ELS Reports First Quarter Results
Equity LifeStyle Properties (NYSE: ELS) has released its Q1 2025 financial results, showing mixed performance. Normalized FFO per share reached $0.83, a 6.7% increase from Q1 2024, meeting the midpoint of previous guidance ($0.80-$0.86). However, net income per share decreased 3% to $0.57.
Core operations showed positive trends with property operating revenues up 2.9% and expenses increasing 1.5%. Core MH base rental income grew 5.5%, driven by 5.7% rate increases despite 0.2% occupancy decline due to storm damage in Florida communities. The company sold 117 new homes at an average price of $81,000.
Looking ahead, ELS provided 2025 guidance with full-year Normalized FFO projected at $3.01-$3.11 per share. The company successfully renewed its property insurance with a 6.1% premium decrease. Core portfolio guidance suggests continued growth with MH base rental income expected to increase 4.8-5.8% for the full year.
Equity LifeStyle Properties (NYSE: ELS) ha pubblicato i risultati finanziari del primo trimestre 2025, mostrando una performance mista. Il Normalized FFO per azione ha raggiunto 0,83$, con un aumento del 6,7% rispetto al primo trimestre 2024, posizionandosi nel punto medio della guidance precedente (0,80$-0,86$). Tuttavia, l'utile netto per azione è diminuito del 3%, attestandosi a 0,57$.
Le operazioni core hanno mostrato tendenze positive con ricavi operativi immobiliari in crescita del 2,9% e spese aumentate dell'1,5%. Il reddito base da affitto MH core è cresciuto del 5,5%, trainato da un aumento dei prezzi del 5,7% nonostante un calo dello 0,2% dell'occupazione dovuto ai danni causati dalla tempesta nelle comunità della Florida. L'azienda ha venduto 117 nuove case a un prezzo medio di 81.000$.
Guardando al futuro, ELS ha fornito la guidance per il 2025 con un Normalized FFO annuale previsto tra 3,01$ e 3,11$ per azione. La società ha rinnovato con successo l'assicurazione sugli immobili con una riduzione del premio del 6,1%. La guidance sul portafoglio core suggerisce una crescita continua, con il reddito base da affitto MH previsto in aumento tra il 4,8% e il 5,8% per l'intero anno.
Equity LifeStyle Properties (NYSE: ELS) ha publicado sus resultados financieros del primer trimestre de 2025, mostrando un desempeño mixto. El Normalized FFO por acción alcanzó 0,83$, un aumento del 6,7% respecto al primer trimestre de 2024, ubicándose en el punto medio de la guía previa (0,80$-0,86$). Sin embargo, el ingreso neto por acción disminuyó un 3% hasta 0,57$.
Las operaciones principales mostraron tendencias positivas con ingresos operativos de propiedades aumentando un 2,9% y gastos incrementándose un 1,5%. El ingreso base por alquiler MH core creció un 5,5%, impulsado por aumentos de tarifas del 5,7% a pesar de una caída del 0,2% en la ocupación debido a daños por tormentas en comunidades de Florida. La compañía vendió 117 nuevas casas a un precio promedio de 81.000$.
De cara al futuro, ELS proporcionó su guía para 2025 con un Normalized FFO anual proyectado entre 3,01$ y 3,11$ por acción. La empresa renovó exitosamente su seguro de propiedad con una disminución del 6,1% en la prima. La guía del portafolio core sugiere un crecimiento continuo, con ingresos base por alquiler MH esperados en aumento entre 4,8% y 5,8% para todo el año.
Equity LifeStyle Properties (NYSE: ELS)가 2025년 1분기 재무 실적을 발표했으며, 혼재된 성과를 보였습니다. 정상화된 FFO 주당 0.83달러로 2024년 1분기 대비 6.7% 증가해 이전 가이드라인(0.80~0.86달러)의 중간값에 부합했습니다. 그러나 주당 순이익은 3% 감소한 0.57달러였습니다.
핵심 사업은 긍정적인 추세를 보였으며, 부동산 운영 수익은 2.9% 증가하고 비용은 1.5% 상승했습니다. 핵심 MH 기본 임대 수익은 5.5% 성장했으며, 5.7%의 요금 인상이 있었음에도 불구하고 플로리다 지역 커뮤니티의 폭풍 피해로 인해 점유율은 0.2% 감소했습니다. 회사는 평균 가격 81,000달러에 117채의 신규 주택을 판매했습니다.
앞으로 ELS는 2025년 가이던스를 제시하며 연간 정상화된 FFO를 주당 3.01~3.11달러로 예상했습니다. 회사는 부동산 보험을 성공적으로 갱신했으며 보험료는 6.1% 감소했습니다. 핵심 포트폴리오 가이던스는 MH 기본 임대 수익이 연간 4.8~5.8% 증가할 것으로 예측하며 지속적인 성장을 시사합니다.
Equity LifeStyle Properties (NYSE : ELS) a publié ses résultats financiers du premier trimestre 2025, montrant une performance mitigée. Le FFO normalisé par action a atteint 0,83$, soit une hausse de 6,7 % par rapport au premier trimestre 2024, se situant au milieu des prévisions précédentes (0,80$-0,86$). Cependant, le bénéfice net par action a diminué de 3 % pour s’établir à 0,57$.
