Property Operations

- Rental Income

- Other Income

Home Sales and Rentals

- Gross Revenues from Home Sales

Membership

- Annual Subscriptions

- Upgrade Sales

Investments

- Interest Income

- Income from Other Investments

Total Revenue

29d2d89cf938d762c1550b4df2f20f8b3250f539603eba464a5f851fb5134d59

Net investment in real estate (USD, thousands)

Cash and restricted cash (USD, thousands)

Notes receivable, net (USD, thousands)

Investment in unconsolidated joint ventures (USD, thousands)

Deferred commission expense (USD, thousands)

Other assets, net (USD, thousands)

Total Assets (USD, thousands)

Mortgage notes payable, net (USD, thousands)

Term loans, net (USD, thousands)

Unsecured line of credit (USD, thousands)

Accounts payable and other liabilities (USD, thousands)

Deferred membership revenue (USD, thousands)

Accrued interest payable (USD, thousands)

Rents and other customer payments received in advance and security deposits (USD, thousands)

Distributions payable (USD, thousands)

Total Liabilities (USD, thousands)

Common stock (USD, thousands)

Paid-in capital (USD, thousands)

Distributions in excess of accumulated earnings (USD, thousands)

Accumulated other comprehensive income (USD, thousands)

Total Stockholders’ Equity (USD, thousands)

Non-controlling interests – Common OP Units (USD, thousands)

Total Equity (USD, thousands)

Total Liabilities and Equity (USD, thousands)

245020432a0e516c6dcecb6f3e289bf2098a9c7c41fc258d3e2a3d8eaacd1766

56ebf20d44326ef0c82b42c45ec408a8417de77f27ff914f2c819b54664d327e

The lower **Operating Cash Flow in Q2 2023** was primarily due to a combination of factors. **Cash outflows increased** significantly in the area of **manufactured homes**, rising to **$(30,402) thousand**, and in **other assets, net**, where outflows reached **$(21,719) thousand**. In addition, there was a notable shift in **accounts payable and other liabilities** from an inflow to an outflow (a change from **$16,650 thousand** to **$(3,287) thousand**), and **compensation expense related to incentive plans** surged to **$12,695 thousand**. Together, these factors led to the lower operating cash flow observed in Q2 2023.  **[0000895417-23-000059_els-20230630.htm:6]** 

Why was Operating Cash Flow so low in Q2 2023?

The documents do not provide detailed specifics on the cause of the sharp negative swing. However, they mention that the change may be related to casualty-related charges and insurance recovery revenue associated with Hurricane Ian in Q4 2022.  **[0000895417-23-000003_elsex9914q22.htm:9]** 

What caused the sharp negative swing in insurance claims proceeds in Q4 2022?

The available documents do not provide a definitive explanation for why **Free Cash Flow** was low in Q4 2022. The documents only describe factors affecting **Net cash provided by operating activities** in that period, such as increases in income from property operations and various offsetting factors (increases in other assets and liabilities as well as specific payments).  **[0000895417-23-000008_els-20221231.htm:91]**  There is no specific discussion or data regarding **Free Cash Flow**.

Why was Free Cash Flow so low in Q4 2022?

47b8cc90e891576f054611fe56de0bd2e22f6dd98480961ffd5420b93e40fda8

The sharp increase in **Cash and restricted cash** in Q1 2024 was primarily driven by three factors. First, the company generated a significant **$198,748 thousand** in net cash from operating activities, largely due to higher inflows from manufactured homes, accounts payable, other liabilities, and other assets. Second, there was a reduction in cash outflows from investing activities by **$15.1 million**, as spending on acquisitions, investments in joint ventures, and capital improvements decreased. Finally, the financing activities saw a change with **$130,112 thousand** used, including a **$39.0 million net repayment** on the line of credit, contributing to a net increase of **$17,344 thousand** in the overall cash balance.  **[0000895417-24-000067_els-20240331.htm:31]** 

Why did Cash and restricted cash increase so sharply in Q1 2024?

The drastic drop in the Unsecured line of credit in Q1 2024 was caused by a repayment of **$25,000 thousand** during that period. While the documents do not provide detailed specifics, they suggest this repayment was part of the company's broader efforts to manage its debt levels and potentially reduce its exposure to floating rate risks.  **[0000895417-24-000067_els-20240331.htm:3]** **[0000895417-24-000063_elsex9911q24.htm:4]** **[0000895417-24-000063_elsex9911q24.htm:11]** 

What caused the drastic drop in the Unsecured line of credit in Q1 2024?

Based on the provided documents, the **Other assets, net** decreased from **$181,950 thousand** as of December 31, 2022 to **$137,499 thousand** as of December 31, 2023; however, the documents do not offer specific details or explanations for this significant decline.  **[0000895417-24-000036_els-20231231.htm:107]** **[0000895417-24-000030_elsex9914q23.htm:5]** 

Why did Other assets, net decline so significantly by Q4 2023?

The negative territory in Accumulated Other Comprehensive Income in Q3 2024 was primarily driven by an unfavorable adjustment for the fair market value of the company's swaps, specifically a **$10,056 thousand decrease** attributed to changes in the valuation of their interest rate swaps used as cash flow hedges.  **[0000895417-24-000102_els-20240930.htm:5]** **[0000895417-24-000102_els-20240930.htm:18]** 

What drove Accumulated other comprehensive income into negative territory in Q3 2024?

The jump in **Accounts payable and other liabilities** in Q3 2024 was primarily attributed to **net increases in manufactured homes, net, and accounts payable and other liabilities** over the nine months ended September 30, 2024.  **[0000895417-24-000102_els-20240930.htm:3]** **[0000895417-24-000097_elsex9913q24.htm:5]** **[0000895417-24-000102_els-20240930.htm:46]** 

What factors contributed to the jump in Accounts payable and other liabilities in Q3 2024?

534b4723c9ca9547fe720d3be2b926df715d3d30b14ee36f7856af2dd97e22c0

Equity LifeStyle Properties Inc (ELS)

Financials