CHICAGO – Equity LifeStyle Properties, Inc. (NYSE: ELS) announced results for the quarter ended March 31. ELS is a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago. As of April 21, 2025, we own or have an interest in 455 properties in 35 states and British Columbia consisting of 173,340 sites.
All per share results are reported on a fully diluted basis unless otherwise noted.
Operations Update
Normalized FFO per Common Share and OP Unit for the quarter ended March 31, 2025 was $0.83, representing a 6.7% increase compared to the same period in 2024, performing at the midpoint of our previous guidance range of $0.80 to $0.86. Core property operating revenues increased 2.9%, Core property operating expense increased 1.5% and Core income from property operations, excluding property management increased 3.8% for the quarter ended March 31, 2025, each as compared to the same period in 2024.
MH
Core MH base rental income for the quarter ended March 31, 2025 increased 5.5% compared to the same period in 2024, which reflects 5.7% growth from rate increases and a 0.2% decline in occupancy, primarily due to resident homes damaged by storms in late 2024 in approximately six Florida communities. We sold 117 new homes during the quarter ended March 31, 2025. The average sales price of new homes sold during the quarter ended March 31, 2025, was approximately $81,000.
RV and Marina
Core RV and marina base rental income for the quarter ended March 31, 2025 was in line with previous guidance. Core RV and marina annual base rental income increased 4.1% for the quarter ended March 31, 2025, compared to the same period in 2024.
Property Operating Expenses
We completed our property and casualty insurance renewal as of April 1, 2025 with a premium decrease of approximately 6.1%, compared to the prior year.
Conference Call
A live audio webcast of our conference call discussing these results will take place at 10 a.m. Central Time, Tuesday, April 22. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.
For additional information, please contact the Investor Relations Department at (800) 247-5279 or at investor_relations@equitylifestyle.com.