EarningsQ3 2026 Earnings Report
MX:ELS Q3 2026 EPS Results
Actual EPS$8.41
Consensus EPS$9.51
Beat/MissMissed by -$1.10
One Year Ago EPS$9.34
MX:ELS Q3 2026 Revenue Results
Actual Revenue$7.66B
Expected Revenue$7.52B
Beat/MissBeat by +$135.68M
YoY Revenue Growth+4.02%
Earnings Announcement Details
QuarterQ3 2026
Date10/20/2026
TimeAfter Close
Conference CallTuesday, October 20, 2026
MX:ELS Upcoming Earnings
Equity Lifestyle's next earnings date is estimated for February 1, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:ELS Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive. ELS delivered normalized FFO in line with expectations, reported strong core NOI and manufactured housing performance, improved occupancy, increased membership contribution, maintained full-year guidance, and highlighted solid balance sheet flexibility and ongoing growth investments. These strengths were partly offset by declines in seasonal and transient RV revenue, weaker reservation pacing for the fourth quarter, moderation in preliminary 2027 RV rate growth, and higher-than-expected third-quarter utility expenses.Company Guidance
Normalized FFO Growth Met Expectations
Third quarter normalized FFO grew 4.6%, and normalized FFO was $0.79 per share, in line with guidance.
Strong Core NOI Growth
Core portfolio performance resulted in 6.7% NOI growth in the third quarter and 6% growth for the September year-to-date period. Core property operating revenues increased 4.4%, while core property operating expenses increased 1.3%.
Manufactured Housing Rental Growth
Core community-based rental income increased 5.7% in both the third quarter and September year-to-date periods. Third-quarter base rental income growth outperformed the midpoint of guidance and included rate growth of 5.6%.
Manufactured Housing Occupancy Gains
MH occupancy increased by nearly 100 sites during the quarter, with occupied sites increasing by 99 during the quarter and 166 year-to-date. Florida markets, including Fort Lauderdale, West Palm Beach, Vero Beach, Fort Myers, and Punta Gorda, were primary drivers, with additional contributions from California, the Northern U.S., Phoenix, and Mesa.
New Home Sales and Ongoing MH Demand
The company sold 97 new homes during the quarter and continued to meet demand from both buyers and renters. Management said baby boomers continue to turn 65 at a rate of 10,000 per day, while Gen X is increasingly becoming an important core audience.
Redesigned MH Website Improved Lead Generation
ELS launched a redesigned website for its manufactured housing communities with improved navigation, search functionality, mobile accessibility, and content. Early results were encouraging, with community and home tour requests up double digits year-over-year.
Record Engagement from 100 Days of Camping Campaign
The 12th annual 100 Days of Camping social media campaign generated more than 100 million hashtag views across social channels, doubling the 2025 views and reflecting highly engaged social posts.
Annual RV Occupancy Growth
Annual RV occupancy grew by 444 sites during the quarter, driven by gains in northern summer-focused RV campgrounds. Management also described annual RV occupancy growth of about 450 sites during the quarter and said demand remains robust.
Annual RV Rental Income Outperformed Guidance
Annual base rental income, representing approximately 75% of total RV and Marina base rental income, increased 5.3% in the third quarter, which was 40 basis points higher than the guidance midpoint. Core RV and Marina base rental income increased 2.1%.
Membership Revenue and Contribution Growth
Membership dues subscription revenue increased 9.2% in the third quarter and 10.8% for the September year-to-date period. Net contribution from the membership business grew 9.5% to $52.8 million year-to-date.
Thousand Trails Upgrade Program Gaining Traction
ELS said the Thousand Trails upgrade program, which provides additional reservations and enhanced benefits for higher dues, has been well received. Average dues per paying member increased from about $580 to $650, and approximately half of memberships are sold online.
Utility Recovery Improved
The utility income recovery percentage was 48.5% in the third quarter and 49.7% year-to-date. Year-to-date utility recovery was about 160 basis points higher than the same period in 2025.
Property Expense Growth Below CPI
Core property operating expenses were 2% higher year-to-date, approximately 135 basis points lower than average CPI over the same period.
Full-Year 2026 Guidance Maintained
ELS maintained full-year 2026 normalized FFO guidance at $3.18 per share at the midpoint of the $3.15-$3.21 range. Fourth-quarter normalized FFO guidance also remained unchanged at $0.78-$0.84 per share.
Positive Full-Year Core Portfolio Outlook
Full-year guidance projects core portfolio property operating income growth of 6% at the midpoint. The company expects core revenue growth of 4%-4.6%, core expense growth of 1.6%-2.2%, and core NOI growth of 5.7%-6.3%.
2027 Growth Drivers and Capital Investments
Management expects continued growth across both manufactured housing and RV portfolios. ELS plans to continue investing in amenities, infrastructure, common areas, and other community enhancements to support residents' experience and the long-term value of its assets.
Positive MH Mark-to-Market
Management reported a 12% mark-to-market increase for new manufactured housing residents coming into the communities.
Improving RV Retention and Customer Conversions
Management said RV attrition is better than last year and expects that to continue into 2027. Year-to-date, approximately 14% of annual sales and 7% of new Thousand Trails memberships were conversions from seasonal and transient customers.
Strong Balance Sheet and Capital Access
ELS has no secured debt scheduled to mature until 2028, and the weighted average maturity for all debt is almost seven years. Debt to EBITDA was 4.3x, interest coverage was 5.7x, and the company had approximately $1.2 billion of capital available through its combined line of credit and ATM programs.
Acquisition and Expansion Opportunities Remain Priorities
Management identified accretive acquisitions and expansion or development opportunities as its two capital allocation priorities. The company said it remains engaged with owners in the fragmented MH and RV markets while transaction activity remains muted.
Manufactured Housing Regulatory Innovation Opportunity
The Road to Housing Act removes the permanent chassis requirement for manufactured housing and creates opportunities for innovation and broader adoption of factory-built housing. ELS said rulemaking and state-level interpretation are in progress and are expected to play out over the next couple of years.
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