Els reports first quarter results
Chicago--(business wire)--equity lifestyle properties, inc. (nyse: els) (referred to herein as “we,” “us,” and “our”) today announced results for the quarter ended march 31, 2020. marguerite nader, our president and chief executive officer, said "i would like to express my gratitude to our team members at els who have been continuing to serve residents and customers at our communities, as well as to our corporate and regional team members who have worked tirelessly under difficult circumstances. the safety of our team members, residents and customers continues to be our first priority. our teams have navigated through new regulatory protocols and operating environments at an impressive pace while still maintaining our high quality standards. within our properties, we are experiencing a true sense of community as our team members and residents work together to prioritize the well being of the entire community." all common stock and op units as well as per share results reflect the two for one stock split that was completed on october 15, 2019. additionally, all per share results are reported on a fully diluted basis unless otherwise noted. financial results for the quarter ended march 31, 2020 for the quarter ended march 31, 2020, total revenues increased $21.4 million, or 8.3 percent, to $280.5 million compared to $259.1 million for the same period in 2019. for the quarter ended march 31, 2020, net income available for common stockholders decreased $46.4 million, or $0.26 per common share, to $66.9 million, or $0.37 per common share, compared to $113.3 million, or $0.63 per common share, for the same period in 2019. the financial results for the first quarter of 2019 included a gain of $52.5 million on the sale of five all-age mh communities. non-gaap financial measures and portfolio performance for the quarter ended march 31, 2020, funds from operations (“ffo”) available for common stock and op unit holders increased $4.3 million, or $0.02 per common share, to $112.3 million, or $0.58 per common share, compared to $108.0 million, or $0.56 per common share, for the same period in 2019. for the quarter ended march 31, 2020, normalized funds from operations (“normalized ffo”) available for common stock and op unit holders increased $5.6 million, or $0.03 per common share, to $113.3 million, or $0.59 per common share, compared to $107.7 million, or $0.56 per common share, for the same period in 2019. for the quarter ended march 31, 2020, property operating revenues, excluding deferrals, increased $18.8 million to $269.7 million compared to $250.9 million for the same period in 2019. for the quarter ended march 31, 2020, income from property operations, excluding deferrals and property management, increased $10.5 million to $163.9 million compared to $153.4 million for the same period in 2019. for the quarter ended march 31, 2020, core property operating revenues, excluding deferrals, increased approximately 5.4 percent and core income from property operations, excluding deferrals and property management, increased approximately 5.2 percent compared to the same period in 2019. business update - covid-19 as we developed and implemented our response to the impact of the covid-19 pandemic on our business, our highest priority has been the health and safety of our employees, residents and customers. over the past few weeks we have acted quickly to implement certain operational changes. page 1 of this earnings release and supplemental financial information provides a summary of those operational changes as well as our april cash collection activity and our liquidity position. 2020 guidance given the uncertainty surrounding the economic impact of the covid-19 pandemic and the impact of operational changes we have and may implement in response to the pandemic, we are withdrawing our full year 2020 guidance, which was included in our january 27, 2020 earnings release. balance sheet activity during the quarter ended march 31, 2020, we closed on a financing transaction with fannie mae generating gross proceeds of $275.4 million. the loan is secured by eight mh and four rv communities, has a fixed interest rate of 2.69% per annum and matures in 10 years. the net proceeds from the transaction were used to repay the outstanding balance on our line of credit and three loans scheduled to mature in 2020, as well as to fund working capital. the three loans had an outstanding principal balance of $48.1 million and a weighted average interest rate of 5.18% per annum. as part of the transaction, we incurred $1.0 million of prepayment penalties. subsequent to the quarter we