
|
266.1
58.9 84.6 |
| $ | 409.6 |
| $
|
158.9
3.7 92.6 16.2 6.9 28.1 |
|
|
306.4
120.8 5.0 |
| 125.8 | |
| $ | 180.6 |
|
|
72,715
68,968 94.8 % |
| $ | 768 |
| $
|
67.1 13.3
12.2 |
| $ | 92.6 |
MH base rental income (2) ………………………………………………………………$ 152.8 $ 603.1 Rental home income (2) …………………………………………………………………. 4.0 16.7
RV and marina base rental income (2) ……………………………………………… 89.6 362.8 Annual membership subscriptions ………………………………………………….. 15.2 58.3
Membership upgrade sales current period, gross ………………………………. 6.9 36.3
Utility and other income (2) ……………………………………………………………. 28.1 108.4
Property operating revenues ……………………………………………………… 296.6 1,185.6
Property operating, maintenance and real estate taxes (2) …………………… 119.4 479.9
Sales and marketing, gross …………………………………………………………….. 4.8 23.7
Property operating expenses ……………………………………………………… 124.2 503.6
Income from property operations, excluding deferrals and
property management (1) ……………………………………………………………..
Manufactured home site figures and occupancy averages:
Total sites ……………………………………………………………………………………. 73,457 73,232 Occupied sites ……………………………………………………………………………… 69,672 69,463 Occupancy % ………………………………………………………………………………. 94.8 % 94.9 % Monthly base rent per site ………………………………………………………………$ 731 $ 723
RV and marina base rental income:
Annual …………………………………………………………………………………………$ 63.5 $ 237.2 Seasonal ……………………………………………………………………………………… 11.6 41.7
Transient …………………………………………………………………………………….. 14.5 83.9
Total RV and marina base rental income …………………………………….$ 89.6 $ 362.8
______________________
- Excludes property management and the GAAP deferral of membership upgrade sales upfront payments and membership sales commissions, net.
- 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 December 31, | Years Ended December 31, | |||||||
| MH base rental income …………………………………………………… Rental home income ………………………………………………………. RV and marina base rental income …………………………………… Annual membership subscriptions …………………………………….
Membership upgrade sales current period, gross ……………….. Utility and other income …………………………………………………. Property operating revenues ……………………………………….. Utility expense ………………………………………………………………. Payroll ………………………………………………………………………….. Repair & Maintenance ……………………………………………………. Insurance and other (3) …………………………………………………….. Real estate taxes …………………………………………………………….. Sales and marketing, gross ……………………………………………… |
2022
$ 158.8 |
2021
$ 149.8 |
Change (2)
6.0 % (6.7) % 5.7 % 5.8 % 0.3 % 1.3 % 5.1 % 6.0 % 6.8 % (4.7) % (5.0) % 3.3 % 6.9 % |
2022
$ 626.0 15.2 352.7 62.5 33.4 105.3 1,195.1 138.7 108.4 81.0 86.4 67.1 22.9 |
2021
$ 591.7 16.7 323.4 58.1 36.2 100.4 1,126.5 125.4 100.6 75.2 83.3 64.6 23.8 |
Change (2)
5.8 % (8.8) % 9.1 % 7.5 % (7.8) % 4.9 % 6.1 % 10.6 % 7.7 % 7.7 % 3.7 % 4.0 % (3.4) % |
||
|
|
3.7
81.7 16.0 6.9 25.1 292.2 33.3 25.5 16.7 20.1 16.8 5.0 |
|
4.0
77.3 15.2 6.9 24.8 278.0 31.4 23.9 17.5 21.2 16.3 4.8 |
|||||
Property operating expenses ………………………………………. 117.4 115.1 2.1 % 504.5 472.9 6.7 %
Income from property operations, excluding deferrals
and property management (1) ………………………………………… $ 174.8
| Occupied sites (4)……………………………………………………………
|
68,880 | 68,895 |
_____________________
- Excludes property management and the GAAP deferral of membership upgrades sales upfront payments and membership sales commissions, net. Core properties exclude Fort Myers Beach, Gulf Air, Pine Island and Ramblers Rest.
- Calculations prepared using actual results without rounding.
- Includes bad debt expense for the periods presented.
- Occupied sites are presented as of the end of the period. Occupied sites have decreased by 15 from 68,895 at December 31, 2021.
Core Income from Property Operations (continued)
(In millions, except home site and occupancy figures, unaudited)
Quarters Ended December 31, Years Ended December 31,
averages:
| Total sites | 72,454 | 72,348 | 72,455 | 72,208 | ||
| Occupied sites | 68,913 | 68,802 | 68,913 | 68,675 | ||
| Occupancy % | 95.1 % | 95.1 % | 95.1 % | 95.1 % | ||
| Monthly base rent per site
Core RV and marina base rental income: |
$ 768 | $ 726 | $ 757 | $ 718 | ||
| Annual (2) | $ 58.2 | $ 53.4 | 9.0% | $ 224.6 | $ 206.4 | 8.8% |
| Seasonal | 12.2 | 10.4 | 17.4% | 52.1 | 37.6 | 38.6% |
| Transient | 11.3 | 13.6 | (16.5)% | 76.0 | 79.4 | (4.3)% |
Total Seasonal and Transient $ 23.5 $ 24.0 (1.8)% $ 128.1 $ 117.0 9.5%
| Core utility information: | ||||||||
| Income | $ 15.0 | $ 13.6 | 10.3% | $ | 61.1 | $ | 55.0 | 11.1% |
| Expense | 33.3 | 31.4 | 6.0% | 138.7 | 125.4 | 10.6% | ||
| Expense, net | $ 18.3 | $ 17.8 | 2.8% | $ | 77.6 | $ | 70.4 | 10.2% |
| Utility Recovery Rate (3) | 45.0 % | 43.3 % | 44.1 % | 43.9 % |
Total RV and marina base rental income $ 81.7 $ 77.4 5.7% $ 352.7 $ 323.4 9.1%
_____________________
- Calculations prepared using actual results without rounding.
- Core Annual marina base rental income represents approximately 99% of the total Core marina base rental income for all periods presented.
- Calculated by dividing the utility income by utility expense.
Non-Core Income from Property Operations (1)
(In millions, unaudited)
Quarter Ended Year Ended
| MH base rental income …………………………………………………………………………………………….. | $ | 0.1 | $ | 8.0 |
| RV and marina base rental income …………………………………………………………………………….. | 10.9 | 56.9 | ||
| Annual membership subscriptions ……………………………………………………………………………… | 0.2 | 0.7 | ||
| Utility and other income ……………………………………………………………………………………………. | 3.0 | 15.5 | ||
| Membership upgrade sales current period, gross ………………………………………………………….. | — | 1.3 | ||
| Property operating revenues ……………………………………………………………………………………. | 14.2 | 82.4 |
December 31, 2022 December 31, 2022
Property operating expenses (2) ………………………………………………………………………………… Income from property operations, excluding deferrals and property management (1)
______________________
- Excludes property management and the GAAP deferral of membership upgrade sales upfront payments and membership sales commissions, net.
- Includes bad debt expense for the periods presented.
Income from Rental Home Operations
(In millions, except occupied rentals, unaudited)
Quarters Ended December 31, Years Ended December 31,
|
|
Manufactured homes:
Rental operations revenues (1) …………………………………………………………. Rental home operations expense (2) …………………………………………………. Income from rental home operations …………………………………………….. Depreciation on rental homes (3) ……………………………………………………… Income from rental operations, net of depreciation …………………….
Occupied rentals: (4)
New …………………………………………………………………………………………….
Used …………………………………………………………………………………………….
Total occupied rental sites …………………………………………………………
As of December 31, 2022 As of December 31, 2021
Net of Net of
Cost basis in rental homes: (5) Gross Depreciation Gross Depreciation
| $
|
226.8 16.1 |
| $ | 242.9 |
| $
|
237.8 14.7 |
| $ | 252.5 |
New …………………………………………………………………………………………….$ 196.1 $ 184.5
Used …………………………………………………………………………………………… 8.2 8.7
Total rental homes ………………………………………………………………………$ 204.3 $ 193.2
______________________
- For the quarters ended December 31, 2022 and 2021, approximately $6.5 million and $7.5 million, respectively, of the rental operations revenue is included in the MH base rental income in the Core Income from Property Operations on pages 11-12. The remainder of the rental operations revenue is included in Rental home income for the quarters ended December 31, 2022 and 2021 in the Core Income from Property Operations on pages 11-12.
- 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 pages 11-12.
- Depreciation on rental homes in our Core portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 6.
- Occupied rentals as of the end of the period in our Core portfolio. Included in occupied rentals as of December 31, 2021 were 236 homes rented through ECHO Financing LLC (“ECHO joint venture”). On December 22, 2022, we completed the purchase of all homes held by the ECHO joint venture.
- 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 for 2021.
Total Sites and Home Sales
(In thousands, except sites and home sale volumes, unaudited)
Summary of Total Sites as of December 31, 2022
Sites (1)
| MH sites ………………………………………………………………………………………………………………………………………………………………….