Les opérations principales ont affiché des tendances positives avec des revenus d’exploitation immobilière en hausse de 2,9 % et des dépenses augmentant de 1,5 %. Le revenu locatif de base MH core a progressé de 5,5 %, porté par une augmentation des tarifs de 5,7 % malgré une baisse de l’occupation de 0,2 % due aux dégâts causés par une tempête dans les communautés de Floride. La société a vendu 117 nouvelles maisons à un prix moyen de 81 000$.
Pour l’avenir, ELS a fourni ses prévisions pour 2025 avec un FFO normalisé annuel prévu entre 3,01$ et 3,11$ par action. La société a renouvelé avec succès son assurance immobilière en bénéficiant d’une réduction de prime de 6,1 %. Les prévisions pour le portefeuille principal suggèrent une croissance continue, avec une augmentation attendue des revenus locatifs de base MH comprise entre 4,8 % et 5,8 % pour l’année complète.
Equity LifeStyle Properties (NYSE: ELS) hat seine Finanzergebnisse für das erste Quartal 2025 veröffentlicht und zeigt eine gemischte Performance. Der Normalisierte FFO pro Aktie erreichte 0,83$, was einem Anstieg von 6,7 % gegenüber dem ersten Quartal 2024 entspricht und im mittleren Bereich der vorherigen Prognose (0,80$-0,86$) liegt. Der Nettogewinn pro Aktie sank jedoch um 3 % auf 0,57$.
Die Kerngeschäfte zeigten positive Entwicklungen mit einem Anstieg der Immobilienbetriebseinnahmen um 2,9 % und einem Kostenanstieg von 1,5 %. Die Basis-MH-Mieteinnahmen im Kernportfolio wuchsen um 5,5 %, angetrieben durch eine Mietpreiserhöhung von 5,7 %, trotz eines Rückgangs der Belegung um 0,2 % aufgrund von Sturmschäden in Gemeinden in Florida. Das Unternehmen verkaufte 117 neue Häuser zu einem Durchschnittspreis von 81.000$.
Mit Blick auf die Zukunft gab ELS eine Prognose für 2025 ab, mit einem erwarteten normalisierten FFO für das Gesamtjahr von 3,01$ bis 3,11$ pro Aktie. Das Unternehmen hat seine Gebäudeversicherung erfolgreich erneuert und dabei die Prämie um 6,1 % gesenkt. Die Prognose für das Kernportfolio deutet auf weiteres Wachstum hin, mit erwarteten Steigerungen der MH-Basis-Mieteinnahmen von 4,8 % bis 5,8 % für das Gesamtjahr.
- Normalized FFO per share increased 6.7% to $0.83
- Core MH base rental income grew 5.5%
- Property insurance premium decreased 6.1%
- Core property operating revenues up 2.9%
- Core income from property operations increased 3.8%
- Net income per share declined 3% to $0.57
- 0.2% occupancy decline in MH properties due to storm damage
- FFO per share decreased 2.7% to $0.83
Insights
ELS delivers 6.7% Normalized FFO growth with strong MH rental increases and favorable 6.1% insurance cost reduction.
Equity LifeStyle Properties reported Q1 2025 Normalized FFO of
The company's core property portfolio showed excellent operating leverage with revenues increasing
In the Manufactured Housing segment, base rental income increased
The RV and Marina segment demonstrated steady performance with annual base rental income increasing
A significant positive development was the
Looking ahead, management maintained a positive outlook, projecting full-year 2025 Normalized FFO of
Continued Strong Performance
FINANCIAL RESULTS | |||||||
($ in millions, except per share data) | Quarters Ended March 31, | ||||||
2025 | 2024 | $ Change | % Change (1) | ||||
Net Income per Common Share | $ 0.57 | $ 0.59 | $ (0.02) | (3.0) % | |||
Funds from Operations ("FFO") per Common Share and OP Unit | $ 0.83 | $ 0.86 | $ (0.03) | (2.7) % | |||
Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit | $ 0.83 | $ 0.78 | $ 0.05 | 6.7 % | |||
_____________________ |
1. Calculations prepared using actual results without rounding. |
Operations Update
Normalized FFO per Common Share and OP Unit for the quarter ended March 31, 2025 was
MH
Core MH base rental income for the quarter ended March 31, 2025 increased
RV and Marina
Core RV and marina base rental income for the quarter ended March 31, 2025 was in line with previous guidance. Core RV and marina annual base rental income increased
Property Operating Expenses
We completed our property and casualty insurance renewal as of April 1, 2025 with a premium decrease of approximately
Guidance Update (1)
($ in millions, except per share data) | 2025 | ||||||
Second Quarter | Full Year | ||||||
Net Income per Common Share | |||||||
FFO per Common Share and OP Unit | |||||||
Normalized FFO per Common Share and OP Unit | |||||||
2024 Actual | 2025 Growth Rates | ||||||
Core Portfolio: | Second Quarter | Full Year | Second Quarter | Full Year | |||
MH base rental income | $ 176.5 | $ 709.4 | |||||
RV and marina base rental income (2) | $ 100.8 | $ 426.9 | |||||
Property operating revenues | $ 332.5 | $ 1,361.8 | |||||
Property operating expenses, excluding property management | $ 150.6 | $ 577.6 | |||||
Income from property operations, excluding property management | $ 181.9 | $ 784.2 | |||||
Non-Core Portfolio: | 2025 Full Year | ||||||
Income from property operations, excluding property management | |||||||
Other Guidance Assumptions: | 2025 Full Year | ||||||
Property management and general administrative | |||||||
Other income and expenses | |||||||
Debt assumptions: | |||||||
Weighted average debt outstanding | |||||||
Interest and related amortization | |||||||
______________________ | |
1. | Second quarter and full year 2025 guidance represent management's estimate of a range of possible outcomes. The midpoint of the ranges reflect management's estimate of the most likely outcome based on our current view of existing market conditions and assumptions. Actual results could vary materially from management's estimates if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for factors impacting our 2025 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the supplemental financial information for definitions of FFO and Normalized FFO and a reconciliation of Net income per Common Share - Fully Diluted to each of FFO per Common Share and OP Unit - Fully Diluted and Normalized FFO per Common Share and OP Unit - Fully Diluted. |
2. | Core RV and marina annual revenue represents approximately |
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in
For additional information, please contact our Investor Relations Department at (800) 247-5279 or at investor_relations@equitylifestyle.com.
