REITs Set for a 2026 Rebound? 7 Top Picks as Rate Cuts ApproachEquity Lifestyle Properties NYSE: ELS reported third-quarter normalized funds from operations of $0.79 per share, in line with its guidance, as growth in manufactured housing occupancy, annual RV stays and membership revenue supported operating results.
Chief Executive Officer Marguerite Nader said normalized FFO increased 4.6% from a year earlier. The company recorded 6.7% growth in core net operating income before property management during the quarter, supported by revenue growth that outpaced a modest rise in operating expenses.
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3 Stocks Wall Street Could Be Watching on Fannie Mae’s Rally“Our current performance and early outlook for 2027 underscores the durability of our platform,” Nader said, pointing to sustained demand for low-maintenance, amenity-rich communities among baby boomers and an emerging Gen X customer base.
Manufactured Housing Occupancy and Rent Growth
Manufactured housing occupancy increased by nearly 100 sites during the third quarter, with the company reporting 99 occupied-site gains for the period and 166 year-to-date. Patrick Waite, president and chief operating officer, said Florida drove much of the quarterly increase, including markets in Fort Lauderdale, West Palm Beach, Vero Beach, Fort Myers and Punta Gorda. Properties in California and the Northern U.S. also contributed, along with expansion sites in Phoenix and Mesa, Arizona.
3 Stocks to Watch as New Home Listings Climb AgainThe company sold 97 new homes during the quarter and said it continues to see demand from both buyers and renters. Waite said the company’s redesigned manufactured housing website has produced early signs of stronger customer engagement, with community and home-tour requests up by double digits year over year.
Core community-based rental income rose 5.7% in the third quarter, including 5.6% rate growth. Waite said new residents moving into communities are paying rents about 12% above in-place rents, though those residents are aware that their rent will increase to market rates when assumed leases mature.
For 2027, management provided an early view of rent growth based on notices already sent to residents and on increases that will carry over from midyear 2026. The company indicated preliminary manufactured housing rent growth of 5.1%, excluding potential occupancy gains and mark-to-market benefits from turnover. Management said it has not yet completed its 2027 budget process and plans to provide additional clarity in January.
Annual RV Growth Offsets Seasonal Pressure
Annual RV occupancy increased by 444 sites in the third quarter, driven primarily by northern summer-focused campgrounds. Waite said the company’s annual RV customer base remains a stable source of revenue, as many guests return to the same properties year after year.
Core RV and marina base rental income increased 2.1% from the prior-year quarter. Annual base rental income, which represents roughly 75% of total RV and marina base rental income, increased 5.3%, exceeding the midpoint of the company’s guidance by 40 basis points.
Seasonal and transient rental revenue, however, declined 4.4% and 5.8%, respectively, during the quarter. Management reduced its fourth-quarter outlook for the RV and marina business based on current reservation pacing as the company enters the early portion of its winter season. Paul Seavey, executive vice president and chief financial officer, said the adjustment was not related to a recent hurricane in Florida.
Waite said the outlook reflects weaker seasonal reservation pacing rather than broad deterioration in annual demand. The company continues to contact returning guests and is hopeful that some customers who have delayed booking will reserve stays later. Still, management said it had not seen a meaningful improvement in the pace of those bookings.
For 2027, the company cited an initial annual RV rent-growth assumption of 4.7%, also excluding occupancy growth. Waite said the figure reflects moderation after several years of strong rate growth rather than a loss of demand.
Membership Revenue and Expense Trends
The company’s Thousand Trails membership business remained a contributor to results. Membership dues subscription revenue rose 9.2% in the third quarter and 10.8% through September. Net contribution from the membership business increased 9.5% to $52.8 million year-to-date.
Nader said the company has raised dues and expanded its upgrade program, allowing members to receive additional reservations and other benefits. Average dues per paying member increased from about $580 to $650, she said. The company has also begun selling upgrades online, after previously selling primarily camping passes through that channel.
Core property operating expenses rose 1.3% in the third quarter, while core operating revenue increased 4.4%. Year-to-date expenses were 2% higher than the prior-year period. Seavey said third-quarter expenses were about $400,000 above guidance, largely because of higher electric and water usage. Higher-than-expected temperatures increased cooling demand in Northeast and North Central properties, while water leaks increased usage before repairs were completed.
The company lowered its full-year expense outlook by about $600,000, citing lower-than-expected preliminary Florida real estate tax notices.
Guidance and Capital Allocation
Equity LifeStyle maintained its full-year 2026 normalized FFO guidance range of $3.15 to $3.21 per share, with a midpoint of $3.18 per share. Fourth-quarter normalized FFO guidance remained $0.78 to $0.84 per share.
Full-year core revenue growth is projected at 4% to 4.6%.
Core expense growth is projected at 1.6% to 2.2%.
Core NOI growth is projected at 5.7% to 6.3%.
Full-year manufactured housing rent growth is expected at 5.4% to 6%.
Combined RV and marina rent growth is projected at 0.9% to 1.5%.
On capital allocation, Nader said acquisitions and expansion projects remain the company’s main priorities. She characterized transaction activity in manufactured housing and RV properties as muted, with owners generally inclined to hold assets for long periods. The company continues to engage with owners while pursuing potential acquisitions that would be accretive, she said.
Seavey said the balance sheet has limited near-term refinancing risk, with no secured debt maturing until 2028 and a weighted average debt maturity of nearly seven years. Debt to EBITDA stood at 4.3 times and interest coverage was 5.7 times. The company said it has approximately $1.2 billion of available capital through its line of credit and at-the-market equity programs.
About Equity Lifestyle Properties (NYSE:ELS)Equity LifeStyle Properties, Inc NYSE: ELS is a real estate investment trust that owns, operates and manages manufactured housing communities, recreational vehicle resorts and campgrounds, and marinas. Its properties are designed to provide residential and vacation accommodations, with offerings that range from long-term manufactured home sites to seasonal and transient RV sites and boat storage.
The company serves residents, vacationers and boat owners across the United States. Its portfolio is concentrated in locations with favorable climates, recreational appeal and access to coastal, lakefront or other leisure destinations.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Equity LifeStyle Properties, Inc. (ELS) Q3 2026 Earnings Call October 21, 2026 11:00 AM EDT
Company Participants
Marguerite Nader - CEO & Non-Independent Vice Chairman
Patrick Waite - President & COO
Paul Seavey - Executive VP & CFO
Conference Call Participants
Jana Galan - BofA Securities, Research Division
James Feldman - Wells Fargo Securities, LLC, Research Division
Brad Heffern - RBC Capital Markets, Research Division
Eric Wolfe - Citigroup Inc., Research Division
Steve Sakwa - Evercore ISI Institutional Equities, Research Division
John Kim - BMO Capital Markets Equity Research
Jason Wayne - Barclays Bank PLC, Research Division
Michael Goldsmith - UBS Investment Bank, Research Division
Michael Stefany - Mizuho Securities USA LLC, Research Division
John Pawlowski - Green Street Advisors, LLC, Research Division
Jesse Lederman - Zelman & Associates LLC
Adam Kramer - Morgan Stanley, Research Division
Nicholas Joseph - Citigroup Inc., Research Division
Presentation
Operator
Good day, everyone, and thank you all for joining us to discuss Equity LifeStyle Properties Third Quarter 2026 results. Our featured speakers today are Marguerite Nader, our Vice Chairman and CEO; Patrick Waite, our President and COO; and Paul Seavey, our Executive Vice President and CFO.
In advance of today's call, management released earnings. Today's call will consist of opening remarks and a question-and-answer session with management relating to the company's earnings release. [Operator Instructions] As a reminder, this call is being recorded. Certain matters discussed during this conference call may contain forward-looking statements in the meanings of the federal securities laws.
Our forward-looking statements are subject to certain economic risks and uncertainty. The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events. In addition, during today's call, we will discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release, our supplemental information and our historical
Equity Lifestyle Properties (ELS - Free Report) came out with quarterly funds from operations (FFO) of $0.79 per share, in line with the Zacks Consensus Estimate . This compares to FFO of $0.75 per share a year ago. These figures are adjusted for non-recurring items.
A quarter ago, it was expected that this resort community operator would post FFO of $0.72 per share when it actually produced FFO of $0.74, delivering a surprise of +2.78%.
Over the last four quarters, the company has surpassed consensus FFO estimates two times.
Equity Lifestyle Properties, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $409.9 million for the quarter ended September 2026, missing the Zacks Consensus Estimate by 0.31%. This compares to year-ago revenues of $393.31 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Equity Lifestyle Properties shares have added about 0.7% since the beginning of the year versus the S&P 500's gain of 12.4%.
What's Next for Equity Lifestyle Properties?While Equity Lifestyle Properties has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Equity Lifestyle Properties was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.82 on $396.57 million in revenues for the coming quarter and $3.20 on $1.6 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
BRT Realty (BRT - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026.
This real estate investment trust is expected to post quarterly earnings of $0.35 per share in its upcoming report, which represents a year-over-year change of -2.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
BRT Realty's revenues are expected to be $24.77 million, up 1.4% from the year-ago quarter.
Gains in Occupied Sites Support Continued Strong Performance
Preliminary 2027 Rent Growth Assumptions
, /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and nine months ended September 30, 2026. All per share results are reported on a fully diluted basis unless otherwise noted.
