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Mar 31, 2021
ELS Q1 2021 Earnings Report
ELS reported first quarter results with continued strong performance and updated guidance.
Key Takeaways
Equity LifeStyle Properties reported a revenue increase of 5.5% to $296.0 million compared to the same period in 2020. Net income available for Common Stockholders decreased to $65.2 million, or $0.36 per Common Share. Normalized FFO increased $9.3 million, or $0.05 per Common Share, to $122.6 million, or $0.64 per Common Share.
Normalized FFO per common share on a fully diluted basis was $0.64 for the quarter ended March 31, 2021, 8.1% higher than the quarter ended March 31, 2020.
Core Portfolio generated growth of 1.9% in income from property operations, excluding deferrals and property management, for the first quarter of 2021 compared to the first quarter of 2020.
MH occupancy within our Core Portfolio increased by 365 sites to 68,954 Sites as of March 31, 2021, with a weighted average occupancy of 95.3% for the quarter ended March 31, 2021 compared to 95.1% for the quarter ended March 31, 2020.
Membership sales and expenses contributed $3.8 million for the quarter ended March 31, 2021, an increase of $3.0 million, or 344%, compared to the first quarter of 2020.
ELS
ELS
Forward Guidance
Equity LifeStyle Properties provided guidance for the second quarter and full year 2021.
Positive Outlook
- Core MH rate growth of 4.1% for Q2 and 4.2% for the full year.
- Core RV Annual rate growth of 4.3% for Q2 and 4.4% for the full year.
- Core Income from property operations, excluding deferrals and property management growth rate of 6.9% to 7.5% for Q2 and 4.8% to 5.8% for the full year.
- Net Income/share of $0.23 to $0.29 for Q2 and $1.31 to $1.41 for the full year.
- Normalized FFO/share of $0.51 to $0.57 for Q2 and $2.33 to $2.43 for the full year.
Challenges Ahead
- Actual growth rates and per share amounts could vary materially if any of our assumptions, including occupancy and rate changes, our ability to integrate and operate recent acquisitions and costs to restore property operations and potential revenue losses following storms or other unplanned events, is incorrect.
- Second quarter 2021 includes a projected increase of approximately $8.8 million in Core RV transient base rental income compared to the second quarter of 2020.
- Guidance includes all announced acquisitions and capital events, including the April 2021 closing of an amended revolving line of credit and Term Loan and repayment of the Loan mentioned earlier in this release.
- We make no other assumptions for future capital events or use of free cash flow.
- Guidance is 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 implemented and may implement in response to the pandemic.