Overview

* Equity LifeStyle Q3 revenue and net income beat analyst expectations

* Normalized FFO per share for Q3 increases 4.6% yr/yr, meeting guidance midpoint

* Company announces preliminary 2026 rent rate growth assumptions

Outlook

* Company expects 2025 full-year FFO per share between $3.03 and $3.13

* Company anticipates 2026 rent increase notices for MH residents with a 5.1% average rate increase

* Equity LifeStyle Properties ( ELS ) sees 2025 RV annual rate increase of 5.1%

Result Drivers

* MH RENTAL INCOME - MH base rental income increased 5.5% for Q3 2025 compared to Q3 2024

* NEW HOME SALES - Co sold 114 new homes during Q3 2025, contributing to revenue growth

* EXPENSE CONTROL - Core property operating expenses increased 0.5% for Q3 2025, lower than previous guidance

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $393.30 $391.43

Revenue mln mln (5

Analysts

)

Q3 Net Beat $100.40 $92.12

Income mln mln (7

Analysts

)

Q3 FFO $770,000

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the residential reits peer group is "buy"

* Wall Street's median 12-month price target for Equity LifeStyle Properties Inc ( ELS ) is $70.50, about 10.7% above its October 21 closing price of $62.94

* The stock recently traded at 31 times the next 12-month earnings vs. a P/E of 30 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)