Archive

Posts Tagged ‘BusinessWire’

ELS Q2 2016 Indicates Revenue, Income and Community Growth

July 19th, 2016 Comments off

Equity LifeStyle prop  Lake Haven Clearwater Fla posted DailyBusinessNewsMHProNewsEquity LifeStyle Properties (NYSE:ELS) reports for the second quarter ending June 30, 2016 total revenues rose $8.6 million, or 4.3 percent, to $210.1 million, as compared to $201.5 million for the same period in 2015. Net income available for common share stockholders increased $3.7 million, or $0.04 per diluted common share, to $35.5 million, or $0.42 per diluted common share. For the same period in 2015, net income was $31.8 million, or $0.38 per diluted common share, as businesswire reports.

Property operating revenues for Q2 2016 rose $8.9 million to $197.4 million, as compared to $188.5 million for the same period in 2015. For the 2nd quarter, income from property operations increased $6.9 million to $113.4 million, as compared to $106.5 million for the comparable period in 2015.

Core property operating revenues rose approximately 4.2 percent compared to the same period last year, while core income from property operations increased 6.1 percent over the same time frame last year.

A publicly-traded real estate investment trust (REIT), on June 1, 2016 ELS acquired Forest Lake Estates, a 1,168 home site, age restricted community in Zephryhills, Fla. for $75.2 million. The community consists of 894 manufactured home (MH) sites and 274 recreational vehicle (RV) sites.

Also, ELS finalized the acquisition of Portland Fairview, a 407-site RV resort located in Fairview, Oregon, for $17.6 million.

As MHProNews knows, ELS has an interest in 390 MHC and RV communities in 32 states and British Columbia, Canada, comprised of 145,804 sites. ##

(Photo credit: Equity LifeStyle Properties, Lake Haven MHC, Clearwater, Fla.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

Sun Communities Aims to Streamline Compensation and Enhance Workflows

July 13th, 2016 Comments off

sun communnities community postedDailyBusinessNewsMHProNewsThe Xactly Corporation, a cloud-based company that specializes in increasing employee performance by incentivizing them and keeping their behavior in line with company goals, has been chosen by Sun Communities, Inc. (NYSE:SUI) to speed the sales compensation process and enhance workflows.

Xactly will standardize our workflows and greatly improve internal communication around commissions so everyone involved can have access to pertinent data which will speed up our entire process,” said Marc Farrugia, VP of HR of Sun Communities, as businesswire informs MHProNews.

By having a single, easy-to-read dashboard to view plans, payments and documents, staff will have more time to concentrate on plan effectiveness. Farrugia added, “Xactly will give us a single source of truth to easily report on and analyze our compensation data so that we can ensure our compensation spend is strategically allocated.”

Since acquiring 103 MHCs from Carefree Communities, Sun, a real estate investment trust (REIT), owns and operates 337 manufactured home and recreational vehicle communities comprised of 117,000 developed sites. It’s stock is reported on the MHProNews daily stock report, as seen here. ##

(Photo credit: Sun Communities, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

Equity LifeStyle Properties Declares Q1 Dividends

March 9th, 2016 Comments off

equity_lifestyle_propertiesMHProNews has learned the board of directors of Equity LifeStyle Properties (NYSE:ELS) has announced a dividend of $0.425 per common share will be paid on April 8, 2016 to shareholders of record as of March 25, 2016. On an annualized basis this represents a dividend of $1.70 per share.

Moreover, according to businesswire, the board declared a dividend of $0.421875 per depositary share (each representing 1/100 of a share of ELS’ 6.75% Series C Cumulative Redeemable Perpetual Preferred Stock). On an annualized basis this represents a dividend of $1.6875 per share, payable on March 31, 2016 to shareholders on record as of March 10, 2016.

In other news, Gary Waterman, board member since 1993, has announced he will retire from the board of directors May 10, 2016, which will reduce the board members to ten.

Headquartered in Chicago, Equity LifeStyle Properties owns, or has an interest in, 388 manufactured home and recreational vehicle communities comprised of 144,244 home sites in 32 states and British Columbia, Canada. ##

(Image credit: Equity LifeStyle Properties)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Former Brooklyn Modular Builder Posts Profit

October 15th, 2015 Comments off

forest_city_ratner_module__co._credit

MHProNews has learned from businesswire that the Swedish company, Skanska, took a write down of 630 million krona, about $75.6 million, for third quarter operations in the U. S. The majority of the losses stem from six projects where the client changed the design plans, and lowered productivity. After the write down, operating income for the company will be 900 M krona, about $108 million, for Q3. For 2015, Skanska expects to post operating income of 5.5 to 6 billion krona, about $660 million.

Previously, Skanska had collaborated with Forest City Ratner on the 32-story modular apartment building in Brooklyn, now called Pacific Park, but that partnership ended in dispute. As MHProNews reported April 10, 2015, Forest City accused Skanska of cost overruns, while Skanska accused Forest City of design flaws. Only one of the 16 modular units was completed, and the remainder will be finished using traditional construction methods.

