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ELS Reports Third Quarter Results
Continued Strong Performance
Preliminary 2026 Rent Rate Growth Assumptions
CHICAGO, Oct. 22, 2025 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and nine months ended September 30, 2025. All per share results are reported on a fully diluted basis unless otherwise noted.
| | | | | | | | |
| FINANCIAL RESULTS | | | | | | | |
| ($ in millions, except per share data) | Quarters Ended September 30, | ||||||
| | 2025 | | 2024 | | $ Change | | % Change (1) |
| Net Income per Common Share | $ 0.50 | | $ 0.44 | | $ 0.06 | | 12.9 % |
| Funds from Operations ("FFO") per Common Share and OP Unit | $ 0.77 | | $ 0.72 | | $ 0.05 | | 6.8 % |
| Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit | $ 0.75 | | $ 0.72 | | $ 0.03 | | 4.6 % |
| | | | | | | | |
| | Nine Months Ended September 30, | ||||||
| | 2025 | | 2024 | | $ Change | | % Change (1) |
| Net Income per Common Share | $ 1.49 | | $ 1.45 | | $ 0.04 | | 2.5 % |
| FFO per Common Share and OP Unit | $ 2.29 | | $ 2.27 | | $ 0.02 | | 1.2 % |
| Normalized FFO per Common Share and OP Unit | $ 2.27 | | $ 2.16 | | $ 0.11 | | 5.4 % |
| _____________________ | |
| 1. | Calculations prepared using actual results without rounding. |
Operations Update
Normalized FFO per Common Share and OP Unit for the quarter ended September 30, 2025 was $0.75, representing a 4.6% increase compared to the same period in 2024, performing at the midpoint of our previous guidance range of $0.72 to $0.78. Normalized FFO for the nine months ended September 30, 2025 was $2.27 per Common Share and OP Unit, representing a 5.4% increase compared to the same period in 2024, performing at the midpoint of our previous guidance for each of the three quarterly periods ended this year. Core property operating revenues increased 3.1%, Core property operating expenses, excluding property management, increased 0.5% and Core income from property operations, excluding property management, increased 5.3% for the quarter ended September 30, 2025, each as compared to the same period in 2024. For the nine months ended September 30, 2025, Core property operating revenues increased 3.2%, Core property operating expenses, excluding property management, increased 0.6% and Core income from property operations, excluding property management, increased 5.1%, each as compared to the same period in 2024.
MH
Core MH base rental income for the quarter and nine months ended September 30, 2025 increased 5.5% compared to the same periods in 2024. We sold 114 new homes during the quarter ended September 30, 2025 and 347 new homes during the nine months ended September 30, 2025.
RV and Marina
Core RV and marina base rental income for the quarter ended September 30, 2025 decreased 0.4% compared to the same period in 2024. Core RV and marina annual base rental income increased 3.9% for the quarter ended September 30, 2025 compared to the same period in 2024. During the third quarter 2025, we filled approximately 475 annual sites. Core RV and marina base rental income for the nine months ended September 30, 2025 increased 0.2% compared to the same period in 2024. Core RV and marina annual base rental income increased 3.9% for the nine months ended September 30, 2025 compared to the same period in 2024.
Property Operating Expenses
Core property operating expenses, excluding property management, for the quarter ended September 30, 2025 increased 0.5% compared to the same period in 2024 and were lower compared to the previous guidance. For the nine months ended September 30, 2025, Core property operating expenses, excluding property management, increased 0.6% compared to the same period in 2024.
Balance Sheet Activity
As previously disclosed, in July 2025, we drew the remaining $90.0 million from the $240.0 million unsecured term loan agreement entered into during the second quarter of 2025 and used the proceeds to repay amounts outstanding on our line of credit.