borrowed $100.0 million from our line of credit. our line of credit has remaining availability of $300 million, subject to certain conditions. about equity lifestyle properties we are a self-administered, self-managed real estate investment trust (“reit”) with headquarters in chicago. as of april 20, 2020, we own or have an interest in 413 quality properties in 33 states and british columbia consisting of 156,655 sites. for additional information, please contact our investor relations department at (800) 247-5279 or at investor_relations@equitylifestyle.com. conference call a live webcast of our conference call discussing these results will take place tomorrow, tuesday, april 21, 2020, at 10:00 a.m. central time. please visit the investor relations section at www.equitylifestyleproperties.com for the link. a replay of the webcast will be available for two weeks at this site. forward-looking statements in addition to historical information, this press release includes certain “forward-looking statements” within the meaning of the private securities litigation reform act of 1995. when used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to: our ability to control costs and real estate market conditions, our ability to retain customers, the actual use of sites by customers and our success in acquiring new customers at our properties (including those that we may acquire); our ability to maintain historical or increase future rental rates and occupancy with respect to properties currently owned or that we may acquire; our ability to attract and retain customers entering, renewing and upgrading membership subscriptions; our assumptions about rental and home sales markets; our ability to manage counterparty risk; our ability to renew our insurance policies at existing rates and on consistent terms; in the age-qualified properties, home sales results could be impacted by the ability of potential home buyers to sell their existing residences as well as by financial, credit and capital markets volatility; results from home sales and occupancy will continue to be impacted by local economic conditions, lack of affordable manufactured home financing and competition from alternative housing options including site-built single-family housing; impact of government intervention to stabilize site-built single-family housing and not manufactured housing; effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions; the completion of future transactions in their entirety, if any, and timing and effective integration with respect thereto; unanticipated costs or unforeseen liabilities associated with recent acquisitions; ability to obtain financing or refinance existing debt on favorable terms or at all; the effect of interest rates; the effect from any breach of our, or any of our vendors', data management systems; the dilutive effects of issuing additional securities; the outcome of pending or future lawsuits or actions brought against us, including those disclosed in our filings with the securities and exchange commission; and other risks indicated from time to time in our filings with the securities and exchange commission. in addition, these forward-looking statements are subject to risks related to the covid-19 pandemic, many of which are unknown, including the duration of the pandemic, the extent of the adverse health impact on the general population and on our residents, customers, and employees in particular, its impact on the employment rate and the economy, the extent and impact of governmental responses, and the impact of operational changes we have and may implement in response to the pandemic. for further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the securities and exchange commission, including the “risk factors” section in our most recent annual report on form 10-k and subsequent quarterly reports on form 10-q. these forward-looking statements are based on management's present expectations and beliefs about future events. as with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. we are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise. supplemental financial information covid-19 update operational response in response to the covid-19 pandemic, we have taken actions to prioritize the safety and security of our employees, residents and customers, including, but not limited to, the following: mh properties are open and complying with state and local shelter-in-place orders. rv properties are open and complying with state and local shelter-in-place orders, subject to the following: 46 northern rv resorts, which were otherwise scheduled to open in march or april, have delayed