Forest City bought Skanska’s 50 percent stake in the modular business and the factory in the Brooklyn Navy Yard where the modules for the project were constructed. The lawsuit between Skanska and Forest City Ratner is still in litigation. ##

(Photo credit: Forest City Ratner–module for 32-story modular apartment complex)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Supplier to Manufactured Home Market Reports Profit

July 16th, 2015 Comments off

TJT_IncFor the third quarter of its fiscal year, T.J.T. Inc. announces net profits of $11,969 on net sales of $1,522,014, a turn around from its net loss of $7,114 reported April 13, 2015 for the previous quarter. As businesswire tells MHProNews sales for this quarter were comparable to Q3 of last year when they hit $1,528,135.

The supplier of axles, tires, and set-up materials to the manufactured housing industry reports net sales of axles and tires rose 11 percent quarter over quarter, from $914,022 one year ago to $1,016,198, while accessories fell from $613,213 a year ago to $505,816 this most recent quarter.

Based in Emmett, Idaho, CEO Terry Sheldon said, “The higher level of sales which the company generated last year is being maintained in the current competitive environment. Our efforts to reduce SG&A expenses over the prior year have produced positive results. Our team of dedicated employees at TJT continues to work diligently to provide the highest quality products and services to our customers. We look forward to reporting results for the fourth quarter.

The company serves eight western states through recycling facilities in Idaho and California, and sells aftermarket supplies to the manufactured housing (MH) and recreational vehicle (RV) markets. ##

(Image credit: T.J.T., Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Wells Fargo Beefs Up Manufactured Home Community Lending Sector

June 23rd, 2015 Comments off

mhc_country_lakes__leecorp_credit_for_photoMHProNews has learned Wells Fargo Commercial Real Estate has hired two industry veterans as it expands its presence in the manufactured home communities (MHC) lending sector, following the acquisition of a $9 billion portfolio of commercial real estate loans from GE Capital Real Estate that includes MHC-focused funds.

Lew Grace most recently served as head of the MHC lending and investment platform at GE Capital Real Estate which he helped grow from $100 million to $1.8 billion. With nearly 30 years of commercial real estate experience, Grace was also GE Capital’s district manager for Southern California, originating commercial loans. Previously, he managed a portfolio of $500 million commercial properties, according to businesswire.

Matt Krasinski was responsible for MHC and recreational vehicle (RV) loan originations as associate director for GE’s Capital Real Estate in North America. He formerly managed a debt and equity portfolio of over 120 properties representing over $2 billion in assets.

Mark Myers, head of Commercial Real Estate at Wells Fargo, said,Expanding our balance sheet lending in this sector combined with Wells Fargo’s existing product capabilities, provides a full-spectrum of solutions for customers in the manufactured home communities industry. We look forward to adding Lew’s and Matt’s industry experience to serve our customers in this important and growing segment of the market.” ##

(Photo credit: leecorp-Country Estates MHC)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Newcastle Divests itself of Manufactured Housing Portfolio

May 13th, 2014 Comments off

MHProNews.com has learned Newcastle Investment Corp. (NYSE:NCT) completed the sale of its manufactured housing portfolio that had a face amount of $222 million and was sold at 104 percent of par, $231 million. Part of the proceeds will go towards $152 million in debt expense, says businesswire.com. Newcastle received total proceeds of $85 million from the sale, generating a gain of $20 million in Q2 2014. The company is a real estate investment trust (REIT) that specializes in senior housing, real estate debt and golf and other investments. It could not be immediately determined what asset was sold nor to whom. ##

(Photo credit: MHProNews.com)

Provider to Manufactured Housing Industry ups Revenue

April 23rd, 2014 Comments off

Supplier of axles, tires and set-up materials to the manufactured housing industry, T.J.T., Inc. of Emmett, Idaho reports a net profit of $26,655 for the second fiscal quarter of 2014, $0.01 per diluted share, as compared to a net loss of $121,270 for the comparable period a year earlier. Net sales in Q2 2014 rose to $1,266,699, according to businesswire.com, a 47 percent increase over the $861,682 sales of the previous year’s 2nd quarter. As MHProNews.com has learned, President and CEO Terry Sheldon says, “We look forward to continuing to improve the operational results as we enter the spring and summer quarters — historically the best quarters for the Company.” T.J.T. also sells aftermarket products to the manufactured housing, recreational vehicle and residential markets. ##

(Image credit: T.J.T., Inc.)

Alabama Upgrades to On-line Installer Application

March 28th, 2014 Comments off

In a move designed to save the state and the citizens money, and streamline the purchasing process, the Alabama Manufactured Housing Commission (AMHC) is now offering online application for licensing manufactured and modular home installers. MHProNews.com has learned the installers log in with their certification, order the number of decals, make the payment and they are then mailed out. Certified installers must affix them to the home or building immediately upon first siting them, reports businesswire.com. The decals include the date of placement, as well as the installer’s name and certification number. ##

(Photo credit: Jeremy Schwartz/peninsuladailynews.com)

Manufactured Housing Communities Grow in Mortgage-Backed Security Deals

November 11th, 2013 Comments off

Although traditional property types such as multifamily, office, industrial and retail continue to dominate the majority of collateral in commercial mortgage-backed security (CMBS), non-traditional properties are increasing. Specifically, as businesswire.com informs MHProNews, manufactured housing communities (MHC) are making up a larger part of the deals. Although this asset class accounted for less than one percent in 2010, it contributed 2.5 percent in 2011, 3.2 percent in 2012 and has grown to 5.9 percent through Sept. of this year.

(Photo credit: Sun Communities, Inc.)