ELS

CHICAGO, July 28, 2026 /PRNewswire/ -- On July 28, 2026, the Board of Directors of Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") declared a third quarter 2026 dividend of $0.5425 per common share, representing, on an annualized basis, a dividend of $2.17 per common share. The dividend will be paid on October 9, 2026 to stockholders of record at the close of business on September 25, 2026. 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," "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, 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. We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 453 properties located predominantly in the United States consisting of 173,559 sites as of June 30, 2026. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago. View original content:https://www.prnewswire.com/news-releases/els-declares-third-quarter-2026-dividend-302837030.html

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was anchored by the core MH portfolio, which represents 60% of total revenue and achieved 94% occupancy following two consecutive quarters of growth. Management attributed the 6.5% NOI increase to strong annual revenue streams and disciplined expense management, particularly in utility and real estate tax categories. The business model benefits from high-fidelity residency, with 97% of MH residents owning their homes and 70% of communities being senior lifestyle oriented, providing stability against macro uncertainty. Annual RV and marina revenue grew 4.8% year-to-date, supported by decreased attrition and strong retention across Sunbelt properties serving active adult customers. The Thousand Trails membership platform saw an 11% increase in subscription revenue, reflecting a strategic shift toward prioritizing higher-rate memberships over pure volume. Operational outperformance in the second quarter was primarily driven by lower-than-expected expenses, including successful real estate tax appeals in Texas. Full-year normalized FFO guidance was raised to a midpoint of $3.18 per share, reflecting year-to-date outperformance and improved core NOI growth expectations. Guidance for the fourth quarter assumes no growth in transient RV rent, reflecting current reservation pacing and a cautious outlook on short-term stays. Management expects MH occupancy to continue its favorable trend in the back half of the year as inventory is restored following previous storm-related disruptions. The 21st Century R.O.A.D. to Housing Act is expected to provide long-term benefits by allowing greater flexibility in home design and supporting entitlements for expansion projects. Expense growth for the remainder of the year is projected to track closely with CPI for core items like payroll and utilities, while insurance and taxes are expected to remain flat. The company consolidated 7 RV communities into the non-core portfolio, totaling 1.4 thousand sites, with 70% of these sites developed within the last 10 years. Transient and seasonal RV revenue was 170 basis points lower than guidance in Q2, primarily due to adverse weather events and smoke from Canadian wildfires impacting June results. A one-time settlement of a dispute and prior business interruption income contributed to 'income from other investments' but was largely offset by shifts in joint venture expectations. The R.O.A.D.S. legislation specifically exempts manufactured housing from institutional investor provisions, preserving the asset class's investment appeal. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management reduced fourth-quarter transient growth expectations to flat year-over-year due to current reservation pacing. Visibility into the winter Sunbelt season remains limited as 'early bird' booking activity is not expected to pick up for several weeks. Occupancy growth is currently driven by a mix of new home sales and rentals, with 20% of sales typically coming from existing renters. Management expressed confidence in reaching higher occupancy levels as they move past storm recovery and successfully place new inventory into communities. The company is deliberately trading off membership volume for higher rates, resulting in an increase in average dues from approximately $580 to nearly $700 per member. Strong demand for new dues-based upgrade options confirms member willingness to pay for increased flexibility and longer booking windows. Expansion sites often command premium rents compared to standard sites, particularly those with water views or superior configurations. Management is focusing on 'adjacent' developments within the existing portfolio to leverage established community demand.

Interested in Equity Lifestyle Properties, Inc.? Here are five stocks we like better. Equity Lifestyle Properties raised its full-year outlook after a stronger-than-expected Q2, with normalized FFO per share at $0.74 and management lifting 2026 guidance to a midpoint of $3.18 per share. Core NOI growth and expense control also came in better than expected. Manufactured housing remained the main growth engine, with occupancy rising to 94% and increasing for a second straight quarter. Management said demand is being supported by senior-oriented communities, especially in Florida, and expects further occupancy gains. RV, marina, and membership businesses added support, but transient RV demand was uneven due to weather and wildfire impacts. Thousand Trails membership revenue continued to expand, while the company also highlighted a strong balance sheet and ongoing expansion opportunities in manufactured housing. REITs Set for a 2026 Rebound? 7 Top Picks as Rate Cuts Approach Equity Lifestyle Properties (NYSE:ELS) raised its full-year outlook after reporting stronger-than-expected second-quarter 2026 results, with management citing continued strength in manufactured housing, annual RV and marina revenues, and expense controls across the portfolio. Vice Chairman and CEO Marguerite Nader said the company’s net operating income increased 6.5% from a year earlier in the quarter, while normalized funds from operations per share rose 7.7%. Executive Vice President and CFO Paul Seavey said second-quarter normalized FFO was $0.74 per share. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? 3 Stocks Wall Street Could Be Watching on Fannie Mae’s Rally “The strength of our portfolio allows us to raise our full year guidance for normalized FFO per share,” Nader said on the call. She said the company continues to benefit from long-term demographic trends, including an aging population and the fact that approximately 70% of its manufactured housing communities are oriented toward senior lifestyles. Manufactured housing remains the company’s largest business line, representing about 60% of total revenue. Nader said the manufactured housing core portfolio had occupancy of 94%, and that occupancy had increased for two consecutive quarters. → 3 Photonics Companies Making Quantum Tech Possible 3 Stocks to Watch as New Home Listings Climb Again President and COO Patrick Waite said year-to-date manufactured housing occupancy growth came from both home sales and rentals. He said demand remained supported by the company’s 55-and-older customer base, particularly in Florida markets such as West Palm Beach, Fort Lauderdale, Tampa, St. Pete and Ocala-Daytona, where residents see value compared with alternative housing options. Waite also said the company continues to see steady demand in California and Arizona, while northern U.S. markets were in the middle of the summer home-selling season. He noted that roughly 40% of new home sales in the quarter came from the Midwest, Northeast and Mid-Atlantic markets. → AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off In response to an analyst question about returning occupancy toward 95%, Waite said the company added about 70 units over the last two quarters and expects continued growth in coming quarters. He said prior storm impacts required recovery work and the placement of inventory into affected communities, but added that management feels good about demand in the back half of the year. Nader added that more than 50% of the company’s properties are 98% occupied and have been for several years, which she attributed to customers’ long-term commitments and homeownership. She said 97% of manufactured housing residents own their homes. Nader said annual RV and marina revenue increased 4.8% year to date, driven by retention across RV sites, park models, resort cottages and other RV accommodations. She said the company saw lower customer attrition than last year and engagement from new customers. Seavey said core RV and marina annual base rental income, which represents more than 70% of total RV and marina-based rental income, rose 5.4% in the second quarter and 4.8% year to date. However, he said seasonal and transient rent came in 170 basis points below guidance, mainly due to lower-than-expected transient rent in June. Management lowered its expectations for RV and marina-based rental income growth while raising its outlook for annual RV and marina rent growth by 10 basis points. Seavey said the change reflected current transient reservation pacing for the third quarter and an assumption that fourth-quarter transient rent will be flat year over year. Waite said transient demand continues to show volatility, with weather affecting results during the summer. He also said smoke from Canadian wildfires had an impact around the Fourth of July period. Asked about holiday performance, Waite said Juneteenth and July Fourth weekends were down slightly from last year, and that the company did not see a meaningful contribution from the World Cup. The Thousand Trails portfolio also contributed to the quarter’s performance. Nader said the membership platform added approximately 800 members during the quarter, while subscription revenue increased 11%. Waite said the company completed the launch of new Thousand Trails subscription memberships a little more than a year ago. Since then, more than 9,000 memberships have been sold, including almost 7,000 over the last 12 months. Seavey said the net contribution from the total membership business was $17.1 million in the second quarter and $34.4 million year to date. Year-to-date growth of 9.6% was mainly attributable to rate growth in subscription revenue. Approximately 2,600 upgrade subscriptions were originated by new and existing members year to date. In response to a question about membership count versus pricing, Nader said the company made a deliberate trade-off emphasizing higher rates rather than volume. She said per dues-paying member revenue increased from about $580 to almost $700, reflecting demand for upgraded benefits such as longer stays, earlier booking windows and cabin rental discounts. Seavey said full-year 2026 normalized FFO is now expected to be $3.18 per share at the midpoint of a $3.13 to $3.23 range. The company projects core portfolio property operating income growth