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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.
ELS
ELS
ELS Revenue by Segment
Revenue by Segment
Rental Income Revenue
CapyFin.comAnnual Membership Subscriptions Revenue
CapyFin.comMembership Upgrade Sales Revenue
CapyFin.comOther Income Revenue
CapyFin.comGross Revenues from Home Sales Revenue
CapyFin.comInterest Income Revenue
CapyFin.comIncome from Other Investments, Net Revenue
CapyFin.com 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.
- Assumptions include occupancy and rate changes and the ability to manage expenses in an inflationary environment.
- The ability to integrate and operate recent acquisitions and costs to restore property operations after unplanned events could impact results.
- Potential revenue losses following storms or other unplanned events could affect the accuracy of the guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income