Equity LifeStyle Properties Reports Strong Q1 Results

By Tamara Parker • Tuesday, April 23 15:27 • Permanent Link

Equity Lifestyle Properties, Inc. (NYSE: ELS) has reported its first quarter results for 2024, showing continued strong performance. Total revenues for the first quarter of 2024 amounted to $386.6 million, a $16.6 million increase compared to the same period in 2023. Net income available for common stockholders also saw a significant increase, rising to $109.9 million from $82.4 million in Q1 2023.

On a per share basis, net income for common shareholders was reported at $0.59, up from $0.44 in the first quarter of the previous year. The company also provided non-GAAP financial measures, with Funds from Operations (FFO) per common share and OP unit reaching $0.86 in Q1 2024, a $0.14 increase from Q1 2023. Normalized FFO per common share and OP unit was $0.78, up $0.06 from the same period last year.

In terms of core portfolio performance, core property operating revenues saw a 5.8% increase, reaching $345.4 million in Q1 2024. Core income from property operations, excluding property management, also experienced growth, rising to $206.1 million, a 7.1% increase from Q1 2023.

The company's MH (manufactured homes) core MH base rental income increased by 6.4% compared to the first quarter of 2023, driven by both rate increases and occupancy gains. Additionally, core RV and marina base rental income saw a 5.8% increase in the first quarter of 2024 compared to the same period in 2023.

Looking at the balance sheet activity, the company entered into three interest rate swap agreements with an aggregate notional value of $300.0 million in April 2024, allowing them to trade the variable interest rate associated with their unsecured term loan for a fixed interest rate.

The guidance update for the second quarter and full year of 2024 indicates a net income per common share in the range of $0.34 to $0.40 for Q2 and $1.83 to $1.93 for the full year. FFO per common share and OP unit are expected to be in the range of $0.61 to $0.67 for Q2 and $2.91 to $3.01 for the full year, while normalized FFO per common share and OP unit are projected to be between $0.61 to $0.67 for Q2 and $2.84 to $2.94 for the full year.

Today the company's shares have moved -1.3% to a price of $61.89. If you want to know more, read the company's complete 8-K report here.

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