Guidance Update (1)
| ($ in millions, except per share data) | | | | | 2025 | ||
| | | | | | Fourth Quarter | | Full Year |
| Net Income per Common Share | | | | | $0.49 to $0.55 | | $1.96 to $2.06 |
| FFO per Common Share and OP Unit | | | | | $0.75 to $0.81 | | $3.03 to $3.13 |
| Normalized FFO per Common Share and OP Unit | | | | | $0.75 to $0.81 | | $3.01 to $3.11 |
| | | | | | | | |
| | 2024 Actual | | 2025 Growth Rates | ||||
| Core Portfolio: | Fourth Quarter | | Full Year | | Fourth Quarter | | Full Year |
| MH base rental income | $ 179.9 | | $ 709.4 | | 5.2% to 5.8% | | 5.0% to 6.0% |
| RV and marina base rental income (2) | $ 98.9 | | $ 426.9 | | 0.3% to 0.9% | | -0.2% to 0.8% |
| Property operating revenues | $ 335.8 | | $ 1,361.8 | | 3.0% to 3.6% | | 2.7% to 3.7% |
| Property operating expenses, excluding property management | $ 133.4 | | $ 577.6 | | 1.3% to 1.9% | | 0.4% to 1.4% |
| Income from property operations, excluding property management | $ 202.4 | | $ 784.2 | | 4.1% to 4.7% | | 4.4% to 5.4% |
| | | | | | | | |
| Non-Core Portfolio: | | | | | 2025 Full Year | ||
| Income from property operations, excluding property management | | | | | $7.2 to $11.2 | ||
| | | | | | | | |
| Other Guidance Assumptions: | | | | | 2025 Full Year | ||
| Property management and general administrative | | | | | $115.1 to $121.1 | ||
| Other income and expenses | | | | | $26.2 to $32.2 | ||
| Debt assumptions: | | | | | | | |
| Weighted average debt outstanding | | | | | $3,170 to $3,370 | ||
| Interest and related amortization | | | | | $128.5 to $134.5 | ||
Preliminary 2026 Rent Rate Growth Assumptions (1)
- By October month-end, we anticipate sending 2026 rent increase notices to approximately 50% of our MH residents. The average expected rate increase of these notices is approximately 5.1%.
- We have set RV annual rates for more than 95% of our annual sites. The average rate increase for these annual sites is 5.1%. These increases will take effect at the start of the 2025/26 winter season or the start of the 2026 summer season, as applicable.
| ______________________ | |
| 1. | Fourth quarter and full year 2025 guidance represent management's estimate of a range of possible outcomes. The midpoint of the ranges and the preliminary 2026 annual rent growth assumptions reflect management's estimate of the most likely outcome based on our current view of existing market conditions and assumptions. Actual results could vary materially from management's estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for factors impacting our 2025 and 2026 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the supplemental financial information for definitions of FFO and Normalized FFO and a reconciliation of Net income per Common Share - Fully Diluted to each of FFO per Common Share and OP Unit - Fully Diluted and Normalized FFO per Common Share and OP Unit - Fully Diluted. |
| 2. | Core RV and marina annual revenue represents approximately 80.6% and 73.0% of fourth quarter 2025 and full year 2025 RV and marina base rental income guidance, respectively. Core RV and marina annual revenue fourth quarter 2025 growth rate range is 4.3% to 4.9% and the full year 2025 growth rate range is 3.6% to 4.6%. Fourth quarter 2025 Core RV and marina seasonal and transient revenue assumptions were developed using our current, approximate reservation pacing. Core RV and marina seasonal and transient revenue fourth quarter 2025 growth rate range is -12.8% to -13.8% and the full year 2025 growth rate range is -8.3% to -9.3%. Our July 2025 guidance factored in a Core RV and marina seasonal and transient fourth quarter growth rate range of -1.0% to -2.0%. The change in seasonal and transient revenue guidance in the fourth quarter is primarily attributed to seasonal reservation pace from Canadian customers, which is currently -40%. |
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of September 30, 2025, we own or have an interest in 455 properties in 35 states and British Columbia consisting of 173,341 sites.
For additional information, please contact our Investor Relations Department at (800) 247-5279 or at investor_relations@equitylifestyle.com.
Conference Call
A live audio webcast of our conference call discussing these results will take place tomorrow, Thursday, October 23, 2025, at 10:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.
