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Posts Tagged ‘REIT’

Gary Shiffman, Chairman and Chief Executive Officer Sun Communities (SUI), Statement$, Video

April 25th, 2018 Comments off

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Sun Communities (SUI) First Quarter of 2018 performance results are out.

 

Sun’s Gary Shiffman is talking about it.

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We started 2018 on a positive pace posting $1.14 in core FFO per share which is at the top end of our guidance range. All cylinders are firing on our operations front and both, our manufactured housing and high RV components driven by outperformance in our rental program and home sales net profit, as well as lower than expected interest expenses,” said Gary Shiffman, Chairman and Chief Executive Officer (CEO) of Sun Communities (SUI), per Seeking Alpha’s investor call transcript.

Same community revenue growth for the quarter was 5.7%. We did experience 6.6% same community expense growth in the quarter, the majority of which related to a one-time reserve increase for certain general liability claims and increased utility usage in the Midwest, Texas and Florida which we attribute to significantly lower temperatures for the period. Demand for the high quality lifestyles Sun delivers remains robust. For the quarter, Sun gained 616 revenue producing sites which included outperformance in RV conversions from transient to annual sites. Home sales volume rose 1.3% to 837 homes in the quarter, driven by an almost 40% increase in new home sales. The bulk of our over 100 new home sales in the quarter were in Florida, Arizona, South Carolina and Texas highlighting the diversification and increased demand throughout the portfolio,” said Shiffman.

SunQ12018BalanceSheetsManufacturedHomeCommunitiesREIT-SUI-DailyBusinessNewsMHProNewsSun – along with other REITs and portfolio operators in the manufactured home community market – have often turned to rentals in recent years.  The return of higher home sales levels is thus a positive signal for detail-minded industry observers, professionals and investors.

In the quarter, we also completed the construction of 246 expansion sites and two manufactured housing communities that will contribute to revenue growth as these sites lease up over the coming quarters. The Company remains on pace to complete construction of approximately 1,350 expansion sites in 16 communities of which 1,000 are in 12 manufactured home communities and 350 are in 4 RV Resorts by the end of 2018. On a final growth front, our ground up developments continue to progress, the construction work at our 332 site Cava Robles RV Resort is nearly complete. The resort is now accepting reservations and is scheduled to open by the end of second quarter. Construction at Carolina Pines are 840 site development at South Carolina began in the first quarter and we expect to complete approximately 470 sites by the second quarter of 2019,” Shiffman said.

The SUI supplemental package is linked here as a download.

A recent look by MHProNews at Sun Communities IR snapshots, is linked below.

Sun Communities Annual Data and Manufactured Housing Industry Investor Presentation Highlights

Shiffman’s 20th Anniversary as Public Company Video

As background color, this video of Shiffman provides some interesting context.  Listen to his facts then, and compare it to the growth in roughly the last 5 years.

Sun is shown as #1 in the latest list of manufactured home communities, for that list, click here or below.

Sun (SUI) is one of the stocks tracked by the Daily Business News evening market recap and data summary.  For last nights numbers, click here.   ## (News, analysis, and commentary.)

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Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

UMH CEO Sam Landy Touts and Tempers Manufactured Home Operation’s Expectations

April 10th, 2018 Comments off

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UMH Properties (UMH:NYSE) has both touted and tempered the results and expectations that investors may have with respect to one of the largest players in the manufactured home community (MHC) sector.

 

To provide a balanced view of the latest reports on the manufactured home (MH) community REIT (Real Estate Investment Trust) – UMH Properties – to MH Industry Professionals and investors, one must take a step back and establish some context.

The Daily Business News is the only MH Industry trade media that tracks their and other stocks connected to manufactured homes.  We’ve done so for years. The closing numbers on the UMH stock last night are linked here.


 

 So MHProNews and MHLivingNews.com has directly engaged with UMH Properties for years, as well as tracked reports about them by others.  MHProNews has interviewed UMH President Sam Landy a number of times.

 

The videos posted are both from 2017, but are revealing and relevant precisely as background.  They reflect their leadership’s thinking and company facts in brief.

MHProNews will follow up in the near term with a deeper data dive into UMH, and what that tells us about the trends in manufactured housing in general, as well as in the community sector.

Related reports to the state of the manufactured home industry after the end of the first quarter of 2018 are linked below. ## (News, analysis, and commentary.)  (Third party images are provided under fair use guidelines.)

Related Reports:

“Trailer House Trauma,” Fresh Look at Manufactured Housing’s Opportunities

Intelligence Report – MHI Producer Spotlights “the Plan” for MHCs, Community REITs

Sun Communities Annual Data and Manufactured Housing Industry Investor Presentation Highlights

Marketing, Web, Video, Consulting, Recruiting and Training Resources

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Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

Manufactured Housing – Investors Taking Notice?

