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Mar 31, 2023
ELS Q1 2023 Earnings Report
ELS reported strong performance in Q1 2023, with revenue increase and solid core portfolio performance.
Key Takeaways
Equity LifeStyle Properties reported a revenue increase of $9.8 million compared to Q1 2022. The company's Normalized FFO per share was $0.74, outperforming guidance by $0.8 million. Core MH base rental income increased by 6.5%, while Core RV and marina base rental income increased by 5.5%.
Total revenues increased to $370.0 million, a $9.8 million increase from Q1 2022.
Normalized FFO per share was $0.74, a 2.0% increase compared to the same period in 2022.
Core MH base rental income increased 6.5% year-over-year.
Core RV and marina base rental income increased 5.5% year-over-year.
ELS
ELS
Forward Guidance
Equity LifeStyle Properties provided guidance for the second quarter and full year 2023, including net income per share, FFO per share, and normalized FFO per share, as well as growth rates for core portfolio metrics.
Positive Outlook
- MH base rental income is expected to grow between 6.4% and 7.0% in the second quarter and between 6.3% and 7.3% for the full year.
- RV and marina base rental income is expected to grow between 3.6% and 4.2% in the second quarter and between 5.4% and 6.4% for the full year.
- Property operating revenues are expected to grow between 5.5% and 6.1% in the second quarter and between 6.0% and 7.0% for the full year.
- Core RV and marina annual revenue second quarter 2023 growth rate range is 7.9% to 8.5% and the full year 2023 growth rate range is 7.9% to 8.9%.
- Net Income/share guidance for the full year is $1.64 to $1.74.
Challenges Ahead
- Property operating expenses are expected to increase between 10.0% and 10.6% in the second quarter and between 7.9% and 8.9% for the full year.
- Income from property operations, excluding deferrals and property management, is expected to grow between 1.9% and 2.5% in the second quarter and between 4.6% and 5.6% for the full year.
- Full year 2023 guidance Property management and general administrative is $115.9 to $121.9 million.
- Full year 2023 guidance Weighted average debt outstanding is $3,300 to $3,500 million.
- Full year 2023 guidance Interest and related amortization is $127.6 to $133.6 million.