Loading...
•
Mar 31, 2024
ELS Q1 2024 Earnings Report
ELS reported strong first quarter results, with increases in total revenues, net income, and normalized FFO per share.
Key Takeaways
Equity LifeStyle Properties reported a strong first quarter with total revenues increasing to $386.6 million, net income available for common stockholders rising to $109.9 million, and Normalized FFO per share reaching $0.78, aligning with guidance expectations.
Total revenues increased to $386.6 million from $370.0 million in Q1 2023.
Net income available for common stockholders increased to $109.9 million from $82.4 million in Q1 2023.
Normalized FFO per share increased to $0.78, up 8.6% compared to the same period in 2023.
Core MH base rental income increased 6.4%, reflecting growth from rate increases and occupancy gains.
Revenue by Segment
Forward Guidance
Equity LifeStyle Properties provides guidance for the second quarter and full year of 2024, including estimates for Net Income per Common Share and Normalized FFO per Share.
Positive Outlook
- Net Income per Common Share is projected to be $0.34 to $0.40 for Q2 and $1.83 to $1.93 for the full year.
- FFO per Common Share and OP Unit is expected to be $0.61 to $0.67 for Q2 and $2.91 to $3.01 for the full year.
- Normalized FFO per Common Share and OP Unit is guided at $0.61 to $0.67 for Q2 and $2.84 to $2.94 for the full year.
- Core MH base rental income is expected to grow by 5.9% to 6.5% in Q2 and 5.6% to 6.6% for the full year.
- Core RV and marina base rental income is projected to increase by 2.8% to 3.4% in Q2 and 4.5% to 5.5% for the full year.
Challenges Ahead
- Guidance assumptions do not include future capital events (financing transactions, acquisitions or dispositions).
- Actual results could vary materially from management’s estimates if any assumptions are incorrect.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...