ELS Reports First Quarter Results

Core Insights - Equity LifeStyle Properties, Inc. reported a normalized Funds from Operations (FFO) per common share of $0.83 for Q1 2025, a 6.7% increase from $0.78 in Q1 2024, aligning with previous guidance [3][2] - The company experienced a 2.9% increase in core property operating revenues and a 1.5% rise in core property operating expenses compared to the same quarter last year [3][4] - The net income per common share for Q1 2025 was $0.57, down from $0.59 in Q1 2024, reflecting a 3.0% decrease [2][3] Financial Performance - Total revenues for Q1 2025 were $387.3 million, slightly up from $386.6 million in Q1 2024 [15] - Consolidated net income for Q1 2025 was $114.4 million, compared to $115.3 million in Q1 2024 [15][19] - The company sold 117 new homes in Q1 2025, with an average sales price of approximately $81,000 [4][37] Operational Highlights - Core manufactured home (MH) base rental income increased by 5.5% to $184.7 million in Q1 2025, driven by a 5.7% growth from rate increases, despite a slight occupancy decline [4][30] - Core RV and marina base rental income rose by 4.1% to $121.6 million in Q1 2025, consistent with previous guidance [5][30] - Property operating expenses, excluding property management, were $145.7 million, reflecting a 1.5% increase from the previous year [25][30] Guidance and Future Outlook - For Q2 2025, the company expects net income per common share to be in the range of $0.40 to $0.46 and FFO per common share and OP unit to be between $0.66 and $0.72 [7] - Full-year guidance for net income per common share is projected to be between $1.97 and $2.07, with FFO per common share and OP unit expected to be between $3.01 and $3.11 [7] - The company anticipates growth rates for core MH base rental income to be between 4.8% and 5.8% for the full year 2025 [7]