ELS Q3 normalized FFO $0.79, up 4.6%; net income falls on $12.1M tax valuation allowance

EQUITY LIFESTYLE PROPERTIES INC

Normalized FFO per share/OP unit $0.79 vs $0.75, +4.6% YoY, at midpoint of prior $0.76-$0.82 guidance.
Net income per share $0.45 vs $0.50 (-11.1%); FFO per share $0.72 vs $0.77 (-6.1%), reflecting a $12.1M deferred tax valuation allowance.
Core property revenue +4.4%, expenses +1.3%, and core property operating income +6.7% YoY for Q3 2026.
MH core base rent +5.7%; occupied sites rose 99 and home sales totaled 244 in Q3. RV/marina base rent +2.1%, annual base rent +5.3%, memberships +8.4%.
Preliminary 2027 assumptions: Core MH base rent growth ~5.1% and Core RV annual rent growth ~4.7%.

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