CHICAGO, April 21, 2026 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE:ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter ended March 31, 2026. All per share results are reported on a fully diluted basis unless otherwise noted.
FINANCIAL RESULTS
($ in millions, except per share data)
Quarters Ended March 31,
2026
2025
$ Change
% Change (1)
Net Income per Common Share
$ 0.56
$ 0.57
$ (0.01)
(2.6) %
Funds from Operations ("FFO") per Common Share and OP Unit
$ 0.83
$ 0.83
$ —
(0.4) %
Normalized Funds from Operations ("Normalized FFO") perCommon Share and OP Unit
$ 0.84
$ 0.83
$ 0.01
0.3 %
_____________________
1.
Calculations prepared using actual results without rounding.
Operations Update
Normalized FFO per Common Share and OP Unit for the quarter ended March 31, 2026 was $0.84, representing a 0.3% increase compared to the same period in 2025, consistent with the midpoint of our previous guidance range of $0.81 to $0.87. Core property operating revenues increased 3.7%, Core property operating expenses, excluding property management, increased 1.8% and Core income from property operations, excluding property management, increased 4.9% for the quarter ended March 31, 2026, each as compared to the same period in 2025.
MH
Core MH base rental income for the quarter ended March 31, 2026 increased 5.7% compared to the same period in 2025. We sold 228 new and used homes during the quarter ended March 31, 2026.
RV and Marina
Core RV and marina base rental income for the quarter ended March 31, 2026 decreased 1.4% compared to the same period in 2025. Core RV and marina annual base rental income increased 4.2% for the quarter ended March 31, 2026 compared to the same period in 2025.
Property Operating Expenses
Core property operating expenses, excluding property management, for the quarter ended March 31, 2026 increased 1.8% compared to the same period in 2025. We completed our property and casualty insurance renewal as of April 1, 2026 with a premium decrease of approximately 18% compared to the prior year.
Guidance Update
Second quarter and full year 2026 guidance presented below represent management's estimate of a range of possible outcomes. The midpoint of the ranges reflect management's estimate of the most likely outcome based on our current view of existing market conditions and assumptions. Actual results could vary materially from management's estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for factors impacting our 2026 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for additional information.
($ in millions, except per share data)
2026
Second Quarter
Full Year
Net Income per Common Share
$0.42 to $0.48
$2.02 to $2.12
FFO per Common Share and OP Unit
$0.69 to $0.75
$3.11 to $3.21
Normalized FFO per Common Share and OP Unit
$0.69 to $0.75
$3.12 to $3.22
2025 Actual
2026 Growth Rates
Core Portfolio:
Second Quarter
Full Year
Second Quarter
Full Year
MH base rental income
$ 186.2
$ 748.6
5.3% to 5.9%
5.1% to 6.1%
RV and marina base rental income (1)
$ 101.6
$ 427.5
1.7% to 2.3%
1.9% to 2.9%
Property operating revenues
$ 344.0
$ 1,405.6
4.5% to 5.1%
4.0% to 5.0%
Property operating expenses, excluding property management
$ 150.5
$ 583.5
3.9% to 4.5%
2.2% to 3.2%
Income from property operations, excludingproperty management
$ 193.5
$ 822.2
4.9% to 5.5%
5.2% to 6.2%
2026 Full Year
Non-Core Income from property operations, excluding property management
$5.7 to $9.7
Property management and general administrative
$119.0 to $125.0
Interest and related amortization
$133.9 to $139.9
2026 Updated Core Growth Rate Guidance Compared to Prior 2026 Core Growth Rate Guidance (2)
2026 Full Year Guidance Updated Midpoint
2026 Prior Full Year Guidance Midpoint (2)
Core Portfolio:
MH base rental income
5.6 %
5.6 %
RV and marina base rental income (1)
2.4 %
2.9 %
Property operating revenues
4.5 %
4.6 %
Property operating expenses, excluding property management
2.7 %
3.2 %
Income from property operations, excluding property management
5.7 %
5.6 %
______________________
1.
Core RV and marina annual revenue represents approximately 78.4% and 74.7% of second quarter 2026 and full year 2026 RV and marina base rental income guidance, respectively. Core RV and marina annual revenue second quarter 2026 growth rate range is 4.8% to 5.4% and the full year 2026 growth rate range is 4.2% to 5.2%. Our guidance provided on January 28, 2026 factored in a Core RV and marina annual growth rate range of 4.7% to 5.7%. The change in full year 2026 Core RV and marina annual revenue guidance is attributed to the marina business which has been impacted primarily by a delay in slip restoration.
2.
Prior guidance issued on January 28, 2026.
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of March 31, 2026, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,419 sites.
For additional information, please contact our Investor Relations Department at (800) 247-5279 or at [email protected].
Conference Call
A live audio webcast of our conference call discussing these results will take place tomorrow, Wednesday, April 22, 2026, at 10:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.
