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ELS REPORTS FOURTH QUARTER RESULTS
Continued Strong Performance
Provides 2025 Guidance and Increases Annual Dividend
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.
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| FINANCIAL RESULTS | | | | | | | |
| ($ in millions, except per share data) | Quarters Ended December 31, | ||||||
| | 2024 | | 2023 | | $ Change | | % Change (1) |
| 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 % |
| | | | | | | | |
| | Years Ended December 31, | ||||||
| | 2024 | | 2023 | | $ Change | | % Change (1) |
| Net Income per Common Share | $ 1.96 | | $ 1.69 | | $ 0.27 | | 16.0 % |
| FFO per Common Share and OP Unit | $ 3.03 | | $ 2.77 | | $ 0.26 | | 9.5 % |
| Normalized FFO per Common Share and OP Unit | $ 2.91 | | $ 2.75 | | $ 0.16 | | 5.9 % |
| _____________________ |
| 1. Calculations prepared using actual results without rounding. |
| |
2025 Dividends
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.
Business Updates
Pages 1 and 2 of this Earnings Release and Supplemental Financial Information provide an update on operations and 2025 guidance.
About Equity LifeStyle Properties
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.
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, 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.
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; (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 supply chain delays/shortages; (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
Operations and Financial Update
- Net income per Common Share was $1.96, for the year ended December 31, 2024, 16.0% higher than the year ended December 31, 2023.
- FFO per Common Share was $3.03 for the year ended December 31, 2024, 9.5% higher than the year ended December 31, 2023.
- Normalized FFO per Common Share was $2.91 for the year ended December 31, 2024, 5.9% higher than the year ended December 31, 2023.
- Added 736 expansion sites during the year ended December 31, 2024.
- New home sales of 756 for the year ended December 31, 2024.
- During the year ended December 31, 2024, we closed on a modification of our $500 million unsecured line of credit to extend the maturity date to July 18, 2028. All other material terms, including interest rate terms, remained the same.
- During the year ended December 31, 2024, we sold approximately 4.5 million shares of our common stock at a price of $70.00 per Common Share from our prior at-the-market ("ATM") equity offering program.
- During the year ended December 31, 2024, we entered into our current ATM equity offering program with an aggregate offering price of up to $700.0 million.
Core Portfolio
- Core portfolio generated growth of 6.5% in income from property operations, excluding property management, for the year ended December 31, 2024, compared to the year ended December 31, 2023.
- Core MH base rental income increased by 6.1% during the year ended December 31, 2024, compared to the year ended December 31, 2023.
- Manufactured home owners within our Core portfolio increased by 379 to 67,002 as of December 31, 2024, compared to 66,623 as of December 31, 2023.
- Core RV and marina base rental income for the year ended December 31, 2024 increased by 3.0%, compared to the year ended December 31, 2023.
- Core Annual RV and marina base rental income for the year ended December 31, 2024 increased by $18.2 million, or 6.5%, compared to the year ended December 31, 2023.
- Core property operating expenses for the year ended December 31, 2024 increased by $14.8 million, or 2.6%, compared to the year ended December 31, 2023.
Storm Events
- During the fourth quarter, as it relates to Hurricane Milton, we have continued clean up efforts at impacted properties. We accrued approximately $3.6 million of expenses related to debris removal and cleanup, and we recorded an insurance recovery accrual of $3.4 million to offset the expenses incurred at certain MH and RV properties. After assessing the condition of the properties affected by the storm, we recorded a $0.7 million reduction, net of insurance recovery accruals, to the carrying value of certain assets.