April 21st, 2017 Comments off
ManufacturedHousingInvestorsTakingNoticecreditNAREIT-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: NAREIT.

While the value proposition for manufactured housing is well known to industry professionals, showing or explaining that value to the mainstream can be a challenge.

According to recent information from NAREIT, that appears to be changing.

New data shows that manufactured housing REITs now occupy an enviable place in real estate, combining a dearth of new supply with a heavy demand for affordable housing options.

Approximately ten new manufactured home communities have been built in the United States in the past two decades, an eye-popping anomaly among real estate sectors,” said Ryan Burke, an analyst at Green Street Advisors.

Aging baby boomers are driving demand at age-restricted communities, while all-age communities are popular with younger families looking for affordable housing options. Nowhere else in real estate do we see this complete lack of new supply and the favorable demand dynamics. It’s a pretty good story.”

R.W. Baird analyst Drew Babin agrees.

Manufactured housing REITs and existing owners of manufactured housing communities currently have a chokehold on the market,” said Babin.

While it may seem that the favorable metrics would be lost in the shuffle with investors, that isn’t the case. In 2016, manufactured housing REITs delivered returns of 28.5 percent, beating out apartment REITs by nearly ten percent, and single-family home REITs by nearly 14 percent.

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Ryan Burke. Credit: Green Street Advisors.

As manufactured housing continues to outperform other sectors, particularly in the private market at the property level, there’s no way the outperformance will go unnoticed,” said Burke, who also addressed some of the challenges to entering the market.

Among the barriers to entering the manufactured housing market are the communities’ long lease-up periods. It can take more than five years to reach a stabilized occupancy level. It’s tough for a developer to be able to underwrite that lease-up period,” said Burke.

Other market analysts predict acquisitions in the space will be “episodic.” According to Green Street, manufactured housing REITs own about 1 percent of the estimated 50,000 manufactured housing communities in the U.S., but nearly 15 percent of the institutional-quality stock. (It should be noted that some MHC experts put the total number of communities at about 45,000 nationally).

With new supply largely non-existent, analysts believe that REITs will try to grow their portfolios through acquisitions, and through expanding existing sites. An example cited was Sun Communities 2016 acquisition of Carefree Communities Inc., for $1.7 billion.

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Credit: Sun Communities.

And, while there may be more “whale” sized acquisitions – like Carefree communities – available in the market, Burke says that he sees smaller deals on the horizon – at the right price.

Most of the manufactured housing parks [sic] are held by smaller investors that own up to three properties,” said Burke.

They hesitate to sell for several reasons: they make a good living from the properties; they would be hit with high taxes if they sold; and many sellers would be unsure how to reinvest the proceeds to achieve similar yields. There’s a whole lot of demand for these properties across the board from REITs and institutional investors and very few properties coming to market relative to other property types.”

Overall, analysts agree that manufactured housing REITs have strong growth potential, including the ability to expand existing sites where they own, or can acquire, additional land.

They’ve been very aggressive about doing that because it’s so hard to find entitled land. Oftentimes the best land is on their existing properties,” said Babin.

Some Mega Deals in Recent Years

The linked stories above are among several that involve Carlyle Group, UMH Properties, ELS and other private or public portfolio operators, often involving one hundred million to a billion dollars plus packages.

Does holding the number of new communities being created down impact the market?  Of course.  Does the time to fill a community – due to image or regulatory reasons – impact the market?  Again, yes.

Moguls Understand Value

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Credit: MHLivingNews.

The Daily Business NewsMHProNews and MHLivingNews have covered the case for manufactured housing as a viable solution to hope for the American Dream of home ownership at a reasonable price extensively, including Bloomberg making a statement to the same effect.

The ability to significantly cut down on production time, provide a high quality product to federal standards, all at a lower price point serves as the ideal solution to inventory and housing challenges. The titans of business recognize the opportunity as well, as giants and independents alike are actually “doubling down” on the industry.

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Sam Zell, ELS Chair, credit, MHProNews.

ELS Chairman Sam Zell has been famously quoted as correcting misconceptions about the industry, saying during this interview, “Everyone calls them trailer parks. Pencil head, it’s not a trailer park.

For more on manufactured housing being the solution that’s hiding in plain sight, see MHProNews and MHLivingNews Publisher L.A. “Tony” Kovach’s insight into the opportunity linked here. ##

 

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RC Williams, for Daily Business News, MHProNews.

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

Killam Properties Makes Significant Moves

January 30th, 2017 Comments off
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Credit: Rental Housing Business.