Forward-Looking Statements
In addition to historical information, this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "estimate," "guidance," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, including our guidance concerning Net Income, FFO and Normalized FFO per share data, and certain growth rates, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting. For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
Supplemental Financial Information
Financial Highlights (1)(2)
(In millions, except Common Shares and OP Units outstanding and per share and ratio data, unaudited)
As of and for the Quarters Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
June 30, 2025
Mar 31, 2025
Operating Information
Total revenues
$ 397.6
$ 373.9
$ 393.3
$ 376.9
$ 387.3
Consolidated net income
$ 111.5
$ 103.8
$ 100.4
$ 83.5
$ 114.4
Net income available for Common Stockholders
$ 107.9
$ 100.5
$ 97.1
$ 79.7
$ 109.2
Adjusted EBITDAre
$ 201.1
$ 189.6
$ 183.3
$ 170.0
$ 197.6
FFO available for Common Stock and OP Unit holders
$ 166.1
$ 156.7
$ 154.1
$ 138.3
$ 166.7
Normalized FFO available for Common Stock and OP Unit holders
$ 167.3
$ 157.6
$ 150.5
$ 137.7
$ 166.7
Funds Available for Distribution ("FAD") for Common Stock and OP Unitholders
$ 149.1
$ 131.7
$ 124.2
$ 115.2
$ 150.5
Common Shares and OP Units Outstanding (In thousands) and Per ShareData
Common Shares and OP Units, end of the period
200,377
200,284
200,278
200,272
200,248
Weighted average Common Shares and OP Units outstanding - Fully Diluted
200,176
200,162
200,126
200,095
200,074
Net Income per Common Share - Fully Diluted (3)
$ 0.56
$ 0.52
$ 0.50
$ 0.42
$ 0.57
FFO per Common Share and OP Unit - Fully Diluted
$ 0.83
$ 0.78
$ 0.77
$ 0.69
$ 0.83
Normalized FFO per Common Share and OP Unit - Fully Diluted
$ 0.84
$ 0.79
$ 0.75
$ 0.69
$ 0.83
Dividends per Common Share
$ 0.5425
$ 0.5150
$ 0.5150
$ 0.5150
$ 0.5150
Balance Sheet
Total assets
$ 5,749
$ 5,745
$ 5,747
$ 5,721
$ 5,642
Total liabilities
$ 3,928
$ 3,931
$ 3,935
$ 3,908
$ 3,809
Market Capitalization
Total debt (4)
$ 3,314
$ 3,346
$ 3,302
$ 3,273
$ 3,199
Total market capitalization (5)
$ 15,822
$ 15,485
$ 15,459
$ 15,624
$ 16,556
Ratios
Total debt / total market capitalization
20.9 %
21.6 %
21.4 %
20.9 %
19.3 %
Total debt / Adjusted EBITDAre (6)
4.5
4.5
4.5
4.5
4.4
Interest coverage (7)
5.6
5.7
5.8
5.6
5.4
Fixed charges (8)
5.6
5.7
5.7
5.5
5.3
____________________
1.
See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for definitions of fixed charges, FFO, Normalized FFO, FAD, Income from property operations excluding property management, EBITDAre, Adjusted EBITDAre, and a reconciliation of Consolidated net income to Income from property operations.
2.
See page 6 for a reconciliation of Net income available for Common Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.
3.
Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
4.
Excludes Deferred financing costs, net of approximately $23.4 million as of March 31, 2026.
5.
See page 14 for the calculation of market capitalization as of March 31, 2026.
6.
Calculated using trailing twelve months Adjusted EBITDAre.
7.
Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.
8.
Calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.
Consolidated Balance Sheets
(In thousands, except share and per share data)
March 31, 2026
December 31, 2025
(unaudited)
Assets
Investment in real estate:
Land
$ 2,088,175
$ 2,088,174
Land improvements
4,827,847
4,784,223
Buildings and other depreciable property
1,320,369
1,306,317
8,236,391
8,178,714
Accumulated depreciation
(2,889,944)
(2,838,344)
Net investment in real estate
5,346,447
5,340,370
Cash and restricted cash
39,236
26,132
Notes receivable, net
90,252
93,358
Investment in unconsolidated joint ventures
83,069
85,041
Deferred commission expense
57,689
58,149
Other assets, net
131,975
142,343
Total Assets
$ 5,748,668
$ 5,745,393
Liabilities and Equity
Liabilities:
Mortgage notes payable, net
$ 2,763,260
$ 2,779,158
Term loans, net
437,659
437,455
Unsecured line of credit
89,500
105,000
Accounts payable and other liabilities
169,735
152,536
Deferred membership revenue
220,318
221,498
Accrued interest payable
11,076
11,333
Rents and other customer payments received in advance and security deposits
128,257
120,441
Distributions payable
108,574
103,146
Total Liabilities
3,928,379
3,930,567
Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025; none issued and outstanding
—
—
Common stock, $0.01 par value, 600,000,000 shares authorized as of March 31, 2026 andDecember 31, 2025; 193,931,077 and 193,835,561 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
1,988
1,988
Paid-in capital
1,982,024
1,981,540
Distributions in excess of accumulated earnings
(222,349)
(225,045)
Accumulated other comprehensive income/(loss)
(56)
(2,208)
Total Stockholders' Equity
1,761,607
1,756,275
Non-controlling interests, Common OP Units
58,682
58,551
Total Equity
1,820,289
1,814,826
Total Liabilities and Equity
$ 5,748,668
$ 5,745,393
Consolidated Statements of Income
(In thousands, unaudited)
Quarters Ended
March 31,
2026
2025
Revenues:
Rental income
$ 339,046
$ 327,206
Annual membership subscriptions
18,299
16,342
Membership upgrade revenue
3,120
3,052
Other income
14,096
15,555
Gross revenues from home sales, brokered resales and ancillary services
19,096
20,923
Interest income
2,191
2,238
Income from other investments, net
1,774
2,018
Total revenues
397,622
387,334
Expenses:
Property operating and maintenance
121,040
118,566
Real estate taxes
22,100
21,643
Membership sales and marketing
3,837
3,931
Property management
18,671
20,430
Depreciation and amortization
53,136
50,942
Cost of home sales, brokered resales and ancillary services
13,600
13,692
Home selling expenses and ancillary operating expenses
6,823
6,168
