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Posts Tagged ‘lifestyle properties’

Residents of ELS’ MHCs Come for Annual Meeting

May 16th, 2012 Comments off

heNation says Retirees and members of the Manufactured Home Owners Association of America (MHOAA) came from around the nation to tell Sam Zell at the Equity Lifestyle Properties’ (ELS) annual shareholders meeting that raising rents and cutting services at his MHCs is threatening his own clients ability to remain as residents. A woman from Florida bought a share of stock so she could attend the meeting, but most of those who came to protest were not allowed in. MHProNews.com has learned Zell did not attend either. Article author Laura Flanders says ELS sued to rescind rent control so many times in Santa Cruz, California, the city finally caved in to avoid future litigation costs, although it won the last lawsuit. Besides having to pay increased rents, residents say they will also have a tougher time selling their homes. Members of MHOAA who live in rent control communities live in fear ELS will sue their municipalities to overturn the ruling. ELS owns hundreds of MHCs that cater to seniors, says Flanders, and last year earned $300 million. Sam Zell calls himself the “grave dancer” because he dances “on the skeletons of other people’s mistakes.”

(Photo credit: Wall Street Journal—Sam Zell)

Bill Could Impede MHC Owners’ Net

May 3rd, 2012 Comments off

A bill in the Delaware Senate’s Small Business Committee would require MHC owners to justify rents that change more than the cost-of-living, with a decision rendered by the Governor’s Advisory Council on Manufactured Housing. Residents of Aspen Meadows MHC, many of them seniors, took 150 signatures in support of Senate bill 205, called “the rent justification bill,” to Legislative Hall in Dover. WBOC-TV says the current lease at Aspen, which expires in 2014, has a three percent per annum cap on how much rents can increase in the community, owned by Equity Lifestyle Properties, Inc. MHProNews.com has learned approximately 30,000 of the state’s 53,000 manufactured homes are in Sussex County. Opponents of the measure say restrictions on their ability to return a profit may affect improvements to the communities; and there is no provision for MHC owners to collect legal fees should they win an appeal. A similar bill died in the Senate last year.

(Photo credit: WBOC-TV)

Q1 ELS: Revenues Increase, Income Drops

April 25th, 2012 Comments off

SeniorHousingNews states Equity Lifestyle Properties, Inc. (ELS) reports a drop in net income available for common shares for Q1 2012 of 34 percent, from $19 million Q1 2011 to $12.4 million this past quarter. Revenues increased for the first quarter of 2012 to 181.3 million compared to $135.1 million for Q1 2011. MHProNews.com has learned revenue from community-based rental income accounted for the most significant gain, rising 56 percent to over $102 million. ELS notes, however, revenues for Q1 2012 were dimmed by problems with new membership upgrade products. As of first quarter’s end, ELS had 141,000 sites. The occupancy rate for the 74,000 community sites dropped from 2011’s 90.4 percent to 89.1 percent for quarter ending March 31, 2012.

(Image credit: Equity Lifestyle Properties)

Two MHC REITs Hit the Top

April 10th, 2012 Comments off

Based on sales growth of shares, two of the top five residential real estate investment trusts (REIT)s are MHC owners. Equity Lifestyle Properties (ELS) tops the list with a sales growth of 31 percent, nearly twice that of second place Mid-America Apartment Communities at sales growth 16.1. Essex Property Trust ranks third, and Sun Communities (SUI) comes in fourth at 14.2 percent. MySmartTrend says, we “recommended that subscribers consider buying shares of Sun Communities on December 22nd, 2011 as our technology indicated a new Uptrend was in progress when shares hit $36.76. Since that recommendation, shares of Sun Communities have risen 15.1%.” MHProNews.com understands that Equity controls approximately 134,000 sites; Sun owns 55,900 sites.

(Image credit: ELS, SUN)

Sam Zell: Government Programs Prevent Housing Recovery

February 10th, 2012 2 comments

MoneyNews tells MHProNews.com Sam Zell, CEO of Equity Lifestyle Properties says if the government had not stepped in to try and solve the housing market problems we would have a healthy market today. He says government intervention prevented the market from clearing itself. “We are the only country in the world where you can borrow money on a house and walk away from it. Everywhere else, all the people in Europe, all the people who borrow money in Brazil, they’re all personally liable for 100 percent of the debt. So by virtue of not being personally liable, we’ve created a giant moral hazard,” Zell says. Equity Lifestyle Properties is the largest MHC operator in North America with over 134,000 homesites.

(Photo credit: Wall Street Journal–Sam Zell photo)

 

Sam Zell: Hunting in South America

January 4th, 2012 Comments off

ReutersAfrica reports that U.S. business magnate Sam Zell, chairman of Equity Lifestyle Properties, the real estate investment trust (REIT) that owns over 134,000 manufactured housing homesites in North America, is in talks to buy a controlling interest in Brazil’s Grupo Tha. At 115 years of age, Grupo Tha is the country’s oldest construction company and real estate developer. Zell is also chairman of Equity Residential, the largest apartment REIT, and has substantial interests in energy companies, transportation, logistics, media and health care in a variety of countries spanning the globe.

(Photo credit: WallStreetJournal)