ELS - Equity LifeStyle: Rising Costs Weigh On Q4 Property Income Shares Fairly Valued
2024-01-30 18:02:32 ET
Summary
- Equity LifeStyle Properties, owner of a portfolio of manufactured home communities, RV resorts, and other recreational properties, just reported its Q4 operating results.
- While the company grew core property income, rising real estate taxes and insurance costs took a bite out of the company’s overall results.
- Guidance for 2024 suggests a more controlled cost environment, though I am less optimistic, given the continued stickiness in insurance costs.
- I remain neutral on shares despite its outperformance relative to peers.
Manufactured home (“MH”) and recreational community owner, Equity LifeStyle Properties ( ELS ), just reported its quarterly and year end results for fiscal 2023. Market reaction was muted in Monday's after-hour trading session immediately following the release....
Equity LifeStyle: Rising Costs Weigh On Q4 Property Income, Shares Fairly Valued