Equity LifeStyle Properties, Inc. (NYSE:ELS) Q3 2023 Earnings Conference Call October 17, 2023 11:00 AM ET
Company Participants
Marguerite Nader - President and Chief Executive Officer
Patrick Waite - Executive Vice President and Chief Operating Officer
Paul Seavey - Executive Vice President and Chief Financial Officer
Conference Call Participants
Josh Dennerlein - Bank of America
James Feldman - Wells Fargo
John Kim - BMO Capital Markets
Eric Wolfe - Citi
Brad Heffern - RBC
Samir Khanal - Evercore
Anthony Powell - Barclays
Keegan Carl - Wolfe Research
Anthony Hau - Truist
John Pawlowski - Green Street
Michael Goldsmith - UBS
Operator
Good day, everyone, and thank you all for joining us to discuss Equity LifeStyle Properties Third Quarter 2023 Results.
Our feature 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. [Operator Instructions] As a reminder, this call is being recorded.
Certain matters discussed during this conference call may contain forward-looking statements in the meanings of the federal security 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 because of subsequent events.
In addition, during today's call, we will discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliation 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 now 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 third quarter of 2023.
The quality of our revenue streams and the strength of our balance sheet continue to allow us to report impressive results. Our MH portfolio is approximately 95% occupied. We have had continued success in the quarter selling new homes. Year-to-date, 51% of our new home sales have been in Florida communities and 13% in Arizona. Year-to-date, the mark-to-market increase for rent in new home -- for rent increase for new homeowners has been approximately 13%. Our team has done an exceptional job of selling available inventory and we are currently at near record low levels of rental homes in our portfolio.