RV sites: |
72,700 | |
| Annual ………………………………………………………………………………………………………………………………………………………………. | 34,200 | |
| Seasonal …………………………………………………………………………………………………………………………………………………………….. | 12,700 | |
| Transient ……………………………………………………………………………………………………………………………………………………………. | 15,300 | |
| Marina slips …………………………………………………………………………………………………………………………………………………………….. | 6,900 | |
| Membership (2)………………………………………………………………………………………………………………………………………………………….
|
25,800 | |
| Joint Ventures (3) ………………………………………………………………………………………………………………………………………………………
|
3,300 | |
| Total ……………………………………………………………………………………………………………………………………………………………………… | 170,900 |
Home Sales – Select Data
Quarters Ended December 31, Years Ended December 31,
| Total New Home Sales Volume (4) ………………………………………………….
|
219 | 338 | 1,176 | 1,163 | ||||
| New Home Sales Volume – ECHO joint venture ………………………….. | 6 | 26 | 78 | 82 | ||||
| New Home Sales Gross Revenues (4)……………………………………………….
|
$ | 24,562 | $ | 30,089 | $ | 116,790 | $ | 94,160 |
| Total Used Home Sales Volume ……………………………………………………. | 87 | 118 | 337 | 432 | ||||
| Used Home Sales Gross Revenues …………………………………………………. | $ | 1,064 | $ | 1,445 | $ | 4,401 | $ | 4,297 |
| Brokered Home Resales Volume ……………………………………………………. | 134 | 192 | 808 | 735 | ||||
| Brokered Home Resales Gross Revenues ………………………………………… | $ | 604 | $ | 589 | $ | 3,195 | $ | 2,144 |
______________________
- 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.
- Sites primarily utilized by approximately 128,400 members. Includes approximately 6,400 sites rented on an annual basis.
- Joint ventures have approximately 2,000 annual sites and 1,300 transient sites.
- Total new home sales volume includes home sales from our ECHO joint venture through December 22, 2022. New home sales gross revenues does not include the revenues associated with the ECHO joint venture.
Memberships – Select Data
(Unaudited)
| Years Ended December 31, | |||||
| Member Count (1) …………………………………………………………………………………
Thousand Trails Camping Pass (TTC) Origination ………………………………….. TTC Sales ………………………………………………………………………………………… RV Dealer TTC Activations ……………………………………………………………….. Number of annuals (2)……………………………………………………………………………
Number of upgrade sales (3) …………………………………………………………………..
(In thousands, unaudited) Annual membership subscriptions ………………………………………………………… RV base rental income from annuals ……………………………………………………… RV base rental income from seasonals/transients …………………………………….. Membership upgrade sales current period, gross ……………………………………… Utility and other income ………………………………………………………………………. |
2018
111,094 37,528 17,194 20,334 5,888 2,500 $ 47,778 $ 18,363 $ 19,840 $ 15,191 $ 2,410 |
2019
115,680 41,484 19,267 22,217 5,938 2,919 $ 51,015 $ 19,634 $ 20,181 $ 19,111 $ 2,422 |
2020
116,169 44,129 20,587 23,542 5,986 3,373 $ 53,085 $ 20,761 $ 18,126 $ 21,739 $ 2,426 |
2021
125,149 50,523 23,923 26,600 6,320 4,863 $ 58,251 $ 23,127 $ 25,562 $ 36,270 $ 2,735 |
2022
128,439 51,415 23,237 28,178 6,390 4,068 $ 63,215 $ 25,945 $ 24,316 $ 34,661 $ 2,626 |
______________________
- Members have entered into annual subscriptions with us that entitle them to use certain properties on a continuous basis for up to 21 days.
- Members who rent a specific site for an entire year in connection with their membership subscriptions.
- 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 December 31, 2022
Total % of Total % of Total
Common Common Market
Shares/Units Shares/Units Total % of Total Capitalization
| $
|
2,718 698 |
| $ | 3,416 |
| $ | 12,622 |
Secured Debt …………………………………………. 79.6 %
Unsecured Debt ……………………………………… 20.4 %
Total Debt (1) ………………………………………… 100.0 % 21.3 %
Common Shares …………………………………….. 186,120,298 95.3 % OP Units ……………………………………………….. 9,265,565 4.7 %
Total Common Shares and OP Units ………… 195,385,863 100.0 %
Common Stock price at December 31, 2022 . $ 64.60
Fair Value of Common Shares and OP
Units …………………………………………………….. 100.0 %
Total Equity …………………………………………. $ 12,622 100.0 % 78.7 %
Total Market Capitalization …………………..
______________________
- Excludes deferred financing costs of approximately $28.1 million.
$ 16,038 100.0 %
Debt Maturity Schedule
Debt Maturity Schedule as of December 31, 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 |
| $
|
—
— — 300,000 200,000 — — — — — |
| $
|
500,000
198,000 |
| — | |
|
|
698,000
(3,183) |
| $ | 694,817 |
| 3.3 |
2023 $ 92,512 4.91 % — % $ 92,512 2.87 % 4.91 % 2024 10,003 5.49 % — % 10,003 0.31 % 5.49 %
2025 93,206 3.45 % — % 93,206 2.90 % 3.45 % 2026 — — % 1.79 % 300,000 9.32 % 1.79 %
2027 — — % 4.94 % 200,000 6.22 % 4.94 % 2028 207,117 4.19 % — % 207,117 6.44 % 4.19 % 2029 39,320 4.10 % — % 39,320 1.22 % 4.10 % 2030 275,385 2.69 % — % 275,385 8.56 % 2.69 %
2031 259,461 2.46 % — % 259,461 8.06 % 2.46 %
Thereafter 1,740,974 3.76 % — % 1,740,974 54.10 % 3.76 %
Total $ 2,717,978 3.60 % 3.05 % $ 3,217,978 100.0 % 3.52 %
Unsecured Line of Credit 198,000
Note Premiums 136
Total Debt 2,718,114 3,416,114
Deferred Financing Costs (24,948) (28,131)
Total Debt, net $ 2,693,166 $ 3,387,983 3.72 % (1)
Average Years to Maturity 11.29.6
______________________
- Reflects effective interest rate for the year ended December 31, 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 December 31, Years Ended December 31,
(amounts in thousands)
| $
|
284,611
16 14,198 (3,363) |
|
|
295,462
— 21,703 (180,179) (7,430) (8,553) (3,196) 74,083 202,362 139,012 27,321 44,857 — 8,646 1,156 116,562 |
|
|
731,806
(18,507) (74,083) |
| $ | 639,216 |
| $
|
73,031
8 3,635 (474) |
|
|
76,200
(3,747) 3,475 (35,242) (2,084) (1,633) (450) 18,110 49,625 27,118 6,175 10,022 — 1,769 — 31,286 |
|
|
180,624
(3,025) (18,110) |
| $ | 159,489 |
Net income available for Common Stockholders …………………………….$ 65,546 $ 262,462 Redeemable perpetual preferred stock dividends ………………………….. 8 16 Income allocated to non-controlling interests – Common OP Units .. 3,286 13,522
Equity in income of unconsolidated joint ventures ……………………….. (1,095) (3,881)
Income before equity in income of unconsolidated joint ventures …….. 67,745 272,119 (Gain)/loss on sale of real estate and impairment, net (1) ……………….. — 59
Membership upgrade sales upfront payments, deferred, net …………… 3,945 25,079
Gross revenues from home sales, brokered resales and ancillary
services (2) ……………………………………………………………………………….. (42,467) (152,517) Interest income ………………………………………………………………………… (1,702) (7,016) Income from other investments, net ……………………………………………. (1,159) (4,555) Membership sales commissions, deferred, net ……………………………… (670) (5,075)
Property management ……………………………………………………………….. 17,024 65,979
Depreciation and amortization …………………………………………………… 50,317 188,444
Cost of home sales, brokered resales and ancillary services (2) ……….. 35,081 120,623 Home selling expenses and ancillary operating expenses (2) …………… 5,949 23,538 General and administrative (2) …………………………………………………….. 8,983 39,576
Casualty-related charges/(recoveries), net (3) ……………………………….. — — Other expenses (2) …………………………………………………………………….. 1,398 4,241 Early debt retirement ………………………………………………………………… — 2,784
Interest and related amortization ………………………………………………… 27,951 108,718
Income from property operations, excluding deferrals and property
management ………………………………………………………………………………. 172,395 681,997 Membership upgrade sales upfront payments, and membership sales commissions, deferred, net ………………………………………………………… (3,275) (20,004)
Property management ……………………………………………………………….. (17,024) (65,979)
Income from property operations …………………………………………………..$ 152,096 $ 596,014
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.
_____________________
- Reflects a $1.7 million reduction to the carrying value of certain assets as a result of Hurricane Ian and insurance recovery revenue of $5.4 million for the quarter ended December 31, 2022. Reflects a $5.4 million reduction to the carrying value of certain assets and insurance recovery revenue of $5.4 million as a result of Hurricane Ian for the year ended December 31, 2022.
- Prior period amounts have been reclassified to conform to the current period presentation.
- Casualty-related charges/(recoveries), net includes debris removal and cleanup costs related to Hurricane Ian of $40.6 million and insurance recovery revenue of $40.6 million for the quarter and year ended December 31, 2022.
The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:
Quarters Ended December 31, Years Ended December 31,
(amounts in thousands)
| $
|
298,825
(7,430) 21,703 (3,196) 202,362 4,619 116,562 — 5,484 |
|
|
638,929 1,156
3,807 3,119 |
| $ | 647,011 |
| $
|
76,674
(2,084) 3,475 (450) 49,625 1,346 31,286 (3,747) 1,637 |
|
|
157,762
— 423 1,046 |
| $ | 159,231 |
Consolidated net income ………………………………………………………………$ 68,840 $ 276,000
Interest income ………………………………………………………………………… (1,702) (7,016) Membership upgrade sales upfront payments, deferred, net ………….. 3,945 25,079
Membership sales commissions, deferred, net ……………………………… (670) (5,075)
Real estate depreciation and amortization ……………………………………. 50,317 188,444 Other depreciation and amortization …………………………………………… 765 2,927 Interest and related amortization ……………………………………………….. 27,951 108,718 (Gain)/loss on sale of real estate and impairment, net (1) ……………….. — 59
Adjustments to our share of EBITDAre of unconsolidated joint
ventures ………………………………………………………………………………….. 612 1,390
EBITDAre …………………………………………………………………………………. 150,058 590,526 Early debt retirement ………………………………………………………………… — 2,784
Transaction/pursuit costs (2) ……………………………………………………….. 598 598
Lease termination expenses (3) ……………………………………………………. — —
Adjusted EBITDAre …………………………………………………………………….$ 150,656 $ 593,908
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 an adjacent shopping center. The ground leases with respect to Westwinds and the adjacent shopping center terminated on August 31, 2022. The Non-Core properties also include Fort Myers Beach, Gulf Air, Pine Island, and Ramblers Rest.
