Equity LifeStyle Properties

Equity LifeStyle Properties (ELS) is a real estate investment trust (REIT) based in Chicago. It owns or has an interest in 453 properties with 173,623 sites, mainly in the United States, at September 30, 2026. It owns manufactured home (MH) communities, where residents own their homes and rent the land, RV resorts and marinas.

Many of its properties serve retirees and seasonal visitors. MH base rent is its largest source of income. ELS pays a quarterly dividend of $0.5425 per share, or $2.17 a year.

The market prices ELS for slow RV demand and for higher interest rates. Core RV and marina base rent grew only 0.8% in the first nine months of 2026. In October 2026, ELS cut its full-year growth guidance for this income to 1.2% at the midpoint, from 1.6% in July and 2.4% earlier. Rent from short-term RV visitors is weaker than annual rent, which grew 5.3% in Q3 2026.

Higher interest rates also make REIT dividends less attractive and raise the cost of new debt. For the gap to close, three things must be true. MH base rent must keep growing at about 5% to 6% a year, as it did with 5.7% in the first nine months of 2026. ELS gave a preliminary 2027 assumption of about 5.1%.

Total RV and marina rent must grow faster than in 2026. Normalized FFO must reach the 2026 guidance of $3.15 to $3.21 per share and keep growing in 2027. The full-year 2026 report and the 2027 guidance in about January 2027 are the main test. The gap can close only over several years, as RV demand recovers and interest rates fall.

The main reason it may not close is a long period of weak RV demand, together with high interest rates.

1. Oct 20, 2026Failed

   Q3 2026 earnings: RV rent and FFONormalized FFO of $0.76 to $0.82 per share and RV and marina rent growth inside the 1.4% to 2.0% Q3 guidance pass; results below the guidance or lower full-year guidance fail.Outcome: Normalized FFO was $0.79 per share, RV and marina rent grew 2.1% and the FFO guidance midpoint stayed at $3.18, but ELS cut its full-year RV and marina rent growth guidance to 1.2% from 1.6%.
2. Jan 20, 2027 · est.Pending

   Full-year 2026 results and 2027 guidance2027 guidance for MH rent growth near the preliminary 5.1% and higher total RV and marina rent growth than the 1.2% of 2026 passes; guidance for slower MH growth or lower RV rent fails.

Every passed and failed checkpoint across all picks

• October 27, 2026ELS said that CEO Marguerite Nader will hand over the CEO role to President and COO Patrick Waite on January 1, 2027. She stays on the board as Executive Vice Chair. Chief Legal Officer David Eldersveld will also become COO, and Waite joined the board. The board kept the quarterly dividend at $0.5425 per share for Q4 2026.
• October 20, 2026ELS reported Q3 2026 results. Normalized FFO rose 4.6% to $0.79 per share, at the midpoint of its guidance. Core MH base rent rose 5.7%, and core RV and marina base rent rose 2.1%, with annual RV and marina rent up 5.3%. Net income per share fell to $0.45, partly because of a $12.1 million deferred tax valuation allowance. ELS kept the midpoint of its 2026 normalized FFO guidance at $3.18 per share and cut its RV and marina rent growth guidance to 1.2%. Its preliminary 2027 assumptions are rent growth of about 5.1% for MH and about 4.7% for annual RV sites.
• July 28, 2026ELS declared a third quarter 2026 dividend of $0.5425 per share, paid on October 9, 2026.

Last earnings

October 21, 2026 (8-K on sec.gov)

Next earnings

Expected about January 20, 2027. The company has not confirmed the date.

• 8-KChange of directors or officers and Investor disclosureFiled October 30, 2026 · els-20261027
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 27, 2026 · els-20260930
• 8-KEarnings releaseFiled October 21, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled September 10, 2026 · els-20260910
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 28, 2026 · els-20260630
• 8-KOther company newsFiled July 28, 2026 · els-20260728
• 8-KEarnings releaseFiled July 23, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled May 27, 2026 · els-20260527
• 8-KInvestor disclosureFiled May 4, 2026 · els-20260504
• 8-KShareholder vote results and Other company newsFiled April 29, 2026 · els-20260428

Every filing on SEC EDGAR (CIK 895417)

• RV and marina income depends on travel and leisure spending. Core RV and marina base rent grew only 0.8% in the first nine months of 2026, and a weak consumer can slow it further.
• Most debt is mortgage debt, with $2.75 billion of mortgage notes at September 30, 2026. Refinancing at higher interest rates raises interest expense and slows FFO growth.
• Storms can damage properties and raise insurance costs. ELS records casualty charges and insurance recoveries, such as $7.1 million of insurance recovery revenue in Q2 2026.
• Many MH residents are retirees with fixed incomes. Large rent increases can meet resistance from residents or new rules from local governments.

ELS funds its properties mainly with secured mortgage debt. At September 30, 2026, total debt was $3.33 billion before deferred financing costs: $2.75 billion of mortgage notes, $440 million of unsecured term loans and $138 million drawn on the unsecured line of credit. Read more

Yield at the current rate

3.5% (current annual rate, at today’s price)

Dividend yield

3.5% (last 12 months, at today’s price of $61.98)

Paid per share

$2.144 in the last 12 months (4 payments)

Current annual rate

$2.172 ($0.543 × 4 a year)

Payout ratio

102% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 25, 2026, $0.543 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 8.5% a year. From 2015 to 2025, the dividend grew by about 10.6% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.