Forward-Looking Statements
In addition to historical information, this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "estimate," "guidance," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, including our guidance concerning Net Income, FFO and Normalized FFO per share data, and certain growth rates, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting. For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
Supplemental Financial Information
| Financial Highlights (1)(2) | |||||
| (In millions, except Common Shares and OP Units outstanding and per share and ratio data, unaudited) | |||||
| | |||||
| | As of and for the Quarters Ended | ||||
| | Sep 30, | June 30, | Mar 31, | Dec 31, | Sep 30, |
| Operating Information | | | | | |
| Total revenues | $ 393.3 | $ 376.9 | $ 387.3 | $ 372.3 | $ 387.3 |
| Consolidated net income | $ 100.4 | $ 83.5 | $ 114.4 | $ 100.6 | $ 86.9 |
| Net income available for Common Stockholders | $ 97.1 | $ 79.7 | $ 109.2 | $ 96.0 | $ 82.8 |
| Adjusted EBITDAre | $ 183.3 | $ 170.0 | $ 197.6 | $ 182.8 | $ 176.8 |
| FFO available for Common Stock and OP Unit holders | $ 154.1 | $ 138.3 | $ 166.7 | $ 153.0 | $ 140.9 |
| Normalized FFO available for Common Stock and OP Unit holders | $ 150.5 | $ 137.7 | $ 166.7 | $ 151.2 | $ 140.5 |
| Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders | $ 124.2 | $ 115.2 | $ 150.5 | $ 122.6 | $ 120.7 |
| | | | | | |
| Common Shares and OP Units Outstanding (In thousands) and Per Share Data | | | | | |
| Common Shares and OP Units, end of the period | 200,278 | 200,272 | 200,248 | 200,160 | 195,617 |
| Weighted average Common Shares and OP Units outstanding - Fully Diluted | 200,126 | 200,095 | 200,074 | 200,021 | 195,510 |
| Net income per Common Share - Fully Diluted (3) | $ 0.50 | $ 0.42 | $ 0.57 | $ 0.50 | $ 0.44 |
| FFO per Common Share and OP Unit - Fully Diluted | $ 0.77 | $ 0.69 | $ 0.83 | $ 0.76 | $ 0.72 |
| Normalized FFO per Common Share and OP Unit - Fully Diluted | $ 0.75 | $ 0.69 | $ 0.83 | $ 0.76 | $ 0.72 |
| Dividends per Common Share | $ 0.5150 | $ 0.5150 | $ 0.5150 | $ 0.4775 | $ 0.4775 |
| | | | | | |
| Balance Sheet | | | | | |
| Total assets | $ 5,747 | $ 5,721 | $ 5,642 | $ 5,646 | $ 5,644 |
| Total liabilities | $ 3,935 | $ 3,908 | $ 3,809 | $ 3,822 | $ 4,149 |
| | | | | | |
| Market Capitalization | | | | | |
| Total debt (4) | $ 3,302 | $ 3,273 | $ 3,199 | $ 3,230 | $ 3,502 |
| Total market capitalization (5) | $ 15,459 | $ 15,624 | $ 16,556 | $ 16,561 | $ 17,457 |
| | | | | | |
| Ratios | | | | | |
| Total debt / total market capitalization | 21.4 % | 20.9 % | 19.3 % | 19.5 % | 20.1 % |
| Total debt / Adjusted EBITDAre (6) | 4.5 | 4.5 | 4.4 | 4.5 | 5.0 |
| Interest coverage (7) | 5.8 | 5.6 | 5.4 | 5.2 | 5.1 |
| Fixed charges (8) | 5.7 | 5.5 | 5.3 | 5.2 | 5.0 |
| ____________________ | |
| 1. | See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the supplemental financial information for definitions of fixed charges, FFO, Normalized FFO, FAD, Income from property operations excluding property management, EBITDAre, Adjusted EBITDAre, and a reconciliation of Consolidated net income to Income from property operations. |
| 2. | See page 6 for a reconciliation of Net income available for Common Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders. |
| 3. | Net income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units. |
| 4. | Excludes deferred financing costs, net of approximately $25.1 million as of September 30, 2025. |
| 5. | See page 14 for the calculation of market capitalization as of September 30, 2025. |
| 6. | Calculated using trailing twelve months Adjusted EBITDAre. |
| 7. | Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period. |
| 8. | Calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period. |
