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 ...

Group 1 - Equity LifeStyle Properties, Inc. announced the tax treatment of its 2025 common stock distributions, detailing the income tax implications for shareholders [1] - The total distribution for 2025 is $2.060000 per share, with $1.963345 allocated to long-term capital gains and $1.876080 classified as taxable dividends [1] - The company owns or has an interest in 455 properties across the United States, comprising 173,341 sites, and operates as a self-administered, self-managed real estate investment trust (REIT) [3] Group 2 - For tax purposes, the common stock distribution with a record date of December 26, 2025, includes a portion considered a distribution made in 2026, amounting to $0.096655 [1] - The One Year Amounts Disclosure and the Three Year Amounts Disclosure for applicable partnership interests are reported as $0.00 per share [2] - Stockholders are advised to consult with tax advisors regarding the specific tax treatment of the distributions received [2]

Group 1 - Equity LifeStyle Properties (NYSE:ELS) is favored by hedge funds and has received an upgrade from RBC Capital from Sector Perform to Outperform, with a forecasted price target of $70 indicating a 10% upside potential [1][2] - RBC Capital anticipates that ELS will be one of the best growth performers in funds from operations (FFO) within the residential REITs category by 2026, citing fundamental resilience against weak employment and AI-related risks [2] - UBS Analyst Michael Goldsmith reaffirmed a Buy rating for ELS, adjusting the target price from $77 to $67, which still reflects over 5% upside potential, expecting a favorable macroeconomic and political environment for REITs in the latter half of 2026 [4] Group 2 - ELS owns and manages manufactured homes (MH) communities, RV resorts, and membership campgrounds, focusing on income through rentals, long-term leasing, and home sales, while also developing lifestyle communities in high-demand vacation and retirement locations with luxurious amenities [5] - Recent concerns regarding ELS's RV business have generated pessimism, but these issues are expected to diminish as 2026 approaches [3]

Core Viewpoint - Equity LifeStyle Properties, Inc. is set to release its fourth quarter 2025 earnings on January 28, 2026, with a conference call scheduled for January 29, 2026, to discuss the results [1]. Company Overview - The company is a fully integrated owner of lifestyle-oriented properties, owning or having an interest in 455 properties predominantly located in the United States, consisting of 173,341 sites as of September 30, 2025 [6]. Conference Call Details - The conference call will be available via live audio webcast and replay on the company's website, specifically in the Investor Relations section under Events [2]. - Interested parties must register at least fifteen minutes prior to the call to receive dial-in details [2].

Company Overview - Equity LifeStyle Properties, Inc. (NYSE:ELS) is a self-managed REIT focused on lifestyle-oriented real estate, including manufactured home (MH) and recreational vehicle (RV) communities, as well as marinas. The company generates revenue through property operations and home sales and rental activity [5]. Investment Insights - UBS has cut its price target for Equity LifeStyle from $77 to $67 while maintaining a Buy rating on the stock, indicating a cautious outlook despite the positive rating [2]. - UBS anticipates total returns for REITs in 2026 to be around 9%–11%, driven by improving macro conditions, attractive valuations, easing supply pressures, and a more stable political environment. The firm expects a two-speed year for the sector, with defensive conditions in the first half and stronger growth in the second half [3]. Operational Performance - As of September 30, Equity LifeStyle held interests in 455 properties across 35 US states and British Columbia, representing a total of 173,341 sites. The company reported a 0.5% year-over-year increase in core property operating expenses (excluding property management) for the quarter ended September 30, 2025, which was below prior guidance [4].