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.
______________________
- Reflects a $1.7 million reduction to the carrying value of certain assets as a result of Hurricane Ian and insurance recovery revenue of $5.4 million for the quarter ended December 31, 2022. Reflects a $5.4 million reduction to the carrying value of certain assets and insurance recovery revenue of $5.4 million as a result of Hurricane Ian for the year ended December 31, 2022.
- Represents transaction/pursuit costs related to unconsummated acquisitions included in Other expenses in the Consolidated Statements of Income on page 6.
- Represents non-operating expenses associated with the Westwinds ground leases that terminated on August 31, 2022.
Part I B.
Equity LifeStyle Properties Inc. (ELS) Q4 2022 Earnings Call Transcript
Jan. 31, 2023 3:06 PM ET
Equity LifeStyle Properties Inc. (NYSE:ELS) Q4 2022 Results Conference Call January 31, 2023 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
Nick Joseph – Citi
Anthony Powell – Barclays
Brad Heffern – RBC
Samir Khanal – Evercore ISI
Keegan Carl – Wolfe Research, LLC
Wesley Golladay – Robert W. Baird & Co.
Anthony Hau – Truist Securities
Joshua Dennerlein – Bank of America
John Pawlowski – Green Street Advisors
Michael Goldsmith – UBS
Operator
Good day, everyone, and thank you all for joining us to discuss Equity LifeStyle Properties Fourth 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. All 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 SEC Regulation G. Reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release, our supplemental information and our historical SEC filings.
At this time, I would like to turn the call over to Marguerite Nader, our President and CEO. You may begin.
Marguerite Nader
Good morning, and thank you for joining us today. I am pleased to report the final results for 2022. The strength of ELS can be seen in all facets of our business. We continued our record of strong core operations and FFO growth with full year growth in NOI of 5.7%, which translated into a 7.4% increase in normalized FFO per share. Our MH portfolio is 95% occupied. Importantly, 96% of our sites are occupied with homeowners.
The pride of ownership is evident in the well-kept homes and landscaping throughout our community. The stability of our resident base can also be seen in the high FICO scores for incoming residents. For the year, we experienced an all-time high for new home sale with over 1,100 new home sales. Due to the strength of our operating markets, we were able to increase sales prices by 22% for the [technical difficulty].
our strongest performing properties for home sales were in Florida with a 16% increase in sales volume and a 28% increase in home prices. It is important to note that while home prices have increased to an average of $106,000, they remain significantly lower than other housing options in the immediate vicinity of our community.
Turning to our RV properties. In 2022, the demand was strong for RV sites across the country. It is estimated that 67 million Americans plan to take an RV trip in the next 12 months. These trips will strengthen the commitment to the RV lifestyle.
Our quarterly surveys indicate that our years plan to camp more this year. The reason cited for their desire to camp more includes spending time outdoors and traveling with their pets. In the year, we continue to see new transient guests converting to a longer-term commitment with nearly 4,000 guests increasing their commitment to us after their initial transient day.
Our transient revenue increased 26% from pre-pandemic levels with an increase in the average rate being the largest driver of that increase. In 2022, our Thousand Trails membership properties performed well. We sold over 23,000 camping passes and initiated 28,000 RV dealer activation. These passes and activations are the seeds for future growth in the Thousand Trails portfolio.
Turning to 2023. We have issued guidance of $2.84 at the midpoint for next year, which is a 4.1% growth in normalized FFO per share. The demand for our MH communities continues to increase. Over the last five years, we have sold over 4,000 new homes in our communities. These new homes further enhance the look of the community as new and existing homeowners throughout our portfolio showcased their pride of ownership. We have noticed rent increases for approximately 67% of our residents and anticipate growth of 6.5% in core MH rent revenue.
Our guidance for 2023 reflects the strength in our business. Our guidance is built based on the operating environment in each property, including a robust market survey process and continuous communication with our residents. In 2022, our acquisitions and development teams focused on strategic RV investments and added over 1,600 sites to the portfolio.
In addition, we purchased six parcels of land with approximately 300 acres of development potential. Our vacant land is geographically diverse and will positively contribute to our future growth.
Next, I’d like to update you on our 2023 dividend policy. The Board has approved set an annual dividend rate of $1.79 per share, a 9.1% increase. The Board will determine the amount of each quarterly dividend in advance of payment. The stability and growth of our cash flow, our solid balance sheet and the strong underlying trends in our business are the primary drivers of the decision to increase the dividend.
Historically, we have been able to take advantage of opportunities due to the free cash flow generated by our operations. That will continue in 2023 as the dividend increase of $29 million is roughly equivalent to our anticipated increase in FFO for 2023.
In 2023, we expect to have in excess of $100 million of discretionary capital after meeting our applications for dividend payments, recurring capital expenditures and principal payments.
Over the past five years, we have increased our dividend by an average of 10.2%. We had a strong finish to the year due to the hard work of the ELS team members. The well-being of our residents and guests were prioritized. The dedication of the property regional and corporate level is impressive.
I will now turn it over to Paul to walk through the numbers in detail.
Paul Seavey
Thanks, Marguerite, and good morning, everyone. I will review our fourth quarter and full year 2022 results and provide an overview of our first quarter and full year 2023 guidance. Fourth quarter normalized FFO was $0.66 per share. Strong performance in our core portfolio generated 7.3% NOI growth for the fourth quarter.
Core NOI growth of 5.7% for the full year contributed to our normalized FFO per share growth of 7.4%. Core community-based rental income increased 5.8% for the full year compared to 2021. Rate increases contributed 5.4% growth, while occupancy generated the additional 40 basis points.
During 2022, we increased homeowner occupancy by 637 sites. Full year core resort and marina based rental income increased 9.1% compared to 2021. Growth from annuals was 8.8% with 6.7% from rate increases and 2.1% from occupancy gains.
In our seasonal RV income, the strong demand trend for stays of a month or more continued in the fourth quarter generating 17.4% growth over 2021. The full year increase in seasonal RV income was almost 40%. Full year growth in seasonal RV rent offset the decrease in full year transient income. These rental streams combined generated 9.5% growth.
For the full year, net contribution from our membership business, which consists of annual subscription and upgrade sales revenues offset by sales and marketing expenses, $74.4 million, an increase of 4.9% compared to the prior year. Subscription revenues increased 8.4%, reflecting a 3.2% increase in the member base a rate increase of approximately 5.2%.
During 2022, we sold almost 4,700 upgrades at an average sale price of approximately $7,400. Full year growth in Core utility and other income was mainly the result of increases in utility income. Our recovery percentage of 44% remained consistent in 2022 compared to 2021. Fourth quarter core operating expense increased 2.1% compared to the same period in 2021. We experienced some moderation in growth in utility and payroll expenses compared to earlier quarters in 2022.
In addition, during the quarter, repairs and maintenance and insurance and other expenses decreased from prior year. Overall, full year 2022 core property operating expenses increased 6.7% compared to 2021. Utility expenses represent more than 27% of our core operating expenses, they increased 10.6% for the full year.
Payroll and repairs and maintenance expenses generally increased in line with inflation for 2022. Our noncore properties, including the assets sits group in the fourth quarter as a result of suspended operations following storm damage, contributed $5.8 million in the quarter and $41.2 million for the full year. Property management and corporate G&A were $119 million for the full year. Other income and expenses net, which includes our sales operations, joint venture income as well as interest and other corporate income, $32.5 million for the year.
Interest and amortization expenses were $116.6 million for the full year. Our full year weighted average debt balance of $3.275 billion and the weighted average rate was 3.4%. We’ve modified our income statement presentation to include a line item, casualty-related charges, recoveries net. The Hurricane Ian related expenses incurred through year-end, along with offsetting revenue accruals for expected insurance recovery are presented in this line item.
The press release and supplemental package provide an overview of 2023 first quarter and full year earnings guidance. The following remarks are intended to provide context for our current estimate of future results. All growth rate ranges and revenue and expense projections are qualified by the risk factors included in our press release and supplemental package.
Our guidance for 2023 full year normalized FFO is $2.84 per share at the midpoint of our guidance range of $2.79 to $2.89. We project core property operating income growth of 5.5% at the midpoint of our range of 5% to 6%. We project the noncore properties will generate $18 million and $22 million of NOI during 2023.
Our noncore portfolio includes properties acquired during 2022 as well as the six properties with the interrupted operations. Our budget assumes stabilized NOI at these six properties from a combination of reduced operations and business interruption insurance proceeds. We intend to recognize business interruption proceeds upon receipts. And as a result, we may experience some variability in recognition of income during the year as compared to our budget assumption.
Our property management and G&A expense guidance range is lower than our 2022 actual expense primarily as a result of legal activity in 2022 that we don’t expect to recur. We’ve also provided guidance ranges for our weighted average debt balance and interest expense. Our guidance model includes the impact of all acquisitions we’ve announced. The full year guidance model makes no assumptions regarding other capital events or the use of free cash flow we expect to generate in 2023.
In the core portfolio, we project the following full year growth rate ranges, 5.7% to 6.7% for core revenues, 6.7% to 7.7% before expenses and 5% to 6% for core NOI. Full year guidance assumes core MH rent growth in the range of 6% to 7%. We assume occupancy and our stabilized MH portfolio will be flat during 2023.
