Equity LifeStyle Properties, Inc. (ELS) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

April 19, 2022 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, everyone, and thank you for joining us to discuss Equity LifeStyle Properties' First Quarter 2022 Results. Our featured speakers today are Marguerite Nader, our President and CEO; Paul Seavey, our Executive Vice President, CFO; and Patrick Waite, our Executive Vice President and COO.

In advance of today's call management released earnings. Today's call will consist of opening remarks and a question-and-answer session with management relating to the company's earnings release. [Operator Instructions] As a reminder, this call is being recorded.

Certain matters discussed during this conference call may contain forward-looking statements in the meaning of the federal securities laws. Our forward-looking statements are subject to certain economic risk and uncertainty. The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events.

In addition, during today's call, we will discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to comparable GAAP financial measures are included in our earnings release, our supplemental information and our historical SEC filings.

At this time, I'd like to turn the call over to Marguerite Nader, our President and CEO.

Marguerite Nader

Good morning and thank you for joining us today. I am pleased to report the results for the first quarter of 2022. We continued our record of strong core operations and FFO growth with a 14% growth in normalized FFO per share in the quarter. At the core of ELS’ strategy is a commitment to quality, we have built our organization focused on high quality team members’, properties, cash flow and capital allocation. The result of this shared focus is sustained value for our residents, customers and shareholders. Our properties are well located in areas where the demographic trends create tailwinds for ELS. We focus our acquisition strategy on increasing our concentration of assets in high demand markets for the baby boomer population. That strategy continues to bear fruit as we see outsized demand and population growth in our key operating states.

Our high-quality cash flows are reflected in our reported results and historical trends. The quality of our cash flow is seen in our annual revenue stream. Our long-term relationships with our customers and our manufactured home communities, RV resorts and marinas are one of the hallmarks of our success. The average tenure of our manufactured home residence is over 10-years. Within our RV resorts, we see customers return for generations as they pass along the campaign tradition.