Canada based real estate investment trust Killam Properties Inc. (TSE:KMP.UN) tells MHProNews that the company has closed on two Canadian acquisitions worth $26.2 million, including 153 apartment units in London, Ontario, and 66 units in Calgary, Alberta.

On December 22, Killam acquired a five building portfolio in London for $13.4 million, or $87,500 per unit. Killam’s London portfolio now consists of 417 total rental units.

On January 16, Killam acquired Spruce Grove Lane Apartments, its second apartment property in the city of Calgary. The 3-acre site consists of 66 townhouse-style apartments, with a purchase price of $12.8 million, or $195,000 per unit.

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Spruce Grove Lane. Credit: Rentboard CA.

philipfraser-presidentceokillamproperties-manufacturedhomecommunitiesdailybusinessnews-mhpronewsWe are pleased to grow our rental portfolios in both London and Calgary,” noted Philip Fraser, President and CEO.

We have been monitoring the Calgary rental market over the last year and Spruce Grove Lane Apartments, located in a sought-after residential neighborhood, has great upside. We have the opportunity to add value and grow net operating income at this property.

The acquisitions bring the company’s total for 2016 to $70 million, which exceeds management’s goal of $50 million in acquisitions for the year.

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Killam 1 year look. Credit: Bloomberg.

Killam also received recommendations from rating agencies recently, with an average recommendation of “buy,” from TD Securities and “sector perform” from Scotiabank. That story is linked here.

As Daily Business News readers are aware, in addition to multifamily apartments, Killam owns 35 manufactured home communities in Atlantic Canada and Ontario.

Killam is also one of the manufactured home industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews. For the recent closing numbers yesterday on all MH industry-connected tracked stocks, please click here. ##

 

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RC Williams, for Daily Business News, MHProNews.

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

UMH Properties Makes More Moves, Promotion Announced

December 22nd, 2016 Comments off
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Credit: UMH.

UMH Properties, Inc. (NYSE: UMH) has been busy in the week leading up to the Christmas holiday.

UMH announced on December 19th that it has closed on its $4.33 million acquisition of a community in Ohio. The all-age community contains 124 developed homesites situated on approximately 121 acres with and occupancy rate of approximately 82%.

The purchase represents the third acquisition in their five-community portfolio located in Ohio, which contains a total of 821 sites situated on approximately 337 acres.

The acquisition of the remaining two communities is expected to close before the end of the year or shortly thereafter.

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Sam Landy. Credit: Carisa Chappell.

UMH is pleased to continue to grow through acquisitions in areas where we believe there will be above average economic growth,” said Sam Landy, President and Chief Executive Officer.

We are beginning to see an increase in demand in the energy rich Marcellus and Utica shale regions. This community will fit nicely into our operating platform and should see occupancy and revenue growth in the near future. This community has substantial acreage for potential future expansion. UMH continues to seek acquisitions that fit our growth criteria.

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Credit: UMH Properties

Also on December 19th, UMH announced that Brett Taft, Vice President of Acquisitions and Integration, has been promoted to be Vice President and a corporate officer of UMH Properties.

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Brett Taft. 

Brett Taft has been a major driving force in UMH’s growth in size and growth in income,” said Landy. “He is fully familiar with UMH’s business plan, our people and all of our properties. He has demonstrated an ability to put things in perspective, work with people, and achieve our goals.

For more about Sam Landy, see “A Cup of Coffee… interview with him, linked here.

According to Equities, UMH stock hit a new 52-week high on December 19th, hitting a peak of $14.59. Shares closed at $14.49, up from an opening price of $13.80, an increase of 5.23 percent.

The company now has a market cap of $415.42 million.

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UMH 1 year look. Credit: Bloomberg.

As Daily Business News readers already know, UMH is a real estate investment trust (REIT) that owns and operates 98 manufactured home communities (MHCs) in seven states east of the Mississippi, composed of 17,800 developed home sites.

UMH is also one of the various industry-connected stocks monitored each business day in the industry’s only daily market report, featured exclusively on the Daily Business News.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

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RC Williams, for Daily Business News, MHProNews.

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

MH Communities Giant Equity LifeStyle Properties Investors, Stock Moves

December 9th, 2016 Comments off
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Credit: Wikicommons.

Equity Lifestyle Properties, Inc. (NYSE:ELS) saw Australia-based investment firm Revolution Capital Ltd. reduce its stake in the company by 5.84 percent in Q3.

With the reduction, Revolution Capital still holds a sizable 1.01 million-share stake in ELS valued at $77.7 million. ELS has a current market cap of $6 billion, and has seen its stock price decline 1.89 percent since May and underperform the S&P 500 by over eight percent.