| Consolidated Balance Sheets | |||
| (In thousands, except share and per share data) | |||
| | |||
| | September 30, 2025 | | December 31, 2024 |
| | (unaudited) | | |
| Assets | | | |
| Investment in real estate: | | | |
| Land | $ 2,088,463 | | $ 2,088,682 |
| Land improvements | 4,739,532 | | 4,582,815 |
| Buildings and other depreciable property | 1,280,579 | | 1,244,193 |
| | 8,108,574 | | 7,915,690 |
| Accumulated depreciation | (2,787,438) | | (2,639,538) |
| Net investment in real estate | 5,321,136 | | 5,276,152 |
| Cash and restricted cash | 39,291 | | 24,576 |
| Notes receivable, net | 96,846 | | 50,726 |
| Investment in unconsolidated joint ventures | 87,011 | | 83,772 |
| Deferred commission expense | 58,530 | | 56,516 |
| Other assets, net | 144,367 | | 153,910 |
| Total Assets | $ 5,747,181 | | $ 5,645,652 |
| | | | |
| Liabilities and Equity | | | |
| Liabilities: | | | |
| Mortgage notes payable, net | $ 2,794,804 | | $ 2,928,292 |
| Term loans, net | 437,250 | | 199,344 |
| Unsecured line of credit | 45,000 | | 77,000 |
| Accounts payable and other liabilities | 196,958 | | 159,225 |
| Deferred membership revenue | 224,877 | | 229,301 |
| Accrued interest payable | 10,926 | | 10,679 |
| Rents and other customer payments received in advance and security deposits | 122,470 | | 122,448 |
| Distributions payable | 103,143 | | 95,577 |
| Total Liabilities | $ 3,935,428 | | $ 3,821,866 |
| Equity: | | | |
| Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 2025 and December 31, 2024; none issued and outstanding | — | | — |
| Common stock, $0.01 par value, 600,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 193,825,482 and 191,056,527 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 1,988 | | 1,962 |
| Paid-in capital | 1,979,547 | | 1,951,430 |
| Distributions in excess of accumulated earnings | (225,682) | | (214,979) |
| Accumulated other comprehensive income/(loss) | (2,594) | | 2,303 |
| Total Stockholders' Equity | 1,753,259 | | 1,740,716 |
| Non-controlling interests – Common OP Units | 58,494 | | 83,070 |
| Total Equity | 1,811,753 | | 1,823,786 |
| Total Liabilities and Equity | $ 5,747,181 | | $ 5,645,652 |
| Consolidated Statements of Income | |||||||
| (In thousands, unaudited) | |||||||
| | |||||||
| | Quarters Ended | | Nine Months Ended | ||||
| | 2025 | | 2024 | | 2025 | | 2024 |
| Revenues: | | | | | | | |
| Rental income | $ 327,437 | | $ 314,468 | | $ 967,930 | | $ 931,854 |
| Annual membership subscriptions | 17,868 | | 16,714 | | 51,112 | | 49,298 |
| Membership upgrade revenue | 3,120 | | 4,173 | | 9,292 | | 12,170 |
| Other income | 15,220 | | 16,440 | | 47,248 | | 48,186 |
| Gross revenues from home sales, brokered resales and ancillary services | 24,927 | | 30,839 | | 68,648 | | 98,457 |
| Interest income | 2,770 | | 2,430 | | 7,210 | | 7,018 |
| Income from other investments, net | 1,972 | | 2,192 | | 6,074 | | 6,860 |
| Total revenues | 393,314 | | 387,256 | | 1,157,514 | | 1,153,843 |
| | | | | | | | |
| Expenses: | | | | | | | |
| Property operating and maintenance | 133,243 | | 129,010 | | 379,654 | | 369,898 |
| Real estate taxes | 20,585 | | 20,731 | | 64,073 | | 61,617 |
| Membership sales and marketing | 4,199 | | 6,448 | | 12,192 | | 17,871 |
| Property management | 20,277 | | 20,165 | | 61,430 | | 59,311 |
| Depreciation and amortization | 52,313 | | 50,934 | | 155,904 | | 153,386 |
| Cost of home sales, brokered resales and ancillary services | 17,474 | | 22,051 | | 47,642 | | 71,668 |
| Home selling expenses and ancillary operating expenses | 7,186 | | 7,336 | | 20,342 | | 20,955 |
| General and administrative | 8,791 | | 9,274 | | 28,485 | | 30,248 |
| Casualty-related charges/(recoveries), net (1) | (3,748) | | 591 | | (4,072) | | (20,422) |
