ELS Reports Second Quarter Results
Continued Strong Performance
CHICAGO, July 21, 2025 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE:ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and six months ended June 30, 2025. All per share results are reported on a fully diluted basis unless otherwise noted.
FINANCIAL RESULTS
($ in millions, except per share data)
Quarters Ended June 30,
2025
2024
$ Change
% Change (1)
Net Income per Common Share
$ 0.42
$ 0.42
$ ,
(0.7) %
Funds from Operations ("FFO") per Common Share and OP Unit
$ 0.69
$ 0.69
$ ,
0.3 %
Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit
$ 0.69
$ 0.66
$ 0.03
4.7 %
Six Months Ended June 30,
2025
2024
$ Change
% Change (1)
Net Income per Common Share
$ 0.99
$ 1.01
$ (0.02)
(2.0) %
FFO per Common Share and OP Unit
$ 1.52
$ 1.55
$ (0.03)
(1.4) %
Normalized FFO per Common Share and OP Unit
$ 1.52
$ 1.44
$ 0.08
5.7 %
_____________________
1. Calculations prepared using actual results without rounding.
Operations Update
Normalized FFO per Common Share and OP Unit for the quarter ended June 30, 2025 was $0.69, representing a 4.7% increase compared to the same period in 2024, performing at the midpoint of our previous guidance range of $0.66 to $0.72. Normalized FFO for the six months ended June 30, 2025 was $1.52 per Common Share and OP Unit, representing a 5.7% increase compared to the same period in 2024, performing at the midpoint of our previous guidance. Core property operating revenues increased 3.5%, Core property operating expenses were flat and Core income from property operations, excluding property management, increased 6.4% for the quarter ended June 30, 2025, each as compared to the same period in 2024. For the six months ended June 30, 2025, Core property operating revenues increased 3.2%, Core property expense increased 0.7% and Core income from property operations, excluding property management, increased 5.0%, each as compared to the same period in 2024.
MH
Core MH base rental income for the quarter ended June 30, 2025 increased 5.5% compared to the same period in 2024. We sold 116 new homes during the quarter ended June 30, 2025. Core MH base rental income for the six months ended June 30, 2025 increased 5.5% compared to the same period in 2024. We sold 233 new homes during the six months ended June 30, 2025.
RV and Marina
Core RV and marina base rental income for the quarter ended June 30, 2025 increased 0.7% compared to the same period in 2024. Core RV and marina annual base rental income increased 3.7% for the quarter ended June 30, 2025 compared to the same period in 2024. Core RV and marina base rental income for the six months ended June 30, 2025 increased 0.4% compared to the same period in 2024. Core RV and marina annual base rental income increased 3.9% for the six months ended June 30, 2025 compared to the same period in 2024.
Property Operating Expenses
Core property operating expenses, excluding property management, for the quarter ended June 30, 2025 were flat compared to the same period in 2024 and lower compared to the previous guidance. For the six months ended June 30, 2025, Core property operating expenses, excluding property management, increased 0.7% compared to the same period in 2024.
Balance Sheet Activity
During the quarter, we entered into a $240.0 million unsecured term loan agreement (the "Term Loan") and drew $150.0 million and $90.0 million in May 2025 and July 2025, respectively. The Term Loan bears interest at a rate of SOFR plus 1.20% and matures on May 15, 2030. We also repaid $86.9 million of principal on eight mortgage loans which had a weighted average interest rate of 3.45% per annum and were secured by four RV communities and four MH communities. The payment represents all debt maturing in 2025. In July 2025, we repaid $90.0 million on amounts outstanding on our line of credit.
In connection with the Term Loan, we entered into six swap agreements (the "2025 Swaps") with an aggregate notional value of $240.0 million and a weighted average fixed interest rate of 4.74% per annum. The 2025 Swaps mature on May 15, 2030.
