Equity LifeStyle Properties, an operator and owner of manufactured home communities, RV resorts and campgrounds in North America, reported continued operational strength for the third quarter ended September 30, with growth across key financial metrics and preliminary rent rate assumptions for 2026 reflecting steady demand across its manufactured housing (MH), RV, and marina portfolios.
Normalized funds from operations (FFO) per common share and operating partnership (OP) unit for the quarter was $0.75, a 4.6% increase from the same period in 2024. The figure met the midpoint of the company’s prior guidance range of $0.72 to $0.78.
For the nine months ended September 30, normalized FFO totaled $2.27 per share and OP unit, representing a 5.4% year-over-year increase and consistent performance across each quarter in 2025.
According to a press release, core property operating revenues also rose 3.1% in the third quarter, while core property operating expenses, excluding property management, increased 0.5%.
As a result, core income from property operations grew 5.3% compared to the same period in 2024.
For the nine-month period, core property operating revenues increased 3.2%, core property operating expenses grew 0.6%, and core income from property operations advanced 5.1%, each compared to 2024 levels.
Within its manufactured housing segment, core MH base rental income for both the quarter and nine-month period rose 5.5% year-over-year. The company sold 114 new homes during the third quarter and 347 new homes during the first nine months of 2025.
In its RV and marina portfolio, core RV and marina base rental income for the quarter declined 0.4% compared to the same period last year, while annual base rental income increased 3.9%. The company filled approximately 475 annual sites during the quarter.
For the nine-month period, core RV and marina base rental income rose 0.2% compared to 2024, with annual base rental income also up 3.9%, underscoring consistent annual demand despite short-term fluctuations.
Core property operating expenses, excluding property management, increased 0.5% for the quarter, remaining below prior guidance. For the nine-month period, expenses rose 0.6%, reflecting disciplined cost control across operations.
During the third quarter, ELS also completed a balance sheet transaction to enhance liquidity.
In July, the company drew the remaining $90 million from its $240 million unsecured term loan established in the second quarter of 2025, using the proceeds to repay amounts outstanding on its line of credit.
Looking ahead, ELS provided preliminary 2026 rent rate growth assumptions. By the end of October, the company expects to send rent increase notices to approximately 50% of MH residents, with an average expected rate increase of 5.1%.
RV annual rates for more than 95% of annual sites have been set, with an average rate increase of 5.1%. These adjustments will take effect at the beginning of the 2025–26 winter season or the 2026 summer season, depending on the property’s location.
As of September 30, ELS owned or held an interest in 455 properties across 35 U.S. states and British Columbia, comprising 173,341 sites.
Featured image by Equity LifeStyle Properties via equitylifestyleproperties.com