Equity LifeStyle Properties Inc (NYSE:ELS) stock rose 2.28% (As on April 18, 11:10:18 AM UTC-4, Source: Google Finance) though the company posted lower than expected results for the first quarter of FY 23. Normalized FFO for the quarter ended March 31, 2023 was $0.74 per share, representing a 2.0% increase compared to the same period in 2022, outperforming the midpoint of the guidance expectation by $0.8 million. Core MH base rental income for the quarter ended March 31, 2023 increased 6.5% compared to the same period in 2022, which reflects 6.6% growth from rate increases and a decline of 0.1% from occupancy losses. Core MH homeowners increased by 30 since December 31, 2022. The company sold 176 new homes during the quarter ended March 31, 2023, with an average sales price of $104,000. Core RV and marina base rental income for the quarter ended March 31, 2023 increased 5.5% compared to the same period in 2022. Core RV and marina annual base rental income increased 8.4% for the quarter ended March 31, 2023, compared to the same period in 2022, which reflects 8.0% growth from rate increases and 0.4% from occupancy gains. Total nights camped during the quarter ended March 31, 2023 increased approximately 1.0% compared to the same period in 2022.

ELS in the first quarter of FY 23 has reported the adjusted funds from operations per share of 74 cents, missing the analysts’ estimates for the adjusted funds from operations per share of 76 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $370 million in the first quarter of FY 23, missing the analysts’ estimates for revenue by 1.91%.

Meanwhile, the company has completed the property and casualty insurance renewal as of April 1, 2023, and our premiums increased for the policy year April 2023 through March 2024 by approximately $12.0 million, or 58%. This increase has an unfavorable impact of approximately $2.6 million on the full year 2023 guidance. In March 2023, the company has completed the acquisition of Red Oak Shores Campground, a 223-site RV community located in Ocean View, New Jersey for a purchase price of $9.5 million.

For the current quarter ending in June, Equity Lifestyle Properties expects its per-share funds from operations to range from 62 cents to 68 cents.

The company expects full-year funds from operations in the range of $2.79 to $2.89 per share.