Full year guidance for combined RV and Marina rent growth is 5.7% to 6.7%. Annual RV and Marina rent represents 2/3 of the full year RV and Marina rent, and we expect 8% growth in rental income from annuals at the midpoint of our guidance range.
Our full year core expense growth assumptions include our current projections for future utility rate increases the potential impact of our April 1 insurance renewal. Our first quarter guidance assumes NFFO per share in the range of $0.70 to $0.76, which represents approximately 26% of full year normalized FFO per share.
Core property operating income growth is projected to be in the range of 4.4% to 5% for the first quarter. First quarter growth in MH and combined RV and Marina rents are in line with our full year assumptions. We project first quarter annual RV and marine events to be approximately $67.1 million at the midpoint of our guidance range. Our guidance assumes first quarter seasonal and transient RV revenues performed in line with our current reservation pacing. I’ll now provide some comments on the financing market and our balance sheet.
During 2022, we invested cash of approximately $150 million in operating properties, development properties and land for future development. The investments were funded with available cash and proceeds from our line of credit. At year-end, our unsecured line of credit balance was $198 million. Current secured debt terms are 10 years at coupons between 4.75% and 5.5%; 60% to 75% loan-to-value; and 1.4 to 1.6 times debt service coverage. We continue to see strong interest from GSEs, life companies and CMBS lenders to lend for 10-year terms.
High-quality, age-qualified MH assets continue to command best financing terms. We have approximately $92.5 million of secured debt maturing in 2023, in-place rate on this maturing debt is 4.9%. Our $500 million line of credit currently has approximately $265 million available. Our ATM program currently has $500 million of available sales.
Our weighted average debt maturity is approximately 10 years. Our debt to adjusted EBITDA is 5.3 times, and our interest coverage is 5.6 times. We continue to place high importance on balance sheet flexibility, and we believe we have multiple sources of capital available to us.
Now we would like to open it up for questions.
Question-and-Answer Session
Operator
Thank you. [Operator Instructions]. Our first question comes from the line of Nicholas Joseph with Citi. Your line is open.
Nick Joseph
Thank you. Just in terms of the properties that were still interrupted from Hurricanes Ian, can you give us an update of what’s actually happening on the ground there and when you would expect things to return to normal? And then related to that, what the business interruption and other insurance recoveries are assumed in 2023 guidance?
Patrick Waite
Sure, Nick, it’s Patrick. So just as a reminder, it’s six properties in the greater Fort layers market, 4 of those RV with 1,550 sites and two of those are Marinas with 550 slips. Of four properties have resumed operations; and two will resume operations in the next few months. We’re working through infrastructure repairs and improvements. in order to bring those properties back online. So, by the time we get into mid-2023, all properties will be operational, and we’ll bring them up to full operations over the next few quarters.
Paul Seavey
And as far as the expected contribution, Nick, those properties get a little bit less than half of the noncore NOI that we’d expect in total from those properties.
Nick Joseph
Perfect. Thank you. And then just broadly on the transaction market, it looks like there are a handful of RV acquisitions, so maybe a bit more interesting with JVs or development in the quarter. But just broadly, what are you seeing on the transaction market today across RVs and MH? And has there been any movement in cap rate or pricing?
Marguerite Nader
Sure. Thanks, Nick. So yes, in the quarter, we closed three deals. One was near the shore in New Jersey. It’s a property that had 80% annual, I think, and it was really a great access to a large RV customer base and population. And then we also continued our growing relationship with RBC and invested in a new development in Sandusky, Ohio.
And then we entered into a 50-50 joint venture with KOA in the foothills of the Blue Ridge Mountains. So, we’re pleased about those acquisitions in the quarter. I’d say, in general, the acquisition volume was kind of down across our industry in 2022. And we haven’t really seen a real pickup in activity so far this year. There are certainly sellers in the market but they’re not really in a rush to sell when there’s uncertainty with respect to cap rates and valuations.
Nick Joseph
Thank you, very much.
Marguerite Nader
Thanks Nick.
Operator
Thank you. Our next question comes from the line of Anthony Powell with Barclays. Your line is open.
Anthony Powell
Hi. Good morning. I guess a question on the RV annual revenue growth, which was pretty strong. Could you remind us how you go about pricing those annual contracts? And what kind of the outlook looks like for kind of future kind of ongoing growth for annual revenue growth in RVs going forward?
Marguerite Nader
Yes, Anthony, thanks. I think Patrick can talk you through kind of our market survey approach to how we get to the RV annual rate.
Patrick Waite
Yes. Anthony, it’s similar to the process that we go through in our other business lines, particularly on the MH front, these are long-term customers, and they typically own a unit that’s located on our property for years, if not more than a decade. So, we review the directly competing properties as well as other choices for hospitality and that type of a weekend getaway in the local submarkets.
When we come to the determination of what we feel to be representative of the market. And then we send out the rate increases. Similar to the MH process, we may very well have more moderate rate increases for our in-place long-term customers. And as new customers come in, they’ll be charged at a full market rate.
Anthony Powell
Thanks. Maybe switching gears to the same-store expense guidance in the hurricane and the insurance impact. How much of the growth is driven by the resetting of the insurance rates? And do that — those insurance resets cover just the impact of properties, Florida as a whole, lease portfolio. maybe more detail there would be super helpful.
Paul Seavey
Yes. I guess kind of as I think about our guidance assumptions for expenses, I’ll cover insurance and utilities, both because I think those are the two key areas to focus on. those line items on a combined basis represent about 1/3 of our total core property operating expenses.
Regarding the insurance, we’re in the process of negotiating with our insurance carriers. So, I’m not really inclined to disclose too much on this call. I will remind you, though, that we’ve talked about over the past five years or so, we’ve seen premium increases around 20% each year. Our policy renewal is April 1, and we plan to provide an update on the first quarter call as far as how we progress.
With regard to utilities, our growth assumptions are based on various factors, including projections of rate increases that we’ve identified directly from the utilities to the extent we have noticed. We also have two third-party advisers that we rely on for this information and the eia.gov website for the Energy Information Administration.
So, make all of that information, triangulate that and come up with our model for utility expense increases.
Anthony Powell
Thank you.
Marguerite Nader
Thank you, Anthony.
Operator
Thank you. Our next question comes from the line of Brad Heffern with RBC. Your line is open.
Brad Heffern
Hi thanks. You had a strong fourth quarter and operating expenses with the 2.1% growth, but the guidance obviously shows a reacceleration to a figure that’s a little bit above what you reported in 2022. Can you walk through first, what led to the low figure in the fourth quarter? And why you would expect that to pick back up meaningfully?
Paul Seavey
Yes, I think our experience in the fourth quarter, we had some moderation in expenses, primarily moderation in our payroll and our utility expense. And then I did mention that R&M and our insurance lines were down in the fourth quarter. I’ll cover the year-over-year reduction first.
We have an annual process related to our casualty insurance line, and we’ll take a look at the reserves that we have established. As we review the activity at the end of the year, we identified favorable development and that supported a reduction in the reserves on the balance sheet and thereby reduce the insurance expense.
The R&M expense savings resulted really from a favorable comp that we had because there were some elevated expenses in R&M in 2021. The moderation in utility expense attribute that primarily to a change in the mix of operations from the third quarter to fourth quarter as we exited the summer season. And payroll expense growth moderated mainly as a result of reduced reliance on overtime as we stabilized staffing to pre-pandemic levels in 2022, we reduced our reliance on over time, which generated savings year-over-year in the fourth quarter.
Brad Heffern
Okay. Got it. So, I guess why, like, for instance, the payroll, presumably you’d have easier comps in 2023 as well. So, is that just being overwhelmed by the insurance and the utility expense? Is there something else going on there?
Paul Seavey
No. Well, I think it’s less about the fourth quarter being an indicative run rate and more about kind of the fourth quarter activity. I think looking to the full year of 2022, considering where we are with CTI headed into 2023. Those are the key drivers. And then as I said a moment ago, and keep in mind that 1/3 of our expenses are utilities and insurance, and we’re talking about increases that are meaningfully higher than CPI expected from 1/3 of our expense base.
Brad Heffern
Okay. Got it. And then moving to the transient business. I guess, can you talk about what the underlying assumption is that’s in the guide? And then in the core numbers, I think transient was down 16% or so in the fourth quarter. I know there can be some moving pieces there with the side count. So, I’m curious if that’s a comparable number and then what your expectations are for ’23?
Paul Seavey
Yes. I think if you take a look at the guidance page in the supplemental, you’ll see our footnote disclosure that provides the expected percentage contribution from annual rent. And from that, you can derive our expectations for combined seasonal and transient in the first quarter as well as the full year.
I’ll say that we anticipate the strong demand for longer-term stays that in a monthly stay that drives the seasonal business, anticipate that strong demand will continue and will offset unfavorable impact, if any, on transient rents, resulting from availability of fewer sites, market-specific demand trends and perhaps weather. You expect these combined rental income stream to deliver modest growth in 2023.
Marguerite Nader
And I think, Brad, we’ve experienced operating with our V-parks over the last 15 years. We’re very experienced. When you look at annual, seasonal and transient results over that time, transient revenue has had the most volatility by far. We’ve seen periods of negative growth, flat growth, outsized growth. And that’s why we’re really focused on the business of the annual rental stream to reduce that volatility.
Brad Heffern
Ok, thank you.
Marguerite Nader
Thanks Brad.
Operator
Thank you. Our next question comes from the line of Samir Khanal with Evercore. Your line is open.
Samir Khanal
Thank you. Marguerite or Paul, just curious, are you doing anything differently this year from a projection standpoint, for expenses sort of get a better read on utilities? I know last year, there was sort of two guidance increases on expenses. So just wondering how you’re thinking about that line utilities from a projection standpoint? And how much sort of conservatism you’ve baked in this time around?
