ELS · 10-Q · 2026Q1 · Full report
Operating Expense Trends
EQUITY LIFESTYLE PROPERTIES INC · 2026-04-28 · Importance 49 · Surprise 66
Property operating expenses, excluding property management, in the Core Portfolio increased $2.5 million (1.8%) to $144.1 million in Q1 2026, driven by Repairs and maintenance (+$1.4 million), Utility expense (+$0.7 million) and Real estate taxes (+$0.4 million). General and administrative expense rose $1.9 million (20.2%) to $11.1 million for the quarter, increasing total other expenses and contributing to a $6.2 million deterioration in total other income and expenses, net. Repairs and maintenance increases were driven by higher extraordinary repair and maintenance, lawn and common area maintenance and contract repairs, partially offset by lower security guard expenses. Utility expense increases were driven by higher trash, water and sewer costs, partially offset by lower electric expense.
Key facts
- Utility expense in the Core Portfolio increased 1.7% to $40,147 thousand for the quarter ended March 31, 2026 from $39,461 thousand
- Repairs and maintenance in the Core Portfolio increased $1,431 thousand (6.4%) to $23,695 thousand for the quarter ended March 31, 2026 from $22,264 thousand
- For the quarter ended March 31, 2026 Core Portfolio property operating expenses, excluding property management, were $144,062 thousand, a $2,513 thousand increase (1.8%) from $141,549 thousand in the prior year quarter
- Property management expense decreased $1,759 thousand (8.6%) to $18,671 thousand for the quarter ended March 31, 2026 from $20,430 thousand
- Real estate taxes in the Core Portfolio increased 1.9% to $21,476 thousand for the quarter ended March 31, 2026 from $21,068 thousand
- Total other income and expenses, net was $(95,150) thousand for the quarter ended March 31, 2026 compared to $(88,939) thousand in the prior year quarter, a decrease of $6,211 thousand (7.0%)
- Depreciation and amortization expense increased $2,194 thousand (4.3%) to $53,136 thousand for the quarter ended March 31, 2026 from $50,942 thousand
- General and administrative expense increased $1,862 thousand (20.2%) to $11,101 thousand for the quarter ended March 31, 2026 from $9,239 thousand
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | negative | realized | -1.6% | Total other income and expenses, net was $(95,150) thousand for the quarter ended March 31, 2026 compared to $(88,939) thousand in the… |
| operating_income | negative | realized | -0.6% | For the quarter ended March 31, 2026 Core Portfolio property operating expenses, excluding property management, were $144,062 thousand, a… |
| operating_income | negative | realized | -0.6% | Depreciation and amortization expense increased $2,194 thousand (4.3%) to $53,136 thousand for the quarter ended March 31, 2026 from… |
| operating_income | negative | realized | -0.5% | General and administrative expense increased $1,862 thousand (20.2%) to $11,101 thousand for the quarter ended March 31, 2026 from $9,239… |
| operating_income | positive | realized | +0.4% | Property management expense decreased $1,759 thousand (8.6%) to $18,671 thousand for the quarter ended March 31, 2026 from $20,430 thousand |
| operating_income | negative | realized | -0.4% | Repairs and maintenance in the Core Portfolio increased $1,431 thousand (6.4%) to $23,695 thousand for the quarter ended March 31, 2026… |
| operating_income | negative | realized | -0.2% | Utility expense in the Core Portfolio increased 1.7% to $40,147 thousand for the quarter ended March 31, 2026 from $39,461 thousand |
| operating_income | negative | realized | -0.1% | Real estate taxes in the Core Portfolio increased 1.9% to $21,476 thousand for the quarter ended March 31, 2026 from $21,068 thousand |
| operating_income | negative | realized | — | For the quarter ended March 31, 2026 Core Portfolio property operating expenses, excluding property management, increased 1.8%… |