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Equity Lifestyle
(NYSE:ELS)
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Rating:70Outperform
Price Target:
$72.00
â–²(9.01% Upside)
Action:Reiterated
Date:07/29/26
ELS scores well primarily on solid financial performance (strong margins and cash generation) and a constructive earnings update with raised full-year normalized FFO guidance. The overall score is held back by leverage/rate sensitivity on the balance sheet, limited technical signal strength due to missing momentum indicators, and a relatively high P/E despite a moderate dividend yield.
Positive Factors
Stable recurring revenue model
ELS’s business model generates predictable, recurring cash flows from site and slip leases across MH communities, RV resorts and marinas. Manufactured-home residents owning homes lowers turnover versus apartments, supporting steady revenue, predictable FFO and durable cash flow for distributions and reinvestment over months.
Negative Factors
Elevated leverage
Material leverage typical of REITs reduces financial flexibility and increases sensitivity to rising interest rates or tighter credit. Even with improvement from prior years, elevated debt magnifies refinancing risk and interest-cost exposure, which can pressure FFO and limit growth investment capacity across upcoming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable recurring revenue model
ELS’s business model generates predictable, recurring cash flows from site and slip leases across MH communities, RV resorts and marinas. Manufactured-home residents owning homes lowers turnover versus apartments, supporting steady revenue, predictable FFO and durable cash flow for distributions and reinvestment over months.
Read all positive factors
Equity Lifestyle (ELS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.05B
Dividend Yield3.25%
Average Volume (3M)1.52M
Price to Earnings (P/E)32.5
Beta (1Y)>-0.01
Revenue Growth2.06%
EPS Growth7.21%
CountryUS
Employees3,700
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)2.00
Shares Outstanding194,064,620
10 Day Avg. Volume1,919,007
30 Day Avg. Volume1,517,124
Financial Highlights & Ratios
PEG Ratio-20.52
Price to Book (P/B)6.90
Price to Sales (P/S)7.92
P/FCF Ratio36.30
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$68.94Price Target Upside4.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)2.05
Revenue Forecast (FY)$1.57B
Equity Lifestyle Business Overview & Revenue Model
Company Description
Based in Chicago, Equity LifeStyle Properties, Inc. operates as a self-managed Real Estate Investment Trust (REIT). As of January 25, 2021, its extensive portfolio includes 423 quality properties located across 33 U.S. states and British Columbia,...
How the Company Makes Money
ELS primarily makes money by earning recurring property-level revenue from leasing and renting sites and slips across its MH communities, RV resorts, and marinas. Key revenue streams typically include: (1) Manufactured home community income: Month...
Equity Lifestyle Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 19, 2026
Earnings Call Sentiment Positive
The call emphasized multiple strong operating metrics: 6.5% core NOI growth, 7.7% normalized FFO per share growth in the quarter, raised full-year normalized FFO guidance, solid MH occupancy (~94%) and multi-year growth trends, improved membership revenue and solid balance sheet liquidity. Offsetting items were concentrated in the RV seasonal/transient business (weaker June driven by weather and wildfire smoke), modest aggregate RV growth, and some nonrecurring other income. Management maintained conservative assumptions for transient revenue in Q4 and acknowledged variability in certain expense drivers (insurance). Overall the positives (broad-based NOI and FFO strength, MH resilience, membership momentum, expense control and liquidity) materially outweigh the near-term transient/seasonal headwinds and some one-time items.Positive Updates
Strong NOI and Normalized FFO Growth
Core NOI grew 6.5% year-over-year in the quarter (120 bps above guidance). Second quarter normalized FFO was $0.74 per share and normalized FFO per share growth for the quarter was reported at 7.7%. Full-year normalized FFO guidance was raised (2026 guidance range $3.01–$3.23 with a midpoint of $3.18).
Negative Updates
Transient and Seasonal RV Weakness
Seasonal and transient rent came in ~170 basis points below guidance in the quarter, primarily due to lower-than-expected transient rent in June. Management reduced fourth-quarter transient growth to flat year-over-year in guidance.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong NOI and Normalized FFO Growth
Core NOI grew 6.5% year-over-year in the quarter (120 bps above guidance). Second quarter normalized FFO was $0.74 per share and normalized FFO per share growth for the quarter was reported at 7.7%. Full-year normalized FFO guidance was raised (2026 guidance range $3.01–$3.23 with a midpoint of $3.18).
