Equity LifeStyle Properties (ELS) Q1 2026 earnings summary

Executive summary

• First quarter 2026 results showed continued strong core operations, with normalized FFO at $0.84 per share, in line with guidance, and net income per diluted share of $0.56, down 2.6% year-over-year.

• Portfolio comprised 453 properties with 173,419 sites across 35 states and British Columbia as of March 31, 2026.

• Manufactured housing (MH) portfolio, representing 60% of revenue, maintained 94% occupancy, driven by a high proportion of homeowners (97%).

• Demand from baby boomers and younger generations continues to support long-term growth in MH and RV communities.

• The business model has outperformed REIT industry NOI growth by 150 basis points over 25 years, with demographic tailwinds.

Financial highlights

• Total revenues for Q1 2026 were $397.6 million, up from $387.3 million in Q1 2025.

• First quarter normalized FFO was $0.84 per share; core portfolio NOI grew 4.9% year-over-year.

• Core community-based rental income rose 5.7% year-over-year; occupied sites increased by 54, reaching 93.9% occupancy.

• Adjusted EBITDAre for Q1 2026 was $201.1 million, up from $197.6 million in Q1 2025.

• Dividend per common share was $0.5425 for Q1 2026.

Outlook and guidance

• Full-year 2026 normalized FFO guidance maintained at $3.17 per share (range: $3.12-$3.22); net income per share guidance is $2.02–$2.12.

• Projected core property operating income growth for 2026 is 5.7% at midpoint (range: 5.2%-6.2%).

• MH rent growth guidance: 5.1%-6.1%; RV and marina rent growth: 1.9%-3%.

• Short-term liquidity needs expected to be met through operating cash flow, ATM equity program, and line of credit.

• Core property operating revenues projected to increase 4.0%–5.0% for 2026.