Equity LifeStyle Properties(ELS) - 2025 Q1 - Quarterly Results

Financial Performance - For the quarter ended March 31, 2025, normalized FFO per common share was $0.83, a 6.7% increase from$ 0.78 in the same period of 2024[4] - Total revenues for the quarter were $387.3 million, up from$ 372.3 million in the previous quarter[18] - Consolidated net income for the quarter was $114.4 million, compared to$ 100.6 million in the prior quarter[18] - The company expects 2025 normalized FFO per common share to be in the range of $0.66 to$ 0.72[9] - Net income available for Common Stockholders in Q1 2025 was $109.192 million, compared to$ 109.905 million in Q1 2024, reflecting a decrease of 0.6%[33] - Normalized FFO (Funds From Operations) available for Common Stock and OP Unit holders was $166.666 million in Q1 2025, down from$ 167.430 million in Q1 2024, a decline of 0.5%[33] - Total revenues for Q1 2025 were $387.334 million, a slight increase from$ 386.568 million in Q1 2024, representing a growth of 0.2%[24] - Consolidated net income for Q1 2025 is $114,393, slightly down from$ 115,271 in Q1 2024[75] - Adjusted EBITDAre for Q1 2025 is $197,574, compared to$ 186,253 in Q1 2024, indicating an increase of approximately 6.8%[75] Revenue and Income Sources - Core property operating revenues increased by 2.9% year-over-year, while core property operating expenses rose by 1.5%[4] - Core MH base rental income grew by 5.5%, driven by a 5.7% increase from rate hikes, despite a 0.2% decline in occupancy due to storm damage[5] - Core RV and marina annual base rental income increased by 4.1% compared to the same period in 2024[6] - The company reported $327.206 million in rental income for Q1 2025, an increase of 3.6% from$ 316.599 million in Q1 2024[24] - Total property operating revenues increased to $355.6 million in Q1 2025, up 2.9% from$ 345.6 million in Q1 2024[39] - MH base rental income for Q1 2025 was $184.5 million, a 5.5% increase from$ 174.9 million in Q1 2024[39] Assets and Liabilities - The company reported a total asset value of $5.642 billion as of March 31, 2025, slightly down from$ 5.646 billion at the end of 2024[22] - Total liabilities decreased to $3.809 billion as of March 31, 2025, from$ 3.822 billion at the end of 2024, a reduction of 0.3%[22] - The total equity of the company rose to $1.833 billion as of March 31, 2025, compared to$ 1.824 billion at the end of 2024, an increase of 0.5%[22] - Cash and restricted cash increased to $47.476 million as of March 31, 2025, compared to$ 24.576 million at the end of 2024, a significant increase of 93.1%[22] Occupancy and Rental Rates - The occupancy rate for manufactured home sites was 94.0% in Q1 2025, compared to 94.4% in Q1 2024[35] - The monthly base rent per site increased to $895 in Q1 2025, up from$ 847 in Q1 2024, indicating a growth of 5.7%[35] - Total occupied sites decreased to 68,760 in Q1 2025 from 68,858 in Q1 2024, resulting in an occupancy rate of 94.4%[41] Market and Sales Performance - The average sales price of new homes sold during the quarter was approximately $81,000[5] - New home sales volume dropped to 117 units in Q1 2025 from 191 units in Q1 2024, with gross revenues decreasing from$ 17.7 million to $9.4 million[45] - Membership upgrade revenue fell by 24.4% to$ 3.0 million in Q1 2025 compared to $3.9 million in Q1 2024[39] Debt and Interest Rates - Total outstanding secured and unsecured debt as of March 31, 2025, is$ 3,136,023, with a weighted average interest rate of 3.84%[61] - The total debt, net of note premiums and unamortized loan costs, amounts to $3,174,748, with an effective interest rate of 4.06%[61] - The effective interest rate on the line of credit borrowings during the quarter ended March 31, 2025, was 5.68%[62] - The debt maturity schedule indicates that 34.90% of total debt is due thereafter, with a weighted average interest rate of 3.95%[61] Company Overview - As of March 31, 2025, the company owned or had an interest in 455 properties across 35 states and British Columbia, totaling 173,340 sites[13] - The company reported a total of 173,300 sites as of March 31, 2025, including 73,200 MH sites and 34,300 annual RV sites[50] - The common stock price at March 31, 2025, was$ 66.70, reflecting the company's market performance[59] Capital Expenditures - The company has identified non-revenue producing improvements as capital expenditures that do not directly result in increased revenue, primarily for common area enhancements[77]