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- **Revenue Resilience**: Q3 FFO growth 4.6%, core NOI up 5.3% despite 13.3% seasonal/transient decline.
- **Rent Growth Momentum**: 5.1% 2026 MH and RV rent increases, 6% Q3 rent growth driving revenue.
- **Canadian Headwinds**: 40% drop in seasonal reservations, $2.7M Q4 impact offset by U.S. customer shift.
- **Balance Sheet Strength**: 4.5x debt-to-EBITDA, $1B capital access for expansion.
- **Digital Strategy Success**: 46M social media impressions, 100% occupancy in new Florida expansion phase.

**【CEO Summary Section】**
- Delivered Q3 2025 normalized FFO growth of 4.6%, in line with expectations.
- MH portfolio highlights: 7 million homes housing 18 million people (6% of U.S. housing), targeting Baby Boomers and Gen X with affordable, amenitized communities.
- 2026 rent increases: 5.1% for 50% of MH residents and similar for RVs, positioning for revenue growth.

**【CFO Financial Commentary】**
- Q3 2025 normalized FFO: $0.75 per share, core NOI growth 5.3% driven by 6% rent growth.
- Core RV and Marina income up 3.9%; seasonal/transient revenue down 13.3% due to Canadian reservation decline.
- Full-year FFO guidance: $3.06 per share (midpoint), MH rent growth 5-6%, RV -0.2% to +0.8%.
- Expense growth: 1.4% for 2025, balanced against revenue headwinds.
- Strong balance sheet: 4.5x debt-to-EBITDA, $1 billion capital access.

**【Q&A Highlights】**
- **Canadian Impact**: 40% decline in seasonal/transient reservations, affecting $2.7 million of Q4 revenue.
- **Strategic Response**: Shifting focus to U.S. customers for Sunbelt properties, leveraging digital marketing (46M social media impressions).
- **Occupancy Outlook**: MH occupancy improving post-hurricane recovery, RV annual sites filled 476 in Q3.
- **Expense Management**: 1.4% expense growth driven by payroll efficiency, insurance savings, and real estate tax relief.
- **Political Risks**: Canadian customers cautious due to U.S.-Canada relations, though annual RV customers remain stable.

Equity LifeStyle Properties, Inc. (ELS) Q3 2025 Earnings Call Transcript

- **Resilient Growth**: Core NOI +6.4% Q2 vs. +5.5% guidance, driven by 5.8% rent growth.
- **MH Dominance**: 60% of revenue from MH with 94%+ occupancy, 97% owner-occupied units reducing turnover risk.
- **RV Stability**: Annual RV revenue +3.7% Q2, offsetting 8.6% transient decline; 55 TripAdvisor awards highlight customer satisfaction.
- **Expense Control**: 190bps below guidance on expenses, with utility and payroll savings.
- **Guidance Maintained**: Full year FFO $3.06/share (midpoint), despite RV annual headwinds in Northeast.

**【CEO Opening Remarks】**
- Year-to-date NOI grew 5%, with normalized FFO per share up 5.7%.
- MH portfolio dominates revenue (60%), with 94%+ occupancy and 97% owner-occupied units reducing turnover.
- RV annual revenue up 3.9% YTD, driven by Sunbelt demand (70% of RV revenue) and 55 TripAdvisor Travelers' Choice Awards.
- Demographics support long-term demand: 70% of MH residents are seniors, aligning with aging U.S. population.

**【COO Portfolio Update】**
- MH revenue +5.5% Q2, with Florida, CA, AZ (2/3 of MH revenue) leading growth.
- 700 new homes sold in Tampa-St. Pete (FL) over 5 years; 800 in Phoenix/Mesa (AZ) over same period.
- RV transient business impacted by cool weather, but annual sites (70% RV revenue) remain stable.
- Technology (e.g., scheduling platforms) reduces overtime and operational costs.

**【CFO Financial Review】**
- Q2 normalized FFO: $0.69/share (midpoint of guidance).
- Core NOI +6.4% Q2, vs. +5.5% guidance, driven by 5.8% rent growth.
- Core RV annual base rent +3.7% Q2, offset by 5.6% seasonal/transient decline.
- Expense growth 190bps below guidance due to utility, payroll, and insurance savings.
- Full year FFO guidance maintained at $3.06/share (midpoint), with Q3 FFO $0.72-$0.78.

