ELS · 10-Q · 2026Q1 · Full report
Capital Improvements and Development Pipeline
EQUITY LIFESTYLE PROPERTIES INC · 2026-04-28 · Importance 24 · Surprise 14
Gross investment in real estate increased $55.6 million to $8,234.3 million as of March 31, 2026 from $8,178.7 million as of December 31, 2025, primarily due to capital improvements during Q1 2026. Total capital improvements for Q1 2026 were $45.285 million (compared to $45.202 million in Q1 2025), including $20.012 million in property upgrades and development and $4.640 million of site development. The company reported $3.2 million of restoration and improvement capex related to hurricane events in Q1 2026 (compared with $7.4 million in Q1 2025). The portfolio totaled approximately 173,419 Sites as of March 31, 2026 with 362 expansion sites added since March 31, 2025.
Key facts
- ELP's gross investment in real estate increased $55.6 million to $8,234.3 million as of March 31, 2026 from $8,178.7 million as of December 31, 2025
- Site development capital expenditures were $4,640 thousand for the quarter ended March 31, 2026 and $1,671 thousand for the quarter ended March 31, 2025
- Property upgrades and development capital expenditures were $20,012 thousand for the quarter ended March 31, 2026 and $25,461 thousand for the quarter ended March 31, 2025
- Total capital improvements for the quarter ended March 31, 2026 were $45,285 thousand
- The decline in average occupancy compared to the quarter ended March 31, 2025 was primarily driven by 362 expansion sites added since March 31, 2025
- Improvements and renovations capital expenditures were $8,165 thousand for the quarter ended March 31, 2026 and $6,383 thousand for the quarter ended March 31, 2025
- Corporate capital expenditures were $2,479 thousand for the quarter ended March 31, 2026 and $1,932 thousand for the quarter ended March 31, 2025
- Total capital improvements for the quarter ended March 31, 2025 were $45,202 thousand
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | realized | +1.0% | ELP's gross investment in real estate increased $55.6 million to $8,234.3 million as of March 31, 2026 from $8,178.7 million as of… |
| cash | negative | realized | -0.8% | Total capital improvements for the quarter ended March 31, 2026 were $45,285 thousand |
| assets | positive | realized | +0.8% | Total capital improvements for the quarter ended March 31, 2026 were $45,285 thousand |
| cash | negative | realized | -0.3% | Property upgrades and development capital expenditures were $20,012 thousand for the quarter ended March 31, 2026 and $25,461 thousand for… |
| assets | positive | realized | +0.3% | Property upgrades and development capital expenditures were $20,012 thousand for the quarter ended March 31, 2026 and $25,461 thousand for… |
| assets | positive | realized | +0.1% | Site development capital expenditures were $4,640 thousand for the quarter ended March 31, 2026 and $1,671 thousand for the quarter ended… |
| revenue | negative | realized | — | The decline in average occupancy compared to the quarter ended March 31, 2025 was primarily driven by 362 expansion sites added since… |