Equity LifeStyle Properties(ELS) - 2024 Q4 - Annual Results

Financial Performance - Net income per common share for the year ended December 31, 2024, was $1.96, a 16.0% increase from $1.69 in 2023[12] - Funds from Operations (FFO) per common share for the year ended December 31, 2024, was $3.03, up 9.5% from $2.77 in 2023[12] - Normalized FFO per common share for the year ended December 31, 2024, was $2.91, a 5.9% increase from $2.75 in 2023[12] - The company reported a net income per Common Share - Fully Diluted of $0.50 for Q4 2024, an increase from $0.49 in Q4 2023[24] - Net income available for Common Stockholders for the year ended December 31, 2024, was $366.998 million, up from $314.191 million in 2023, indicating a growth of 16.8%[33] - Consolidated net income for the year ended December 31, 2024, reached $384,818,000, up 16.7% from $329,677,000 in 2023[83] - Net income available for Common Stockholders for Q4 2024 was $95,975,000, an increase of 4.4% from $91,931,000 in Q4 2023[78] Revenue and Income Growth - Total property operating revenues for the year ended December 31, 2024, reached $1.389 billion, compared to $1.331 billion in 2023, marking an increase of 4.4%[36] - Total property operating revenues for the year ended December 31, 2024, reached $1,360.7 million, reflecting a 4.8% increase compared to $1,297.8 million in 2023[39] - The total RV and marina base rental income for the year ended December 31, 2024, was $438.4 million, compared to $425.7 million in 2023, reflecting a growth of 3.9%[36] - Core portfolio generated a 6.5% growth in income from property operations for the year ended December 31, 2024[12] - For the quarter ended December 31, 2024, the income from property operations, excluding property management, was $207.6 million, an increase from $191.9 million in the same quarter of 2023, representing a growth of 8.8%[36] - Income from property operations for Q4 2024 was $188,730,000, compared to $174,470,000 in Q4 2023, reflecting an increase of 8.2%[78] Dividends and Guidance - The annual dividend rate for 2025 is set at $2.06 per share, reflecting a 7.9% increase from $1.91 per share in 2024[4] - 2025 guidance for net income per common share is projected between $1.95 and $2.05[13] - The company expects net income per Common Share for Q1 2025 to be between $0.54 and $0.60, and for the full year 2025 to be between $1.95 and $2.05[87] Expansion and Investments - The company added 736 expansion sites during the year ended December 31, 2024[12] - The company plans to continue expanding its investment in real estate, focusing on land improvements and new property developments to drive future growth[24] Assets and Liabilities - Total assets as of December 31, 2024, were $5,645.7 million, slightly up from $5,613.7 million as of December 31, 2023[22] - Total liabilities decreased to $3,821.9 million as of December 31, 2024, down from $4,115.1 million a year earlier, representing a reduction of 7.1%[22] - The total debt to total market capitalization ratio improved to 19.5% in Q4 2024, compared to 20.5% in Q4 2023[22] - Total debt as of December 31, 2024, was $3,204,636,000, with a weighted average interest rate of 4.03%[68] - The secured debt accounted for 91.4% of total debt, amounting to $2,952,689,000[68] Membership and Sales - Total new home sales volume for 2024 was 756 units, down from 905 units in 2023, representing a decline of 16.4%[51] - New home sales gross revenues for 2024 were $66.4 million, a decrease of 25% from $88.5 million in 2023[51] - Membership upgrade sales increased from $12,958,000 in 2022 to $14,719,000 in 2023, a growth of 13.6%[62] - Membership upgrade sales for the current period reached $5,149,000 in Q4 2024, compared to $7,643,000 in Q4 2023[62] - Total membership count decreased from 128,439 in 2022 to 121,002 in 2023, a decline of 5.8%[62] Casualty and Other Income - The company reported a reduction of $0.7 million in asset value due to Hurricane Milton and $1.8 million due to Hurricane Helene for the year ended December 31, 2024[25] - Casualty-related charges for the year ended December 31, 2024, included $24.9 million in insurance recovery revenue related to Hurricane Ian and Hurricane Milton[81] - The company incurred $20,950,000 in casualty-related charges for the year ended December 31, 2024, primarily due to weather-related events[81] - The company experienced an increase in other income of $6.8 million related to aged prepaid balances that were determined to no longer be liabilities[34]