ELS Reports Third Quarter Results
Equity LifeStyle Properties reported Q3 2026 Normalized FFO of $0.79 per share, up 4.6% year-over-year and in line with the midpoint of its $0.76-$0.82 guidance. Core MH base rental income grew 5.7% while core property operating expenses rose just 1.3%, and occupied MH sites increased by 99 in the quarter. Core income from property operations climbed 6.7%. GAAP net income per share fell to $0.45 from $0.50, driven by a $12.1 million deferred tax valuation allowance, while core RV and marina rental income lagged at +2.1% with seasonal/transient revenue down 5.6%.
Key figures
- Eps
- 0.45
- Revenue
- 409903000
- Guidance
- FY2026 Normalized FFO $3.15-$3.21 (midpoint $3.18, unchanged); Q4 $0.78-$0.84; FY Net Income per share $2.00-$2.06
- Revenue Yoy
- 4.2%
- Total debt
- $3,329 million
- Ffo per share q3
- 0.72
- Total revenue q3
- $409.9 million
- Debt to market cap
- 22.2%
- Adjusted ebitdre q3
- $192.5 million
- Core property opex growth
- 1.3%
- Occupied mh sites added q3
- 99
- Normalized ffo per share q3
- 0.79
- Normalized ffo per share yoy
- 4.6%
- Prelim 2027 core mh rent growth
- 5.1%
- Prelim 2027 core rv rent growth
- 4.7%
- Deferred tax valuation allowance
- $12.1 million
- Core mh base rental income growth
- 5.7%
- Core income from property ops growth
- 6.7%
- Core rv marina base rental income growth q3
- 2.1%
AI analysis
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