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Posts Tagged ‘Real Estate Investment Trusts’

ELS Shares Down, Bank of Montreal Acquires New Stake

October 4th, 2016 Comments off
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Credit: ELS logo, used on MHProNews under fair use guidelines.

Equity Lifestyle Properties, Inc. (NYSE:ELS) stock was down 1.74% on September 30th, hitting a price of $77.18, which has raised concerns for some traders who wonder – is part of a new pattern?

According to the Press Telegraph, analysts expect earnings of $0.83 per share, which would be an increase of 7.79% from last year’s earnings of $0.77 per share. The next ELS earnings call is scheduled for October 17th.

Information from The Market Digest indicates that traders have been “relatively bearishon ELS over the last 4 weeks. But the stock went down only 1.6%.  Compared to the S&P 500 over the same period and the stock price has fallen 3.46% over the past week.

ELS stock is expected to deviate a maximum of $7.57 from the average target price of $78.33 for the short-term period. Experts have initiated coverage on the stock with the high target of $87.00 according to The Market Digest.

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ELS 1 year view. Credit: Bloomberg

As Daily Business News readers are aware, we recently covered ELS, their dividend updates and their September 8th acquisition in Ellenton, FL. The company has a market cap of $6.83 billion, and is one of the manufactured home industry connected stocks tracked every business day by the Daily Business News, with the most recent report, linked here.

Bank of Montreal Acquires New Stake

According to Baseball News Source, the Bank of Montreal Can acquired 162,197 shares of ELS, valued at $12,984,000 according to its most recent 13F filing with the SEC.

After the SEC filing, Montreal Can owned about 0.19% of ELS. A number of other investors adjusted their stakes in the company:

  • Norges Bank acquired a new stake during the fourth quarter valued at approximately $43,997,000.
  • NN Investment Partners Holdings N.V. acquired a new stake during the first quarter valued at approximately $33,005,000.
  • Goldman Sachs Group Inc. boosted its stake by 25.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,556,487 shares of the company’s stock valued at $113,204,000 after buying an additional 311,786 shares during the period.
  • Renaissance Technologies LLC boosted its stake by 18.7% in the first quarter and now owns 1,026,300 shares of the company’s stock valued at $74,643,000 after buying an additional 161,600 shares during the period.
  • State Street Corp boosted its stake by 3.0% in the first quarter. State Street Corp now owns 2,457,328 shares of the company’s stock valued at $178,722,000 after buying an additional 72,727 shares during the period.

Institutional investors currently own some 94.83% of ELS stock.

A number of research firms have weighed in on ELS.

Institutional Ownership by Quarter for Equity Lifestyle Properties (NYSE:ELS)

Credit: Baseball News Source

BMO Capital Markets reissued a “hold” rating and issued a $77.00 target price on shares in a report on Thursday, July 28th.

Citigroup Inc. increased their target price on ELS from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 7th.

Cantor Fitzgerald reissued a “hold” rating on shares of Equity Lifestyle Properties in a report on Saturday, June 4th.

As manufactured housing professionals, investors and enthusiasts know, ELS is a REIT – a Real Estate Investment Trust – and is one of the largest owner/operators of manufactured home communities and RV parks in the nation. The Daily Business News will continue to follow ELS closely. ##

(Image credits are as shown.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

Equity LifeStyle Properties Investor Management Fund, Dividend Updates

September 29th, 2016 Comments off
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Credit: ELS logo, used on MHProNews under fair use guidelines.

Equity Lifestyle Properties, Inc. (NYSE:ELS) is expected to pay a $0.43 dividend on Oct 14, 2016.

ELS shareholders owning stock before Sep 28, 2016 will be eligible to receive the payout. Based on Equity Lifestyle Properties, Inc.’s current price of $79.70, the dividend is 0.53%. The indicated annual dividend is $1.70.

As manufactured housing professionals, investors and enthusiasts know, ELS is a REIT – a Real Estate Investment Trust – and is one of the largest owner/operators of manufactured home communities and RV parks in the nation.

EquityLifestylePropertiesExpectedToPayDividendOnOctober14thels-california-hawaiian-san-jose-calif-mhvillage-creditManufacturedHousingIndustryDailyBusinessNewsMHProNews

Credit: MHProNews

The company has a market cap of $6.83 billion, and is one of the manufactured home industry connected stocks tracked every business day by the Daily Business News, with the most recent report, linked here.

According to Kentucky Post News, ELS stock decreased 0.41% or $0.33 on September 26, hitting $79.70, has risen 13.68% since February 23, 2016 and is trending upward. It has outperformed by 1.98% the S&P500.

