ELS · 10-Q · 2026Q1 · Full report

Rental operations and rental-unit investment

EQUITY LIFESTYLE PROPERTIES INC · 2026-04-28 · Importance 78 · Surprise 66

Rental operations revenue rose 15.8% year-over-year (approximately $1.3 million), driven by a 12.1% occupancy increase and a 3.7% rate increase in MH rental operations. The Company materially increased investment in rental inventory: gross investment in new manufactured home rental units rose 23.7% (an increase of $50.885 million year-over-year), and purchases of manufactured homes increased to $21.962 million for the quarter. Occupied new rental units rose to 1,951 at quarter end (up 13.2%), supporting rental revenue growth and the strategy to convert renters to future homebuyers.

Key facts

• Gross investment in new manufactured home rental units was $265,369 thousand as of March 31, 2026, a $50,885 thousand increase (23.7%) from $214,484 thousand
• Net investment in new manufactured home rental units was $222,842 thousand as of March 31, 2026, a $46,984 thousand increase (26.7%) from $175,858 thousand
• Net investment in used manufactured home rental units was $11,055 thousand as of March 31, 2026, a $3,679 thousand increase (49.9%) from $7,376 thousand
• Gross investment in used manufactured home rental units was $14,084 thousand as of March 31, 2026, a $2,948 thousand increase (26.5%) from $11,136 thousand
• Number of occupied rentals – new, end of period was 1,951 as of March 31, 2026, a 13.2% increase from 1,724

Impact estimates