**【Q&A Highlights】**
- **RV Annual Challenges**: 20 properties in Northeast saw higher turnover; 2 marinas impacted by storm damage.
- **Canadian Travel**: Early bird reservation rate down 20%, but Sunbelt winter demand expected to recover.
- **Expense Flexibility**: 2/3 of expenses (utilities, payroll, R&M) track CPI, but variable costs reduced with lower transient volumes.
- **Home Sales**: New home sales 120 Q2 vs. 500-600 pre-COVID, with average price down due to mix of lower-cost inventory.
- **Membership Growth**: 5,600 paid originations Q2, up from COVID-era levels; dues-based upgrade product driving retention.


Equity LifeStyle Properties, Inc. (ELS) Q2 2025 Earnings Call Transcript

- **Q1 2025 Strong Performance**: Core NOI +3.8%, FFO per share +6.7% to $0.83.
- **MH Resilience**: 94% occupancy with 10-year average stay, 14% rent mark-to-market.
- **RV Growth**: Annual sites +4.1%, transient down 9.1% due to short booking window.
- **Hurricane Recovery**: 260 sites lost, gradual refill over 2025-2026.
- **Cost Control**: Insurance costs down 6%, OpEx growth in line with CPI.
- **Guidance Confirmed**: Full-year FFO $3.06, core NOI +4.5%-5.5%.


**【CEO Opening Remarks】**
- Q1 2025 core NOI grew 3.8% YoY, with normalized FFO per share up 6.7% to $0.83.
- Full-year FFO guidance maintained at $3.06 per share, driven by 5% core property operating income growth.
- MH portfolio occupancy remains stable at 94%, with 97% of residents being homeowners (average stay 10 years).
- RV annual site revenue grew 4.1%, outpacing transient demand which declined 9.1% YoY.

**【COO Operational Update】**
- MH occupancy impacted by Q1 hurricanes, losing 176 sites (170 in Q1, 90 in Q4 2024). Replacement homes ordered, recovery expected over 2025-2026.
- MH rent growth 5.6% YoY, with 14% mark-to-market on renewing leases.
- RV annual sites account for 75% of RV revenue, averaging $5k-$8k annual rent vs. $500k+ for vacation homes.
- 100 Days of Camping promotion generated $38M impressions in Q3 2024, targeting transient-to-annual conversions.

**【CFO Financial Review】**
- Q1 2025 normalized FFO: $0.83 per share (in-line with guidance).
- Core revenue growth: 5.5% YoY (MH rent +5.7%, RV annual +4.1%).
- Operating expenses +1.5% YoY, driven by property taxes (+2.6%).
- Insurance costs down 6% YoY, no change to deductibles or coverage.
- 2025 guidance: FFO $3.06, core NOI +4.5%-5.5%, MH rent +4.8%-5.8%.

**【Q&A Key Themes】**
- **MH Recovery**: 260 sites lost to hurricanes, gradual refill over 2 years.
- **Canadian Impact**: 10% of RV revenue from Canadians, no material impact expected in 2025.
- **Transient Weakness**: 50% of transient bookings made <30 days in advance, 2025 pacing flat vs. 2024.
- **Inflation**: OpEx growth aligned with CPI (2.4%), no major cost escalation signals.
- **Insurance**: 6% premium decline reflects strong loss history, no coverage changes.


Equity LifeStyle Properties (ELS)-22 Apr 25-2025 Q1 Earnings call transcript

- **Outstanding Growth**: 6.5% NOI and 5.9% FFO growth in 2024, exceeding industry benchmarks.
- **Dividend Leadership**: 8% dividend increase to $2.06/share, 21st consecutive year of growth.
- **Sunbelt Dominance**: Florida/AZ driving 6%+ MH/RV revenue growth, 3,000+ new sites in pipeline.
- **Financial Resilience**: 9-year debt maturity, 20% amortizing debt, $100M+ annual capital flexibility.