FINANCIAL RESULTS
($ in millions, except per share data)
Quarters Ended September 30,
2026
2025
$ Change
% Change(1)
Net Income per Common Share (2)
$ 0.45
$ 0.50
$ (0.05)
(11.1) %
Funds from Operations ("FFO") per Common Share and OP Unit (2)
$ 0.72
$ 0.77
$ (0.05)
(6.1) %
Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit
$ 0.79
$ 0.75
$ 0.04
4.6 %
Nine Months Ended September 30,
2026
2025
$ Change
% Change(1)
Net Income per Common Share (2)
$ 1.50
$ 1.49
$ 0.01
0.6 %
FFO per Common Share and OP Unit (2)
$ 2.32
$ 2.29
$ 0.03
1.3 %
Normalized FFO per Common Share and OP Unit
$ 2.36
$ 2.27
$ 0.09
4.0 %
1.
Calculations prepared using actual results without rounding.
2.
Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.
Operations Update
Normalized FFO per Common Share and OP Unit for the quarter ended September 30, 2026 was $0.79, representing a 4.6% increase compared to the same period in 2025, consistent with the midpoint of our previous guidance range of $0.76 to $0.82. Core property operating revenues increased 4.4%, Core property operating expenses, excluding property management, increased 1.3% and Core income from property operations, excluding property management, increased 6.7% for the quarter ended September 30, 2026, each as compared to the same period in 2025. Normalized FFO for the nine months ended September 30, 2026 was $2.36 per Common Share and OP Unit, representing a 4.0% increase compared to the same period in 2025. For the nine months ended September 30, 2026, Core property operating revenues increased 4.3%, Core property operating expenses, excluding property management, increased 2.0% and Core income from property operations, excluding property management, increased 6.0%, each as compared to the same period in 2025.
MH
Core MH base rental income for the quarter ended September 30, 2026 increased 5.7% compared to the same period in 2025, which is 0.1% higher than the midpoint of our previous guidance range. Occupied sites increased by 99 and new and used home sales totaled 244 during the quarter ended September 30, 2026. Core MH base rental income for the nine months ended September 30, 2026 increased 5.7% compared to the same period in 2025. Occupied sites increased by 166 and new and used home sales totaled 707 during the nine months ended September 30, 2026.
RV and Marina
Core RV and marina base rental income for the quarter ended September 30, 2026 increased 2.1% compared to the same period in 2025, which is 0.4% higher than the midpoint of our previous guidance range. Core RV and marina annual base rental income increased 5.3% for the quarter ended September 30, 2026 compared to the same period in 2025. Core annual membership subscriptions for the quarter ended September 30, 2026 increased 8.4% compared to the same period in 2025.
Core RV and marina base rental income for the nine months ended September 30, 2026 increased 0.8% compared to the same period in 2025. Core RV and marina annual base rental income increased 5.0% for the nine months ended September 30, 2026 compared to the same period in 2025. Core annual membership subscriptions for the nine months ended September 30, 2026 increased 10.2% as compared to the same period in 2025.
In aggregate, Core RV and marina annual base rental income and annual membership subscriptions for the quarter and nine months ended September 30, 2026 increased by 5.8% and 5.9%, respectively, compared to the same periods in 2025.
Property Operating Expenses
Core property operating expenses, excluding property management, for the quarter ended September 30, 2026 increased 1.3% compared to the same period in 2025. For the nine months ended September 30, 2026, Core property operating expenses, excluding property management, increased 2.0% compared to the same period in 2025.
Preliminary 2027 Rent Growth Assumptions (1)
Our preliminary 2027 Core MH base rent income growth assumption is approximately 5.1%.
Our preliminary 2027 Core RV annual rent income growth assumption is approximately 4.7%.
1.
The preliminary 2027 rent growth assumptions reflect management's best estimate of the most likely outcome based on our current view of existing market conditions and assumptions. See Forward-Looking Statements in this news release for factors impacting our preliminary 2027 rent growth assumptions. By October month-end, we anticipate sending 2027 rent increase notices to approximately 50% of our MH residents. We have set RV annual rates for more than 95% of our annual sites. These increases will take effect at the start of the 2026/27 winter season or the start of the 2027 summer season, as applicable. Our rent growth assumptions do not include contribution from incremental sites that may be occupied in 2027.
Guidance Update
Fourth quarter and full year 2026 guidance presented below represent management's estimate of a range of possible outcomes. The midpoint of the ranges reflect management's estimate of the most likely outcome based on our current view of existing market conditions and assumptions. Full year 2026 guidance ranges, including Core portfolio growth rate ranges, have been narrowed to reflect actual results for the nine months ended September 30, 2026, leaving only fourth quarter results subject to estimate. Actual results could vary materially from management's estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this news release for factors impacting our 2026 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for additional information.
Income from property operations, excluding property management
6.0 %
6.0 %
1.
Core RV and marina annual base rental income represents approximately 82.8% and 75.8% of fourth quarter 2026 and full year 2026 RV and marina base rental income guidance, respectively. Core RV and marina annual base rental income fourth quarter 2026 growth rate range is 4.9% to 5.5% and the full year 2026 growth rate range is 4.7% to 5.3%. Our guidance provided on July 22, 2026 factored in a Core RV and marina annual base rental income growth rate range of 4.3% to 5.3% for full year 2026.
2.
Prior guidance issued on July 22, 2026.
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of September 30, 2026, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,623 sites.
For additional information, please contact our Investor Relations Department at (800) 247-5279 or at [email protected].
Conference Call
A live audio webcast of our conference call discussing these results will take place tomorrow, Wednesday, October 21, 2026, at 11:00 a.m. Eastern Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.
Forward-Looking Statements
In addition to historical information, this news release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "estimate," "guidance," "assumption," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, including our guidance concerning Net Income, FFO and Normalized FFO per share data, and certain growth rates, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting. For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
Supplemental Financial Information
Financial Highlights(1)(2)
(In millions, except Common Shares and OP Units outstanding and per share and ratio data, unaudited)
As of and for the Quarters Ended
Sep 30,
2026
June 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Operating Information
Total revenues
$ 409.9
$ 397.8
$ 397.6
$ 373.9
$ 393.3
Consolidated net income
$ 89.3
$ 99.5
$ 111.5
$ 103.8
$ 100.4
Net income available for Common Stockholders
$ 86.4
$ 96.3
$ 107.9
$ 100.5
$ 97.1
Adjusted EBITDAre
$ 192.5
$ 182.6
$ 201.1
$ 189.6
$ 183.3
FFO available for Common Stock and OP Unit holders
$ 144.7
$ 154.5
$ 166.1
$ 156.7
$ 154.1
Normalized FFO available for Common Stock and OP Unit holders
$ 157.4
$ 148.3
$ 167.3
$ 157.6
$ 150.5
Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders
$ 134.4
$ 121.6
$ 149.1
$ 131.7
$ 124.2
Common Shares and OP Units Outstanding (In thousands) and Per Share Data
Common Shares and OP Units, end of the period
200,411
200,405
200,377
200,284
200,278
Weighted average Common Shares and OP Units outstanding - Fully Diluted
200,250
200,209
200,176
200,162
200,126
Net Income per Common Share - Fully Diluted (3)
$ 0.45
$ 0.50
$ 0.56
$ 0.52
$ 0.50
FFO per Common Share and OP Unit - Fully Diluted
$ 0.72
$ 0.77
$ 0.83
$ 0.78
$ 0.77
Normalized FFO per Common Share and OP Unit - Fully Diluted
$ 0.79
$ 0.74
$ 0.84
$ 0.79
$ 0.75
Dividends per Common Share
$ 0.5425
$ 0.5425
$ 0.5425
$ 0.5150
$ 0.5150
Balance Sheet
Total assets
$ 5,765
$ 5,801
$ 5,749
$ 5,745
$ 5,747
Total liabilities
$ 3,959
$ 3,984
$ 3,928
$ 3,931
$ 3,935
Market Capitalization
Total debt (4)
$ 3,329
$ 3,336
$ 3,314
$ 3,346
$ 3,302
Total market capitalization (5)
$ 15,019
$ 16,252
$ 15,822
$ 15,485
$ 15,459
Ratios
Total debt / total market capitalization
22.2 %
20.5 %
20.9 %
21.6 %
21.4 %
Total debt / Adjusted EBITDAre(6)
4.3
4.4
4.5
4.5
4.5
Interest coverage (7)
5.7
5.6
5.6
5.7
5.8
Fixed charges (8)
5.6
5.6
5.6
5.7
5.7
1.
See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for definitions of fixed charges, FFO, Normalized FFO, FAD, Income from property operations excluding property management, EBITDAre, Adjusted EBITDAre, and a reconciliation of Consolidated net income to Income from property operations.
2.
See page 6 for a reconciliation of Net income available for Common Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.
3.
Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
4.
Excludes Deferred financing costs, net of approximately $21.7 million as of September 30, 2026.
5.
See page 14 for the calculation of market capitalization as of September 30, 2026.
6.
Calculated using trailing twelve months Adjusted EBITDAre.
7.
Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.
8.
Calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.
