Equity Lifestyle Properties, Inc. (ELS) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, everyone, and thank you all for joining us to discuss Equity Lifestyle Properties second quarter 2025 results. Our featured speakers today are Marguerite Nader, our CEO, Patrick Waite, our president and COO, Paul Sebe, our executive vice president and CFO. In advance of today's call of management release 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 asks that you limit yourself to two questions, so everyone who would like to participate has ample opportunity. 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 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 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 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 Margaret Nader, our CEO. Good morning, and thank you for joining us today. I am pleased to report year-to-date and second quarter results. For the first six months of 2025, our NOI increased 5% as compared to last year. We focus on translating NOI growth to normalized FFO growth driven by continued strength in our annual revenue streams and reduced expenses throughout our portfoli...