Supplemental Financial Information
Financial Highlights................................................................................................. 1
Consolidated Balance Sheets ................................................................................... 2
Consolidated Statements of Income......................................................................... 3
Non-GAAP Financial Measures 4
Selected Non-GAAP Financial Measures.............................................................. 5
Reconciliation of Net Income to Non-GAAP Financial Measures........................ 6
Income from Property Operations - Total Portfolio .............................................. 7
Income from Property Operations - Core Portfolio............................................... 8-9
Income from Property Operations - Non-Core Portfolio....................................... 10
Home Sales and Rental Home Operations............................................................. 11
Total Sites .............................................................................................................. 12
Membership Campgrounds - Select Data ................................................................ 13
Market Capitalization............................................................................................... 14
Debt Maturity Schedule ........................................................................................... 15
Non-GAAP Financial Measures Definitions and Reconciliations........................... 16-19
N E W S R E L E A S ECONTACT: Paul Seavey FOR IMMEDIATE RELEASE
(800) 247-5279 October 20, 2026
ELS REPORTS THIRD QUARTER RESULTS Gains in Occupied Sites Support Continued Strong Performance Preliminary 2027 Rent Growth AssumptionsCHICAGO, IL - October 20, 2026 - Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and nine months ended September 30, 2026. All per share results are reported on a fully diluted basis unless otherwise noted.
FINANCIAL RESULTS
($ in millions, except per share data) Quarters Ended September 30,
2026 | 2025 | $ Change | % Change(1) | |
Net Income per Common Share (2) | $ 0.45 | $ 0.50 | $ (0.05) | (11.1)% |
Funds from Operations ("FFO") per Common Share and OP Unit (2) | $ 0.72 | $ 0.77 | $ (0.05) | (6.1)% |
Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit
$ 0.79 $ 0.75 $ 0.04 4.6%
Nine Months Ended September 30,
2026 | 2025 | $ Change | % Change(1) | |
Net Income per Common Share (2) | $ 1.50 | $ 1.49 | $ 0.01 | 0.6% |
FFO per Common Share and OP Unit (2) | $ 2.32 | $ 2.29 | $ 0.03 | 1.3% |
Normalized FFO per Common Share and OP Unit | $ 2.36 | $ 2.27 | $ 0.09 | 4.0% |
Calculations prepared using actual results without rounding.
Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.
Normalized FFO per Common Share and OP Unit for the quarter ended September 30, 2026 was $0.79, representing a 4.6% increase compared to the same period in 2025, consistent with the midpoint of our previous guidance range of $0.76 to $0.82. Core property operating revenues increased 4.4%, Core property operating expenses, excluding property management, increased 1.3% and Core income from property operations, excluding property management, increased 6.7% for the quarter ended September 30, 2026, each as compared to the same period in 2025. Normalized FFO for the nine months ended September 30, 2026 was $2.36 per Common Share and OP Unit, representing a 4.0% increase compared to the same period in 2025. For the nine months ended September 30, 2026, Core property operating revenues increased 4.3%, Core property operating expenses, excluding property management, increased 2.0% and Core income from property operations, excluding property management, increased 6.0%, each as compared to the same period in 2025.
MHCore MH base rental income for the quarter ended September 30, 2026 increased 5.7% compared to the
same period in 2025, which is 0.1% higher than the midpoint of our previous guidance range. Occupied sites increased by 99 and new and used home sales totaled 244 during the quarter ended September 30, 2026. Core MH base rental income for the nine months ended September 30, 2026 increased 5.7% compared to the same period in 2025. Occupied sites increased by 166 and new and used home sales totaled 707 during the nine months ended September 30, 2026.
RV and MarinaCore RV and marina base rental income for the quarter ended September 30, 2026 increased 2.1% compared to the same period in 2025, which is 0.4% higher than the midpoint of our previous guidance range. Core RV and marina annual base rental income increased 5.3% for the quarter ended September 30, 2026 compared to the same period in 2025. Core annual membership subscriptions for the quarter ended September 30, 2026 increased 8.4% compared to the same period in 2025.
