Equity LifeStyle sets Q4 dividend at $0.4775 per share

CHICAGO - Equity LifeStyle Properties, Inc. (NYSE: ELS), a real estate investment trust (REIT) focused on lifestyle-oriented properties, announced a fourth quarter 2024 dividend of $0.4775 per common share. The dividend, which is part of an annualized payout of $1.91 per share, will be distributed on January 10, 2025, to shareholders of record as of December 27, 2024.

The company, which owns or has an interest in 452 properties across the United States comprising 172,870 sites, is a fully integrated owner of lifestyle-oriented properties. The declaration of the dividend follows Equity LifeStyle's ongoing strategy to deliver shareholder value and reflects the Board of Directors' confidence in the company's financial position and outlook.

In addition to the dividend announcement, the company's press release included forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements cover various aspects of the company's future expectations, including but not limited to, site usage, yield management, rate increases, occupancy, customer demand, expense management, interest rates, acquisitions, development opportunities, employment, legal matters, property restoration, and financial reporting.

Equity LifeStyle Properties highlighted several factors that could influence the accuracy of these forward-looking statements, such as changes in market conditions, occupancy shifts, expense management in an inflationary environment, and the ability to integrate and operate recent acquisitions effectively. The company also acknowledged the inherent uncertainty of projections and stated that it has no obligation to update or alter its forward-looking statements, regardless of subsequent events or new information.

Investors are advised to consider the potential risks and uncertainties associated with the forward-looking statements, as detailed in the company's filings with the Securities and Exchange Commission. These filings include sections on "Risk Factors" and "Forward-Looking Statements" in the company's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.

This news is based on a press release statement issued by Equity LifeStyle Properties, Inc.

In other recent news, Equity LifeStyle Properties has shown considerable financial strength in Q3 2024, reporting a 5.3% increase in normalized Funds From Operations (FFO) growth and a full-year 2024 normalized FFO guidance raised to $2.92 per share. RV revenue has seen a year-to-date growth of 6.9% due to a successful summer marketing campaign. The MH segment remains solid with a 95% occupancy rate and an average new home price of $90,000.

The company also managed to raise approximately $314 million from a recent share sale, with plans to repay a $300 million unsecured term loan. Despite a 13% decline in seasonal revenue for the RV and Marina sectors, the core NOI before property management increased by 5.8% for Q3 and 6.2% year-to-date.

Looking ahead, ELS anticipates a 5% average rent increase for 50% of MH residents in 2025 and a 5.5% average increase in RV annual rates. The company also projects a 6.3% growth in core property operating income for the year. These recent developments indicate the company's financial resilience and strategic growth despite market challenges and weather events.

InvestingPro Insights

Equity LifeStyle Properties' recent dividend announcement aligns with its strong track record of shareholder returns. According to InvestingPro data, the company boasts a dividend yield of 2.77% and has impressively raised its dividend for 18 consecutive years. This consistency in dividend growth, coupled with a 6.7% dividend growth rate over the last twelve months, underscores the company's commitment to returning value to shareholders.

The REIT's financial health appears robust, with a market capitalization of $13.7 billion and a revenue of $1.52 billion over the last twelve months as of Q3 2024. The company's profitability is evident, with a gross profit margin of 51.89% and an operating income margin of 32.6% for the same period.

InvestingPro Tips highlight that ELS operates with a moderate level of debt and has been profitable over the last twelve months. These factors contribute to the company's ability to maintain its dividend policy and support its growth initiatives in the lifestyle-oriented property sector.

For investors seeking a deeper understanding of Equity LifeStyle Properties' financial position and growth prospects, InvestingPro offers 11 additional tips, providing a comprehensive analysis to inform investment decisions.

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