ELS Q3 Normalized FFO Rises 4.6%, Full-Year Guidance Midpoint Held at $3.18
ELS is trading near its 52-week low of $57.455 (7.9% above the low).
Summary
Normalized FFO came in at $0.79 per share, up 4.6% from $0.75 a year ago and right at the midpoint of the $0.76-$0.82 range management had guided. Core property revenue rose 4.4% while core operating expenses grew just 1.3%, pushing core property income up 6.7% — the margin story is the strongest part of the quarter. GAAP net income per share fell to $0.45 from $0.50, dragged by a $12.1 million deferred tax valuation allowance; FFO per share of $0.72 was down $0.05 year-over-year for the same reason. Full-year 2026 Normalized FFO guidance midpoint is unchanged at $3.18 (range $3.15-$3.21), but the RV and marina base rental growth assumption was trimmed to 1.2% from 1.6%, with seasonal and transient RV revenue down 5.6% in the quarter. Management's preliminary 2027 assumptions call for roughly 5.1% Core MH rent growth and 4.7% Core RV annual rent growth, and 2027 rent increase notices go to about half of MH residents by month-end. The earnings call is tomorrow, October 21, at 11:00 a.m. ET.
At the time of this announcement, ELS was trading at $61.97 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $12B. The 52-week trading range was $57.46 to $69.00. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: PR Newswire.