| 2025 Guidance Update (1) | |||||||
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| ($ in millions, except per share data) | | | | | 2025 | ||
| | | | | | First Quarter | | Full Year |
| Net Income per Common Share | | | | | $0.54 to $0.60 | | $1.95 to $2.05 |
| FFO per Common Share and OP Unit | | | | | $0.80 to $0.86 | | $3.01 to $3.11 |
| Normalized FFO per Common Share and OP Unit | | | | | $0.80 to $0.86 | | $3.01 to $3.11 |
| | | | | | | | |
| | 2024 Actual | | 2025 Growth Rates | ||||
| Core Portfolio: | First Quarter | | Full Year | | First Quarter | | Full Year |
| MH base rental income | $ 174.9 | | $ 709.4 | | 5.5% to 6.1% | | 5.2% to 6.2% |
| RV and marina base rental income (2) | $ 115.9 | | $ 426.9 | | 0.0% to 0.6% | | 2.7% to 3.7% |
| Property operating revenues | $ 345.7 | | $ 1,361.8 | | 2.8% to 3.4% | | 3.4% to 4.4% |
| Property operating expenses, excluding property management | $ 139.4 | | $ 577.6 | | 1.6% to 2.2% | | 2.0% to 3.0% |
| Income from property operations, excluding property management | $ 206.3 | | $ 784.2 | | 3.6% to 4.2% | | 4.4% to 5.4% |
| | | | | | | | |
| Non-Core Portfolio: | | | | | 2025 Full Year | ||
| Income from property operations, excluding property management | | | | | $8.8 to $12.8 | ||
| | | | | | | | |
| Other Guidance Assumptions: | | | | | 2025 Full Year | ||
| Property management and general administrative | | | | | $120.0 to $126.0 | ||
| Other Income and expenses | | | | | $29.5 to $35.5 | ||
| Debt assumptions: | | | | | | | |
| Weighted average debt outstanding | | | | | $3,150 to $3,350 | ||
| Interest and related amortization | | | | | $127.8 to $133.8 | ||
| | |
| ______________________ | |
| 1. | First 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 presented above if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for additional 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 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 65.5% and 71.7% of first quarter 2025 and full year 2025 RV and marina base rental income, respectively. Core RV and marina annual revenue first quarter 2025 growth rate range is 3.5% to 4.1%, which is lower than our full year expectation as the first quarter is impacted by leap year in 2024, and the full year 2025 growth rate range is 4.7% to 5.7%. |
| Financial Highlights (1)(2) | |||||
| | |||||
| (In millions, except Common Shares and OP Units outstanding and per share data, unaudited) | |||||
| | | ||||
| | As of and for the Quarters Ended | ||||
| | Dec 31, | Sep 30, | June 30, | Mar 31, | Dec 31, |
| Operating Information | | | | | |
| Total revenues | $ 372.3 | $ 387.3 | $ 380.0 | $ 386.6 | $ 360.6 |
| Consolidated net income | $ 100.6 | $ 86.9 | $ 82.1 | $ 115.3 | $ 96.4 |
| Net income available for Common Stockholders | $ 96.0 | $ 82.8 | $ 78.3 | $ 109.9 | $ 91.9 |
| Adjusted EBITDAre | $ 182.8 | $ 176.8 | $ 164.3 | $ 186.3 | $ 171.1 |
| FFO available for Common Stock and OP Unit holders | $ 153.0 | $ 140.9 | $ 134.7 | $ 167.4 | $ 148.5 |
| Normalized FFO available for Common Stock and OP Unit holders | $ 151.2 | $ 140.5 | $ 128.5 | $ 152.7 | $ 138.2 |
| Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders | $ 122.6 | $ 120.7 | $ 108.3 | $ 136.9 | $ 109.2 |
| | | | | | |
| Common Shares and OP Units Outstanding (In thousands) and Per Share Data | | | | | |
| Common Shares and OP Units, end of the period | 200,160 | 195,617 | 195,621 | 195,598 | 195,531 |
| Weighted average Common Shares and OP Units outstanding - Fully Diluted | 200,021 | 195,510 | 195,465 | 195,545 | 195,475 |
| Net income per Common Share - Fully Diluted (3) | $ 0.50 | $ 0.44 | $ 0.42 | $ 0.59 | $ 0.49 |
| FFO per Common Share and OP Unit - Fully Diluted | $ 0.76 | $ 0.72 | $ 0.69 | $ 0.86 | $ 0.76 |
| Normalized FFO per Common Share and OP Unit - Fully Diluted | $ 0.76 | $ 0.72 | $ 0.66 | $ 0.78 | $ 0.71 |