openings to comply with restrictions. customers of these northern rv properties, which generated approximately 20% of 2019 annual resort base rental income, have lease renewals in april and may. we stopped accepting reservations for rv transient stays through april 30, 2020. in 2019, 23% of our transient revenue for the second quarter was earned in april, 33% in may and 44% in june. 46 northern rv resorts, which were otherwise scheduled to open in march or april, have delayed openings to comply with restrictions. customers of these northern rv properties, which generated approximately 20% of 2019 annual resort base rental income, have lease renewals in april and may. we stopped accepting reservations for rv transient stays through april 30, 2020. in 2019, 23% of our transient revenue for the second quarter was earned in april, 33% in may and 44% in june. seven loggerhead marinas are open and complying with state and local shelter-in-place orders and the remaining four are subject to boat launching restrictions. implemented cdc and local public health department guidelines and developed protocols for social distancing and enhanced community/office cleaning. all indoor amenity areas, pools and playgrounds are closed. office hours are by appointment only. all indoor amenity areas, pools and playgrounds are closed. office hours are by appointment only. implemented measures to assist our residents and customers. introduced rent deferral program for financial hardship related to covid-19 to allow payment of april rent over subsequent three months. suspended eviction proceedings and notice of mh rent increases. waived april late fees and rv reservation cancellation fees. allowing extended stays for thousand trails members to facilitate compliance with shelter-in-place orders. provided guide for residents to identify available local, state and federal resources. introduced rent deferral program for financial hardship related to covid-19 to allow payment of april rent over subsequent three months. suspended eviction proceedings and notice of mh rent increases. waived april late fees and rv reservation cancellation fees. allowing extended stays for thousand trails members to facilitate compliance with shelter-in-place orders. provided guide for residents to identify available local, state and federal resources. introduced employee time off program to provide continuation of pay for up to two weeks during period of disruption caused by covid-19. transitioned our corporate, regional, contact center and sales employees to a remote workforce. april 2020 performance and liquidity we are continuously monitoring the covid-19 pandemic and its potential impact on our financial condition, results of operations, liquidity and capital resources. the below april 2020 information is as of april 17, 2020. manufactured home portfolio – 96% of april 2020 rent is collected as compared to 97% at this time in april 2019. rv annuals – 96% of april annual 2020 rent is collected as compared to 98% at this time in april 2019. we have collected from customers in our northern resorts with april and may lease renewals, 61% of installment rent payments as compared to 71% at this time in april 2019. we have collected from customers in our northern resorts with april and may lease renewals, 61% of installment rent payments as compared to 71% at this time in april 2019. rv seasonals – at this time, seasonal rv customers have made $2.1 million in reservations for april, or 88% as compared to the $2.4 million in seasonal rv reservations for april as of this time in april 2019. thousand trails – 95% of cash receipts as compared to this time in april 2019. marina – 93% of total april billing is collected. liquidity position – $125.9 million available cash, $300.0 million available on line of credit (subject to certain conditions). investor information equity research coverage (1) bank of america securities bmo capital markets citi research jeffrey spector/ joshua dennerlein john kim michael bilerman/ nick joseph evercore isi green street advisors robert w. baird & company steve sakwa/ samir khanal john pawlowski drew t. babin wells fargo securities todd stender ______________________ financial highlights (in millions, except common stock and op units outstanding and per share data (adjusted for stock split), unaudited) as of and for the three months ended mar 31, 2020 dec 31, 2019 sept 30, 2019 jun 30, 2019 mar 31, 2019 operating information total revenues $ 280.5 $ 258.6 $ 271.2 $ 248.4 $ 259.1 net income $ 70.7 $ 58.1 $ 68.2 $ 49.1 $ 120.5 net income available for common stockholders $ 66.9 $ 55.0 $ 64.5 $ 46.4 $ 113.3 adjusted