David Siegel's questions to Equity LifeStyle Properties Inc (ELS) leadership • Q4 2024
Question
David Siegel sought to clarify if ELS's 2025 guidance assumes annual RV churn returns to the historical 5% level and asked for a breakdown of the drivers behind the implied improvement in transient RV demand after Q1.
Answer
Executive Paul Seavey confirmed the business is projected to run consistent with historical norms, with churn normalizing. For transient and seasonal RV revenue after Q1, he explained that guidance is based on a conservative 'flat to up slightly' assumption due to the short booking window and lack of visibility, rather than an expectation of improving underlying demand.