Consolidated Balance Sheets
(In thousands, except share and per share data)
September 30, 2026
December 31, 2025
(unaudited)
Assets
Investment in real estate:
Land
$ 2,104,661
$ 2,088,174
Land improvements
4,970,718
4,784,223
Buildings and other depreciable property
1,408,004
1,306,317
8,483,383
8,178,714
Accumulated depreciation
(2,995,030)
(2,838,344)
Net investment in real estate
5,488,353
5,340,370
Cash and restricted cash
24,334
26,132
Notes receivable, net
28,403
93,358
Investment in unconsolidated joint ventures
40,202
85,041
Deferred commission expense
57,119
58,149
Other assets, net
126,595
142,343
Total Assets
$ 5,765,006
$ 5,745,393
Liabilities and Equity
Liabilities:
Mortgage notes payable, net
$ 2,731,331
$ 2,779,158
Term loans, net
438,067
437,455
Unsecured line of credit
138,000
105,000
Accounts payable and other liabilities
192,124
152,536
Deferred membership revenue
213,644
221,498
Accrued interest payable
10,971
11,333
Rents and other customer payments received in advance and security deposits
126,005
120,441
Distributions payable
108,723
103,146
Total Liabilities
3,958,865
3,930,567
Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 2026
and December 31, 2025; none issued and outstanding
—
—
Common stock, $0.01 par value, 600,000,000 shares authorized as of September 30, 2026
and December 31, 2025; 194,068,205 and 193,835,561 shares issued and outstanding as of
September 30, 2026 and December 31, 2025, respectively
1,989
1,988
Paid-in capital
1,987,638
1,981,540
Distributions in excess of accumulated earnings
(250,120)
(225,045)
Accumulated other comprehensive income/(loss)
9,351
(2,208)
Total Stockholders' Equity
1,748,858
1,756,275
Non-controlling interests – Common OP Units
57,283
58,551
Total Equity
1,806,141
1,814,826
Total Liabilities and Equity
$ 5,765,006
$ 5,745,393
Consolidated Statements of Income
(In thousands, unaudited)
Quarters Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Revenues:
Rental income
$ 344,305
$ 327,437
$ 1,013,781
$ 967,930
Annual membership subscriptions
19,509
17,868
56,627
51,112
Membership upgrade revenue
3,120
3,120
9,360
9,292
Other income
15,337
15,220
44,685
47,248
Gross revenues from home sales, brokered resales and ancillary services
24,393
24,927
66,294
68,648
Interest income
1,335
2,770
5,106
7,210
Income from other investments, net
1,904
1,972
9,487
6,074
Total revenues
409,903
393,314
1,205,340
1,157,514
Expenses:
Property operating and maintenance
134,897
133,243
388,204
379,654
Real estate taxes
22,075
20,585
66,001
64,073
Membership sales and marketing
4,817
4,199
13,205
12,192
Property management
21,355
20,277
61,871
61,430
Depreciation and amortization
54,898
52,313
161,671
155,904
Cost of home sales, brokered resales and ancillary services
18,016
17,474
48,519
47,642
Home selling expenses and ancillary operating expenses
7,578
7,186
22,019
20,342
General and administrative (1)
9,573
8,791
32,546
28,485
Casualty-related charges/(recoveries), net (2)
245
(3,748)
(6,781)
(4,072)
Other expenses (3)
1,181
1,229
3,623
3,674
Interest and related amortization
34,607
33,659
102,076
96,995
Total expenses
309,242
295,208
892,954
866,319
Income before other items
100,661
98,106
312,386
291,195
Gain/(Loss) on sale of real estate and impairment, net
—
31
(507)
(652)
Income tax (expense)/benefit (3)(4)
(12,065)
518
(12,065)
1,144
Equity in income/(loss) of unconsolidated joint ventures
654
1,708
445
6,562
Consolidated net income
89,250
100,363
300,259
298,249
Income allocated to non-controlling interests – Common OP Units
(2,825)
(3,233)
(9,606)
(12,211)
Redeemable perpetual preferred stock dividends
—
—
(8)
(8)
Net income available for Common Stockholders
$ 86,425
$ 97,130
$ 290,645
$ 286,030
1.
Includes $0.4 million and $2.4 million related to non-operating legal expenses during the quarter and nine months ended September 30, 2026, respectively.
2.
Casualty-related charges/(recoveries), net for the quarter ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.4 million and insurance recovery revenue of $0.2 million. Casualty-related charges/(recoveries), net for the nine months ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.5 million and insurance recovery revenue of $7.3 million, including $7.1 million for reimbursement of capital expenditures.
3.
Prior period amounts have been reclassified to conform to the current period presentation.
4.
Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.
Non-GAAP Financial Measures
This document contains certain Non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these Non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance. Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of Non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 6 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 16-19.
Selected Non-GAAP Financial Measures (1)
(In millions, except per share data, unaudited)
Quarter Ended
September 30, 2026
Income from property operations, excluding property management - Core Portfolio (2)
$ 217.5
Income from property operations, excluding property management - Non-Core Portfolio (2)
3.0
Property management and general and administrative
(30.5)
Other income and expenses
2.1
Interest and related amortization
(34.6)
Normalized FFO available for Common Stock and OP Unit holders (3)
$ 157.4
Other items (4)
(0.4)
Deferred tax valuation allowance (5)
(12.1)
Insurance proceeds due to catastrophic weather events, net
(0.2)
FFO available for Common Stock and OP Unit holders (3)
$ 144.7
FFO per Common Share and OP Unit
$ 0.72
Normalized FFO per Common Share and OP Unit
$ 0.79
Normalized FFO available for Common Stock and OP Unit holders
$ 157.4
Non-revenue producing improvements to real estate
(23.0)
FAD for Common Stock and OP Unit holders (3)
$ 134.4
Weighted average Common Shares and OP Units - Fully Diluted
200.3
1.
See page 6 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.
2.
See pages 8-9 for details of the Core Portfolio Income from Property Operations, excluding property management. See page 10 for details of the Non-Core Portfolio Income from Property Operations, excluding property management.
3.
Amounts may not foot due to rounding.
4.
Represents expenses of $0.4 million related to non-operating legal expenses during the quarter ended September 30, 2026.
5.
Represents a $12.1 million deferred tax valuation allowance recorded during the quarter ended September 30, 2026.
Reconciliation of Net Income to Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)
Quarters Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net income available for Common Stockholders
$ 86,425
$ 97,130
$ 290,645
$ 286,030
Income allocated to non-controlling interests – Common OP Units
2,825
3,233
9,606
12,211
Depreciation and amortization
54,898
52,313
161,671
155,904
Depreciation on unconsolidated joint ventures
600
1,453
2,967
4,250
(Gain)/Loss on sale of real estate and impairment, net
—
(31)
507
652
FFO available for Common Stock and OP Unit holders
144,748
154,098
465,396
459,047
Deferred tax valuation allowance (1)
12,065
—
12,065
—
Insurance proceeds due to catastrophic weather events, net
245
(3,632)
(6,766)
(4,225)
Other items (2)
386
—
2,371
—
Normalized FFO available for Common Stock and OP Unit holders
157,444
150,466
473,066
454,822
Non-revenue producing improvements to real estate
(23,029)
(26,231)
(67,909)
(64,828)
FAD for Common Stock and OP Unit holders
$ 134,415
$ 124,235
$ 405,157
$ 389,994
Net Income per Common Share - Basic
$ 0.45
$ 0.50
$ 1.50
$ 1.49
Net Income per Common Share - Fully Diluted (3)
$ 0.45
$ 0.50
$ 1.50
$ 1.49
FFO per Common Share and OP Unit - Basic
$ 0.72
$ 0.77
$ 2.33
$ 2.29
FFO per Common Share and OP Unit - Fully Diluted
$ 0.72
$ 0.77
$ 2.32
$ 2.29
Normalized FFO per Common Share and OP Unit - Basic
$ 0.79
$ 0.75
$ 2.36
$ 2.27
Normalized FFO per Common Share and OP Unit - Fully Diluted
$ 0.79
$ 0.75
$ 2.36
$ 2.27
Weighted average Common Shares outstanding - Basic
193,825
193,004
193,743
191,640
Weighted average Common Shares and OP Units outstanding - Basic
200,173
200,069
200,154
200,052
Weighted average Common Shares and OP Units outstanding - Fully Diluted
200,250
200,126
200,212
200,098
1.
Represents a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.
2.
Represents expenses of $0.4 million and $2.4 million related to non-operating legal expenses during the quarter ended and nine months ended September 30, 2026, respectively.
3.
Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
Income from Property Operations - Total Portfolio (1)
Income from property operations, excluding property management
$ 220.5
$ 205.6
$ 657.1
$ 619.6
RV and marina base rental income:
Annual
$ 86.0
$ 81.3
$ 252.8
$ 239.4
Seasonal
6.1
6.4
38.3
42.8
Transient
28.7
27.7
61.4
60.9
Total RV and marina base rental income
$ 120.8
$ 115.4
$ 352.5
$ 343.1
1.
Excludes property management expenses.
2.
MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Statements of Income on page 3. Bad debt expense is presented in Insurance and other in this table.
3.
Includes approximately $0.9 million and $4.9 million of business interruption income from Hurricane Ian during the quarter and nine months ended September 30, 2025, respectively.
Income from Property Operations - Core Portfolio (1)
Income from property operations, excluding property management
$ 3.0
$ 8.8
1.
Excludes property management expenses.
2.
Includes bad debt expense for the periods presented.
