2024-07-23 19:00:21 ET
Equity LifeStyle Properties, Inc. (ELS)
Q2 2024 Earnings Conference Call
July 23, 2024, 11:00 AM ET
Company Participants
Marguerite Nader - President and CEO
Patrick Waite - EVP and COO
Paul Seavey - EVP and CFO
Conference Call Participants
Josh Dennerlein - BofA
Eric Wolfe - Citi
Brad Heffern - RBC
Keegan Carl - Wolfe Research
Samir Khanal - Evercore
James Feldman - Wells Fargo
Wes Golladay - Baird
Michael Goldsmith - UBS
John Kim - BMO Capital Markets
David Segall - Green Street Advisors
Presentation
Operator
Good day, everyone, and thank you for joining us to discuss Equity LifeStyle Properties Second Quarter 2024 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 our supplement and 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'd 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 results for the second quarter of 2024. Our performance exceeded our expectations. For the first six months of 2024, we have seen an increase in NOI of 6.4% as compared to last year. We focus on translating NOI growth to normalized FFO growth. Our normalized FFO growth year-to-date is 5.9%, driven by continued strength in our annual revenue and reduced expenses throughout our portfolio. The strength of our portfolio results and our balance sheet allow us to increase full-year guidance for the second time this year. We have raised full-year guidance for normalized FFO to $2.91 at the midpoint....
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Equity LifeStyle Properties, Inc. (ELS) Q2 2024 Earnings Call Transcript