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Dec 31, 2023
ELS Q4 2023 Earnings Report
Reported strong fourth quarter results, provided 2024 guidance, and increased the annual dividend.
Key Takeaways
Equity LifeStyle Properties reported a revenue increase of $20.0 million and a net income available for common stockholders increase of $18.9 million compared to Q4 2022. The company also announced a 6.7% increase in the annual dividend rate for 2024.
Total revenues increased to $360.6 million from $340.6 million in Q4 2022.
Net income available for common stockholders was $91.9 million, up from $73.0 million in Q4 2022.
Normalized FFO per Common Share and OP Unit was $0.71, compared to $0.64 in Q4 2022.
The board of directors approved an annual dividend rate of $1.91 per share of common stock for 2024, a 6.7% increase.
Forward Guidance
The company provided guidance for the first quarter and full year of 2024, including estimates for net income per common share, FFO per common share and OP unit, and normalized FFO per common share and OP unit.
Positive Outlook
- Net Income per Common Share: $0.49 to $0.55 (Q1 2024), $1.75 to $1.85 (FY 2024)
- FFO per Common Share and OP Unit: $0.75 to $0.81 (Q1 2024), $2.83 to $2.93 (FY 2024)
- Normalized FFO per Common Share and OP Unit: $0.75 to $0.81 (Q1 2024), $2.83 to $2.93 (FY 2024)
- Core MH base rental income growth: 6.1% to 6.7% (Q1 2024), 5.5% to 6.5% (FY 2024)
- Core RV and marina base rental income growth: 5.3% to 5.9% (Q1 2024), 4.9% to 5.9% (FY 2024)
Challenges Ahead
- Actual results could vary materially from management’s estimates if any of the assumptions are incorrect.
- Occupancy and rate changes could impact results.
- The ability to manage expenses in an inflationary environment could affect performance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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