Equity LifeStyle Properties, Inc. reported third-quarter 2026 results on October 20, 2026, highlighting a 4.6% increase in Normalized Funds from Operations per common share and OP unit to $0.79. The company attributed this performance to gains in occupied sites and core property operating revenue growth, while maintaining preliminary 2027 rent growth assumptions that reflect management's current view of market conditions.
For the quarter ended September 30, 2026, Equity LifeStyle Properties recorded a Normalized FFO of $0.79 per common share and OP unit, up from $0.75 in the same period in 2025. This result fell within the company's previous guidance range of $0.76 to $0.82, aligning with the midpoint of that forecast. Core property operating revenues rose 4.4% year-over-year, while core property operating expenses, excluding property management, increased by 1.3%. Consequently, core income from property operations, excluding property management, grew by 6.7% compared to the prior year period.
In the mobile home segment, core base rental income increased by 5.7% for the quarter, exceeding the midpoint of previous guidance by 0.1%. The company reported an increase of 99 occupied sites and recorded 244 new and used home sales during the quarter. Over the nine months ended September 30, 2026, occupied sites grew by 166, and total home sales reached 707. Core mobile home base rental income for the nine-month period also increased by 5.7% year-over-year.
The RV and marina segment showed more modest growth in base rental income, which rose 2.1% for the quarter compared to the same period in 2025. However, core annual membership subscriptions increased by 8.4% for the quarter and 10.2% for the nine months ended September 30, 2026. When combining annual base rental income and annual membership subscriptions, the aggregate growth was 5.8% for the quarter and 5.9% for the nine-month period.
Equity LifeStyle Properties provided preliminary rent growth assumptions for 2027, estimating core mobile home base rent income growth at approximately 5.1% and core RV annual rent income growth at approximately 4.7%. These figures represent management's best estimate based on existing market conditions and do not include potential contributions from incremental sites occupied in 2027. The company plans to send 2027 rent increase notices to approximately 50% of its mobile home residents by the end of October and has already set annual rates for more than 95% of its annual RV sites.
Management narrowed its full-year 2026 guidance ranges to reflect actual results through the third quarter, leaving only fourth-quarter results subject to estimate. The updated full-year guidance projects Normalized FFO per common share and OP unit between $3.15 and $3.21, with a midpoint of $3.18 unchanged from prior guidance. For core portfolio growth rates, the company now expects mobile home base rental income growth between 5.4% and 6.0% for the full year, while RV and marina base rental income growth is projected between 0.9% and 1.5%. Property operating revenues are expected to grow between 4.0% and 4.6%, and income from property operations, excluding property management, is projected to increase between 5.7% and 6.3%.