Conference Call
A live audio webcast of our conference call discussing these results will take place tomorrow, Tuesday, April 22, 2025, at 10:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.
Forward-Looking Statements
In addition to historical information, this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "estimate," "guidance," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, including our guidance concerning Net Income, FFO and Normalized FFO per share data, and certain growth rates, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting. For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
Supplemental Financial Information
Financial Highlights (1)(2) | |||||
(In millions, except Common Shares and OP Units outstanding and per share and ratio data, unaudited) | |||||
As of and for the Quarters Ended | |||||
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | June 30, 2024 | Mar 31, 2024 | |
Operating Information | |||||
Total revenues | $ 387.3 | $ 372.3 | $ 387.3 | $ 380.0 | $ 386.6 |
Consolidated net income | $ 114.4 | $ 100.6 | $ 86.9 | $ 82.1 | $ 115.3 |
Net income available for Common Stockholders | $ 109.2 | $ 96.0 | $ 82.8 | $ 78.3 | $ 109.9 |
Adjusted EBITDAre | $ 197.6 | $ 182.8 | $ 176.8 | $ 164.3 | $ 186.3 |
FFO available for Common Stock and OP Unit holders | $ 166.7 | $ 153.0 | $ 140.9 | $ 134.7 | $ 167.4 |
Normalized FFO available for Common Stock and OP Unit holders | $ 166.7 | $ 151.2 | $ 140.5 | $ 128.5 | $ 152.7 |
Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders | $ 150.5 | $ 122.6 | $ 120.7 | $ 108.3 | $ 136.9 |
Common Shares and OP Units Outstanding (In thousands) and Per Share Data | |||||
Common Shares and OP Units, end of the period | 200,248 | 200,160 | 195,617 | 195,621 | 195,598 |
Weighted average Common Shares and OP Units outstanding - Fully Diluted | 200,074 | 200,021 | 195,510 | 195,465 | 195,545 |
Net income per Common Share - Fully Diluted (3) | $ 0.57 | $ 0.50 | $ 0.44 | $ 0.42 | $ 0.59 |
FFO per Common Share and OP Unit - Fully Diluted | $ 0.83 | $ 0.76 | $ 0.72 | $ 0.69 | $ 0.86 |
Normalized FFO per Common Share and OP Unit - Fully Diluted | $ 0.83 | $ 0.76 | $ 0.72 | $ 0.66 | $ 0.78 |
Dividends per Common Share | |||||
Balance Sheet | |||||
Total assets | $ 5,642 | $ 5,646 | $ 5,644 | $ 5,645 | $ 5,630 |
Total liabilities | $ 3,809 | $ 3,822 | $ 4,149 | $ 4,135 | $ 4,110 |
Market Capitalization | |||||
Total debt (4) | $ 3,199 | $ 3,230 | $ 3,502 | $ 3,499 | $ 3,507 |
Total market capitalization (5) | |||||
Ratios | |||||
Total debt / total market capitalization | 19.3 % | 19.5 % | 20.1 % | 21.5 % | 21.8 % |
Total debt / Adjusted EBITDAre (6) | 4.4 | 4.5 | 5.0 | 5.1 | 5.1 |
Interest coverage (7) | 5.4 | 5.2 | 5.1 | 5.1 | 5.2 |
Fixed charges (8) | 5.3 | 5.2 | 5.0 | 5.1 | 5.1 |
______________________ | |
1. | See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the supplemental financial information for definitions of fixed charges, FFO, Normalized FFO, FAD, Income from property operations excluding property management, EBITDAre, Adjusted EBITDAre, and a reconciliation of Consolidated net income to Income from property operations. |
2. | See page 6 for a reconciliation of Net income available for Common Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders. |
3. | Net income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units. |
4. | Excludes deferred financing costs of approximately |
5. | See page 14 for the calculation of market capitalization as of March 31, 2025. |
6. | Calculated using trailing twelve months Adjusted EBITDAre. |
7. | Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period. |
8. | Calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period. |
Consolidated Balance Sheets | |||
(In thousands, except share and per share data) | |||
March 31, 2025 | December 31, 2024 | ||
(unaudited) | |||
