Equity Lifestyle Properties ( (ELS) ) has released its Q3 earnings. Here is a breakdown of the information Equity Lifestyle Properties presented to its investors.
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Equity LifeStyle Properties, Inc. is a self-administered, self-managed real estate investment trust (REIT) headquartered in Chicago, specializing in owning and operating manufactured home communities, RV resorts, and campgrounds across the United States and British Columbia.
In its latest earnings report for the third quarter of 2025, Equity LifeStyle Properties reported a continued strong performance with a notable increase in net income per common share, reaching $0.50, up from $0.44 in the same period last year. The company also highlighted preliminary assumptions for 2026 rent rate growth, indicating a positive outlook for the coming year.
Key financial metrics from the report include a 12.9% increase in net income per common share and a 6.8% rise in funds from operations (FFO) per common share and OP unit compared to the third quarter of 2024. Normalized FFO per common share and OP unit also saw a 4.6% increase. The company reported a 3.1% increase in core property operating revenues and a 5.3% increase in core income from property operations, excluding property management, for the quarter.
The company experienced a 5.5% increase in core manufactured home base rental income for the quarter and nine months ended September 30, 2025. However, core RV and marina base rental income saw a slight decrease of 0.4% for the quarter. Despite this, annual base rental income for RV and marina properties increased by 3.9%.
Looking forward, Equity LifeStyle Properties remains optimistic, with management estimating a range of possible outcomes for the fourth quarter and full year 2025. The company anticipates sending 2026 rent increase notices to approximately 50% of its manufactured home residents, with an average expected rate increase of 5.1%, reflecting a positive growth trajectory in the coming year.