Industry Overview - The Zacks REIT and Equity Trust - Residential industry includes companies that own, develop, and manage various residential properties, generating revenues by renting spaces to tenants [3] - The industry is currently facing near-term pressure from supply overhangs and uneven demand, leading to inconsistent pricing power and elevated expenses that squeeze margins [1][4] Current Challenges - A significant supply overhang persists despite a slowdown in new construction, affecting pricing power and revenue growth, which is heavily dependent on portfolio mix and lease timing [4] - Cost pressures are limiting cash flow growth, as rent growth has softened while expenses remain high, necessitating a focus on execution and efficient investment in existing assets [5] Long-Term Support Factors - Renting remains the most accessible housing option due to high mortgage rates and limited home supply, supporting steady occupancy and renewals [2][6] - Healthy household formation and demand from AI- and knowledge-based workers contribute to stabilizing cash flows and reinforcing long-term resilience [2][7] Industry Performance - The industry has underperformed the broader Finance sector and the S&P 500, declining 8.4% over the past year compared to the S&P 500's increase of 19.5% [12] - The Zacks Industry Rank indicates dim near-term prospects, placing the industry in the bottom 31% of around 250 Zacks industries [9][10] Valuation Metrics - The industry is currently trading at a forward 12-month price-to-FFO ratio of 14.89, which is below the S&P 500's forward P/E of 23.36 and the Finance sector's forward P/E of 17.70 [15] - Over the last five years, the industry has traded between a high of 26.61 and a low of 13.75, with a median of 17.04 [18] Notable Companies - **Equity LifeStyle Properties**: Focuses on manufactured home communities and has a strong demand outlook due to affordable housing needs and favorable demographics. The Zacks Consensus Estimate for 2025 FFO per share is $3.06, indicating a 5.2% increase year over year [19][21] - **Veris Residential**: Operates Class A multifamily rental properties with high occupancy rates of approximately 94.7%. The Zacks Consensus Estimate for its 2025 FFO per share is 69 cents, reflecting a 3% upward revision [23][25]

Core Insights - Equity LifeStyle Properties, Inc. (ELS) has experienced a decline of approximately 14% in share value over the past year, indicating poor performance in the market [1] - The company's business remains relatively stable; however, concerns regarding valuation and decreasing demand from Canada have negatively impacted its stock this year [1] Company Performance - ELS shares have lost about 14% of their value in the last year, reflecting a challenging market environment [1] - Despite the stable nature of the company's operations, external factors such as valuation concerns and demand fluctuations from Canada have contributed to the decline in share price [1]

