Equity LifeStyle Properties reported its financial and operational results for the second quarter and six months ended June 30, reflecting steady growth across its core operations. Core recreational vehicle (RV) and marina base rental income showed a modest increase of 0.7% for the second quarter.
The Chicago-based real estate investment trust announced the update July 24, with performance metrics falling within the company’s previously issued guidance.
Normalized funds from operations (FFO) per common share and operating partnership (OP) unit for the second quarter reached $0.69, up 4.7% from the same quarter in 2024.
For the six-month period, normalized FFO rose 5.7% year-over-year to $1.52 per share and OP unit.
Core property operating revenues also increased 3.5% for the second quarter, while operating expenses remained flat compared to the same period last year.
According to a press release, core income from property operations, excluding property management, grew 6.4%. For the six-month period, revenues rose 3.2%, expenses increased 0.7%, and income from property operations improved by 5.0%.
In the manufactured housing (MH) segment, core base rental income rose 5.5% year-over-year for both the quarter and the first half of 2025.
ELS reported 116 new home sales in the second quarter and 233 total new home sales for the six-month period.
Annual base rental income for the segment rose 3.7% compared to the same period in 2024. For the first six months of 2025, base rental income increased 0.4%, while annual base rental income rose 3.9%.
Core property operating expenses, excluding property management, remained flat in the second quarter and were lower than projected.
For the first six months of 2025, these expenses rose 0.7% compared to the prior year, in line with company expectations.
During the quarter, ELS entered into a $240 million unsecured term loan agreement. The company drew $150 million in May and $90 million in July 2025. The loan, which matures May 15, 2030, carries interest at SOFR plus 1.20%.
The company also repaid $86.9 million in principal across eight mortgage loans, eliminating all remaining 2025 debt maturities. The retired loans had a weighted average interest rate of 3.45% and were secured by a mix of RV and MH communities.