Guidance Update (1)
($ in millions, except per share data)
2025
Third Quarter
Full Year
Net Income per Common Share
$0.46 to $0.52
$1.94 to $2.04
FFO per Common Share and OP Unit
$0.72 to $0.78
$3.01 to $3.11
Normalized FFO per Common Share and OP Unit
$0.72 to $0.78
$3.01 to $3.11
2024 Actual
2025 Growth Rates
Core Portfolio:
Third Quarter
Full Year
Third Quarter
Full Year
MH base rental income
$ 178.1
$ 709.4
5.0% to 5.6%
4.9% to 5.9%
RV and marina base rental income (2)
$ 111.2
$ 426.9
-0.1% to 0.5%
0.6% to 1.6%
Property operating revenues
$ 347.9
$ 1,361.8
2.8% to 3.4%
2.8% to 3.8%
Property operating expenses, excluding property management
$ 154.3
$ 577.6
0.6% to 1.2%
0.7% to 1.7%
Income from property operations, excluding property management
$ 193.6
$ 784.2
4.6% to 5.2%
4.5% to 5.5%
Non-Core Portfolio:
2025 Full Year
Income from property operations, excluding property management
$7.6 to $11.6
Other Guidance Assumptions:
2025 Full Year
Property management and general administrative
$115.8 to $121.8
Other income and expenses
$26.5 to $32.5
Debt assumptions:
Weighted average debt outstanding
$3,170 to $3,370
Interest and related amortization
$129.0 to $135.0
______________________
1.
Third 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 70.8% and 72.6% of third quarter 2025 and full year 2025 RV and marina base rental income guidance, respectively. Core RV and marina annual revenue third quarter 2025 growth rate range is 4.0% to 4.6% and the full year 2025 growth rate range is 3.8% to 4.8%.
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of July 21, 2025, we own or have an interest in 455 properties in 35 states and British Columbia consisting of 173,340 sites.
For additional information, please contact our Investor Relations Department at (800) 247-5279 or at
Conference Call
A live audio webcast of our conference call discussing these results will take place tomorrow, Tuesday, July 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
June 30, 2025
Mar 31, 2025
Dec 31, 2024
Sep 30, 2024
June 30, 2024
Operating Information
Total revenues
$ 376.9
$ 387.3
$ 372.3
$ 387.3
$ 380.0
Consolidated net income
$ 83.5
$ 114.4
$ 100.6
$ 86.9
$ 82.1
Net income available for Common Stockholders
$ 79.7
$ 109.2
$ 96.0
$ 82.8
$ 78.3
Adjusted EBITDAre
$ 170.0
$ 197.6
$ 182.8
$ 176.8
$ 164.3
FFO available for Common Stock and OP Unit holders
$ 138.3
$ 166.7
$ 153.0
$ 140.9
$ 134.7
Normalized FFO available for Common Stock and OP Unit holders
$ 137.7
$ 166.7
$ 151.2
$ 140.5
$ 128.5
Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders
$ 115.2
$ 150.5
$ 122.6
$ 120.7
$ 108.3
Common Shares and OP Units Outstanding (In thousands) and Per Share Data
Common Shares and OP Units, end of the period
200,272
200,248
200,160
195,617
195,621
Weighted average Common Shares and OP Units outstanding - Fully Diluted
200,095
200,074
200,021
195,510
195,465
Net income per Common Share - Fully Diluted (3)
$ 0.42
$ 0.57
$ 0.50
$ 0.44
$ 0.42
FFO per Common Share and OP Unit - Fully Diluted
$ 0.69
$ 0.83
$ 0.76
$ 0.72
$ 0.69
Normalized FFO per Common Share and OP Unit - Fully Diluted
$ 0.69
$ 0.83
$ 0.76
$ 0.72
$ 0.66
Dividends per Common Share
$ 0.5150
$ 0.5150
$ 0.4775
$ 0.4775
$ 0.4775
Balance Sheet
Total assets
$ 5,721
$ 5,642
$ 5,646
$ 5,644
$ 5,645
Total liabilities
$ 3,908
$ 3,809
$ 3,822
$ 4,149
$ 4,135
Market Capitalization
Total debt (4)
$ 3,273
$ 3,199
$ 3,230
$ 3,502
$ 3,499
Total market capitalization (5)
$ 15,624
$ 16,556
$ 16,561
$ 17,457
$ 16,240
Ratios
Total debt / total market capitalization
20.9 %
19.3 %
19.5 %
20.1 %
21.5 %
Total debt / Adjusted EBITDAre(6)
4.5
4.4
4.5
5.0
5.1
Interest coverage (7)
5.6
5.4
5.2
5.1
5.1
Fixed charges (8)
5.5
5.3
5.2
5.0
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 $26.0 million as of June 30, 2025.
