Executive Summary

Q4 2024 met internal targets: Normalized FFO per share was $0.76, in line with management’s guidance; full-year Normalized FFO rose 5.9% to $2.91 per share .
Revenue grew 3.2% year over year to $372.3M, and FFO/share was $0.76; core NOI increased 7.6% in Q4 on disciplined expense control (core property expenses +0.3% YoY) .
2025 outlook: Normalized FFO per share guided to $3.01–$3.11 (midpoint $3.06; ~5% growth), core MH rent growth 5.2–6.2%, and combined RV/marina rent growth 2.7–3.7% amid softer seasonal/transient trends and hurricane impacts .
Capital allocation: Annual dividend raised 7.9% to $2.06; balance sheet metrics solid (Net debt/Adj. EBITDAre ~4.5x; interest coverage ~5.2x) with $1.2B liquidity via LOC and ATM programs, positioning for expansions in Florida/Arizona .
Stock catalysts: Dividend hike, “in-line” print vs guidance, and 2025 growth outlook likely constructive; watch RV seasonal/transient recovery pacing and insurance recovery timing discussed on the call .

What Went Well and What Went Wrong

What Went Well

Core NOI strength: Q4 core income from property operations, excluding property management, grew 7.6% YoY; full-year core NOI +6.5%, led by MH rent and annual RV/marina performance .
MH resiliency and pricing: Core MH base rental income rose 5.8% in Q4 and 6.1% for 2024; monthly base rent per site increased to $870; 97% of occupancy is homeowner-occupied, supporting stable communities (management) .
Balance sheet and dividend: Annual dividend increased to $2.06 (+7.9%) and debt metrics remain strong (Debt/Adj. EBITDAre 4.5x; interest coverage 5.2x), with $1.2B of accessible capital; management expects ~$100M of 2025 discretionary capital (management) .

What Went Wrong

RV seasonal/transient softness: Seasonal and transient RV revenues were pressured; Q4 seasonal/transient combined declined 5.1% YoY, while guidance embeds weaker Q1 seasonal/transient on pacing; hurricanes and a mild season start cited as factors .
New home sales down: Q4 new home sales volume fell a little over 30% YoY due to hurricane disruptions and a mild season, with some locations sold out of expansion inventory (management) .
Membership count attrition: Thousand Trails total memberships declined vs prior years, reflecting fewer promotional originations and lower transient activity; management emphasizes dues revenue resilience despite lower counts .

Financial Results

Metric	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Total Revenues ($M)	$360.6	$380.0	$387.3	$372.3
Net Income per Share (Diluted)	$0.49	$0.42	$0.44	$0.50
FFO per Share	$0.76	$0.69	$0.72	$0.76
Normalized FFO per Share	$0.71	$0.66	$0.72	$0.76
Adjusted EBITDAre ($M)	$171.1	$164.3	$176.8	$182.8
Vs. S&P Global Estimates	N/A (data unavailable due to API limit; will update)	N/A (see note)	N/A (see note)	N/A (see note)

Notes: S&P Global consensus estimates were unavailable at time of writing due to API rate limits. We attempted to retrieve “Primary EPS Consensus Mean,” “FFO / Share (REIT) Consensus Mean,” and “Revenue Consensus Mean” for the last three quarters but could not due to “Daily Request Limit Exceeded.” We will update with S&P Global consensus when available.*

Segment/Revenue Mix (Core Portfolio – Q4 YoY)

Segment ($M)	Q4 2023	Q4 2024
MH Base Rental Income	$170.1	$179.9
RV & Marina Base Rental Income	$96.0	$98.7
Annual Membership Subscriptions	$16.7	$16.4
Membership Upgrade Sales	$3.9	$4.2
Utility & Other Income	$30.6	$32.9
Core Property Operating Revenues	$320.8	$335.5
Core Property OpEx ex-Management	$133.0	$133.3
Core Income from Property Ops ex-Management	$187.8	$202.2

