ChicagoBusiness reports that Chairman Sam Zell’s Equity Lifestyle Properties is the third most prosperous Real Estate Investment Trust (REIT) in Chicago. It seems that shares in the company have returned 42.5 percent this year, largely because of rising occupancies and rents and lower-than-expected expenses.
The company boasts a 92 percent occupancy rate overall, which is the highest level in more than a decade, according to Green Street Advisors, a Newport Beach, California, research firm.
As MHProNews regular’s know, Equity Lifestyle Properties (ELS) is the largest manufactured home land lease community in the nation.
ELS owns and operates more than 370 communities and resorts in 32 states and British Columbia with nearly 140,000 sites. They have received several Community of the Year awards for the outstanding quality of their communities.
ELS is one of the stocks tracked by the Daily Business News manufactured housing connected market report. Thursday’s closing, by the numbers, was: (NYSE:ELS) 49.19 -0.57 (-1.15%). ##
(Editor’s Note: an MH focused interview and article, “The Point of the Spear” with Sam Zell, is found at this link).
(Photo credit: Coquina Crossing, St. Augustine, Florida. Equity Lifestyle Properties)