1. Equity LifeStyle Properties reports 16% annual net income growth. 2. FFO per share remains stable at $0.76, normalizes to $0.76. 3. 2025 guidance includes a 7.9% dividend increase to $2.06. 4. Core RV and marina rental income expected to grow 2.7%-3.7%. 5. Total portfolio spans 452 properties across 35 states.
Increased dividends and solid earnings should attract investors, boosting price.
Earnings performance and dividend signals strong management capability and shareholder value focus.
Immediate reactions likely due to strong quarterly results and guidance.
CHICAGO, Jan. 27, 2025 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and year ended December 31, 2024. All per share results are reported on a fully diluted basis unless otherwise noted.
($ in millions, except per share data)
| Quarters Ended December 31, | 2024 | 2023 | $ Change | % Change |
|---|---|---|---|---|
| Net Income per Common Share | $ 0.50 | $ 0.49 | $ 0.01 | 1.9 % |
| Funds from Operations ("FFO") per Common Share and OP Unit | $ 0.76 | $ 0.76 | — | 0.7 % |
| Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit | $ 0.76 | $ 0.71 | $ 0.05 | 6.9 % |
Our Board of Directors has approved setting the annual dividend rate for 2025 at $2.06 per share of Common Stock, an increase of 7.9%, or $0.15, over the current $1.91 per share of Common Stock for 2024. Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.
Pages 1 and 2 of this Earnings Release and Supplemental Financial Information provide an update on operations and 2025 guidance.
We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of January 27, 2025, we own or have an interest in 452 properties in 35 states and British Columbia consisting of 173,201 sites.
A live audio webcast of our conference call discussing these results will take place tomorrow, Tuesday, January 28, 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.
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...
Core Portfolio...
(In millions, except Common Shares and OP Units outstanding and per share data, unaudited)