ebitdare (1) $ 138.2 $ 124.5 $ 127.0 $ 117.7 $ 133.3 ffo available for common stock and op unit holders (1)(2) $ 112.3 $ 99.5 $ 108.6 $ 89.8 $ 108.0 normalized ffo available for common stock and op unit holders (1)(2) $ 113.3 $ 99.5 $ 102.7 $ 91.9 $ 107.7 funds available for distribution ("fad") for common stock and op unit holders (1)(2) $ 101.8 $ 84.6 $ 88.4 $ 79.1 $ 97.6 common stock and op units outstanding (in thousands) and per share data common stock and op units, end of the period 192,627 192,581 192,574 192,562 191,470 weighted average common stock and op units outstanding - fully diluted 192,564 192,458 192,400 191,860 191,248 net income per common share - fully diluted (3) $ 0.37 $ 0.30 $ 0.35 $ 0.26 $ 0.63 ffo per common share and op unit - fully diluted $ 0.58 $ 0.52 $ 0.56 $ 0.47 $ 0.56 normalized ffo per common share and op unit - fully diluted $ 0.59 $ 0.52 $ 0.53 $ 0.48 $ 0.56 dividends per common share $ 0.3425 $ 0.3063 $ 0.3063 $ 0.3063 $ 0.3063 balance sheet total assets $ 4,212 $ 4,151 $ 4,137 $ 4,014 $ 4,009 total liabilities $ 2,892 $ 2,829 $ 2,818 $ 2,707 $ 2,752 market capitalization total debt (4) $ 2,486 $ 2,432 $ 2,406 $ 2,300 $ 2,372 total market capitalization (5) $ 13,558 $ 15,988 $ 15,270 $ 13,983 $ 13,315 ratios total debt / total market capitalization 18.3 % 15.2 % 15.8 % 16.4 % 17.8 % total debt / adjusted ebitdare (6) 4.9 4.8 4.9 4.7 4.9 interest coverage (7) 4.9 4.9 4.8 4.7 4.6 fixed charges(8) 4.9 4.8 4.7 4.6 4.5 ______________________ consolidated balance sheets (in thousands, except share and per share data) march 31, 2020 december 31, 2019 (unaudited) assets investment in real estate: land $ 1,526,225 $ 1,525,407 land improvements 3,362,287 3,336,070 buildings and other depreciable property 892,816 881,572 5,781,328 5,743,049 accumulated depreciation (1,812,822 ) (1,776,224 ) net investment in real estate 3,968,506 3,966,825 cash and restricted cash 96,921 28,860 notes receivable, net 35,227 37,558 investment in unconsolidated joint ventures 20,130 20,074 deferred commission expense 41,230 41,149 other assets, net 50,450 56,809 total assets $ 4,212,464 $ 4,151,275 liabilities and equity liabilities: mortgage notes payable, net $ 2,260,819 $ 2,049,509 term loan, net 199,030 198,949 unsecured line of credit — 160,000 accounts payable and other liabilities 124,396 124,665 deferred revenue – upfront payments from membership upgrade sales 129,356 126,814 deferred revenue – annual membership subscriptions 12,319 10,599 accrued interest payable 8,627 8,639 rents and other customer payments received in advance and security deposits 91,152 91,234 distributions payable 65,858 58,978 total liabilities 2,891,557 2,829,387 equity: preferred stock, $0.01 par value, 10,000,000 shares authorized as of march 31, 2020 and december 31, 2019; none issued and outstanding. — — common stock, $0.01 par value, 400,000,000 shares authorized as of march 31, 2020 and december 31, 2019; 182,144,559 and 182,089,595 shares issued and outstanding as of march 31, 2020 and december 31, 2019, respectively. 1,812 1,812 paid-in capital 1,402,514 1,402,696 distributions in excess of accumulated earnings (153,703 ) (154,318 ) accumulated other comprehensive income (loss) (1,713 ) (380 ) total stockholders’ equity 1,248,910 1,249,810 non-controlling interests – common op units 71,997 72,078 total equity 1,320,907 1,321,888 total liabilities and equity $ 4,212,464 $ 4,151,275 consolidated income statements (in thousands, unaudited) 2020 2019 revenues: rental income $ 239,346 $ 223,566 annual membership subscriptions 13,073 12,316 membership upgrade sales current period, gross 4,843 3,838 membership upgrade sales upfront payments, deferred, net (2,542 ) (1,771 ) other income 11,059 10,370 gross revenues from home sales 11,309 6,475 brokered resale and ancillary services revenues, net 938 1,559 interest income 1,807 1,751 income from other investments, net 643 986 total revenues 280,476 259,090 expenses: property operating and maintenance 83,634 77,948 real estate taxes 16,841 15,323 sales and marketing, gross 3,978 3,409 membership sales commissions, deferred, net (216 ) (191 ) property management 15,004 13,685 depreciation and amortization 39,024 37,977 cost of home sales 11,911 6,632 home selling expenses 1,213 1,083 general and administrative 10,855 9,909 other expenses 588 427 early debt retirement 1,054 — interest and related amortization 26,073 26,393 total expenses 209,959 192,595 gain on sale of real estate, net — 52,507 income before equity in income of unconsolidated joint ventures 70,517 119,002 equity in income of unconsolidated joint ventures 207 1,533 consolidated net