Assets | |||
Investment in real estate: | |||
Land | $ 2,088,682 | $ 2,088,682 | |
Land improvements | 4,630,575 | 4,582,815 | |
Buildings and other depreciable property | 1,241,287 | 1,244,193 | |
7,960,544 | 7,915,690 | ||
Accumulated depreciation | (2,688,159) | (2,639,538) | |
Net investment in real estate | 5,272,385 | 5,276,152 | |
Cash and restricted cash | 47,476 | 24,576 | |
Notes receivable, net | 47,730 | 50,726 | |
Investment in unconsolidated joint ventures | 89,553 | 83,772 | |
Deferred commission expense | 57,144 | 56,516 | |
Other assets, net | 128,076 | 153,910 | |
Total Assets | $ 5,642,364 | $ 5,645,652 | |
Liabilities and Equity | |||
Liabilities: | |||
Mortgage notes payable, net | $ 2,912,325 | $ 2,928,292 | |
Term loans, net | 199,423 | 199,344 | |
Unsecured line of credit | 63,000 | 77,000 | |
Accounts payable and other liabilities | 161,751 | 159,225 | |
Deferred membership revenue | 230,455 | 229,301 | |
Accrued interest payable | 10,489 | 10,679 | |
Rents and other customer payments received in advance and security deposits | 128,673 | 122,448 | |
Distributions payable | 102,983 | 95,577 | |
Total Liabilities | $ 3,809,099 | $ 3,821,866 | |
Equity: | |||
Preferred stock, | — | — | |
Common stock, | 1,962 | 1,962 | |
Paid-in capital | 1,951,391 | 1,951,430 | |
Distributions in excess of accumulated earnings | (204,226) | (214,979) | |
Accumulated other comprehensive income | 674 | 2,303 | |
Total Stockholders' Equity | 1,749,801 | 1,740,716 | |
Non-controlling interests – Common OP Units | 83,464 | 83,070 | |
Total Equity | 1,833,265 | 1,823,786 | |
Total Liabilities and Equity | $ 5,642,364 | $ 5,645,652 | |
Consolidated Statements of Income | |||
(In thousands, unaudited) | |||
Quarters Ended March 31, | |||
2025 | 2024 | ||
Revenues: | |||
Rental income | $ 327,206 | $ 316,599 | |
Annual membership subscriptions | 16,342 | 16,215 | |
Membership upgrade revenue | 3,052 | 3,947 | |
Other income | 15,555 | 15,548 | |
Gross revenues from home sales, brokered resales and ancillary services | 20,923 | 30,053 | |
Interest income | 2,238 | 2,168 | |
Income from other investments, net | 2,018 | 2,038 | |
Total revenues | 387,334 | 386,568 | |
Expenses: | |||
Property operating and maintenance | 118,566 | 114,783 | |
Real estate taxes | 21,643 | 20,787 | |
Membership sales and marketing | 3,931 | 5,297 | |
Property management | 20,430 | 19,710 | |
Depreciation and amortization | 50,942 | 51,108 | |
Cost of home sales, brokered resales and ancillary services | 13,692 | 21,967 | |
Home selling expenses and ancillary operating expenses | 6,168 | 6,147 | |
General and administrative | 9,239 | 11,989 | |
Casualty-related charges/(recoveries), net (2) | 217 | (14,843) | |
Other expenses (1) | 1,878 | 1,092 | |
Interest and related amortization | 31,136 | 33,543 | |
Total expenses | 277,842 | 271,580 | |
Income before other items | 109,492 | 114,988 | |
Equity in income of unconsolidated joint ventures | 4,901 | 283 | |
Consolidated net income | 114,393 | 115,271 | |
Income allocated to non-controlling interests – Common OP Units | (5,201) | (5,366) | |
Net income available for Common Stockholders | $ 109,192 | $ 109,905 | |
_____________________ | |
1. | Prior period amounts have been reclassified to conform to the current period presentation. |
2. | Casualty-related charges/(recoveries), net for the quarter ended March 31, 2025 includes debris removal and cleanup costs related to Hurricane Milton, Hurricane Helene and Hurricane Ian of |
Non-GAAP Financial Measures
This document contains certain Non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these Non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance. Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of Non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 6 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 16-19.
