Equity Lifestyle Properties (ELS)
NYSE:ELS
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Equity Lifestyle
(NYSE:ELS)
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Rating:74Outperform
Price Target:
$76.00
â–²(19.16% Upside)
Action:ReiteratedDate:02/26/26
The score is driven primarily by solid underlying financial performance (steady growth, strong profitability and operating cash generation) and strong technical uptrend signals. Offsetting factors are a relatively expensive valuation (P/E ~34), meaningful leverage risk on the balance sheet, and earnings-call noted near-term operational headwinds (seasonal/transient RV volatility and marina repair timing), though 2026 guidance and the dividend increase remain supportive.
Positive Factors
Durable MH & RV annual revenue base
A >$1B core annual revenue base with a 5.9% five‑year CAGR signals structurally durable, contract‑like cash flows from site rents and memberships. That steady recurring income underpins predictable FFO, supports dividend coverage, and reduces reliance on cyclical transaction activity.
Negative Factors
Meaningful leverage profile
A historically high absolute debt load (debt/equity ~1.8–2.5x) and elevated leverage reduce financial flexibility and amplify interest‑rate and downturn exposure. If property fundamentals soften or insurance/repair costs rise, leverage can pressure FCF available for reinvestment or distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Durable MH & RV annual revenue base
A >$1B core annual revenue base with a 5.9% five‑year CAGR signals structurally durable, contract‑like cash flows from site rents and memberships. That steady recurring income underpins predictable FFO, supports dividend coverage, and reduces reliance on cyclical transaction activity.
Read all positive factors
Equity Lifestyle (ELS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.78B
Dividend Yield3.29%
Average Volume (3M)1.95M
Price to Earnings (P/E)31.4
Beta (1Y)>-0.01
Revenue Growth0.61%
EPS Growth2.42%
CountryUS
Employees3,800
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.52
Shares Outstanding193,927,570
10 Day Avg. Volume973,229
30 Day Avg. Volume1,946,147
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 Cap1.23
Enterprise Value/Revenue10.26
Enterprise Value/Gross Profit27.26
Enterprise Value/Ebitda25.85
Forecast
1Y Price Target
$69.88Price Target Upside9.56% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
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
Equity Lifestyle Properties generates revenue primarily through rental income from its vast portfolio of manufactured home sites and RV sites. The company leases land to manufactured home owners and RV owners, charging monthly lot rents, which for...
Equity Lifestyle Earnings Call Summary
Earnings Call Date:Jan 28, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 20, 2026
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.Positive Updates
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.
Negative Updates
Seasonal & Transient Revenue Weakness and Volatility
Full-year core seasonal and transient RV rent decreased 9.1% in 2025. Management's 2026 budgeting shows first-quarter seasonal/transient pacing implying roughly a 13% decline vs. prior-year Q1, with recovery expected later in the year (~+2% for remainder). Revenue for these streams remains weather- and booking-window-sensitive.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
The company issued 2026 guidance calling for full‑year normalized FFO of $3.12–$3.22 per share (midpoint $3.17), which Marguerite said implies normalized FFO growth of about 3.7%; Q1 normalized FFO is guided to $0.81–$0.87 (≈26% of full year). At the core level management projects full‑year revenue growth of 4.1%–5.1%, core expenses up 2.7%–3.7%, and core NOI growth of 5.1%–6.1% (core property operating income growth ~5.6% at the midpoint); MH rent growth is guided to 5.1%–6.1% and combined RV & marina rent growth to 2.4%–3.4% (RV & marine annuals ~5.2% at the midpoint). First‑quarter core property operating income is expected to be +4.5%–5.1%, Q1 MH rent ~5.8% at midpoint and Q1 RV & marina annual rent ~4.5% at midpoint, while seasonal/transient RV revenues are pacing ~‑13% in Q1 with an implied ~+2% for the remainder of the year. Noncore NOI is expected to be $4.6M–$8.6M, property management & G&A $120.3M–$127.3M, and interest expense $133.3M–$139.3M; the Board set the 2026 dividend at $2.17/share (+5.3%) and management expects roughly $100M of discretionary capital after dividends, recurring CapEx and principal, with no secured debt maturing before 2028, a weighted average debt maturity of 7.5 years, net leverage ~4.5x debt/EBITDAre, interest coverage ~5.7x, and ~$1.2B of available capital (LOC + ATM).Equity Lifestyle Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
