ELS · 10-Q · 2026Q1 · Full report
Liquidity and Cash Position
EQUITY LIFESTYLE PROPERTIES INC · 2026-04-28 · Importance 53 · Surprise 6
The company expects to meet short-term liquidity requirements for the next twelve months through available cash, operating cash flows, issuances of equity under its ATM program and borrowings under its unsecured Line of Credit (LOC). As of March 31, 2026, the LOC had remaining borrowing capacity of $410.4 million with an option to increase capacity by $200.0 million, and the company maintains an ATM equity offering program (established November 1, 2024) with up to $700.0 million capacity that remained fully available as of March 31, 2026. Management expects to meet longer-term liquidity needs (debt maturities, acquisitions, capex) using long-term collateralized and uncollateralized borrowings, the LOC, issuance of debt securities or equity. The LOC bears interest at a rate tied to SOFR (SOFR plus 0.10% plus a spread of 1.25% to 1.65%) and an annual facility fee of 0.20% to 0.35%.
Key facts
- As of March 31, 2026 the full capacity of ELP's ATM equity offering program remained available for issuance
- As of March 31, 2026 ELP's unsecured Line of Credit had a remaining borrowing capacity of $410.4 million with an option to increase capacity by $200.0 million subject to certain conditions
- Net increase in cash and restricted cash was $13,104 thousand for the quarter ended March 31, 2026 compared to $22,900 thousand in the prior year quarter
- Net cash provided by operating activities was $194,232 thousand for the quarter ended March 31, 2026, an increase of $842 thousand from $193,390 thousand in the prior year quarter
- Net cash used in investing activities was $44,296 thousand for the quarter ended March 31, 2026 compared to $42,321 thousand in the prior year quarter
- As of March 31, 2026 ELP had approximately 406.1 million shares of authorized and unissued common stock and 10.0 million shares of authorized and unissued preferred stock registered for sale
- ELP expects to meet short-term liquidity requirements for the next twelve months generally through available cash, net cash provided by operating activities, issuances of equity under the ATM program and borrowings under the LOC
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -0.2% | Net increase in cash and restricted cash was $13,104 thousand for the quarter ended March 31, 2026 compared to $22,900 thousand in the… |
| cash | negative | realized | -0.0% | Net cash used in investing activities was $44,296 thousand for the quarter ended March 31, 2026 compared to $42,321 thousand in the prior… |
| cash | positive | realized | +0.0% | Net cash provided by operating activities was $194,232 thousand for the quarter ended March 31, 2026, an increase of $842 thousand from… |