Equity LifeStyle Properties, Inc. : ELS-US: Dividend Analysis : September 29th, 2017 (record date) : By the numbers : October 11, 2017

Our analysis is based on comparing Equity LifeStyle Properties, Inc. with the following peers – Camden Property Trust, Essex Property Trust, Inc., American Campus Communities, Inc., Independence Realty Trust, Inc., Sun Communities, Inc. and UMH Properties, Inc. (CPT-US, ESS-US, ACC-US, IRT-US, SUI-US and UMH-US).

Equity LifeStyle Properties, Inc.’s dividend yield is 2.16 percent and its dividend payout is 90.80 percent. This compares to a peer average dividend yield of 3.23 percent and a payout level of 86.22 percent. This combination of a relatively lower dividend yield and a higher payout ratio suggest that the dividend payout might not be sustainable. In addition, the low dividend quality score of 25 out of a possible score of 100, points to unsustainability as well.

Dividend Yield
Dividend Quality Score

Dividend Quality Overview

  • Over the last twelve months (prior to June 30, 2017), ELS-US paid a low quality dividend, which represents a yield of 2.08% at the current price.
  • Dividend quality trend has not been consistent over the last five years. Dividends were paid during each of these years — of these 4 were high quality and 1 was low quality.
  • The ending cash balance is less than the last full year dividend payment and cannot be relied on to cushion any significant reduction of cash flows in the future.
Dividend Quality Score Vs Dividend Yield

Quadrant label definitions. Hover to know more

High Score;High Yield, High Score;Low Yield, Low Score;Low Yield, Low Score;High Yield

Dividend Coverage

Over the last twelve months (prior to June 30, 2017), ELS-US paid a low quality dividend.

The source of the company’s cash to support the dividend paid over the last twelve months is operating cash flow (coverage of 2.36x), investing cash flow (coverage of -0.97x), issuance cash flow (coverage of -0.43x) and twelve-month prior cash (coverage of 0.46x), for a total dividend coverage of 1.41x.

ELS-US’s issuance cash flow includes outflows from net debt repayment (coverage of -0.41x).

Dividend Coverage by Cash Flow (TTM)

These coverage ratio factors imply that the firm had to dip into the beginning cash balance to pay the dividend, which suggests a low dividend quality.

Dividend History

Item 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31 Latest
Dividend Yield (%) 3.44 2.26 2.58 2.36 2.46 2.16
Dividend Payout (%) 143.89 126.95 92.2 97.57 88.54 90.8

A complete list of metrics and analysis is available on the company page.

Company Profile

Equity LifeStyle Properties, Inc. is a real estate investment trust. It engages in the management of portfolio of resort communities and lifestyle oriented properties. It operates through the Property Operations and Home Sales and Rentals Operations segments. The Property Operations segment owns and operates land lease properties. The Home Sales and Rentals Operations segment purchases, sells, and leases homes at the properties. The company was founded in December 1992 and is headquartered in Chicago, IL.


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