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Dec 31, 2021
ELS Q4 2021 Earnings Report
ELS reported strong Q4 2021 results, provided 2022 guidance, and increased annual dividend.
Key Takeaways
Equity LifeStyle Properties, Inc. announced strong financial results for the quarter ended December 31, 2021, with total revenues increasing by 19.6 percent to $325.3 million compared to $271.9 million for the same period in 2020. Net income available for Common Stockholders increased to $65.5 million, or $0.36 per Common Share.
Total revenues increased by 19.6% to $325.3 million compared to the same period in 2020.
Net income available for Common Stockholders increased to $65.5 million, or $0.36 per Common Share, compared to $64.6 million, or $0.35 per Common Share, for the same period in 2020.
Funds from Operations (FFO) available for Common Stock and OP Unit holders increased to $123.0 million, or $0.64 per Common Share, compared to $108.9 million, or $0.57 per Common Share, for the same period in 2020.
Normalized Funds from Operations (Normalized FFO) available for Common Stock and OP Unit holders increased to $123.6 million, or $0.64 per Common Share, compared to $108.9 million, or $0.57 per Common Share, for the same period in 2020.
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
Equity Lifestyle Properties provided guidance for the first quarter and full year of 2022, including net income per share, FFO and normalized FFO per share, and core portfolio growth rates.
Positive Outlook
- MH rate growth is expected to be between 4.4% and 4.6% for the first quarter and between 4.6% and 4.8% for the full year.
- RV Annual rate growth is expected to be between 4.6% and 4.8% for the first quarter and between 5.0% and 5.2% for the full year.
- Property operating revenue growth rate is projected to be between 7.3% and 7.9% for the first quarter and between 4.5% and 5.5% for the full year.
- Income from property operations, excluding deferrals and property management growth rate is expected to be between 7.1% and 7.7% for the first quarter and between 5.4% and 6.4% for the full year.
- Net Income/share is projected between $0.38 to $0.44 for Q1 2022
Challenges Ahead
- Property operating expense growth rate is expected to be between 7.6% and 8.2% for the first quarter and between 3.2% and 4.2% for the full year.
- 2022 guidance ranges represent a range of possible outcomes and the midpoint reflects management's estimate of the most likely outcome.
- Actual growth rates and per share amounts could vary materially from growth rates and per share amounts presented above if any of our assumptions, including occupancy and rate changes, our ability to integrate and operate recent acquisitions and costs to restore property operations and potential revenue losses following storms or other unplanned events, is incorrect.
- Factors impacting 2022 guidance include the mix of site usage within the portfolio and yield management on our short-term resort and marina sites.
- Factors impacting 2022 guidance include scheduled or implemented rate increases on community, resort and marina sites and in annual payments under membership subscriptions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income