On expenses, Seavey said full-year core property operating expenses increased 1% compared to 2024. He attributed the below-CPI expense growth to payroll management at RV properties, the 2025 insurance renewal, and reduced membership sales and marketing expenses. Property management and corporate expenses increased 1% for the full year.Seavey said full-year core community-based rental income increased 5.5% versus 2024, attributing the increase primarily to rate increases on renewals and market rents on new r ...

Financial Data and Key Metrics Changes - The company reported a full-year growth in NOI of 4.8% and a 5% increase in normalized FFO per share for 2025 [3][15] - Fourth quarter normalized FFO was $0.79 per share, with full-year normalized FFO at $3.06 per share, reflecting 4.2% and 5% growth respectively compared to the prior year [15][16] - The annual dividend rate was set at $2.17 per share, marking a 5.3% increase and the 22nd consecutive year of annual dividend growth [7] Business Line Data and Key Metrics Changes - The MH business generated over $1 billion in revenue in 2025, with a combined revenue CAGR of 5.9% over the last five years [9] - Core community-based rental income increased by 5.5% for the full year 2025 compared to 2024, driven by rate increases for renewing residents and market rent for new residents [16] - Core RV and marina annual base rental income increased by 4.1% compared to the prior year, while core seasonal and transient rent combined decreased by 9.1% [16][17] Market Data and Key Metrics Changes - Approximately half of the MH revenue comes from Florida, with 20% from California and Arizona, and the rest from North Central and Northeast US [9] - The average occupancy in California properties is 96%, reflecting strong demand in high-cost markets [11] - The company noted that demographic trends, including the aging of baby boomers and Gen X, support demand for its MH and RV offerings [11][12] Company Strategy and Development Direction - The company focuses on internal growth and operational expansions, particularly in the Sunbelt markets, while maintaining a strong balance sheet for potential acquisition opportunities [52][53] - The management emphasized the importance of community engagement and the value proposition of affordable housing in addressing broader housing issues [42][52] - The company plans to continue investing in its communities to support long-term resident retention and growth [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, anticipating normalized FFO growth of 3.7% for 2026 [6][18] - The company expects core property operating income growth of 5.6% at the midpoint of its guidance range for 2026 [18] - Management highlighted the positive early booking pace for RV and seasonal customers, driven by favorable weather conditions and marketing efforts [93] Other Important Information - The company has no secured debt maturing before 2028, with a debt to EBITDARE ratio of 4.5 times and interest coverage of 5.7 times [21] - The company anticipates approximately $100 million of discretionary capital after meeting obligations for dividend payments and capital expenditures [7][20] Q&A Session Summary Question: What gives confidence that seasonal and transient can accelerate through the balance of the year? - Management indicated that early booking pace is favorable compared to last year, with positive trends observed for major holidays [28][30] Question: What is the expected impact of insurance renewal on expenses? - Management noted that while they expect some increase in expenses, they are pleased with the lack of adverse claims experience in 2025 and anticipate a softening market for insurance [34] Question: What is the outlook for Canadian customers? - Management reported that Canadian customers represent 10% of total RV revenue, with no significant increase in home sales observed, maintaining a strong demand profile [48][50] Question: What is the strategy for the rental home business moving forward? - The company plans to prioritize selling homes but may accept rentals to expose more prospects to future home buying [99] Question: What is causing the decline in campground membership counts? - Management explained that attrition of legacy members paying lower dues is offset by new members paying higher dues, leading to a net decline in counts [117]