income 70,724 120,535 income allocated to non-controlling interests – common op units (3,849 ) (7,226 ) net income available for common stockholders $ 66,875 $ 113,309 non-gaap financial measures this document contains certain non-gaap measures used by management that we believe are helpful in understanding our business. we believe investors should review these non-gaap measures along with gaap net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity reit’s operating performance. our definitions and calculations of these non-gaap financial and operating measures and other terms may differ from the definitions and methodologies used by other reits and, accordingly, may not be comparable. these non-gaap financial and operating measures do not represent cash generated from operating activities in accordance with gaap, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with gaap, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with gaap, as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions. for definitions and reconciliations of non-gaap measures to our financial statements as prepared under gaap, refer to both reconciliation of net income to non-gaap financial measures on page 8 and non-gaap financial measures definitions and reconciliations on pages 17 - 19. selected non-gaap financial measures (in millions, except per share data, unaudited) quarter ended march 31, 2020 income from property operations, excluding deferrals and property management - 2020 core (1) $ 161.1 income from property operations, excluding deferrals and property management - non-core (1) 2.8 property management and general and administrative (25.9 ) other income and expenses 1.4 interest and related amortization (26.1 ) normalized ffo available for common stock and op unit holders (2) 113.3 early debt retirement (1.0 ) ffo available for common stock and op unit holders (2) $ 112.3 normalized ffo per common share and op unit - fully diluted $0.59 ffo per common share and op unit - fully diluted $0.58 normalized ffo available for common stock and op unit holders (2) $ 113.3 non-revenue producing improvements to real estate (2) (11.5 ) fad for common stock and op unit holders (2) $ 101.8 weighted average common stock and op units - fully diluted 192.6 ______________________ reconciliation of net income to non-gaap financial measures (in thousands, except per share data (adjusted for stock split), unaudited) 2020 2019 net income available for common stockholders $ 66,875 $ 113,309 income allocated to non-controlling interests – common op units 3,849 7,226 membership upgrade sales upfront payments, deferred, net 2,542 1,771 membership sales commissions, deferred, net (216 ) (191 ) depreciation and amortization 39,024 37,977 depreciation on unconsolidated joint ventures 177 433 gain on sale of real estate, net — (52,507 ) ffo available for common stock and op unit holders 112,251 108,018 early debt retirement 1,054 — insurance proceeds due to catastrophic weather event (1) — (349 ) normalized ffo available for common stock and op unit holders 113,305 107,669 non-revenue producing improvements to real estate (11,467 ) (10,064 ) fad for common stock and op unit holders $ 101,838 $ 97,605 net income available per common share - basic $ 0.37 $ 0.63 net income available per common share - fully diluted (2) $ 0.37 $ 0.63 ffo per common share and op unit - basic $ 0.58 $ 0.57 ffo per common share and op unit - fully diluted $ 0.58 $ 0.56 normalized ffo per common share and op unit - basic $ 0.59 $ 0.56 normalized ffo per common share and op unit - fully diluted $ 0.59 $ 0.56 average common stock - basic 181,729 179,560 average common stock and op units - basic 192,220 191,042 average common stock and op units - fully diluted 192,564 191,248 ______________________ consolidated income from property operations (1) (in millions, except home site and occupancy figures, unaudited) quarters ended march 31, 2020 2019 mh base rental income (2) $ 141.4 $ 135.3 rental home income 4.0 3.6 rv and marina base rental income (3) 81.1 72.1 annual membership subscriptions 13.1 12.3 membership upgrade sales current period, gross 4.8 3.8 utility and other income (4) 25.3 23.8 property operating revenues 269.7 250.9 property operating, maintenance and real estate taxes (5) 100.5 92.9 rental home operating and maintenance 1.3 1.2 sales and marketing, gross 4.0 3.4 property operating expenses 105.8 97.5 income from property operations, excluding deferrals and property management (1) $ 163.9 $ 153.4 manufactured home site figures and occupancy averages: total sites 72,251 72,370 occupied sites 68,495 68,590 occupancy % 94.8 % 94.8 % monthly