NYSE$ELS
Equity LifeStyle Properties Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
ELS reported strong performance and increased 2024 earnings guidance.
Equity LifeStyle Properties reported a Normalized FFO per Common Share and OP Unit of $0.66, outperforming the midpoint of their guidance range. Core property operating revenues increased by 4.6%, and Core income from property operations, excluding property management, increased by 5.5%.
- Normalized FFO per Common Share and OP Unit was $0.66, a 2.9% increase year-over-year, exceeding guidance.
- Core property operating revenues increased 4.6%, while Core income from property operations, excluding property management, increased 5.5%.
- MH Core base rental income increased 6.2%, driven by rate increases and occupancy gains.
- RV and Marina Core base rental income increased 2.0%.
Headline financials
Revenue & EPS history
ELS · Revenue · Quarterly
$380M
Revenue by segment
ELS · $309M total across 6 segments · Q4 2022
- Rental Income$269M+4.2%87.2%
- Annual Memberships$16.2M+6.6%5.2%
- Other Income$12.8M-5.3%4.2%
- Membership Upgrades$6.89M-0.5%2.2%
- Interest Income$2.08M+22.4%0.7%
- Other Investments$1.63M+40.9%0.5%
Forward guidance
The company provided guidance for the third quarter and full year of 2024 for Net Income per Common Share, FFO per Common Share and OP Unit, and Normalized FFO per Common Share and OP Unit, along with growth rates for Core Portfolio components.
Tailwinds
- Net Income per Common Share for Q3 2024 is expected to be $0.42 to $0.48.
- FFO per Common Share and OP Unit for Q3 2024 is projected to be $0.69 to $0.75.
- Normalized FFO per Common Share and OP Unit for Q3 2024 is guided at $0.69 to $0.75.
- Full Year 2024 Net Income per Common Share is expected to be $1.89 to $1.99.
- Full Year 2024 FFO per Common Share and OP Unit is projected to be $2.96 to $3.06.
Headwinds
- The guidance is subject to risks and uncertainties.
- Actual results could vary materially from management’s estimates.
- Incorrect assumptions regarding occupancy and rate changes could impact results.
- The ability to manage expenses in an inflationary environment is a key factor.
- The ability to integrate and operate recent acquisitions is a risk to achieving guidance.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+0.4%
Avg return
Earnings day
+0.5%
Avg return
5 days after
+1.1%
Avg return
30 days after
59%
41 / 69 earnings
Positive
+6.1%
Q1 2023
Best reaction
-7.0%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.1% | -0.4% | +1.1% | |
| Q4 2025 | +1.3% | +4.4% | +7.0% | |
| Q3 2025 | -3.8% | -4.2% | -0.6% | |
| Q2 2025 | +0.6% | +0.5% | +2.0% | |
| Q1 2025 | -1.1% | -2.1% | -1.6% | |
| Q4 2024 | -3.9% | -5.6% | -1.5% | |
| Q3 2024 | -1.8% | -0.8% | +1.0% | |
| Q2 2024 | -2.2% | -1.2% | +4.8% | |
| Q1 2024 | -1.5% | -3.5% | +2.2% | |
| Q4 2023 | +1.7% | -2.5% | -1.8% | |
| Q3 2023 | +5.3% | +0.4% | +7.4% | |
| Q2 2023 | -2.2% | +6.8% | -0.8% | |
| Q1 2023 | +6.1% | +7.2% | +3.7% | |
| Q4 2022 | +4.0% | +5.3% | -3.9% | |
| Q3 2022 | +3.2% | -2.8% | +6.2% | |
| Q2 2022 | -3.6% | -2.1% | +5.0% | |
| Q1 2022 | +3.1% | +3.0% | -11.0% | |
| Q4 2021 | -1.1% | -0.1% | -5.6% | |
| Q3 2021 | +1.0% | +3.0% | +1.4% | |
| Q2 2021 | +1.7% | +2.9% | +2.8% | |
| Q1 2021 | +1.6% | +1.7% | +2.8% | |
| Q4 2020 | +1.9% | -3.9% | -2.2% | |
| Q3 2020 | -2.1% | -2.5% | -4.9% | |
| Q2 2020 | -2.3% | +2.3% | +1.2% | |
| Q1 2020 | -7.0% | -4.7% | -4.9% | |
| Q4 2019 | +0.4% | +0.9% | +2.5% | |
| Q3 2019 | -1.6% | -0.2% | +3.1% | |
| Q2 2019 | +1.5% | +0.8% | +11.0% | |
| Q1 2019 | -0.2% | +2.0% | +3.6% | |
| Q4 2018 | +1.8% | +3.5% | +5.4% | |
| Q3 2018 | -0.3% | +1.5% | +3.5% | |
| Q2 2018 | -1.5% | -1.5% | +3.3% | |
| Q1 2018 | +0.7% | +2.8% | +1.0% | |
| Q4 2017 | -0.9% | -1.4% | -1.6% | |
| Q3 2017 | -0.4% | -0.5% | +1.4% | |
| Q2 2017 | +1.0% | +2.6% | +2.5% | |
| Q1 2017 | +3.0% | +2.7% | +3.9% | |
| Q4 2016 | +2.4% | +2.5% | +4.6% | |
| Q3 2016 | +0.6% | +0.5% | -8.2% | |
| Q2 2016 | +1.1% | +0.5% | -2.9% | |
| Q1 2016 | +3.1% | — | — | |
| Q4 2015 | -1.7% | — | — | |
| Q3 2015 | +0.6% | — | — | |
| Q2 2015 | +0.9% | — | — | |
| Q1 2015 | +1.8% | — | — | |
| Q4 2014 | +0.9% | — | — | |
| Q3 2014 | +4.0% | — | — | |
| Q2 2014 | -1.4% | — | — | |
| Q1 2014 | +0.8% | — | — | |
| Q4 2013 | +2.7% | — | — | |
| Q3 2013 | +3.4% | — | — | |
| Q2 2013 | -0.5% | — | — | |
| Q1 2013 | -0.5% | — | — | |
| Q4 2012 | +2.0% | — | — | |
| Q3 2012 | -0.3% | — | — | |
| Q2 2012 | +0.4% | — | — | |
| Q1 2012 | +0.5% | — | — | |
| Q4 2011 | +0.7% | — | — | |
| Q3 2011 | -5.0% | — | — | |
| Q2 2011 | +2.4% | — | — | |
| Q1 2010 | -0.8% | — | — | |
| Q1 2011 | +1.9% | — | — | |
| Q4 2008 | +0.7% | — | — | |
| Q4 2010 | +0.7% | — | — | |
| Q3 2009 | +4.0% | — | — | |
| Q3 2010 | +4.0% | — | — | |
| Q4 2009 | -0.7% | — | — | |
| Q2 2010 | -0.7% | — | — | |
| Q2 2009 | -0.7% | — | — |
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