Equity LifeStyle Properties ( NYSE: ELS ) stock has climbed 4.2% in Monday after-hours after the REIT posted better than expects Q3 earnings even as the company reduced its full-year guidance due to damage caused by Hurricane Ian at some of its properties.
The owner of manufactured housing communities, RV parks, and marinas now expects 2022 normalized FFO per share of $2.64-$2.70, down from its prior range of $2.68-$2.78. That's less than the $2.73 per share consensus.
The most significant damage occurred at six properties in or near the Fort Myers, Florida, area. The company decided that the storm-related damage to certain assets supported a $3.7M reduction to the carrying value of those assets. It expects that teh costs to restore the damaged assets will be included in its insurance claim.
Q3 normalized FFO per share of $0.70, beating the $0.69 consensus, increased from $0.64 in Q2 2022 and from $0.65 in Q3 2021.
Q3 adjusted EBIITDAre of $134.4M dropped from $153.3M in Q2 and $150.8M in Q2 2021.
Q3 total revenue of $381.0M, vs. $375.2M consensus, rose from $365.3M in the prior quarter and $347.2M in the year-ago quarter.
Income from property operations, excluding deferrals and property management, was $183.9M, increasing from $174.8M in the previous quarter and $172.8M a year ago.
Manufactured housing occupancy rate was 95.3% vs. 94.9% in the previous quarter. Monthly base rent per site increased to $760 from $759 in Q2 2022 and $725 in Q3 2021.
RV and marina base rental income of $109.9M rose from $98.3M in the prior quarter and $100.6M in the year-ago quarter.
Conference call on Oct. 18 at 11:00 AM ET.
Earlier, Equity Lifestyle Properties FFO of $0.70 beats by $0.01, revenue of $380.97M beats by $5.81M
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Equity LifeStyle Q3 earnings beat consensus even with hurricane damage