Financial Data and Key Metrics Changes - The company reported a full-year growth in NOI of 4.8% and a 5% increase in normalized FFO per share for 2025 [3][15] - Fourth quarter normalized FFO was $0.79 per share, and full-year normalized FFO was $3.06 per share, representing 4.2% and 5% growth respectively compared to the prior year [15][16] - The annual dividend rate was set at $2.17 per share, marking a 5.3% increase and the 22nd consecutive year of annual dividend growth [7] Business Line Data and Key Metrics Changes - The MH business generated over $1 billion in revenue in 2025, with a combined revenue CAGR of 5.9% over the last five years [9] - Core community-based rental income increased by 5.5% for the full year 2025 compared to 2024, driven by rent increases for renewing residents and new residents [16] - Core RV and marina annual base rental income increased by 4.1% compared to the prior year, while core seasonal and transient rent combined decreased by 9.1% [16] Market Data and Key Metrics Changes - Approximately half of the MH revenue comes from Florida, with 20% from California and Arizona, and the rest from the North Central and Northeast US [9] - The average occupancy in California properties is 96%, reflecting strong demand in high-cost markets [11] - The company noted strong demand for MH communities, particularly in Florida and Arizona, supported by favorable economic conditions and demographic trends [10][11] Company Strategy and Development Direction - The company focuses on internal growth and operational expansions, particularly in the Sunbelt markets, while maintaining a strong balance sheet for potential acquisition opportunities [52] - The management emphasized the importance of community engagement and the value proposition of manufactured housing in addressing housing affordability issues [42] - The company plans to continue investing in its communities to support long-term growth and resident retention [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, anticipating normalized FFO growth of 3.7% for 2026 and core property operating income growth of 5.6% [7][18] - The company highlighted the positive demographic trends, with a significant portion of the population aging into their target market [11] - Management acknowledged challenges in the investment market due to fragmented ownership and limited transaction activity, focusing on internal growth instead [52][53] Other Important Information - The company reported a utility recovery rate of 48.7%, a 220 basis point increase from 2024 [17] - The balance sheet is well-positioned with no secured debt maturing before 2028 and access to $1.2 billion in capital [21][22] Q&A Session Summary Question: Seasonal and transient business expectations for the year - Management provided insights on the seasonal and transient revenue streams, indicating a positive outlook based on early booking trends and favorable holiday timing [24][30] Question: Progress on marina repairs - Management confirmed that repairs on three marinas affected by storm damage are expected to be completed by the latter half of 2026 [40] Question: Canadian customer demand - Management noted that Canadian customers represent 10% of total RV revenue, with no significant increase in home sales from this group, maintaining a strong demand profile [48] Question: Impact of cold weather on RV demand - Management indicated that cold weather has historically driven demand for RVs, with marketing efforts focused on encouraging customers to escape to warmer locations [93] Question: Non-core income decline - Management explained that the decline in non-core income is attributed to timing differences in insurance proceeds and recovery from storm-affected properties [121] Question: Strategy for rental home business - Management stated that the rental home business will continue to grow based on demand, with a focus on selling homes to current renters [99]

Financial Data and Key Metrics Changes - The company reported a full-year growth in NOI of 4.8% and a 5% increase in normalized FFO per share for 2025 [3][6] - Fourth quarter normalized FFO was $0.79 per share, and full-year normalized FFO was $3.06 per share, representing 4.2% and 5% growth respectively compared to the prior year [13][14] - Core community-based rental income increased by 5.5% for the full year 2025 compared to 2024 [14] Business Line Data and Key Metrics Changes - The MH business generated over $1 billion in revenue in 2025, with a combined revenue CAGR of 5.9% over the last five years [8] - Core RV and marina annual base rental income increased by 4.1% compared to the prior year, while core seasonal and transient rent combined decreased by 9.1% [15] - The membership business contributed $65.6 million net for the full year, with approximately 5,900 upgraded membership subscriptions enrolled [15] Market Data and Key Metrics Changes - Approximately half of the MH revenue comes from Florida, with 20% from California and Arizona, and the rest from North Central and Northeast US [8] - The average occupancy in California properties is 96%, reflecting strong demand in high-cost markets [10] - The company noted that 70 million baby boomers are in the U.S., with 10,000 turning 65 every day, indicating a favorable demographic trend for the company's offerings [10] Company Strategy and Development Direction - The company aims to continue its focus on community engagement and resident retention, emphasizing the value proposition of affordable living environments [4] - Initial guidance for 2026 anticipates normalized FFO growth of 3.7% and a 5.3% increase in the annual dividend rate to $2.17 per share [6][17] - The company is focused on internal growth and operational expansions, particularly in the Sunbelt markets, while maintaining a strong balance sheet [55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the operating model, citing stable cash flow and solid underlying business trends [6][7] - The company expects to have approximately $100 million of discretionary capital after meeting obligations for dividend payments and capital expenditures [6] - Management noted that demand for MH and RV offerings remains strong, supporting consistent growth in long-term revenue streams [12] Other Important Information - The company has no secured debt maturing before 2028, with a debt to EBITDARE ratio of 4.5 times and interest coverage of 5.7 times [20] - The company is experiencing a timing difference in recognizing non-core income due to insurance proceeds and recovery of storm-affected properties [123] Q&A Session Summary Question: What gives confidence that seasonal and transient can accelerate through the balance of the year? - Management indicated that the first quarter earns approximately 50% of anticipated full-year seasonal rent and almost 20% of full-year transient rent, with favorable booking pace expected [26][29] Question: What is the expected impact of insurance renewal on expenses? - Management noted that they are pleased with the lack of adverse claims experience in 2025 and indicated that the insurance market is softening, but specific guidance will be provided after the renewal process [34] Question: What is the outlook for Canadian customers? - Management stated that Canadian customers represent 10% of total RV revenue, with no significant increase in home sales observed, but demand remains strong [51] Question: What is the strategy for the rental home business moving forward? - The company plans to prioritize selling homes but may accept rentals as demand arises, as rentals can expose more prospects to future home buying [102] Question: What is the outlook for the campground membership results? - Management highlighted that while there has been a decline in membership count, annual income has increased significantly, indicating a shift in the customer base [118][120]

