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Dec 31, 2022
ELS Q4 2022 Earnings Report
ELS reported strong Q4 2022 results, providing 2023 guidance and increasing annual dividend.
Key Takeaways
Equity LifeStyle Properties reported a revenue increase of 1.6% to $340.6 million for the quarter ended December 31, 2022, compared to $335.3 million for the same period in 2021. Net income available for Common Stockholders increased to $73.0 million, or $0.39 per Common Share, compared to $65.5 million, or $0.36 per Common Share, for the same period in 2021.
Total revenues increased by 1.6% to $340.6 million compared to the same period in 2021.
Net income available for Common Stockholders increased to $73.0 million, or $0.39 per Common Share, compared to $65.5 million, or $0.36 per Common Share, for the same period in 2021.
Core property operating revenues, excluding deferrals, increased approximately 5.1% compared to the same period in 2021.
The Board of Directors approved an annual dividend rate for 2023 at $1.79 per share of Common Stock, an increase of 9.1% over the current rate.
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.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 2023.
Positive Outlook
- Net Income/share: $0.42 to $0.48 (First Quarter), $1.65 to $1.75 (Full Year)
- FFO/share: $0.70 to $0.76 (First Quarter), $2.79 to $2.89 (Full Year)
- Normalized FFO/share: $0.70 to $0.76 (First Quarter), $2.79 to $2.89 (Full Year)
- Core MH base rental income growth: 6.0% to 6.6% (First Quarter), 6.0% to 7.0% (Full Year)
- Core RV and marina base rental income growth: 5.8% to 6.4% (First Quarter), 5.7% to 6.7% (Full Year)
Challenges Ahead
- Guidance ranges represent possible outcomes, and actual results may vary.
- Factors impacting guidance include site usage mix and yield management.
- Rate increases and occupancy changes can affect guidance.
- Ability to manage expenses in an inflationary environment is a factor.
- Restoration costs and potential revenue losses following unplanned events can impact guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income