of 6% at the midpoint of its 5.5% to 6.5% range. For the full year, the company expects: Core revenue growth of 3.9% to 4.9%; Core expense growth of 1.6% to 2.6%; Core NOI growth of 5.5% to 6.5%; Core manufactured housing rent growth of 5.2% to 6.2%; Combined RV and marina rent growth of 1.1% to 2.1%. Seavey said second-quarter core property operating revenues increased 4.9%, while core property operating expenses rose 2.9%, resulting in 6.5% core NOI growth before property management. Year-to-date core NOI before property management increased 5.7%. Expense growth was 120 basis points below guidance in the second quarter, mainly due to savings in utility and real estate tax expenses following the resolution of appeals at properties in Texas. Seavey said utility income recovery improved to 50.4% year to date, about 220 basis points higher than the same period in 2025. For the third quarter, the company expects normalized FFO per share of $0.76 to $0.82, with core property operating income growth projected at 6.3% to 6.9%. Seavey said the company’s balance sheet is insulated from refinance and rate risk, with floating-rate exposure limited to balances on its line of credit. Debt to EBITDAre stood at 4.4 times, and interest coverage was 5.6 times. He said the company has access to approximately $1.2 billion of capital through its combined line of credit and ATM programs. Management also discussed expansion opportunities in manufactured housing. Waite said property expansions are a key part of the company’s occupancy growth strategy, citing four recent Florida development projects with nearly 500 sites and an age-qualified expansion project in the Phoenix market where the company added more than 20 units of occupancy. Waite also highlighted the 21st Century ROAD to Housing bill, which he said became law earlier in the month. He said the legislation includes provisions affecting manufactured housing, including an exemption from an institutional investor provision, greater flexibility in HUD-code home design and zoning best-practice guidance encouraging more accommodation of manufactured homes. Nader said the company will continue looking for opportunities to buy land adjacent to existing properties and pursue manufactured housing developments within its portfolio. Equity Lifestyle Properties, Inc (NYSE: ELS) is a publicly traded real estate investment trust specializing in the acquisition, development, ownership and operation of manufactured home communities and recreational vehicle resorts. The company's portfolio includes more than 450 properties across the United States and Canada, serving over 200,000 residents and visitors. ELS organizes its operations into two primary segments: manufactured housing communities, which provide long-term housing solutions, and upscale RV and seasonal resorts designed for leisure travelers and seasonal patrons. In its manufactured home division, ELS offers home-site leases combined with community amenities such as landscaped common areas, clubhouses, swimming pools and organized resident events. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Equity Lifestyle Properties Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. NOI Growth: Increased by 6.5% compared to last year. Normalized FFO Growth: 7.7% for the quarter. MH Core Portfolio Revenue: Represents approximately 60% of total revenue with 94% occupancy. Annual RV and Marina Revenue Growth: 4.8% year-to-date. Thousand Trails Membership Growth: Approximately 800 new members with subscription revenue increasing by 11%. Second Quarter Normalized FFO: $0.74 per share. Core Community-Based Rental Income Increase: 5.8% for the second quarter. Occupied Sites Increase: 67 occupied sites in the first six months of 2026. Core RV and Marina Annual Base Rental Income Increase: 5.4% in the second quarter. Membership Business Contribution: $17.1 million for the second quarter. Core Utility and Other Income Increase: 6% for the June year-to-date period. Core Operating Expenses Increase: 2.3% year-to-date. Full-Year Normalized FFO Guidance: $3.18 per share at the midpoint. Debt-to-EBITDA Ratio: 4.4 times. Interest Coverage: 5.6 times. Warning! GuruFocus has detected 6 Warning Signs with TSX:AW. Is ELS fairly valued? Test your thesis with our free DCF calculator. Release Date: July 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Equity Lifestyle Properties Inc (NYSE:ELS) reported a 6.5% increase in NOI compared to the previous year, indicating strong operational performance. The company's normalized FFO per share grew by 7.7% for the quarter, showcasing effective financial management. ELS raised its full-year guidance for normalized FFO per share, reflecting confidence in future performance. The MH Core portfolio, which represents 60% of total revenue, maintained a high occupancy rate of 94%, demonstrating strong demand. The Thousand Trails portfolio saw membership growth of approximately 800 members and an 11% increase in subscription revenue, highlighting the appeal of their membership platform. Seasonal and transient rent was 170 basis points lower than guidance due to lower-than-expected transient rent, particularly in June. The company experienced challenges with weather impacting transient results, which could affect future revenue streams. There was a slower booking pace for RV and marina-based rental income, leading to a downward adjustment in guidance for these segments. The expansion of MH sites may face challenges in leasing up due to the need for new, more expensive homes. The company noted a slower conversion rate from transient to annual and seasonal customers, which could impact long-term occupancy growth. Q: Can you walk through your expectations for RV and seasonal trends for the rest of the year? A: Paul Seavey, CFO, explained that they have raised their full-year normalized FFO per share guidance due to year-to-date outperformance. However, they adjusted RV and marina-based rental income growth downwards while raising annual growth slightly. The changes reflect transient expectations for the third quarter and a flat year-over-year growth in transient for the fourth quarter. Q: What is your confidence level in building occupancy back to 95%? A: Patrick Waite, COO, noted that they have increased occupancy by about 70 units over the last two quarters. They