Paul Seavey
I think certainly, the approach, I mentioned the sources that we use to build our model. I’ll say that we’ve refined our approach historically because of the consistency that we saw in utilities over our long history. We did place a greater reliance on our past experience when developing our annual model.
This year, we stepped away from that a bit and look to other sources to provide insights and develop the model.
Samir Khanal
Okay. Got it. And then just on new home sales, gross revenues saw a meaningful decline sort of year-over-year in that number. Is that just a function of sort of the macro environment? Just maybe a little bit more color you can provide on that.
Patrick Waite
Yes. Samir, it’s Patrick. For the quarter, we were down 35% in new home sales. There’s a few drivers there, really largely impacted by the Hurricanes that came through Florida in late September and then Nicole mid-November. We have seen some pressures just with respect to construction activity and the number of new homes that we have ready for the full quarter. That was exacerbated in Florida as a result of the hurricanes.
Likewise in Florida, the disruption in just kind of the cadence home sales, the marketing, the showing and the eventual closing of those transactions to new homebuyers experienced some disruptions that led to a push of about 15 new home sales.
Some of that is a mix of potential buyers just reassessing and potentially pulling back from purchasing a home at this time and the balance was for just delayed closings as we work through the timing disruptions of the hurricanes.
Samir Khanal
Thank you.
Operator
Thank you. Our next question comes from the line of Keegan Carl with Wolf Research. Your line is open.
Keegan Carl
Maybe just on the communities that are removed from the same-store pool but are now up and running. Could you just provide some color on occupancy and your expectation for leasing those communities back? And were there material move-outs that took place?
Patrick Waite
Yes. So just as a reminder, for those properties, it was four RV and two Marinas. So, we don’t have any of the direct impact with respect to occupancy trends. And as we’re bringing those properties back online, I would expect them to largely reach full operations in late 2023, but we have resumed operations at all but two of those properties to this point. Those are modified operations on a few key categories, but our core customers are engaged and have access to the properties with amenities coming online over time.
Marguerite Nader
And what we’ve seen is a real desire for our customers to come down and come back to their place in Florida and get out of the winter and come down and start to fix their home if it was impacted or fixed their RV if it was impacted.
Keegan Carl
Got it. And just shifting gears on to transient revenue. Obviously, it was down in the quarter, but it was relatively offset by the seasonal growth. Just kind of curious on transient. Are you guys seeing any relative softness in demand? Or is it primarily just a function of having less sites available?
Marguerite Nader
I think it’s really a function of that having less sites available. We’re seeing people choose to stay with us longer, so they’re staying with us on a seasonal basis and staying with us on an annual basis. So that’s just having we have less available sites.
Keegan Carl
Got it. Thank you.
Operator
Thank you. Our next question comes from the line of Wes Golladay with Baird. Your line is open.
Wesley Golladay
Thank you and good morning every one. I just noticed that the 1,000 [Trails] cells membership dipped in the fourth quarter sequentially. Is this just a seasonality having to play here? And then what is your expectations for subscription income growth this year? It was around 5% in 2022.
Marguerite Nader
I think year-to-date, I’d say our Camps sales are down, I think they’re about down 3%. Upgrades are down a little bit or down about 18%. The camp pass sales are really a decline from a heightened interest in 2021. And the upgrade decline is really a result of a new product that we launched in 2021, where we typically see outsized demand in that time when we launched the product.
Paul Seavey
And our expectation for subscription revenue in ’23 is right in line with our experience in ’22.
Wesley Golladay
Thank you.
Operator
Thank you. Our next question comes from the line of Anthony Hau with Truist. Your line is open.
Anthony Hau
Hey guys, thanks for taking my question. What is the mark-to-market on the image portfolio when a new tenant replaces an existing tenant? Is this still 10% to 11% after the recent rent increase?
Patrick Waite
Yes. That trend is holding.
Marguerite Nader
And Anthony, if you look at the trend on a monthly basis. And certainly, as you look at it, roll it up for the quarter, every quarter, I think in the fourth — in 2022, it was somewhere between 10.5% and 11% — 11.5%.
Anthony Hau
Okay. And so shifting gears to RV, like; there’s a lot of articles about the Airbnb bus. I know this might not be true in your markets, but in some markets, occupancy for Airbnb is down like 8% to 9%. Just curious, what do you think the implication could be for RVs?
Marguerite Nader
Yes. I think the demand is very strong for our RVs. Our locations are where people want to be there in the winter or in the summer. So, I think that I don’t see a change to that. I do see that we have less available sites like I just mentioned. So that’s going to have an impact. But we’ve been able to push rate on the transient side, and we continue to be able to do that. So, I think that shows the strength of the market.
Anthony Hau
Okay. And just one last question for me. So, you quarter the quarter-over-quarter office sites for the core portfolio was down 130. I know this is not a material number, but I don’t think I’ve seen this since ELS started reporting this metric. Can you provide some color on what you’re seeing on the ground today?
Paul Seavey
Well, I think you’re talking the sequential quarter. The full year occupancy was essentially flat. I think we were down 15 sites for the, [indiscernible] call it, plan. And in the quarter, there was some impact associated with the storm on our [indiscernible].
Marguerite Nader
And that impact was a result of homes coming back to us, but also our inability to sell homes through the hurricane and during the hurricane.
Operator
Thank you. Our next question comes from the line of Joshua Dennerlein with Bank of America Securities. Your line is open.
Joshua Dennerlein
[Good] morning every one. I guess there were two same-store spend line items we didn’t touch on payrolls and real estate taxes. I guess just curious what kind of trend you assumed in both of those for your guide. And then if you could remind us on the real estate taxes, like is that a projection at this point, like a best assumption? Or is that kind of totally unknown or known?
Paul Seavey
For the most part — to your latter question, for the most part, real estate taxes are a projection. Obviously, our greatest exposure is in the state of Florida. Florida, Texas are billed in the current year, same calendar year bill as payment, but we don’t have visibility into the expected increases until August or September.
The assumption is, call it, a mid-single-digit type increase for real estate taxes, which is right in line with our historical experience. And then with respect to payroll, I would characterize that assumption as being closer to API through 2023.
Joshua Dennerlein
Closer to headline CPI or core CPI? Or just…
Paul Seavey
Yes, headline CPI.
Joshua Dennerlein
Okay. Great. And then just for your guide, the same-store revenue, it’s lower than your same-store expense growth guidance. Just kind of curious how we should be thinking about that on kind of a more go-forward basis? Is this kind of a one-off? Or should we kind of assume that same-store revenues can exceed expenses in a more normalized go-forward basis?
Paul Seavey
Yes. I mean I think if you look at our long history, certainly, we’ve not found ourselves in an environment with CPI showing as much volatility as it has in the last 12 to 15 months. So, our long history, certainly, our increase in revenues was, call it, 100 basis points higher than CPI. And kind of trending close to that. And — sorry, expenses trending close to that. I think going forward, kind of as we settle out, the opportunity for us is to identify where we’ll be able to maintain and/or improve margin [indiscernible] that type of [indiscernible].
I think there are opportunities in the form of automation and technology implementation and so forth, [indiscernible]. But necessarily look at [2023] as the model for the forever future.
Marguerite Nader
And Josh, I’d just also — remember that we’re here in January, we have really good visibility into the revenue side, and we’ve talked about that in October — on our call in October. But expenses, we have less visibility into. So that’s how we create our model for the year.
Operator
Thank you. Our next question comes from the line of John Pawlowski with Green Street. Your line is open.
John Pawlowski
My first question is on the trajectory of manufactured housing rent increases. And so, I think last quarter, you anticipated the first batch, the first 50% of MH rent increases to go out in the low to mid-6% range. Just curious, as the year unfolds, do you expect that growth to accelerate, be stable or come back down?
Paul Seavey
John, we have an assumption that is kind of tied to a projection of CPI that anticipates that CPI moderates throughout the year. But one thing to keep in mind is that the notices that we send. The last notice is that we send that will have impact in 2023 in the month of August. So, it’s really looking at CPI from now through, call it, July. And so, our model tested down a bit to 5% from a starting assumption of 7%.
John Pawlowski
Okay. That’s helpful. I apologize if I missed this. Can you let us know how seasonal bookings and actually the 1Q reservations are trending versus last year?
Paul Seavey
Yes, I think that — I guess the way I would talk about it is the guidance model that we’ve built based on our current reservation pacing for seasonal and transient. And I think I mentioned earlier, but consistent with the trend we saw during 2022. We’re seeing strong demand for the longer-term stays people that want to be with us a month or more.
So, you walk through the math that we provided on the guidance page, our first quarter and full year combined rent growth for seasonal and transient is between 2% and 3%. That’s [indiscernible] based on where we are with pacing, advanced visibility in the transient business, as you know, John, it’s challenging. About 60% of those rents are booked within 5 to 7 days of arrival. So, it’s just tricky on a forward basis beyond the first quarter.
John Pawlowski
Okay. Last one for me on the financing markets. Paul, I’m just curious if you’ve seen secured financing terms or just the availability debt changes at all for really hurricane-prone properties along Waterfront?
Paul Seavey
I’ll say it’s a little early to say there’s been a change. I think that — I think there’s — we are not in the market right now. So, what I’m hearing is more questions around a bit more time spent on underwriting, but I haven’t seen an indication of reduced capacity or appetite from then.
John Pawlowski
Ok, thank you.
Operator
Our next question comes from the line of Michael Goldsmith with UBS. Your line is open.
Michael Goldsmith
Good morning. Thanks for taking my question. Your 2023 FFO guidance calls for a $0.10 range, which is consistent with the range you provided last year. So presumably, you have a similar level of insight into the year. I guess, I was wondering, what are the factors or the line items that you have maybe less or limited visibility in 2023 to accommodate this range?
