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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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