EarningsQ2 2026 Earnings Report
MX:ELS Q2 2026 EPS Results
Actual EPS$8.61
Consensus EPS$7.49
Beat/MissBeat by +$1.12
One Year Ago EPS$7.23
MX:ELS Q2 2026 Revenue Results
Actual Revenue$6.85B
Expected Revenue$6.61B
Beat/MissBeat by +$245.08M
YoY Revenue Growth+5.35%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeAfter Close
Conference CallWednesday, July 22, 2026
MX:ELS Upcoming Earnings
Equity Lifestyle's next earnings date is estimated for October 19, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ELS Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple strong operating metrics: 6.5% core NOI growth, 7.7% normalized FFO per share growth in the quarter, raised full-year normalized FFO guidance, solid MH occupancy (~94%) and multi-year growth trends, improved membership revenue and solid balance sheet liquidity. Offsetting items were concentrated in the RV seasonal/transient business (weaker June driven by weather and wildfire smoke), modest aggregate RV growth, and some nonrecurring other income. Management maintained conservative assumptions for transient revenue in Q4 and acknowledged variability in certain expense drivers (insurance). Overall the positives (broad-based NOI and FFO strength, MH resilience, membership momentum, expense control and liquidity) materially outweigh the near-term transient/seasonal headwinds and some one-time items.Company Guidance
Strong NOI and Normalized FFO Growth
Core NOI grew 6.5% year-over-year in the quarter (120 bps above guidance). Second quarter normalized FFO was $0.74 per share and normalized FFO per share growth for the quarter was reported at 7.7%. Full-year normalized FFO guidance was raised (2026 guidance range $3.01–$3.23 with a midpoint of $3.18).
Manufactured Housing (MH) Portfolio Performance
MH core portfolio represents ~60% of total revenue with occupancy of ~94% (93.7% at end of June). Core community-based rental income increased 5.8% for Q2 and 5.7% year-to-date. Five-year average MH revenue growth is ~5.8%.
Occupancy and Expansion Progress
Occupied MH sites increased by 67 year-to-date and the company added ~140 expansion sites, supporting occupancy of 93.7% at June-end. Example expansions in Florida and Phoenix added meaningful site counts and drove local occupancy gains (e.g., a 4% year-over-year increase in a Phoenix project).
RV & Marina Annual Revenue Strength
Annual RV and marina revenue grew 4.8% year-to-date. Core annual RV and marina base rental income (which is >70% of RV/marina rental income) increased 5.4% in Q2 and 4.8% year-to-date.
Thousand Trails Membership Momentum
Thousand Trails membership grew by ~800 members in the quarter, subscription revenue increased 11% in the quarter, >9,000 memberships sold since launch (nearly 7,000 in the last 12 months). Membership net contribution was $17.1M in Q2 and $34.4M year-to-date, with YTD membership revenue growth ~9.6%.
Expense Control and Utility Recovery
June YTD core operating expenses increased 2.3% YoY, which was ~120 bps lower than guidance driven by utility and real estate tax savings (including favorable Texas appeals). Utility income recovery was 50.4% YTD, up ~220 bps YoY.
Core NOI and Portfolio Stability
Core NOI before property management increased 6.5% in Q2 and 5.7% year-to-date, reflecting rate growth (Q2 rate growth 5.8% from renewals and new resident market rents) and stable long-term demand for age-qualified communities (~70% of MHC communities are senior-oriented; 97% of MH residents own their homes).
Solid Balance Sheet and Liquidity
Debt-to-EBITDAre of 4.4x and interest coverage of 5.6x. Limited floating-rate exposure (primarily line of credit balances) and access to ~ $1.2 billion of capital via combined line of credit and ATM programs. Attractive long-term financing market for high-quality age-qualified MH assets (10-year quotes ~5.25%–5.75%).
MX:ELS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed