EQUITY LIFESTYLE PROPERTIES INC (ELS) Form 8-K — Oct 21, 2026
Equity LifeStyle Properties reported Q3 2026 results with Normalized FFO per share of $0.79, up 4.6% year-over-year and consistent with the midpoint of its $0.76-$0.82 guidance range. GAAP net income per share fell 11.1% to $0.45, but that decline was driven by a $12.1 million non-cash deferred tax valuation allowance. Core manufactured home base rental income grew 5.7%, occupied MH sites increased by 99 in the quarter, and core property operating expenses ex-management rose only 1.3%, supporting 6.7% growth in core income from property operations. RV and marina annual base rental income rose 5.3% and annual membership subscriptions grew 8.4%.
Key figures
- Eps
- 0.45
- Revenue
- 409900000
- Guidance
- Q4 2026 Normalized FFO $0.78-$0.84; full year 2026 Normalized FFO $3.15-$3.21 (midpoint unchanged at $3.18); preliminary 2027 Core MH rent growth ~5.1%, Core RV annual rent growth ~4.7%
- Net Income
- 86425000
- Total Debt
- 3329000000
- Revenue Yoy
- 4.2% (Q3 total revenues $409.9M vs $393.3M)
- Total Assets
- 5765006000
- Cash Position
- 24334000
- Sites
- 173623
- Properties
- 453
- Debt to ebitdare
- 4.3
- Total market cap
- 15019000000
- Occupied site growth q3
- 99
- Normalized ffo per share q3
- 0.79
- Core property opex growth q3
- 1.3%
- Normalized ffo per share yoy
- 4.6%
- Deferred tax valuation allowance
- 12100000
- Core mh base rental income growth
- 5.7%
- Normalized ffo per share nine months
- 2.36
- Core rv marina base rental income growth
- 2.1%
AI analysis
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