Equity Lifestyle (ELS) reports 1Q earnings, ups 2022 guidance.
Equity Lifestyle Properties (ELS) reported 1Q'22 earnings today. Highlights from the earnings release and supplemental include:
Equity Lifestyle Properties, Inc. (ELS) is one of the largest owners of manufactured housing and RV properties in the United States and Canada. The company's portfolio comprises 446 properties in 35 states and British Columbia with 170,000 individual land sites. As of March 31, 2022, ELS had a total market capitalization of approximately $18 billion.
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- First quarter Core FFO increased 13.8% to $0.72/share.
- Increased 2022 revenue guidance for both MH and RV segments. 2022 Core FFO now $2.73/share vs. $2.69 prior midpoint.
- Acquired two RV properties for $15.9 million (632 total sites).
- Closed on a $200 million unsecured term loan due 2027 and reduced revolver borrowings.
- Declared a regular 1Q dividend of $0.41/share (64% AFFO payout ratio).
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Equity Lifestyle Properties, Inc. (ELS) is one of the largest owners of manufactured housing and RV properties in the United States and Canada. The company's portfolio comprises 446 properties in 35 states and British Columbia with 170,000 individual land sites. As of March 31, 2022, ELS had a total market capitalization of approximately $18 billion.
04/18/2022