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ELS 1 year Stock Performance. Credit: Bloomberg

The next ELS earnings call is scheduled for October 17th at 4pm ET.

Sample Investor Breakouts:

  • Resolution Capital Ltd holds 5.63% of its portfolio in Equity Lifestyle Properties, Inc. equal to 1.07 million shares.
  • Irving Magee Investment Management owns 141,811 shares or 5.54% of their US portfolio.
  • First Western Capital Management Co has 3.83% invested in the company for 130,859 shares.
  • The New York-based Waterfront Capital Partners LLC has invested 2.41% in the stock.
  • Independent Order Of Foresters, a Ontario – Canada-based fund reported 29,956 shares.
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Ridgewood Estates. Credit: ELS & MHProNews

The Daily Business News has covered ELS in depth for years, including their recent September 8th acquisition in Ellenton, FL.

Additionally, our exclusive report on Sam Zell’s views of the MHC industry are linked here. ##

(Image credits are as shown.)

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RC WIlliams, for Daily Business News, MHProNews.

MH Industry Market Report by RC Williams to the Daily Business News for MHProNews.

Quo Vadis ELS? Analysts Look at Hotly-Traded Equity LIfeStyle Properties Stock

August 31st, 2016 Comments off

QuoVadisELS-postedDailyBusinessNews-MHProNewsTuesday, 8.30.2016 saw some 194,207 shares Equity Lifestyle Properties, Inc. (NYSE:ELS) trade hands, says the PressTelegraph. But their headline on this date erred in say “stock dropped,” as Yahoo! Finance confirmed the Daily Business News’ Bloomberg supplied ticker’s report that ELS’ stock was up, closing at 77.79, +0.19 (+0.24%).

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InvestorNewswire states that the consensus rating on ELS by analysts covering the stock stood at 2. That numeric value is based upon a simplified ratings scale of 1-5, where 1 represents a Strong Buy, and 5 is a Strong Sell. So 2 is a buy.

Current projections range from $73 to $87 with the average sitting at $78.333. ELS will be doing its quarterly report on 10.17.2016.

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Bloomberg Ticker for ELS today, posted on the Daily Business News market report.

As manufactured housing professionals, investors and enthusiasts know, ELS is REIT and one of the largest owner/operators of manufactured home communities and RV parks.

A prior report on ELS reported by Frank Griffin is linked here. ELS is one of the manufactured home industry connected stocks tracked every business day by the Daily Business News, with the most recent report, linked here. A link to an interview with ELS Chairman Sam Zell, is linked here. ##

(Image credits, font/text by MHProNews, ELS logo is the property of that firm, and is used here under fair use guidelines.)

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L. A. ‘Tony’ Kovach is the publisher of MHProNews.com and MHLivingNews.com.

(Editor’s Notes: “Quo vadis” is Latin for, “where are you going?” Matthew Silver is taking some much needed and well-earned time off, and L. A. “Tony” Kovach will be helping fill the Daily Business News role in the interim).

MH Industry Market Reports by L. A. “Tony” Kovach, to the Daily Business News for MHProNews.

Investment Writer Touts Financial Performance of MHCs

March 22nd, 2016 Comments off

TriStar Estates mhcWriting in seekingalpha about investing in real estate investment trusts (REITs), Brad Thomas, noting the importance of housing to the overall economy, says following housing trends can lead to wise investing in the market. In particular, the manufactured housing market offers opportunity for REIT investors to outperform the overall market.

Since 2010 the price of new and existing homes have passed their pre-Recession levels which has resulted in the lack of affordable housing.

As the homeownership rate has fallen from just under 70 percent in 2004 to 63 percent in 2015, renter households have risen from under 34 million for the same time period to over 42 million as of 2015. Demand for apartments has pushed the cost of rentals up as well.

Thomas says that leaves only manufactured housing as affordable housing. He says, Today’s manufactured homes are indistinguishable from site-built homes and are fully compatible with any neighborhood architectural style.”

He compares the average cost of a manufactured home–$65,300–as roughly equivalent to one year of median income, while a single-family site-built home at a cost of $345,800 equals approximately six years median income.

Production of MH has not seen the growth like the multifamily sector has, but prices have risen because supply has not kept up with demand (including that the quality of MH has increased in the past 20 years), although in recent years the average price has not risen, which Thomas takes to mean that supply and demand have been in balance.

Manufactured housing is also playing into the aging of the overall population. A report by Marcus & Millichap last year states strong employment growth, rising home prices and the aging of baby boomers bodes well for MH, because the lack of affordable housing is becoming more urgent, and MH is an affordable option. MH prices rose one percent in Q1 2015.