| Dividends per Common Share | $ 0.4775 | $ 0.4775 | $ 0.4775 | $ 0.4775 | $ 0.4475 |
| | | | | | |
| Balance Sheet | | | | | |
| Total assets | $ 5,646 | $ 5,644 | $ 5,645 | $ 5,630 | $ 5,614 |
| Total liabilities | $ 3,822 | $ 4,149 | $ 4,135 | $ 4,110 | $ 4,115 |
| | | | | | |
| Market Capitalization | | | | | |
| Total debt (4) | $ 3,230 | $ 3,502 | $ 3,499 | $ 3,507 | $ 3,548 |
| Total market capitalization (5) | $ 16,561 | $ 17,457 | $ 16,240 | $ 16,104 | $ 17,341 |
| | | | | | |
| Ratios | | | | | |
| Total debt / total market capitalization | 19.5 % | 20.1 % | 21.5 % | 21.8 % | 20.5 % |
| Total debt / Adjusted EBITDAre(6) | 4.5 | 5.0 | 5.1 | 5.1 | 5.3 |
| Interest coverage (7) | 5.2 | 5.1 | 5.1 | 5.2 | 5.2 |
| Fixed charges (8) | 5.2 | 5.0 | 5.1 | 5.1 | 5.1 |
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| ______________________ | |
| 1. | See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the supplemental financial information for definitions of Adjusted EBITDAre, FFO, Normalized FFO and FAD and a reconciliation of Consolidated net income to Adjusted EBITDAre. |
| 2. | See page 8 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 $25.1 million as of December 31, 2024. |
| 5. | See page 16 for the calculation of market capitalization as of December 31, 2024. |
| 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. | See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the supplemental financial information for a definition of fixed charges. This ratio is 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)
| |||
| | |||
| | December 31, 2024 | | December 31, 2023 |
| | (unaudited) | | |
| Assets | | | |
| Investment in real estate: | | | |
| Land | $ 2,088,682 | | $ 2,088,657 |
| Land improvements | 4,582,815 | | 4,380,649 |
| Buildings and other depreciable property | 1,244,193 | | 1,236,985 |
| | 7,915,690 | | 7,706,291 |
| Accumulated depreciation | (2,639,538) | | (2,448,876) |
| Net investment in real estate | 5,276,152 | | 5,257,415 |
| Cash and restricted cash | 24,576 | | 29,937 |
| Notes receivable, net | 50,726 | | 49,937 |
| Investment in unconsolidated joint ventures | 83,772 | | 85,304 |
| Deferred commission expense | 56,516 | | 53,641 |
| Other assets, net | 153,910 | | 137,499 |
| Total Assets | $ 5,645,652 | | $ 5,613,733 |
| | | | |
| Liabilities and Equity | | | |
| Liabilities: | | | |
| Mortgage notes payable, net | $ 2,928,292 | | $ 2,989,959 |
| Term loans, net | 199,344 | | 497,648 |
| Unsecured line of credit | 77,000 | | 31,000 |
| Accounts payable and other liabilities | 159,225 | | 151,567 |
| Deferred membership revenue | 229,301 | | 218,337 |
| Accrued interest payable | 10,679 | | 12,657 |
| Rents and other customer payments received in advance and security deposits | 122,448 | | 126,451 |
| Distributions payable | 95,577 | | 87,493 |
| Total Liabilities | $ 3,821,866 | | $ 4,115,112 |
| Equity: | | | |
| Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2024 and December 31, 2023; none issued and outstanding | — | | — |
| Common stock, $0.01 par value, 600,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 191,056,527 and 186,426,281 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively | 1,962 | | 1,917 |
| Paid-in capital | 1,951,430 | | 1,644,319 |
| Distributions in excess of accumulated earnings | (214,979) | | (223,576) |
| Accumulated other comprehensive income | 2,303 | | 6,061 |
| Total Stockholders' Equity | 1,740,716 | | 1,428,721 |
| Non-controlling interests – Common OP Units | 83,070 | | 69,900 |
| Total Equity | 1,823,786 | | 1,498,621 |
| Total Liabilities and Equity | $ 5,645,652 | | $ 5,613,733 |
| Consolidated Statements of Income | |||||||
| | |||||||
| (In thousands, unaudited) | |||||||
| | |||||||
