Equity lifestyle properties, inc. (ELS)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
Cash Flows From Operating Activities:
Consolidated net income

295,922

226,386

210,377

187,132

150,512

138,468

125,905

74,459

42,504

60,397

56,261

38,744

Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Gain on sale of real estate, net

52,507

0

0

-

-

-

-

-

-

-

-

-

Gain on sale of property

-

-

-

-

-

1,457

41,525

4,596

0

-231

5,483

-

Gain (Loss) on Condemnation

-

-

-

-

-

-

-

0

-

-

-

-

Early debt retirement

1,491

1,071

2,785

0

16,913

5,087

37,844

0

0

-

-

-

Depreciation and amortization

153,980

138,688

124,951

118,521

114,698

111,872

110,505

105,578

85,235

72,129

73,670

68,700

Loss on discontinued real estate and other

-

-

-

-

-

-

-

-

-

-

-

79

Amortization of Intangible Assets

-

-

-

3,373

2,358

3,999

1,940

45,122

28,479

0

-

-

Amortization of loan costs

3,479

3,564

3,546

3,878

4,216

4,783

5,304

5,754

5,305

3,325

3,090

2,956

Debt premium amortization

-483

-2,259

-2,211

-3,382

-3,869

-5,185

-6,842

-6,764

-1,817

13

-1,232

-632

Equity in income of unconsolidated joint ventures

8,755

4,939

3,765

2,605

4,089

4,578

2,039

1,899

1,948

2,027

4,146

5,528

Distributions of income from unconsolidated joint ventures

5,133

4,122

3,003

2,819

3,584

3,362

1,311

1,839

1,841

2,831

2,936

3,717

Proceeds from insurance claims, net

3,530

8,525

2,722

-12,198

-

-

-

-

-

-

-

-

Compensation expense related to restricted stock and stock options

10,500

10,000

9,400

9,181

8,582

7,568

5,952

5,797

5,762

5,436

4,655

5,162

Revenue recognized from membership upgrade sales upfront payments

8,660

7,811

10,020

9,248

8,552

8,391

8,121

7,331

5,920

4,640

2,644

340

Commission expense recognized related to membership sales

3,667

3,609

4,509

4,149

3,595

2,934

2,601

2,310

1,946

1,432

821

112

Long-term incentive plan compensation

-2,843

1,176

1,347

-2,929

973

1,900

1,907

782

1,813

725

1,053

1,098

Provision for (recovery of) uncollectible rents receivable

-

-

-

-744

537

101

230

3,243

3,569

2,714

654

353

Increase in provision for inventory reserve

-

-

-

-

-

-

-

-

-

-

839

63

Changes in assets and liabilities:
Notes receivable, net

2,836

247

1,510

-217

-66

1,037

123

-409

-477

-494

-136

-92

Deferred commission expense

4,508

4,274

4,577

4,659

5,871

6,272

5,011

5,465

6,735

6,957

6,550

3,756

Rent and other customer receivables, net

-

-

-

-

-

-

-

-

-

2,713

40

236

Inventory - Retail

-

-

-

-

-

-

-

-

-

391

-2,060

5,129

Other assets, net

-11,621

-26,898

-31,056

-33,993

-44,095

-22,230

-7,180

-5,889

10,393

-11,645

-7,825

1,208

Goodwill impairment

-

-

-

-

-

-

-

-

-

3,635

-

-

Accounts payable and other liabilities

15,578

9,615

-4,735

10,322

5,632

-5,282

83

-3,041

6,736

-7,886

-3,504

1,564

Deferred revenue

10,451

7,380

-

-

-

-

-

-

-

-

-