Higher yields and low borrowing costs are attracting investors to MHCs which is also creating competition for the limited assets that are on the market. As MHProNews knows, new MHCs are not being developed in large numbers, which could drive the prices for the communities that are sold higher. Additionally, owners of MH in communities are less likely to up and move because of the expense, giving more stability to a REIT investment.

REITs own and operate MHCs, sometime owning only the land and renting home sites, other times owning the home and the land. He says, “MH is the most recession resistant sector of the housing and commercial real estate sectors and has consistently outperformed multifamily in same site NOI (net operating income) growth since 2000.”

(Photo credit: Tri-Star Estates MHC)

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

Sunday Morning Recap-Manufactured Housing Industry News July 26-Aug. 2, 2015

August 2nd, 2015 Comments off

mhpronews_sunday_morningWhat’s New in public focused Manufactured HomeLivingNews.com

Art Linkletter and Manufactured Housing today

Maintaining Quality and Strength While Saving Homebuyers Money – Inside MH Video with Mike Stone, part 2

What’s New in Manufactured Housing Industry Professional News

Texas city lifts ban on MH after show of strength by industry pros. Tampa newspaper understands CFPB’s heavy thumb pressing on MH. Second quarter financials reveal REITs and MH suppliers are stronger than other economic indicators. MHARR suspicious of fed’s Request for Information. Texas bank challenges CFPB’s right to exist. HUD may boost funds to states. Much, much more in MH news right here.

Saturday, Aug 1

A Fresh Approach to Dealing with Foreclosures

Friday, July 31

Danish Modular Home Utilizes Sun and Heated Floor for Warmth

MHARR Finds Fed’s RFI Suspicious

MHCV Beats Dow, Gains 2.16%; Carlyle Outpaces other MH Stocks

Tampa OpEd Calling for Fairness and Respect Resonating with Manufactured Home Industry

Patrick bests Analysts Estimates on Earnings Per Share

Capital One Closes $150 Million in Deals in 45 Days

Thursday, July 30

Florida City wants to Extend ban on Manufactured Homes

Sun Posts Positive Returns for Q2, 2015

Skyline Gains +3.65%; Most Manufactured Housing Stocks Rise

Pending Home Sales Fell in June

Modular Solar Decathlon Entry up for Sale

Modular House Available from Ikea

Wednesday, July 29

Seeking Problems/Success Stories with Siting Manufactured Homes in Texas

Dow Rises 121 Points; Rise in Interest Rates once again on Hold

Federal Emergency Management Agency Seeking Manufactured Home Suppliers

Modular Becoming more Mainstream in UK

Manufactured Housing REITs Yield a Strong Return

Manufactured Home Community Owner ELS has Investors’ Attention

Tuesday, July 28

Chilean Modular Home Offers Expansive View of Surroundings

S&P Rises 1.24%; MHCV Moves Up +0.48

City Council Rejects Current Plan for Manufactured Home Community Expansion

City to Demolish Abandoned Manufactured Homes

State MH Associations: New Face in Wis., New Address in Ohio

Monday, July 27

HUD Manufactured Housing Program may Increase State Payments; MHCC to Meet

NASDAQ Falls Nearly One Percent. MHCV Slips under Thousand Mark

Modular Homes Rising in UK Neighborhood Known for Prefab Homes

Appeals Court Rules Challenge to CFPB’s Existence can Move Forward

Modular Homes Still Rising in Wake of Hurricane Sandy

Sunday Morning Recap-Manufactured Housing Industry News July 19-July 26, 2015 ##

(Photo credit: MHProNews)

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

Return on Investment for Manufactured Home Communities Grows

April 22nd, 2015 Comments off

umh_mfg_home__cedit_umhAs incomes stagnate, leading to higher demand for low-cost housing, manufactured home communities (MHC) are becoming a larger draw, and MHC owners are raising rents. In addition, few new MHCs are being built, so the larger companies such as Equity LifeStyle Properties, Sun Communities and UMH Properties, Inc., all three public real estate investment trusts (REITs), are buying out the smaller players, reducing competition, as wsj tells MHPronews.

I’ve been at this for about 10 years and I would say the demand right now for manufactured housing communities is at an all-time high,” said Jonathon McClellan of the national manufactured home communities group at Marcus & Millichap. M&M is a large real estate investment firm that brokers many MHC deals.

For the twelve month period that ended in March, the three REITs earned a return of 44 percent, the top performer in all the REIT categories, according to the National Association of Real Estate Investment Trusts (NAREIT).

