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Jun 30, 2025
ELS Q2 2025 Earnings Report
Equity LifeStyle Properties, Inc. reported its second quarter results for 2025, showing continued strong performance with increases in Normalized FFO per share and core property operating revenues.
Key Takeaways
Equity LifeStyle Properties, Inc. delivered a strong second quarter in 2025, with Normalized Funds from Operations (FFO) per Common Share and OP Unit increasing by 4.7% year-over-year to $0.69. Core property operating revenues grew by 3.5%, and Core income from property operations, excluding property management, increased by 6.4%. The company also managed to keep Core property operating expenses flat compared to the prior year.
Normalized FFO per Common Share and OP Unit increased by 4.7% to $0.69, meeting the midpoint of previous guidance.
Core property operating revenues saw a 3.5% increase, driven by a 5.5% rise in Core MH base rental income.
Core property operating expenses remained flat year-over-year, contributing to a 6.4% increase in Core income from property operations.
The company repaid $86.9 million of principal on mortgage loans, covering all debt maturing in 2025, and entered into a new $240.0 million unsecured term loan agreement.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Equity LifeStyle Properties, Inc. provided optimistic guidance for the third quarter and full year 2025, expecting continued growth in Normalized FFO per share and core property operating revenues.
Positive Outlook
- Normalized FFO per Common Share and OP Unit is projected to be between $0.72 and $0.78 for Q3 2025, and $3.01 to $3.11 for the full year 2025.
- MH base rental income is expected to grow by 5.0% to 5.6% in Q3 2025 and 4.9% to 5.9% for the full year 2025.
- Property operating revenues are forecasted to increase by 2.8% to 3.4% in Q3 2025 and 2.8% to 3.8% for the full year 2025.
- Income from property operations, excluding property management, is anticipated to grow by 4.6% to 5.2% in Q3 2025 and 4.5% to 5.5% for the full year 2025.
- Core RV and marina annual revenue growth rate is projected at 4.0% to 4.6% for Q3 2025 and 3.8% to 4.8% for the full year 2025.
Challenges Ahead
- RV and marina base rental income growth is projected to be flat to slightly positive, ranging from -0.1% to 0.5% in Q3 2025 and 0.6% to 1.6% for the full year 2025.
- Property operating expenses, excluding property management, are expected to increase by 0.6% to 1.2% in Q3 2025 and 0.7% to 1.7% for the full year 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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