Equity Lifestyle Properties, Inc. · NYSE:ELS
Equity Lifestyle Properties — Investor Presentation (December 2009)
29 slides from Equity Lifestyle Properties's investor presentation, Dec 8, 2009
Slide 1: Investor Presentation December 2009
Investor Presentation $$ December 2009 Style Prop
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation 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,
Slide 3: Table of Contents
Table of Contents Company Overview Business Marketing Initiatives Summary Appendix: Financials 4 11 21 23 Page
Slide 4: Company Overview
_EauityLitestye Properties | LifeStyle Properties Company Overview
Slide 5: ELS Overview
ELS Overview One of the nation's largest real estate networks with approximately 300 properties containing almost 111,000 sites in 27 states and British Columbia ELS has a unique business model: ELS owns the land Leases individual developed sites to customers Customers own the units they place on th
Slide 6: ELS Business Expansion (2003 - Current)
ELS Business Expansion (2003 - Current) Number of Sites Number of Properties = MH = RV (LifeStyle) 44,900 8,800 45,900 64,500 41.6% 58.4%
Slide 7: ELS Key Value Drivers
ELS Key Value Drivers Well Located Real Estate >75 properties with lake, river and ocean frontage >80 properties within 10 miles of coastal United States Property locations are strongly correlated with population migration Favorable Customer Demographics Active adults and RV owners / Outdoor enthusi
Slide 8: ELS Original Property Locations (1993 IPO)
ELS Original Property Locations (1993 IPO)
Slide 9: ELS Property Location Shift
ELS Property Location Shift (1)(2)(3)(4) + properties since IPO - - properties since IPO Top 5 New Acquisition States: + 185 properties; +6.5M population All Disposition States: -15 properties; +671K population Notes: 1) Source: US Census Bureau, 2008. 2) Population change is from 2003 - 2008. 3) To
Slide 10: ELS Current Property Locations
ELS Current Property Locations
Slide 11: Business Marketing Initiatives
Business Marketing Initiatives
Slide 12: Customer Discovery
Customer Discovery (1) As our customers enter later life stages they tend to fall into our more stable customer buckets Transient RV Customer 36-55, married, kids, home owner Right to Use RV and Seasonal RV Customer 56-75, married, empty nester, home owner Annual RV and MH Customer 66-75, married, e
Slide 13: Resort Home Customer
Resort Home Customer Primarily active adults Average U.S. household income is $68,400 (1) Average U.S. household income of people 55 to 64 is $77,500 (1) Baby Boomers (2)(3) Own 57% of all vacation and seasonal homes (2) 40% intend to turn their vacation home into primary residence after retirement
Slide 14: RV Owners and Outdoor Enthusiasts
8M-9M RV owners in the United States (1)(2) Average of approximately 42,000 RV owners located within 100 miles of each ELS resort (2) The typical RV owner is age 49, married, owns a home and has an annual household income of $68,000 (1) 42.4M Camping Participants in 2008 (3) 65% of camping participa
Slide 15: ELS LifeStyle and Activities
ELS LifeStyle and Activities Recreation Golf, softball, fishing, tennis, swimming, shuffleboard Arts Concerts, shows, art fairs, crafts Education Seminars, One Day University Volunteerism Consider Others, fund raising
Slide 16: Steady, Predictable Revenue Streams
Steady, Predictable Revenue Streams Property Revenue Buckets (1) All Annual Revenue = 90.5% $494M Property Operating Revenues Notes: 1) Property revenue buckets reflect the estimated 2009 property operating revenues from the 2010 core properties. See page 27 for the estimated 2009 amounts and the de
Slide 17: Stay with ELS a day, a week, a year, or a lifetime
Stay with ELS a day, a week, a year, or a lifetime
Slide 18: Resort Homes Marketing Initiatives
Resort Homes 46,000 sites (approx. 4,000 vacant) Marketing Initiatives Customer referral program Internet focused marketing Rental program Third party relationships Relationships with Manufacturers Obtain value priced product that is aesthetically pleasing
Slide 19: RV Resorts
RV Resorts (1) Annual/Seasonal Sites = 30,000 Transient Sites = 9,000 Thousand Trails Sites = 24,000 24,000 sites; 113,000 members Roughly 13,000 implied excess sites (less than 5 to 1 ratio) Industry standard ratio = 10 to 1 Note: 1) Excludes joint venture sites.
Slide 20: RV Resorts Customer Loyalty and Distribution Channels
RV Resorts Existing Customer Loyalty - rewards program - discounts and reservation flexibility Communication Begin multi-phase relationship with customer to increase loyalty through product offerings New Customer Distribution Channels Referrals Clubs RV Rallies RV Dealers RV retail stores Campground
Slide 21: Summary
_EauityLitestye Properties | ty LifeStyle Properties Summary oo
Slide 22: Summary
Summary Well located real estate Favorable customer demographics Active adults and RV owners / Outdoor enthusiasts Product Flexibility Own, Rent, Flexible Use or Right to Use Opportunity to continue to maximize the existing Thousand Trails footprint Opportunity for growth in distribution channels
Slide 23: Appendix: Financials
_EauityLitestye Properties | ty LifeStyle Properties Financials ey 23
Slide 24: Total Market Capitalization
Total Market Capitalization IPO Nov. 30, 2009 Market Capitalization $193 million $ 1.7 billion (1) Preferred Units - $200 million Mortgage Notes $103 million $1.5 billion Unsecured Notes - - Total Market Capitalization $296 million $3.4 billion Note: Utilizes $48.01 closing stock price at November 3
Slide 25: REIT Industry Same Store NOI Growth
REIT Industry Same Store NOI Growth Note: Source: Citi Investment Research, December 2009.
Slide 26: Track Record
Track Record 1993 2009 FFO Per Share (1) $1.11 $3.45 Stock Price Performance (2) $12.88 $48.01 Dividend Paid Cumulative (3) $26.19 Total Return (4) 776% Notes: 1) See page 29 for definition of FFO. 2009 amount is the mid-point of the estimated 2009 FFO per share disclosed in the October 20, 2009 pre
Slide 27: 2010 Budget Assumptions
2010 Budget Assumptions Income From Property Operations (In Millions) Property Operations (excluding Property management): 2009 (1) 2010 Growth Factor (2) Community Base Rental Income $253.5 Resort Base Rental Income Right to Use Annual Payments Right to Use Contracts (3) 121.5 51.0 21.0 Utility and
Slide 28: 2010 Budget Selected Financial Data
2010 Budget Selected Financial Data (In Millions; except per share data) Notes: 1) Based on Company's estimate. 2) Excludes property management expenses and excludes the GAAP deferrals of right to use contract sales and related commissions. 3) See page 29 for definition of FFO. 4) Due to the uncerta
Slide 29: Non GAAP Financial Measures
Non GAAP Financial Measures Funds from Operations ("FFO"), is a non-GAAP financial measure. The Company believes that FFO, as defined by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"), is generally an appropriate measure of performance for an equity RE
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