Equity LifeStyle Cuts Full-Year Core RV and Marina Base Rental Income Growth

The Tip Desk · October 26, 2026 · 3 min read

Normalized FFO was $0.79 a share in the third quarter, 4.6% above a year earlier and at the midpoint of prior guidance.

Equity LifeStyle Properties, Inc. (ELS), a self-administered REIT of mobile-home, RV and marina communities, reported normalized funds from operations of $0.79 a common share and OP unit for the quarter ended September 30, 2026, 4.6% above the year-earlier period and consistent with the midpoint of its prior $0.76 to $0.82 range.

Net income was $0.45 a share, down 11.1% from $0.50 a year earlier, after a $12.1 million deferred tax valuation allowance recorded in the quarter. FFO was $0.72 a share.

Core property operating revenues rose 4.4% from a year earlier. Core property operating expenses, excluding property management, rose 1.3%. Core income from property operations, excluding property management, rose 6.7%. That operating-income pace followed 6.5% growth in the June quarter.

Mobile-home communities remained the growth engine. Core MH base rental income increased 5.7% versus the same period in 2025, 0.1% above the midpoint of previous guidance. Occupied sites increased by 99 and new and used home sales totaled 244. MH base rental income had risen 5.8% in the June quarter.

RV and marina base rental income increased 2.1%, 0.4% above the midpoint of previous guidance, after a 1.8% increase in the June quarter. Core RV and marina annual base rental income increased 5.3%. Core annual membership subscriptions increased 8.4%. In aggregate, Core RV and marina annual base rental income and annual membership subscriptions increased 5.8%.

Total revenues were $409.9 million. Normalized FFO available for common stock and OP unit holders was $157.4 million. Adjusted EBITDAre was $192.5 million.

The company said it anticipates sending 2027 rent increase notices to approximately 50% of MH residents by October month-end and has set RV annual rates for more than 95% of annual sites. Preliminary 2027 Core MH base rent income growth is assumed at approximately 5.1% and preliminary 2027 Core RV annual rent income growth at approximately 4.7%. Those assumptions exclude contribution from incremental sites that may be occupied in 2027.

Full-year 2026 guidance midpoint for normalized FFO remained $3.18 a share. Core MH base rental income growth midpoint remained 5.7% and Core income from property operations excluding property management remained 6.0%. The company cut the full-year Core RV and marina base rental income growth midpoint to 1.2% from 1.6% and property operating revenues midpoint to 4.3% from 4.4%. Property operating expenses excluding property management midpoint moved to 1.9% from 2.1%.

Fourth-quarter 2026 guidance is normalized FFO of $0.78 to $0.84 a share, Core MH base rental income growth of 5.4% to 6.0%, Core RV and marina base rental income growth of 2.5% to 3.1%, property operating revenues growth of 4.1% to 4.7%, and income from property operations excluding property management growth of 5.7% to 6.3%.

Core RV and marina annual base rental income fourth-quarter growth is guided at 4.9% to 5.5% and full-year at 4.7% to 5.3%. Guidance issued July 22, 2026 had factored in a full-year range of 4.3% to 5.3% for that measure.

As of September 30, 2026, the company owned or had an interest in 453 properties in 35 states and British Columbia consisting of 173,623 sites. Total debt was $3,329 million. Total debt to total market capitalization was 22.2%.