ELS · 10-Q · 2026Q1 · Full report
RV and marina demand decline
EQUITY LIFESTYLE PROPERTIES INC · 2026-04-28 · Importance 44 · Surprise 58
Core RV and marina base rental income declined 1.4% year-over-year as a 4.2% increase in annual RV rates was more than offset by steep declines in seasonal (down 14.8%) and transient (down 6.9%) revenue. Management attributes the weaker seasonal and transient demand in part to a loss of Canadian guests, which moderated vacation travel into its northern and border markets. Annual RV performance improved via rate growth (+5.1% rate in Core Annual RV), but occupancy for annual RV slipped marginally. The mix shift toward annual memberships partially mitigated the seasonal/transient weakness but reduced overall RV/marina variability.
Key facts
- Core Seasonal RV and marina rental income decreased 14.8% year-over-year for the quarter ended March 31, 2026
- Decreases in Core Seasonal and Transient RV and marina rental income were driven in part by the loss of Canadian guests
- Core Transient RV and marina rental income decreased 6.9% year-over-year for the quarter ended March 31, 2026
- For the quarter ended March 31, 2026, RV and marina base rental income in the Core Portfolio decreased 1.4% year-over-year
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | negative | realized | — | Core Seasonal RV and marina rental income decreased 14.8% year-over-year for the quarter ended March 31, 2026 |
| revenue | negative | realized | — | Core Transient RV and marina rental income decreased 6.9% year-over-year for the quarter ended March 31, 2026 |
| revenue | negative | realized | — | For the quarter ended March 31, 2026, RV and marina base rental income in the Core Portfolio decreased 1.4% year-over-year |