Key KPIs

KPI	Q4 2023	Q4 2024
MH Occupancy % (Core)	94.9%	94.9%
Monthly Base Rent per MH Site	$824	$870
RV/Marina Annual Base Rental ($M)	$72.5	$76.4
RV/Marina Seasonal ($M)	$12.3	$11.5
RV/Marina Transient ($M)	$11.2	$10.8
Total RV/Marina Base Rental ($M)	$96.0	$98.7

Storm & Non-GAAP Highlights (Q4 2024)

Casualty-related net: $3.6M debris removal (Milton), $3.4M insurance recovery accrual; net $0.7M asset value reduction from Milton .
Normalized FFO Q4: $151.2M; FAD Q4: $122.6M .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Income per Share	Q1 2025	N/A (first issuance)	$0.54 to $0.60	New
Net Income per Share	FY 2025	N/A (first issuance)	$1.95 to $2.05	New
FFO / Share	Q1 2025	N/A	$0.80 to $0.86	New
FFO / Share	FY 2025	N/A	$3.01 to $3.11	New
Normalized FFO / Share	Q1 2025	N/A	$0.80 to $0.86	New
Normalized FFO / Share	FY 2025	N/A	$3.01 to $3.11	New
Core MH Base Rent Growth	FY 2025	N/A	5.2% to 6.2%	New
Core RV & Marina Base Rent Growth	FY 2025	N/A	2.7% to 3.7%	New
Property Operating Revenues (Core)	FY 2025	N/A	+3.4% to +4.4%	New
Core OpEx ex-Management	FY 2025	N/A	+2.0% to +3.0%	New
Core NOI Growth	FY 2025	N/A	+4.4% to +5.4%	New
Property Mgmt & G&A ($M)	FY 2025	N/A	$120.0 to $126.0	New
Interest & Related Amort. ($M)	FY 2025	N/A	$127.8 to $133.8	New
Dividend (Annual)	2025	$1.91 for 2024	$2.06 (+7.9%)	Raised

Note: Q3 2024 included preliminary 2025 rent rate assumptions (MH ~5.0%, RV annual ~5.5%). The new 2025 guidance refines full-year revenue growth to include occupancy dynamics and seasonal/transient softness (management commentary) .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 & Q3 2024)	Current Period (Q4 2024)	Trend
Core NOI & Expense Control	Q2: Core NOI +5.5% with modest OpEx growth; Q3: Core NOI +5.8% with OpEx +2.8%	Q4 core NOI +7.6% YoY; 2024 core NOI +6.5%; expense growth to track CPI; savings expected in admin/commissions (management)	Improving NOI momentum; disciplined OpEx
MH Pricing & Demand	Q2/Q3: MH base rent +6.2% YoY; occupancy flat-to-up modestly	2025 MH rent growth guided 5.2–6.2%; 97% homeowner occupancy and robust resale market (management)	Steady, high-quality MH base
RV Seasonal/Transient	Q2/Q3: Seasonal/transient down YoY; annual strong (6–7% growth)	Q4 seasonal/transient down 5.1% YoY; Q1 guide embeds softness on pacing; hurricanes and mild season cited; annual +5% pricing targeted	Soft near-term seasonal/transient; annual stable
Storm Impacts & Insurance	Q2/Q3: Ian recoveries benefited results; Helene impairment $1.8M	Milton cleanup accruals $3.6M with $3.4M insurance recovery accrual; all properties operational (management)	Short-term noise; operational continuity
Membership (Thousand Trails)	Q2/Q3: Dues revenue steady; promotional originations down with lower transient	Membership count declined YoY; focus on >5% average dues growth; lower promotional/transient originations weighed (management)	Count pressured; revenue resilience focus
Capital & Expansions	Q2/Q3: Extended LOC maturity; ATM usage; expansion pipeline in FL/AZ	$1.2B available via LOC/ATM; 2025 expansions 400–600 sites; entitlement timing and FL permitting constraints (management)	Prudent pace; pipeline intact

