Equity Lifestyle Properties (ELS)
NYSE:ELS
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Equity Lifestyle
(NYSE:ELS)
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Rating:68Neutral
Price Target:
$68.00
â–²(3.98% Upside)
Action:Reiterated
Date:05/28/26
ELS scores well on underlying financial quality and a constructive earnings outlook (reaffirmed FFO guidance with solid core operating metrics), but the overall score is held back by meaningful leverage and only moderate cash-flow conversion, along with a mixed/soft technical setup and a valuation that looks relatively expensive despite a supportive dividend yield.
Positive Factors
Manufactured Housing Occupancy
A 94% MH occupancy with 97% homeowner tenancy creates highly recurring, sticky site-rental cash flows. Low resident turnover and owner-occupied homes reduce volatility in rent rolls, supporting stable revenue and predictable FFO over multiple years, especially in retirement markets.
Negative Factors
Meaningful Leverage
A meaningful leverage profile increases sensitivity to rising rates or weaker cash flows, constraining financial flexibility. Higher debt amplifies refinancing and interest-cost risk, which can pressure discretionary investment, limit opportunistic buys and raise payout vulnerability during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Manufactured Housing Occupancy
A 94% MH occupancy with 97% homeowner tenancy creates highly recurring, sticky site-rental cash flows. Low resident turnover and owner-occupied homes reduce volatility in rent rolls, supporting stable revenue and predictable FFO over multiple years, especially in retirement markets.
Read all positive factors
Equity Lifestyle (ELS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.47B
Dividend Yield3.29%
Average Volume (3M)1.47M
Price to Earnings (P/E)31.1
Beta (1Y)0.03
Revenue Growth0.46%
EPS Growth2.94%
CountryUS
Employees3,800
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)1.92
Shares Outstanding193,937,550
10 Day Avg. Volume1,523,667
30 Day Avg. Volume1,467,361
Financial Highlights & Ratios
PEG Ratio-20.50
Price to Book (P/B)6.90
Price to Sales (P/S)7.92
P/FCF Ratio36.30
Enterprise Value/Market Cap1.22
Enterprise Value/Revenue9.75
Enterprise Value/Gross Profit30.94
Enterprise Value/Ebitda25.04
Forecast
1Y Price Target
$70.65Price Target Upside8.03% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)2.03
Revenue Forecast (FY)$1.57B
Equity Lifestyle Business Overview & Revenue Model
Company Description
We are a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago. As of January 25, 2021, we own or have an interest in 423 quality properties in 33 states and British Columbia consisting of 161,229 sites....
How the Company Makes Money
ELS primarily makes money by owning income-producing real estate and collecting recurring rental and fee income from customers who occupy sites or slips within its communities.
Key revenue streams include:
1) Site rental income (core):
- Manufac...
Equity Lifestyle Earnings Call Summary
Earnings Call Date:Apr 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 20, 2026
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.Positive Updates
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).
Negative Updates
Marina Restoration Delays and RV/Marina Revenue Headwinds
Marina performance was negatively impacted by delays in slip restoration from prior storms; management now expects delays of roughly 9–12 months with occupancy recovery pushed into late 2026 and into 2027. The company indicated the marina-related shortfall equates to roughly a $1.5 million impact and a 50 basis point reduction to combined RV & Marina rental income guidance (the decline in RV & Marina annual rent growth was attributed to the marina portfolio, not RV annuals).
Read all updates
Q1-2026 Updates
Positive
Negative
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).
