ELS - Equity LifeStyle Properties Inc. (ELS) Q4 2023 Earnings Call Transcript
2024-01-30 14:04:04 ET
Equity LifeStyle Properties, Inc. (ELS)
Q4 2023 Results Conference Call
January 30, 2024 11:00 AM ET
Company Participants
Marguerite Nader - President, CEO
Patrick Waite - EVP, COO
Paul Seavey - EVP, CFO
Conference Call Participants
Brad Heffern - RBC
David Toti - Colliers Securities
Eric Wolfe - Citi
Jamie Feldman - Wells Fargo
John Kim - BMO Capital Markets
Josh Dennerlein - Bank of America
Michael Goldsmith - UBS
Nick Joseph - Citi
Samir Khanal - Evercore ISI
Presentation
Operator
Good day, everyone, and thank you all for joining us to discuss Equity LifeStyle Properties Fourth Quarter and Full Year 2023 results. Our featured speakers today are Marguerite Nader, our President and CEO; Paul Seavey, our Executive Vice President and CFO; and Patrick Waite, our Executive Vice President and COO.
In advance of today's call, management released earnings. Today's call will consist of opening remarks and a question-and-answer session with management relating to the company's earnings release. [Operator Instructions] As a reminder, this call is being recorded.
Certain matters discussed during this conference call may contain forward-looking statements in the meaning of the federal securities laws. Our forward-looking statements are subject to certain economic risks and uncertainties. The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events.
In addition, during today's call, we will discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release, our supplemental information and our historical SEC filings.
At this time, I would like to turn the call over to Marguerite Nader, our President and CEO.
Marguerite Nader
Good morning, and thank you for joining us today. I am pleased to report the final results for 2023. The strength of ELS can be seen in all facets of our business. We continued our record of strong core operations and FFO growth with full year growth in NOI of 5% and a 4.7% increase in normalized FFO per share. Our MH portfolio is 95% occupied. Importantly, more than 96% of our MH sites are occupied by homeowners. The underlying customer demand remains solid, and core operating revenue increased by 5.8% for the full year 2023 compared to 2022....
Equity LifeStyle Properties, Inc. (ELS) Q4 2023 Earnings Call Transcript