As MHProNews understands, the cost of owning a manufactured home is most often less than renting an apartment, depending upon the market. Apartment rents have increased almost 15 percent over the past five years, and now average $1,131 a month, according to real estate research firm REIS Inc. It should be pointed out that rents in MHCs are rising less quickly than apartment rentals.

The National Association of Realtors (NAR) reports the median price for a single-family home in the U. S. was $202,600 in Feb., while average price for an MH was $64,200 in Nov. 2014. An average manufactured home purchased with a mortgage runs about $800 a month, half for the mortgage, the other half for rent in an MHC.

UMH Properties, Inc. Chairman of the Board Eugene W. Landy states his company is doing well because it is renting MH to families who cannot afford to purchase a home due to tight credit. “For many years, what we tried to do was build established communities with good service to the tenants and tenants all own their own homes,” he said. But now, “we’re like an apartment company.” It is also easier and less risky to rent units.

Last year UMH spent $42.6 million acquiring 14 MHCs with 1,600 homesites, and now owns 89 communities with 15,200 homesites. Occupancy for same site UMH homes increased from 81.5 percent in Q4 2013 to 83.2 percent for Q4 2014.

But if business is booming for manufactured home communities, who are so many operators, especially small ones, leaving the business? The answer in part is regulations. When federal regulations make it so hard for an independent operator to keep up with the requirements needed to sell homes and keep their spaces full, then only the larger operators can absorb that regulatory burden. The same trend is pushing smaller community banks out of business, namely, the high cost of regulatory compliance.

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(Photo credit: UMH Properties, Inc.-manufactured home)

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

Equity Lifestyle Properties, Inc. Updates Q1 Earnings Guidance

February 27th, 2015 Comments off

equity-lifestyle-propertiesEquity Lifestyle Properties, Inc. (NYSE:ELS) issued an update on its first quarter earnings guidance on February 24.  American Banking News tells MHProNews that ELS provided earnings per share guidance of $0.78-0.84 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.76. ELS also updated its FY15 guidance to $2.91-3.01 EPS.

Shares of ELS opened at 53.60 on Wednesday, February 25.  The company has a one year low of $38.32 and a one year high of $56.94. The stock’s 50-day moving average is $54.97 and its 200-day moving average is $48.8. The company has a market cap of $4.496 billion and a price-to-earnings ratio of 38.83.

ELS last posted its quarterly earnings results on Monday, January 26th. The company reported $0.66 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.65 by $0.01. The company had revenue of $190.30 million for the quarter, compared to the consensus estimate of $189.83 million. During the same quarter in the prior year, the company posted $0.62 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. Analysts expect that ELS will post $2.88 EPS for the current fiscal year.

Several analysts have recently commented on the stock. Analysts at Citigroup Inc. reiterated a hold rating and set a $52.50 price target (up previously from $48.00) on shares of Equity Lifestyle Properties in a research note on Wednesday, February 18th. On a related note, analysts at Cantor Fitzgerald reiterated a hold rating and set a $47.50 price target on shares of Equity Lifestyle Properties in a research note on Tuesday, January 27th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $48.00.

ELS is a real estate investment trust (REIT). The Company is a fully integrated owner and operator of lifestyle-oriented properties. The company has two segments, which include Property Operations and Home Sales and Rental Operations segments. ##

(Graphic Credit: Equity Lifestyle Properties)

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Article submitted by Sandra Lane to – Daily Business News – MHProNews.

Manufactured Home Communities Becoming Emerging Investment Trend

January 19th, 2015 Comments off

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The increased investment interest in manufactured home communities is similar to that seen in recent years for multifamily properties, according Mark Weiner, chief financial officer for Storz Management, Orangeville, California. “Unlike apartments, manufactured home communities only rent space rather than the living units themselves, which are still owned by the residents,” he explained. “Not only does that significantly reduce maintenance costs, it gives residents equity if they live in a park with rising value.”

Weiner said Storz, which operates more than 40 manufactured home and recreational vehicle communities, has received more attention from bank lenders in recent months who are lured by the prospect of strong returns.

The Sacramento Business Journal  tells MHProNews  that Storz Management just closed refinancing on loans for two properties: Mobile Country Club in Rancho Cordova, California, and Meadowbrook Manufactured Home Community in Antelope, California.A lot of these big banks were bidding on it,” Storz said. “The $10 million financing for Meadowbrook was for a 10-year loan with a 3.75 percent interest rate, strong for such properties.”

He explained that Meadowbrook got the financing from Voya Investment Management, while another lender refinanced $15 million for the Mobile Country Club. Weiner said he’s also on the verge of obtaining $20 million in refinancing for other manufactured home property loans with Freddie Mac.