Financial Performance - Net income per common share for the year ended December 31, 2025, was $2.01, a 2.6% increase from $1.96 in 2024[14] - Funds from Operations (FFO) per common share for 2025 was $3.08, up 1.5% from $3.03 in 2024[14] - Normalized FFO per common share for 2025 was $3.06, reflecting a 5.0% increase compared to $2.91 in 2024[14] - Consolidated net income for Q4 2025 was $103.8 million, compared to $100.4 million in Q3 2025 and $100.6 million in Q4 2024, reflecting a year-over-year increase of 2.3%[20] - The net income available for Common Stockholders for the year ended December 31, 2025, was $386.5 million, up from $367.0 million in 2024, reflecting a year-over-year growth of approximately 5.5%[38] - Consolidated net income for the year ended December 31, 2025, was $402,061,000, compared to $384,818,000 in 2024, reflecting a year-over-year increase of 4.5%[84] Revenue and Income Growth - Core portfolio generated a 4.8% growth in income from property operations for 2025, exceeding the long-term average of 4.5%[14] - Total property operating revenues for the year ended December 31, 2025, reached $1,433.5 million, compared to $1,389.3 million in 2024, indicating a growth of about 3.2%[40] - Total property operating revenues for the year ended December 31, 2025, reached $1,405.6 million, up 3.2% from $1,361.8 million in 2024[45] - Rental income for Q4 2025 was $314.6 million, up from $301.4 million in Q4 2024, contributing to a total annual rental income of $1.282 billion[27] - Core MH base rental income increased by $39.2 million, or 5.5%, for the year ended December 31, 2025[14] - Core Annual RV and marina base rental income rose by $12.2 million, or 4.1%, for the year ended December 31, 2025[14] Dividends and Guidance - The annual dividend rate for 2026 is set at $2.17 per share, a 5.3% increase from $2.06 in 2025[3] - 2026 guidance for net income per common share is projected between $2.06 and $2.16[15] - 2026 guidance for FFO per common share is projected between $3.12 and $3.22[15] - The company expects net income per Common Share for Q1 2026 to be between $0.54 and $0.60, and for the full year 2026 to be between $2.06 and $2.16[89] - FFO per Common Share and OP Unit for the full year 2026 is projected to be between $3.12 and $3.22[89] Assets and Liabilities - The company reported a total market capitalization of $15.485 billion as of December 31, 2025, slightly up from $15.459 billion in the previous quarter[20] - Total assets increased to $5.745 billion as of December 31, 2025, compared to $5.646 billion a year earlier[25] - The company’s total liabilities stood at $3.931 billion as of December 31, 2025, compared to $3.822 billion a year earlier[25] - Total debt as of December 31, 2025, is $3,240,866,000, with secured debt comprising 83.7% of total debt[68] Operational Metrics - The average monthly base rent per site increased to $922 in Q4 2025, up from $870 in Q4 2024, marking a rise of approximately 6%[40] - The occupancy average percentage for the quarter ended December 31, 2025, was 93.6%, slightly down from 94.4% in the same quarter of 2024[40] - The total number of occupied sites at the end of Q4 2025 was 68,644, with an occupancy average of 94.0%[48] - The utility recovery rate improved to 50.3% in Q4 2025, up from 47.6% in Q4 2024[48] Expenses and Costs - Property management expenses for the year ended December 31, 2025, totaled $80,784,000, compared to $78,114,000 in 2024, reflecting an increase of 3.4%[80] - The property operating expenses, excluding property management, were $140.5 million for Q4 2025, compared to $136.7 million in Q4 2024, representing an increase of approximately 2.8%[40] - Interest and related amortization for the year ended December 31, 2025, was $131,005,000, down from $137,710,000 in 2024, a decrease of 4.9%[84] Expansion and Future Plans - The company added 362 expansion sites during the year ended December 31, 2025[14] - The company plans to continue expanding its investment in real estate, with a focus on enhancing property operations and maintenance[20] - The company plans to introduce two- to four-year term subscription products starting in 2025, which will increase annual dues[65] Membership and Subscriptions - Annual membership subscriptions rose to $17.9 million in Q4 2025, reflecting a 9.3% increase from $16.4 million in Q4 2024[45] - Annual membership subscriptions increased from $63,215,000 in 2022 to $65,379,000 in 2023, representing a growth of 3.4%[64] - Total memberships decreased from 128,439 in 2022 to 121,002 in 2023, a decline of 5.8%[64] - Membership upgrade revenue grew from $12,958,000 in 2022 to $14,719,000 in 2023, reflecting a 13.6% increase[64] Legal and Casualty Charges - The company recognized $0.9 million in non-operating legal expenses during the quarter ended December 31, 2025[36] - The company reported a casualty-related charge of $0.4 million for Q4 2025 related to hurricane cleanup costs[82] - The company noted that Non-Core properties in 2025 included six properties in Florida affected by Hurricane Ian, impacting future revenue projections[85]

