2023-04-17 17:25:18 ET
Equity LifeStyle Properties ( NYSE: ELS ) said Monday it expects second-quarter profit to slide from Q1, in which funds from operations per share matched Wall Street expectations.
The single-family residential REIT sees Q2 adjusted FFO of $0.62-$0.68, compared with the consensus of $0.66. Property operating revenues are expected to grow 5.5%-6.1%, while property operating expense growth is anticipated to be 10.0%-10.6%.
For the first quarter ended March 31, the company turned in adjusted FFO of $0.74, matching the average analyst estimate, up from $0.65 in Q4 and from $0.69 in Q3.
Q1 rental income of $296.5M, accounting for 80% of the company's total revenue, climbed from $285.1M in the year-ago quarter.
Manufactured home base rental income was $164.6M vs. $157.3M in Q1 2022. RV and marina base rental income of $111.6M vs. $108.8M in the year-earlier period.
Total expenses were $281.4M compared with $273.3M a year before.
Adjusted EBITDAre of $176.7M rose from $159.2M in Q4 and from $166.4M in Q3.
Conference call on April 18 at 10:00 a.m. ET.
Earlier, Equity LifeStyle Properties FFO in-line, revenue beats, Q2 guidance in line with consensus .
For further details see:
Equity LifeStyle matches Q1 profit estimates as rental revenue edges up