Read all positive updates
Company Guidance
Management reaffirmed full‑year normalized FFO guidance of $3.17 per share (midpoint of a $3.12–$3.22 range) and provided Q2 normalized FFO guidance of $0.69–$0.75; for the full year they expect core property operating income growth of 5.7% at the midpoint (range 5.2%–6.2%), core NOI growth of 5.2%–6.2%, core revenues up 4%–5% and core expenses up 2.2%–3.2%. Full‑year assumptions include MH rent growth of 5.1%–6.1%, combined RV & Marina rent growth of 2%–3% (with annuals representing ~75% of RV & Marina rent and annual rental income growth of ~4.8% at the midpoint), noncore NOI of $5.7M–$9.7M, and property management & G&A of $119M–$125M. Second‑quarter guidance calls for core property operating income growth of 4.8%–5.4%, Q2 MH rent growth ~5.6% (midpoint), Q2 annual RV & Marina rent growth ~5.1% (midpoint), and Q2 core expense growth of 3.9%–4.5%; Q1 results that inform the guide included normalized FFO of $0.84, Q1 core NOI growth of 4.9%, core community rental income +5.7%, occupancy ~93.9% (94.4% adjusted for expansion), membership net contribution $17.6M (+13.7%), utility recovery 50.4% (+280 bps) and an ~18% year‑over‑year insurance premium decrease incorporated into the outlook.Equity Lifestyle Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
63
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.56B | 1.53B | 1.43B | 1.40B | 1.37B | 1.32B |
| Gross Profit | 492.22M | 576.30M | 708.01M | 672.53M | 644.56M | 262.05M |
| EBITDA | 608.25M | 607.68M | 731.57M | 660.63M | 622.44M | 572.42M |
| Net Income | 385.22M | 386.51M | 367.01M | 314.21M | 284.63M | 262.48M |
Balance Sheet | ||||||
| Total Assets | 5.75B | 5.75B | 5.65B | 5.61B | 5.49B | 5.31B |
| Cash, Cash Equivalents and Short-Term Investments | 39.24M | 26.13M | 5.58M | 4.24M | 2.65M | 94.10M |
| Total Debt | 3.29B | 3.37B | 3.20B | 3.52B | 3.39B | 3.27B |
| Total Liabilities | 3.93B | 3.93B | 3.82B | 4.12B | 3.98B | 3.82B |
| Stockholders Equity | 1.76B | 1.76B | 1.74B | 1.43B | 1.45B | 1.42B |
Cash Flow | ||||||
| Free Cash Flow | 335.95M | 334.06M | 355.44M | 230.92M | 226.54M | 304.76M |
| Operating Cash Flow | 573.13M | 571.15M | 596.72M | 548.00M | 475.81M | 509.03M |
| Investing Cash Flow | -280.20M | -277.08M | -217.84M | -324.75M | -402.07M | -828.43M |
| Financing Cash Flow | -301.17M | -292.51M | -384.24M | -215.66M | -174.80M | 418.74M |
Equity Lifestyle Technical Analysis
Negative
65.40
Price Trends
63.21
Negative
63.96
Negative
62.04
Negative
Market Momentum
-0.34
Positive
40.67
Neutral
39.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ELS, the sentiment is Negative. The current price of 65.4 is above the 20-day moving average (MA) of 62.71, above the 50-day MA of 63.21, and above the 200-day MA of 62.04, indicating a bearish trend. The MACD of -0.34 indicates Positive momentum. The RSI at 40.67 is Neutral, neither overbought nor oversold. The STOCH value of 39.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ELS.
Equity Lifestyle Risk Analysis
Equity Lifestyle disclosed 53 risk factors in its most recent earnings report. Equity Lifestyle reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Equity Lifestyle Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $11.54B | 24.84 | 6.65% | 3.81% | 5.40% | 14.43% | |
72 Outperform | $17.45B | 30.42 | 6.15% | 4.30% | 3.66% | 65.23% | |
68 Neutral | $12.47B | 31.06 | 22.01% | 3.29% | 0.46% | 2.94% | |
67 Neutral | $15.61B | 38.58 | 6.78% | 4.42% | 0.77% | -31.36% | |
66 Neutral | $14.61B | 28.78 | 8.86% | 3.90% | 1.45% | 230.03% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $15.40B | 10.82 | 19.80% | 6.34% | -22.34% | 1635.86% |
* Real Estate Sector Average
ELS
Equity Lifestyle
61.77
0.48
0.78%
MAA
Mid-America Apartment
129.07
-19.76
-13.28%
SUI
Sun Communities
123.66
3.93
3.28%
CPT
Camden Property
106.56
-6.64
-5.87%
AMH
American Homes
32.08
-4.37
-11.98%
INVH
Invitation Homes
29.25
-3.03
-9.40%
Equity Lifestyle Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Equity LifeStyle Reaffirms 2026 Outlook, Raises Dividend
Positive
May 27, 2026
On May 27, 2026, Equity LifeStyle Properties released an investor presentation for REITWeek 2026 outlining its operating performance, capital structure and outlook for the year. Management reaffirmed that second-quarter 2026 core manufactured hous...
Business Operations and StrategyFinancial Disclosures
Equity LifeStyle Issues 2026 Outlook and Strategy Update
Positive
May 4, 2026
On May 4, 2026, Equity LifeStyle Properties released an investor presentation outlining its portfolio performance, capital structure and guidance for full-year 2026, highlighting continued strength in its core manufactured housing, RV and marina a...
DividendsShareholder Meetings
Equity LifeStyle Declares Quarterly Dividend, Confirms Governance
Positive
Apr 29, 2026
At its April 28, 2026 annual meeting, Equity LifeStyle Properties reported that approximately 94.28% of outstanding common shares were represented, and shareholders elected nine directors to the board, ratified Ernst Young LLP as independent audi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.