Equity LifeStyle Properties has released its 10-K report for the fiscal year ended December 31, 2023. The company is a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago. As of January 29, 2024, the company owns or has an interest in 451 properties in 35 states and British Columbia, consisting of 172,465 sites.
Income from Property Operations: Total portfolio income from property operations for 2023 increased by $42.2 million, or 6.6%, from 2022. Income from property operations from the Core Portfolio increased by $32.4 million, or 5.2%, driven by higher property operating revenues in MH base rental income and RV and marina base rental income. * Income from property operations from the Non-Core Portfolio increased by $9.8 million and was attributed to income from properties acquired in the fourth quarter of 2022 and during the year ended December 31, 2023.
Property Operating Revenues: MH base rental income in the Core Portfolio for 2023 increased by $42.5 million, or 6.8%, primarily due to growth from rate increases of 7.0%. RV and marina base rental income for the Core Portfolio increased by $13.6 million, or 3.5%, driven by growth from rate increases of 7.6% and 0.5% from occupancy gains. * Utility and other income in the Core Portfolio for 2023 increased by $11.0 million, or 10.0%, primarily due to higher utility income and an increase in other property income.
Property Operating Expenses: * Property operating expenses, excluding property management, in the Core Portfolio for 2023 increased by $36.6 million, or 7.0%, primarily due to increases in property operating and maintenance expenses and real estate taxes.
Home Sales and Other Operations: * Gross revenue from new home sales decreased by $28.2 million, or 24.2%, during the year ended December 31, 2023, primarily due to a decrease in the number of new homes sold.
Rental Operations: * Rental operations revenue decreased by $4.2 million, or 9.9%, primarily due to a decrease in rental unit volumes.
Other Income and Expenses: * Total other income and expenses, net increased by $13.9 million in 2023 compared to 2022, primarily due to higher interest and related amortization expenses, general and administrative expenses, and depreciation and amortization.
Liquidity and Capital Resources: Net cash provided by operating activities increased by $72.2 million to $548.0 million for the year ended December 31, 2023, from $475.8 million for the year ended December 31, 2022. Net cash used in investing activities decreased by $77.3 million to $324.8 million for the year ended December 31, 2023.
The company expects to enter into a new at-the-market equity offering program with an aggregate offering price of up to $500.0 million by the end of February 2024.
In summary, Equity LifeStyle Properties experienced growth in income from property operations, driven by higher property operating revenues in MH base rental income and RV and marina base rental income. However, the company saw decreases in gross revenue from new home sales and rental operations revenue. Overall, the company's liquidity and capital resources improved, with an increase in net cash provided by operating activities and a decrease in net cash used in investing activities.
Following these announcements, the company's shares moved -0.4%, and are now trading at a price of $66.98. For more information, read the company's full 10-K submission here.
