Equity LifeStyle Properties(US:ELS)2026-01-29 14:26Financial Performance - Net income per common share for the year ended December 31, 2025, was $2.01, a 2.6% increase from $1.96 in 2024[14] - Funds from Operations (FFO) per common share for 2025 was $3.08, up 1.5% from $3.03 in 2024[14] - Normalized FFO per common share for 2025 was $3.06, reflecting a 5.0% increase compared to $2.91 in 2024[14] - Consolidated net income for Q4 2025 was $103.8 million, compared to $100.4 million in Q3 2025 and $100.6 million in Q4 2024, reflecting a year-over-year increase of 2.3%[20] - The net income available for Common Stockholders for the year ended December 31, 2025, was $386.5 million, up from $367.0 million in 2024, reflecting a year-over-year growth of approximately 5.5%[38] - Consolidated net income for the year ended December 31, 2025, was $402,061,000, compared to $384,818,000 in 2024, reflecting a year-over-year increase of 4.5%[84] Revenue and Income Growth - Core portfolio generated a 4.8% growth in income from property operations for 2025, exceeding the long-term average of 4.5%[14] - Total property operating revenues for the year ended December 31, 2025, reached $1,433.5 million, compared to $1,389.3 million in 2024, indicating a growth of about 3.2%[40] - Total property operating revenues for the year ended December 31, 2025, reached $1,405.6 million, up 3.2% from $1,361.8 million in 2024[45] - Rental income for Q4 2025 was $314.6 million, up from $301.4 million in Q4 2024, contributing to a total annual rental income of $1.282 billion[27] - Core MH base rental income increased by $39.2 million, or 5.5%, for the year ended December 31, 2025[14] - Core Annual RV and marina base rental income rose by $12.2 million, or 4.1%, for the year ended December 31, 2025[14] Dividends and Guidance - The annual dividend rate for 2026 is set at $2.17 per share, a 5.3% increase from $2.06 in 2025[3] - 2026 guidance for net income per common share is projected between $2.06 and $2.16[15] - 2026 guidance for FFO per common share is projected between $3.12 and $3.22[15] - The company expects net income per Common Share for Q1 2026 to be between $0.54 and $0.60, and for the full year 2026 to be between $2.06 and $2.16[89] - FFO per Common Share and OP Unit for the full year 2026 is projected to be between $3.12 and $3.22[89] Assets and Liabilities - The company reported a total market capitalization of $15.485 billion as of December 31, 2025, slightly up from $15.459 billion in the previous quarter[20] - Total assets increased to $5.745 billion as of December 31, 2025, compared to $5.646 billion a year earlier[25] - The company’s total liabilities stood at $3.931 billion as of December 31, 2025, compared to $3.822 billion a year earlier[25] - Total debt as of December 31, 2025, is $3,240,866,000, with secured debt comprising 83.7% of total debt[68] Operational Metrics - The average monthly base rent per site increased to $922 in Q4 2025, up from $870 in Q4 2024, marking a rise of approximately 6%[40] - The occupancy average percentage for the quarter ended December 31, 2025, was 93.6%, slightly down from 94.4% in the same quarter of 2024[40] - The total number of occupied sites at the end of Q4 2025 was 68,644, with an occupancy average of 94.0%[48] - The utility recovery rate improved to 50.3% in Q4 2025, up from 47.6% in Q4 2024[48] Expenses and Costs - Property management expenses for the year ended December 31, 2025, totaled $80,784,000, compared to $78,114,000 in 2024, reflecting an increase of 3.4%[80] - The property operating expenses, excluding property management, were $140.5 million for Q4 2025, compared to $136.7 million in Q4 2024, representing an increase of approximately 2.8%[40] - Interest and related amortization for the year ended December 31, 2025, was $131,005,000, down from $137,710,000 in 2024, a decrease of 4.9%[84] Expansion and Future Plans - The company added 362 expansion sites during the year ended December 31, 2025[14] - The company plans to continue expanding its investment in real estate, with a focus on enhancing property operations and maintenance[20] - The company plans to introduce two- to four-year term subscription products starting in 2025, which will increase annual dues[65] Membership and Subscriptions - Annual membership subscriptions rose to $17.9 million in Q4 2025, reflecting a 9.3% increase from $16.4 million in Q4 2024[45] - Annual membership subscriptions increased from $63,215,000 in 2022 to $65,379,000 in 2023, representing a growth of 3.4%[64] - Total memberships decreased from 128,439 in 2022 to 121,002 in 2023, a decline of 5.8%[64] - Membership upgrade revenue grew from $12,958,000 in 2022 to $14,719,000 in 2023, reflecting a 13.6% increase[64] Legal and Casualty Charges - The company recognized $0.9 million in non-operating legal expenses during the quarter ended December 31, 2025[36] - The company reported a casualty-related charge of $0.4 million for Q4 2025 related to hurricane cleanup costs[82] - The company noted that Non-Core properties in 2025 included six properties in Florida affected by Hurricane Ian, impacting future revenue projections[85]