Equity LifeStyle ( ELS ) Q2 FFO per share increased from the year-ago quarter and exceeded Wall Street estimates as revenue from its manufactured home and RV and marina communities also climbed.
With that strength, the company reaffirmed FY 2022 guidance for normalized FFO per share of $2.68-$2.78; consensus estimate is $2.75. It also expects core portfolio income from property operations, excluding deferral and property management growth rate, of 5.6%-6.6% vs. prior range of 6.3%-7.3%.
For Q3, ELS expects normalized FFO per share of $0.66-$0.72 vs. consensus of $0.70; sees core portfolio income from property operations, excluding deferrals and property management growth, of 4.7%-5.3%.
Q2 normalized FFO per share of $0.64 vs. $0.44 consensus, $0.72 in Q1 and $0.61 in the year-ago quarter.
Q2 adjusted EBITIDAre of $153.3M fell from$168.4M in Q1 and increased from $144.6M in Q2 2021.
Q2 total revenue of $365.3M, topping consensus of $331.3M, increased from $360.2M in Q1 and $330.1M in the year-ago quarter.
Income from property operations, excluding deferrals and property management, was $174.8M vs. $192.6M in the prior quarter and $166.5M in the year-ago quarter.
Manufactured housing occupancy rate of 94.9% ticked up from 94.8% in the previous quarter, while monthly base rent per site rose to $759 from $753 in Q1 2022 and from $719 in Q2 2021.
RV and marina base rental income of $98.3M from $108.8M in the prior quarter and $89.0M in the year-ago quarter.
Conference call on July 19 at 11:00 AM ET.
Earlier, Equity LifeStyle Properties FFO of $0.64 misses by $0.01, revenue of $365.31M beats by $34.02M
For further details see:
Equity LifeStyle earnings beat consensus; 2022 guidance reaffirmed