ELS Q3 10-Q: $0.45 EPS, $12.1M Tax Charge, New $500M Buyback
ELS is trading near its 52-week low of $57.455 (3.5% above the low).
Summary
ELS's Q3 10-Q confirms the already-reported $0.79 Normalized FFO but adds a $12.1 million deferred-tax valuation allowance that cut GAAP EPS to $0.45, plus a new $500 million stock repurchase authorization.
Key Events · Earnings and Guidance · ELS
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Q3 GAAP EPS Falls on Tax Charge
Net income available for common stockholders was $86.4 million, or $0.45 per share, versus $97.1 million and $0.50 a year ago, after a $12.1 million full valuation allowance against the taxable REIT subsidiaries' deferred tax assets.
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Normalized FFO Up 4.6%
Normalized FFO was $157.4 million, or $0.79 per fully diluted share and OP Unit, versus $0.75 a year ago; nine-month Normalized FFO rose 4.0% to $2.36 per share.
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New $500 Million Buyback Authorized
The board approved repurchases of up to $500.0 million of common stock on October 27, 2026, running until the earliest of October 31, 2027, full authorization used, or board discontinuation.
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Core Occupancy Slips to 93.8%
Core Portfolio average occupancy was 93.8% versus 94.3% a year ago, driven largely by 503 expansion sites added since September 30, 2025; Core RV seasonal and transient revenue fell 4.4% and 5.8%.
Analysis · ELS · Real Estate & Construction
The quarter itself was already public: Normalized FFO of $0.79 per share, up 4.6% and at the midpoint of guidance, was released on October 20. What the 10-Q adds is balance-sheet and capital-return detail. A $12.1 million full valuation allowance against the taxable REIT subsidiaries' deferred tax assets turned a modestly higher pre-tax result into a lower GAAP profit, pushing net income available to common down to $86.4 million ($0.45 per share) from $97.1 million ($0.50) even though Normalized FFO rose. Separately, the board authorized repurchasing up to $500.0 million of common stock through October 31, 2027 — a meaningful capital-return commitment with the stock near its 52-week low — while the full $700.0 million ATM remains unused. Core occupancy slipped to 93.8% from 94.3%, largely because 503 expansion sites were added, and RV seasonal and transient revenue softened.
How filings like this one have moved
In the 30 days to Oct 27, 2026, 29.9% of the 1374 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, ELS was trading at $59.49 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $11.5B. The 52-week trading range was $57.46 to $69.00. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.