| | Quarters Ended December 31, | | Years Ended December 31, | ||||
| | 2024 | | 2023 | | 2024 | | 2023 |
| Revenues: | | | | | | | |
| Rental income | $ 301,398 | | $ 290,519 | | $ 1,233,252 | | $ 1,178,959 |
| Annual membership subscriptions | 16,585 | | 16,547 | | 65,883 | | 65,379 |
| Membership upgrade sales | 4,263 | | 3,856 | | 16,433 | | 14,719 |
| Other income | 27,168 | | 16,124 | | 75,354 | | 67,407 |
| Gross revenues from home sales, brokered resales and ancillary services | 19,275 | | 29,378 | | 117,732 | | 145,219 |
| Interest income | 2,220 | | 2,414 | | 9,238 | | 9,037 |
| Income from other investments, net | 1,414 | | 1,806 | | 8,274 | | 8,703 |
| Total revenues | 372,323 | | 360,644 | | 1,526,166 | | 1,489,423 |
| | | | | | | | |
| Expenses: | | | | | | | |
| Property operating and maintenance | 110,540 | | 108,369 | | 480,438 | | 469,912 |
| Real estate taxes | 20,349 | | 21,828 | | 81,966 | | 77,993 |
| Membership sales and marketing | 4,192 | | 4,919 | | 22,063 | | 20,974 |
| Property management | 18,803 | | 17,460 | | 78,114 | | 76,170 |
| Depreciation and amortization | 50,493 | | 50,804 | | 203,879 | | 203,738 |
| Cost of home sales, brokered resales and ancillary services | 13,103 | | 21,788 | | 84,771 | | 107,668 |
| Home selling expenses and ancillary operating expenses | 6,689 | | 6,195 | | 27,644 | | 27,453 |
| General and administrative | 8,235 | | 9,117 | | 38,483 | | 47,280 |
| Casualty-related charges/(recoveries), net (1) | (528) | | — | | (20,950) | | — |
| Other expenses | 1,413 | | 1,581 | | 5,533 | | 5,768 |
| Early debt retirement | 5,803 | | — | | 5,833 | | 68 |
| Interest and related amortization | 31,633 | | 33,198 | | 137,710 | | 132,342 |
| Total expenses | 270,725 | | 275,259 | | 1,145,484 | | 1,169,366 |
| Income before income taxes and other items | 101,598 | | 85,385 | | 380,682 | | 320,057 |
| Gain/(Loss) on sale of real estate and impairment, net (2) | (668) | | — | | (2,466) | | (3,581) |
| Income tax benefit | 115 | | 10,488 | | 354 | | 10,488 |
| Equity in income of unconsolidated joint ventures | (488) | | 555 | | 6,248 | | 2,713 |
| Consolidated net income | 100,557 | | 96,428 | | 384,818 | | 329,677 |
| | | | | | | | |
| Income allocated to non-controlling interests – Common OP Units | (4,574) | | (4,489) | | (17,804) | | (15,470) |
| Redeemable perpetual preferred stock dividends | (8) | | (8) | | (16) | | (16) |
| Net income available for Common Stockholders | $ 95,975 | | $ 91,931 | | $ 366,998 | | $ 314,191 |
| | |
| _____________________ | |
| 1. | Casualty-related charges/(recoveries), net for the quarter ended December 31, 2024 includes debris removal and cleanup costs related to Hurricane Milton and Hurricane Helene of $3.6 million and $0.2 million, respectively, and insurance recovery revenue related to Hurricane Milton and Hurricane Ian of $3.4 million and $0.9 million, respectively, including $0.8 million for reimbursement of capital expenditures. Casualty-related charges/(recoveries), net for the year ended December 31, 2024 includes debris removal and cleanup costs related to Hurricane Milton, Hurricane Ian and Hurricane Helene of $3.6 million, $2.6 million, and $1.2 million, respectively, and insurance recovery revenue related to Hurricane Ian and Hurricane Milton of $24.9 million and $3.4 million, respectively, including $22.3 million for reimbursement of capital expenditures. |
| 2. | Reflects a $0.7 million reduction, net of insurance recovery accruals, to the carrying value of certain assets as a result of Hurricane Milton for both the quarter and year ended December 31, 2024 and a reduction of $1.8 million as a result of Hurricane Helene for the year ended December 31, 2024. |
| | |
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 8 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 18-21.