Selected Non-GAAP Financial Measures (1) | |
(In millions, except per share data, unaudited) | |
Quarter Ended | |
March 31, 2025 | |
Income from property operations, excluding property management - Core (2) | $ 214.0 |
Income from property operations, excluding property management - Non-Core (2) | 4.0 |
Property management and general and administrative | (29.7) |
Other income and expenses | 9.5 |
Interest and related amortization | (31.1) |
Normalized FFO and FFO available for Common Stock and OP Unit holders (3) | $ 166.7 |
FFO per Common Share and OP Unit | $ 0.83 |
Normalized FFO per Common Share and OP Unit | $ 0.83 |
Normalized FFO available for Common Stock and OP Unit holders | $ 166.7 |
Non-revenue producing improvements to real estate | (16.1) |
FAD for Common Stock and OP Unit holders (3) | $ 150.5 |
Weighted average Common Shares and OP Units - Fully Diluted | 200.1 |
_____________________ | |
1. | See page 6 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders. |
2. | See pages 8-9 for details of the Core Income from Property Operations, excluding property management. See page 10 for details of the Non-Core Income from Property Operations, excluding property management. |
3. | Amounts may not foot due to rounding. |
Reconciliation of Net Income to Non-GAAP Financial Measures | |||
(In thousands, except per share data, unaudited) | |||
Quarters Ended March 31, | |||
2025 | 2024 | ||
Net income available for Common Stockholders | $ 109,192 | $ 109,905 | |
Income allocated to non-controlling interests – Common OP Units | 5,201 | 5,366 | |
Depreciation and amortization | 50,942 | 51,108 | |
Depreciation on unconsolidated joint ventures | 1,331 | 1,051 | |
FFO available for Common Stock and OP Unit holders | 166,666 | 167,430 | |
Deferred income tax benefit | — | (239) | |
Transaction/pursuit costs and other | — | 383 | |
Insurance proceeds due to catastrophic weather events, net | — | (14,843) | |
Normalized FFO available for Common Stock and OP Unit holders | 166,666 | 152,731 | |
Non-revenue producing improvements to real estate | (16,138) | (15,822) | |
FAD for Common Stock and OP Unit holders | $ 150,528 | $ 136,909 | |
Net income per Common Share - Basic | $ 0.57 | $ 0.59 | |
Net income per Common Share - Fully Diluted (1) | $ 0.57 | $ 0.59 | |
FFO per Common Share and OP Unit - Basic | $ 0.83 | $ 0.86 | |
FFO per Common Share and OP Unit - Fully Diluted | $ 0.83 | $ 0.86 | |
Normalized FFO per Common Share and OP Unit - Basic | $ 0.83 | $ 0.78 | |
Normalized FFO per Common Share and OP Unit - Fully Diluted | $ 0.83 | $ 0.78 | |
Weighted average Common Shares outstanding - Basic | 190,925 | 186,287 | |
Weighted average Common Shares and OP Units outstanding - Basic | 200,029 | 195,392 | |
Weighted average Common Shares and OP Units outstanding - Fully Diluted | 200,074 | 195,545 | |
____________________ | |
1. | Net income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units. |
Consolidated Income from Property Operations (1) | |||
(In millions, except home site and occupancy figures, unaudited) | |||
Quarters Ended March 31, | |||
2025 | 2024 | ||
MH base rental income (2) | $ 184.7 | $ 175.1 | |
Rental home income (2) | 3.4 | 3.5 | |
RV and marina base rental income (2) | 121.6 | 120.2 | |
Annual membership subscriptions | 16.3 | 16.2 | |
Membership upgrade revenue | 3.1 | 3.9 | |
Utility and other income (2)(3) | 34.6 | 34.8 | |
Property operating revenues | 363.7 | 353.7 | |
Property operating, maintenance and real estate taxes (2) | 141.8 | 137.0 | |
Membership sales and marketing | 3.9 | 5.3 | |
Property operating expenses, excluding property management (1) | 145.7 | 142.3 | |
Income from property operations, excluding property management (1) | $ 218.0 | $ 211.4 | |
Manufactured home site figures and occupancy averages: | |||
Total sites | 73,220 | 73,008 | |
Occupied sites | 68,821 | 68,916 | |
Occupancy % | 94.0 % | 94.4 % | |
Monthly base rent per site | $ 895 | $ 847 | |
RV and marina base rental income: | |||
Annual | $ 78.4 | $ 75.6 | |
Seasonal | 28.6 | 29.5 | |
Transient | 14.6 | 15.1 | |
Total RV and marina base rental income | $ 121.6 | $ 120.2 | |
______________________ | |
1. | Excludes property management expenses. |
2. | MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Statements of Income on page 3. Bad debt expense is presented in Property operating, maintenance and real estate taxes in this table. |
3. | Includes approximately |
Core Income from Property Operations (1) | |||||
(In millions, except occupancy figures, unaudited) | |||||
Quarters Ended March 31, | |||||
2025 | 2024 | Change (2) | |||
MH base rental income | $ 184.5 | $ 174.9 | 5.5 % | ||
Rental home income | 3.4 | 3.5 | (3.5) % | ||
RV and marina base rental income | 116.1 | 115.9 | 0.2 % | ||
Annual membership subscriptions | 16.2 | 16.2 | (0.1) % | ||
Membership upgrade revenue | 3.0 | 3.9 | (24.4) % | ||
Utility and other income | 32.4 | 31.2 | 3.9 % | ||