Management Commentary

Strategic positioning: “For the full year 2025, we anticipate normalized FFO growth of 5%. This strong growth rate is possible because of the strength of our properties as well as the overall industry landscape.” – Marguerite Nader, CEO .
Portfolio quality & demographics: “Our Sunbelt locations continue to see favorable population growth… S&P Global estimates growth of 9.4% in Florida among [55+] … California and Arizona at 6.4% and 6%.” – Patrick Waite, COO .
Balance sheet strength: “Debt-to-EBITDAre is 4.5x and interest coverage is 5.2x… We have access to $1.2 billion of capital from our combined line of credit and ATM programs.” – Paul Seavey, CFO .
Dividend policy: “The Board has approved setting the annual dividend rate of $2.06 per share, an 8% increase… the 21st consecutive year of annual dividend growth.” – Marguerite Nader .

Q&A Highlights

Expense guidance: 2025 expense growth to track CPI with savings in admin and membership commissions; mid-single-digit real estate tax growth assumed .
RV seasonal/transient softness: Q1 guide based on reservation pacing; Florida demand disruption from hurricanes and lag in Canadian travel cited; annual RV attrition elevated post-COVID but normalizing; marina pricing in line with ~5.5% .
New home sales: Q4 volume down >30% YoY due to storms/mild season and some locations selling out expansion inventory; demand profile remains stable (management) .
Non-core NOI & insurance: 2025 non-core NOI midpoint $10.8M vs $16M in 2024; difference driven by less insurance recovery timing and some properties moving back toward stabilization .
Insurance and wildfires: No operational impact from Southern California wildfires; insurance renewal assumptions included, but details not disclosed during negotiations .

Estimates Context

We attempted to pull S&P Global consensus for Primary EPS, FFO/share (REIT), and Revenue for the most recent quarter(s), but the API returned “Daily Request Limit Exceeded.” As of this report, we cannot present a vs-consensus comparison and have labeled “Vs. S&P Global Estimates” as N/A above. We will update with S&P Global consensus once accessible.*

Key Takeaways for Investors

Core engine intact: MH rent growth and disciplined OpEx continue to drive core NOI, supporting guided ~5% Normalized FFO/share growth in 2025 despite soft seasonal/transient RV .
Dividend growth supported by cash generation: 2025 dividend +7.9% to $2.06 is backed by FAD and a low 4.5x Debt/Adj. EBITDAre profile, with healthy interest coverage (~5.2x) .
Near-term watch items: Monitor Q1 seasonal/transient RV performance vs pacing, annual RV attrition normalization, and timing of business interruption recoveries feeding “Other income” .
Geographic tailwinds: Sunbelt markets (FL/AZ) underpin demand and expansion opportunities; entitlement pace and hurricane-related permitting may modulate site delivery cadence .
Membership optics vs economics: While membership counts declined, management’s focus on dues revenue growth (>5% avg) suggests resilience in recurring membership economics despite lower promotional/transient activity .
Trading lens: An “as-guided” quarter plus a dividend hike should be constructive; the stock may trade on evidence of seasonal/transient stabilization into spring and on confirmation of core MH rent growth tracking the 5–6% range .
Longer-term thesis: MH’s high homeowner occupancy and constrained supply support durable rent and NOI growth through cycles; RV annuals remain sticky, with transient volatility manageable over the medium term .

*Estimates note: S&P Global consensus was not available due to request limits at the time of drafting; we will refresh the vs-consensus comparisons when access resumes.

Citations

Earnings press release and supplemental: Q4 2024 8-K Exhibit 99.1 and financial tables .
Standalone press release mirror and tables .
Q4 2024 earnings call transcript (prepared remarks and Q&A) and parallel transcript .
Prior quarters for trend analysis: Q3 2024 press release ; Q2 2024 press release .

EQUITY LIFESTYLE PROPERTIES INC (ELS)·Q4 2024 Earnings Summary