Such properties are not only good investments storz-management-california-mhpark_2now, but are set to become more so in the future,” Weiner said. “Developers rarely build new parks or communities anymore, and in particularly desirable communities, they’re being demolished to make the way for more lucrative housing projects.” However, he explained that in California, demographic trends suggest that both retirees and working-class residents will demand such communities as affordable options.

From his experience, Weiner believes that among real estate investments, no segment provides a better risk-adjusted return to investors than manufactured home communities. And, unlike most real estate segments, the lack of new manufactured home communities coupled with a growing population and demand for moderately-priced housing continues to create simple, but substantial economic benefit for manufactured home community investors. He added, “Better yet is that American manufactured home communities can never be ‘off-shored.’”

Weiner stated that his company, Storz Management has led the acquisition of more than 25 parks by pooling approximately $200 million in invested capital over the years. “This strategy has provided sound investment diversity and exceptional returns for our investors, as well as sustainable asset value for future generations,” he added.  ##

See related article, Investors Discover the Walmart of Affordable Housing.

(Photo Credit: Storz Management)

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Article Submitted by Sandra Lane to – Daily Business News- MHProNews.

 

Equity Lifestyle Properties (ELS) Reaches New 1-Year High at $56

January 16th, 2015 Comments off

equity-lifestyle-properties-collage-credit=els-posted-daily-business-news-mhpronews-The Ticker Report tells MHProNews that Equity Lifestyle Properties (NYSE:ELS) reached a new 52-week high during trading on Thursday. The company traded as high as $56.57 and last traded at $55.70, with a volume of 104,135 shares changing hands. The stock had previously closed at $56.30.

Several analysts have recently commented on the stock.  Analysts at The Street upgraded shares of Equity Lifestyle Properties from a “hold” rating to a “buy” rating in a research note on Monday, November 3rd.  Separately, analysts at Citigroup, Inc. reiterated a “neutral” rating and set a $48.00 price target (up previously from $45.00) on shares of Equity Lifestyle Properties in a research note on Thursday, October 23rd.

The stock has a 50-day moving average of $51.75 and a 200-day moving average of $46.79. ELS has a market cap of $4.692 billion and a price-to-earnings ratio of 41.28.

Equity Lifestyle Properties (NYSE:ELS) last released its earnings data on Monday, October 20th.

The company reported $0.69 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.68 by $0.01. The company had revenue of $200.56 million for the quarter, compared to the consensus estimate of $186.94 million. During the same quarter in the prior year, the company posted $0.65 earnings per share. The company’s quarterly revenue was up 6.7% on a year-over-year basis.

Equity LifeStyle Properties, Inc., (NYSE:ELS) is a real estate investment trust (REIT). The Company is a fully integrated owner and operator of lifestyle-oriented properties and has two segments that include Property Operations and Home Sales and Rental Operations.  ##

See related articles here:

(Photo Credit: Equity Lifestyle Properties)

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Article Submitted by Sandra Lane to – Daily Business News- MHProNews.

 

Sun Communities Acquire Additional 26 Properties from Green Courte Partners

January 12th, 2015 Comments off

sun-communities-apple-creek-amelia-ohioSun Communities, Inc. (NYSE: SUI) announced on January 6, 2014 has closed the final portion of its previously-announced acquisition of 26 manufactured housing communities from Green Courte Partners, LLC (“GCP”).  Globenewswire  tells MHProNews  that the acquisition of the 26 communities included the associated manufactured homes and notes receivable for an aggregate consideration of $742.9 million.

On December 17, 2014, Sun closed the acquisition of the Wildwood manufactured housing community and the associated manufactured homes and notes receivable from GCP for consideration of $35.9 million

On December 19, 2014, SUI as successor to GCP under the purchase agreement,  closed the acquisition of the Oak Creek manufactured housing community in Coarsegold, California, from a third-party at a purchase price of $15.8 million.

The communities included in the GCP closings comprise more than 19,000 sites in twelve states (inclusive of Oak Creek), including nearly 11,000 sites located in Florida. More than 14,000 sites, or 73 percent, of the portfolio are age-restricted.

Sun Communities, Inc. is a real estate investment trust, or REIT, that currently owns and operates a portfolio of 243 manufactured housing and recreational vehicle communities comprising approximately 89,200 developed sites. ##

Other SUN related stories:

Sun hits one year high.

Sun Communities buys Orlando area MHC portfolio.

Sun’s $1.32 billion dollar deal for the Green Courte Partners portfolio.

(Photo Credit: Sun Communities)

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Article Submitted by Sandra Lane to – Daily Business News- MHProNews.