**【CEO Opening Remarks】**
- **2024 Full Year Performance**: Core NOI grew 6.5%, normalized FFO per share increased 5.9%, outpacing industry averages over 10 years (REIT NOI: 5.3%, FFO: 8%).
- **Balance Sheet Strength**: 9-year average debt maturity, 20% fully amortizing debt, 2027 debt maturity at 9% vs. REIT average 36%.
- **2025 Guidance**: Target 5% normalized FFO growth driven by property strength and industry trends.
- **Dividend Policy**: 8% increase to $2.06/share, supported by $100M+ discretionary capital post obligations.
- **Community Dynamics**: 97% homeowner occupancy, 9% annual home sales, transient stays as key customer acquisition channel.

**【COO Market Update】**
- **Sunbelt Growth Focus**: Florida, California, Arizona populations expected to grow 9.4%, 6.4%, 6% respectively among 55+ demographics over 5 years.
- **Market Performance**: MH/RV 5-year CAGR in Florida (6%), California (mid-4%), Arizona (mid-6%).
- **Development Pipeline**: 5,000+ sites developed (50% in Florida/AZ), 3,000+ in pipeline with 7%-10% stabilized yields.
- **Occupancy Trends**: California 98% occupied, Florida/AZ at 95% with expansion opportunities.


Equity LifeStyle Properties (ELS)-28 Jan 25-2024 Q4 Earnings call transcript

Equity LifeStyle Properties (ELS)-22 Oct 24-2024 Q3 Earnings call transcript

Equity Lifestyle Properties (ELS)-23 Jul 24-2024 Q2 Earnings call transcript

Equity Lifestyle Properties (ELS)-23 Apr 24-2024 Q1 Earnings call transcript

Equity Lifestyle Properties (ELS)-30 Jan 24-2023 Q4 Earnings call transcript

Equity Lifestyle Properties (ELS)-17 Oct 23-2023 Q3 Earnings call transcript

Equity Lifestyle Properties (ELS)-18 Jul 23-2023 Q2 Earnings call transcript

Equity Lifestyle Properties (ELS)-31 Jan 23-2022 Q4 Earnings call transcript

Equity Lifestyle Properties (ELS)-18 Oct 22-2022 Q3 Earnings call transcript

Equity Lifestyle Properties (ELS)-19 Jul 22-2022 Q2 Earnings call transcript

Equity Lifestyle Properties (ELS)-19 Apr 22-2022 Q1 Earnings call transcript

Equity Lifestyle Properties (ELS)-25 Jan 22-2021 Q4 Earnings call transcript

Equity Lifestyle Properties (ELS)-19 Oct 21-2021 Q3 Earnings call transcript

Equity Lifestyle Properties (ELS)-20 Jul 21-2021 Q2 Earnings call transcript

Equity Lifestyle Properties (ELS)-20 Apr 21-2021 Q1 Earnings call transcript

Equity Lifestyle Properties (ELS)-26 Jan 21-2020 Q4 Earnings call transcript

Equity Lifestyle Properties (ELS)-20 Oct 20-2020 Q3 Earnings call transcript

Equity Lifestyle Properties (ELS)-21 Jul 20-2020 Q2 Earnings call transcript

Equity Lifestyle Properties (ELS)-21 Apr 20-2020 Q1 Earnings call transcript

Equity Lifestyle Properties (ELS)-28 Jan 20-2019 Q4 Earnings call transcript

Equity Lifestyle Properties (ELS)-22 Oct 19-2019 Q3 Earnings call transcript

Equity Lifestyle Properties (ELS)-23 Jul 19-2019 Q2 Earnings call transcript

Equity Lifestyle Properties (ELS)-23 Apr 19-2019 Q1 Earnings call transcript

Equity Lifestyle Properties (ELS)-29 Jan 19-2018 Q4 Earnings call transcript

Equity Lifestyle Properties (ELS)-23 Oct 18-2018 Q3 Earnings call transcript

Equity Lifestyle Properties (ELS)-24 Jul 18-2018 Q2 Earnings call transcript

Equity Lifestyle Properties (ELS)-24 Apr 18-2018 Q1 Earnings call transcript

Equity Lifestyle Properties (ELS)-30 Jan 18-2017 Q4 Earnings call transcript

Equity Lifestyle Properties (ELS)-17 Oct 17-2017 Q3 Earnings call transcript

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