are meeting demand through both home sales and rentals and expect favorable occupancy growth in the coming quarters. Marguerite Nader, CEO, added that over 50% of their properties are 98% occupied, which is sustainable due to the long-term commitment of their customers. Q: Can you discuss the renewal rates for your annual business lines? A: Patrick Waite, COO, mentioned that they are in the process of determining MH rates for the upcoming year, which will be sent out with 60 to 90 days' notice. Paul Seavey, CFO, added that they consider COLA and CPI metrics when setting these rates. Q: How are you thinking about 55-plus built-to-rent communities? A: Marguerite Nader, CEO, stated that while they have rental properties within their portfolio, their focus remains on growing their MH portfolio. They will continue to explore opportunities within the MH business. Q: What is driving the slower booking pace for seasonal transient RV sites? A: Patrick Waite, COO, highlighted that weather and the Canadian wildfires have impacted transient results. They expect better visibility on seasonal bookings in the coming weeks as they approach the winter season in the Sunbelt. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Continued Strong Performance CHICAGO, July 22, 2026 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and six months ended June 30, 2026. All per share results are reported on a fully diluted basis unless otherwise noted. Operations Update Normalized FFO per Common Share and OP Unit for the quarter ended June 30, 2026 was $0.74, representing a 7.7% increase compared to the same period in 2025, performing above the midpoint of our previous guidance range of $0.69 to $0.75. Core Portfolio operations for the quarter ended June 30, 2026 generated 6.5% growth in income from property operations, excluding property management. These results reflect outperformance of our guidance for Core property operating revenues, Core property operating expenses, excluding property management, and Core income from property operations, excluding property management. Normalized FFO for the six months ended June 30, 2026 was $1.58 per Common Share and OP Unit, representing a 3.6% increase compared to the same period in 2025. For the six months ended June 30, 2026, 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%, each as compared to the same period in 2025. MH Core MH base rental income for the quarter ended June 30, 2026 increased 5.8% compared to the same period in 2025. Occupied sites increased by 13 sites and new and used home sales totaled 235 during the quarter ended June 30, 2026. Core MH base rental income for the six months ended June 30, 2026 increased 5.7% compared to the same period in 2025. Occupied sites increased by 67 sites and new and used home sales totaled 463 during the six months ended June 30, 2026. RV and Marina Core RV and marina base rental income for the quarter ended June 30, 2026 increased 1.8% compared to the same period in 2025. Core RV and marina annual base rental income increased 5.4% for the quarter ended June 30, 2026 compared to the same period in 2025. Core RV and marina base rental income for the six months ended June 30, 2026 increased 0.1% compared to the same period in 2025. Core RV and marina annual base rental income increased 4.8% for the six months ended June 30, 2026 compared to the same period in 2025. Property Operating Expenses Core property operating expenses, excluding property management, for the quarter ended June 30, 2026 increased 2.9% compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating expenses, excluding property management, increased 2.3% compared to the same period in 2025. Guidance Update Third 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. About Equity LifeStyle Properties We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of June 30, 2026, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,559 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, Thursday, July 23, 2026, at 11:00 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 Property management21,84520,72340,51641,153Depreciation and amortization53,63752,649106,773103,591Cost of home sales, brokered resales and ancillary services16,90316,47630,50330,168Home selling expenses and ancillary operating expenses7,6186,98814,44113,156General and administrative (1)11,87210,45522,97319,694Casualty-related charges/(recoveries), net (2)(7,094)(541)(7,026)(324)Other expenses1,209(59)2,4421,819Interest and related amortization33,82432,20067,46963,336Total expenses298,458292,643583,712570,485Income before other items99,35784,223211,725193,715Gain/(Loss) on sale of real estate and impairment, net(507)(683)(507)(683)Equity in income/(loss) of unconsolidated joint ventures668(47)(209)4,854Consolidated net income99,51883,493211,009197,886Income allocated to non-controlling interests – Common OP Units(3,194)(3,777)(6,781)(8,978)Redeemable perpetual preferred stock dividends(8)(8)(8)(8)Net income available for Common Stockholders$ 96,316$ 79,708$ 204,220$ 188,900 Non-GAAP Financial Measures This document contains certain Non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these Non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance. Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of Non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 6 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 16-19. Non-GAAP Financial Measures Definitions and Reconciliations The following Non-GAAP financial measures definitions do not include adjustments in respect to membership upgrade revenue: (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property operating revenues; (vi) Property operating expenses, excluding property management; and (vii) Income from property operations, excluding property management. FUNDS FROM OPERATIONS (FFO). We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance. NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount. FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures. We believe that FFO, Normalized FFO and FAD are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our normal operations. For example, we believe that excluding the early extinguishment of debt and other miscellaneous non-comparable items from FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items. INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT. We