Equity LifeStyle Q3 2026 Earnings: Normalized FFO Up 5% to $0.79 as Net Income Falls 11%
Equity LifeStyle Q3 2026 normalized FFO rose 4.6% to $0.79 on 5.7% manufactured-housing rent growth; net income fell 11% to $89.3M on a $12.1M tax reserve.
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Real Estate
Real estate accounting, property tracking, and investment management
Equity Multiple, Explained: How Total Distributions Over Invested Equity Measures a Deal's Absolute Return
Equity multiple is total cash distributions divided by total equity invested — 2.0x means you doubled your money, with no adjustment for time or fees.
How to Prorate Rent for a Mid-Month Move-In: Daily-Rate Formula, Banker's Month vs. Actual Days, and the Lease Clause That Prevents Disputes
Prorated rent is daily rate × days occupied — but the divisor changes the bill. Compare actual days vs. banker's month, plus the lease clause.
First American Q3 2026 Earnings: Commercial Title Up 21% as Orders Opened Fall 8%
First American's Q3 2026 revenue rose 5.4% to $2.08B on 21% commercial title growth, but EPS fell to $1.72 as U.S. orders opened dropped 8.2%.
Net Operating Income (NOI), Explained: How Rental Revenue Minus Operating Expenses Values a Property
NOI is rental revenue minus operating expenses, before financing, CapEx, and taxes. It sets price via the cap rate and loan size via DSCR.
Deed in Lieu of Foreclosure, Explained: How Owners Hand the Keys to the Lender and Skip the Auction
A deed in lieu ends the mortgage without an auction, but the IRS taxes forgiven debt as income — get the deficiency waiver in writing first.
Real Estate Dealer vs. Investor: Why the Same Gain Is Ordinary Income for a Flipper and Capital Gain for a Landlord
Dealer flips face IRS ordinary income plus self-employment tax; investor sales get capital-gains rates, installment sales, and 1031 exchanges.
Quitclaim Deed vs. Warranty Deed: What Each Transfer Actually Promises, the Six Title Covenants, and Why Your Lender Insists on a Warranty
A warranty deed warrants clean title back through every prior owner; a quitclaim warrants nothing — which is why lenders fund only the first.
Recourse vs. Nonrecourse Debt: When a Default Stops at the Collateral — and When It Follows You Home
Nonrecourse foreclosure is taxed on the full balance; a recourse shortfall becomes ordinary IRS cancellation-of-debt income — same default, different bill.
Balloon Payments, Explained: How Partially Amortized Loans End in a Lump Sum
A balloon loan amortizes over 30 years but matures in 5 to 7, leaving most principal due at once — refinance early or fund the lump sum deliberately.
Fractional 1031 Exchanges Through a Statutory Trust, Explained: How Rev. Rul. 2004-86 Lets Landlords Swap Active Management for Passive Ownership
Under IRS Rev. Rul. 2004-86, a DST interest counts as like-kind real estate — roll sale proceeds into passive property and defer gain under Section 1031.
Gross vs. Modified Gross vs. Triple Net Leases: What Each Quote Really Costs You
A $38 NNN quote can cost more than a $45 gross one once taxes, insurance, and CAM land on you — compare total occupancy cost, not headline rent.