Home Sales and Rental Home Operations
(In thousands, except home sale volumes and occupied rentals, unaudited)
Home Sales - Select Data (1)
Quarters Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Total new home sales volume
97
119
282
353
New home sales gross revenues
$ 9,294
$ 9,864
$ 26,030
$ 28,737
Total used home sales volume
148
129
427
271
Used home sales gross revenues
$ 850
$ 1,334
$ 2,376
$ 2,869
Brokered home resales volume
131
113
387
337
Brokered home resales gross revenues
$ 511
$ 424
$ 1,450
$ 1,274
Rental Homes - Select Data
Quarters Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Rental operations revenues (2)
$ 10,263
$ 9,091
$ 29,904
$ 26,234
Rental home operations expense (3)
1,640
1,353
4,407
3,799
Depreciation on rental homes (4)
2,943
2,428
8,384
7,551
Occupied rentals: (5)
New
2,085
1,905
Used
189
186
Total occupied rental sites
2,274
2,091
As of September 30, 2026
As of September 30, 2025
Cost basis in rental homes: (6)
Gross
Net of
Depreciation
Gross
Net of
Depreciation
New
$ 302,223
$ 256,130
$ 239,937
$ 200,330
Used
16,553
13,701
13,622
10,441
Total rental homes
$ 318,776
$ 269,831
$ 253,559
$ 210,771
1.
Represents Total Portfolio home sales data.
2.
For the quarters ended September 30, 2026 and 2025, approximately $6.3 million and $5.5 million, respectively, of the rental operations revenue is included in the MH base rental income in the Income from Property Operations - Core Portfolio on pages 8-9. The remainder of the rental operations revenue for the quarters ended September 30, 2026 and 2025 is included in Rental home income in the Income from Property Operations - Core Portfolio on pages 8-9.
3.
Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Core Portfolio on pages 8-9.
4.
Depreciation on rental homes in our Core Portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 3.
5.
Includes occupied rental sites as of the end of the period in our Core Portfolio.
6.
Includes both occupied and unoccupied rental homes in our Core Portfolio.
Total Sites
(Unaudited)
Summary of Total Sites as of September 30, 2026
Sites (1)
MH sites(2)
75,900
RV sites:
Annual (2)
34,800
Seasonal
9,800
Transient (2)
20,400
Marina slips
6,900
Membership (3)
26,000
Total (4)
173,600
1.
MH sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV sites are leased to customers generally for one to six months. Transient RV and marina sites are sites without an annual or seasonal reservation and are available to be leased to customers on a short-term basis.
2.
MH, Annual RV and Transient RV sites include approximately 2,100, 200 and 300 joint venture sites, respectively.
3.
Sites primarily utilized by approximately 107,400 members. Includes approximately 6,200 sites rented on an annual basis.
4.
Total does not foot due to rounding.
Membership Campgrounds - Select Data
Years Ended December 31,
Nine Months
Ended
September 30,
Campground and Membership Revenue (1)
($ in thousands, unaudited)
2022
2023
2024
2025
2026
Annual membership subscriptions
$ 63,215
$ 65,379
$ 65,883
$ 69,266
$ 56,627
Annual RV base rental income
$ 25,945
$ 27,842
$ 29,282
$ 30,546
$ 24,620
Seasonal/Transient RV base rental income
$ 24,316
$ 20,996
$ 21,338
$ 19,959
$ 15,979
Membership upgrade revenue
$ 12,958
$ 14,719
$ 16,433
$ 12,412
$ 9,360
Utility and other income
$ 2,626
$ 2,544
$ 2,360
$ 2,390
$ 1,964
Membership Count
Total Memberships (2)
128,439
121,002
113,553
108,731
107,387
Paid Membership Origination
23,237
20,758
19,539
17,150
13,319
Promotional Membership Origination
28,178
25,232
23,552
23,002
16,879
Membership Upgrade Volume (3)
4,068
3,858
4,086
5,945
4,284
Campground Metrics
Membership Campground Count
82
82
82
82
82
Membership Campground RV Site Count
25,800
26,000
26,000
26,000
26,000
Annual Site Count (4)
6,390
6,154
5,902
6,014
6,226
1.
Membership upgrade product offerings include two- to four-year term subscription products with increased annual dues. The revenue associated with these subscription products is recognized as Annual membership subscriptions.
2.
Members who have entered into annual subscriptions with us that entitle them to use certain properties on a continuous basis for up to 21 days.
3.
Upgraded memberships provide enhanced benefits, including but not limited to longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties.
4.
Sites that have been rented by members for an entire year.
Market Capitalization
(In millions, except share and OP Unit data, unaudited)
Capital Structure as of September 30, 2026
Total
Common
Shares/Units
% of Total
Common
Shares/Units
Total
% of Total
% of Total
Market
Capitalization
Secured Debt
$ 2,751
82.6 %
Unsecured Debt
578
17.4 %
Total Debt (1)
$ 3,329
100.0 %
22.2 %
Common Shares
194,068,205
96.8 %
OP Units
6,342,760
3.2 %
Total Common Shares and OP Units
200,410,965
100.0 %
Common Stock price at September 30, 2026
$ 58.33
Fair Value of Common Shares and OP Units
$ 11,690
100.0 %
Total Equity
$ 11,690
100.0 %
77.8 %
Total Market Capitalization
$ 15,019
100.0 %
1.
Excludes Deferred financing costs, net of approximately $21.7 million.
Debt Maturity Schedule
Debt Maturity Schedule as of September 30, 2026
(In thousands, unaudited)
Year
Outstanding
Debt
Weighted
Average
Interest Rate
% of Total
Debt
Weighted
Average
Years to
Maturity
Secured Debt
2026
—
— %
— %
—
2027
—
— %
— %
—
2028
186,077
4.19 %
5.59 %
1.9
2029
269,989
4.92 %
8.11 %
2.9
2030
275,385
2.69 %
8.27 %
3.5
2031
226,323
2.45 %
6.80 %
4.7
2032
202,000
2.47 %
6.07 %
5.9
2033
339,023
4.84 %
10.18 %
7.0
2034
197,466
3.44 %
5.93 %
7.6
2035
184,870
2.64 %
5.55 %
9.0
Thereafter
869,915
4.21 %
26.13 %
12.3
Total
$ 2,751,048
3.77 %
82.63 %
7.5
Unsecured Term Loans
2026
—
— %
— %
—
2027
200,000
4.88 %
6.01 %
0.3
2028
—
— %
— %
—
2029
—
— %
— %
—
2030
240,000
4.74 %
7.21 %
3.7
Thereafter
—
— %
— %
—
Total
$ 440,000
4.81 %
13.22 %
2.1
Total Secured and Unsecured
$ 3,191,048
3.91 %
95.85 %
6.7
Line of Credit Borrowing (1)
138,000
5.00 %
4.15 %
—
Deferred financing costs, net
(21,650)
Total Debt, Net
$ 3,307,398
4.12% (2)
100.00 %
1.
The floating interest rate on the line of credit is SOFR plus 0.10% plus 1.25% to 1.65%. During the quarter ended September 30, 2026, the effective interest rate on the line of credit borrowings was 5.00%.
2.
Reflects effective interest rate for the quarter ended September 30, 2026, including interest associated with the line of credit and amortization of deferred financing costs.
Non-GAAP Financial Measures Definitions and Reconciliations
The following Non-GAAP financial measures definitions do not include adjustments in respect to membership upgrade revenue: (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property operating revenues; (vi) Property operating expenses, excluding property management; and (vii) Income from property operations, excluding property management.
FUNDS FROM OPERATIONS (FFO). We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.
NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, expenses and benefits related to deferred tax valuation allowances and reversals, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.
FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures.
We believe that FFO, Normalized FFO and FAD are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our normal operations. For example, we believe that excluding the early extinguishment of debt and other miscellaneous non-comparable items from FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.
INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT. We define Income from property operations, excluding property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses, excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within insurance and other in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties.
The following table reconciles Net income available for Common Stockholders to Income from property operations:
Quarters Ended
Nine Months Ended
September 30,
September 30,
(amounts in thousands)
2026
2025
2026
2025
Net income available for Common Stockholders
$ 86,425
$ 97,130
$ 290,645
$ 286,030
Redeemable perpetual preferred stock dividends
—
—
8
8
Income allocated to non-controlling interests – Common OP Units
2,825
3,233
9,606
12,211
Consolidated net income
89,250
100,363
300,259
298,249
Equity in (income)/loss of unconsolidated joint ventures
(654)
(1,708)
(445)
(6,562)
Income tax expense/(benefit) (1)(2)
12,065
(518)
12,065
(1,144)
(Gain)/Loss on sale of real estate and impairment, net
—
(31)
507
652
Gross revenues from home sales, brokered resales and ancillary services
(24,393)
(24,927)
(66,294)
(68,648)
Interest income
(1,335)
(2,770)
(5,106)
(7,210)
Income from other investments, net
(1,904)
(1,972)
(9,487)
(6,074)
Property management
21,355
20,277
61,871
61,430
Depreciation and amortization
54,898
52,313
161,671
155,904
Cost of home sales, brokered resales and ancillary services
18,016
17,474
48,519
47,642
Home selling expenses and ancillary operating expenses
7,578
7,186
22,019
20,342
General and administrative (3)
9,573
8,791
32,546
28,485
Casualty-related charges/(recoveries), net (4)
245
(3,748)
(6,781)
(4,072)
Other expenses (1)
1,181
1,229
3,623
3,674
Interest and related amortization
34,607
33,659
102,076
96,995
Income from property operations, excluding property management
220,482
205,618
657,043
619,663
Property management
(21,355)
(20,277)
(61,871)
(61,430)
Income from property operations
$ 199,127
$ 185,341
$ 595,172
$ 558,233
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairment charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
We define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items.
