Equity LifeStyle Properties, Inc. (ELS) SEC Filings & Earnings Calls
EquiReason read 18 Equity LifeStyle Properties, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-10-21 — ELS reports Q3 2026 Normalized FFO $0.79 (+4.6% YoY), Core property revenues +4.4%, expenses +1.3%, Core income +6.7%; MH base rental income +5.7%; RV annual base rental income +5..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 11.8B
- P/E TTM
- 29.3
- Dividend yield
- 3.5%
- 52-week
- —
- Next earnings
- 26 Jan, in 94 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
21 Oct 20268-K · 2.02ELS reports Q3 2026 Normalized FFO $0.79 (+4.6% YoY), Core property revenues +4.4%, expenses +1.3%, Core income +6.7%; MH base rental income +5.7%; RV annual base rental income +5.3%; guidance narrowed for FY2026.earningsopen
Figures in the filing · each found in the filing text
| Normalized FFO per share · Q3-2026 | $0.79 | +5% y/y |
| FFO per share · Q3-2026 | $0.72 | -6% y/y |
| Net income per share · Q3-2026 | $0.45 | -10% y/y |
| Core property operating revenues growth · Q3-2026 | 4.4% | |
| Core property operating expenses growth (excl. property management) · Q3-2026 | 1.3% | |
| Core income from property operations growth (excl. property management) · Q3-2026 | 6.7% | |
| MH base rental income growth · MH · Q3-2026 | 5.7% | |
| RV and marina base rental income growth · RV and Marina · Q3-2026 | 2.1% | |
| RV and marina annual base rental income growth · RV and Marina · Q3-2026 | 5.3% | |
| Core annual membership subscriptions growth · RV and Marina · Q3-2026 | 8.4% |
Guidance
FY2026 Normalized FFO $3.15-$3.21 per share; Q4 Normalized FFO $0.78-$0.84; FY2026 MH base rental income growth 5.4%-6.0%; FY2026 RV and marina base rental income growth 0.9%-1.5%; FY2026 property operating revenues growth 4.0%-4.6%; FY2026 property operating expenses growth (excl. property management) not explicitly guided but implied by revenue growth and margin trends.
Guidance narrowed for FY2026, reflecting confidence in continued rent growth and expense control; preliminary 2027 rent growth assumptions positive.
Risks flagged
Net income per share declined 11.1% YoY due to deferred tax valuation allowance
“Net Income per Common Share $0.45 vs $0.50, (11.1)%”
FFO per share declined 6.1% YoY, partly due to deferred tax valuation allowance
“FFO per Common Share and OP Unit $0.72 vs $0.77, (6.1)%”
10 Sep 20268-K · 7.01Investor presentation posted on website; contains financial highlights and guidance but no new material event beyond previously published guidance.open
Figures in the filing · each found in the filing text
| Core Portfolio Property Operating Revenues growth · Core Portfolio · FY2026 | 4.5% | |
| Core Portfolio Property Operating Expenses growth (excl. property management) · Core Portfolio · FY2026 | 2.1% | |
| Core Portfolio Income from Property Operations growth (excl. property management) · Core Portfolio · FY2026 | 6.0% | |
| Normalized FFO per Common Share and OP Unit · FY2026 | $3.18 | |
| FFO per Common Share and OP Unit · FY2026 | $3.20 | |
| Net Income per Common Share · FY2026 | $2.10 |
Guidance
FY26 Core NOI growth 4.4% (midpoint); Normalized FFO per share $3.18 (midpoint); Net Income per share $2.10 (midpoint); Core Portfolio Property Operating Revenues growth 4.5%; Core Portfolio Property Operating Expenses growth 2.1%; Core Portfolio Income from Property Operations growth 6.0%
Guidance reaffirmed from July 22, 2026; strong rental income growth and margin expansion expected.
