Equity LifeStyle Properties (ELS) Q3 2026 earnings summary

Executive summary

• Q3 Normalized FFO rose 4.6% YoY to $0.79 per share and OP Unit; nine-month Normalized FFO increased 4.0% to $2.36.

• Core property operating income, excluding property management, increased 6.7% in Q3 and 6.0% for the first nine months.

• Q3 revenue increased 4.2% to $409.9M, while net income and diluted EPS declined partly due to a $12.1M deferred-tax valuation allowance.

Financial highlights

• Q3 total revenue was $409.9M versus $393.3M YoY; nine-month revenue was $1,205.3M versus $1,157.5M.

• Q3 consolidated net income was $89.3M versus $100.4M; diluted EPS was $0.45 versus $0.50.

• Q3 FFO per share and OP Unit was $0.72 versus $0.77; Normalized FFO was $0.79 versus $0.75.

• Q3 Adjusted EBITDAre was $192.5M versus $183.3M; FAD was $134.4M versus $124.2M.

• Nine-month operating cash flow increased to $494.0M from $471.7M; capital improvements were $160.2M versus $175.9M.

Outlook and guidance

• FY2026 Normalized FFO guidance remained $3.15-$3.21 per share and OP Unit, midpoint $3.18; Q4 guidance was $0.78-$0.84 per share.

• FY2026 core property revenue growth guidance is 4.0%-4.6%, expense growth 1.6%-2.2%, and core property operating income growth 6% at midpoint.

• FY2026 core MH rent growth guidance is 5.4%-6%; combined RV and Marina rent growth is 0.9%-1.5%, with annual RV and Marina rent growth at a 5% midpoint.

• Preliminary 2027 rent growth assumptions are ~5.1% for MH and ~4.7% for annual RV; estimates exclude occupancy gains and MH mark-to-market, and RV excludes Marina.

• Softer seasonal and transient reservation pacing tempered Q4 expectations; guidance assumes no material storm event.