ELS · 10-Q · 2026Q1

EQUITY LIFESTYLE PROPERTIES INC

Filed 2026-04-28 · Real Estate

Ranked Events

• Rental operations and rental-unit investmentImportance 78 · Surprise 66
  Rental operations revenue rose 15.8% year-over-year (approximately $1.3 million), driven by a 12.1% occupancy increase and a 3.7% rate increase in MH rental operations. The Company materially increased investment in…
• ESG and Physical Climate RiskImportance 64 · Surprise 82
  The company discloses specific physical-climate impacts: its Non-Core Portfolio includes six Properties in Florida impacted by Hurricane Ian and two Properties in California impacted by storm and flooding events.…
• Outstanding IndebtednessImportance 61 · Surprise 32
  As of March 31, 2026 secured debt encumbered 112 Properties with a gross carrying value of approximately $3,284.3 million versus $3,266.6 million at December 31, 2025. The company continues to focus on accessing…
• Rental OperationsImportance 56 · Surprise 58
  Rental operations revenue increased $1.3 million, or 15.8%, to $9.7 million in Q1 2026 compared to Q1 2025 due to a 12.1% occupancy gain and a 3.7% rate increase in the rental portfolio. Gross investment in new…
• Home sales decline and supply timingImportance 55 · Surprise 66
  New home sales declined materially: the Company closed 87 new home sales in Q1 2026 versus 117 in Q1 2025, a 25.6% drop, and gross revenues from new home sales fell 18.3% year-over-year. Management attributes the…
• Liquidity and Cash PositionImportance 53 · Surprise 6
  The company expects to meet short-term liquidity requirements for the next twelve months through available cash, operating cash flows, issuances of equity under its ATM program and borrowings under its unsecured Line…
• Membership subscription growthImportance 50 · Surprise 58
  Annual membership subscriptions grew 11.5% in the Core Portfolio (an increase of $1.862 million year-over-year), driven by higher membership sales and upgrade products. Membership upgrade offerings (two- to four-year…
• Operating Expense TrendsImportance 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…
• Interest Rate and Refinancing ExposureImportance 48 · Surprise 14
  Interest and related amortization expense was $33.645 million for Q1 2026, up $2.509 million (8.1%) from $31.136 million in Q1 2025, increasing total other expenses. The company uses interest rate swaps designated as…
• RV and marina demand declineImportance 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…
• Geographic Revenue ShiftImportance 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…
• Home Sales and OtherImportance 44 · Surprise 58
  New home sales closed were 87 units in Q1 2026 versus 117 units in Q1 2025, a decline of 30 units driven by timing and supply of new homes. Gross revenues from new home sales decreased $1.7 million (18.3%) to $7.7…
• Revenue Performance and MixImportance 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…
• Acquisitions and DispositionsImportance 25 · Surprise 32
  The filing lists property transaction activity from January 1, 2025 through March 31, 2026 and shows two dispositions completed October 1, 2025: Desert Vista in Salome, Arizona (RV) with (125) Sites and Valley Vista in…
• Occupancy and Leasing ActivityImportance 25 · Surprise 32
  Core Portfolio average occupancy (including homeowners and renters) was 93.8% for Q1 2026 versus 94.4% in Q1 2025 and 94.0% in Q4 2025; the YoY decline was primarily driven by 362 expansion sites added since March 31,…
• Capital Improvements and Development PipelineImportance 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…
• Capital Return ProgramImportance 21 · Surprise 14
  Management states it considers returning capital to stockholders as part of capital allocation decisions, including potential share repurchases depending on market price and balance sheet flexibility. Net cash used in…

Revenue by Product (in thousands)