Equity Lifestyle Properties, Inc. (NYSE: ELS) has reported its financial results for the fourth quarter and year ended December 31, 2024. The company's net income per common share for the fourth quarter of 2024 increased by $0.01 or 1.9% compared to the same period in 2023, reaching $0.50. Additionally, the funds from operations ("FFO") per common share and OP unit remained stable at $0.76, representing a marginal change of 0.7%.
For the entire year of 2024, Equity Lifestyle Properties, Inc. witnessed a more notable increase in net income per common share, with a rise of $0.27 or 16.0% compared to 2023, reaching $1.96. The FFO per common share and OP unit also saw a substantial increase of $0.26 or 9.5%, amounting to $3.03. Moreover, the normalized FFO per common share and OP unit experienced a growth of $0.16 or 5.9%, reaching $2.91.
Furthermore, the board of directors has approved an annual dividend rate for 2025 at $2.06 per share of common stock, indicating a 7.9% increase from the previous year. This marks a $0.15 rise over the 2024 dividend of $1.91 per share of common stock.
Equity Lifestyle Properties, Inc. is a self-administered, self-managed real estate investment trust with headquarters in Chicago, owning or having an interest in 452 properties in 35 states and British Columbia, comprising a total of 173,201 sites as of January 27, 2025.
Investors and stakeholders can gain further insights into the company's operations and 2025 guidance from the earnings release and supplemental financial information provided on pages 1 and 2 of the report.
A live audio webcast of the conference call to discuss these results is scheduled for January 28, 2025, at 10:00 a.m. Central Time. A replay of the webcast will be available for two weeks on the company's investor relations website. Following these announcements, the company's shares moved -3.8%, and are now trading at a price of $66.72. For more information, read the company's full 8-K submission here.