-

Rents and other customer payments received in advance and security deposits

6,635

1,701

2,354

2,276

6,631

3,097

4,385

1,123

1,696

3,381

162

1,061

Deferred revenue upfront payments from right-to-use contracts

-

-

-

-

12,783

13,892

13,815

14,025

17,856

19,496

21,526

10,951

Deferred revenue right-to-use annual payments

-

-

-

-

88

-1,346

48

-789

-765

39

-1,564

-3,769

Net cash provided by operating activities

443,520

414,084

377,987

352,362

352,882

285,745

255,349

236,445

175,641

163,309

150,525

114,054

Cash Flows From Investing Activities:
Real estate acquisitions, net

185,411

234,108

136,552

98,244

23,687

81,391

117,707

24,213

651,089

0

8,219

2,217

Proceeds from disposition of properties, net

77,746

0

0

-

-

2,102

157,975

7,564

252

0

3,278

-

Acquisition of notes receivable

-

-

-

-

-

-

-

-

40,362

0

-

-

Tax-deferred exchange deposit

-

-

-

-

-

-10,576

11,976

0

0

-786

786

-2,124

Investment in unconsolidated joint ventures

983

4,497

33,345

5,134

4,000

3,489

2,641

0

0

-

-

-

Distributions of capital from unconsolidated joint ventures

6,352

396

789

3,068

80

2,580

0

-

-

-

-

-

Proceeds from insurance claims

8,200

7,943

3,626

1,145

-

-

-

-

-

-

-

-

Proceeds from (purchase of) short-term investments

-

-

-

-

-

-

-

-

-52,266

52,266

-

-

Repayments of notes receivable

0

13,823

0

0

10,490

14,899

11,552

11,071

5,004

-

-

-

Issuance of notes receivable

0

0

13,823

0

9,791

9,441

10,343

5,727

5,887

-

-

-

Investments in

-

-

-

-

-

-

-

-

-

-

-

-5,545

Distributions from

-

-

-

-

-

-

-

-

-

-

-

524

Net (borrowings) repayments of notes receivable

-

-

-

-

-

-

-

-

-

-1,176

-949

2,489

Capital improvements

257,993

181,622

126,050

119,437

93,799

63,721

64,714

75,260

62,032

48,629

30,114

25,593

Net cash provided by (used in) investing activities

-352,089

-398,065

-305,355

-218,602

-120,707

-127,885

-37,854

-86,565

-701,848

-98,933

-34,892

-33,196

Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital

-

-

-

-

-

-

-

0

-

-

-

-

Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan

2,482

5,813

6,911

12,557

4,899

1,326

968

4,932

5,484

2,182

4,883

4,708

Distributions:
Gross proceeds from the issuance of common stock

59,319

78,755

120,698

50,000

0

0

-

-

344,049

0

146,363

-

Common Stockholders

216,098

190,211

163,770

140,057

122,077

102,346

62,546

89,489

49,483

-36,840

-

-

Common OP Unitholders

13,104

12,411

11,631

11,888

10,470

9,123

5,648

6,696

6,313

-5,620

-

-

Acquisition of non-controlling interests

-

-

-

-

-

-

-

-

-

1,581

-

-

Distributions to Preferred Unit Holders

-

-

-

-

-

-

-

-

2,801

-16,140

-

-

Preferred Stockholders

16

16

6,928

9,226

9,226

9,274

9,280

14,613

13,823

0

-

-

Distributions to Common Stockholders, Common OP Unitholders, Perpetual Preferred OP Unitholders and Preferred Stockholders

