Earnings Call Excerpt
Equity LifeStyle Properties, Inc. (ELS)
Q2 2008 Earnings Call
July 15, 2008 11:00 am ET
Executives
Tom Heneghan, Chief Executive Officer
Joe McAdams, President
Michael Berman, Chief Financial Officer
Roger Maynard, Chief Operating Officer
Analysts
Bill Carrier – KBW
David Bragg - Merrill Lynch
Michael Bilerman – Citigroup
Paul Adornato – BMO Capital Markets
Andrew McCulloch – Green Street Advisors
Presentation
Operator
Good day everyone and thank you for joining us to discuss Equity Lifestyle Properties Second Quarter results. Our featured speakers today are Tom Heneghan our CEO, Joe McAdams our President, Michael Berman our CFO, and Roger Maynard our COO. In advance of today’s call, management released earnings. Today’s call will consist of an opening remark and question and answer session with management relating to the company’s earnings release. As a reminder, this call is being recorded. Certain matters discussed during this conference call may contain forward-looking statements in the meanings of the Federal Securities Laws. Our forward-looking statements are subject to economic risks and uncertainties. The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events. At this time, I would like to turn the call over to Tom Heneghan our President and CEO.
Thomas P. Heneghan
Good morning. Thank you for joining us today as we discuss our second quarter 2008 results. Again, I am Tom Heneghan, Equity Lifestyle’s Chief Executive Officer. Before I turn it over to Joe McAdams our President for some comments and then open it up for your questions, I’d like to make a few remarks.
Our business plan has always been to create long-term stable and predictable cash flows. I believe our results so far for 2008 reflect this plan. To achieve our goal, our primary investment objective has been high-quality real estate location and retirement and vacation destinations. In addition, we have consistently focussed on serving the housing and lifestyle needs of retirees and baby-boomers based on both the positive demographic trends of this segment and its generally higher credit quality. The number of people over 55 is expected to grow at a rate well in excess of the general population. It is also the segment of the population that has the highest share of household net worth and is in better overall financial shape than the rest of the economy. This segment is less reliant on access of credit and job growth and is able to access pension, retirement accounts, social security, and Medicare programs. However, a significant portion of their net worth is tied up in residential real estate, and having a large portion of your net worth tied up in residential real estate may not be an attractive retirement planning tool.
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