63
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.53B | 1.43B | 1.40B | 1.37B | 1.32B |
| Gross Profit | 576.30M | 708.01M | 672.53M | 644.56M | 262.05M |
| EBITDA | 607.68M | 731.57M | 660.63M | 622.44M | 572.42M |
| Net Income | 386.51M | 367.01M | 314.21M | 284.63M | 262.48M |
Balance Sheet | |||||
| Total Assets | 5.75B | 5.65B | 5.61B | 5.49B | 5.31B |
| Cash, Cash Equivalents and Short-Term Investments | 26.13M | 5.58M | 4.24M | 2.65M | 94.10M |
| Total Debt | 3.37B | 3.20B | 3.52B | 3.39B | 3.27B |
| Total Liabilities | 3.93B | 3.82B | 4.12B | 3.98B | 3.82B |
| Stockholders Equity | 1.76B | 1.74B | 1.43B | 1.45B | 1.42B |
Cash Flow | |||||
| Free Cash Flow | 334.06M | 355.44M | 230.92M | 226.54M | 304.76M |
| Operating Cash Flow | 571.15M | 596.72M | 548.00M | 475.81M | 509.03M |
| Investing Cash Flow | -277.08M | -217.84M | -324.75M | -402.07M | -828.43M |
| Financing Cash Flow | -292.51M | -384.24M | -215.66M | -174.80M | 418.74M |
Equity Lifestyle Technical Analysis
Neutral
63.78
Price Trends
65.19
Negative
63.05
Positive
61.40
Positive
Market Momentum
-0.65
Negative
45.96
Neutral
73.59
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 63.78 is below the 20-day moving average (MA) of 64.23, below the 50-day MA of 65.19, and above the 200-day MA of 61.40, indicating a neutral trend. The MACD of -0.65 indicates Negative momentum. The RSI at 45.96 is Neutral, neither overbought nor oversold. The STOCH value of 73.59 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $12.78B | 31.37 | 22.12% | 3.29% | 0.61% | 2.42% | |
70 Outperform | $15.84B | 11.27 | 19.27% | 6.34% | -20.69% | 330.60% | |
68 Neutral | $15.11B | 36.36 | 7.64% | 4.42% | 0.91% | 6.55% | |
66 Neutral | $10.70B | 23.32 | 6.35% | 3.81% | 7.63% | 23.16% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $14.12B | 31.03 | 8.50% | 3.90% | 1.41% | -21.93% | |
64 Neutral | $15.73B | 28.97 | 6.10% | 4.30% | 6.82% | 27.91% |
* Real Estate Sector Average
ELS
Equity Lifestyle
63.78
1.87
3.02%
MAA
Mid-America Apartment
126.09
-25.21
-16.66%
SUI
Sun Communities
128.62
15.00
13.20%
CPT
Camden Property
102.27
-5.05
-4.71%
AMH
American Homes
29.40
-4.38
-12.96%
INVH
Invitation Homes
25.81
-5.13
-16.59%
Equity Lifestyle Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Equity LifeStyle Highlights Strong 2025 Results, 2026 Outlook
Positive
Feb 26, 2026
Equity LifeStyle Properties, Inc., a Chicago-based residential REIT, owns and operates a North American portfolio of 453 lifestyle-focused manufactured home communities, RV resorts, campgrounds and marinas, totaling 173,371 sites as of December 31...
Dividends
Equity Lifestyle Declares First-Quarter 2026 Dividend Payment
Positive
Feb 9, 2026
On February 3, 2026, Equity Lifestyle Properties’ board declared a first-quarter 2026 dividend of $0.5425 per common share, equivalent to an annualized rate of $2.17 per share. The dividend is scheduled to be paid on April 10, 2026, to stock...
Business Operations and StrategyDividendsFinancial Disclosures
Equity LifeStyle Announces Strong Results and Higher Dividend
Positive
Jan 29, 2026
On January 28, 2026, Equity LifeStyle Properties reported continued strong performance for the quarter and year ended December 31, 2025, with annual net income per common share rising 2.6% to $2.01, funds from operations per share up 1.5% to $3.08...
Dividends
Equity LifeStyle Announces Tax Treatment of 2025 Distributions
Neutral
Jan 28, 2026
On January 22, 2026, Equity LifeStyle Properties, Inc. announced the tax treatment of its 2025 common stock distributions, information which was made available through a news release on the company’s website. The disclosure provides sharehol...
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.