Profile: Equity LifeStyle Properties Inc (ELS)
3 Dec 2013
Equity LifeStyle Properties, Inc. (ELS), incorporated on December 4, 1992, is a real estate investment trust (REIT). The Company is a fully integrated owner and operator of lifestyle-oriented properties (Properties). The Company has two segments, which include Property Operations and Home Sales and Rental Operations segments. The Property Operations segment owns and operates land leases Properties and the Home Sales . The Rental Operations segment purchases, sells and leases homes at the Properties. The Company leases individual developed areas (sites) with access to utilities for placement of factory built homes, cottages, cabins or recreational vehicles (RVs). The operations of the Company were conducted primarily through the Operating Partnership. Realty Systems, Inc. (RSI) is a wholly owned taxable REIT subsidiary of the Company that is engaged in the business of purchasing and selling or leasing Site Set homes that are located in Properties owned and managed by the Company. RSI also provides brokerage services to residents at such Properties who move from a Property but do not relocate their homes. During the year ended December 31, 2012, the Company acquired two Properties with over 1,700 sites. In September 2013, the Company announced the acquisition of Fiesta Key RV Resort, a 324-site RV resort and marina in the Florida Keys.
As of December 31, 2012, the Company owned or had an ownership interest in a portfolio of 383 Properties located throughout the United States and Canada, consisting of 142,679 residential sites. These Properties are located in 32 states and British Columbia with the number of Properties in each state or province, which includes 119 in Florida, which includes 49 in California, which includes 41 in Arizona, which includes 15 in Michigan, which includes 15 in Pennsylvania , which includes 17 in Texas (17), which includes 14 in Washington, which includes 10 in Colorado , which includes nine in Oregon, which includes eight in North Carolina, which includes seven in Delaware, which includes seven in Indiana , which includes seven in Nevada, which includes seven in New York , which includes seven in Virginia, which includes five in Maine, which includes five in Massachusetts , which includes five in Wisconsin , which includes four in Idaho, which includes four in Illinois, which includes four in Minnesota, which includes four in New Jersey , which includes three in South Carolina, which includes three in Utah, which includes two in Maryland , which includes two in New Hampshire , which includes two in North Dakota , which includes two in Ohio , which includes two in Tennessee, which includes one in Alabama , which includes one in Connecticut , which includes one in Kentucky and includes one in British Columbia .
The Company’s Properties are designed and improved for several home options of various sizes and designs that are produced off-site, installed and set on designated sites (Site Set) within the Properties. These homes range from 400 to over 2,000 square feet. The smallest of these homes are referred to as Resort Cottages. Properties also has sites that can accommodate a variety of RVs. Properties generally contain centralized entrances, internal road systems and designated sites. In addition, Properties provide a clubhouse for social activities and recreation and other amenities, which include restaurants, swimming pools, golf courses, lawn bowling, shuffleboard courts, tennis courts, laundry facilities and cable television service. In some cases, utilities are provided or arranged for by the Company; otherwise, the customer contracts for the utility directly. Some Properties provide water and sewer service through municipal or regulated utilities, while others provide these services to customers from on-site facilities. Properties generally are designed to attract retirees, empty-nesters, vacationers and second home owners; however, certain of the Company’s Properties focus on affordable housing for families.
Equity LifeStyle Properties Inc
Suite 800, Two North Riverside P
CHICAGO IL 60606