Equity Lifestyle Properties Files 10-Q/A Amendment

Ticker: ELS · Form: 10-Q/A · Filed: Jan 23, 2024 · CIK: 895417

Equity Lifestyle Properties Inc 10-Q/A Filing Summary
FieldDetail
CompanyEquity Lifestyle Properties Inc (ELS)
Form Type10-Q/A
Filed DateJan 23, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.01
Sentimentneutral

Complexity: simple

Sentiment: neutral

Topics: ELS, 10-Q/A, Equity Lifestyle Properties, Financial Filing, Q1 2023

TL;DR

<b>Equity Lifestyle Properties Inc. filed a 10-Q/A amendment for its Q1 2023 results.</b>

AI Summary

EQUITY LIFESTYLE PROPERTIES INC (ELS) filed a Amended Quarterly Report (10-Q/A) with the SEC on January 23, 2024. This filing is an amendment to Equity Lifestyle Properties Inc.'s (ELS) Q1 2023 10-Q filing. The filing covers the period ending March 31, 2023. It includes financial data for the first quarter of 2023 and comparative periods. Key financial statement components like common stock, additional paid-in capital, and accumulated other comprehensive income are detailed. The filing references US GAAP standards for financial reporting.

Why It Matters

For investors and stakeholders tracking EQUITY LIFESTYLE PROPERTIES INC, this filing contains several important signals. This amendment provides updated or corrected information for the first quarter of 2023, crucial for investors tracking the company's financial performance and position. The detailed financial data allows stakeholders to assess the company's capital structure and changes therein over the reported periods.

Risk Assessment

Risk Level: low — EQUITY LIFESTYLE PROPERTIES INC shows low risk based on this filing. The filing is an amendment to a previous report, indicating potential corrections or additions to previously disclosed information, but does not inherently signal significant new risks.

Analyst Insight

Review the specific changes made in this 10-Q/A filing compared to the original 10-Q to understand any updated financial details or disclosures.

Key Numbers

  • 20230331 — Period of Report (Conformed period of report)
  • 20240123 — Filing Date (Filed as of date)
  • 2023-01-01 — Quarter Start Date (First quarter of 2023)
  • 2022-12-31 — Previous Year End (Balance sheet date for prior year)
  • 2021-12-31 — Prior Year End (Balance sheet date for year prior to 2022)

Key Players & Entities

  • EQUITY LIFESTYLE PROPERTIES INC (company) — Filer name
  • ELS (company) — Ticker symbol
  • 10-Q/A (filing) — Form type
  • 20230331 (date) — Conformed period of report
  • 20240123 (date) — Filed as of date
  • CHICAGO (location) — Business address city
  • MD (location) — State of incorporation
  • 363857664 (identifier) — IRS number

Forward-Looking Statements

  • The restated equity figures will lead to a minor adjustment in analyst models for Equity Lifestyle Properties Inc. (Equity Lifestyle Properties Inc.) — medium confidence, target: 2024-03-31

FAQ

When did EQUITY LIFESTYLE PROPERTIES INC file this 10-Q/A?

EQUITY LIFESTYLE PROPERTIES INC filed this Amended Quarterly Report (10-Q/A) with the SEC on January 23, 2024.

What is a 10-Q/A filing?

A 10-Q/A is a amendment to a previously filed quarterly report. This particular 10-Q/A was filed by EQUITY LIFESTYLE PROPERTIES INC (ELS).

Where can I read the original 10-Q/A filing from EQUITY LIFESTYLE PROPERTIES INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by EQUITY LIFESTYLE PROPERTIES INC.

What are the key takeaways from EQUITY LIFESTYLE PROPERTIES INC's 10-Q/A?

EQUITY LIFESTYLE PROPERTIES INC filed this 10-Q/A on January 23, 2024. Key takeaways: This filing is an amendment to Equity Lifestyle Properties Inc.'s (ELS) Q1 2023 10-Q filing.. The filing covers the period ending March 31, 2023.. It includes financial data for the first quarter of 2023 and comparative periods..

Is EQUITY LIFESTYLE PROPERTIES INC a risky investment based on this filing?

Based on this 10-Q/A, EQUITY LIFESTYLE PROPERTIES INC presents a relatively low-risk profile. The filing is an amendment to a previous report, indicating potential corrections or additions to previously disclosed information, but does not inherently signal significant new risks.

What should investors do after reading EQUITY LIFESTYLE PROPERTIES INC's 10-Q/A?

Review the specific changes made in this 10-Q/A filing compared to the original 10-Q to understand any updated financial details or disclosures. The overall sentiment from this filing is neutral.

Key Dates

  • 2023-03-31: Quarter End — End of the reporting period for the 10-Q/A filing.
  • 2024-01-23: Filing Date — Date the 10-Q/A amendment was filed with the SEC.

Glossary

10-Q/A
An amended quarterly report filed with the SEC. (Indicates that the company is providing updated or corrected information for a previously filed quarterly report.)
US GAAP
Generally Accepted Accounting Principles in the United States. (The standard framework for financial accounting and reporting used by U.S. public companies.)

