Equity LifeStyle Properties (ELS) Q2 2026 earnings summary

Executive summary

• NOI increased 6.5% year-over-year, with normalized FFO per share up 7.7% for the quarter, driven by strong annual revenue streams, managed expenses, and robust MH and RV demand.

• The portfolio comprised 453 properties with 173,559 sites across 35 states and British Columbia as of June 30, 2026, focusing on MH, RV communities, and marinas.

• Business model targets growth in earnings, FFO, and cash flows by enhancing property profitability and occupancy, maintaining competitive rents, and controlling expenses.

• Thousand Trails membership platform saw 800 new members and 11% subscription revenue growth in the quarter.

• Demand from baby boomers and younger generations is expected to drive long-term growth, with limited new supply due to restrictive entitlement processes.

Financial highlights

• Total Q2 2026 revenues were $397.8 million, up from $376.9 million in Q2 2025; net income available for common stockholders was $96.3 million, up from $79.7 million.

• Normalized FFO per share was $0.74 for Q2 2026, up 7.7% year-over-year; FFO per fully diluted share and OP unit was $0.77, up 11.7%.

• Core MH base rental income increased 5.8% for the quarter and 5.7% year-to-date; RV and marina base rental income rose 1.8% for the quarter and 0.1% for the six months.

• Net cash provided by operating activities for the first half of 2026 was $342.2 million, up from $324.7 million in 2025.

• Dividends per common share for Q2 2026 were $0.5425.

Outlook and guidance

• Full year normalized FFO guidance raised to $3.18 per share at midpoint ($3.13–$3.23 range); Q3 2026 guidance is $0.76–$0.82 per share.

• Core portfolio property operating income growth projected at 6% midpoint (5.5%–6.5% range); property operating revenues projected to grow 3.9%–4.9% for full year.

• Full year core MH rent growth expected at 5.2%–6.2%; RV and marina rent growth at 1.1%–2.1%.

• Short-term liquidity needs are expected to be met through operating cash flows, available cash, ATM equity program, and line of credit.

• No assumptions made for material storm events in Q4 guidance.