We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT.
1.
Prior period amounts have been reclassified to conform to the current period presentation.
2.
Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.
3.
Includes $0.4 million and $2.4 million related to non-operating legal expenses during the quarter and nine months ended September 30, 2026, respectively.
4.
Casualty-related charges/(recoveries), net for the quarter ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.4 million and insurance recovery revenue of $0.2 million. Casualty-related charges/(recoveries), net for the nine months ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.5 million and insurance recovery revenue of $7.3 million, including $7.1 million for reimbursement of capital expenditures.
The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:
Quarters Ended
Nine Months Ended
September 30,
September 30,
(amounts in thousands)
2026
2025
2026
2025
Consolidated net income
$ 89,250
$ 100,363
$ 300,259
$ 298,249
Interest income
(1,335)
(2,770)
(5,106)
(7,210)
Real estate depreciation and amortization
54,898
52,313
161,671
155,904
Other depreciation and amortization
1,097
1,204
3,418
3,658
Interest and related amortization
34,607
33,659
102,076
96,995
Income tax expense/(benefit) (1)
12,065
(518)
12,065
(1,144)
(Gain)/Loss on sale of real estate and impairment, net
—
(31)
507
652
Adjustments to our share of EBITDAre of unconsolidated joint ventures
1,264
2,677
5,693
7,285
EBITDAre
191,846
186,897
580,583
554,389
Other items (2)
386
—
2,371
—
Insurance proceeds due to catastrophic weather events, net
245
(3,632)
(6,766)
(4,225)
Adjusted EBITDAre
$ 192,477
$ 183,265
$ 576,188
$ 550,164
CORE PORTFOLIO or CORE. The Core properties include properties we owned and operated during all of 2025 and 2026. We believe Core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.
NON-CORE PORTFOLIO or NON-CORE. The Non-Core properties in 2026 include properties that were not owned and operated during all of 2025 and 2026, including six properties in Florida impacted by Hurricane Ian, two properties in California that were impacted by storm and flooding events and seven acquired RVC properties. The 2026 guidance reflects Non-Core properties in 2026, which includes properties not owned and operated during all of 2025 and 2026.
NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that do not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture and mechanical improvements.
FIXED CHARGES. Fixed charges consist of interest expense, amortization of note premiums and debt issuance costs. The fixed charges ratio is calculated by dividing the trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.
1.
Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.
2.
Represents expenses of $0.4 million and $2.4 million related to non-operating legal expenses during the quarter and nine months ended September 30, 2026, respectively.
FORWARD-LOOKING NON-GAAP MEASURES. The following table reconciles Net Income per Common Share - Fully Diluted guidance to FFO per Common Share and OP Unit - Fully Diluted guidance and Normalized FFO per Common Share and OP Unit - Fully diluted guidance:
(Unaudited)
Fourth Quarter
2026
Full Year
2026
Net Income per Common Share - Fully Diluted
$0.50 to $0.56
$2.00 to $2.06
Depreciation and amortization
0.28
1.10
FFO per Common Share and OP Unit - Fully Diluted (1)
$0.78 to $0.84
$3.11 to $3.17
Other
—
0.04
Normalized FFO per Common Share and OP Unit - Fully Diluted (1)
$0.78 to $0.84
$3.15 to $3.21
1.
Amounts may not foot due to rounding.
This news release includes certain forward-looking information, including Core and Non-Core Income from property operations, excluding property management, that is not presented in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-K, we do not provide a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP, where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This includes, for example, (i) scheduled or implemented rate increases on community, resort and marina sites; (ii) scheduled or implemented rate increases in annual payments under membership subscriptions; (iii) occupancy changes; (iv) costs to restore property operations and potential revenue losses following storms or other unplanned events; and (v) other nonrecurring/unplanned income or expense items, which may not be within our control, may vary between periods and cannot be reasonably predicted. These unavailable reconciling items could significantly impact our future financial results.
First Citizens Bank & Trust Co. bought a new stake in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS – Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 14,049 shares of the real estate investment trust’s stock, valued at approximately $819,000.
Several other large investors also recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Equity Lifestyle Properties during the 2nd quarter worth approximately $1,576,449,000. Bank of America Corp DE bought a new stake in shares of Equity Lifestyle Properties in the second quarter worth $125,301,000. Canada Pension Plan Investment Board bought a new stake in shares of Equity Lifestyle Properties in the second quarter worth $91,434,000. Bank of New York Mellon Corp acquired a new stake in Equity Lifestyle Properties in the second quarter valued at $89,012,000. Finally, Legal & General Group Plc acquired a new stake in Equity Lifestyle Properties in the second quarter valued at $69,938,000. 97.21% of the stock is currently owned by institutional investors and hedge funds.
Equity Lifestyle Properties Trading Up 1.5% NYSE:ELS opened at $61.14 on Friday. Equity Lifestyle Properties, Inc. has a 12-month low of $57.46 and a 12-month high of $69.00. The firm has a market capitalization of $11.87 billion, a P/E ratio of 19.31, a P/E/G ratio of 3.58 and a beta of 0.63. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.02 and a quick ratio of 0.02. The business has a 50 day simple moving average of $61.64 and a 200 day simple moving average of $63.05.
Equity Lifestyle Properties (NYSE:ELS – Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.22). Equity Lifestyle Properties had a return on equity of 22.31% and a net margin of 25.92%. The company had revenue of $397.81 million for the quarter, compared to the consensus estimate of $383.66 million. During the same quarter in the previous year, the company earned $0.69 earnings per share. Equity Lifestyle Properties’s quarterly revenue was up 5.5% compared to the same quarter last year. Equities research analysts predict that Equity Lifestyle Properties, Inc. will post 3.20 EPS for the current year. Equity Lifestyle Properties Dividend Announcement The company also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Friday, September 25th were given a dividend of $0.5425 per share. The ex-dividend date was Friday, September 25th. This represents a $2.17 annualized dividend and a dividend yield of 3.5%. Equity Lifestyle Properties’s dividend payout ratio is currently 104.33%.
Wall Street Analysts Forecast Growth ELS has been the topic of a number of research analyst reports. Morgan Stanley reissued a “mixed” rating and set a $59.00 price objective (down from $62.50) on shares of Equity Lifestyle Properties in a report on Wednesday, August 12th. UBS Group dropped their target price on shares of Equity Lifestyle Properties from $76.00 to $67.00 and set a “buy” rating for the company in a research report on Tuesday, October 6th. Odeon Capital Group set a $65.00 target price on shares of Equity Lifestyle Properties in a research note on Thursday, July 9th. Royal Bank Of Canada reduced their price target on shares of Equity Lifestyle Properties from $71.00 to $68.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Weiss Ratings downgraded Equity Lifestyle Properties from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, September 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Equity Lifestyle Properties has a consensus rating of “Hold” and a consensus target price of $67.66.
Get Our Latest Research Report on Equity Lifestyle Properties
Equity Lifestyle Properties Company Profile (Free Report)
Equity LifeStyle Properties, Inc (NYSE:ELS) is a real estate investment trust that owns and operates manufactured home communities, recreational vehicle resorts and marinas. Its properties provide residential sites for manufactured homes and park model homes, as well as vacation-oriented accommodations and facilities for RV owners and boaters.
The company serves a range of residents and travelers through long-term manufactured housing communities, seasonal and transient RV resorts, and marina properties.
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, /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as the "Company," "we," "us," and "our") announced today that the Company's third quarter 2026 earnings will be released on Tuesday, October 20, 2026 after market close. The Company's executive management team will host a conference call and audio webcast on Wednesday, October 21, 2026 at 11:00 a.m. Eastern Time to discuss the Company's operating and financial results.
The live audio webcast and replay of the conference call will be available on our website at www.equitylifestyleproperties.com in the Investor Relations section under Events.
Research analysts and other interested parties who wish to participate in the conference call must register through this link at least fifteen minutes prior to the scheduled start of the call to receive the dial-in details.
This news release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting.
For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.
These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 453 properties located predominantly in the United States consisting of 173,559 sites as of June 30, 2026. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago.
Equity LifeStyle Properties remains a Buy with a $70 price target, supported by a high-quality, recession-resistant portfolio and robust balance sheet. Q2 2026 results beat guidance, with Normalized FFO up 7.7% and core NOI up 6.5%, driven by MH segment rent growth despite slight occupancy decline. RV segment weakness persists, with seasonal and transient revenues down for two consecutive quarters, prompting lowered segment guidance but limited overall impact.
Shares of Equity Lifestyle Properties, Inc. (NYSE:ELS – Get Free Report) reached a new 52-week low on Thursday. The stock traded as low as $58.32 and last traded at $58.4540, with a volume of 1538019 shares trading hands. The stock had previously closed at $58.71.
Analyst Ratings Changes A number of equities analysts have recently issued reports on the stock. UBS Group set a $65.00 target price on shares of Equity Lifestyle Properties in a research report on Monday, September 21st. Morgan Stanley reiterated a “mixed” rating and set a $59.00 price target (down from $62.50) on shares of Equity Lifestyle Properties in a research note on Wednesday, August 12th. Barclays set a $69.00 price objective on shares of Equity Lifestyle Properties and gave the stock an “equal weight” rating in a research report on Monday, August 17th. Mizuho restated a “neutral” rating and issued a $65.00 price objective (down from $72.00) on shares of Equity Lifestyle Properties in a research note on Monday, September 21st. Finally, Jefferies Financial Group raised shares of Equity Lifestyle Properties to a “strong-buy” rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $67.88.
