Equity LifeStyle Properties, a self-administered, self-managed real estate investment trust (REIT) which owns or has an interest in 455 properties in 35 states and British Columbia consisting of 173,340 sites, announced results for the quarter and six months ended June 30. All per share results are reported on a fully diluted basis unless otherwise noted.
Operations Update
Normalized FFO per Common Share and OP Unit for the quarter ended June 30, 2025 was $0.69, representing a 4.7% increase compared to the same period in 2024, performing at the midpoint of our previous guidance range of $0.66 to $0.72. Normalized FFO for the six months ended June 30, 2025 was $1.52 per Common Share and OP Unit, representing a 5.7% increase compared to the same period in 2024, performing at the midpoint of our previous guidance. Core property operating revenues increased 3.5%, Core property operating expenses were flat and Core income from property operations, excluding property management, increased 6.4% for the quarter ended June 30, 2025, each as compared to the same period in 2024. For the six months ended June 30, 2025, Core property operating revenues increased 3.2%, Core property expense increased 0.7% and Core income from property operations, excluding property management, increased 5.0%, each as compared to the same period in 2024.
Manufactured Housing
Core MH base rental income for the quarter ended June 30, 2025 increased 5.5% compared to the same period in 2024. We sold 116 new homes during the quarter ended June 30, 2025. Core MH base rental income for the six months ended June 30, 2025 increased 5.5% compared to the same period in 2024. We sold 233 new homes during the six months ended June 30, 2025.
RV and Marina
Core RV and marina base rental income for the quarter ended June 30, 2025 increased 0.7% compared to the same period in 2024. Core RV and marina annual base rental income increased 3.7% for the quarter ended June 30, 2025 compared to the same period in 2024. Core RV and marina base rental income for the six months ended June 30, 2025 increased 0.4% compared to the same period in 2024. Core RV and marina annual base rental income increased 3.9% for the six months ended June 30, 2025 compared to the same period in 2024.
Property Operating Expenses
Core property operating expenses, excluding property management, for the quarter ended June 30, 2025 were flat compared to the same period in 2024 and lower compared to the previous guidance. For the six months ended June 30, 2025, Core property operating expenses, excluding property management, increased 0.7% compared to the same period in 2024.
Balance Sheet Activity
During the quarter, we entered into a $240.0 million unsecured term loan agreement (the “Term Loan”) and drew $150.0 million and $90.0 million in May 2025 and July 2025, respectively. The Term Loan bears interest at a rate of SOFR plus 1.20% and matures on May 15, 2030. We also repaid $86.9 million of principal on eight mortgage loans which had a weighted average interest rate of 3.45% per annum and were secured by four RV communities and four MH communities. The payment represents all debt maturing in 2025. In July 2025, we repaid $90.0 million on amounts outstanding on our line of credit.
In connection with the Term Loan, we entered into six swap agreements (the “2025 Swaps”) with an aggregate notional value of $240.0 million and a weighted average fixed interest rate of 4.74% per annum. The 2025 Swaps mature on May 15, 2030.
