Equity LifeStyle Raises Full-Year Normalized FFO Outlook

The Tip Desk · July 24, 2026 · 4 min read

Second-quarter Normalized FFO was $0.74 a share, 7.7% above a year earlier and above the midpoint of prior guidance.

Equity LifeStyle Properties (ELS), the Chicago-based REIT that owns manufactured-home, RV and marina communities, reported Normalized FFO of $0.74 a Common Share and OP Unit for the quarter ended June 30, 2026, 7.7% above $0.69 a year earlier and above the midpoint of its prior guidance range of $0.69 to $0.75.

Those results reflected outperformance of guidance for Core property operating revenues, Core property operating expenses excluding property management, and Core income from property operations excluding property management.

Core Portfolio income from property operations, excluding property management, grew 6.5% year over year, after 4.9% growth in the first quarter. That acceleration in the Core operating line was the quarter’s defining turn. Core MH base rental income rose 5.8% year over year, after 5.7% growth in the prior quarter. Occupied sites increased by 13 and new and used home sales totaled 235 in the quarter.

RV and marina was the other swing. Core RV and marina base rental income rose 1.8% year over year, reversing a 1.4% decline in the first quarter. Core RV and marina annual base rental income rose 5.4% year over year, after 4.2% growth in the prior quarter. Total RV and marina base rental income was $110.5 million, with annual, seasonal and transient components of $84.5 million, $6.9 million and $19.1 million.

Core property operating expenses, excluding property management, rose 2.9% year over year, after 1.8% growth in the first quarter. Total-portfolio property operating revenues were $369.3 million and income from property operations, excluding property management, was $209.0 million. Core Portfolio income from property operations, excluding property management, was $206.1 million.

Consolidated net income was $99.5 million, or $0.50 a share, up from $83.5 million, or $0.42 a share, a year earlier. FFO was $0.77 a share. The quarter included $7.1 million of insurance recovery revenue for reimbursement of capital expenditures, which lifted FFO above Normalized FFO. Casualty-related charges, net, were a $7.1 million recovery.

On April 30, 2026, the company acquired the remaining 20% ownership interests in certain RVC joint ventures for $4.4 million, consolidating seven RV properties and one land parcel. As of June 30, 2026, Equity LifeStyle owned or had an interest in 453 properties in 35 states and British Columbia, consisting of 173,559 sites.

For the six months ended June 30, 2026, Normalized FFO was $1.58 a share, up 3.6% from a year earlier. Core property operating revenues increased 4.3%, Core property operating expenses excluding property management increased 2.3%, and Core income from property operations excluding property management increased 5.7% over the same six-month period. Core MH base rental income for the six months rose 5.7%; occupied sites increased by 67 and home sales totaled 463.

The company raised the midpoint of its full-year 2026 Normalized FFO guidance to $3.18 from $3.17. Full-year Normalized FFO is now guided at $3.13 to $3.23 a share. It also lifted the full-year Core income from property operations, excluding property management, growth midpoint to 6.0% from 5.7%. The growth midpoint for Core property operating expenses, excluding property management, was cut to 2.1% from 2.7%. The MH base rental income growth midpoint moved to 5.7% from 5.6%.

The Core RV and marina base rental income growth midpoint was cut to 1.6% from 2.4%. Core RV and marina annual base rental income is still expected to grow 4.3% to 5.3% for the full year, versus a 4.2% to 5.2% range in the April guidance. Annual base rental income is expected to represent about 75.4% of full-year RV and marina base rental income.

Third-quarter 2026 Normalized FFO is guided at $0.76 to $0.82 a share. Full-year net income is guided at $2.05 to $2.15 a share.