| Selected Non-GAAP Financial Measures (1) | |
| | |
| | Quarter Ended |
| | December 31, 2024 |
| Income from property operations, excluding property management - Core (2) | $ 202.2 |
| Income from property operations, excluding property management - Non-Core (2) | 5.4 |
| Property management and general and administrative | (27.0) |
| Other income and expenses | 2.3 |
| Interest and related amortization | (31.6) |
| Normalized FFO available for Common Stock and OP Unit holders (4) | $ 151.2 |
| Early debt retirement | (5.8) |
| Deferred income tax benefit | 0.1 |
| Insurance proceeds due to catastrophic weather events, net | 0.6 |
| Other items (3) | 6.8 |
| FFO available for Common Stock and OP Unit holders (4) | $ 153.0 |
| | |
| FFO per Common Share and OP Unit | $ 0.76 |
| Normalized FFO per Common Share and OP Unit | $ 0.76 |
| | |
| Normalized FFO available for Common Stock and OP Unit holders | $ 151.2 |
| Non-revenue producing improvements to real estate | (28.6) |
| FAD for Common Stock and OP Unit holders | $ 122.6 |
| | |
| Weighted average Common Shares and OP Units - Fully Diluted | 200.0 |
| | |
| ______________________ | |
| 1. | See page 8 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 10-11 for details of the Core Income from Property Operations, excluding property management. See page 12 for details of the Non-Core Income from Property Operations, excluding property management. |
| 3. | Represents an increase in Other income of $6.8 million related to aged prepaid balances that were determined to no longer be liabilities. |
| 4. | 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 December 31, | | Years Ended December 31, | ||||
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net income available for Common Stockholders | $ 95,975 | | $ 91,931 | | $ 366,998 | | $ 314,191 |
| Income allocated to non-controlling interests – Common OP Units | 4,574 | | 4,489 | | 17,804 | | 15,470 |
| Depreciation and amortization | 50,493 | | 50,804 | | 203,879 | | 203,738 |
| Depreciation on unconsolidated joint ventures | 1,266 | | 1,242 | | 4,826 | | 4,599 |
| (Gain)/Loss on unconsolidated joint ventures | — | | — | | — | | (416) |
| (Gain)/Loss on sale of real estate and impairment, net | 668 | | — | | 2,466 | | 3,581 |
| FFO available for Common Stock and OP Unit holders | 152,976 | | 148,466 | | 595,973 | | 541,163 |
| Deferred income tax benefit | (115) | | (10,488) | | (354) | | (10,488) |
| Accelerated vesting of stock-based compensation expense | — | | — | | — | | 6,320 |
| Early debt retirement | 5,803 | | — | | 5,833 | | 68 |
| Transaction/pursuit costs and other (1) | — | | 251 | | 383 | | 458 |
| Insurance proceeds due to catastrophic weather events, net | (637) | | — | | (22,101) | | — |
| Other items (2) | (6,800) | | — | | (6,800) | | — |
| Normalized FFO available for Common Stock and OP Unit holders | 151,227 | | 138,229 | | 572,934 | | 537,521 |