Core Insights - Equity Lifestyle Properties (ELS) reported a revenue of $373.87 million for the quarter ended December 2025, reflecting a 0.4% increase year-over-year and a surprise of +0.16% over the Zacks Consensus Estimate of $373.26 million [1] - The earnings per share (EPS) for the quarter was $0.79, compared to $0.50 in the same quarter last year, resulting in an EPS surprise of +1.82% against the consensus estimate of $0.78 [1] Revenue Breakdown - Rental income reached $314.6 million, exceeding the average estimate of $313.68 million by two analysts, marking a year-over-year increase of +4.4% [4] - Annual membership subscriptions generated $18.15 million, surpassing the average estimate of $17.31 million, with a year-over-year growth of +9.5% [4] - Income from other investments, net, was reported at $2.7 million, significantly higher than the average estimate of $1.89 million, showing a remarkable year-over-year increase of +90.8% [4] - Other income was reported at $15.55 million, below the estimated $17.94 million, reflecting a year-over-year decline of -42.8% [4] - Interest income amounted to $2.36 million, slightly below the average estimate of $2.6 million, with a year-over-year increase of +6.4% [4] - Membership upgrade sales grossed $3.12 million, falling short of the average estimate of $3.74 million, indicating a year-over-year decrease of -39.4% [4] - The diluted net earnings per share was reported at $0.52, matching the average estimate of $0.52 by two analysts [4] Stock Performance - Shares of Equity Lifestyle Properties have returned +3.2% over the past month, outperforming the Zacks S&P 500 composite, which changed by +0.8% [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Equity Lifestyle Properties (ELS) reported quarterly funds from operations (FFO) of $0.79 per share, exceeding the Zacks Consensus Estimate of $0.78 per share, and showing an increase from $0.76 per share a year ago, indicating a positive performance trend [1] Financial Performance - The company achieved revenues of $373.87 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.16% and showing a slight increase from $372.32 million year-over-year [2] - Over the last four quarters, ELS has only surpassed consensus FFO estimates once [2] Stock Performance - ELS shares have increased approximately 3.8% since the beginning of the year, outperforming the S&P 500, which gained 1.9% [3] Future Outlook - The future performance of ELS stock will largely depend on management's commentary during the earnings call and the company's FFO outlook for upcoming quarters [4][6] - The current consensus FFO estimate for the next quarter is $0.83 on revenues of $391.43 million, and for the current fiscal year, it is $3.18 on revenues of $1.6 billion [7] Industry Context - The REIT and Equity Trust - Residential industry, to which ELS belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, indicating potential challenges ahead [8]

Continued Strong Performance Announces 2026 Guidance and 22nd Consecutive Annual Dividend Increase CHICAGO, Jan. 28, 2026 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and year ended December 31, 2025. All per share results are reported on a fully diluted basis unless otherwise noted. FINANCIAL RESULTS | ($ in millions, except per share data) | | Quarters Ended December 31, | | | | | | | --- | --- | --- | - ...

Analysts on Wall Street project that Equity Lifestyle Properties (ELS) will announce quarterly earnings of $0.78 per share in its forthcoming report, representing an increase of 2.6% year over year. Revenues are projected to reach $373.26 million, increasing 0.3% from the same quarter last year.The consensus EPS estimate for the quarter has been revised 1.9% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimat ...

CHICAGO, Jan. 22, 2026 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us" and "our") today announced the tax treatment of our 2025 common stock distributions. The following table summarizes the income tax treatment of our 2025 distributions. Common Stock (CUSIP No. 29472R108) As of September 30, 2025, we owned or had an interest in 455 properties located predominantly in the United States consisting of 173,341 sites. We are a self-administered, self-managed, real ...