How do you interpret property operations — community base rental income?

A steady or growing base indicates high tenant retention and stable market demand.

How does property operations — community base rental income compare across companies?

Similar to 'Base Rent' or 'Contractual Rent' in residential REIT portfolios.

Equity Lifestyle Properties ELS Property Operations — Community Base Rental Income

Discontinued — last reported Q4 '18

Similar metrics at other companies

UDRSame Communities — Operating Lease Lease Income Lease Payments

$125.74M+2.7%

AVBEstablished Communities — Operating Leases Income Statement Lease Revenue

$458.21M+3.6%

UDRSame Communities — Operating Lease Other Income

$3.54M+7.0%

UDRNon Mature Communities Other — Operating Lease Lease Income Lease Payments

$24.05M+0.6%

EQRSame Store — Operating Lease Lease Income

$746.48M+2.2%

SUIReal Property Operations Segment — Rental home revenue

$0—

Other financials

Income statement

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Revenue$397.6M+2.7%

Operating income$112.4M+2.6%

Net income$111.5M-2.5%

EPS (diluted)$0.56-1.8%

Balance sheet

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Cash & equivalents$39.2M-17.4%

Total debt$24.0M-11.6%

Total equity$1.8B+0.7%

Total assets$5.7B+1.9%

Cash flow

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Operating cash flow$194.2M+0.4%

CapEx$45.3M+0.2%

Free cash flow$148.9M+0.5%

Valuation

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Market cap$12.06B-5.1%

P/E30.2×-2.9×

P/S7.8×-0.5×

Profitability

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Operating margin25.6%+1.0pp

Net margin25.9%+0.7pp

FCF margin21.7%-1.8pp

Returns & leverage

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Return on equity22.7%-1.3pp

Debt / equity0×0.0×

Where this comes from

Reported directly by Equity Lifestyle Properties in its filing.

Tagged under the XBRL concept els:CommunityBaseRentalIncome.

The official record: Equity Lifestyle Properties’s 10-K, filed February 26, 2019, on SEC EDGAR. View the filing →

Questions, answered.

What does property operations — community base rental income mean?: The base rent collected from residents in the company's communities.
How do you interpret property operations — community base rental income?: A steady or growing base indicates high tenant retention and stable market demand.
How does property operations — community base rental income compare across companies?: Similar to 'Base Rent' or 'Contractual Rent' in residential REIT portfolios.