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Posts Tagged ‘nader’

Equity LifeStyle Properties Wheels and Deals

August 2nd, 2013 Comments off

Chicago-based Equity LifeStyle Properties, Inc. (NYSE:ELS) reports the company finalized selling ten manufactured home communities comprised of 4,925 home sites. Received as part of the $1.5 billion Hometown America acquisition in 2011, the properties did not fit the core business strategy of ELS, and overall occupancy only reached 70 percent. Another manufactured housing community (MHC) with 419 home sites in Michigan is expected to close in this quarter, which would bring $165 million for all eleven communities into the company’s coffers,$41 million of it a gain. Additionally, fortmilltimes says the company acquired three MHCs in the Chicago metro area with 1,207 home sites for $102 million. ELS CEO Marguerite Nader says, “We are pleased with the execution on these transactions. We were able to redeploy capital from our sale of assets in non-core markets into three high quality manufactured home communities in the Chicagoland area to complement our existing assets in this market.” MHProNews knows ELS is the largest owner of manufactured home and recreational vehicle communities in North America.

(Photo credit: Equity LifeStyle Properties–country club in California)

Largest Manufactured Home Community CEO Speaks

April 26th, 2013 Comments off

SeekingAlpha reports Equity LifeStyle Properties, Inc., the largest operator of manufactured home communities in the U.S., issued the transcript of its conference call for the first quarter 2013 financials April 23. CEO Margeurite Nader, noting the consistency of growth in their funds from operations (FFO), said demand continues to be strong for manufactured housing and the company focus is on increasing ownership. While the used sales volume increased 15% this first quarter, ELS and Cavco Industries, Inc. entered an agreement for Cavco to put homes in ELS communities and offer financing services. In the RV sector she said transient revenue rose ten percent over last year, mostly from Florida and Arizona, new RV distribution channels have been established, and a deal is cooking with a large RV rental firm. In addition, CFO Paul Seavey covers, in detail, the financials for Q1 2013 as well as expectations. MHProNews understands ELS is the largest MH and RV community owner with over 140,000 sites. For the complete transcript, click here.

(Photo credit: Equity LifeStyle Property–Calif. Country Club)

ELS Moves Up Personnel

October 19th, 2012 Comments off

MarketWatch reports Equity LifeStyle Properties, Inc. (ELS) announces the company’s CEO, Thomas Heneghan, will become CEO of Equity International effective Feb. 2013. The company’s current president and CFO, Marguerite Nader, will fill the position of ELS’ president and CEO as of Feb. 1, 2013. As MHProNews reported Sept. 13, Heneghan replaces Gary Garrabrandt, co-founder of EI, whose sudden departure had Sam Zell temporarily holding the reins. Heneghan will also become co-vice chairman of the board of directors. Patrick Waite, with extensive experience in the manufactured housing industry, will become Senior Veep of Operations. He previously was Senior Veep of American Residential Communities (ARC). Zell says of Heneghan, “For almost two decades Tom Heneghan has provided outstanding leadership and service to this company, and we cannot thank him enough for all that he has accomplished. Equity International has raised over $2 billion from investors and has investments in 15 countries. ELS operates 382 communities in 32 states and British Columbia comprised of 141,077 homesites.

(Photo credit: ELS–Lake Haven, Clearwater, Fla.)