10-Q · April 28, 2026
Equity LifeStyle Properties reported Q1 2026 revenue of $397.6 million, slightly missing estimates, but beat expectations with EPS of $0.84. Core property operating revenues grew by 3.7%, signaling resilience amidst…
Earnings analysis · 10-Q
ELS earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
ELS delivered Q2 revenue of $397.815 million, up approximately 4.7% sequentially from $380 million and approximately 11.7% from $356 million a year earlier. GAAP diluted EPS of $0.50 was below the prior quarter's $0.56…
Read full summary
ELS delivered Q2 revenue of $397.815 million, up approximately 4.7% sequentially from $380 million and approximately 11.7% from $356 million a year earlier. GAAP diluted EPS of $0.50 was below the prior quarter's $0.56 but above $0.42 a year ago; normalized FFO was $0.74 per share. Property-level growth was led by MH rate increases and rental operations, while RV seasonal and transient demand remained the principal operating soft spot. The supplied filing extract does not include period-end cash, total debt, receivables, or inventory balances, so balance-sheet trend analysis is limited.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.5
What stood out
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Revenue accelerated; normalized FFO beat
Reported Q2 revenue was $397.815 million, above the $380 million reported in Q1 2026 and $356 million in Q2 2025. Reported GAAP diluted EPS was $0.50, while normalized FFO was $0.74 per share.
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Property operating income grew 6.7%
Total-portfolio income from property operations rose $11.825 million, or 6.7%, to $187.132 million. Core property operating revenue increased $16.900 million while Core property operating expenses excluding management rose only $4.322 million.
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MH rent and rental operations remained strong
Core MH base rental income increased $10.735 million, or 5.8%, as average monthly rent per site increased to approximately $956 from approximately $904. Rental-operations revenue increased $1.172 million, or 13.4%, driven by 8.9% occupancy growth and 4.5% rate growth.
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Operating cash flow more than covered capex
Six-month operating cash flow increased $17.493 million to $342.170 million. Capital improvements were $109.459 million, implying approximately $232.711 million of cash flow after those improvements and capex equal to about 32.0% of operating cash flow.
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Liquidity capacity remains substantial
Management expects to meet near-term needs through cash, operating cash flow, ATM issuance and its LOC. Remaining LOC capacity was $372.4 million at June 30, 2026, with a further $200.0 million accordion option; the $700.0 million ATM retained full availability.
What to watch
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RV seasonal and transient occupancy weakened
Core RV and marina revenue increased only $1.856 million, or 1.8%, as seasonal revenue declined $0.810 million (11.2%) and transient revenue declined $1.522 million (8.9%); management cited lower occupancy in the South, Pacific West and Central regions.
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Hurricane recovery aided comparability
The quarter included approximately $7.1 million of excess Hurricane Ian insurance-recovery revenue, versus approximately $0.6 million in the prior-year quarter. This recovery is non-recurring and can inflate period-to-period earnings comparisons.
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Financing and corporate costs increased
Interest and related amortization increased $1.624 million, or 5.0%, to $33.824 million, while general and administrative expense increased $1.417 million, or 13.6%, to $11.872 million.
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No new material Q2 risk-factor update
Item 1A states there were no material risk-factor changes versus the 2025 Form 10-K other than those disclosed in the Q1 2026 Form 10-Q. Management nonetheless identifies interest rates, tariffs, supply-chain disruptions, weather events and refinancing availability as forward-looking uncertainties.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS/FFO guidance. MD&A states management expects to fund the next 12 months' liquidity needs through available cash, operating cash flow, ATM equity issuance and the line of credit.
Earlier filings 4
10-K · February 25, 2025
Equity LifeStyle Properties (ELS) presents a large, high-margin portfolio focused on manufactured-home (MH), RV and marina communities, reporting a portfolio of 452 Properties and 173,201 Sites as of December 31, 2024.…
10-Q · May 1, 2024
Equity LifeStyle Properties reported quarter revenues of $386,568,000 (up from $369,952,000 a year ago) and consolidated net income of $115,271,000, producing diluted EPS of $0.59 (vs. $0.44). Operating cash flow was…
10-Q · April 25, 2023
Revenue grew modestly to $369.952M in Q1 2023 (+$9.763M vs Q1 2022) while consolidated net income was essentially flat at $86.459M (down $0.591M) and diluted EPS declined to $0.44 from $0.45. Operating cash flow was…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.