Paul Seavey
Well, certainly, the transient RV business is the line item has the greatest exposure to us. After that, I would point to our membership upgrade. And our — just our home sale activity at the level of the properties. As we look at the economic landscape and we kind of think about projections for 2023 and talk of potential recession, it harkens back a bit to 2008, and we certainly saw impact from the slowdown in the single-family home sales market on our business and specific despite the fact that we continue to see very strong demand for our home sales in our properties today, I’d indiscernible that as an area.
Michael Goldsmith
So, would you say you have less visibility into kind of like the top line than you do to the expense growth for the year?
Paul Seavey
Well, I think that, as I mentioned earlier, there — we have refined the way that we review our utility expense, which created a significant amount of exposure in the expense line item in 2022. So, I think that to ask whether we have greater visibility, I think that we have a model that looks to different sources of information. And based on the recent experience that we have had, and our testing of that model, we think we’ll be more reliable than our method.
Michael Goldsmith
Got it. That’s helpful. And then on — are you seeing any change in bad debt? Was there a change infrastructure in the fourth quarter? Or are you expecting any change in 2023? Is that built into the guidance in any way?
Paul Seavey
So, our rent collection rates are — they remain strong in the MH and RV properties. There were [ an eviction] a diction moratorium following the onset of the pandemic that did cause a slight increase in our delinquent MH rents. As those restrictions have begun to ease, we’ve been collecting past due rents from residents interested in resolving their [debts] debates.
Our reserve policy takes a look at debt collectability. And we’ve seen an increase in the gross receivables resulting from the delay in processing [evictions] addictions across the MH portfolio, since the beginning of the pandemic, that pressure started to ease in 2022. So, our bad debt expense moderated to be in line with historical levels. And our historical levels are about 40 — call it, 40 to 50 basis points of base rent. So, I think that kind of turn to historical normal is what I would otherwise expect in 2023, absent some legislative impact that extends moratoriums or challenges our ability to collect rent.
Michael Goldsmith
One last one for me is you’ve been acquiring land and you’ve been looking at expansion sites which given the current backdrop, is this a good time to continue to push on that? And then how have expected yields on expansion sites changed? Is there any difference for ’23 versus maybe in the past?
Marguerite Nader
Yes. We purchased land — a fair amount of land during the pandemic and last year. I think we’ll continue to do that where it makes sense. Certainly, land that’s adjacent to our properties is something that is highly accretive. There have been cost pressures placed just on construction, in general. But we think that we’re acquiring the land at a price that makes sense, and we’ll continue to do that, and you’ll see us do that this year and beyond. SP-15
Michael Goldsmith
Thank you very much.
Operator
Thank you. We have a follow-up from the line of Joshua Dennerlein with Bank of America. Your line is open.
Joshua Dennerlein
Yes. Paul, I just wanted to follow up on your comment that payroll should be in line with headline CPI for 2023 guidance. Is that in — is that kind of backwards-looking CPI, like the current CPI or kind of how CPI trends over the next 12 months?
Paul Seavey
We took a look at current CPI.
Joshua Dennerlein
Current. So, the latest print?
Paul Seavey
Yes.
Joshua Dennerlein
Thank you. Paul.
Operator
Thank you. Ladies and gentlemen, this concludes the question-and-answer session at this time. I would now like to turn the call back over to Marguerite Nader for closing remarks.
Marguerite Nader
Thank you very much for joining us on today’s call. We look forward to seeing you at all the upcoming events. Take care.
Operator
Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. You may now disconnect. ##
Part II. Additional Information with More MHProNews Analysis and Commentary in Brief
Given the length of the above, just a few quick points will be made today, but more are planned for a future follow up report. In no particular order of importance are the following.
Per Yahoo Finance, here are the one (1) year and five (5) year stock value trends for ELS.
Note that in 2022, ELS’ share value did not seem to keep up with the federally claimed rate of inflation. See the below from our year in review recap, linked below, that looked at all of our manufactured housing connected equities.
Notice: the graphic below can be expanded to a larger size.
See instructions below graphic, or click and follow the prompts.
Per the above from ELS, they have:
- 1). 72,700 manufactured home community (MHC) homesites.
- 2). New home sales of 1,176 for the year ended December 31, 2022, which was the highest in company history.
- 3). ELS had 201 [corrected] manufactured home communities with “74,500 sites” as of 10.31.2022. Note that no one on the earnings call asked about the discrepancy between 72,700 sites vs. their investor presentation’s claim of 74,500 sites.
- 4). 1176 new home sales for the year divided by 201 properties yields 5.85 [corrected] sales per year, per community.
- 5). Those ELS statistics blows away, for example, their smaller fellow MHI member and smaller rival, UMH Properties (UMH). See more, linked further below, deeper in Part III.
- 6.) Just doing the math, about once every two months the typical ELS property sells a new manufactured home. That’s hardly setting the woods on fire. Such a data point ought to be an embarrassment, rather than a bragging point, for ELS or any major manufactured home community operator. During an affordable housing crisis, why do manufactured homes set up and ready for sale stay on the market for longer than existing site-built housing does?
- 7.) ELS has once again been sued. There are attorneys probing the manufactured home industry. MHI has been mentioned by several insiders and outsiders as part of the problem. Given that ELS has a prominent position on MHI’s board and has for years, these combinations of facts could lead to significant exposure. Stay tuned for the planned follow up report.
Watch for a planned follow up on ELS. Until that planned MHProNews follow up, see the linked reports to learn more.
Part III. Daily Business News on MHProNews Markets Segment
The modifications of our prior Daily Business News on MHProNews format of the recap of yesterday evening’s market report are provided below. It still includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines. The macro market moves graphics will provide context and comparisons for those invested in or tracking manufactured housing connected equities.
In minutes a day readers can get a good sense of significant or major events while keeping up with the trends that are impacting manufactured housing connected investing.
Reminder: several of the graphics on MHProNews can be opened into a larger size. For instance: click the image and follow the prompts in your browser or device to OPEN In a New Window. Then, in several browsers/devices you can click the image and increase the size. Use the ‘x out’ (close window) escape or back key to return.
Headlines from left-of-center CNN Business – from the evening of 2.1.2023
- Stocks gain steam
- NEW YORK, NEW YORK – JANUARY 26: The New York Stock Exchange (NYSE) is seen during morning trading on January 26, 2023 in New York City. The stock market opened slightly higher this morning as investors awaited the release of fourth-quarter Gross Domestic Product (GDP) report. The report showed that the economy grew at an annual rate of 2.9 percent in the fourth-quarter with the rate decreasing slightly from a 3.2 percent growth rate in the third quarter.
- The Fed hiked rates by a quarter of a point and said it won’t pause any time soon, but investors cheered
- Biden proposes ‘junk fee’ bill to cut hidden fees for credit cards and concert tickets
- Samsung unveils Galaxy S23 lineup with powerhouse camera
- Bed Bath and Beyond is closing 87 more stores. See the list
- Record $3.8 billion stolen in crypto hacks last year, report says
- BDG shuts down Gawker and lays off 8% of staff, CEO announces
- Apple and Google’s app stores wield ‘gatekeeper’ power and should be reined in, Commerce Department says
- Exclusive: Tabasco teams with a TikTok star to surprise hot sauce fans
- Asia’s richest no more? Gautam Adani’s wealth crashes as $90 billion wiped off his business
- Job openings jumped unexpectedly to 11 million in December
- Sam Bankman-Fried’s bail is tightened over ‘threat’ of witness tampering
- Coca-Cola’s Powerade is taking a jab at Gatorade with new formula and packaging
- Michigan six-year-old orders $1,000 worth of food on Grubhub
- Beyoncé is going on tour. Will Ticketmaster be able to handle it?
- Europe unveils $270 billion response to US green subsidies
- Why these chunky, ugly running shoes are selling like crazy
- Britain hit by biggest day of strikes in a decade as pay disputes escalate
- Will the Fed end the 2023 market rally?
- Europe grew faster than the US last year. Its markets are outperforming too
- Apple is the only US tech giant to have avoided significant layoffs. Will it last?
- Missing radioactive capsule found on remote road in Australia
- How Southwest can win back its angry, stranded customers
- What to expect from the Fed meeting
- Chinese cities are struggling to pay their bills as ‘hidden debts’ soar
Notice: the graphic below can be expanded to a larger size.
See instructions below graphic, or click and follow the prompts.