Core RV and marina base rental income for the nine months ended September 30, 2026 increased 0.8% compared to the same period in 2025. Core RV and marina annual base rental income increased 5.0% for the nine months ended September 30, 2026 compared to the same period in 2025. Core annual membership subscriptions for the nine months ended September 30, 2026 increased 10.2% as compared to the same period in 2025.
In aggregate, Core RV and marina annual base rental income and annual membership subscriptions for the quarter and nine months ended September 30, 2026 increased by 5.8% and 5.9%, respectively, compared to the same periods in 2025.
Property Operating ExpensesCore property operating expenses, excluding property management, for the quarter ended September 30, 2026 increased 1.3% compared to the same period in 2025. For the nine months ended September 30, 2026, Core property operating expenses, excluding property management, increased 2.0% compared to the same period in 2025.
Preliminary 2027 Rent Growth Assumptions (1)Our preliminary 2027 Core MH base rent income growth assumption is approximately 5.1%.
Our preliminary 2027 Core RV annual rent income growth assumption is approximately 4.7%.
The preliminary 2027 rent growth assumptions reflect management's best estimate of the most likely outcome based on our current view of existing market conditions and assumptions. See Forward-Looking Statements in this news release for factors impacting our preliminary 2027 rent growth assumptions. By October month-end, we anticipate sending 2027 rent increase notices to approximately 50% of our MH residents. We have set RV annual rates for more than 95% of our annual sites. These increases will take effect at the start of the 2026/27 winter season or the start of the 2027 summer season, as applicable. Our rent growth assumptions do not include contribution from incremental sites that may be occupied in 2027.
Fourth 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. Full year 2026 guidance ranges, including Core portfolio growth rate ranges, have been narrowed to reflect actual results for the nine months ended September 30, 2026, leaving only fourth quarter results subject to estimate. Actual results could vary materially from management's estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this news 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.
($ in millions, except per share data) 2026 Fourth Quarter Full Year
Net Income per Common Share $0.50 to $0.56 $2.00 to $2.06
FFO per Common Share and OP Unit $0.78 to $0.84 $3.11 to $3.17
Normalized FFO per Common Share and OP Unit $0.78 to $0.84 $3.15 to $3.21
2025 Actual 2026 Growth Rates
Core Portfolio: | Fourth Quarter | Full Year | Fourth Quarter | Full Year | |
MH base rental income | $ 189.9 | $ 748.6 | 5.4% to 6.0% | 5.4% to 6.0% | |
RV and marina base rental income (1) | $ 99.0 | $ 427.5 | 2.5% to 3.1% | 0.9% to 1.5% | |
Property operating revenues | $ 347.2 | $ 1,405.6 | 4.1% to 4.7% | 4.0% to 4.6% | |
Property operating expenses, excluding property | |||||
management | $ 136.4 | $ 583.5 | 1.5% to 2.1% | 1.6% to 2.2% | |
Income from property operations, excluding property management | $ 210.8 | $ 822.2 | 5.7% to 6.3% | 5.7% to 6.3% | |
2026 Full Year
Non-Core Income from property operations,
excluding property management $8.3 to $12.3
Property management and general administrative $118.9 to $124.9
Interest and related amortization $134.5 to $140.5
Full Year 2026 Guidance Update Compared to Prior 2026 Guidance (2)Prior Full Year 2026 Guidance Midpoint (2) | Updated Full Year 2026 Guidance Midpoint | ||
Normalized FFO per Common Share and OP Unit | $3.18 | $3.18 | |
Core Portfolio Growth Rates: | |||
MH base rental income | 5.7% | 5.7% | |
RV and marina base rental income (1) | 1.6% | 1.2% | |
Property operating revenues | 4.4% | 4.3% | |
Property operating expenses, excluding property management | 2.1% | 1.9% | |
Income from property operations, excluding property management | 6.0% | 6.0% |
Core RV and marina annual base rental income represents approximately 82.8% and 75.8% of fourth quarter 2026 and full year 2026 RV and marina base rental income guidance, respectively. Core RV and marina annual base rental income fourth quarter 2026 growth rate range is 4.9% to 5.5% and the full year 2026 growth rate range is 4.7% to 5.3%. Our guidance provided on July 22, 2026 factored in a Core RV and marina annual base rental income growth rate range of 4.3% to 5.3% for full year 2026.
Prior guidance issued on July 22, 2026.