base rent per site $ 688 $ 657 rv and marina base rental income: annual $ 47.3 $ 39.0 seasonal 22.6 21.1 transient 11.2 12.0 total rv and marina base rental income $ 81.1 $ 72.1 ______________________ core income from property operations (1) (in millions, except home site and occupancy figures, unaudited) quarters ended march 31, 2020 2019 change (2) mh base rental income (3) $ 141.4 $ 134.9 4.9 % rental home income 4.0 3.5 14.1 % rv base rental income (4) 75.6 72.1 4.8 % annual membership subscriptions 13.1 12.3 6.1 % membership upgrade sales current period, gross 4.8 3.8 26.2 % utility and other income (5) 24.9 23.7 5.1 % property operating revenues 263.8 250.3 5.4 % property operating, maintenance and real estate taxes (6) 97.5 92.6 5.3 % rental home operating and maintenance 1.3 1.2 13.4 % sales and marketing, gross 3.9 3.4 16.7 % property operating expenses 102.7 97.2 5.8 % income from property operations, excluding deferrals and property management (1) $ 161.1 $ 153.1 5.2 % occupied sites (7) 68,589 68,254 core manufactured home site figures and occupancy averages: total sites 71,979 71,754 occupied sites 68,486 68,171 occupancy % 95.1 % 95.0 % monthly base rent per site $ 688 $ 659 core rv base rental income: annual $ 41.9 $ 39.0 7.4 % seasonal 22.6 21.1 7.0 % transient 11.1 12.0 (7.6 )% total rv base rental income $ 75.6 $ 72.1 4.8 % ____________________ non-core income from property operations (1) (in millions, unaudited) quarter ended march 31, 2020 mh base rental income $ — rental home income — rv and marina base rental income 5.5 utility and other income 0.4 property operating revenues 5.9 property operating expenses (2) 3.1 income from property operations, excluding deferrals and property management (1) $ 2.8 ______________________ income from rental home operations (in millions, except occupied rentals, unaudited) quarters ended march 31, 2020 2019 manufactured homes: rental operations revenues (1) $ 11.7 $ 11.2 rental operations expense 1.3 1.2 income from rental operations 10.4 10.0 depreciation on rental homes (2) 2.8 2.4 income from rental operations, net of depreciation $ 7.6 $ 7.6 occupied rentals: (3) new 3,226 2,860 used 687 1,106 total occupied rental sites 3,913 3,966 as of march 31, 2020 as of march 31, 2019 cost basis in rental homes: (4) gross net of depreciation gross net of depreciation new $ 233.7 $ 197.3 $ 174.6 $ 151.6 used 19.6 9.0 27.3 13.5 total rental homes $ 253.3 $ 206.3 $ 201.9 $ 165.1 ______________________ total sites and home sales (in thousands, except sites and home sale volumes, unaudited) summary of total sites as of march 31, 2020 sites(1) mh sites 72,200 rv sites: annual 29,700 seasonal 10,200 transient 13,900 marina slips 2,300 membership (2) 24,600 joint ventures (3) 3,600 total (4) 156,700 home sales - select data quarters ended march 31, 2020 2019 total new home sales volume (5) 155 91 new home sales volume - echo joint venture 12 13 new home sales gross revenues (5) $ 9,382 $ 4,564 total used home sales volume 194 219 used home sales gross revenues $ 1,927 $ 1,911 brokered home resales volume 176 168 brokered home resale revenues, net $ 261 $ 278 ______________________ memberships - select data (unaudited) 2016 2017 2018 2019 2020 q1 (1) member count (2) 104,728 106,456 111,094 115,680 116,547 thousand trails camping pass (ttc) origination 29,576 31,618 37,528 41,484 8,238 ttc sales 12,856 14,128 17,194 19,267 3,202 rv dealer ttc activations 16,720 17,490 20,334 22,217 5,036 number of annuals (3) 5,756 5,843 5,888 5,938 5,903 number of upgrade sales (4) 2,477 2,514 2,500 2,919 727 (in thousands, unaudited) annual membership subscriptions $ 45,036 $ 45,798 $ 47,778 $ 51,015 $ 13,073 rv base rental income from annuals $ 15,413 $ 16,841 $ 18,363 $ 19,634 $ 5,044 rv base rental income from seasonals/transients $ 17,344 $ 18,231 $ 19,840 $ 20,181 $ 2,366 upgrade contract initiations (5) $ 12,312 $ 14,130 $ 15,191 $ 19,111 $ 4,843 utility and other income $ 2,442 $ 2,254 $ 2,410 $ 2,422 $ 427 ______________________ market capitalization (in millions, except share and op unit data, unaudited) capital structure as of march 31, 2020 total common stock/units % of total common stock/units total % of total % of total market capitalization secured debt $ 2,286 92.0 % unsecured debt 200 8.0 % total debt (1) $ 2,486 100.0 % 18.3 % common stock 182,144,559 94.6 % op units 10,481,994 5.4 % total common stock and op units 192,626,553 100.0 % common stock price at march 31, 2020 $ 57.48 fair value of common stock and op units $ 11,072 100.0 % total equity $ 11,072 100.0 % 81.7 % total market capitalization $ 13,558 100.0 % ______________________ 