ELS · 10-Q · 2026Q1 · Full report
Revenue Performance and Mix
EQUITY LIFESTYLE PROPERTIES INC · 2026-04-28 · Importance 42 · Surprise 14
Total property operating revenues for the quarter ended March 31, 2026 were $376.3 million, up $12.6 million (3.5%) from $363.7 million in Q1 2025; Core Portfolio property operating revenues were $368.7 million, up $13.1 million (3.7%). MH base rental income in the Core Portfolio increased $10.6 million (5.7%) to $195.1 million, with average monthly MH base rental income per Site rising to approximately $948 from $895 year-over-year. RV and marina base rental income in the Core Core Portfolio decreased $1.6 million (1.4%), driven by a 14.8% decline in Seasonal and a 6.9% decline in Transient revenue that partially offset a 4.2% increase in Annual RV revenue. Annual membership subscriptions rose 11.5% in the Core Portfolio (+$1.9 million) while utility and other income in the Core Portfolio grew $1.8 million (5.4%) primarily from higher utility recoveries.
Key facts
- For the quarter ended March 31, 2026 Core Portfolio MH base rental income was $195,077 thousand, a $10,556 thousand increase (5.7%) from $184,521 thousand in the prior year quarter
- For the quarter ended March 31, 2026 total portfolio MH base rental income was $195,296 thousand, a $10,592 thousand increase (5.7%) from $184,704 thousand in the prior year quarter
- Total portfolio Income from property operations for the quarter ended March 31, 2026 was $208,913 thousand, an $11,328 thousand increase (5.7%) from $197,585 thousand in the prior year quarter
- Total portfolio income from property operations for the quarter ended March 31, 2026 was driven by a $12,326 thousand (6.4%) increase in the Core Portfolio offset by a $1.0 million decrease in the Non-Core Portfolio
- Average monthly MH base rental income per Site in the Core Portfolio increased to approximately $948 for the quarter ended March 31, 2026 from approximately $895 for the quarter ended March 31, 2025
- Core Portfolio utility and other income was $34,152 thousand for the quarter ended March 31, 2026, a $1,765 thousand increase (5.4%) from $32,387 thousand in the prior year quarter
- For the quarter ended March 31, 2026 Core Portfolio RV and marina base rental income was $114,484 thousand, a $1,627 thousand decrease (1.4%) from $116,111 thousand in the prior year quarter
- Normalized FFO available for Common Stock and OP Unit holders for the quarter ended March 31, 2026 was $167,296 thousand (includes $1.125 million of non-operating legal expenses)
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +3.1% | Total portfolio income from property operations for the quarter ended March 31, 2026 was driven by a $12,326 thousand (6.4%) increase in… |
| cash | positive | realized | +2.9% | FFO available for Common Stock and OP Unit holders for the quarter ended March 31, 2026 was $166,104 thousand |
| operating_income | positive | realized | +2.9% | Total portfolio Income from property operations for the quarter ended March 31, 2026 was $208,913 thousand, an $11,328 thousand increase… |
| revenue | positive | realized | +2.7% | For the quarter ended March 31, 2026 Core Portfolio MH base rental income was $195,077 thousand, a $10,556 thousand increase (5.7%) from… |
| operating_income | positive | realized | +2.4% | Income from property operations, excluding property management, for the quarter ended March 31, 2026 was $227,584 thousand for the total… |
| revenue | positive | realized | +0.4% | Core Portfolio utility and other income was $34,152 thousand for the quarter ended March 31, 2026, a $1,765 thousand increase (5.4%) from… |
| revenue | negative | realized | -0.4% | For the quarter ended March 31, 2026 Core Portfolio RV and marina base rental income was $114,484 thousand, a $1,627 thousand decrease… |
| net_income | positive | realized | +0.4% | Income allocated to non-controlling interests – Common OP Units was $3,587 thousand for the quarter ended March 31, 2026 compared to… |
| net_income | negative | realized | -0.3% | Net income available for Common Stockholders was $107,904 thousand for the quarter ended March 31, 2026 compared to $109,192 thousand for… |
| operating_income | negative | realized | -0.3% | Total portfolio income from property operations for the quarter ended March 31, 2026 was driven by a $12,326 thousand (6.4%) increase in… |
| revenue | positive | realized | +0.1% | For the quarter ended March 31, 2026 Core Portfolio Rental home income was $3,771 thousand, an 11.5% increase from $3,382 thousand in the… |
| operating_income | positive | realized | — | Core Portfolio Income from property operations, excluding property management, increased 4.9% for the quarter ended March 31, 2026… |