Equity LifeStyle Properties (NYSE:ELS) reported fourth-quarter and full-year 2025 results that showcased the steady cash-flow generation of its niche portfolio.
The Chicago-based REIT posted 2025 normalized funds from operations (FFO) of $3.06 per share, a 5% increase from $2.91 in the prior year.
For the fourth quarter alone, FFO reached $0.79 per share, slightly edging out the $0.78 consensus estimate as strong occupancy in manufactured housing offset minor volatility in the transient RV segment.
Reflecting this operational strength, the company’s board approved an increase to the 2026 annual dividend, raising it to $2.17 per share.
The 5.3% hike extends the company’s long-standing track record of returning capital to shareholders, supported by a 5.5% increase in core community-based rental income throughout the year.
Total revenue for the quarter rose to $373.9 million, surpassing the $373.3 million forecasted by analysts.
Looking ahead, Equity LifeStyle provided an optimistic outlook for 2026, projecting full-year normalized FFO in the range of $3.12 to $3.22 per share.
The company expects to maintain its momentum through a 5.1% average rent increase for its manufactured housing and annual RV sites.
While higher interest rates and expense pressures remain on the radar, management highlighted its asset-light expansion strategy and a disciplined balance sheet, ending the year with $81.6 million in cash and marketable securities.