1. excludes deferred financing costs of approximately $26.0 million. debt maturity schedule debt maturity schedule as of march 31, 2020 (in thousands, unaudited) year secured debt weighted average interest rate unsecured debt weighted average interest rate total debt % of total debt weighted average interest rate 2020 $ — — % $ — — % $ — — % — % 2021 168,034 5.01 % — — % 168,034 6.76 % 5.01 % 2022 144,889 4.62 % — — % 144,889 5.83 % 4.62 % 2023 101,987 5.03 % 200,000 3.05 % 301,987 12.15 % 3.72 % 2024 10,585 5.49 % — — % 10,585 0.43 % 5.49 % 2025 100,267 3.45 % — — % 100,267 4.04 % 3.45 % 2026 — — % — — % — — % — % 2027 — — % — — % — — % — % 2028 220,606 4.19 % — — % 220,606 8.88 % 4.19 % 2029 — — % — — % — — % — % thereafter 1,538,533 3.96 % — — % 1,538,533 61.92 % 3.96 % total $ 2,284,901 4.13 % $ 200,000 3.05 % $ 2,484,901 100.0 % 4.05 % unsecured line of credit — — — note premiums 946 — 946 total debt 2,285,847 200,000 2,485,847 deferred financing costs (25,028 ) (970 ) (25,998 ) total debt, net $ 2,260,819 $ 199,030 $ 2,459,849 4.24 % (1) average years to maturity 12.8 3.1 12.0 ______________________ non-gaap financial measures definitions and reconciliations funds from operations (ffo). we define ffo as net income, computed in accordance with gaap, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of ffo of unconsolidated joint ventures. adjustments for unconsolidated joint ventures are calculated to reflect ffo on the same basis. we compute ffo in accordance with our interpretation of standards established by the national association of real estate investment trusts (“nareit”), which may not be comparable to ffo reported by other reits that do not define the term in accordance with the current nareit definition or that interpret the current nareit definition differently than we do. we receive non-refundable upfront payments from membership upgrade contracts. in accordance with gaap, the non-refundable upfront payments and related commissions are deferred and amortized over the estimated membership upgrade contract term. although the nareit definition of ffo does not address the treatment of non-refundable upfront payments, we believe that it is appropriate to adjust for the impact of the deferral activity in our calculation of ffo. we believe ffo, as defined by the board of governors of nareit, is generally a measure of performance for an equity reit. while ffo is a relevant and widely used measure of operating performance for equity reits, it does not represent cash flow from operations or net income as defined by gaap, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance. normalized funds from operations (normalized ffo). we define normalized ffo as ffo excluding the following non-operating income and expense items: a) gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, and b) other miscellaneous non-comparable items. normalized ffo presented herein is not necessarily comparable to normalized ffo presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount. funds available for distribution (fad). we define fad as normalized ffo less non-revenue producing capital expenditures. we believe that ffo, normalized ffo and fad are helpful to investors as supplemental measures of the performance of an equity reit. we believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, ffo can facilitate comparisons of operating performance between periods and among other equity reits. we further believe that normalized ffo provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our operations. for example, we believe that excluding the early extinguishment of debt and other miscellaneous non-comparable items from ffo allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. in some cases, we provide information about identified non-cash components of ffo and normalized ffo because it allows investors, analysts and our management to assess the impact of those items. income from property operations, excluding deferrals and property management. we define income from property operations, excluding deferrals and property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, sales and marketing expenses, excluding property management and the gaap deferral of membership upgrade sales upfront payments and membership sales commissions, net. for comparative purposes, we present bad debt expense within property operating, maintenance and real estate taxes in the current and prior periods. we believe that this non-gaap financial measure is helpful to investors and analysts as a measure of the operating results of our properties. the following table reconciles net income available for common