define Income from property operations, excluding property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses, excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within Insurance and other in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties. The following table reconciles Net income available for Common Stockholders to Income from property operations: EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairment charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. We define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT. The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre: CORE PORTFOLIO or CORE. The Core properties include properties we owned and operated during all of 2025 and 2026. We believe Core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations. NON-CORE PORTFOLIO or NON-CORE. The Non-Core properties in 2026 include properties that were not owned and operated during all of 2025 and 2026, including six properties in Florida impacted by Hurricane Ian, two properties in California that were impacted by storm and flooding events and seven acquired RVC properties. The 2026 guidance reflects Non-Core properties in 2026, which includes properties not owned and operated during all of 2025 and 2026. NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that do not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture and mechanical improvements. FIXED CHARGES. Fixed charges consist of interest expense, amortization of note premiums and debt issuance costs. The fixed charges ratio is calculated by dividing the trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period. FORWARD-LOOKING NON-GAAP MEASURES. The following table reconciles Net Income per Common Share - Fully Diluted guidance to FFO per Common Share and OP Unit - Fully Diluted guidance and Normalized FFO per Common Share and OP Unit - Fully diluted guidance: This press release includes certain forward-looking information, including Core and Non-Core Income from property operations, excluding property management, that is not presented in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-K, we do not provide a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP, where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This includes, for example, (i) scheduled or implemented rate increases on community, resort and marina sites; (ii) scheduled or implemented rate increases in annual payments under membership subscriptions; (iii) occupancy changes; (iv) costs to restore property operations and potential revenue losses following storms or other unplanned events; and (v) other nonrecurring/unplanned income or expense items, which may not be within our control, may vary between periods and cannot be reasonably predicted. These unavailable reconciling items could significantly impact our future financial results. View original content:https://www.prnewswire.com/news-releases/els-reports-second-quarter-results-302832574.html

CHICAGO, July 13, 2026 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as the "Company," "we," "us," and "our") announced today that the Company's second quarter 2026 earnings will be released on Wednesday, July 22, 2026 after market close. The Company's executive management team will host a conference call and audio webcast on Thursday, July 23, 2026 at 12:00 p.m. Eastern Time to discuss the Company's operating and financial results. The live audio webcast and replay of the conference call will be available on our website at www.equitylifestyleproperties.com in the Investor Relations section under Events. Research analysts and other interested parties who wish to participate in the conference call must register through this link at least fifteen minutes prior to the scheduled start of the call to receive the dial-in details. 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," "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, 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. We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 453 properties located predominantly in the United States consisting of 173,419 sites as of March 31, 2026. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago. View original content:https://www.prnewswire.com/news-releases/equity-lifestyle-properties-inc-announces-second-quarter-2026-earnings-release-and-conference-call-302824208.html

Equity LifeStyle Properties, Inc. recently held its virtual annual meeting where shareholders elected nine directors, ratified Ernst & Young LLP as auditor for 2026, approved executive compensation on an advisory basis, and the board declared a second-quarter 2026 dividend of US$0.5425 per common share, payable on July 10, 2026 to holders of record on June 26, 2026. Alongside this governance continuity, the company reported first-quarter 2026 revenue of US$397.62 million and reaffirmed its focus on retirement and vacation markets, while issuing net income per share guidance of US$0.42 to US$0.48 for the second quarter and US$2.02 to US$2.12 for full-year 2026. With this steady dividend declaration and updated earnings outlook, we’ll now examine how these developments influence Equity LifeStyle Properties’ investment narrative. Outshine the giants: these 18 early-stage AI stocks could fund your retirement. To own Equity LifeStyle Properties, you need to believe in long term demand for affordable manufactured housing and RV communities, particularly in retirement and vacation markets. The latest dividend declaration and Q2 and full year 2026 earnings guidance do not materially change the near term focus on maintaining occupancy and rental resilience, nor do they reduce the key risk from the company’s geographic concentration in weather and regulation sensitive Sunbelt states. The most relevant update here is the reaffirmed 2026 net income per share guidance of US$0.42 to US$0.48 for Q2 and US$2.02 to US$2.12 for the full year, alongside the US$0.5425 quarterly dividend. Together, these give investors clearer visibility on near term earnings against a backdrop of softer seasonal and transient RV demand and higher insurance and operating costs in select markets. Yet investors should also be aware that the same Sunbelt focus which supports occupancy also heightens exposure to regional storms and insurance shocks, which... Read the full narrative on Equity LifeStyle Properties (it's free!) Equity LifeStyle Properties' narrative projects $1.8 billion revenue and $466.1 million earnings by 2029. This requires 4.4% yearly revenue growth and about an $80.9 million earnings increase from $385.2 million today. Uncover how Equity LifeStyle Properties' forecasts yield a $70.47 fair value, a 12% upside to its current price. Three members of the Simply Wall St Community value Equity LifeStyle Properties between US$59 and about US$83.78, underlining how far opinions can spread. Set against this, ongoing softness in seasonal and transient RV revenue reminds you to weigh those valuation views against real occupancy and demand risks before deciding which camp you align with. Explore 3 other fair value estimates on Equity LifeStyle Properties - why the stock might be worth as much as 33% more than the current price! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Equity LifeStyle Properties research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision. Our free Equity LifeStyle Properties research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Equity LifeStyle Properties' overall financial health at a glance. Our top stock finds are flying under the radar-for now. Get in early: We've uncovered the 13 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. Uncover the next big thing with 24 elite penny stocks that balance risk and reward. Capitalize on the AI infrastructure supercycle with our selection of the 38 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ELS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

CHICAGO, April 28, 2026 /PRNewswire/ -- On April 28, 2026, the Board of Directors (the "Board") of Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") declared a second quarter 2026 dividend of $0.5425 per common share, representing, on an annualized basis, a dividend of $2.17 per common share. The dividend will be paid on July 10, 2026 to stockholders of record at the close of business on June 26, 2026. 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," "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, 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. We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 453 properties located predominantly in the United States consisting of 173,419 sites as of March 31, 2026. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago. View original content:https://www.prnewswire.com/news-releases/els-declares-second-quarter-2026-dividend-302756270.html

Q1 normalized FFO was $0.84 and core portfolio NOI rose 4.9% year‑over‑year, with the company reiterating full‑year 2026 normalized FFO guidance at a midpoint of $3.17 per share while citing membership strength and an ~18% drop in insurance premiums as positive contributors to results. Manufactured housing remains the business anchor—about 60% of revenue—with 94% occupancy, 97% homeowner residency supporting long tenures, demographic tailwinds (10,000 people/day turning 65), and ongoing expansions (e.g., 1,100 MH sites added in Florida since 2020 and ~500 completed expansion sites in Arizona). Marina restoration delays from 2024 hurricanes have pushed slip rebuilds into late 2026 and 2027 and reduced near‑term RV/marina annual expectations by roughly $1.5 million, though management expects demand to drive upside in 2027. Interested in Equity Lifestyle Properties, Inc.? Here are five stocks we like better. REITs Set for a 2026 Rebound? 7 Top Picks as Rate Cuts Approach Equity Lifestyle Properties (NYSE:ELS) reported first-quarter 2026 results that management said were consistent with expectations, highlighted by normalized funds from operations (FFO) of $0.84 per share and core portfolio net operating income (NOI) growth of 4.9% year-over-year. The company maintained its full-year 2026 normalized FFO guidance midpoint of $3.17 per share (range $3.12 to $3.22). Vice Chairman and CEO Marguerite Nader said the company “continued our long-term record of strong core operations” and emphasized the stability of its manufactured housing (MH) portfolio, which represents about 60% of total revenue. Nader said MH properties were “currently 94% occupied,” with a resident base that is “97%” homeowners—an attribute she said supports long tenure, predictability, and recurring cash flow. → Credo Stock Flashes Strong Bullish Signal—Upswing Just Starting 3 Stocks Wall Street Could Be Watching on Fannie Mae’s Rally Nader also pointed to long-term demand drivers, noting the company’s core customers include baby boomers and that “10,000 people per day turn 65 through 2030,” followed by a demographic tailwind from Gen X. She added that ELS’ balance sheet remains a competitive advantage, citing an average debt maturity of more than seven years and limited near-term maturities through 2028. President and COO Patrick Waite said the company is in the midst of its seasonal transition as snowbird customers leave Sun Belt properties and northern locations prepare for summer. He described ELS communities as offering a value proposition versus local housing markets, particularly in Florida and Arizona. In Florida—ELS’ largest MH market at roughly 50% of core MH revenue—Waite said single-family home prices in key metros range from $350,000 to over $500,000, compared with average new home prices of about $100,000 in ELS communities and resales averaging roughly $50,000. → Allbirds Exits Shoes, Pivots to AI With NewBird Rebrand 3 Stocks to Watch as New Home Listings Climb Again Waite said ELS has expanded in high-demand areas, adding more than 1,100 MH sites in Florida since 2020. In Arizona, he said ELS is selling homes in expansion projects where inventory is selling for “$110,000-$180,000,” and the company has “500 completed expansion sites” to support occupancy growth. In California, he said the portfolio is “99% occupied,” with home sales “typically resales” and prices “in the range of $100,000 and higher.” Waite attributed resident longevity to lifestyle and amenities and said homeowners stay an average of 10 years. In the RV business, Waite said annual customers are central to stable occupancy and that through April, ELS has seen improvements in attrition trends versus last year. Annual sites account for 75% of core RV revenue, he said. However, Waite