Equity LifeStyle Revenue Rises to $409.9 Million in Third Quarter

Equity LifeStyle Properties, Inc. generated $409.9 million in third-quarter 2026 revenue, while normalized funds from operations rose from a year earlier despite a decline in net income per share.

Revenue was $393.3 million in the year-earlier quarter. Normalized funds from operations (FFO) increased to $0.79 per share from $0.75, matching the midpoint of the company's previous third-quarter guidance.

FFO before normalization fell to $0.72 per share from $0.77, and net income per share declined to $0.45 from $0.50. A $12.1 million deferred tax valuation allowance reduced both FFO and net income but was excluded from normalized FFO.

The Chicago-based real estate investment trust recorded 4.4% growth in core portfolio property operating revenue from a year earlier. Core income from property operations, excluding property management costs, rose 6.7%.

For full-year 2026, the company expects normalized FFO of $3.15 to $3.21 per share. The range keeps the midpoint of its earlier outlook at $3.18.

The company has scheduled a conference call for Wednesday, Oct. 21, at 11 a.m. ET (15:00 UTC) to discuss the results.