Equity LifeStyle Properties (NYSE:ELS), a leading real estate investment trust, has announced its quarterly financial results for the period ending March 31, 2024.
The company reported an upsurge in total revenues, reaching $386.6 million, up from $370 million in the same quarter of the previous year.
Similarly, net income for common stockholders increased significantly to $109.9 million, or $0.59 per common share.
This is a significant jump from the $82.4 million, or $0.44 per common share, recorded in the first quarter of 2023.
Further financial highlights include a rise in Funds from Operations (FFO) per common share and Operating Partnership (OP) unit, climbing to $0.86 from $0.72 the previous year.
Additionally, Normalized Funds from Operations (Normalized FFO) and OP unit increased, reaching $0.78 per common share, up from $0.72.
Moving forward, the company anticipates net income per common share to fall between $0.34 to $0.40.
For the annual outlook, it forecasts that the FFO per common share and OP unit will range from $2.91 to $3.01.