Equity LifeStyle Properties (ELS) Q4 2025 earnings summary

Executive summary

• Achieved full-year NOI growth of 4.8% and normalized FFO per share growth of 5% for 2025, with strong core operations and a durable business model across economic cycles.

• Net income per common share was $2.01 for 2025, up 2.6% year-over-year, and FFO per share was $3.08, up 1.5% year-over-year.

• Announced a 5.3% increase in the 2026 annual dividend, marking the 22nd consecutive annual increase.

• Over 90% of revenue comes from annual rental streams, supporting high occupancy and resident retention through community engagement and affordability.

• Added over 500 annual RV customers and 362 expansion sites in the last two quarters, with annual RV customers typically staying for about 10 years.

Financial highlights

• Fourth quarter normalized FFO was $0.79 per share; full year normalized FFO was $3.06 per share, up 4.2% and 5% year-over-year, respectively.

• Q4 2025 net income per share was $0.52, up 3.2% year-over-year; FFO per share was $0.78, up 2.4%.

• Core community-based rental income rose 5.5% for 2025; core RV and marina annual base rental income increased 4.1%.

• Membership business contributed $65.6 million net for the year, with 5,900 upgraded membership subscriptions.

• Core utility and other income increased 3.4%; utility recovery rate improved by 220 basis points to 48.7%.

Outlook and guidance

• 2026 normalized FFO guidance midpoint is $3.17 per share; core property operating income growth projected at 5.6%.

• 2026 net income per share guidance: $2.06–$2.16; FFO per share: $3.12–$3.22; Normalized FFO per share: $3.12–$3.22.

• Core MH rent growth expected at 5.1%-6.1%; combined RV and marina rent growth at 2.4%-3.4%.

• Annual dividend rate set at $2.17 per share for 2026, a 5.3% increase, marking 22 consecutive years of dividend growth.

• Property operating expenses (excluding property management) expected to rise 2.7%–3.7% in 2026.