28 Jul 20268-K · 8.01Routine quarterly dividend declared: $0.5425 per share ($2.17 annualized). No change from prior pattern.open
Figures in the filing · each found in the filing text
| Quarterly Dividend per Share · Q3-2026 | $0.54 |
28 Jul 202610-QEquity LifeStyle Properties reported Q2 2026 results with Core Portfolio income from property operations up 6.6% YoY, driven by MH rent growth.earningsopen
Figures in the filing · each found in the filing text
| Income from property operations · Core Portfolio · Q2-2026 | $184M | +7% y/y |
| Average monthly MH base rental income per Site · Core Portfolio · Q2-2026 | $956.00 | +6% y/y |
| Rental operations revenue · MH Rental Operations · Q2-2026 | $10M | +13% y/y |
| Number of occupied rentals – new · MH Rental Operations · Q2-2026 | 1,962 | +8% y/y |
Risks flagged
RV demand weakness in certain regions
“The decrease in Core Transient RV and marina base rental income was primarily due to lower occupancy in the South, Pacific West and Central regions.” · word for word
Utility expense inflation
“The increase in Utility expense was due to increases in sewer, water and trash expenses.” · word for word
23 Jul 20268-K · 2.02Normalized FFO per Common Share and OP Unit $0.74 (+8% y/y); Net Income per Common Share $0.50 (+19% y/y); FFO per Common Share and OP Unit $0.77 (+12% y/y); Guidance: Normalized FFO midpoint raised from $3.17 to $3.18earningsopen
Figures in the filing · each found in the filing text
| Normalized FFO per Common Share and OP Unit · Q2-2026 | $0.74 | +8% y/y |
| Net Income per Common Share · Q2-2026 | $0.50 | +19% y/y |
| FFO per Common Share and OP Unit · Q2-2026 | $0.77 | +12% y/y |
| Normalized FFO per Common Share and OP Unit (Full Year Guidance Midpoint) · FY2026 | $3.18 |
Guidance
Normalized FFO midpoint raised from $3.17 to $3.18
Full-year Normalized FFO guidance midpoint raised slightly, reflecting confidence in core operations.
Risks flagged
RV and marina segment growth slower than MH, with base rental income only +1.8% in Q2
“Core RV and marina base rental income for the quarter ended June 30, 2026 increased 1.8%” · word for word
28 Apr 202610-QNet income per fully diluted Common Share $0.56 (-3% y/y); FFO per fully diluted Common Share and OP Unit $0.83 (-0% y/y); Normalized FFO per fully diluted Common Share and OP Unit $0.84 (+0% y/y)open
Figures in the filing · each found in the filing text
| Net income per fully diluted Common Share · Q1-2026 | $0.56 | -3% y/y |
| FFO per fully diluted Common Share and OP Unit · Q1-2026 | $0.83 | -0% y/y |
| Normalized FFO per fully diluted Common Share and OP Unit · Q1-2026 | $0.84 | +0% y/y |
| Sites · 2026-03-31 | 173,419 |
Risks flagged
Insurance Coverage Limitations
“We have a $125.0 million per occurrence limit with respect to our MH and RV all-risk property insurance program, which includes $75.0 million of coverage per occurrence for named windstorms.” · word for word
Canadian Guest Loss
“The decreases in Core Seasonal and Transient RV and marina rental income were driven by a moderation in demand driven in part by the loss of Canadian guests.” · word for word
17 Mar 2026DEF 14AProxy statement filed for annual shareholder meeting, detailing executive compensation and governance.open
Figures in the filing · each found in the filing text
| Net Income Per Common Share · FY2025 | $2.01 | +3% y/y |
| FFO Per Common Share · FY2025 | $3.08 | +2% y/y |
| Normalized FFO Per Common Share · FY2025 | $3.06 | +5% y/y |
| Core Portfolio Income from Property Operations Growth · FY2025 | 4.8% | |
| Core MH Base Rental Income Growth · MH · FY2025 | 5.5% | |
| Core RV and Marina Base Rental Income Growth · RV and Marina · FY2025 | 4.1% | |
| Core Property Operating Expense Growth · FY2025 | 1.0% | |
| New Home Sales · FY2025 | 439 | |
| Expansion Sites Added · FY2025 | 362 | |
| Dividend Per Share Growth · FY2025 | 7.9% |
18 Feb 202610-KNet income per fully diluted Common Share $2.01 (+3% y/y); FFO per fully diluted Common Share and OP Unit $3.08 (+2% y/y); Normalized FFO per fully diluted Common Share and OP Unit $3.06 (+5% y/y)open
Figures in the filing · each found in the filing text
| Net income per fully diluted Common Share · FY2025 | $2.01 | +3% y/y |
| FFO per fully diluted Common Share and OP Unit · FY2025 | $3.08 | +2% y/y |
| Normalized FFO per fully diluted Common Share and OP Unit · FY2025 | $3.06 | +5% y/y |
| Total Sites · FY2025 | 173,400 | +1% y/y |
| Core Portfolio income from property operations, excluding property management growth · Core Portfolio · FY2025 | 4.8% | |
| Core MH base rental income growth · Core Portfolio · FY2025 | 5.5% | |
| Core Annual RV and marina base rental income growth · Core Portfolio · FY2025 | 4.1% | |
| Dividend growth · FY2025 | 7.9% |
Risks flagged
Interest rate sensitivity
“increases in market interest rates that lead purchasers of our common stock to demand a higher dividend yield” · word for word
REIT qualification risk
“Our Qualification as a REIT Is Dependent on Compliance with U.S. Federal Income Tax Requirements.” · word for word
Rent control exposure
“State and local rent control regulations or rent-regulating governmental bodies affect 33 wholly-owned Properties” · word for word
9 Feb 20268-K · 5.02, 8.01Dividend per share $0.54; Annualized dividend per share $2.17open
Figures in the filing · each found in the filing text
| Dividend per share · Q1-2026 | $0.54 | |
| Annualized dividend per share · FY2026 | $2.17 |
Risks flagged
Forward-looking statements highlight risks including occupancy changes, demand shifts, inflationary pressures, tariff impacts, supply chain disruptions, interest rate changes, and legal matters.