Headlines from right-of-center Newsmax 2.1.2023
- Ted Cruz, Key Senators Demand DirecTV Answer for Newsmax Deplatforming
- Republican Sens. Ted Cruz, Lindsey Graham, Mike Lee, and Tom Cotton, left to right, have sent a letter to AT&T DirecTV and its investment partner raising concerns. (Getty Images)
- Ted Cruz, ranking member of the Committee on Commerce, Science, and Transportation, is among four prominent GOP senators who sent a letter to DirectTV and its controlling shareholders, AT&T and TPG, questioning the deplatforming of Newsmax: “Congress and the public have a right to know the extent to which DirecTV’s decision to drop Newsmax was politically motivated, including whether the company succumbed to pressure from administration officials or Democrats in Congress.” [Full Story]
- Good: DirecTV Suppressing Free Speech, Press With Drop
- Senators Demand Answers for DirecTV’s Canceling of Newsmax
- 18 GOP Reps Stand for Newsmax in Special Order | video
- Norman: Deplatforming Violates 1st Amendment | video
- Fitzgerald: Censorship May Spark Legislation | video
- DeSantis: Congress Must Probe AT&T Deplatforming | video
- Good: Newsmax Willing to Hold Govt Accountable | video
- Buck Calls Out ‘Shocking Coordinated’ Censorship | video
- Speaker McCarthy Warns AT&T | video
- Scalise: ‘We Should All Be Promoting Free Speech’
- Trump Hits CNN/MSNBC Ratings: ‘Put Newsmax Back On’ | video
- Trump Calls AT&T DirecTV ‘Disgusting,’ Urging Boycott
- Newsmax TV
- Norman: Excited About Haley WH Bid
- Norman: Excited About Haley WH Bid
- Fitzgerald: Biden Docs Getting ‘Classic Cover-Up’ | video
- Good: FBI Should Extend Biden Doc Searches | video
- Van Drew: FBI Search of Biden Home Questionable | video
- Mark Morgan: Sanctuary Cities Partly to Blame for Migrant Crisis | video
- Reeves: GOP States’ ‘Strikeforce’ Targets Border | video
- Paul: Real Problems With Govt Waste | video
- Burchett on Memphis’ ‘Thugs With Badges’ | video
- Gaetz: ‘Undecided’ on Kicking Ilhan Omar off Committee
- Boebert: Hearings Should Net Criminal Referrals | video
- Newsfront
- Musk Ignores Dems in First Trip to Capitol as Twitter Chief
- Twitter CEO Elon Musk met with multiple congressional Republicans but scheduled no meetings with Democrat lawmakers during his first trip to the Capitol in his new post…. [Full Story]
- In US Visit, Taiwan Speaker Stresses Importance of Defending Island From China
- In US Visit, Taiwan Speaker Stresses Importance of Defending Island From China
- The speaker of Taiwan’s parliament during a forum for international [Full Story]
- Chip Roy Pushes to Remove Military Diversity Officer Posts
- Chip Roy, R-Texas, has introduced a bill to eliminate diversity [Full Story]
- Adani Abandons $2.5 Billion Share Sale
- Gautam Adani’s flagship firm called off its $2.5 billion share sale [Full Story]
- FBI Finds No Classified Docs in Search of Biden Beach House
- FBI Finds No Classified Docs in Search of Biden Beach House
- The Federal Bureau of Investigation searched President Joe Biden’s [Full Story]
- Related
- Video Report: FBI Searching Biden’s Rehoboth Beach Home |video
- Van Drew to Newsmax: FBI Search of Biden Home Questionable |video
- Fitzgerald to Newsmax: Biden Docs Getting ‘Classic Cover-Up’ |video
- Fed Opts for Small Rate Hike of 0.25 Percent
- The Federal Reserve raised its target interest rate by a quarter of a [Full Story]
- As Refugees Flood Into US, Chinese Christians Told to Wait
- Sixty-four Chinese Christians who fled religious persecution in 2019 [Full Story]
- Netanyahu: Willing to Mediate Russia-Ukraine War
- Israeli Prime Minister Benjamin Netanyahu said Tuesday night he would [Full Story]
- Related
- Russia Focuses on Eastern Ukraine for Possible New Offensive
- IOC Rejects Russian Demand That Its Athletes Compete Without Restrictions
- Boris Johnson Meets US Republicans, Pushes Ukraine Aid
- Happiness Spikes in Our 70s
- Here’s some good news for seniors over 70 years of age. A recent [Full Story]
- Israel’s Drone Strike Delivered ‘Stern Warning’ to Iran
- The purported Israeli drone assault targeting an Iranian defense [Full Story] | Platinum Article
- Amazon Could Employ More Robots Than Workers by 2030
- To grasp the magnitude of the robotics age now emerging, know that [Full Story]
- Rally May Extend Even as Wall St Remains Wary
- Citigroup Inc.’s shares are approaching a potential bullish technical [Full Story]
- February Watch: Super Bowl, Presidents Day, Mardi Gras
- February may be the shortest month of the year, but that doesn’t mean [Full Story] | Platinum Article
- US Construction Spending Unexpectedly Falls
- S. construction spending unexpectedly fell in December as [Full Story]
- Study: Sports-Linked Cardiac Arrest Rare in Seniors
- The saga of Damar Hamlin’s recent collapse during a football game has [Full Story]
- Trump Accuses DeSantis of Being ‘RINO Globalist’
- Former President Donald Trump took to social media on Wednesday to [Full Story]
- Senators Demand Answers for DirecTV’s Canceling of Newsmax
- Four prominent Republican U.S. senators sent a letter to DirectTV and [Full Story]
- Ozzy Osbourne Retires From Touring, Cancels Shows
- Struggling with health issues, rocker Ozzy Osbourne, 74, announced [Full Story]
- College Board Revises AP Black History Course After DeSantis’ Criticism
- Little more than a week after Florida Republican Gov. Ron DeSantis [Full Story]
- Biden’s Annual Physical Pushed Back
- President Joe Biden’s annual physical will be completed Feb. 16, more [Full Story]
- Video Report: FBI Searching Biden’s Rehoboth Beach Home
- On Wednesday’s “National Report,” the FBI is searching President Joe [Full Story] | video
- Ron DeSantis Planning Texas Visit to Help GOP Fundraising
- Florida GOP Gov. Ron DeSantis plans to visit Texas next month to help [Full Story]
- Job Openings Unexpectedly Increase
- S. job openings unexpectedly rose in December, showing demand for [Full Story]
- Stefanik: Subpoenas Could Expose DOJ’s Targeting of Parents
- House Republican Conference Chair Rep. Elise Stefanik, R-N.Y., told [Full Story]
- Chief Justice Roberts’ Wife Faces Potential Ethics Inquiry
- Jane Sullivan Roberts, the wife of Supreme Court Chief Justice John [Full Story]
- What Happens When the COVID-19 Emergency Ends
- The declaration of a COVID-19 public health emergency three years ago [Full Story]
- White House Gives Apple, Google App Stores Thumbs Down
- The Biden administration is taking aim at Apple and Google for [Full Story]
- China Successfully Clones Cows to Reduce Imports, Increase Food Supply
- For the first time in the nation’s history, Chinese scientists from [Full Story]
- Jane Austen Novel Gets Trigger Warning for ‘Gender Stereotyping’
- In a surreal case of life imitating art, a London university has [Full Story] | video
- Pew Poll: US Opposition to Ukraine Aid Grows
- The share of Americans who say the United States is providing too [Full Story]
- Boeing Bids Farewell to an Icon, Delivers Last 747 Jumbo Jet
- Boeing bid farewell to an icon on Tuesday, delivering its final 747 [Full Story]
- Fed Opts for Small Rate Hike of 0.25%
- The Federal Reserve raised its target interest rate by a quarter of a percentage point on Wednesday, yet continued to promise “ongoing increases” in borrowing costs as part of its still unresolved battle against inflation…. [Full Story]
- Half of $100K+ Earners Live Paycheck-to-Paycheck
- Powell: Fed Still Committed to 2% Inflation
- Cheaper Version of Humira Now Available, but Price Could Stay High
- Biden Will Pick New Economic Team After State of the Union
- More Finance
- Health
- Study: Legalized Marijuana Doesn’t Increase Substance Abuse
- Living in a U.S. state where recreational weed is legal does not appear to increase the average adult’s risk of succumbing to “reefer madness,” a new study of twins has determined. An adult living in a “legal” state is not more likely to develop any sort of substance abuse…… [Full Story]
- Cheaper Version of Humira Now Available, but Price Could Stay High
- FDA Lifts COVID Test Requirements for Pfizer, Merck Pills
- Trees Could Cut Urban Heatwave Mortality By a Third
- Sleep Apnea Linked to Weaker Bones, Teeth
Notice: the graphic below can be expanded to a larger size.
See instructions below graphic, or click and follow the prompts.
====================================
Updated
-
-
- NOTE 1: The 3rd chart above of manufactured housing connected equities includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry finance lender.
- NOTE 2: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
- NOTE 3: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm. Thus, there is still periodic activity on DVLY.
- Note 4: some recent or related reports to the REITs, stocks, and other equities named above follow in the reports linked below.
-
2023 …Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
Disclosure. MHProNews holds no positions in the stocks in this report.
· For expert manufactured housing business development or other professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.
That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards and honors and also recognition 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.
2.1.2023
CNN 2.1.2023
- Stocks gain steam
- NEW YORK, NEW YORK – JANUARY 26: The New York Stock Exchange (NYSE) is seen during morning trading on January 26, 2023 in New York City. The stock market opened slightly higher this morning as investors awaited the release of fourth-quarter Gross Domestic Product (GDP) report. The report showed that the economy grew at an annual rate of 2.9 percent in the fourth-quarter with the rate decreasing slightly from a 3.2 percent growth rate in the third quarter.
- The Fed hiked rates by a quarter of a point and said it won’t pause any time soon, but investors cheered
- Biden proposes ‘junk fee’ bill to cut hidden fees for credit cards and concert tickets
- Samsung unveils Galaxy S23 lineup with powerhouse camera
- Bed Bath and Beyond is closing 87 more stores. See the list
- Record $3.8 billion stolen in crypto hacks last year, report says
- BDG shuts down Gawker and lays off 8% of staff, CEO announces
- Apple and Google’s app stores wield ‘gatekeeper’ power and should be reined in, Commerce Department says
- Exclusive: Tabasco teams with a TikTok star to surprise hot sauce fans
- Asia’s richest no more? Gautam Adani’s wealth crashes as $90 billion wiped off his business
- Job openings jumped unexpectedly to 11 million in December
- Sam Bankman-Fried’s bail is tightened over ‘threat’ of witness tampering
- Coca-Cola’s Powerade is taking a jab at Gatorade with new formula and packaging
- Michigan six-year-old orders $1,000 worth of food on Grubhub
- Beyoncé is going on tour. Will Ticketmaster be able to handle it?
