Equity Lifestyle Properties, Inc. (NYSE: ELS) has reported its financial results for the quarter and six months ended June 30, 2025. The company announced that its net income per common share for the quarter remained unchanged at $0.42 compared to the same period in 2024, representing a 0.7% decrease. However, the funds from operations (FFO) per common share and operating unit remained steady at $0.69, a 0.3% increase from the previous year. Normalized FFO per common share and operating unit showed a more significant increase, rising to $0.69 from $0.66 in 2024, marking a 4.7% increase.
For the six months ended June 30, 2025, the net income per common share decreased by 2.0% to $0.99 from $1.01 in 2024. FFO per common share and operating unit fell by 1.4% to $1.52 from $1.55 in the previous year. However, normalized FFO per common share and operating unit rose to $1.52 from $1.44 in 2024, indicating a substantial 5.7% increase.
In terms of operational performance, Equity Lifestyle Properties reported an increase in core property operating revenues by 3.5% for the quarter ended June 30, 2025, compared to the same period in 2024. Core property operating expenses remained flat for the quarter but increased by 0.7% for the six months ended June 30, 2025, compared to the same period in 2024. Core income from property operations, excluding property management, also saw a solid increase of 6.4% for the quarter and 5.0% for the six months compared to the respective periods in 2024.
The company also noted growth in its manufactured home (MH) base rental income, with a 5.5% increase for both the quarter and six months ended June 30, 2025, compared to the corresponding periods in 2024. Similarly, core RV and marina base rental income showed a 0.7% increase for the quarter and a 0.4% increase for the six months ended June 30, 2025, compared to the same periods in 2024.
Equity Lifestyle Properties also provided guidance for the third quarter and full year 2025, with estimated net income per common share ranging from $0.46 to $0.52 for the third quarter and $1.94 to $2.04 for the full year. The FFO per common share and operating unit is expected to be in the range of $0.72 to $0.78 for the third quarter and $3.01 to $3.11 for the full year. Moreover, the normalized FFO per common share and operating unit is projected to be between $0.72 to $0.78 for the third quarter and $3.01 to $3.11 for the full year.
Following these announcements, the company's shares moved -0.4%, and are now trading at a price of $61.72. If you want to know more, read the company's complete 8-K report here.
