Equity Lifestyle Properties, Inc. · NYSE:ELS
Equity Lifestyle Properties — Investor Presentation (June 2012)
28 slides from Equity Lifestyle Properties's investor presentation, Jun 12, 2012
Slide 1: Exhibit 99.1
Exhibit 99.1 ~ — 5
Slide 2: Forward-Looking Statements
Properties such identify recent costs, acquire); attract 2012 potential economic to acquisitions; rates; “Revenue management’s Company or stabilize otherwise. as estimated the real acquisitions customers “anticipate,” forward-looking homebuyers the dilutive conditions, is Recognition;” estate Forwar
Slide 3: Equity LifeStyle Properties Overview
Equityannual business from basis ELS’s LifeStyle model rent revenue ELS position Properties owns streams isthe prime ELS (1) land Overview 75,600 Over Leases 1,000,000 manufactured individual One of customer thedeveloped nation’s or resort contacts largest home sites to sites real customers estate 6
Slide 4: Investment Highlights
Equity LifeStyle locations Favorable are Customer strongly Properties Demographics correlated ELS with Investment Baby population Boomers Highlights migration Active Well adults Financial Located and Performance RV Realowners Estate />80 Outdoor andproperties Fundamentals enthusiasts with Strong lak
Slide 5: Real Estate
Equity LifeStyle Properties Real Estate
Slide 6: High Quality Real Estate
Equity costs/customer 62% ofLifeStyle our sitesturnover are Properties in FL, costs AZ, Real than CA Estate other and De TX forms Anza 3 Award ofSanta realwinning estate Cruz 3–properties High Santaquality Cruz, CA real3estate Primary 3 Asset investment scarcityisColony in land;Cove the appreciating
Slide 7: Property Locations
Equity LifeStyle Properties Property Locations
Slide 8: Core Portfolio Rental Income Growth
EquityPortfolio sitesCore rental Portfolio Core incomegrowth LifeStyle is occupancy defined may Properties change for of forthis 91.3% thefrom presentation Resort five and months time-to-time Homes downasended 7since (1) properties depending Casa 5/31/12 12/31/11 delacquired Sol ison (2)Core 3.1% Re
Slide 9: Portfolio Sites
Equity Sites Willis, are the rented five = TX LifeStyle 9,600 months on 3 Industry an 3 Thousand ended annual Properties standard May basis. Trails 31, RV2012 ratio 2011. Resorts Sites right-to-use = =1024,300 (1) to Goose 1 3 (2) Core annual Creek 3 95,900 resort payments – Newport, income members
Slide 10: Strong Long Term Performance
Equity LifeStyle Properties Strong Long Term Performance
Slide 11: Track Record of Dividends Paid and Total Return
Equity(3) Value amount Exhibit March (calculation 31, LifeStyle 99.2 is$296 the 2012. assumes tomidpoint million the See Properties Form dividend page $5.63 of8-K the 16. Track billion filed estimated Source: reinvestment). Record onDividend April SNL 2012 Item 17, Financial. FFO Paid IPO 2012per Cu
Slide 12: Total Return Performance vs. REITs
Equity years SNL US 250 LifeStyle REIT 3 ELSEquity Properties announced : Includes TotalReturn 200 all 2012publicly dividend Performance(1) traded is 17% (NYSE, (%) 60 40 150 NYSE 3Return ELS Amex, total 100NASDAQ, return higherhas than (%) OTC 2011 20BB, Return Total Pink 500Sheets) 0outperformed -
Slide 13: Consistent Same Store NOI Growth and Outperformance
Equity LifeStyle maintained quarter storage,of office, 1998. positive industrial, “REIT Properties sameIndustry” store mixed Consistent NOI office includes growth Same andan specialty. all Store index quarters NOI of REITs since Growthacross at least and aOutperformance Q3 variety ‘98 Note: of asset
Slide 14: FFO Multiples vs. Multifamily
EquityFFO 1999 assumes collected Green Street LifeStyle initial by Multiples Citi. Advisors, investment Properties SeeELS page RealMultifamily of 13. ELS Estate $100 Source: vs.Securities multiplied Multifamily 1996 SNL –Financial. Monthly, by 2001(3) Same the annual 12.9x Average Store 06/01/2012.