noted that annual marina revenues faced year-over-year occupancy headwinds tied to delays in permits and longer construction timelines for storm-related projects. He said ELS expects those projects to be completed “late in 2026 and into 2027,” supporting occupancy gains as the business rebuilds. → Amazon Stock Up 30%: Is AMZN Still a Buy Before Earnings? EVP and CFO Paul Seavey said first-quarter normalized FFO of $0.84 per share was “in line with our guidance,” while core portfolio NOI growth of 4.9% was “slightly ahead” of expectations. Core community-based rental income rose 5.7% year-over-year, which Seavey attributed primarily to rate increases for renewing residents and market rent for new residents. Occupied sites increased by 54 during the quarter, and quarter-end occupancy was 93.9%. Seavey said the year-over-year occupancy comparison was affected by expansion sites added over the last 12 months; adjusting for expansions, occupancy would have been 94.4%, in line with the prior year. ELS sold 228 new and used homes during the quarter. Asked later about home sale pricing and volumes, Seavey said quarter activity was impacted by winter weather early in the period, while demand appeared steadier as the quarter progressed. He cautioned against reading too much into quarterly home sale prices due to product mix. In the RV and marina segment, Seavey said first-quarter core resort and marina-based rental income outperformed the budget by 10 basis points. Annual RV and marina rent grew 4.2% year-over-year, “slightly below expectations,” with marina restoration delays affecting results. Seasonal and transient rent was 70 basis points above guidance, which Seavey attributed to higher-than-expected seasonal rent. Membership performance was another area of strength. Seavey said the net contribution from ELS’ “total membership business,” after sales and marketing expenses, was $17.6 million, up 13.7% from the prior year, driven primarily by rate increases. The company originated approximately 1,200 upgrade subscriptions in the quarter. On expenses, Seavey said first-quarter core operating expenses increased 1.8% year-over-year. He also disclosed that ELS renewed property and casualty insurance effective April 1 and achieved an approximately 18% premium decrease year-over-year, with “no change” in coverage. In response to analyst questions, Seavey said the insurance savings were incorporated into guidance, though he declined to provide the company’s initial premium assumption. Seavey reiterated full-year 2026 normalized FFO guidance with a midpoint of $3.17 per share. At the midpoint, ELS projects core property operating income growth of 5.7% (range 5.2% to 6.2%), along with core revenue growth of 4% to 5% and core expense growth of 2.2% to 3.2%. By segment, full-year guidance assumes MH rent growth of 5.1% to 6.1%, while combined RV and marina rent growth is expected to be 2% to 3%. Seavey said annual RV and marina rent comprises approximately 75% of full-year RV and marina rent, and ELS expects 4.8% growth in annual rental income at the midpoint. However, he said the change in expectations for annuals versus prior guidance was due to the marina portfolio, where slip restoration is taking longer than anticipated. During the Q&A, Seavey confirmed that the decline in RV and marina annual expectations was attributed to the marina portfolio and validated an analyst’s estimate that the impact was “roughly $1.5 million.” Waite said three marina properties in Florida were affected by the 2024 hurricane season and that delays are “in the neighborhood of 9-12 months,” pushing the expected rebuild in occupancy to late 2026 and into 2027. Nader added there is “upside in 2027” because demand for the slips is high and they are expected to be filled when brought back online. For the second quarter, ELS guided to normalized FFO per share of $0.69 to $0.75 and core property operating income growth of 4.8% to 5.4%. Seavey said second-quarter MH rent growth is expected to be 5.6% at the midpoint and annual RV and marina rent growth about 5.1% at the midpoint. He also said seasonal and transient RV revenue guidance reflects current reservation pacing, while assumptions for the third and fourth quarters were left unchanged due to limited visibility beyond near-term bookings. Discussing reservations, Seavey told analysts that roughly 60% of transient revenue comes from bookings made within “7-10 days of arrival.” Nader attributed some seasonal softness in April to weather-driven timing, with guests heading north earlier than expected. On capital markets, Seavey said ELS’ balance sheet is “insulated from refinance and rate risk,” with floating-rate exposure limited to line-of-credit balances. He reported debt-to-EBITDAre of 4.5x and interest coverage of 5.6x, and said the company has access to approximately $1.2 billion through its line of credit and at-the-market (ATM) programs. In response to questions about acquisitions, Nader said industry transaction volume is low and “limited” quality assets are for sale, though she noted there may be more opportunities to buy transient RV parks than previously—“not necessarily something we are interested in.” She also said ELS remains focused on growing within the United States and is not pursuing international expansion or new property types beyond MH and RV. ELS concluded the call by saying it looks forward to updating investors on second-quarter earnings. Equity Lifestyle Properties, Inc (NYSE: ELS) is a publicly traded real estate investment trust specializing in the acquisition, development, ownership and operation of manufactured home communities and recreational vehicle resorts. The company's portfolio includes more than 450 properties across the United States and Canada, serving over 200,000 residents and visitors. ELS organizes its operations into two primary segments: manufactured housing communities, which provide long-term housing solutions, and upscale RV and seasonal resorts designed for leisure travelers and seasonal patrons. In its manufactured home division, ELS offers home-site leases combined with community amenities such as landscaped common areas, clubhouses, swimming pools and organized resident events. The article "Equity Lifestyle Properties Q1 Earnings Call Highlights" was originally published by MarketBeat.

