Equity LifeStyle Properties Inc. (NYSE:ELS) Q2 2023 Earnings Conference Call July 18, 2023 11:00 AM ET
Company Participants
Marguerite Nader - President & Chief Executive Officer
Paul Seavey - Executive Vice President & Chief Financial Officer
Patrick Waite - Executive Vice President & Chief Operating Officer
Conference Call Participants
Joshua Dennerlein - Bank of America
Brad Heffern - RBC Capital Markets
John Kim - BMO Capital Markets
Eric Wolfe - Citi
James Feldman - Wells Fargo
Anthony Powell - Barclays
Samir Khanal - Evercore ISI
Keegan Carl - Wolfe Research
Wesley Golladay - Baird
John Pawlowski - Green Street Advisors
Michael Goldsmith - UBS
Operator
Good day, everyone and thank you all for joining us to discuss Equity LifeStyle Properties Second Quarter 2023 Results. Our features, speakers today are Marguerite Nader, our President and CEO; Paul Seavey, our Executive Vice President and 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. For those who would like to participate in the question-and-answer session, management ask that you limit yourself to 2 questions. So everyone who would like to participate have an ample opportunity. 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 risks and uncertainty. The company assumes no obligation to update or supplement any statements that become untrue and because of subsequent events. In addition, during today's call, we will discuss non-GAAP -- we discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release, our supplemental information and our historical SEC filings.
At this time, I would 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 second quarter of 2023. Our performance exceeded our expectations in the quarter driven by continued strength in our annual revenue and reduced expenses throughout our portfolio. The quality of our revenue streams and the strength of our balance sheet continues to allow us to report impressive results.
Our core NOI exceeded our guidance in the quarter with 3.5% growth year-over-year. Our MH portfolio is approximately 95% occupied. Over the last 10 years, we have sold over 6,000 new homes in our community. These new homes contribute to the quality of housing stocks in the community. Our residents have enjoyed the ability to resell their homes in a timely manner and ELS benefits from bringing a new resident into the community at a market rate increase.