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# Equity LifeStyle Sees 'No Real Improvement' In Seasonal RV Bookings, Resets Fourth-Quarter RV Rent Outlook
- URL: https://www.bullished.co/equity-lifestyle-sees-no-real-improvement-in-seasonal-rv-bookings-resets-fourth-quarter-rv-bf3dbbff/
- Published: 2026-10-21T19:01:18.000Z
- Updated: 2026-10-21T19:01:18.000Z
- Description: Management kept fourth-quarter normalized FFO guidance at $0.78 to $0.84 a share while annual RV and manufactured-housing occupancy kept growing.
- Author: Matteo Parrino
- Tags: Earnings, ELS, Industry: Real Estate

[Equity LifeStyle Properties](https://www.bullished.co/tag/els/) President and COO Patrick Waite said on the company's third-quarter earnings call that seasonal RV reservation pace has not picked up: "what we're seeing right now is no real improvement in the pace." The fourth-quarter RV and marina rent guidance now reflects that pace, while [fourth-quarter normalized FFO guidance](https://seekingalpha.com/news/4654901-equity-lifestyle-properties-ffo-of-0%5F79-in-line-revenue-of-409%5F9m-beats-by-9%5F14m?ref=bullished.co) stayed at $0.78 to $0.84 per share.

## What management said about the RV cut

Waite said the weakness is largely in the seasonal business. Reservation pace was down earlier in the year, he said, and

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Management said it will update on 2027 marina rates, and give fuller 2027 guidance, on the January call.

### Sources

- [Equity Lifestyle Properties: Q3 Earnings Snapshot](https://finance.yahoo.com/real-estate/articles/equity-lifestyle-properties-q3-earnings-202721299.html?ref=bullished.co) — Associated Press
- [Equity Lifestyle Props Narrows FY2026 FFO Gui...](https://www.benzinga.com/news/26/10/62482436/equity-lifestyle-props-narrows-fy2026-ffo-guidance-3-13-3-23-3-15-3-21-vs-3-19-est?ref=bullished.co) — benzinga.com
- [Equity Lifestyle Properties FFO of $0.79 in-line, revenue of $409.9M beats by $9.14M (ELS:NYSE) | Seeking Alpha](https://seekingalpha.com/news/4654901-equity-lifestyle-properties-ffo-of-0%5F79-in-line-revenue-of-409%5F9m-beats-by-9%5F14m?ref=bullished.co) — seekingalpha.com
- [Wells Fargo Maintains Equal-Weight on Equity ...](https://www.benzinga.com/news/26/10/62446169/wells-fargo-maintains-equal-weight-equity-lifestyle-props-lowers-price-target-64?ref=bullished.co) — benzinga.com
- [Baird Maintains Outperform on Equity Lifestyl...](https://www.benzinga.com/news/26/10/62490078/baird-maintains-outperform-equity-lifestyle-props-lowers-price-target-71?ref=bullished.co) — benzinga.com

### More on Equity LifeStyle Properties

- [Equity LifeStyle Keeps $3.18 FFO Midpoint As Core Property Income Rises 6.7% In Third Quarter](https://www.bullished.co/equity-lifestyle-keeps-3-18-ffo-midpoint-as-core-property-income-rises-6-7-in-third-87af9cc9/)

[All Equity LifeStyle Properties (ELS) coverage →](https://www.bullished.co/tag/els/)