| Non-revenue producing improvements to real estate | (28,618) | | (28,974) | | (84,433) | | (99,726) |
| FAD for Common Stock and OP Unit holders | $ 122,609 | | $ 109,255 | | $ 488,501 | | $ 437,795 |
| | | | | | | | |
| Net income per Common Share - Basic | $ 0.50 | | $ 0.49 | | $ 1.96 | | $ 1.69 |
| Net income per Common Share - Fully Diluted (3) | $ 0.50 | | $ 0.49 | | $ 1.96 | | $ 1.69 |
| | | | | | | | |
| FFO per Common Share and OP Unit - Basic | $ 0.77 | | $ 0.76 | | $ 3.03 | | $ 2.77 |
| FFO per Common Share and OP Unit - Fully Diluted | $ 0.76 | | $ 0.76 | | $ 3.03 | | $ 2.77 |
| | | | | | | | |
| Normalized FFO per Common Share and OP Unit - Basic | $ 0.76 | | $ 0.71 | | $ 2.92 | | $ 2.75 |
| Normalized FFO per Common Share and OP Unit - Fully Diluted | $ 0.76 | | $ 0.71 | | $ 2.91 | | $ 2.75 |
| | | | | | | | |
| Weighted average Common Shares outstanding - Basic | 190,822 | | 186,217 | | 187,439 | | 186,061 |
| Weighted average Common Shares and OP Units outstanding - Basic | 199,926 | | 195,348 | | 196,544 | | 195,278 |
| Weighted average Common Shares and OP Units outstanding - Fully Diluted | 200,021 | | 195,475 | | 196,636 | | 195,429 |
| | |
| ____________________ | |
| 1. | Prior period amounts have been reclassified to conform to the current period presentation. |
| 2. | Represents an increase in Other income of $6.8 million related to aged prepaid balances that were determined to no longer be liabilities. |
| 3. | 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 December 31, | | Years Ended December 31, | ||||
| | 2024 | | 2023 | | 2024 | | 2023 |
| MH base rental income(2) | $ 180.0 | | $ 170.2 | | $ 710.1 | | $ 669.1 |
| Rental home income (2) | 3.4 | | 3.5 | | 13.7 | | 14.6 |
| RV and marina base rental income (2) | 101.6 | | 99.4 | | 438.4 | | 425.7 |
| Annual membership subscriptions | 16.6 | | 16.5 | | 65.9 | | 65.4 |
| Membership upgrade sales | 4.3 | | 3.9 | | 16.4 | | 14.7 |
| Utility and other income (2)(3) | 38.4 | | 34.2 | | 144.8 | | 141.2 |
| Property operating revenues | 344.3 | | 327.7 | | 1,389.3 | | 1,330.7 |
| | | | | | | | |
| Property operating, maintenance and real estate taxes (2) | 132.5 | | 130.8 | | 567.7 | | 552.1 |
| Membership sales and marketing | 4.2 | | 5.0 | | 22.1 | | 21.0 |
| Property operating expenses, excluding property management (1) | 136.7 | | 135.8 | | 589.8 | | 573.1 |
| Income from property operations, excluding property management (1) | $ 207.6 | | $ 191.9 | | $ 799.5 | | $ 757.6 |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Manufactured home site figures and occupancy averages: | | | | | | | |
| Total sites | 73,075 | | 72,825 | | 73,023 | | 72,752 |
| Occupied sites | 69,007 | | 68,879 | | 68,972 | | 68,834 |
| Occupancy % | 94.4 % | | 94.6 % | | 94.5 % | | 94.6 % |
| Monthly base rent per site | $ 870 | | $ 824 | | $ 858 | | $ 810 |
| | | | | | | | |
| RV and marina base rental income: | | | | | | | |
| Annual | $ 78.4 | | $ 75.4 | | $ 308.0 | | $ 291.5 |