Filing Stats: 4,546 words · 18 min read · ~15 pages · Grade level 17.6 · Accepted 2024-01-22 21:02:29

Key Financial Figures

  • $0.01 — ange on which registered Common Stock, $0.01 Par Value ELS New York Stock Exchange

Filing Documents

, Item 4. Controls and Procedures

Part I, Item 4. Controls and Procedures

, Item 1A. Risk Factors

Part II, Item 1A. Risk Factors

, Item 6. Exhibits

Part II, Item 6. Exhibits This Amended Report also includes revisions and updates to certain other information including, but not limited to, cross-references, an updated signature page and other conforming changes. Pursuant to the rules of the SEC, the exhibit list included in Part II, Item 6. Exhibits of the Original Report has been amended and restated to include updates to applicable exhibits, consisting of currently-dated certifications. Except for the Amended Items, this Amended Report is presented as of the date of the Original Report and has not been updated to reflect events, results or developments that occurred or facts that became known to us subsequent to the filing of the Original Report other than the Amended Items and those associated with the restatement of our consolidated financial statements. Control Considerations Management has concluded as of March 31, 2023 that the Company's disclosure controls and procedures as well as its internal control over financial reporting were not effective due to a material weakness. Specifically, there was a lack of an effectively designed control activity related to the evaluation of the classification of cash flows pursuant to the predominance principle in ASC 230 associated with the purchase and sale of manufactured homes within the Company's Consolidated Statements of Cash Flows. During the quarter ended June 30, 2023, the Company enhanced its control activities related to the evaluation of the classification of cash flows pursuant to the predominance principle in ASC 230 associated with the purchase and sale of manufactured homes. We tested the enhanced control activities as of June 30, 2023 and September 30, 2023 and management has concluded, through its testing, that the control is operating effectively and the material weakness was remediated as of September 30, 2023. See Part I, Item 4. Controls and Procedures. Equity LifeStyle Properties, Inc. Table of Contents Page

- Financial Information

Part I - Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Index To Financial Statements Consolidated Balance Sheets as of March 31, 2023 and December 31, 20 22 3 Consolidated Statements of Income and Comprehensive Income for the quarters ended March 31, 2023 and 2022 4 Consolidated Statements of Changes in Equity for the quarters ended March 31, 2023 and 2022 5 Consolidated Statements of Cash Flows (As Rest ated) for the quarters ended March 31, 2023 and 2022 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 31

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32

Other Information

Item 5. Other Information 32

Exhibits

Item 6. Exhibits 32 2

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements Equity LifeStyle Properties, Inc. Consolidated Balance Sheets (amounts in thousands, except share and per share data) March 31, 2023 December 31, 2022 (unaudited) Assets Investment in real estate: Land $ 2,086,725 $ 2,084,532 Land improvements 4,170,166 4,115,439 Buildings and other depreciable property 1,197,416 1,169,590 7,454,307 7,369,561 Accumulated depreciation ( 2,306,538 ) ( 2,258,540 ) Net investment in real estate 5,147,769 5,111,021 Cash and restricted cash 30,661 22,347 Notes receivable, net 46,655 45,356 Investment in unconsolidated joint ventures 81,135 81,404 Deferred commission expense 51,090 50,441 Other assets, net 162,003 181,950 Total Assets $ 5,519,313 $ 5,492,519 Liabilities and Equity Liabilities: Mortgage notes payable, net $ 2,677,318 $ 2,693,167 Term loan, net 497,039 496,817 Unsecured line of credit 212,000 198,000 Accounts payable and other liabilities 185,126 175,148 Deferred membership revenue 204,312 197,743 Accrued interest payable 12,090 11,739 Rents and other customer payments received in advance and security deposits 130,704 122,318 Distributions payable 87,338 80,102 Total Liabilities 4,005,927 3,975,034 Equity: Stockholders' Equity: Preferred stock, $ 0.01 par value, 10,000,000 shares authorized as of March 31, 2023 and December 31, 2022; none issued and outstanding. — — Common stock, $ 0.01 par value, 600,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 186,205,815 and 186,120,298 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively. 1,916 1,916 Paid-in capital 1,629,866 1,628,618 Distributions in excess of accumulated earnings ( 205,203 ) ( 204,248 ) Accumulated other comprehensive income 15,141 19,119 Total Stockholders' Equity 1,441,720 1,445,405 Non-controlling interests – Common OP Units 71,666 72,080 Total Equity 1,513,386 1,517,485 Total Liabilities and Equity $ 5,519,313 $ 5,492,519 The acco

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Note 1 – Organization and Basis of Presentation Equity LifeStyle Properties, Inc. ("ELS"), a Maryland corporation, together with MHC Operating Limited Partnership (the "Operating Partnership") and its other consolidated subsidiaries (the "Subsidiaries"), are referred to herein as "we," "us," and "our". We are a fully integrated owner of lifestyle-oriented properties ("Properties") consisting of property operations and home sales and rental operations primarily within manufactured home ("MH") and recreational vehicle ("RV") communities and marinas. We provide our customers the opportunity to place manufactured homes and cottages, RVs and/or boats on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas ("Sites") or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 95.3 % interest as of March 31, 2023. As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership. Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings. The accompanying unaudited

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Note 2 – Summary of Significant Accounting Policies (continued) Annual membership subscriptions and membership upgrade sales are accounted for in accordance with ASC 606 , Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Membership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. (b) Restricted Cash As of March 31, 2023 and December 31, 2022, restricted cash consisted of $ 19.8 million and $ 19.7 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes. (c) Insurance Recoveries We carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business int

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