This article first appeared on GuruFocus. Normalized FFO: $0.84 per share for Q1 2026, in line with guidance. Core Portfolio NOI Growth: 4.9% compared to prior year. Core Community-Based Rental Income: Increased 5.7% for the quarter compared to Q1 2025. Occupied Sites: Increased 54% during the first quarter, resulting in 93.9% occupancy. Core Resort and Marina-Based Rental Income: Outperformed budget by 10 basis points. Rent Growth from RV and Marine Annuals: Increased 4.2% for the quarter compared to prior year. Net Contribution from Membership Business: $17.6 million, an increase of 13.7% compared to prior year. Core Utility and Other Income: Increased 5.4% compared to Q1 2025. Core Operating Expenses: Increased 1.8% compared to the same period in 2025. Property and Casualty Insurance Premium: Decreased approximately 18% year over year. Core Property Operating Revenues: Increased 3.7%. Core Property Operating Expenses: Increased 1.8%. Growth in Core NOI Before Property Management: 4.9%. Noncore Properties Contribution: $3 million in the quarter. Property Management and Corporate Expenses: $28.6 million in Q1 2026, 3.4% lower than 2025. Full Year 2026 Normalized FFO Guidance: $3.17 per share at the midpoint. Core Property Operating Income Growth Projection: 5.7% at the midpoint. Debt-to-EBITDAre: 4.5x. Interest Coverage: 5.6x. Access to Capital: Approximately $1.2 billion from combined line of credit and ATM programs. Warning! GuruFocus has detected 3 Warning Signs with NPB. Is ELS fairly valued? Test your thesis with our free DCF calculator. Release Date: April 22, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Equity Lifestyle Properties Inc (NYSE:ELS) reported strong core operations with a maintained full-year normalized FFO guidance of $3.17 per share. The manufactured housing portfolio, which represents 60% of total revenue, is 94% occupied, showcasing high occupancy levels. The company has a strong social media presence with over 2.4 million fans and followers, growing by an average of 25% annually over the past decade. ELS has a well-managed balance sheet with an average term to maturity of more than seven years and only 14% of debt coming due through 2028. The company has delivered an 18% compounded annual dividend growth rate over a 20-year period, indicating strong income growth and stability. Marina revenues experienced occupancy headwinds due to delays in slip restoration efforts, impacting performance. The company faces longer-than-anticipated delays in marina construction projects, pushing expected occupancy gains to late 2026 and into 2027. There is a low volume of quality assets for sale in the market, limiting acquisition opportunities. The RV transient business has limited visibility beyond 90 days, with 60% of revenue coming from bookings within 7 to 10 days of arrival. The company is experiencing challenges in the seasonal and transient RV segments, with a revised guidance reflecting a decline in expected revenue growth. Q: Can you provide more details on the insurance renewal and its impact on expenses and guidance? A: Paul Seavey, CFO, explained that the insurance renewal resulted in an 18% premium decrease, which was better than initially budgeted. This reduction is factored into the updated guidance, which includes adjustments for potential energy and supply cost increases. Q: Could you elaborate on the revised seasonal and transient top-line guidance and reservation pacing? A: Paul Seavey, CFO, noted that the transient business has limited visibility beyond 90 days. The guidance reflects current reservation pacing, with about 60% of revenue from bookings within 7 to 10 days of arrival. Q: What trends are you seeing in the Northeast annual RV sites, and has occupancy normalized? A: Patrick Waite, COO, stated that trends have returned to historical norms, with consistent demand in the RV annual space. The elevated attrition seen last year has subsided. Q: Can you discuss the impact of oil prices on operational expenses and how you manage this volatility? A: Paul Seavey, CFO, mentioned that the guidance update considered the increase in oil prices. They reviewed utility pricing structures and adjusted utility expense assumptions for the rest of 2026. Q: How are you addressing the impact of Canadian tariffs on your customer base? A: Patrick Waite, COO, noted that while the impact of Canadian tariffs has been felt, they are monitoring the situation and will provide updates as they gain more visibility into future quarters. For the complete transcript of the earnings call, please refer to the full earnings call transcript.