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Equity Lifestyle Properties (ELS)
NYSE:ELS
Earnings Data
Report Date
Apr 20, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.55Last Year’s EPS
0.57Same Quarter Last Year
Strong Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive operational and financial picture: consistent NOI and FFO growth, clear 2026 guidance with modest upside, a dividend increase and healthy discretionary capital, and a strong balance sheet. The company also highlighted durable demand drivers for MH and RV annual streams. Offsetting these positives are near-term headwinds and volatility in seasonal/transient RV revenues (weather- and booking-window-driven), marina repair timing, membership count dynamics, and constrained acquisition markets. On balance, the strengths and growth guidance materially outweigh the operational and timing-related challenges.Company Guidance
Consistent Core Operating Growth
Full-year core NOI grew 4.8% and the company reported normalized FFO per share of $3.06 for 2025 (CFO), with management also referencing a ~5% increase in normalized FFO per share year-over-year. Fourth-quarter normalized FFO was $0.79 per share.
Positive 2026 Guidance
Full-year 2026 normalized FFO guidance of $3.12–$3.22 (midpoint $3.17). Midpoint assumptions include core property operating income growth ~5.6%, core revenue growth 4.1%–5.1%, core expense growth 2.7%–3.7%, and core NOI growth 5.1%–6.1%.
Dividend Increase and Discretionary Capital
Board approved annual dividend of $2.17 per share, a 5.3% increase. Management expects approximately $100 million of discretionary capital in 2026 after dividends, recurring CapEx, and principal payments.
Durable Long-Term Revenue Streams (MH & RV Annuals)
Manufactured home (MH) and RV annual revenues together exceeded $1 billion in 2025. Combined five-year revenue CAGR for these streams was 5.9%. RV annual rate growth exceeded 6% over the last five years, and more than 500 RV annual customers were added in the last two quarters.
Strong Rental Performance and Membership Contribution
Core community-based rental income increased 5.5% for 2025. Core RV & marina annual base rental income increased 4.1% year-over-year. The membership business contributed $65.6 million net for the year and enrolled ~5,900 upgraded membership subscriptions.
Balance Sheet and Liquidity Strength
No secured debt maturing before 2028; weighted average debt maturity ~7.5 years; debt/EBITDAre ~4.5x; interest coverage ~5.7x; access to ~$1.2 billion via combined line of credit and ATM programs.
Cost Control and Utility Recovery Improvements
Full-year core property operating expenses rose only 1% year-over-year (below CPI). Utility recovery rate improved to 48.7% (up 220 basis points), and property management & corporate expenses increased only 1%.
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 |
|---|---|---|---|
Jan 28, 2026 | $61.92 | $62.77 | +1.37% |
Oct 22, 2025 | $62.84 | $60.48 | -3.76% |
Jul 21, 2025 | $60.68 | $60.51 | -0.28% |
Apr 21, 2025 | $62.82 | $62.10 | -1.15% |
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 Apr 20, 2026, After Close (Confirmed).
What is Equity Lifestyle Properties (ELS) earnings time?
Equity Lifestyle Properties (ELS) earnings time is at Apr 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 (Q1) is 0.55.