Read all positive updates
Company Guidance
Management raised its full‑year outlook after a strong Q2: normalized FFO per share was $0.74 in Q2 and full‑year normalized FFO guidance is $3.01–$3.23 (midpoint $3.18). They now project core portfolio property operating income growth of 5.5%–6.5% (midpoint 6.0%), core revenue growth 3.9%–4.9%, core expense growth 1.6%–2.6%, core NOI growth 5.5%–6.5%, noncore NOI of $8.7–$12.7M, and property management & G&A of $119.7–$125.7M. Key portfolio assumptions include full‑year MH rent growth of 5.2%–6.2% (MH occupancy ~94%, 93.7% at June), combined RV & marina rent growth of 1.1%–2.1% with annual RV (≈75% of RV rent) expected to grow ~4.8%; year‑to‑date core NOI was up 5.7% and Q2 core NOI was up 6.5% (120 bps ahead of prior guidance). Third‑quarter guidance is normalized FFO $0.76–$0.82 with Q3 core property operating income growth 0.3%–6.9%, Q3 MH rent growth ~5.6%, Q3 annual RV & marina rent growth ~4.9%, and Q3 core expense growth about 1% at the midpoint. Balance sheet metrics: debt/EBITDAre 4.4x, interest coverage 5.6x, ~ $1.2B available via LOC/ATM, and current 10‑year loan pricing quoted roughly 5.25%–5.75% at 55%–70% LTV and 1.45–1.65x DSC.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 | 1.59B | 1.53B | 1.43B | 1.40B | 1.37B | 1.32B |
| Gross Profit | 687.44M | 576.30M | 708.01M | 672.53M | 644.56M | 262.05M |
| EBITDA | 625.51M | 607.68M | 731.57M | 660.63M | 622.44M | 572.42M |
| Net Income | 401.83M | 386.51M | 367.01M | 314.21M | 284.63M | 262.48M |
Balance Sheet | ||||||
| Total Assets | 5.80B | 5.75B | 5.65B | 5.61B | 5.49B | 5.31B |
| Cash, Cash Equivalents and Short-Term Investments | 35.63M | 26.13M | 5.58M | 4.24M | 2.65M | 94.10M |
| Total Debt | 3.31B | 3.37B | 3.20B | 3.52B | 3.39B | 3.27B |
| Total Liabilities | 3.98B | 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 | 496.83M | 334.06M | 355.44M | 230.92M | 226.54M | 304.76M |
| Operating Cash Flow | 784.01M | 571.15M | 596.72M | 548.00M | 475.81M | 509.03M |
| Investing Cash Flow | -274.61M | -277.08M | -217.84M | -324.75M | -402.07M | -828.43M |
| Financing Cash Flow | -493.67M | -292.51M | -384.24M | -215.66M | -174.80M | 418.74M |
Equity Lifestyle Technical Analysis
Neutral
66.05
Price Trends
63.80
Positive
63.41
Positive
62.65
Positive
Market Momentum
0.42
Positive
50.29
Neutral
23.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ELS, the sentiment is Neutral. The current price of 66.05 is above the 20-day moving average (MA) of 65.20, above the 50-day MA of 63.80, and above the 200-day MA of 62.65, indicating a neutral trend. The MACD of 0.42 indicates Positive momentum. The RSI at 50.29 is Neutral, neither overbought nor oversold. The STOCH value of 23.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $13.05B | 32.54 | 22.87% | 3.20% | 2.06% | 7.21% | |
69 Neutral | $15.04B | -17.46 | -13.07% | 3.55% | -21.07% | -169.14% | |
67 Neutral | $17.55B | 27.27 | 7.08% | 4.00% | 5.25% | 24.70% | |
66 Neutral | $12.03B | 26.52 | 6.85% | 3.78% | 4.15% | 13.70% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $14.98B | 36.69 | 7.80% | 3.71% | 0.77% | 111.56% | |
59 Neutral | $15.79B | 38.70 | 7.16% | 4.56% | 0.85% | -29.53% |
* Real Estate Sector Average
ELS
Equity Lifestyle
64.66
5.56
9.40%
MAA
Mid-America Apartment
133.63
-2.08
-1.53%
SUI
Sun Communities
120.32
-0.45
-0.37%
CPT
Camden Property
110.74
7.96
7.74%
AMH
American Homes
34.55
1.17
3.49%
INVH
Invitation Homes
30.37
1.43
4.94%
Equity Lifestyle Corporate Events
Dividends
Equity LifeStyle Declares Third Quarter 2026 Dividend
Positive
Jul 28, 2026
Equity LifeStyle Properties, Inc., a U.S. real estate investment trust specializing in lifestyle-oriented manufactured home communities and RV resorts, continues to provide recurring income to shareholders through regular dividends. Its portfolio-...
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.