Equity LifeStyle grows normalized FFO 4.6% and sees 5.1% manufactured-home rent growth in 2027

Equity LifeStyle Properties, the manufactured housing and RV resort landlord, delivered a 4.6% rise in a key profit measure for the third quarter and told investors it expects rents in its core manufactured-home portfolio to keep climbing at a roughly 5% clip next year.

Normalized funds from operations, a non-GAAP measure REITs use to gauge cash earnings, rose to $0.79 a share from $0.75, landing at the midpoint of the company's $0.76 to $0.82 guidance range, according to the earnings release it filed with an 8-K on Wednesday. For the first nine months, normalized FFO rose 4.0% to $2.36 a share.

Net income per share fell 11.1% to $0.45 from $0.50, and FFO per share slipped to $0.72 from $0.77. Both measures included a $12.1 million deferred tax valuation allowance recorded in the quarter, the company said.

Rents and occupancy

Core property operating revenues rose 4.4%, while core operating expenses, excluding property management, rose just 1.3%. That pushed core income from property operations up 6.7%.

Core manufactured-home base rental income grew 5.7%. Occupied sites increased by 99, and the company sold 244 new and used homes in the quarter.

Core RV and marina base rental income rose 2.1%, with annual base rent up 5.3%. Core annual membership subscriptions increased 8.4%.

Guidance and 2027 preview

Equity LifeStyle narrowed its full-year 2026 normalized FFO range to $3.15 to $3.21 a share, keeping the $3.18 midpoint unchanged from its July guidance. It expects fourth-quarter normalized FFO of $0.78 to $0.84 a share.

The company trimmed the midpoint of its full-year core RV and marina base rent growth outlook to 1.2% from 1.6%, while leaving manufactured-home base rent growth at 5.7%.

For 2027, it set a preliminary assumption of about 5.1% growth in core manufactured-home base rent and about 4.7% growth in core annual RV rent. The company said it expects to send 2027 rent increase notices to about half of its manufactured-home residents by the end of October and has set annual rates for more than 95% of its annual RV sites.

As of Sept. 30, Equity LifeStyle owned or had an interest in 453 properties with 173,623 sites in 35 states and British Columbia.

By the numbers

• Normalized FFO per share: $0.79, up 4.6%
• Net income per share: $0.45, vs. $0.50
• Core MH base rental income: up 5.7%
• 2026 normalized FFO guidance: $3.15 to $3.21
• Preliminary 2027 core MH rent growth: about 5.1%

Sources

1. Equity LifeStyle Properties, Inc., Form 8-K (Item 2.02) with Exhibit 99.1 earnings release dated Oct. 20, 2026, filed Oct. 21, 2026, accession 0001628280-26-066614

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