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Jun 30, 2021
ELS Q2 2021 Earnings Report
ELS reported strong second quarter results and updated guidance.
Key Takeaways
Equity LifeStyle Properties reported a strong second quarter with a significant increase in total revenues and net income compared to the same period in 2020. The company's Normalized FFO per share also saw substantial growth, driven by core portfolio performance and membership sales.
Normalized FFO per common share on a fully diluted basis was $0.61, 30% higher than the quarter ended June 30, 2020.
Core Portfolio generated growth of 16% in income from property operations, excluding deferrals and property management, for the second quarter of 2021 compared to the second quarter of 2020.
MH occupancy within our Core Portfolio increased by 68 sites from March 31, 2021.
Membership sales and expenses contributed $2.9 million, an increase of $2.1 million, or 277%, compared to the second quarter of 2020.
Forward Guidance
The company provided guidance for the third quarter and full year 2021, anticipating continued growth in core MH and RV rates, as well as income from property operations. Net income per share is projected to be between $0.33 and $0.39 for Q3 and $1.35 to $1.45 for the full year. Normalized FFO per share is expected to be between $0.59 and $0.65 for Q3 and $2.42 to $2.52 for the full year.
Positive Outlook
- Core MH rate growth is estimated at 4.2% for both the third quarter and full year.
- Core RV Annual rate growth is projected at 4.8% for the third quarter and 4.1% for the full year.
- Core income from property operations, excluding deferrals and property management, is expected to grow by 8.7% to 9.3% in Q3.
- Net Income/share is guided between $0.33 to $0.39 for Q3.
- Normalized FFO/share is guided between $0.59 to $0.65 for Q3.
Challenges Ahead
- Actual growth rates and per share amounts could vary materially if any assumptions are incorrect.
- Factors impacting 2021 guidance include the mix of site usage within the portfolio.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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