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- **Revenue Resilience**: Q3 FFO growth 4.6%, core NOI up 5.3% despite 13.3% seasonal/transient decline.
- **Rent Growth Momentum**: 5.1% 2026 MH and RV rent increases, 6% Q3 rent growth driving revenue.
- **Canadian Headwinds**: 40% drop in seasonal reservations, $2.7M Q4 impact offset by U.S. customer shift.
- **Balance Sheet Strength**: 4.5x debt-to-EBITDA, $1B capital access for expansion.
- **Digital Strategy Success**: 46M social media impressions, 100% occupancy in new Florida expansion phase.

**【CEO Summary Section】**
- Delivered Q3 2025 normalized FFO growth of 4.6%, in line with expectations.
- MH portfolio highlights: 7 million homes housing 18 million people (6% of U.S. housing), targeting Baby Boomers and Gen X with affordable, amenitized communities.
- 2026 rent increases: 5.1% for 50% of MH residents and similar for RVs, positioning for revenue growth.

**【CFO Financial Commentary】**
- Q3 2025 normalized FFO: $0.75 per share, core NOI growth 5.3% driven by 6% rent growth.
- Core RV and Marina income up 3.9%; seasonal/transient revenue down 13.3% due to Canadian reservation decline.
- Full-year FFO guidance: $3.06 per share (midpoint), MH rent growth 5-6%, RV -0.2% to +0.8%.
- Expense growth: 1.4% for 2025, balanced against revenue headwinds.
- Strong balance sheet: 4.5x debt-to-EBITDA, $1 billion capital access.

**【Q&A Highlights】**
- **Canadian Impact**: 40% decline in seasonal/transient reservations, affecting $2.7 million of Q4 revenue.
- **Strategic Response**: Shifting focus to U.S. customers for Sunbelt properties, leveraging digital marketing (46M social media impressions).
- **Occupancy Outlook**: MH occupancy improving post-hurricane recovery, RV annual sites filled 476 in Q3.
- **Expense Management**: 1.4% expense growth driven by payroll efficiency, insurance savings, and real estate tax relief.
- **Political Risks**: Canadian customers cautious due to U.S.-Canada relations, though annual RV customers remain stable.

Equity LifeStyle Properties, Inc. (ELS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ELS

ELS fundamentals

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