Equity LifeStyle reported Q3 revenue of $409.9 million, above the $405.29 million consensus estimate, while consolidated net income of $89.3 million missed estimates. Normalized FFO per share rose 4.6% year over year, and the company expects 2026 Normalized FFO per share of $3.15 to $3.21.
Q3 revenue was $409.9 million, compared with analyst estimates of $405.29 million, while consolidated net income of $89.3 million came in below the $99.78 million estimate. Adjusted FFO per share was $0.79 and FFO per share was $0.72.
Normalized FFO per share rose 4.6% year over year, driven by gains in occupied sites and rental income. Core manufactured-home base rental income increased 5.7%, and occupied sites rose by 99 in the quarter. Core RV and marina base rental income increased 2.1%, with annual base rental income up 5.3%.
Equity LifeStyle expects Q4 2026 Normalized FFO per share of $0.78 to $0.84 and 2026 Normalized FFO per share of $3.15 to $3.21. Its preliminary assumption for 2027 manufactured-home base rent growth is about 5.1%.
