The company sees third-quarter net income per share of $0.48 to $0.54.
It expects full-year normalized FFO per share of $3.13 to $3.23 and raised the midpoint of that guidance to $3.18 per share.
Revenue drivers
MH base rental income — Core manufactured home base rental income increased 5.8% year over year in the second quarter, contributing to revenue growth.
RV and marina income — Core RV and marina base rental income rose 1.8% year over year in the second quarter, with annual rental income up 5.4%.
Expense control — Core property operating expenses, excluding property management, increased 2.9% year over year in the second quarter, below revenue growth.
The current average analyst rating on the shares is buy, with 11 strong buy or buy ratings, 7 hold ratings, and no sell or strong sell ratings.
The average consensus recommendation for the residential REITs peer group is buy.
Wall Street's median 12-month price target for Equity LifeStyle Properties Inc is $70.00, about 7.9% above its July 21 closing price of $64.90. The stock recently traded at 31 times the next 12-month earnings versus a P/E of 30 three months ago.
Quarterly results beat estimates
U.S. manufactured home and RV park REIT Equity LifeStyle Properties said second-quarter revenue and net income beat analyst expectations.
Normalized FFO per share rose 7.7% year over year in the second quarter, while core property operations income grew 6.5% on higher revenues and controlled expenses.
ELS•
