Equity LifeStyle Properties (ELS) Q4 2023 earnings summary

Executive summary

• Q4 revenue was $360.6M; net income available to common stockholders was $91.9M, or $0.49/share. FFO was $0.76/share and Normalized FFO was $0.71/share.

• FY 2023 net income was $1.69/share, up 10.5% YoY; FFO was $2.77/share, up 7.1%, and Normalized FFO was $2.75/share, up 4.7%.

• The 2024 annual dividend was raised 6.7% to $1.91/share from $1.79 for 2023.

Financial highlights

• Q4 revenue was $360.6M vs. $340.6M; net income available to common stockholders was $91.9M vs. $73.0M, and diluted EPS was $0.49 vs. $0.39.

• FY revenue was $1,489.4M vs. $1,447.1M; net income available to common stockholders was $314.2M vs. $284.6M.

• Q4 Adjusted EBITDAre was $171.1M; FFO available to common stock and OP unit holders was $148.5M, and Normalized FFO was $138.2M.

Outlook and guidance

• 2024 diluted EPS guidance: $1.75–$1.85 for the full year and $0.49–$0.55 for Q1.

• 2024 FFO and Normalized FFO guidance: $2.83–$2.93/share for the full year and $0.75–$0.81/share for Q1.

• FY 2024 Core growth guidance: MH base rent 5.5%–6.5%, RV/marina base rent 4.9%–5.9%, property operating revenue 4.8%–5.8%, and property income 5.1%–6.1%.

• Guidance excludes future financing transactions, acquisitions and dispositions; actual results may vary with occupancy, rates, expense management, acquisition integration and storm impacts.