The following is a summary of the Equity LifeStyle Properties, Inc. (ELS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Equity LifeStyle Properties reported a 7.1% increase in core Net Operating Income (NOI), driven by growth in manufactured housing rates and expense control.

• The company achieved normalized FFO of $0.78 per share in Q1, aligning with its guidance.

• It experienced a 5.8% increase in both its core community-based and resort and marina-based rental incomes.

• There is a upgraded full year normalized FFO guidance to $2.89 per share at the midpoint of its guidance range.

• The balance sheet is solid with a term to maturity average of nine years and only 18% debt is subject to refinance risk.

• The company has secured diverse debt terms and has approximately $470 million available on its credit line.

Business Progress:

• Equity LifeStyle Properties reports strong results with high-demand locations, strong balance sheet, and lack of new supply.

• A 14% increase in the dividend over 10 years against the REIT average of 5.5% has been noted.

• The Occupancy rate for ELS properties are high, contributing 60% to the total revenue which stands at 95%

• The company has grown its social media followers by averaging 19% annually and currently has around two million followers.

• The company increased homeowners by 123 sites in the quarter.

• New home investment resulted in 8.5% more sales than the previous year and over 100% than pre-COVID times in Q1 2019.

• On insurance front, renewals achieved at an increase of 9%, which was less than expected due to a positive claims history.

• Expansion plans to develop around 700-800 new sites in the upcoming year, with over 1,100 sites currently under construction.

• The company is aiming to acquire more assets and has been having discussions with asset owners.

• Despite increased demand, the company has not faced much resistance to increasing membership upgrade prices.

• The recent improvement in the RV market is expected to boost the company's membership growth.

More details: Equity Lifestyle Properties Inc IR

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