-

-

-

-

-

-

-

-

-

-

48,109

38,921

Stock repurchase and Unit redemption

-

-

-

229

62

0

1,121

1,287

1,682

2,054

1,381

600

Share based award tax withholding payments

53

2,958

3,087

2,423

3,139

1,870

-

-

-

-

-

-

Principal payments and mortgage debt repayment

121,028

245,335

270,530

142,731

456,308

178,040

450,492

167,552

75,658

211,656

130,235

224,442

Mortgage notes payable financing proceeds

0

421,774

350,369

-

-

-

-

-

-

-

-

-

New mortgage notes payable financing proceeds

-

-

-

88,050

395,323

169,000

375,500

159,500

200,000

76,615

107,264

231,047

Line of Credit repayment

155,500

284,000

101,000

0

0

-

-

-

-

-

-

-

Line of Credit proceeds

315,500

254,000

131,000

0

0

-

20,000

0

50,000

0

50,900

201,200

Payments for Repurchase of Preferred Stock and Preference Stock

-

-

-

-

-

-

-

63,856

0

0

-

-

Proceeds from Noncontrolling Interests

-

-

-

-

-

-

-

170

0

0

-

-

Lines of credit repayments

-

-

-

-

-

-

20,000

0

50,000

0

143,900

211,200

Term loan financing proceeds

-

-

-

-

-

-

-

-

200,000

0

-

-

Debt issuance and defeasance costs

1,700

6,436

12,567

1,375

24,080

11,651

43,031

3,062

15,765

1,751

1,602

3,123

Redemption of preferred stock

0

0

136,314

-

-

-

-

-

-

-

-

-

Payments of Stock Issuance Costs

1,347

1,651

1,947

1,122

491

595

544

1,261

0

0

-

-

Net cash used in financing activities

-131,545

17,324

-98,796

-158,444

-225,631

-142,573

-196,194

-183,214

584,008

-196,845

-15,817

-41,331

Net increase (decrease) in cash and restricted cash

-40,114

33,343

-26,164

-24,684

6,544

15,287

21,301

-33,334

57,801

-132,469

99,816

39,527

Supplemental Information:
Cash paid for interest

102,027

102,377

102,570

105,556

106,423

112,963

120,497

125,121

96,261

87,888

96,030

96,668

Capital improvements used homes acquired by repossessions

-

-

-

-

909

1,431

2,591

5,313

2,685

566

763

-

Net reduction of notes receivable used homes acquired by repossessions

-

-

-

-

909

1,431

2,591

5,313

2,685

-566

-763

18,448

Net investment in real estate – reclassification of rental homes

28,260

30,799

30,732

34,707

28,790

23,494

14,401

4,127

2,371

3,915

-

-

Other assets, net – reclassification of rental homes

28,260

30,799

30,732

34,707

28,790

23,494

14,401

4,127

-2,371

-3,915

-

-

Real estate acquisitions:
Common Stock issued

-

-

-

-

-

-

-

-

110,495

0

-

-

Series B Subordinated Non-Voting Cumulative Redeemable Preferred Stock Issued

-

-

-

-

-

-

-

-

113,788

0

-

-

Inventory reclassified to Buildings and other depreciable property

-

-

-

-

-

-

-

-

-

-

6,727

57,797

Investment in real estate

249,197

265,129

142,255

122,448

23,900

122,366

-

-

830

3,674

1,389

-

Investment in unconsolidated joint ventures

35,789

0

0

-

-

-

-

-

-

-

-

-

Investment in real estate, cost

-

-

-

-

0

0

-133,344

18,738

1,431,339

2,796

18,879

-

Deferred financing costs, net

-

-

-

-

-

284

-59

0

0

-

-

-

Series A Cumulative Redeemable Perpetual Preferred Stock

-

-

-

-

-

-

-

-

200,000

0

-

-

Perpetual Preferred OP Units conversion

-

-

-

-

-

-

-

-

200,000

0

-

-

Inventory

-

-

-

-

-

-

-

-

-

-

185

-

Other assets, net

1,646

59

229

20

53

12

-1,100

6,262

0

0

11,267

-

Debt assumed

19,212

9,200

5,900

22,010

0

34,559

-5,382

0

548,410

0

11,851

-

Debt financed

0

8,786

0

0

-

-

-

-

-

-

-

-

Gain on sale of real estate, net

52,507

0

0

-

-

-

-

-

-

-

-

-

Accrued interest payable

-

-

-

-

-

-

-

-

114

0

-

-

Noncash or Part Noncash Acquisition, Accounts Receivable Acquired

-

-

-

-

-

-

-

29

0

0

-

-

Other liabilities

10,431

13,094

32

331

204

4,765

-1,017

440

4,800

-76

3,933

-

Real estate dispositions:
Other liabilities

-

-

-

1,883

62

1,947

-711

376

2,643

-164

5,195

-

Payments to Acquire Real Estate

185,411

234,108

136,552

98,244

23,687

-

117,707

24,213

651,089

0

8,219

2,217

Non-controlling interest - Common OP Units

-

-

-

-

-

-

-9,686

0

0

-

-

-

Real estate dispositions:
Investment in real estate

35,572

0

0

-

-

87

113,068

2,458

0

-3,531

-13,831

-

Notes receivable, net

295

0

0

-

-

-

6,507

0

0

-2,556

763

-

Other assets, net

97

0

0

-

-

-

-

-

-

-

-

-

Redemption of preferred stock

-

-

-

0

0

-

-

-

-

-

-

-

Mortgage notes payable, net

11,175

0

0

-

-

-

-

-

-

-3,628

-10,539

-

Other liabilities

450

0

0

-

-

-

-

-

-

-

-

-

Other, net

-

-

-

-

-

558

-2,167

510

-252

97

14

-

Gain on sale of real estate, net

52,507

0

0

-

-

1,457

40,567

4,596

-

-

-

-

Proceeds from Sale of Real Estate

77,746

0

0

-

-

2,102

157,975

7,564

252

0

3,278

-

Series A Cumulative Redeemable Perpetual Preferred Stock Exchange

-

-

-

-

-

-

-

136,144

0

0

-

-

Notes Issued

-

-

-

-

-

-

-

-

830

3,674

1,389

-

Deferred revenue – upfront payments from membership upgrade sales
Deferred revenue

19,111

15,191

14,132

12,327

-

-

-

-

-

-

-

-

Deferred revenue – annual membership subscriptions
Deferred revenue

544

123

115

-61

-

-

-

-

-

-

-

-