Equity LifeStyle Properties Reports Positive Third Quarter Performance with Increased Revenues

Equity LifeStyle Properties Reports Third Quarter Results

Chicago, October 22, 2025 – Equity LifeStyle Properties, Inc. (NYSE: ELS) has announced its financial performance for the period ending September 30, 2025, illustrating a steady growth in both revenue and funds from operations (FFO).

Strong Financial Milestones

For the third quarter of 2025, Equity LifeStyle revealed net income per common share of $0.50, marking a 12.9% increase compared to $0.44 in 2024. The funds from operations (FFO) per common share and Operating Partnership (OP) unit also rose to $0.77, a substantial 6.8% increase from $0.72 in the previous year. Normalized FFO increased by 4.6%, reaching $0.75, showcasing robust operational efficiency and effective portfolio management.

Yearly Overview

Over the nine months concluded on September 30, 2025, the net income available for common stockholders was reported at $1.49, a marginal increase from $1.45 in 2024. The FFO per common share and OP unit showed a slight rise to $2.29 from $2.27, while normalized FFO escalated to $2.27, strengthening from $2.16 in the previous year.

Earnings before interest, tax, depreciation, and amortization (EBITDA) also reflected solid performance, demonstrating a commitment to operational excellence across its properties. Total revenues reached $393.3 million, a modest increase from $387.3 million in the same quarter last year.

Operational Highlights

Core property operating revenues reflected an increase of 3.1% year-over-year for the quarter, underpinned by a rise in core income from property operations, which surged by 5.3%. This growth resulted from factors such as a 5.5% increase in core manufactured home base rental income and a steady performance in the RV and marina segments despite a slight decrease in base rental income.

The operational efficiency extended to expenses, with core property operating expenses, excluding property management, only increasing by 0.5% compared to Q3 2024. This effective cost management strategy has resulted in continued profitability for the company.

Growth Trajectory and Future Forecasts

Maintaining a forward-looking approach, Equity LifeStyle plans to send rent increase notices to approximately 50% of its manufactured home residents by October end, predicting an average rate hike of around 5.1%. Meanwhile, for its RV annual sites, which comprise over 95% of annual sites, the expected rate increase is similarly set at 5.1%, effective at the onset of the 2025/26 winter or during the summer season of 2026.

Conclusion

Equity LifeStyle Properties continues to showcase a resilient financial framework complemented by strategic decision-making that ensures sustainable growth and increased shareholder value. As such, the company is poised to navigate the challenges of the real estate market with confidence while delivering consistent returns to its stakeholders. The detailed financial results reflect the company’s solid foundation and commitment to optimizing operations within its extensive property portfolio.

For investors and market analysts, these results mark a vital indicator of the stability and growth potential of Equity LifeStyle Properties, as they continue to define their trajectory in the real estate investment trust landscape.