ELS - Equity LifeStyle posts Q2 revenue beat guidance aligns with consensus
2023-07-17 16:44:00 ET
Equity LifeStyle Properties ( NYSE: ELS ) stock slid 3% in Monday after-hours trading even after its second-quarter revenue topped the consensus estimate and drifted up from a year ago. Normalized FFO per share, meantime rose from the same period of last year, though matched expectations.
The single-family residential REIT also released its outlook for Q3 and the full year, largely falling in line with estimates. For Q3, it sees normalized FFO per share of $0.68-$0.74, vs. $0.72 consensus.
And, for 2023, it expects normalized FFO of $2.80-$2.90 a share, compared with the $2.85 average analyst estimate.
Turning to Q2 results, normalized FFO per share of $0.66 nudged up from $0.64 in the year-earlier quarter. Revenue of $370M, exceeding the $350.9M consensus, increased from $365.3M.
Total expenses were $304.9M, up from $302M a year before.
During the quarter ended June 30, ELS sold 226 new homes with an average sales price of $102K, down from 365 new home sales in the same period of last year.
Conference call on July 18 at 10:00 a.m. ET.
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Equity LifeStyle posts Q2 revenue beat, guidance aligns with consensus