Full Transcript: Equity Lifestyle Props Q2 2026 Earnings Call

Equity Lifestyle Props (NYSE: ELS ) held its second-quarter earnings conference call on Thursday.

Below is the complete transcript from the call.

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For comprehensive financial data and transcripts, visit The full earnings call is available at Summary Equity Lifestyle Properties reported a 6.5% increase in NOI and a 7.7% growth in normalized FFO per share for the second quarter of 2026, driven by strong annual revenue streams and controlled expenses.

The company raised full-year guidance for normalized FFO per share and highlighted strong demand in its MH and RV portfolios, with MH occupancy at 94% and expansion projects underway to meet demand.

Recent legislation, the 21st Century Road to Housing bill, is expected to positively impact the manufactured housing segment by easing restrictions and promoting expansion.

The Thousand Trails membership platform saw an 11% increase in subscription revenue, and the company completed a launch of new subscription memberships with strong demand.

Guidance for 2026 includes a midpoint FFO per share of $3.18, with core property income growth projected between 5.5% and 6.5%, and the company maintains a strong balance sheet with limited floating-rate exposure.

Full Transcript Paul Seavey, Executive Vice President and Chief Financial Officer Good day everyone and thank you all for joining us to discuss Equity Lifestyle Props second quarter 2026 results.

Our featured speakers today are Marguerite Nader, our Vice Chairman and CEO; Patrick Waite, our President and COO; and I am Paul Seavey, our Executive Vice President and CFO.

In advance of today's call, management released earnings.

Today's call will consist of opening remarks and a question and answer session with management relating to the company's earnings release.

For those who would like to participate in the question and answer session, management asks that you limit yourself to one question so everyone who would like to participate has ample opportunity.

As a reminder, this call is being recorded.

Certain matters discussed during this conference call may contain forward-looking statements in the meaning of federal securities laws.

Our forward-looking statements are subject to certain economic risks and uncertainty.

The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events.

In addition, during today's call we will discuss non-GAAP financial measures as defined by SEC Regulation G.

Reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release, our supplemental information, and our historical SEC filings.

At this time, I'll now turn the call over to Marguerite Nader, our Vice Chairman and CEO.

Marguerite Nader, Chief Executive Officer Good morning and thank you for joining us today.

I am pleased to discuss our operating results for the quarter.

Our NOI increased 6.5% as compared to last year.

We focused on translating NOI growth to normalized FFO growth driven by continued strength in our annual revenue streams and managed expenses throughout our portfolio.

Our normalized per share FFO growth for the quarter is 7.7%.

The strength of our portfolio allows us to raise our full year guidance for normalized FFO per share.

Our MH and RV portfolio benefits from powerful long term demographic tailwinds including the aging of the population and the fact that approximately 70% of our MH communities are senior lifestyle oriented.

These demand drivers help support the stability of our business and position us well for continued outperformance even in an environment of broader market uncertainty.

Our MH core portfolio represents approximately 60% of our total revenue with occupancy of 94%.

We have increased our MH occupancy for two consecutive quarters and have raised guidance for the rest of the year for our largest revenue line item.

Our properties are in demand and the teams are executing on our strategy to increase occupancy.

The manufactured housing community model benefits from stability driven by long term residency and high occupancy levels.

Once communities achieve strong occupancy they tend to remain highly occupied over time.

Our portfolio is further differentiated by our resident base with 97% of MH residents owning their home and choosing our communities as their retirement destination.

Beyond housing, our communities foster a strong sense of connection and purpose through resident-led clubs and activities.

The activities at our properties promote wellness, creativity, lifelong learning and social engagement, creating neighborhoods where residents can build relationships and remain active and involved.