Get Our Latest Research Report on ELS
Equity Lifestyle Properties Stock Down 0.4% The firm has a 50 day simple moving average of $63.23 and a two-hundred day simple moving average of $63.54. The company has a market capitalization of $11.34 billion, a PE ratio of 28.10, a P/E/G ratio of 3.49 and a beta of 0.64. The company has a current ratio of 0.02, a quick ratio of 0.02 and a debt-to-equity ratio of 0.31. Equity Lifestyle Properties (NYSE:ELS – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported $0.50 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.22). The company had revenue of $397.81 million for the quarter, compared to analysts’ expectations of $383.66 million. Equity Lifestyle Properties had a return on equity of 22.31% and a net margin of 25.92%.Equity Lifestyle Properties’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.69 EPS. Research analysts expect that Equity Lifestyle Properties, Inc. will post 3.2 EPS for the current year.
Equity Lifestyle Properties Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 25th will be issued a $0.5425 dividend. The ex-dividend date of this dividend is Friday, September 25th. This represents a $2.17 annualized dividend and a dividend yield of 3.7%. Equity Lifestyle Properties’s payout ratio is presently 104.33%.
Institutional Investors Weigh In On Equity Lifestyle Properties Hedge funds have recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust increased its position in Equity Lifestyle Properties by 126.8% during the 2nd quarter. Parkside Financial Bank & Trust now owns 415 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 232 shares during the period. Clearstead Trust LLC acquired a new stake in shares of Equity Lifestyle Properties in the 2nd quarter valued at approximately $33,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Equity Lifestyle Properties in the second quarter valued at approximately $37,000. Osterweis Capital Management Inc. purchased a new stake in shares of Equity Lifestyle Properties in the second quarter valued at approximately $38,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Equity Lifestyle Properties by 67.3% in the first quarter. EverSource Wealth Advisors LLC now owns 726 shares of the real estate investment trust’s stock valued at $45,000 after buying an additional 292 shares in the last quarter. Institutional investors and hedge funds own 97.21% of the company’s stock.
(Get Free Report)
Equity LifeStyle Properties, Inc (NYSE:ELS) is a real estate investment trust that owns and operates manufactured home communities, recreational vehicle resorts and marinas. Its properties provide residential sites for manufactured homes and park model homes, as well as vacation-oriented accommodations and facilities for RV owners and boaters.
The company serves a range of residents and travelers through long-term manufactured housing communities, seasonal and transient RV resorts, and marina properties.
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Shares of Equity Lifestyle Properties, Inc. (NYSE:ELS – Get Free Report) have earned an average recommendation of “Hold” from the sixteen ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $67.88.
ELS has been the topic of several research analyst reports. Truist Financial set a $64.00 price target on shares of Equity Lifestyle Properties and gave the company a “hold” rating in a research report on Friday, September 11th. Odeon Capital Group set a $65.00 price objective on shares of Equity Lifestyle Properties in a report on Thursday, July 9th. UBS Group set a $65.00 price objective on Equity Lifestyle Properties in a research report on Monday, September 21st. Mizuho reiterated a “neutral” rating and set a $65.00 target price (down from $72.00) on shares of Equity Lifestyle Properties in a report on Monday, September 21st. Finally, Evercore set a $68.00 target price on Equity Lifestyle Properties in a research report on Monday, September 21st.
Get Our Latest Report on ELS
Hedge Funds Weigh In On Equity Lifestyle Properties A number of institutional investors have recently added to or reduced their stakes in ELS. QRG Capital Management Inc. lifted its position in Equity Lifestyle Properties by 4.7% during the second quarter. QRG Capital Management Inc. now owns 12,531 shares of the real estate investment trust’s stock valued at $808,000 after buying an additional 561 shares during the period. Tidal Investments LLC increased its stake in shares of Equity Lifestyle Properties by 10.6% in the 2nd quarter. Tidal Investments LLC now owns 185,999 shares of the real estate investment trust’s stock worth $11,988,000 after acquiring an additional 17,878 shares in the last quarter. Van Hulzen Asset Management LLC bought a new position in shares of Equity Lifestyle Properties in the 2nd quarter worth about $709,000. Integrated Wealth Concepts LLC purchased a new position in Equity Lifestyle Properties during the 2nd quarter valued at about $103,000. Finally, NewEdge Advisors LLC lifted its position in Equity Lifestyle Properties by 6.1% during the 2nd quarter. NewEdge Advisors LLC now owns 62,594 shares of the real estate investment trust’s stock valued at $4,034,000 after acquiring an additional 3,605 shares during the period. Institutional investors own 97.21% of the company’s stock. Equity Lifestyle Properties Stock Performance Shares of ELS stock opened at $58.73 on Wednesday. The firm has a market capitalization of $11.40 billion, a price-to-earnings ratio of 28.24, a PEG ratio of 3.44 and a beta of 0.64. The stock has a fifty day moving average of $63.37 and a 200 day moving average of $63.60. Equity Lifestyle Properties has a 52 week low of $58.38 and a 52 week high of $69.00. The company has a quick ratio of 0.02, a current ratio of 0.02 and a debt-to-equity ratio of 0.31.
Equity Lifestyle Properties (NYSE:ELS – Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.22). Equity Lifestyle Properties had a net margin of 25.92% and a return on equity of 22.31%. The company had revenue of $397.81 million for the quarter, compared to analysts’ expectations of $383.66 million. During the same period in the previous year, the firm posted $0.69 earnings per share. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, research analysts expect that Equity Lifestyle Properties will post 3.2 earnings per share for the current year.
Equity Lifestyle Properties Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 25th will be paid a $0.5425 dividend. This represents a $2.17 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Friday, September 25th. Equity Lifestyle Properties’s dividend payout ratio is presently 104.33%.
Equity Lifestyle Properties Company Profile (Get Free Report)
Equity LifeStyle Properties, Inc (NYSE:ELS) is a real estate investment trust that owns and operates manufactured home communities, recreational vehicle resorts and marinas. Its properties provide residential sites for manufactured homes and park model homes, as well as vacation-oriented accommodations and facilities for RV owners and boaters.
The company serves a range of residents and travelers through long-term manufactured housing communities, seasonal and transient RV resorts, and marina properties.
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Equity Lifestyle Properties gets a buy for my initial rating, agreeing with the Wall St. consensus. The strongest drivers are the top- and bottom-line growth cases but also the macro demand for more cost-effective housing. Despite a recent downgrade to neutral at Mizuho, this REIT's portfolio is generating cash flow in a unique niche, and D/E improved from 5 years ago.
Equity LifeStyle Properties, Inc. (ELS) BofA NY Global Real Estate Conference 2026 September 15, 2026 1:30 PM EDT
Company Participants
Marguerite Nader - CEO & Non-Independent Vice Chairman
Patrick Waite - President & COO
Paul Seavey - Executive VP & CFO
Conference Call Participants
Jana Galan - BofA Securities, Research Division
Jeffrey Spector - BofA Securities, Research Division
Presentation
Jana Galan
BofA Securities, Research Division
Good afternoon. Welcome to Bank of America's 2026 Global Real Estate Conference. I'm Jana Galan, BofA's residential REIT analyst. We're pleased to have with us Equity LifeStyle's CEO, Marguerite Nader; President and COO, Patrick Waite; CFO, Paul Seavey.
Marguerite will start with a few opening remarks, and then we can jump into Q&A.
Marguerite Nader
CEO & Non-Independent Vice Chairman
Sure. Thank you very much, Jana. Thank you for the opportunity to present today. So at this conference, we've been focused on a couple of highlights that are in our investor presentation. One on Page 5, our performance update, which shows that we're tracking in line with our guidance for the quarter and for the year. And Page 4 of our presentation shows our core NOI and normalized FFO, both significantly outpacing the REIT industry average. We think that's important to highlight and continue to show you that as it grows.
And then Page 6 of our presentation shows that ELS significantly outpaces the REIT industry in normalized FFO growth, dividend growth and exposure to floating rate debt. So those are some of the key items that we're talking about and making sure that investors are focused on during this conference.
Question-and-Answer Session
Jana Galan
BofA Securities, Research Division
Great. Maybe starting very big picture. How do you view the long-term demand outlook for manufactured housing given the ongoing affordability challenges and then also the demographic tailwinds for your portfolio?
, /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced that we will participate in the Bank of America Securities 2026 Global Real Estate Conference. Members of our executive management team will participate in a roundtable discussion on Tuesday, September 15, 2026 at 1:30 PM Eastern Time. The session will be broadcast live and a link to the webcast will be accessible in the Investor Relations section of our website at https://equitylifestyle.gcs-web.com/events-calendar.
This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "estimate," "guidance," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting.
For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.
These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 453 properties located predominantly in the United States, consisting of 173,559 sites as of June 30, 2026. We are a self-administered, self-managed real estate investment trust with headquarters in Chicago.
Investors might want to bet on Equity Lifestyle Properties (ELS - Free Report) , as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.
The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for Equity Lifestyle Properties is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
For Equity Lifestyle Properties, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Equity Lifestyle PropertiesThis resort community operator is expected to earn $3.20 per share for the fiscal year ending December 2026, which represents no year-over-year change.