Property operating revenues | 355.6 | 345.6 | 2.9 % | ||
Utility expense | 39.5 | 38.7 | 2.0 % | ||
Payroll | 27.5 | 27.7 | (0.9) % | ||
Repair & maintenance | 22.3 | 20.9 | 6.7 % | ||
Insurance and other (3) | 27.3 | 26.4 | 3.8 % | ||
Real estate taxes | 21.1 | 20.5 | 3.0 % | ||
Membership sales and marketing | 3.9 | 5.3 | (26.9) % | ||
Property operating expenses, excluding property management (1) | 141.6 | 139.5 | 1.5 % | ||
Income from property operations, excluding property management (1) | $ 214.0 | $ 206.1 | 3.8 % | ||
Occupied sites (4) | 68,752 | 68,904 | |||
_____________________ |
1. Excludes property management expenses. |
2. Calculations prepared using actual results without rounding. |
3. Includes bad debt expense for the periods presented. |
4. Occupied sites are presented as of the end of the period. |
Core Income from Property Operations (continued) | |||||
(In millions, except home site and occupancy figures, unaudited) | |||||
Quarters Ended March 31, | |||||
2025 | 2024 | ||||
Core manufactured home site figures and occupancy averages: | |||||
Total sites | 72,805 | 72,593 | |||
Occupied sites | 68,760 | 68,858 | |||
Occupancy % | 94.4 % | 94.9 % | |||
Monthly base rent per site | $ 895 | $ 847 | |||
Quarters Ended March 31, | |||||
2025 | 2024 | Change (1) | |||
Core RV and marina base rental income: | |||||
Annual (2) | $ 76.3 | $ 73.3 | 4.1 % | ||
Seasonal | 26.8 | 28.3 | (5.3) % | ||
Transient | 13.0 | 14.3 | (9.1) % | ||
Total Seasonal and Transient | $ 39.8 | $ 42.6 | (6.6) % | ||
Total RV and marina base rental income | $ 116.1 | $ 115.9 | 0.2 % | ||
Quarters Ended March 31, | |||||
2025 | 2024 | Change (1) | |||
Core utility information: | |||||
Income | $ 18.8 | $ 18.0 | 4.9 % | ||
Expense | 39.5 | 38.7 | 2.0 % | ||
Expense, net | $ 20.7 | $ 20.7 | — % | ||
Utility recovery rate (3) | 47.6 % | 46.5 % | |||
_____________________ | |
1. | Calculations prepared using actual results without rounding. |
2. | Core Annual marina base rental income represents approximately |
3. | Calculated by dividing the utility income by utility expense. |
Non-Core Income from Property Operations (1) | |
(In millions, unaudited) | |
Quarter Ended | |
March 31, 2025 | |
MH base rental income | $ 0.2 |
RV and marina base rental income | 5.4 |
Annual membership subscriptions | 0.1 |
Utility and other income | 2.3 |
Membership upgrade revenue | 0.1 |
Property operating revenues | 8.1 |
Property operating expenses, excluding property management (1)(2) | 4.1 |
Income from property operations, excluding property management (1) | $ 4.0 |
______________________ |
1. Excludes property management expenses. |
2. Includes bad debt expense for the periods presented. |
Home Sales and Rental Home Operations | |||
(In thousands, except home sale volumes and occupied rentals, unaudited) | |||
Home Sales - Select Data | Quarters Ended March 31, | ||
2025 | 2024 | ||
Total new home sales volume | 117 | 191 | |
New home sales gross revenues | $ 9,429 | $ 17,700 | |
Total used home sales volume | 57 | 54 | |
Used home sales gross revenues | $ 774 | $ 838 | |
Brokered home resales volume | 98 | 109 | |
Brokered home resales gross revenues | $ 396 | $ 572 | |
Rental Homes - Select Data | Quarters Ended March 31, | ||
2025 | 2024 | ||
Rental operations revenues (1) | $ 8,395 | $ 9,058 | |
Rental home operations expense (2) | 1,146 | 1,369 | |
Depreciation on rental homes (3) | 2,245 | 2,568 | |
Occupied rentals: (4) | |||
New | 1,724 | 1,922 | |
Used | 194 | 236 | |
Total occupied rental sites | 1,918 | 2,158 | |
As of March 31, 2025 | As of March 31, 2024 | ||||||
Cost basis in rental homes: (5) | Gross | Net of Depreciation | Gross | Net of Depreciation | |||
New | $ 214,484 | $ 175,858 | $ 238,963 | $ 197,641 | |||
Used | 11,136 | 7,376 | 11,744 | 7,118 | |||
Total rental homes | $ 225,620 | $ 183,234 | $ 250,707 | $ 204,759 | |||
______________________ | |
1. | For the quarters ended March 31, 2025 and 2024, approximately |
2. | Rental home operations expense is included in Property operating, maintenance and real estate taxes in the Consolidated Income from Property Operations on page 7. Rental home operations expense is included in Insurance and other in the Core Income from Property Operations on pages 8-9. |
3. | Depreciation on rental homes in our Core portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 3. |
4. | Includes occupied rental sites as of the end of the period in our Core portfolio. |
5. | Includes both occupied and unoccupied rental homes in our Core portfolio. |
Total Sites | |
(Unaudited) | |
Summary of Total Sites as of March 31, 2025 | |
Sites (1) | |
MH sites | 73,200 |
RV sites: | |
Annual | 34,300 |
Seasonal | 11,200 |
Transient | 17,800 |
Marina slips | 6,900 |
Membership (2) | 26,000 |
Joint Ventures (3) | 3,900 |
Total | 173,300 |
______________________ | |
1. | MH sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina sites are leased to customers generally for one to six months. Transient RV and marina sites are leased to customers on a short-term basis. |
