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Equity LifeStyle Properties (ELS) investor relations material
Equity LifeStyle Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Achieved strong third quarter and nine-month results, with normalized FFO per share for Q3 2025 up 4.6% year-over-year, and continued growth in key financial metrics.
Portfolio comprised 455 properties with 173,341 sites across 35 states and British Columbia as of September 30, 2025, focusing on MH, RV communities, and marinas.
Manufactured housing and RV portfolios continue to benefit from strong demand, especially in Sunbelt and Florida markets, with high occupancy and robust rent growth.
Business model targets growth in earnings, FFO, and cash flows by enhancing property profitability and customer retention, supported by digital tools and marketing strategies.
Demand from baby boomers and younger generations is expected to drive long-term growth, with limited new supply due to restrictive entitlement processes.
Financial highlights
Q3 2025 normalized FFO per share was $0.75 (up 4.6% year-over-year), matching guidance; FFO per share was $0.77 (up 6.8%).
Net income available for common stockholders was $97.1 million for Q3 2025, up from $82.8 million in Q3 2024; Q3 net income per share was $0.50, up 12.9%.
Q3 2025 revenue was $393.3 million, up from $387.3 million in Q3 2024.
Core NOI grew 5.3% in the quarter, 40 basis points above guidance; core property operating revenues increased 3.1%.
Core community-based rental income increased 5.5% year-over-year for both the quarter and year-to-date.
Outlook and guidance
Full-year 2025 normalized FFO guidance maintained at $3.06 per share midpoint, representing 4.9% growth over 2024.
Q4 2025 guidance: net income per share $0.49–$0.55, FFO per share $0.75–$0.81, Normalized FFO per share $0.75–$0.81.
Full-year core property operating income growth projected at 4.9% midpoint; core base rent growth guidance: 5%-6% for MH, -0.2% to +0.8% for RV and Marina.
Preliminary 2026 rent rate growth assumptions: ~5.1% average increase for MH and RV annual sites.
Short-term and long-term liquidity needs are expected to be met through operating cash flows, available credit, and a $700 million ATM equity program.
What's driving RV seasonal/transient revenue drop?
Membership count decline vs. upgrade volume?
Outlook for interest expense after recent debt moves?
Strategy to backfill Canadian RV demand
What is the long-term MH site development target?
Key expense drivers for 2026?
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Next Equity LifeStyle Properties earnings date
Q4 202527 Jan, 2026
Next Equity LifeStyle Properties earnings date
Q4 202527 Jan, 2026
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Frequently asked questions
Equity LifeStyle Properties Inc is a real estate investment trust that owns and operates lifestyle-oriented properties. The company focuses on manufactured home communities, recreational vehicle resorts, and campgrounds across North America. It generates revenue primarily through rental income and related services. Equity LifeStyle Properties Inc is headquartered in Chicago, Illinois, and its shares are listed on the NYSE.
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