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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%.
Revenue by Segment
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.
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
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