ELS Reports Year-End 2022 Revenue Growth of 9.9%

RV Business

Equity LifeStyle Properties Inc. (ELS) has announced that total revenues increased by $5.3 million during the company’s fourth quarter which ended on Dec. 31. Total revenues for 2022 increased by $130.7 million, according to the company.

Financial Results for the Quarter and Year Ended Dec. 31

For the quarter that ended Dec. 31, total revenues increased $5.3 million, or 1.6%, to $340.6 million, compared to $335.3 million for the same period in 2021. For the quarter that ended Dec. 31, net income available for Common Stockholders increased $7.5 million, to $73 million, or $0.39 per Common Share, compared to $65.5 million, or $0.36 per Common Share, for the same period in 2021.

For the year ended Dec. 31, total revenues increased $130.7 million, or 9.9%, to $1,447.1 million, compared to $1,316.4 million for the same period in 2021. For the year ended Dec. 31, net income available for Common Stockholders increased $22.1 million, or $0.10 per Common Share, to $284.6 million, or $1.53 per Common Share, compared to $262.5 million, or $1.43 per Common Share, for the same period in 2021.

Non-GAAP Financial Measures and Portfolio Performance

For the quarter that ended Dec.r 31, Funds from Operations (FFO) available for Common Stock and OP Unit holders increased $3.6 million, or $0.01 per Common Share, to $126.6 million, or $0.65 per Common Share, compared to $123.0 million, or $0.64 per Common Share, for the same period in 2021. For the year ended Dec. 31, FFO available for Common Stock and OP Unit holders increased $38.0 million, or $0.16 per Common Share, to $523.6 million, or $2.68 per Common Share, compared to $485.6 million, or $2.52 per Common Share, for the same period in 2021.

For the quarter that ended Dec. 31, Normalized Funds from Operations (Normalized FFO) available for Common Stock and OP Unit holders increased $4.6 million, or $0.02 per Common Share, to $128.1 million, or $0.66 per Common Share, compared to $123.6 million, or $0.64 per Common Share, for the same period in 2021. For the year ended Dec. 31, the Normalized FFO available for Common Stock and OP Unit holders increased $42.7 million, or $0.19 per Common Share, to $531.6 million, or $2.72 per Common Share, compared to $489.0 million, or $2.53 per Common Share, for the same period in 2021.

For the quarter that ended Dec. 31, property operating revenues, excluding deferrals, increased $9.8 million to $306.4 million, compared to $296.6 million for the same period in 2021. For the year ended Dec. 31, property operating revenues, excluding deferrals, increased $91.9 million to $1,277.5 million, compared to $1,185.6 million for the same period in 2021. For the quarter that ended Dec. 31, income from property operations, excluding deferrals and property management, increased $8.2 million to $180.6 million, compared to $172.4 million for the same period in 2021. For the year ended Dec. 31, income from property operations, excluding deferrals and property management, increased $49.9 million to $731.9 million, compared to $682 million for the same period in 2021.

For the quarter that ended Dec. 31, Core property operating revenues, excluding deferrals, increased by approximately 5.1% and Core income from property operations, excluding deferrals and property management, increased by approximately 7.3%, compared to the same period in 2021. For the year ended Dec. 31, Core property operating revenues, excluding deferrals, increased by approximately 6.1% and Core income from property operations, excluding deferrals and property management, increased by approximately 5.7%, compared to the same period in 2021.

Business Updates

Investment Activity

In November 2022, ELS acquired an 80% interest in a joint venture with RVC Outdoor Destinations for a total purchase price of $2.4 million. The joint venture owns one RV property under construction located in Sandusky, Ohio.

In November 2022, ELS acquired a 50% interest in a joint venture with Kampgrounds of America for a total purchase price of $5.1 million. The joint venture owns and operates, through its wholly-owned subsidiary, Bald Mountain RV LLC, a 283-site RV community located in Hiawassee, Ga.

In December 2022, ELS completed the acquisition of Whippoorwill, a 288-site RV community located in Marmora, N.J., for a purchase price of $21.8 million.

2023 Dividends

The ELS Board of Directors has approved setting the annual dividend rate for 2023 at $1.79 per share of Common Stock, an increase of 9.1%, or $0.15, over the current $1.64 per share of Common Stock for 2022. The ELS Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.

Source: https://rvbusiness.com/els-reports-year-end-2022-revenue-growth-of-9-9/