2. | Sites primarily utilized by approximately 112,400 members. Includes approximately 5,800 sites rented on an annual basis. |
3. | Joint ventures have approximately 2,100 MH/RV annual sites and 1,800 transient sites. |
Membership Campgrounds - Select Data | ||||||||||
Years Ended December 31, | Quarter Ended | |||||||||
Campground and Membership Revenue (1) ($ in thousands, unaudited) | 2021 | 2022 | 2023 | 2024 | 2025 | |||||
Annual membership subscriptions | $ 58,251 | $ 63,215 | $ 65,379 | $ 65,883 | $ 16,342 | |||||
Annual RV base rental income | $ 23,127 | $ 25,945 | $ 27,842 | $ 29,282 | $ 7,329 | |||||
Seasonal/Transient RV base rental income | $ 25,562 | $ 24,316 | $ 20,996 | $ 21,338 | $ 2,707 | |||||
Membership upgrade revenue | $ 11,191 | $ 12,958 | $ 14,719 | $ 16,433 | $ 3,052 | |||||
Utility and other income | $ 2,735 | $ 2,626 | $ 2,544 | $ 2,360 | $ 367 | |||||
Membership Count | ||||||||||
Total Memberships (2) | 125,149 | 128,439 | 121,002 | 113,553 | 112,362 | |||||
Paid Membership Origination | 23,923 | 23,237 | 20,758 | 19,539 | 3,667 | |||||
Promotional Membership Origination | 26,600 | 28,178 | 25,232 | 23,552 | 5,523 | |||||
Membership Upgrade Volume (3) | 4,863 | 4,068 | 3,858 | 4,086 | 1,402 | |||||
Campground Metrics | ||||||||||
Membership Campground Count | 81 | 81 | 82 | 82 | 82 | |||||
Membership Campground RV Site Count | 24,000 | 24,000 | 24,000 | 26,000 | 26,000 | |||||
Annual Site Count (4) | 6,320 | 6,390 | 6,154 | 5,902 | 5,844 | |||||
______________________ | |
1. | Beginning in 2025, membership upgrade product offerings include two- to four-year term subscription products with increased annual dues. The revenue associated with these subscription products is recognized as Annual membership subscriptions. |
2. | Members who have entered into annual subscriptions with us that entitle them to use certain properties on a continuous basis for up to 21 days. |
3. | Upgraded memberships provide enhanced benefits, including but not limited to longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties. |
4. | Sites that have been rented by members for an entire year. |
Market Capitalization | |||||||||
(In millions, except share and OP Unit data, unaudited) | |||||||||
Capital Structure as of March 31, 2025 | |||||||||
Total | % of Total | Total | % of Total | % of Total | |||||
Secured Debt | $ 2,936 | 91.8 % | |||||||
Unsecured Debt | 263 | 8.2 % | |||||||
Total Debt (1) | $ 3,199 | 100.0 % | 19.3 % | ||||||
Common Shares | 191,144,217 | 95.5 % | |||||||
OP Units | 9,103,904 | 4.5 % | |||||||
Total Common Shares and OP Units | 200,248,121 | 100.0 % | |||||||
Common Stock price at March 31, 2025 | $ 66.70 | ||||||||
Fair Value of Common Shares and OP Units | $ 13,357 | 100.0 % | |||||||
Total Equity | $ 13,357 | 100.0 % | 80.7 % | ||||||
Total Market Capitalization | $ 16,556 | 100.0 % | |||||||
______________________ |
1. Excludes deferred financing costs of approximately |
Debt Maturity Schedule | |||||||
Debt Maturity Schedule as of March 31, 2025 | |||||||
(In thousands, unaudited) | |||||||
Year | Outstanding | Weighted | % of Total | Weighted | |||
Secured Debt | |||||||
2025 | 86,890 | 3.45 % | 2.72 % | — | |||
2026 | — | — % | — % | — | |||
2027 | — | — % | — % | — | |||
2028 | 194,882 | 4.19 % | 6.09 % | 3.4 | |||
2029 | 271,383 | 4.92 % | 8.48 % | 4.5 | |||
2030 | 275,385 | 2.69 % | 8.61 % | 5.0 | |||
2031 | 239,929 | 2.45 % | 7.50 % | 6.2 | |||
2032 | 202,000 | 2.47 % | 6.31 % | 7.4 | |||
2033 | 343,073 | 6.45 % | 10.72 % | 8.6 | |||
2034 | 206,253 | 3.45 % | 6.45 % | 9.2 | |||
Thereafter | 1,116,228 | 3.95 % | 34.90 % | 13.3 | |||
Total | $ 2,936,023 | 3.77 % | 91.78 % | 8.8 | |||
Unsecured Term Loans | |||||||
2025 | — | — % | — % | — | |||
2026 | — | — % | — % | — | |||
2027 | 200,000 | 4.88 % | 6.25 % | 1.8 | |||
Thereafter | — | — % | — % | — | |||
Total | $ 200,000 | 4.88 % | 6.25 % | 1.8 | |||
Total Secured and Unsecured | $ 3,136,023 | 3.84 % | 98.03 % | 8.4 | |||
Line of Credit Borrowing (1) | 63,000 | 5.68 % | 1.97 % | — | |||
Note Premiums and Unamortized loan costs | (24,275) | ||||||
Total Debt, Net | $ 3,174,748 | 100.00 % | |||||
_____________________ | |
1. | The floating interest rate on the line of credit is SOFR plus |
2. | Reflects effective interest rate for the quarter ended March 31, 2025, including interest associated with the line of credit and amortization of deferred financing costs. |
Non-GAAP Financial Measures Definitions and Reconciliations
The following Non-GAAP financial measures definitions do not include adjustments in respect to membership upgrade revenue: (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property operating revenues; (vi) Property operating expenses, excluding property management; and (vii) Income from property operations, excluding property management.