Property Ownership and Operations - As of September 30, 2025, the company owned or had an ownership interest in 455 properties across the U.S. and Canada, comprising 173,341 individual developed sites[112]. - Core property operating revenues increased by 3.1% for the quarter ended September 30, 2025, compared to the same quarter in 2024[120]. - The average occupancy rate for the Core Portfolio was 94.3% for the quarter ended September 30, 2025, down from 95.0% in the same quarter of 2024[122]. - RV and marina base rental income in the Core Portfolio decreased by 0.4% for the quarter ended September 30, 2025, primarily due to a 14.5% decrease in Core Seasonal RV rental income[123]. - The Core Portfolio's income from property operations increased by $10.1 million, or 5.8%, in Q3 2025 compared to Q3 2024[140]. - Total property operating revenues for Q3 2025 were $358,830,000, an increase of 3.1% compared to $347,886,000 in Q3 2024[140]. - Core Portfolio MH base rental income increased by $29.1 million, or 5.5%, to $558.7 million for the nine months ended September 30, 2025, driven by a 5.8% growth from rate increases despite a 0.3% decline in occupancy[155]. - Total Portfolio Income from property operations increased by $25.4 million, or 4.8%, to $558.2 million for the nine months ended September 30, 2025, primarily due to higher Property operating revenues[154]. Financial Performance - Net income per fully diluted common share increased by 12.9% to $0.50 for the quarter ended September 30, 2025, compared to $0.44 for the same period in 2024[119]. - Funds from Operations (FFO) per fully diluted common share rose by 6.8% to $0.77 for the quarter ended September 30, 2025, compared to $0.72 in 2024[119]. - Net income available for Common Stockholders for Q3 2025 was $97,130,000, compared to $82,821,000 in Q3 2024, representing a year-over-year increase of 17.3%[136]. - FFO available for Common Stock and OP Unitholders for Q3 2025 was $154,098,000, up from $140,904,000 in Q3 2024, reflecting a growth of 9.3%[137]. - Normalized FFO available for Common Stock and OP Unitholders for the nine months ended September 30, 2025, reached $454,822,000, compared to $421,700,000 for the same period in 2024, indicating a 7.8% increase[137]. - Income from property operations for Q3 2025 was $185,341,000, a 5.6% increase from $175,441,000 in Q3 2024[140]. Sales and Revenue Trends - The company closed 119 new home sales during the quarter ended September 30, 2025, down from 174 new home sales in the same quarter of 2024[124]. - Gross revenues from new home sales decreased by $5.6 million, or 36.4%, for the quarter ended September 30, 2025, compared to the same quarter in 2024, attributed to a shift in sales mix towards lower-priced homes[147]. - Home sales volumes for new homes decreased by 267 units, or 43.1%, to 353 units sold during the nine months ended September 30, 2025[160]. - Membership upgrade revenue decreased by 25.3% to $3,120,000 in Q3 2025 from $4,174,000 in Q3 2024[140]. - Membership upgrade revenue decreased by $2.9 million, or 24.1%, to $9.2 million, impacted by deferrals of $7.1 million[154]. Expenses and Cost Management - Property management expenses for Q3 2025 were $20,277,000, a slight increase of 0.6% from $20,165,000 in Q3 2024[140]. - Utility expenses for Q3 2025 increased by 5.4% to $44,786,000 from $42,495,000 in Q3 2024[140]. - Property operating expenses, excluding property management, increased by $0.8 million, or 0.5%, for the quarter ended September 30, 2025, mainly due to a $2.3 million rise in utility expenses[146]. - Property operating expenses, excluding property management, increased by $2.9 million, or 0.6%, to $447.1 million, driven by higher Repairs and maintenance, Utility expense, and Real estate taxes[159]. Cash Flow and Capital Management - Net cash provided by operating activities decreased by $19.7 million to $471.7 million for the nine months ended September 30, 2025, compared to $491.4 million in 2024[176]. - Net cash used in investing activities increased by $71.8 million to $223.7 million for the nine months ended September 30, 2025, primarily due to a $56.1 million term loan to RVC[178]. - Total capital improvements for the nine months ended September 30, 2025, were $175,933,000, slightly up from $175,629,000 in 2024[179]. - The company expects to meet short-term liquidity requirements through available cash, net cash from operating activities, and issuances of equity under the ATM equity offering program[174]. - As of September 30, 2025, the company had a borrowing capacity of $454.9 million under its line of credit (LOC)[174]. Market Conditions and Risks - The company expects continued strong demand for manufactured home and RV communities driven by demographic trends, particularly from baby boomers and younger generations[114]. - Local economic conditions will continue to impact home sales and occupancy rates, including the availability of affordable housing options[188]. - The company faces risks from natural disasters, which could lead to substantial costs[188]. - Home sales results may be affected by potential homebuyers' ability to sell existing residences and market volatility[188]. - Financing or refinancing existing debt on favorable terms remains a concern[188]. - Inflation and interest rate changes, including tariff impacts, are significant factors affecting costs[188]. - The company is subject to potential risks from data management system breaches and internal control weaknesses[188]. - There have been no material changes in market risk assumptions since December 31, 2024[189].

Core Points - Equity LifeStyle Properties, Inc. declared a fourth quarter 2025 dividend of $0.515 per common share, which annualizes to $2.06 per common share [1] - The dividend payment is scheduled for January 9, 2026, to stockholders of record as of December 26, 2025 [1] Company Overview - Equity LifeStyle Properties is a fully integrated owner of lifestyle-oriented properties, owning or having an interest in 455 properties predominantly located in the United States, comprising 173,341 sites as of September 30, 2025 [5] - The company operates as a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago [5]