ELS Q3 Normalized FFO $0.72, up 4.9% YoY; issues preliminary 2025 rent growth of ~5%

EQUITY LIFESTYLE PROPERTIES INC

2024-Q3 EPS reported $1.45 revenue$1,153,843,000

Q3 Normalized FFO $0.72/share, at midpoint of guidance; Net income $0.44/share, up 7.5% YoY.
Core property operating revenues +4.4%; Core income from property ops +5.8% for Q3.
MH base rental income +6.2% on rate +0.4% occupancy; RV/Marina annual rates +6.2%.
Raised $314.2M via ATM stock sale at $70/share to repay $300M term loan.
Preliminary 2025: MH rent increase ~5.0% for ~50% of residents; RV annual ~5.5% for >95% sites.

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