Slide 15: Growth in FFO/Share and Total Return
Equity in growth FFO/share LifeStyle rates, respectively. growth Properties Notes:Total ELS Source: Return vs. Multifamily SNLassumes Financial, dividend (cont’d) May 2012. FFO/Share reinvestment. 1) Growth and Total in FFO/Share Return While and Total ELS and Return SNLassumes Multifamily initialIn
Slide 16: Fundamentals
Equity LifeStyle Properties Fundamentals
Slide 17: FFO Growth and Predictable Cash Flows
Equitygrowth 2012 Package. available LifeStyle Portion for common largely Properties of Total driven shares Revenue by Long to$1.4 FFO. Term earned billion Predictable or Hometown expected Cash to acquisition Flows be earned 3 FFO during from expected properties the second to grow and halfchattel 39
Slide 18: Steady, Predictable Revenue Streams
Equity LifeStyle Properties Steady, Predictable Revenue Streams Property Revenue Buckets (1) Note: 1) Property revenue buckets reflect Company’s estimated 2012 property operating revenues.
Slide 19: Balance Sheet Flexibility
Equity interest equals LifeStyleexpense Properties divided Balance by EBITDA. Sheet Flexibility 3 $344 million of common equity raised in 2011 3 200 properties are unencumbered Notes: Source: SNL Financial. Fixed interest coverage
Slide 20: Stock and Capital Structure
EquityNotes: credit redemption LifeStyle price Stock Properties ofprice $25 per as Capital of share, 3/31/2012. plus Structure accumulated TheAs 8 million of March andshares unpaid 31, 2012 ofdividends. 8.034% (In $US Series millions) A Cumulative 3 Total enterprise Redeemablevalue Perpetual (1) is
Slide 21: Customers
Equity LifeStyle Properties Customers
Slide 22: Customer Demographics
Equity Park U.S. Census Pass LifeStyle – low Bureau cost Properties 2008. productCustomer introduced Demographics in 2010 50-59 Target yearsCustomer old Transient MH RVandCustomer Annual RV35-55 Customer years old 65-74 Theyears population old Right of people to Use RV 50 –and 74 Seasonal is expecte
Slide 23: Extensive Customer Pool
Equity 2005, Center LifeStyle Acxiom Properties 2009, Extensive Statistical Customer Surveys 2011, Pool US ELSCensus only needs 2008.a small percentage of this customer pool to feed its revenue streams Note: Sources: University of Michigan’s Survey Research
Slide 24: Volunteerism and Activities
Equity LifeStyle University Volunteerism Properties Consider ELS LifeStyle Others, fund and Activities raising Recreation Golf, softball, fishing, tennis, swimming, lawn bowling/bocce Arts Concerts, shows, art fairs, crafts Education Seminars, One Day
Slide 25: People
Equity LifeStyle Properties People
Slide 26: Board of Directors and Executive Officers
Equity Operating (“EVP”) Regional -President since Vice-Chairman 1996 LifeStyle of Vice of Officer Gary New Sales President. Waterman Properties Business of(“COO”), and theMarketing Board Ellen Development, -Executive Chief Director and Kelleher (with Director Financial since Officers ELS - EVP Exec
Slide 27: Experienced Management Team
Equity MH/RV years Directors Financial ELS 12+ Acquisitions years Legal atLifeStyle ELS business -Planning atAverage SVP ELS/Thousand /Corporate Dispositions and Properties 6 -Vice 8+ General 17+ years Administrative Presidents years VP Regional Trails Counsel at at of ELS/Thousand ELS New 3Average
Slide 28: FFO Definition and Reconciliation
Equity of operating evaluating plus calculated payments payments, measures estate, and commissions financing be Company alternative GAAP, $US units contract Amortization amounts the comparable among real millions) 7.7 National all LifeStyle ascommissions, are estate 4.3 of performance activities, an
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