- Europe unveils $270 billion response to US green subsidies
- Why these chunky, ugly running shoes are selling like crazy
- Britain hit by biggest day of strikes in a decade as pay disputes escalate
- Will the Fed end the 2023 market rally?
- Europe grew faster than the US last year. Its markets are outperforming too
- Apple is the only US tech giant to have avoided significant layoffs. Will it last?
- Missing radioactive capsule found on remote road in Australia
- How Southwest can win back its angry, stranded customers
- What to expect from the Fed meeting
- Chinese cities are struggling to pay their bills as ‘hidden debts’ soar
Newsmax 2.1.2023
- Ted Cruz, Key Senators Demand DirecTV Answer for Newsmax Deplatforming
- Republican Sens. Ted Cruz, Lindsey Graham, Mike Lee, and Tom Cotton, left to right, have sent a letter to AT&T DirecTV and its investment partner raising concerns. (Getty Images)
- Ted Cruz, ranking member of the Committee on Commerce, Science, and Transportation, is among four prominent GOP senators who sent a letter to DirectTV and its controlling shareholders, AT&T and TPG, questioning the deplatforming of Newsmax: “Congress and the public have a right to know the extent to which DirecTV’s decision to drop Newsmax was politically motivated, including whether the company succumbed to pressure from administration officials or Democrats in Congress.” [Full Story]
- Good: DirecTV Suppressing Free Speech, Press With Drop
- Senators Demand Answers for DirecTV’s Canceling of Newsmax
- 18 GOP Reps Stand for Newsmax in Special Order | video
- Norman: Deplatforming Violates 1st Amendment | video
- Fitzgerald: Censorship May Spark Legislation | video
- DeSantis: Congress Must Probe AT&T Deplatforming | video
- Good: Newsmax Willing to Hold Govt Accountable | video
- Buck Calls Out ‘Shocking Coordinated’ Censorship | video
- Speaker McCarthy Warns AT&T | video
- Scalise: ‘We Should All Be Promoting Free Speech’
- Trump Hits CNN/MSNBC Ratings: ‘Put Newsmax Back On’ | video
- Trump Calls AT&T DirecTV ‘Disgusting,’ Urging Boycott
- Newsmax TV
- Norman: Excited About Haley WH Bid
- Norman: Excited About Haley WH Bid
- Fitzgerald: Biden Docs Getting ‘Classic Cover-Up’ | video
- Good: FBI Should Extend Biden Doc Searches | video
- Van Drew: FBI Search of Biden Home Questionable | video
- Mark Morgan: Sanctuary Cities Partly to Blame for Migrant Crisis | video
- Reeves: GOP States’ ‘Strikeforce’ Targets Border | video
- Paul: Real Problems With Govt Waste | video
- Burchett on Memphis’ ‘Thugs With Badges’ | video
- Gaetz: ‘Undecided’ on Kicking Ilhan Omar off Committee
- Boebert: Hearings Should Net Criminal Referrals | video
- Newsfront
- Musk Ignores Dems in First Trip to Capitol as Twitter Chief
- Twitter CEO Elon Musk met with multiple congressional Republicans but scheduled no meetings with Democrat lawmakers during his first trip to the Capitol in his new post…. [Full Story]
- In US Visit, Taiwan Speaker Stresses Importance of Defending Island From China
- In US Visit, Taiwan Speaker Stresses Importance of Defending Island From China
- The speaker of Taiwan’s parliament during a forum for international [Full Story]
- Chip Roy Pushes to Remove Military Diversity Officer Posts
- Chip Roy, R-Texas, has introduced a bill to eliminate diversity [Full Story]
- Adani Abandons $2.5 Billion Share Sale
- Gautam Adani’s flagship firm called off its $2.5 billion share sale [Full Story]
- FBI Finds No Classified Docs in Search of Biden Beach House
- FBI Finds No Classified Docs in Search of Biden Beach House
- The Federal Bureau of Investigation searched President Joe Biden’s [Full Story]
- Related
- Video Report: FBI Searching Biden’s Rehoboth Beach Home |video
- Van Drew to Newsmax: FBI Search of Biden Home Questionable |video
- Fitzgerald to Newsmax: Biden Docs Getting ‘Classic Cover-Up’ |video
- Fed Opts for Small Rate Hike of 0.25 Percent
- The Federal Reserve raised its target interest rate by a quarter of a [Full Story]
- As Refugees Flood Into US, Chinese Christians Told to Wait
- Sixty-four Chinese Christians who fled religious persecution in 2019 [Full Story]
- Netanyahu: Willing to Mediate Russia-Ukraine War
- Israeli Prime Minister Benjamin Netanyahu said Tuesday night he would [Full Story]
- Related
- Russia Focuses on Eastern Ukraine for Possible New Offensive
- IOC Rejects Russian Demand That Its Athletes Compete Without Restrictions
- Boris Johnson Meets US Republicans, Pushes Ukraine Aid
- Happiness Spikes in Our 70s
- Here’s some good news for seniors over 70 years of age. A recent [Full Story]
- Israel’s Drone Strike Delivered ‘Stern Warning’ to Iran
- The purported Israeli drone assault targeting an Iranian defense [Full Story] | Platinum Article
- Amazon Could Employ More Robots Than Workers by 2030
- To grasp the magnitude of the robotics age now emerging, know that [Full Story]
- Rally May Extend Even as Wall St Remains Wary
- Citigroup Inc.’s shares are approaching a potential bullish technical [Full Story]
- February Watch: Super Bowl, Presidents Day, Mardi Gras
- February may be the shortest month of the year, but that doesn’t mean [Full Story] | Platinum Article
- US Construction Spending Unexpectedly Falls
- S. construction spending unexpectedly fell in December as [Full Story]
- Study: Sports-Linked Cardiac Arrest Rare in Seniors
- The saga of Damar Hamlin’s recent collapse during a football game has [Full Story]
- Trump Accuses DeSantis of Being ‘RINO Globalist’
- Former President Donald Trump took to social media on Wednesday to [Full Story]
- Senators Demand Answers for DirecTV’s Canceling of Newsmax
- Four prominent Republican U.S. senators sent a letter to DirectTV and [Full Story]
- Ozzy Osbourne Retires From Touring, Cancels Shows
- Struggling with health issues, rocker Ozzy Osbourne, 74, announced [Full Story]
- College Board Revises AP Black History Course After DeSantis’ Criticism
- Little more than a week after Florida Republican Gov. Ron DeSantis [Full Story]
- Biden’s Annual Physical Pushed Back
- President Joe Biden’s annual physical will be completed Feb. 16, more [Full Story]
- Video Report: FBI Searching Biden’s Rehoboth Beach Home
- On Wednesday’s “National Report,” the FBI is searching President Joe [Full Story] | video
- Ron DeSantis Planning Texas Visit to Help GOP Fundraising
- Florida GOP Gov. Ron DeSantis plans to visit Texas next month to help [Full Story]
- Job Openings Unexpectedly Increase
- S. job openings unexpectedly rose in December, showing demand for [Full Story]
- Stefanik: Subpoenas Could Expose DOJ’s Targeting of Parents
- House Republican Conference Chair Rep. Elise Stefanik, R-N.Y., told [Full Story]
- Chief Justice Roberts’ Wife Faces Potential Ethics Inquiry
- Jane Sullivan Roberts, the wife of Supreme Court Chief Justice John [Full Story]
- What Happens When the COVID-19 Emergency Ends
- The declaration of a COVID-19 public health emergency three years ago [Full Story]
- White House Gives Apple, Google App Stores Thumbs Down
- The Biden administration is taking aim at Apple and Google for [Full Story]
- China Successfully Clones Cows to Reduce Imports, Increase Food Supply
- For the first time in the nation’s history, Chinese scientists from [Full Story]
- Jane Austen Novel Gets Trigger Warning for ‘Gender Stereotyping’
- In a surreal case of life imitating art, a London university has [Full Story] | video
- Pew Poll: US Opposition to Ukraine Aid Grows
- The share of Americans who say the United States is providing too [Full Story]
- Boeing Bids Farewell to an Icon, Delivers Last 747 Jumbo Jet
- Boeing bid farewell to an icon on Tuesday, delivering its final 747 [Full Story]
- Fed Opts for Small Rate Hike of 0.25%
- The Federal Reserve raised its target interest rate by a quarter of a percentage point on Wednesday, yet continued to promise “ongoing increases” in borrowing costs as part of its still unresolved battle against inflation…. [Full Story]
- Half of $100K+ Earners Live Paycheck-to-Paycheck
- Powell: Fed Still Committed to 2% Inflation
- Cheaper Version of Humira Now Available, but Price Could Stay High
- Biden Will Pick New Economic Team After State of the Union
- More Finance
- Health
- Study: Legalized Marijuana Doesn’t Increase Substance Abuse
- Living in a U.S. state where recreational weed is legal does not appear to increase the average adult’s risk of succumbing to “reefer madness,” a new study of twins has determined. An adult living in a “legal” state is not more likely to develop any sort of substance abuse…… [Full Story]
- Cheaper Version of Humira Now Available, but Price Could Stay High
- FDA Lifts COVID Test Requirements for Pfizer, Merck Pills
- Trees Could Cut Urban Heatwave Mortality By a Third
- Sleep Apnea Linked to Weaker Bones, Teeth
====================================
Updated
-
-
- NOTE 1: The 3rd chart above of manufactured housing connected equities includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry finance lender.
- NOTE 2: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
- NOTE 3: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm. Thus, there is still periodic activity on DVLY.
- Note 4: some recent or related reports to the REITs, stocks, and other equities named above follow in the reports linked below.
-
2023 …Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
Disclosure. MHProNews holds no positions in the stocks in this report.
· For expert manufactured housing business development or other professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.
That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards and honors and also recognition 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.