Analysts have been steadily raising their estimates for Equity Lifestyle Properties. Over the past three months, the Zacks Consensus Estimate for the company has increased 0.5%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Equity Lifestyle Properties to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Nykredit A S purchased a new stake in Equity Lifestyle Properties, Inc. (NYSE:ELS – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,921 shares of the real estate investment trust’s stock, valued at approximately $768,000.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. bought a new stake in Equity Lifestyle Properties in the 2nd quarter valued at about $1,576,449,000. Price T Rowe Associates Inc. MD lifted its position in Equity Lifestyle Properties by 303.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,948,613 shares of the real estate investment trust’s stock worth $966,648,000 after purchasing an additional 11,999,874 shares during the period. Daiwa Securities Group Inc. grew its stake in Equity Lifestyle Properties by 253.7% during the third quarter. Daiwa Securities Group Inc. now owns 3,147,048 shares of the real estate investment trust’s stock worth $191,025,000 after buying an additional 2,257,299 shares in the last quarter. Cohen & Steers Inc. raised its position in shares of Equity Lifestyle Properties by 26.8% in the 4th quarter. Cohen & Steers Inc. now owns 10,614,040 shares of the real estate investment trust’s stock valued at $643,331,000 after buying an additional 2,246,622 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Equity Lifestyle Properties during the 4th quarter worth approximately $125,352,000. Institutional investors and hedge funds own 97.21% of the company’s stock.
Equity Lifestyle Properties Stock Down 0.1% Shares of Equity Lifestyle Properties stock opened at $62.37 on Tuesday. Equity Lifestyle Properties, Inc. has a one year low of $58.72 and a one year high of $69.00. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.02 and a quick ratio of 0.02. The stock’s 50-day moving average is $64.81 and its 200 day moving average is $64.43. The firm has a market cap of $12.10 billion, a price-to-earnings ratio of 29.99, a PEG ratio of 3.64 and a beta of 0.64.
Equity Lifestyle Properties (NYSE:ELS – Get Free Report) last issued its earnings results on Thursday, July 23rd. The real estate investment trust reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.22). Equity Lifestyle Properties had a return on equity of 22.31% and a net margin of 25.92%.The business had revenue of $397.81 million during the quarter, compared to the consensus estimate of $383.66 million. During the same quarter in the previous year, the firm posted $0.69 earnings per share. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. Equities research analysts anticipate that Equity Lifestyle Properties, Inc. will post 3.2 EPS for the current year. Equity Lifestyle Properties Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 25th will be issued a $0.5425 dividend. This represents a $2.17 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Friday, September 25th. Equity Lifestyle Properties’s dividend payout ratio (DPR) is currently 104.33%.
Wall Street Analyst Weigh In Several equities analysts have recently issued reports on ELS shares. Jefferies Financial Group upgraded Equity Lifestyle Properties to a “strong-buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings raised Equity Lifestyle Properties from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, August 14th. Odeon Capital Group set a $65.00 price target on shares of Equity Lifestyle Properties in a report on Thursday, July 9th. Barclays set a $69.00 price objective on shares of Equity Lifestyle Properties and gave the stock an “equal weight” rating in a research report on Monday, August 17th. Finally, Wells Fargo & Company lowered their price target on shares of Equity Lifestyle Properties from $70.00 to $69.00 and set an “equal weight” rating for the company in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Equity Lifestyle Properties presently has an average rating of “Moderate Buy” and a consensus target price of $68.52.
View Our Latest Report on ELS
Equity Lifestyle Properties Company Profile (Free Report)
Equity Lifestyle Properties, Inc (NYSE: ELS) is a publicly traded real estate investment trust specializing in the acquisition, development, ownership and operation of manufactured home communities and recreational vehicle resorts. The company’s portfolio includes more than 450 properties across the United States and Canada, serving over 200,000 residents and visitors. ELS organizes its operations into two primary segments: manufactured housing communities, which provide long-term housing solutions, and upscale RV and seasonal resorts designed for leisure travelers and seasonal patrons.
In its manufactured home division, ELS offers home-site leases combined with community amenities such as landscaped common areas, clubhouses, swimming pools and organized resident events.
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For Immediate ReleaseChicago, IL – August 26, 2026 – Today, Zacks Equity Essex Property Trust, Inc. (ESS - Free Report) , Equity LifeStyle Properties, Inc. (ELS - Free Report) and American Homes 4 Rent (AMH - Free Report) .
The Zacks REIT and Equity Trust - Residential industry is entering a more favorable phase as slowing apartment development eases supply pressure. Strong occupancy and resident retention support dependable rental income, while fewer future deliveries should improve pricing power and market balance. These trends favor steadier revenues and growth for Essex Property Trust, Inc., Equity LifeStyle Properties, Inc. and American Homes 4 Rent.
Still, weak new-lease pricing and excess supply in Sunbelt markets could keep near-term earnings and NOI growth uneven. Landlords may continue prioritizing occupancy over aggressive rent increases, delaying a broader recovery despite improving fundamentals across the residential sector.
About the IndustryThe Zacks REIT and Equity Trust - Residential category includes companies that own, develop and manage various residential properties, such as apartment buildings, student housing, manufactured homes and single-family homes. These REITs generate revenues by renting spaces to tenants. While most residential REITs lease properties like apartments and single-family homes to a broad range of tenants, student housing is exclusively leased to students.
As a result, student housing properties are typically located near colleges and universities to serve their target demographic. The demand for student housing is closely tied to enrollment growth at educational institutions, making it a key driver for this market segment. Some residential REITs may focus on specific regions or types of housing to better address local market dynamics or serve particular tenant demographics.
What's Shaping the REIT & Equity Trust - Residential Industry's Future?Falling New Supply Is Improving the Industry’s Setup: Residential REITs are expected to benefit from a more balanced supply environment as apartment development slows. In recent years, landlords faced strong competition from newly completed properties, which limited rent growth and increased the need for concessions.
With financing and construction conditions making new projects more difficult to justify, future apartment supply is likely to grow at a slower pace. This is expected to gradually reduce competitive pressure on existing properties. While markets that experienced heavy development in recent times, such as the SunBelt markets, may need more time to absorb recently completed units, a smaller future pipeline could improve their long-term position.
With renter demand remaining stable while supply growth moderates, landlords are likely to gain greater flexibility to maintain occupancy, reduce incentives and improve pricing power. For residential REITs, this creates a more favorable operating setup and could support stronger property-level performance as supply and demand move toward a healthier balance. Student housing pre-leasing remains healthy for Fall 2026, supported by steady demand.
Resident Retention Supports Stable Revenues: Strong occupancy and resident retention are providing residential REITs with an important source of stability. Keeping existing tenants is helping landlords maintain dependable rental income while reducing the costs associated with vacancies, apartment turnover, marketing and leasing incentives.
This is especially valuable with pricing on new leases remaining relatively weak because renewals can help offset some of that pressure. High retention is also allowing operators to prioritize occupancy rather than pushing rents aggressively in uncertain markets.
At the same time, management is focused on improving portfolio quality and financial flexibility through selective property sales, acquisitions, debt reduction and share repurchases. The combination of AvalonBay Communities and Equity Residential into Vivmark Residential (VMRK) highlights the industry's push toward greater scale, cost efficiencies, and stronger competitive positioning.
New Lease Pricing and NOI Recovery Remain Uneven: Although apartment fundamentals are improving, the recovery in residential REIT earnings may take longer to develop. Higher occupancy is not immediately resulting in stronger revenues or property-level income, particularly when landlords are still facing weak pricing on new leases. Many landlords are preferring to protect occupancy rather than raise rents aggressively, which supports stability but is limiting near-term earnings growth.
The continued difference between healthy renewal pricing and weaker new leases suggests tenants retain bargaining power where available units remain plentiful. As a result, the recovery is likely to unfold gradually rather than accelerate quickly. Coastal portfolios could remain better positioned because limited construction supports pricing, while Sunbelt and growth-oriented markets may require additional time to absorb excess supply. This creates an uneven operating environment across the sector.
Zacks Industry Rank Indicates Bright ProspectsThe REIT and Equity Trust - Residential industry is housed within the broader Finance sector. It carries a Zacks Industry Rank #96, which places it in the top 39% of around 250 Zacks industries.
The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates robust near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.
The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of the upward funds from operations (FFO) per share outlook for the constituent companies in aggregate. Looking at the aggregate FFO per share estimate revisions, it appears that analysts are gaining confidence in this group’s growth potential.
Before we present a few stocks that you may want to consider for your portfolio, let us take a look at the industry’s recent stock market performance and valuation picture first.
Industry Underperforms Sector and S&P 500The Zacks REIT and Equity Trust - Residential industry has underperformed the broader Zacks Finance sector and the S&P 500 composite over the past year.
The industry has declined 5.1% during this period against the S&P 500’s rise of 21.3%. The broader Finance sector has risen 12.1%.
Industry's Current ValuationOn the basis of the forward 12-month price-to-FFO ratio, which is a commonly used multiple for valuing residential REITs, we see that the industry is currently trading at 15.50 compared with the S&P 500’s forward 12-month price-to-earnings (P/E) of 20.37. The industry is also trading below the Finance sector’s forward 12-month P/E of 16.83.
Over the last five years, the industry has traded as high as 26.17 and as low as 13.02, with a median of 16.60.
3 Residential REITs to ConsiderAmerican Homes 4 Rent: This is a leading U.S. single-family rental REIT with an integrated model spanning development, leasing and property management. Its portfolio is concentrated in high-growth markets and totaled 60,482 homes as of June 30, 2026. AMH also has an in-house development platform, giving it greater control over product quality, community design and portfolio expansion.
