Equity LifeStyle Properties ( NYSE: ELS ) on Monday reported stronger-than-expected Q4 results , driven by rental income growth across its properties.
Normalized FFO/share was $0.66 vs. $0.64 in Q4 2021. Consensus estimate is $0.61. Total revenue increased 1.6% Y/Y to $340.6M vs. consensus estimate of $336.80M.
Core property operating revenue, excluding deferrals, grew ~5.1% and core income from property operations, excluding deferrals and property management, rose ~7.3%.
Manufactured home base rental income rose 4% to $158.9M, with core manufactured home site occupancy flat at 95.1%. RV and marina base rental income grew 3.3% to $92.6M
Equity LifeStyle ( ELS ) expects Q1 normalized FFO/share of $0.70-$0.76 vs. consensus estimate of $0.75. Manufactured home base rental income is estimated to grow 6%-6.6% Y/Y, while RV and marina base rental income is expected to increase 5.8%-6.4%.
2023 normalized FFO/share is projected to be $2.79-$2.89 vs. consensus estimate of $2.81. The REIT expects manufactured home base rental income growth of 6%-7%, and RV and marina base rental income growth of 5.7%-6.7%.
Shares of Equity LifeStyle ( ELS ) -0.09% after hours.
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Equity LifeStyle posts Q4 earnings beat on rental income growth across properties