| Other expenses (2) | 711 | | 1,402 | | 2,530 | | 3,881 |
| Early debt retirement | — | | 30 | | — | | 30 |
| Interest and related amortization | 33,659 | | 36,497 | | 96,995 | | 106,077 |
| Total expenses | 294,690 | | 304,469 | | 865,175 | | 874,520 |
| Income before other items | 98,624 | | 82,787 | | 292,339 | | 279,323 |
| Gain/(Loss) on sale of real estate and impairment, net | 31 | | (1,798) | | (652) | | (1,798) |
| Equity in income/(loss) of unconsolidated joint ventures | 1,708 | | 5,874 | | 6,562 | | 6,736 |
| Consolidated net income | 100,363 | | 86,863 | | 298,249 | | 284,261 |
| | | | | | | | |
| Income allocated to non-controlling interests – Common OP Units | (3,233) | | (4,042) | | (12,211) | | (13,230) |
| Redeemable perpetual preferred stock dividends | — | | — | | (8) | | (8) |
| Net income available for Common Stockholders | $ 97,130 | | $ 82,821 | | $ 286,030 | | $ 271,023 |
| _____________________ | |
| 1. | Casualty-related charges/(recoveries), net for the quarter ended September 30, 2025 includes $3.7 million for reimbursement of capital expenditures. Casualty-related charges/(recoveries), net for the nine months ended September 30, 2025 includes debris removal and cleanup costs related to hurricane events of $1.0 million and insurance recovery revenue of $5.1 million, including $4.3 million for reimbursement of capital expenditures. |
| 2. | Prior period amounts have been reclassified to conform to the current period presentation. |
Non-GAAP Financial Measures
This document contains certain Non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these Non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance. Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of Non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 6 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 16-19.
| Selected Non-GAAP Financial Measures (1) | |
| (In millions, except per share data, unaudited) | |
| | |
| | Quarter Ended |
| | September 30, 2025 |
| Income from property operations, excluding property management - Core (2) | $ 203.8 |
| Income from property operations, excluding property management - Non-Core (2) | 1.8 |
| Property management and general and administrative | (29.1) |
| Other income and expenses | 7.6 |
| Interest and related amortization | (33.7) |
| Normalized FFO available for Common Stock and OP Unit holders (3) | $ 150.5 |
| Insurance proceeds due to catastrophic weather events, net | 3.6 |
| FFO available for Common Stock and OP Unit holders (3) | $ 154.1 |
| | |
| FFO per Common Share and OP Unit | $ 0.77 |
| Normalized FFO per Common Share and OP Unit | $ 0.75 |
| | |
| Normalized FFO available for Common Stock and OP Unit holders | $ 150.5 |
| Non-revenue producing improvements to real estate | (26.2) |
| FAD for Common Stock and OP Unit holders (3) | $ 124.2 |
| | |
| Weighted average Common Shares and OP Units - Fully Diluted | 200.1 |
| ______________________ | |
| 1. | See page 6 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders. |
| 2. | See pages 8-9 for details of the Core Income from Property Operations, excluding property management. See page 10 for details of the Non-Core Income from Property Operations, excluding property management. |
| 3. | Amounts may not foot due to rounding. |
| Reconciliation of Net Income to Non-GAAP Financial Measures | |||||||
| (In thousands, except per share data, unaudited) | |||||||
| | |||||||
| | Quarters Ended | | Nine Months Ended | ||||
| | 2025 | | 2024 | | 2025 | | 2024 |
| Net income available for Common Stockholders | $ 97,130 | | $ 82,821 | | $ 286,030 | | $ 271,023 |
| Income allocated to non-controlling interests – Common OP Units | 3,233 | | 4,042 | | 12,211 | | 13,230 |
