Equity Lifestyle Properties, Inc. (ELS) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Our forward-looking statements are subject to certain economic risks and uncertainty. The company assumes no obligation to update or supplement any statement that becomes 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 Marguerite Nader, our CEO. Good morning, and thank you for joining us today. I am pleased to report the final results for 2025. We continued our record of strong core operations and FFO growth with full year growth in NOI of 4.8% and a 5% increase in normalized FFO per share. Our year-end report is a good time to reflect on our business and our industry. Our business model is consistent and durable during all economic cycles. I'd like to focus on our annual rental streams, which comprise over 90% of our revenue. We offer prospective customers the opportunities to join a community where they can build their social connections in an active environment. The strength of our activity offerings continues to be a leading factor in resident retention at our communities. The average age of a new resident is 60 years old, and many are motivated by a desire to escape colder climates and avoid the isolation and inactivity found during northern winters. Resident engagement is a strength of our platform. Across our portfolio, hundreds of resident clubs promote social interaction, contributing to high occupancy levels and extended average lengths of stay. Affordability in our sector remain a competitive advantage. Our communiti...