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Dec 31, 2024
ELS Q4 2024 Earnings Report
Reported strong Q4 2024 results, provided 2025 guidance, and increased the annual dividend.
Key Takeaways
Equity LifeStyle Properties reported strong fourth-quarter results, driven by growth in core property operations and disciplined expense management. The company's performance led to an increased annual dividend and provided a positive outlook for 2025.
Net income per share increased to $0.50 compared to $0.49 in Q4 2023.
Normalized FFO per share grew to $0.76, up from $0.71 in the same quarter last year.
The Board of Directors approved an increase in the annual dividend rate for 2025 to $2.06 per share.
Core portfolio income from property operations, excluding property management, showed significant growth.
ELS
ELS
Forward Guidance
Equity Lifestyle Properties anticipates continued growth in 2025, driven by strong core portfolio performance and strategic initiatives. The company's guidance reflects confidence in its ability to navigate market conditions and deliver value to shareholders.
Positive Outlook
- Net Income per Common Share is expected to be between $0.54 and $0.60 for Q1 2025 and between $1.95 and $2.05 for the full year.
- FFO per Common Share and OP Unit is projected to be in the range of $0.80 to $0.86 for Q1 2025 and $3.01 to $3.11 for the full year.
- Normalized FFO per Common Share and OP Unit is also anticipated to be between $0.80 and $0.86 for Q1 2025 and $3.01 to $3.11 for the full year.
- MH base rental income is expected to grow by 5.5% to 6.1% in Q1 2025 and 5.2% to 6.2% for the full year.
- Income from property operations, excluding property management, is projected to increase by 3.6% to 4.2% in Q1 2025 and 4.4% to 5.4% for the full year.
Challenges Ahead
- RV and marina base rental income is expected to have a growth rate between 0.0% and 0.6% for Q1 2025.
- Property operating expenses, excluding property management, are anticipated to increase by 1.6% to 2.2% in Q1 2025.
- The first quarter is impacted by leap year in 2024 affecting Core RV and marina annual revenue growth rate.
- Weighted average debt outstanding is expected to be between $3,150 million and $3,350 million for the full year.
- Interest and related amortization are projected to be between $127.8 million and $133.8 million for the full year.