ELS · Equity LifeStyle Properties, Inc.

Equity LifeStyle Properties reported first quarter 2026 results that demonstrated continued operational strength, with Normalized FFO per share of $0.84 representing a 0.3% increase year-over-year and meeting the midpoint of the company's previous guidance range of $0.81 to $0.87. The quarter was characterized by solid core property performance, with operating revenues increasing 3.7% while expenses excluding property management rose only 1.8%, resulting in a 4.9% increase in core income from property operations. The manufactured housing (MH) segment showed particular strength with base rental income growing 5.7% year-over-year, while the RV and marina segment experienced a 1.4% decline in base rental income, though annual base rental income for this segment increased 4.2%. The company sold 228 new and used homes during the quarter. Management highlighted a significant 18% decrease in property and casualty insurance premiums effective April 1, 2026, which should benefit future expense management. Looking ahead, the company provided updated guidance for both the second quarter and full year 2026, with full year Normalized FFO per share guidance of $3.12-$3.22 and net income per share of $2.02-$2.12. Notably, the company revised its full year Core RV and marina annual revenue guidance downward, attributing the change primarily to marina business impacts from slip restoration delays. The guidance assumes continued strength in MH base rental income growth of 5.1-6.1% for the full year, while property operating expenses excluding property management are expected to increase 2.2-3.2%. The company maintains a portfolio of 453 properties with 173,419 sites as of March 31, 2026, and will host a conference call on April 22, 2026, to discuss these results.