Equity LifeStyle Properties, Inc. posted higher third-quarter 2026 revenue and normalized funds from operations, while a $12.1 million deferred tax valuation allowance reduced its reported net income and funds from operations.
Revenue totaled $409.9 million, compared with $393.3 million a year earlier. Net income per share fell to $0.45 from $0.50. Funds from operations (FFO) before normalization declined to $0.72 per share from $0.77.
Normalized FFO rose to $0.79 per share from $0.75 a year earlier, reaching the midpoint of Equity LifeStyle’s previous third-quarter guidance. The company excluded the tax valuation allowance from that normalized measure.
Core portfolio property operating revenue grew 4.4% year over year. Core income from property operations grew 6.7% when property management costs were excluded.
Equity LifeStyle’s normalized FFO forecast for full-year 2026 ranges from $3.15 to $3.21 per share. The $3.18 midpoint is unchanged from its earlier outlook.
