EL7.AI
StocksMedium•27 October 2026•
2 min read

Core Rent Revenue at Manufactured Home Communities Rises 5.7% in Third Quarter

Key Facts

1Core rent revenue at manufactured home communities rose 5.7% in the third quarter of 2026 from the same period in 2025.
2Occupied sites increased by 99 during the third quarter of 2026.
3The midpoint of 2026 Normalized FFO guidance was $3.18 per share and unit, while the midpoint of the RV and marina rent growth outlook was lowered to 1.2% from 1.6%.
4Management initially estimated core rent growth at manufactured home communities at about 5.1% in 2027 and at RV communities at about 4.7%.

Core rent revenue at Equity LifeStyle Properties’ manufactured home communities rose 5.7% in the third quarter of 2026 from the same period a year earlier, according to the company’s results. The company added 99 occupied sites during the quarter, indicating occupancy expansion alongside growth in core revenue. The figures cover the period ended September 30, 2026. The company kept the midpoint of its annual guidance for Normalized FFO at $3.18 per share and unit for 2026. Meanwhile, it lowered the midpoint of its core rental revenue growth outlook for the RV and marina segments to 1.2% from 1.6%.

The company said third-quarter results included a $12.1 million deferred tax valuation allowance, recorded during the quarter and the nine months ended September 30. It said net income per share was affected by the allowance. This came alongside growth in core rent revenue at manufactured home communities, placing the per-share income result in the context of an accounting item disclosed by the company. The available facts did not include net income per share or the size of the allowance’s effect on it. The company kept the midpoint of its annual Normalized FFO outlook at $3.18 per share and unit.

The company owned or held an interest in 453 properties comprising 173,623 sites, according to its data as of September 30, 2026. The properties span 35 U.S. states and British Columbia. The portfolio’s scale provides context for the occupancy and rental results reported by the company, including an increase of 99 occupied sites during the third quarter. A 2026 agency filing listed Margaret Nader as vice chairman of the board and chief executive officer, and Patrick Waite as president and chief operating officer. The available facts did not confirm a new announcement of changes to executive positions or a date for any new role to begin.

For 2027, management said its initial estimate for core rent revenue growth at manufactured home communities was about 5.1%. It also initially estimated annual core rent revenue growth in the RV segment at about 4.7%. These figures remain preliminary estimates for the coming year, according to the third-quarter results. For 2026, the midpoint of the Normalized FFO outlook remains $3.18 per share and unit, alongside a reduction in the midpoint of the RV and marina rent growth outlook to 1.2% from 1.6%.

Open on chart