FUNDS FROM OPERATIONS (FFO). We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.
NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.
FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures.
We believe that FFO, Normalized FFO and FAD are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our normal operations. For example, we believe that excluding the early extinguishment of debt and other miscellaneous non-comparable items from FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.
INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT. We define Income from property operations, excluding property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses, excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within Property operating, maintenance and real estate taxes in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties.
The following table reconciles Net income available for Common Stockholders to Income from property operations:
Quarters Ended March 31, | |||
(amounts in thousands) | 2025 | 2024 | |
Net income available for Common Stockholders | $ 109,192 | $ 109,905 | |
Income allocated to non-controlling interests – Common OP Units | 5,201 | 5,366 | |
Consolidated net income | 114,393 | 115,271 | |
Equity in income of unconsolidated joint ventures | (4,901) | (283) | |
Gross revenues from home sales, brokered resales and ancillary services | (20,923) | (30,053) | |
Interest income | (2,238) | (2,168) | |
Income from other investments, net | (2,018) | (2,038) | |
Property management | 20,430 | 19,710 | |
Depreciation and amortization | 50,942 | 51,108 | |
Cost of home sales, brokered resales and ancillary services | 13,692 | 21,967 | |
Home selling expenses and ancillary operating expenses | 6,168 | 6,147 | |
General and administrative | 9,239 | 11,989 | |
Casualty-related charges/(recoveries), net (2) | 217 | (14,843) | |
Other expenses (1) | 1,878 | 1,092 | |
Interest and related amortization | 31,136 | 33,543 | |
Income from property operations, excluding property management | 218,015 | 211,442 | |
Property management | (20,430) | (19,710) | |
Income from property operations | $ 197,585 | $ 191,732 | |
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairments charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
We define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items.
We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT.
____________________ | |
1. | Prior period amounts have been reclassified to conform to the current period presentation. |
2. | Casualty-related charges/(recoveries), net for the quarter ended March 31, 2025 includes debris removal and cleanup costs related to Hurricane Milton, Hurricane Helene and Hurricane Ian of |
The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:
Quarters Ended March 31, | |||
(amounts in thousands) | 2025 | 2024 | |
Consolidated net income | $ 114,393 | $ 115,271 | |
Interest income | (2,238) | (2,168) | |
Real estate depreciation and amortization | 50,942 | 51,108 | |
Other depreciation and amortization | 1,234 | 1,318 | |
Interest and related amortization | 31,136 | 33,543 | |
Income tax benefit | — | (239) | |
Adjustments to our share of EBITDAre of unconsolidated joint ventures | 2,107 | 1,880 | |
EBITDAre | 197,574 | 200,713 | |
Transaction/pursuit costs and other | — | 383 | |
Insurance proceeds due to catastrophic weather events, net | — | (14,843) | |
Adjusted EBITDAre | $ 197,574 | $ 186,253 | |
CORE. The Core properties include properties we owned and operated during all of 2024 and 2025. We believe Core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.
NON-CORE. The Non-Core properties in 2025 include properties that were not owned and operated during all of 2024 and 2025, including six properties in
NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that do not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture and mechanical improvements.
FIXED CHARGES. Fixed charges consist of interest expense, amortization of note premiums and debt issuance costs.
FORWARD-LOOKING NON-GAAP MEASURES. The following table reconciles Net Income per Common Share - Fully Diluted guidance to FFO per Common Share and OP Unit - Fully Diluted guidance and Normalized FFO per Common Share and OP Unit - Fully diluted guidance:
(Unaudited) | Second Quarter 2025 | Full Year 2025 | |
Net income per Common Share | |||
Depreciation and amortization | 0.26 | 1.04 | |
FFO per Common Share and OP Unit - Fully Diluted | |||
Normalized FFO per Common Share and OP Unit - Fully Diluted |
This press release includes certain forward-looking information, including Core and Non-Core Income from property operations, excluding property management, that is not presented in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-K, we do not provide a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP, where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This includes, for example, (i) scheduled or implemented rate increases on community, resort and marina sites; (ii) scheduled or implemented rate increases in annual payments under membership subscriptions; (iii) occupancy changes; (iv) costs to restore property operations and potential revenue losses following storms or other unplanned events; and (v) other nonrecurring/unplanned income or expense items, which may not be within our control, may vary between periods and cannot be reasonably predicted. These unavailable reconciling items could significantly impact our future financial results.
View original content:https://www.prnewswire.com/news-releases/els-reports-first-quarter-results-302433665.html
SOURCE Equity Lifestyle Properties, Inc.
FAQ
What was ELS's Normalized FFO per share in Q1 2025 and how did it compare to Q1 2024?
How many new homes did ELS sell in Q1 2025 and at what average price?
What is ELS's full-year 2025 guidance for Normalized FFO?
How much did ELS's property insurance premium change in the April 2025 renewal?
What was the growth rate in ELS's Core MH base rental income for Q1 2025?