5.
See page 14 for the calculation of market capitalization as of June 30, 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)
June 30, 2025
December 31, 2024
(unaudited)
Assets
Investment in real estate:
Land
$ 2,088,606
$ 2,088,682
Land improvements
4,680,281
4,582,815
Buildings and other depreciable property
1,259,620
1,244,193
8,028,507
7,915,690
Accumulated depreciation
(2,737,656)
(2,639,538)
Net investment in real estate
5,290,851
5,276,152
Cash and restricted cash
33,008
24,576
Notes receivable, net
100,269
50,726
Investment in unconsolidated joint ventures
88,372
83,772
Deferred commission expense
57,847
56,516
Other assets, net
150,536
153,910
Total Assets
$ 5,720,883
$ 5,645,652
Liabilities and Equity
Liabilities:
Mortgage notes payable, net
$ 2,810,199
$ 2,928,292
Term loans, net
347,046
199,344
Unsecured line of credit
90,000
77,000
Accounts payable and other liabilities
170,829
159,225
Deferred membership revenue
228,075
229,301
Accrued interest payable
10,636
10,679
Rents and other customer payments received in advance and security deposits
148,006
122,448
Distributions payable
103,140
95,577
Total Liabilities
$ 3,907,931
$ 3,821,866
Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024; none issued and outstanding
—
—
Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 191,211,213 and 191,056,527 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
1,962
1,962
Paid-in capital
1,953,854
1,951,430
Distributions in excess of accumulated earnings
(222,992)
(214,979)
Accumulated other comprehensive income/(loss)
(2,010)
2,303
Total Stockholders' Equity
1,730,814
1,740,716
Non-controlling interests, Common OP Units
82,138
83,070
Total Equity
1,812,952
1,823,786
Total Liabilities and Equity
$ 5,720,883
$ 5,645,652
Consolidated Statements of Income
(In thousands, unaudited)
Quarters Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Revenues:
Rental income
$ 313,287
$ 300,788
$ 640,493
$ 617,386
Annual membership subscriptions
16,902
16,369
33,244
32,584
Membership upgrade revenue
3,120
4,050
6,172
7,997
Other income
16,473
16,197
32,028
31,746
Gross revenues from home sales, brokered resales and ancillary services
22,798
37,565
43,721
67,618
Interest income
2,202
2,420
4,440
4,588
Income from other investments, net
2,084
2,630
4,102
4,668
Total revenues
376,866
380,019
764,200
766,587
Expenses:
Property operating and maintenance
127,845
126,105
246,411
240,888
Real estate taxes
21,845
20,099
43,488
40,886
Membership sales and marketing
4,062
6,126
7,993
11,423
Property management
20,723
19,436
41,153
39,146
Depreciation and amortization
52,649
51,344
103,591
102,452
Cost of home sales, brokered resales and ancillary services
16,476
27,650
30,168
49,617
Home selling expenses and ancillary operating expenses
6,988
7,472
13,156
13,619
General and administrative
10,455
8,985
19,694
20,974
Casualty-related charges/(recoveries), net (1)
(541)
(6,170)
(324)
(21,013)
Other expense (2)
(59)
1,387
1,819
2,479
Interest and related amortization
32,200
36,037
63,336
69,580
Total expenses
292,643
298,471
570,485
570,051
Income before other items
84,223
81,548
193,715
196,536
Gain/(Loss) on sale of real estate and impairment, net
(683)
—
(683)
—
Equity in income of unconsolidated joint ventures
(47)
579
4,854
862
Consolidated net income
83,493
82,127
197,886
197,398
Income allocated to non-controlling interests, Common OP Units
(3,777)
(3,822)
(8,978)
(9,188)
Redeemable perpetual preferred stock dividends
(8)
(8)
(8)
(8)
Net income available for Common Stockholders
