Equity Lifestyle Properties Announces 22nd Consecutive Annual Dividend Increase

Equity Lifestyle Properties US29472R1086

For income-focused investors, the latest announcement from Equity Lifestyle Properties (ELS) delivers compelling news. The company's board has approved a dividend increase to $2.17 per share for the coming year, marking the 22nd consecutive year of raised shareholder distributions. This commitment to returning capital underscores a period of sustained operational growth for the specialized real estate investment trust.

The dividend hike follows a stable conclusion to the 2025 fiscal year. Equity Lifestyle Properties reported a normalized Funds From Operations (FFO) of $3.06 per share for the full year, representing a 5.0% increase over 2024 results. In the fourth quarter alone, normalized FFO rose to $0.79 per share, up from $0.76 in the comparable period the previous year.

Total revenue saw a modest uptick, reaching $373.87 million in Q4. A key contributor to the year's success was the company's effective cost containment; core operating expenses increased by just 1.0% throughout 2025. This efficiency is managed across a substantial portfolio, which ended the year comprising 453 properties offering more than 173,000 sites.

• Full-Year 2025 FFO: $3.06 per share (+5.0%)
• 2026 Dividend Guidance: $2.17 per share (+5.3%)
• 2026 Core NOI Growth Forecast: +5.1% to +6.1%

Management Projects Continued Growth for 2026

Looking ahead, the company's leadership has provided confident guidance for the 2026 fiscal period. They anticipate FFO to land between $3.12 and $3.22 per share, with a midpoint of $3.17 indicating the continuation of a steady upward trajectory.

This outlook is supported by expectations for core revenue growth in the range of 4.1% to 5.1%. With projected expense increases forecasted to be lower, at 2.7% to 3.7%, the company is positioned to expand its margins. Consequently, Equity Lifestyle Properties forecasts its Core Net Operating Income (NOI) to advance by 5.1% to 6.1% for the year. These metrics highlight a strategic focus on disciplined cost management to preserve profitability even as the business scales.

The company's performance and outlook demonstrate its resilience within the niche market for manufactured housing and RV site communities, navigating a landscape of moderately rising costs while delivering consistent returns to its shareholders.