“Risk factors listed: occupancy changes, customer demand, tariffs, supply chain, interest rates, legal matters, storm costs, internal control weaknesses.”
29 Jan 20268-K · 2.02, 8.01Number of properties 453; Number of sites 173,355; Annual dividend per share (2026) $2.17 (+5% y/y); Guidance: Dividend increased to $2.17/share; guidance assumptions providedearningsopen
Figures in the filing · each found in the filing text
| Number of properties · Q4-2025 | 453 | |
| Number of sites · Q4-2025 | 173,355 | |
| Annual dividend per share (2026) · FY2026 | $2.17 | +5% y/y |
Guidance
Dividend increased to $2.17/share; guidance assumptions provided
FY2026 guidance assumptions provided; dividend increase signals confidence; no specific revenue or FFO guidance numbers in excerpt.
Risks flagged
Forward-looking statements include risks from tariffs, supply chain disruptions, and interest rate changes.
“Risk factors include impact of changes in tariffs, costs associated with supply chain disruptions, changes in debt service and interest rates.”
29 Oct 202510-QEquity LifeStyle Properties reported Q3 2025 results with mixed signals: Normalized FFO per share grew 4.6% YoY, but demand for seasonal/transient RV stays and new home sales declined significantly.earningsopen
Figures in the filing · each found in the filing text
| Core Portfolio average occupancy · MH communities · Q3-2025 | 94.3% | |
| Core Seasonal RV base rental income change · RV · Q3-2025 | -14.5% | |
| Core Transient RV base rental income change · RV · Q3-2025 | -8.1% | |
| Core Annual RV base rental income change · RV · Q3-2025 | 3.9% | |
| New home sales · Home Sales and Rentals · Q3-2025 | 119 | -32% y/y |
| Normalized FFO per share · Q3-2025 | $0.75 | +5% y/y |
| Core property operating revenues change · Core Portfolio · Q3-2025 | 3.1% | |
| Core income from property operations, excluding property management change · Core Portfolio · Q3-2025 | 5.3% | |
| Total Sites · 2025-09-30 | 173,300 |
Risks flagged
Demand Moderation for Seasonal and Transient RV Stays
“Core Seasonal and Core Transient RV and marina base rental income decreased 14.5% and 8.1%, respectively, for the quarter ended September 30, 2025, compared to the quarter ended September 30, 2024 due to returning competitor supply following a period of weather-related disruption, a moderation in demand, and a loss of Canadian customers in the Northeastern U” · word for word
Decline in New Home Sales
“We closed 119 new home sales during the quarter ended September 30, 2025 compared to 174 new home sales during the quarter ended September 30, 2024. The decrease in new home sales during the quarter ended September 30, 2025 was driven by a moderation in demand, primarily in the Florida market, resulting in fewer homes being sold this quarter as compared to t” · word for word
Occupancy Decline in Core Portfolio
“Our Core Portfolio average occupancy includes both homeowners and renters in our MH communities and was 94.3% for the quarter ended September 30, 2025, 95.0% for the quarter ended September 30, 2024 and 94.9% for the quarter ended December 31, 2024.” · word for word
Canadian Customer Dependency
“Core Seasonal and Core Transient RV and marina base rental income decreased 14.5% and 8.1%, respectively, for the quarter ended September 30, 2025, compared to the quarter ended September 30, 2024 due to returning competitor supply following a period of weather-related disruption, a moderation in demand, and a loss of Canadian customers in the Northeastern U” · word for word
28 Oct 20258-K · 8.01Dividend per share $0.52; Annualized dividend per share $2.06open
Figures in the filing · each found in the filing text
| Dividend per share · Q4-2025 | $0.52 | |
| Annualized dividend per share · FY2025 | $2.06 |
Equity LifeStyle Properties, Inc. — questions
- What did Equity LifeStyle Properties, Inc. file recently?
- 18 SEC filings in the last 12 months. Latest: 8-K on 2026-10-21 — ELS reports Q3 2026 Normalized FFO $0.79 (+4.6% YoY), Core property revenues +4.4%, expenses +1.3%, Core income +6.7%; MH base rental income +5.7%; RV annual base rental income +5.3%; guidance narrowed for FY2026.
Every figure on this page comes from Equity LifeStyle Properties, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.