stockholders to income from property operations: quarters ended march 31, (amounts in thousands) 2020 2019 net income available for common stockholders $ 66,875 $ 113,309 income allocated to non-controlling interests – common op units 3,849 7,226 equity in income of unconsolidated joint ventures (207 ) (1,533 ) income before equity in income of unconsolidated joint ventures 70,517 119,002 gain on sale of real estate, net — (52,507 ) membership upgrade sales upfront payments, deferred, net 2,542 1,771 gross revenues from home sales (11,309 ) (6,475 ) brokered resale and ancillary services revenues, net (938 ) (1,559 ) interest income (1,807 ) (1,751 ) income from other investments, net (643 ) (986 ) membership sales commissions, deferred, net (216 ) (191 ) property management 15,004 13,685 depreciation and amortization 39,024 37,977 cost of home sales 11,911 6,632 home selling expenses 1,213 1,083 general and administrative 10,855 9,909 other expenses 588 427 early debt retirement 1,054 — interest and related amortization 26,073 26,393 income from property operations, excluding deferrals and property management 163,868 153,410 membership upgrade sales upfront payments, and membership sales commissions, deferred, net (2,326 ) (1,580 ) property management (15,004 ) (13,685 ) income from property operations $ 146,538 $ 138,145 earnings before interest, tax, depreciation and amortization for real estate (ebitdare) and adjusted ebitdare. we define ebitdare as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairments charges, and adjustments to reflect our share of ebitdare of unconsolidated joint ventures. we compute ebitdare in accordance with our interpretation of the standards established by nareit, which may not be comparable to ebitdare reported by other reits that do not define the term in accordance with the current nareit definition or that interpret the current nareit definition differently than we do. we receive non-refundable upfront payments from membership upgrade contracts. in accordance with gaap, the non-refundable upfront payments and related commissions are deferred and amortized over the estimated customer life. although the nareit definition of ebitdare does not address the treatment of non-refundable upfront payments, we believe that it is appropriate to adjust for the impact of the deferral activity in our calculation of ebitdare. we define adjusted ebitdare as ebitdare excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, and other miscellaneous non-comparable items. we believe that ebitdare and adjusted ebitdare may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity reit. the following table reconciles consolidated net income to ebitdare and adjusted ebitdare: quarters ended march 31, (amounts in thousands) 2020 2019 consolidated net income $ 70,724 $ 120,535 interest income (1,807 ) (1,751 ) membership upgrade sales upfront payments, deferred, net 2,542 1,771 membership sales commissions, deferred, net (216 ) (191 ) real estate depreciation and amortization 39,024 37,977 other depreciation and amortization 588 427 interest and related amortization 26,073 26,393 gain on sale of real estate, net — (52,507 ) adjustments to our share of ebitdare of unconsolidated joint ventures 263 1,001 ebitdare 137,191 133,655 early debt retirement 1,054 — insurance proceeds due to catastrophic weather event — (349 ) adjusted ebitdare $ 138,245 $ 133,306 core. the core properties include properties we owned and operated during all of 2019 and 2020. we believe core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations. non-core. the non-core properties include properties that were not owned and operated during all of 2019 and 2020. this includes, but is not limited to, four properties and the marinas acquired and five properties sold during 2019. income from rental operations, net of depreciation. we use income from rental operations, net of depreciation as an alternative measure to evaluate the operating results of our home rental program. income from rental operations, net of depreciation, represents income from rental operations less depreciation expense on rental homes. we believe this measure is meaningful for investors as it provides a complete picture of the home rental program operating results, including the impact of depreciation, which affects our home rental program investment decisions. non-revenue producing improvements. represents capital expenditures that do not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture and mechanical improvements. fixed charges. fixed charges consist of interest expense, amortization of note premiums and debt issuance costs.