| Seasonal | 12.1 | | 12.6 | | 56.9 | | 58.6 |
| Transient | 11.1 | | 11.4 | | 73.5 | | 75.6 |
| Total RV and marina base rental income | $ 101.6 | | $ 99.4 | | $ 438.4 | | $ 425.7 |
| | |
| ______________________ | |
| 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 5. Bad debt expense is presented in Property operating, maintenance and real estate taxes in this table. |
| 3. | Includes approximately $1.8 million and $0.9 million of business interruption income from Hurricane Ian during the quarters ended December 31, 2024 and December 31, 2023, respectively and $7.6 million and $10.6 million for the years ended December 31, 2024 and December 31, 2023, respectively. |
| Core Income from Property Operations (1) | |||||||||||
| | |||||||||||
| (In millions, except occupancy figures, unaudited) | |||||||||||
| | |||||||||||
| | Quarters Ended December 31, | | Years Ended December 31, | ||||||||
| | 2024 | | 2023 | | Change (2) | | 2024 | | 2023 | | Change (2) |
| MH base rental income | $ 179.9 | | $ 170.1 | | 5.8 % | | $ 709.4 | | $ 668.5 | | 6.1 % |
| Rental home income | 3.4 | | 3.5 | | (2.2) % | | 13.7 | | 14.6 | | (6.3) % |
| RV and marina base rental income | 98.7 | | 96.0 | | 2.7 % | | 425.8 | | 413.5 | | 3.0 % |
| Annual membership subscriptions | 16.4 | | 16.7 | | (1.8) % | | 65.5 | | 65.3 | | 0.3 % |
| Membership upgrade sales | 4.2 | | 3.9 | | 9.1 % | | 16.4 | | 14.7 | | 11.5 % |
| Utility and other income | 32.9 | | 30.6 | | 7.5 % | | 129.9 | | 121.2 | | 7.2 % |
| Property operating revenues | 335.5 | | 320.8 | | 4.6 % | | 1,360.7 | | 1,297.8 | | 4.8 % |
| | | | | | | | | | | | |
| Utility expense | 37.6 | | 36.2 | | 3.8 % | | 156.7 | | 152.8 | | 2.5 % |
| Payroll | 27.4 | | 27.3 | | 0.4 % | | 117.5 | | 118.2 | | (0.6) % |
| Repair & maintenance | 18.9 | | 18.9 | | — % | | 91.7 | | 92.4 | | (0.7) % |
| Insurance and other (3) | 25.4 | | 24.2 | | 5.4 % | | 108.8 | | 101.5 | | 7.2 % |
| Real estate taxes | 19.8 | | 21.5 | | (7.8) % | | 80.4 | | 76.5 | | 5.1 % |
| Membership sales and marketing | 4.2 | | 4.9 | | (15.5) % | | 22.0 | | 21.0 | | 5.0 % |
| Property operating expenses, excluding property management (1) | 133.3 | | 133.0 | | 0.3 % | | 577.1 | | 562.4 | | 2.6 % |
| Income from property operations, excluding property management (1) | $ 202.2 | | $ 187.8 | | 7.6 % | | $ 783.6 | | $ 735.4 | | 6.5 % |
| | | | | | | | | | | | |
| Occupied sites (4) | 68,923 | | 68,885 | | | | | | | | |
| | |
| _____________________ | |
| 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 December 31, | | | | Years Ended December 31, | | | ||||
| | 2024 | | 2023 | | | | 2024 | | 2023 | | |
| Core manufactured home site figures and occupancy averages: | | | | | | | | | | | |
| Total sites | 72,660 | | 72,512 | | | | 72,609 | | 72,478 | | |
| Occupied sites | 68,946 | | 68,820 | | | | 68,913 | | 68,776 | | |
| Occupancy % | 94.9 % Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend | ||||||||||