Equity LifeStyle Properties (ELS) Q4 2024 earnings summary

Executive summary

• Achieved full-year NOI growth of 6.5% and normalized FFO per share growth of 5.9% for 2024, outpacing REIT industry averages over the past decade.

• Reported strong fourth quarter and full-year 2024 results, with continued growth in key financial metrics and operational expansion.

• Dividend increased 8% to $2.06 per share for 2025, marking the 21st consecutive year of annual dividend growth.

• Owns or has interests in 452 properties across 35 states and British Columbia, totaling 173,201 sites.

Financial highlights

• Fourth quarter normalized FFO was $0.76 per share, up 6.9% year-over-year; full-year normalized FFO per share grew 5.9%.

• Q4 2024 net income per share was $0.50, up 1.9% year-over-year; full-year net income per share was $1.96, up 16.0%.

• Core portfolio NOI grew 7.6% in Q4 and 6.5% for the year; core community-based rental income increased 6.1% for 2024.

• Total revenues for Q4 2024 were $372.3 million, up from $360.6 million in Q4 2023.

• Property operating expenses increased 2.6% for the year.

Outlook and guidance

• 2025 normalized FFO guidance is $3.06 per share at the midpoint; core property operating income growth projected at 4.9%.

• 2025 net income per share guidance: $1.95 to $2.05; FFO per share: $3.01 to $3.11; Normalized FFO per share: $3.01 to $3.11.

• Core MH rent growth expected at 5.2%-6.2%; combined RV and Marina rent growth at 2.7%-3.7%.

• Property operating revenues projected to increase 3.4% to 4.4% for 2025.

• Expense growth guided to track CPI, with anticipated savings in administrative and membership commission line items.