Equity LifeStyle Properties, owner and operator of manufactured home communities, RV resorts and campgrounds in North America, announced results for the quarter ended March 31. 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 March 31 was $0.83, representing a 6.7% increase compared to the same period in 2024, performing at the midpoint of our previous guidance range of $0.80 to $0.86. Core property operating revenues increased 2.9%, Core property operating expense increased 1.5% and Core income from property operations, excluding property management increased 3.8% for the quarter ended March 31, each as compared to the same period in 2024.
MH
Core MH base rental income for the quarter ended March 31 increased 5.5% compared to the same period in 2024, which reflects 5.7% growth from rate increases and a 0.2% decline in occupancy, primarily due to resident homes damaged by storms in late 2024 in approximately six Florida communities. We sold 117 new homes during the quarter ended March 31. The average sales price of new homes sold during the quarter ended March 31 was approximately $81,000.
RV and Marina
Core RV and marina base rental income for the quarter ended March 31 was in line with previous guidance. Core RV and marina annual base rental income increased 4.1% for the quarter ended March 31, compared to the same period in 2024.
Property Operating Expenses
We completed our property and casualty insurance renewal as of April 1 with a premium decrease of approximately 6.1%, compared to the prior year.
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