Equity LifeStyle Properties Inc (NYSE:ELS) stock rose 4.88% (As on October 17, 11:48:06 AM UTC-4, Source: Google Finance) after the company posted mixed result for the third quarter of FY 23. Normalized FFO for the quarter ended September 30, 2023 was $0.71 per share, representing a 2.1% increase compared to the same period in 2022, outperforming the midpoint of the guidance expectation by $0.5 million. Core MH base rental income for the quarter ended September 30, 2023 increased 6.8% compared to the same period in 2022. The company sold 285 new homes during the quarter ended September 30, 2023, with an average sales price of $97,000. Core MH occupancy increased by 42 sites during the quarter ended September 30, 2023, which included a net gain of 225 homeowners. The average rent increase to market on turnover was approximately 13% during the nine months ended September 30, 2023.

Moreover, Core RV and marina base rental income for the quarter ended September 30, 2023 increased 2.0% compared to the same period in 2022. Core RV and marina annual base rental income for the quarter ended September 30, 2023 increased 8.0% compared to the same period in 2022, which reflects 7.8% growth from rate increases and 0.2% from occupancy gains. Core property operating expenses for the quarter ended September 30, 2023 increased 5.1% compared to the same period in 2022. During the quarter ended September 30, 2023, we closed on three secured financing facilities totaling $375 million. The facilities are secured by twenty MH and RV properties, and consistent with the rates the company had locked in May 2023, the facilities have a weighted average interest rate of 5.05% per annum and a weighted average term of approximately eight years. The proceeds were used to repay all debt scheduled to mature in 2023 and 2024 and the remaining balance on the unsecured line of credit.

ELS in the third quarter of FY 23 has reported the adjusted funds from operations (FFO) per share of 66 cents, which matches with the analysts’ estimates for the adjusted earnings per share of 66 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $370.01 million in the third quarter of FY 23, missing the analysts’ estimates for revenue by 0.62%.

For the current quarter ending in December, Equity Lifestyle Properties expects its per-share funds from operations to range from 70 cents to 76 cents.

The company expects full-year funds from operations in the range of $2.82 to $2.88 per share.