| Depreciation and amortization | 52,313 | | 50,934 | | 155,904 | | 153,386 |
| Depreciation on unconsolidated joint ventures | 1,453 | | 1,309 | | 4,250 | | 3,560 |
| (Gain)/Loss on sale of real estate and impairment, net | (31) | | 1,798 | | 652 | | 1,798 |
| FFO available for Common Stock and OP Unit holders | 154,098 | | 140,904 | | 459,047 | | 442,997 |
| Deferred income tax benefit | — | | — | | — | | (239) |
| Early debt retirement | — | | 30 | | — | | 30 |
| Transaction/pursuit costs and other | — | | — | | — | | 383 |
| Insurance proceeds due to catastrophic weather events, net | (3,632) | | (451) | | (4,225) | | (21,464) |
| Normalized FFO available for Common Stock and OP Unit holders | 150,466 | | 140,483 | | 454,822 | | 421,707 |
| Non-revenue producing improvements to real estate | (26,231) | | (19,771) | | (64,828) | | (55,814) |
| FAD for Common Stock and OP Unit holders | $ 124,235 | | $ 120,712 | | $ 389,994 | | $ 365,893 |
| | | | | | | | |
| Net income per Common Share - Basic | $ 0.50 | | $ 0.44 | | $ 1.49 | | $ 1.45 |
| Net income per Common Share - Fully Diluted (1) | $ 0.50 | | $ 0.44 | | $ 1.49 | | $ 1.45 |
| | | | | | | | |
| FFO per Common Share and OP Unit - Basic | $ 0.77 | | $ 0.72 | | $ 2.29 | | $ 2.27 |
| FFO per Common Share and OP Unit - Fully Diluted | $ 0.77 | | $ 0.72 | | $ 2.29 | | $ 2.27 |
| | | | | | | | |
| Normalized FFO per Common Share and OP Unit - Basic | $ 0.75 | | $ 0.72 | | $ 2.27 | | $ 2.16 |
| Normalized FFO per Common Share and OP Unit - Fully Diluted | $ 0.75 | | $ 0.72 | | $ 2.27 | | $ 2.16 |
| | | | | | | | |
| Weighted average Common Shares outstanding - Basic | 193,004 | | 186,327 | | 191,640 | | 186,311 |
| Weighted average Common Shares and OP Units outstanding - Basic | 200,069 | | 195,432 | | 200,052 | | 195,416 |
| Weighted average Common Shares and OP Units outstanding - Fully Diluted | 200,126 | | 195,510 | | 200,098 | | 195,507 |
| ____________________ | |
| 1. | Net income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units. |
| Consolidated Income from Property Operations (1) | |||||||
| (In millions, except home site and occupancy figures, unaudited) | |||||||
| | |||||||
| | Quarters Ended September 30, | | Nine Months Ended September 30, | ||||
| | | ||||||
| | 2025 | | 2024 | | 2025 | | 2024 |
| MH base rental income (2) | $ 188.2 | | $ 178.3 | | $ 559.2 | | $ 530.1 |
| Rental home income (2) | 3.6 | | 3.4 | | 10.5 | | 10.3 |
| RV and marina base rental income (2) | 115.4 | | 113.4 | | 343.1 | | 336.9 |
| Annual membership subscriptions | 17.9 | | 16.7 | | 51.1 | | 49.3 |
| Membership upgrade revenue | 3.1 | | 4.2 | | 9.3 | | 12.2 |
| Utility and other income (2)(3) | 36.9 | | 36.9 | | 107.0 | | 106.4 |
| Property operating revenues | 365.1 | | 352.9 | | 1,080.2 | | 1,045.2 |
| | | | | | | | |
| Property operating, maintenance and real estate taxes (2) | 155.3 | | 150.8 | | 448.4 | | 435.2 |
| Membership sales and marketing | 4.2 | | 6.4 | | 12.2 | | 17.9 |
| Property operating expenses, excluding property management (1) | 159.5 | | 157.2 | | 460.6 | | 453.1 |
| Income from property operations, excluding property management (1) | $ 205.6 | | $ 195.7 | | $ 619.6 | | $ 592.1 |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Manufactured home site figures and occupancy averages: | | | | | | | |
| Total sites | 73,219 | | 73,002 | | 73,220 | | 73,006 |
| Occupied sites | 68,734 | | 69,037 | | 68,767 | | 68,960 |
| Occupancy % | 93.9 % | | 94.6 % | | 93.9 % | | 94.5 % |
| Monthly base rent per site | $ 912 | | $ 861 | | $ 904 | | $ 854 |
| | | | | | | | |
| RV and marina base rental income: | | | | | | | |
| Annual | $ 81.3 | | $ 77.5 | | $ 239.4 | | $ 229.6 |
| Seasonal | 6.4 | | 7.4 | | 42.8 | | 44.9 |
