ELS · 10-Q · 2026Q1 · Full report

Geographic Revenue Shift

EQUITY LIFESTYLE PROPERTIES INC · 2026-04-28 · Importance 44 · Surprise 58

The filing attributes decreases in Core Seasonal RV and Transient RV revenue to softer demand driven in part by the loss of Canadian guests, contributing to a 14.8% decline in Seasonal and a 6.9% decline in Transient revenue for the Core Portfolio in Q1 2026. The company also noted increases in pass-through income primarily driven by increases in real estate tax pass-throughs to customers in Florida, and a YoY increase in real estate taxes in the Florida portfolio that added to property operating expenses. These geographic/customer shifts materially impacted RV and marina transient/seasonal revenue mix in Q1 2026 versus Q1 2025. Management called out Canadian guest losses specifically as a driver of softer demand in northern and seasonal markets.

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