Equity Lifestyle Properties (ELS)
NYSE:ELS
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Earnings Data
Report Date
Jul 20, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.44Last Year’s EPS
0.42Same Quarter Last Year
Moderate Buy
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted solid operating fundamentals — Q1 normalized FFO in line with guidance, core NOI growth of 4.9%, double-digit membership revenue growth, strong digital demand, high MH occupancy and a well-capitalized balance sheet (insurance premium down ~18%, debt metrics healthy, ~$1.2B liquidity). Near-term headwinds include marina slip restoration delays (pushing revenue recovery into late 2026/2027 and an estimated ~$1.5M impact), reservation pacing uncertainty for seasonal/transient demand, home-sale mix pressures, and higher utility cost assumptions. On balance, the company maintained full-year guidance and many core metrics are trending positively, while a few noncore operational and timing issues create near-term uncertainty.Company Guidance
Maintained Full-Year FFO Guidance and Q1 Results In Line
First-quarter normalized FFO of $0.84 per share was in line with guidance; full-year normalized FFO guidance midpoint is $3.17 per share (guidance range $3.12–$3.22).
Core NOI and Revenue Growth
Core portfolio NOI grew 4.9% year-over-year in Q1; core community-based rental income increased 5.7% year-over-year, driving outperformance versus expectations.
High Occupancy and Manufactured Housing Stability
Manufactured housing (MH) portfolio represents ~60% of total revenue and is ~94% occupied; homeowners comprise 97% of the MH base, supporting predictable recurring cash flow; overall reported occupancy ended the quarter at 93.9% (adjusted to 94.4% when excluding recent expansion sites).
Strong Digital Demand and Marketing Reach
Websites attracted ~1.3 million unique visitors and generated ~94,000 online leads in the quarter; social media reach exceeds 2.4 million fans/followers with average 25% annual growth in social media fans over the past 10 years.
Membership Business Growth
Total membership business net contribution was $17.6 million in Q1, up 13.7% year-over-year; approximately 1,200 upgrade subscriptions originated in the quarter, with membership dues growth primarily rate-driven.
Improved Insurance Expense and Controlled Operating Costs
Property and casualty insurance renewal produced an approximate 18% year-over-year premium decrease; core operating expenses rose only 1.8% year-over-year while core property operating revenues increased 3.7%, supporting NOI growth.
Strong Balance Sheet and Liquidity
Average debt term to maturity >7 years; limited floating-rate exposure; debt-to-EBITDAre of 4.5x and interest coverage of 5.6x; approximately $1.2 billion of available capital from combined line-of-credit and ATM programs; only 14% of debt maturing through 2028 versus REIT average of 35%.
Active Development Pipeline with Attractive Yields
Over ~2,000 sites brought online in past 3 years; added >1,100 MH sites in Florida since 2020 and 500 completed expansion sites in Arizona; development yields expected in the high single digits.
Utility Income Recovery Increase
Core utility and other income increased 5.4% year-over-year; utility income recovery percentage was 50.4%, approximately 280 basis points higher than Q1 2025.
ELS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ELS Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 21, 2026 | $65.01 | $62.82 | -3.37% |
Jan 28, 2026 | $61.38 | $62.23 | +1.37% |
Oct 22, 2025 | $62.30 | $59.96 | -3.75% |
Jul 21, 2025 | $60.16 | $59.99 | -0.27% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Equity Lifestyle Properties (ELS) report earnings?
Equity Lifestyle Properties (ELS) is schdueled to report earning on Jul 20, 2026, After Close (Confirmed).
What is Equity Lifestyle Properties (ELS) earnings time?
Equity Lifestyle Properties (ELS) earnings time is at Jul 20, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ELS EPS forecast?
ELS EPS forecast for the fiscal quarter 2026 (Q2) is 0.44.