| Transient | 27.7 | | 28.5 | | 60.9 | | 62.4 |
| Total RV and marina base rental income | $ 115.4 | | $ 113.4 | | $ 343.1 | | $ 336.9 |
| ______________________ | |
| 1. | Excludes property management expenses. |
| 2. | MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Statements of Income on page 3. Bad debt expense is presented in Property operating, maintenance and real estate taxes in this table. |
| 3. | Includes approximately $0.9 million and $2.1 million of business interruption income from Hurricane Ian during the quarters ended September 30, 2025 and September 30, 2024, respectively, and $4.9 million and $5.9 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. |
| Core Income from Property Operations (1) | |||||||||||
| (In millions, except occupancy figures, unaudited) | |||||||||||
| | |||||||||||
| | Quarters Ended September 30, | | Nine Months Ended September 30, | ||||||||
| | 2025 | | 2024 | | Change (2) | | 2025 | | 2024 | | Change (2) |
| MH base rental income | $ 188.0 | | $ 178.1 | | 5.5 % | | $ 558.7 | | $ 529.6 | | 5.5 % |
| Rental home income | 3.6 | | 3.4 | | 6.3 % | | 10.5 | | 10.3 | | 2.4 % |
| RV and marina base rental income | 110.8 | | 111.2 | | (0.4) % | | 328.5 | | 327.9 | | 0.2 % |
| Annual membership subscriptions | 17.7 | | 16.6 | | 6.3 % | | 50.6 | | 49.2 | | 2.9 % |
| Membership upgrade revenue | 3.1 | | 4.2 | | (25.3) % | | 9.2 | | 12.2 | | (24.1) % |
| Utility and other income | 35.6 | | 34.4 | | 3.8 % | | 101.0 | | 96.9 | | 4.2 % |
| Property operating revenues | 358.8 | | 347.9 | | 3.1 % | | 1,058.5 | | 1,026.1 | | 3.2 % |
| | | | | | | | | | | | |
| Utility expense | 44.8 | | 42.5 | | 5.4 % | | 122.4 | | 119.2 | | 2.7 % |
| Payroll | 31.5 | | 31.6 | | (0.2) % | | 89.9 | | 90.2 | | (0.4) % |
| Repair & maintenance | 25.9 | | 25.5 | | 1.8 % | | 76.8 | | 73.0 | | 5.2 % |
| Insurance and other (3) | 28.4 | | 27.9 | | 2.0 % | | 83.5 | | 83.4 | | 0.1 % |
| Real estate taxes | 20.2 | | 20.4 | | (1.2) % | | 62.4 | | 60.6 | | 3.0 % |
| Membership sales and marketing | 4.2 | | 6.4 | | (34.8) % | | 12.1 | | 17.8 | | (32.1) % |
| Property operating expenses, excluding property management (1) | 155.0 | | 154.3 | | 0.5 % | | 447.1 | | 444.2 | | 0.6 % |
| Income from property operations, excluding property management (1) | $ 203.8 | | $ 193.6 | | 5.3 % | | $ 611.4 | | $ 581.9 | | 5.1 % |
| | | | | | | | | | | | |
| Occupied sites (4) | 68,716 | | 69,040 | | | | | | | | |
| _____________________ | |
| 1. | Excludes property management expenses. |
| 2. | Calculations prepared using actual results without rounding. |
| 3. | Includes bad debt expense for the periods presented. |
| 4. | Occupied sites are presented as of the end of the period. |
| Core Income from Property Operations (continued) | |||||||||||
| (In millions, except home site and occupancy figures, unaudited) | |||||||||||
| | |||||||||||
| | Quarters Ended September 30, | | | | Nine Months Ended September 30, | | | ||||
| | | | | | | ||||||
| | 2025 | | 2024 | | | | 2025 | | 2024 | | |
| Core manufactured home site figures and occupancy averages: | | | | | | | | | | | |
| Total sites | 72,804 | | 72,590 | | | | 72,805 | | 72,592 | | |
| Occupied sites | 68,668 | | 68,977 | | | | 68,703 | | 68,902 | | |
| Occupancy % | 94.3 % | | 95.0 % | | | | 94.4 % | | 94.9 % | | |
| Monthly base rent per site | $ 912 | | $ 861 | | | | $ 904 | | $ 854 | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | Quarters Ended September 30, | | Nine Months Ended September 30, | ||||||||
| | 2025 | | 2024 | | Change (1) | | 2025 | | 2024 | | Change (1) |
| Core RV and marina base rental income: | | | | | | | | | | | |
| Annual (2) | $ 78.6 | | $ 75.7 | | 3.9 % | | $ 232.3 Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend | ||||