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Mar 31
ELS Q1 2025 Earnings Report
Equity LifeStyle Properties reported steady performance in Q1 2025 with strong Normalized FFO and resilient core operations despite weather-related occupancy impacts.
Key Takeaways
ELS delivered solid Q1 results, achieving Normalized FFO at the midpoint of guidance and demonstrating growth in MH base rental income despite adverse weather events.
Normalized FFO per share rose to $0.83, up from $0.78 a year ago.
MH base rental income increased by 5.5% year-over-year.
Total revenue slightly increased to $387,334,000 from $386,568,000 last year.
Occupancy dipped slightly due to storm damage in several Florida communities.
ELS
ELS
ELS Revenue by Segment
ELS Revenue by Geographic Location
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.comRevenue by Geographic Location
Total Revenue
CapyFin.com Forward Guidance
ELS expects Q2 and FY25 performance to remain stable with growth in rental income and operating income, driven by rate increases and controlled expenses.
Positive Outlook
- Net income guidance for Q2 is $0.40 to $0.46 per share.
- Normalized FFO guidance for Q2 and FY25 is $0.66 to $0.72 and $3.01 to $3.11 respectively.
- MH base rental income expected to grow 5.0% to 5.6% in Q2.
- RV and marina base rental income projected to increase 2.2% to 2.8% in Q2.
- Property and casualty insurance premiums decreased by 6.1%.
Challenges Ahead
- Occupancy dipped due to storm-related damages in Florida.
- Membership upgrade revenue declined 24.4% YoY.
- Seasonal and transient RV income decreased.
- Higher property insurance claims and cleanup costs due to prior hurricanes.
- Total property operating expenses increased despite revenue gains.