Equity Lifestyle Properties Inc., a leading operator of manufactured home (MH) and recreational vehicle (RV) communities, has released its Form 10-Q report for the quarter ended September 30, 2025. The report highlights the company’s robust financial performance and strategic business initiatives, underscoring its continued growth and operational efficiency in the real estate sector.
Financial Highlights
Total Revenues: $393.3 million, reflecting a 1.6% increase from the previous year, driven by higher rental income and annual membership subscriptions.
Net Income: $100.4 million, a 15.5% increase from the previous year, attributed to improved operating efficiencies and cost management.
Net Income Per Share: $0.50, up 12.9% from the previous year, indicating strong earnings growth per share.
FFO per fully diluted Common Share and OP Unit: $0.77, a 6.8% increase, highlighting improved funds from operations.
Normalized FFO per fully diluted Common Share and OP Unit: $0.75, a 4.6% increase, reflecting stable operational performance.
Business Highlights
Revenue Segments: The company reported an increase in MH base rental income by 5.5% in its Core Portfolio, driven by a 6.0% growth from rate increases, despite a 0.5% decrease in occupancy. RV and marina base rental income in the Core Portfolio decreased by 0.4%, primarily due to a decrease in Core Seasonal and Transient RV rental income, offset by an increase in Core Annual RV rental income.
Sales Units: The company closed 119 new home sales during the quarter ended September 30, 2025, compared to 174 new home sales during the same period in 2024. The decrease was primarily driven by a moderation in demand, particularly in the Florida market.
Geographical Performance: The company noted a loss of Canadian customers in the Northeastern United States, which contributed to fewer seasonal and transient stays, impacting RV and marina base rental income.
Future Outlook: The company anticipates continued strong demand from baby boomers for MH and RV communities, driven by the aging population seeking active lifestyles. Additionally, the company expects Millennials and Generation Z to contribute to future long-term customer pipelines, with RV sales benefiting from increased demand from these demographics.
Operational Strategy: The company continues to focus on increasing the number of manufactured homeowners in its Core Portfolio while also leveraging rental opportunities to potentially convert renters to homeowners. The company is engaged in various stages of negotiations for the possible acquisition of additional properties to enhance its portfolio.
SEC Filing: EQUITY LIFESTYLE PROPERTIES INC [ ELS ] – 10-Q – Oct. 28, 2025