According to the Chester Independent, analysts are pointing to the next ELS earnings report on January, 23, where they expect $0.80 earnings per share (EPS), up 8.11 percent or $0.06 from last year’s $0.74 per share.

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ELS 1 year view. Credit: Bloomberg.

ELS’s profit will be $69.12M for 21.70 P/E if the $0.80 EPS becomes a reality. After $0.83 actual EPS reported for the previous quarter, Wall Street now forecasts -3.61 percent negative EPS growth.

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Analysts have also provided ratings guidance recently:

  • Robert W. Baird upgraded ELS on November 21 to “outperform.
  • BB&T Capital provided a “hold” rating on November 10.
  • Zacks provided a “buy” rating on September 7th.

The Daily Business News recently profiled ELS and their Q3 earnings results here.

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ELS California country club style community, photo credit, ELS.

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Marguerite Nader. Credit: Bloomberg.

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. ELS is also one of the manufactured home industry connected stocks tracked every business day by the Daily Business News, with the most recent report, linked here. ##

(Editor’s Note: for A Cup of Coffee interview with ELS CEO Nader, click here.)

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RC Williams, for Daily Business News, MHProNews.

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

UMH Properties Announces New Mortgage Loan

November 3rd, 2016 Comments off

umhlogo-on-gold-silver-background-shutterstock-posted-daily-business-news-mhpronews-UMH Properties, Inc. has successfully completed the $16.3 million refinancing of its Fairview Manor community through Wells Fargo Bank, N. A.

The loan, from the Federal Home Loan Mortgage Corporation (Freddie Mac), has a 10-year maturity with principal repayments based on a 30-year amortization schedule. Interest is set at 3.85 percent and the loan was used to repay an existing 5.875 percent mortgage and other inventory financing lines.

We are very pleased with our relationships with Wells Fargo Bank and Freddie Mac,” said UMH president and CEO Sam Landy.

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Sam Landy, UMH President and CEO. For A Cup of Coffee with…Sam Landy, click here or the photo above.

A Cup of Coffee with…Sam Landy, click here or the photo above.

We appreciate their continued support. Not only will this new loan save us approximately $350,000 annually on our interest expense, but it demonstrates the increasing value of our communities and the financial flexibility of our company, allowing us to further execute our long-term growth strategy.

As Daily Business News readers already know, UMH is a real estate investment trust (REIT) that owns and operates 98 manufactured home communities (MHCs) in seven states east of the Mississippi, composed of 17,800 developed home sites. We recently covered UMH’s dividend announcement, and their Q2 2016 earnings report is here.

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Photo collage by MHLivingNews.com, to see the related report to the collage above, click on the image above.

UMH is one of the various industry-connected stocks monitored each business day in the industry’s only daily market report, featured exclusively on the Daily Business News.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

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

UMH Properties, Inc. Declares Common and Preferred Dividends

October 4th, 2016 Comments off
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Collage credit: MHProNews.

On October 3, 2016, the Board of Directors of UMH Properties, Inc. (NYSE: UMH) declared its quarterly cash dividend on the company’s common stock of $0.18 per share payable December 15, 2016, to shareholders of record at the close of business on November 15, 2016.  The company’s annual dividend rate on its common stock is $0.72 per share, according to Yahoo Finance.

Additionally, the board of directors declared a quarterly dividend of $0.515625 per share for the period from September 1, 2016 through November 30, 2016, on the company’s 8.25% Series A Cumulative Redeemable Preferred Stock payable December 15, 2016, to shareholders of record at the close of business on November 15, 2016.

Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $2.0625 per share.

Also announced was a quarterly dividend of $0.50 for the period from September 1, 2016 through November 30, 2016, on the company’s 8.0% Series B Cumulative Redeemable Preferred Stock payable December 15, 2016, to shareholders of record at the close of business on November 15, 2016.

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Credit: Bloomberg.

UMH shares were down 0.59% at yesterday’s close, finishing at $11.85. UMH 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.

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Image credits, MHLivingNews.com and UMH Properties.

A report on UMH’s most recently acquired properties, is linked here.

UMH is a real estate investment trust (REIT) that owns and operates 98 manufactured home communities (MHCs) in seven states east of the Mississippi, composed of 17,800 developed home sites. A detailed report on their 2nd quarter is linked here. ##

(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.

 

 

 

 

 


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.

els-equity-lifestyle-properties-expected-to-pay-dividend-on-october-14thcreditbloomberg-postedmanufacturedhousingindustrydailybusinessnewsmhpronews

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.
 EquityLifestylePropertiesExpectedToPayDividendOnOctober14th

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. ##

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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.