Equity LifeStyle Properties (ELS) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Equity LifeStyle Properties published the results on October 20, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Equity LifeStyle Properties reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Normalized FFO per Common Share and OP Unit, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Equity LifeStyle is a REIT. Revenue here is the line it calls total revenues, and the rows above are the revenue lines of its income statement, not reporting segments. The adjusted line is Normalized FFO per Common Share and OP Unit, fully diluted, the measure ELS guides to.
• Q3 2026 net income and FFO include a $12.1 million full valuation allowance against deferred tax assets of ELS's taxable REIT subsidiaries. Normalized FFO adds it back. ELS reports in thousands; figures here are in millions.

Source: Equity LifeStyle Properties Q3 2026 results, October 20, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Equity LifeStyle Properties splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Equity LifeStyle Properties's Rental income revenue was $344 million in Q3 2026, up 5% from $327 million in Q3 2025, 84% of total revenue.
• Equity LifeStyle Properties's Annual membership subscriptions revenue was $19.5 million in Q3 2026, up 9% from $17.9 million in Q3 2025, 5% of total revenue.
• Equity LifeStyle Properties's Membership upgrade revenue revenue was $3.1 million in Q3 2026, flat on $3.1 million in Q3 2025, under 1% of total revenue.
• Equity LifeStyle Properties's Other income revenue was $15.3 million in Q3 2026, up 1% from $15.2 million in Q3 2025, 4% of total revenue.
• Equity LifeStyle Properties's Gross revenues from home sales, brokered resales and ancillary services revenue was $24.4 million in Q3 2026, down 2% from $24.9 million in Q3 2025, 6% of total revenue.
• Equity LifeStyle Properties's Interest income revenue was $1.3 million in Q3 2026, down 52% from $2.8 million in Q3 2025, under 1% of total revenue.
• Equity LifeStyle Properties's Income from other investments, net revenue was $1.9 million in Q3 2026, down 3% from $2.0 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In the release's guidance table the first range is the fourth quarter of 2026 and the second is full year 2026.

In its Q3 2026 release, Equity LifeStyle Properties said:

“Normalized FFO per Common Share and OP Unit $0.78 to $0.84 $3.15 to $3.21”

“Our preliminary 2027 Core MH base rent income growth assumption is approximately 5.1%.”

“Our preliminary 2027 Core RV annual rent income growth assumption is approximately 4.7%.”

Source: Equity LifeStyle Properties Q3 2026 release, Oct 20, 2026.

This is the company's own guidance as of Oct 20, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ELS forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and net income per common share, fully diluted, each as first reported in that quarter's release.

Equity LifeStyle Properties's next report is expected around January 27, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 20, 2026

Equity LifeStyle Properties owns manufactured home (MH) communities, RV resorts and marinas: 453 properties in 35 states and British Columbia with 173,623 sites at September 30, 2026. Its total revenues were $409.9 million in Q3 2026, against $393.3 million, and rental income was $344.3 million of that. Annual membership subscriptions added $19.5 million and home sales, brokered resales and ancillary services $24.4 million. (Equity LifeStyle Properties Q3 2026 release and supplemental, Oct 20, 2026)

Equity LifeStyle's MH base rental income was $198.9 million across the whole portfolio. In the Core portfolio it rose 5.7%, driven by rent: the monthly base average rent per site was $963, against $912, while Core MH occupancy averaged 93.8%, against 94.3%. Occupied sites increased by 99 in the quarter, and ELS sold 244 new and used homes. (Equity LifeStyle Properties Q3 2026 release and supplemental, Oct 20, 2026)

Equity LifeStyle's RV and marina base rental income was $120.8 million: $86.0 million annual, $6.1 million seasonal and $28.7 million transient. In the Core portfolio, annual RV and marina rent rose 5.3% while seasonal fell 4.4% and transient fell 5.8%, so total Core RV and marina base rental income rose 2.1%. Core annual membership subscriptions rose 8.4%. (Equity LifeStyle Properties Q3 2026 release and supplemental, Oct 20, 2026)

Equity LifeStyle's Core property operating revenues rose 4.4% and Core property operating expenses, excluding property management, rose 1.3%, so Core income from property operations, excluding property management, rose 6.7% to $217.5 million. Insurance and other expense fell 8.8% while real estate taxes rose 6.3%. The portfolio is concentrated in two states: 139 properties and 19 marinas are in Florida and 49 properties in California. (Equity LifeStyle Properties Q3 2026 release and supplemental, Oct 20, 2026; Equity LifeStyle Properties Form 10-K, 2025, Feb 18, 2026)

Equity LifeStyle Properties earned net income of $0.45 per fully diluted common share in Q3 2026, against $0.50. The quarter included a $12.1 million full valuation allowance against deferred tax assets of its taxable REIT subsidiaries, so ELS recorded $12.1 million of income tax expense, against a $0.5 million tax benefit a year earlier. (Equity LifeStyle Properties Q3 2026 release and supplemental, Oct 20, 2026; Equity LifeStyle Properties Form 10-Q, Q3 2026, Oct 27, 2026)

Equity LifeStyle's funds from operations (FFO) add back depreciation and amortization ($54.9 million) and gains or losses on real estate to net income. FFO was $0.72 per share, against $0.77, because it still includes the tax charge. Normalized FFO excludes the valuation allowance, insurance proceeds from catastrophic weather events and $0.4 million of non-operating legal expenses, and was $0.79 per share, up 4.6% from $0.75 and in line with the midpoint of ELS's prior range of $0.76 to $0.82. (Equity LifeStyle Properties Q3 2026 release and supplemental, Oct 20, 2026)

Equity LifeStyle's share count barely moves: weighted average common shares and OP units, fully diluted, were 200,250 thousand against 200,126 thousand. Interest and related amortization was $34.6 million, and total debt to trailing Adjusted EBITDAre was 4.3 times. ELS paid a dividend of $0.5425 per common share, against $0.5150 a year earlier. (Equity LifeStyle Properties Q3 2026 release and supplemental, Oct 20, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Equity LifeStyle Properties gives quarterly and full-year guidance in its release, narrowed after Q3 2026 so that only fourth-quarter results remain an estimate. It guided Normalized FFO of $0.78 to $0.84 per share for Q4 2026 and $3.15 to $3.21 for full year 2026, a midpoint of $3.18, unchanged from July 22, 2026. Full-year net income per share guidance is $2.00 to $2.06. (Equity LifeStyle Properties Q3 2026 release and supplemental, Oct 20, 2026)

Equity LifeStyle's full-year 2026 Core growth guidance is 5.4% to 6.0% for MH base rental income and 0.9% to 1.5% for RV and marina base rental income. For 2027 it gave preliminary assumptions of about 5.1% Core MH base rent growth and about 4.7% Core RV annual rent growth, and said it expected to send 2027 rent increase notices to about 50% of MH residents by the end of October. (Equity LifeStyle Properties Q3 2026 release and supplemental, Oct 20, 2026)

A consensus figure is the average of the models published by the analysts who cover Equity LifeStyle Properties, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Equity LifeStyle Properties's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ELS is on is ELS a buy or a sell?, what analysts expect next is on the ELS forecast, and what the company does is on the Equity LifeStyle Properties (ELS) stock page.

Every number on this page can be traced to a document Equity LifeStyle Properties published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.