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Jun 30, 2024
ELS Q2 2024 Earnings Report
ELS reported strong performance and increased 2024 earnings guidance.
Key Takeaways
Equity LifeStyle Properties reported a Normalized FFO per Common Share and OP Unit of $0.66, outperforming the midpoint of their guidance range. Core property operating revenues increased by 4.6%, and Core income from property operations, excluding property management, increased by 5.5%.
Normalized FFO per Common Share and OP Unit was $0.66, a 2.9% increase year-over-year, exceeding guidance.
Core property operating revenues increased 4.6%, while Core income from property operations, excluding property management, increased 5.5%.
MH Core base rental income increased 6.2%, driven by rate increases and occupancy gains.
RV and Marina Core base rental income increased 2.0%.
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
The company provided guidance for the third quarter and full year of 2024 for Net Income per Common Share, FFO per Common Share and OP Unit, and Normalized FFO per Common Share and OP Unit, along with growth rates for Core Portfolio components.
Positive Outlook
- Net Income per Common Share for Q3 2024 is expected to be $0.42 to $0.48.
- FFO per Common Share and OP Unit for Q3 2024 is projected to be $0.69 to $0.75.
- Normalized FFO per Common Share and OP Unit for Q3 2024 is guided at $0.69 to $0.75.
- Full Year 2024 Net Income per Common Share is expected to be $1.89 to $1.99.
- Full Year 2024 FFO per Common Share and OP Unit is projected to be $2.96 to $3.06.
Challenges Ahead
- The guidance is subject to risks and uncertainties.
- Actual results could vary materially from management’s estimates.
- Incorrect assumptions regarding occupancy and rate changes could impact results.
- The ability to manage expenses in an inflationary environment is a key factor.
- The ability to integrate and operate recent acquisitions is a risk to achieving guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income