AMH’s scale, occupancy and development capabilities support an attractive growth profile. Same-home occupancy was 96% in second-quarter 2026, reflecting demand, while the company delivered 651 built, energy-efficient homes during the quarter. Its pipeline included 5,738 owned or optioned lots, providing capacity for future growth.
With an integrated operating platform, disciplined expansion and exposure to markets benefiting from household formation and limited affordable housing supply, AMH is well positioned to compound rental income and portfolio value.
The Zacks Consensus Estimate for 2026 FFO per share of $1.95 indicates a 4.28% increase year over year. The consensus mark for 2027 FFO per share has been revised upward over the past month to $2.03, implying a 3.95% year-over-year rise. The company’s shares have risen 6.4% over the past three months. American Homes 4 Rent currently carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Essex Property Trust, Inc.: This is a multifamily REIT focused exclusively on high-barrier West Coast markets, primarily Northern and Southern California and Seattle. Its portfolio spans eight markets, 258 apartment communities and more than 62,000 homes, with 85% of NOI generated from suburban assets. Essex combines scale, local market expertise and an integrated operating platform to own, develop and enhance well-located apartment communities.
ESS benefits from limited new housing supply, high homeownership costs and strong household incomes across its markets, supporting durable rental demand. The portfolio’s median household income is about $136,000, while buying a home costs 2.5 times renting.
Operationally, same-property occupancy remained strong at 96.3% in second-quarter 2026, with revenues and NOI up 2.7% and 2.6%, respectively. These fundamentals reinforce Essex’s long-term rent growth and cash flow potential.
Essex Property currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for its 2026 FFO per share suggests a year-over-year increase of 1.51%. The consensus mark for 2027 FFO per share calls for 3.11% year-over-year growth. The company’s shares have gained 4.4% over the past three months.
Equity LifeStyle Properties: This is a self-administered, self-managed REIT focused on manufactured home communities, RV resorts and marinas. As of June 30, 2026, ELS owned or held interests in 453 properties spanning 35 U.S. states and British Columbia, comprising 173,559 sites. Its diversified portfolio serves long-term residents and leisure customers, providing recurring rental and membership-based revenue streams.
ELS benefits from scale, attractive lifestyle-oriented real estate and resilient demand across housing and outdoor recreation. The company’s core portfolio delivered 6.5% growth in property operating income in second-quarter 2026, while manufactured-home base rental income increased 5.8%. Its balance sheet is supportive, with debt representing just 20.5% of total market capitalization and interest coverage of 5.6 times. These strengths position ELS to compound cash flows through rent growth, occupancy and disciplined portfolio investment.
The Zacks Consensus Estimate for 2026 FFO per share of $3.20 indicates a 4.58% increase year over year. The consensus mark for 2027 FFO per share of $3.37 implies a 5.47% year-over-year rise. The company’s shares have risen 3% over the past three months. Equity Lifestyle currently carries a Zacks Rank of 3.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
America's REIT Dream Team features five 'anchor' REITs positioned for secular growth, robust balance sheets, and resilient dividends. Each REIT is selected for exposure to powerful catalysts: housing affordability, aging demographics, densification, middle-market capital needs, and American reindustrialization. Current valuations for AMH, ELS, FRT, EPRT, and EGP are below historical averages, offering potential for double-digit annualized total returns.
The Zacks REIT and Equity Trust - Residential industry is entering a more favorable phase as slowing apartment development eases supply pressure. Strong occupancy and resident retention support dependable rental income, while fewer future deliveries should improve pricing power and market balance. These trends favor steadier revenues and growth for Essex Property Trust, Inc. (ESS - Free Report) , Equity LifeStyle Properties, Inc. (ELS - Free Report) and American Homes 4 Rent (AMH - Free Report) .
Still, weak new-lease pricing and excess supply in Sunbelt markets could keep near-term earnings and NOI growth uneven. Landlords may continue prioritizing occupancy over aggressive rent increases, delaying a broader recovery despite improving fundamentals across the residential sector.
About the Industry The Zacks REIT and Equity Trust - Residential category includes companies that own, develop and manage various residential properties, such as apartment buildings, student housing, manufactured homes and single-family homes. These REITs generate revenues by renting spaces to tenants. While most residential REITs lease properties like apartments and single-family homes to a broad range of tenants, student housing is exclusively leased to students. As a result, student housing properties are typically located near colleges and universities to serve their target demographic. The demand for student housing is closely tied to enrollment growth at educational institutions, making it a key driver for this market segment. Some residential REITs may focus on specific regions or types of housing to better address local market dynamics or serve particular tenant demographics.
What's Shaping the REIT & Equity Trust - Residential Industry's Future? Falling New Supply Is Improving the Industry’s Setup: Residential REITs are expected to benefit from a more balanced supply environment as apartment development slows. In recent years, landlords faced strong competition from newly completed properties, which limited rent growth and increased the need for concessions. With financing and construction conditions making new projects more difficult to justify, future apartment supply is likely to grow at a slower pace. This is expected to gradually reduce competitive pressure on existing properties. While markets that experienced heavy development in recent times, such as the SunBelt markets, may need more time to absorb recently completed units, a smaller future pipeline could improve their long-term position. With renter demand remaining stable while supply growth moderates, landlords are likely to gain greater flexibility to maintain occupancy, reduce incentives and improve pricing power. For residential REITs, this creates a more favorable operating setup and could support stronger property-level performance as supply and demand move toward a healthier balance. Student housing pre-leasing remains healthy for Fall 2026, supported by steady demand.
Resident Retention Supports Stable Revenues: Strong occupancy and resident retention are providing residential REITs with an important source of stability. Keeping existing tenants is helping landlords maintain dependable rental income while reducing the costs associated with vacancies, apartment turnover, marketing and leasing incentives. This is especially valuable with pricing on new leases remaining relatively weak because renewals can help offset some of that pressure. High retention is also allowing operators to prioritize occupancy rather than pushing rents aggressively in uncertain markets. At the same time, management is focused on improving portfolio quality and financial flexibility through selective property sales, acquisitions, debt reduction and share repurchases. The combination of AvalonBay Communities and Equity Residential into Vivmark Residential (VMRK) highlights the industry's push toward greater scale, cost efficiencies, and stronger competitive positioning.
New Lease Pricing and NOI Recovery Remain Uneven: Although apartment fundamentals are improving, the recovery in residential REIT earnings may take longer to develop. Higher occupancy is not immediately resulting in stronger revenues or property-level income, particularly when landlords are still facing weak pricing on new leases. Many landlords are preferring to protect occupancy rather than raise rents aggressively, which supports stability but is limiting near-term earnings growth. The continued difference between healthy renewal pricing and weaker new leases suggests tenants retain bargaining power where available units remain plentiful. As a result, the recovery is likely to unfold gradually rather than accelerate quickly. Coastal portfolios could remain better positioned because limited construction supports pricing, while Sunbelt and growth-oriented markets may require additional time to absorb excess supply. This creates an uneven operating environment across the sector.
Zacks Industry Rank Indicates Bright Prospects The REIT and Equity Trust - Residential industry is housed within the broader Finance sector. It carries a Zacks Industry Rank #96, which places it in the top 39% of around 250 Zacks industries.
The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates robust near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.
The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of the upward funds from operations (FFO) per share outlook for the constituent companies in aggregate. Looking at the aggregate FFO per share estimate revisions, it appears that analysts are gaining confidence in this group’s growth potential.
Before we present a few stocks that you may want to consider for your portfolio, let us take a look at the industry’s recent stock market performance and valuation picture first.
Industry Underperforms Sector and S&P 500 The Zacks REIT and Equity Trust - Residential industry has underperformed the broader Zacks Finance sector and the S&P 500 composite over the past year.
The industry has declined 5.1% during this period against the S&P 500’s rise of 21.3%. The broader Finance sector has risen 12.1%.
1-Year Price Performance
Industry's Current Valuation On the basis of the forward 12-month price-to-FFO ratio, which is a commonly used multiple for valuing residential REITs, we see that the industry is currently trading at 15.50 compared with the S&P 500’s forward 12-month price-to-earnings (P/E) of 20.37. The industry is also trading below the Finance sector’s forward 12-month P/E of 16.83. This is shown in the chart below.
Forward 12-Month Price-to-FFO (P/FFO) Ratio
Over the last five years, the industry has traded as high as 26.17 and as low as 13.02, with a median of 16.60.
3 Residential REITs to Consider American Homes 4 Rent: This is a leading U.S. single-family rental REIT with an integrated model spanning development, leasing and property management. Its portfolio is concentrated in high-growth markets and totaled 60,482 homes as of June 30, 2026. AMH also has an in-house development platform, giving it greater control over product quality, community design and portfolio expansion.
AMH’s scale, occupancy and development capabilities support an attractive growth profile. Same-home occupancy was 96% in second-quarter 2026, reflecting demand, while the company delivered 651 built, energy-efficient homes during the quarter. Its pipeline included 5,738 owned or optioned lots, providing capacity for future growth.
With an integrated operating platform, disciplined expansion and exposure to markets benefiting from household formation and limited affordable housing supply, AMH is well positioned to compound rental income and portfolio value.
The Zacks Consensus Estimate for 2026 FFO per share of $1.95 indicates a 4.28% increase year over year. The consensus mark for 2027 FFO per share has been revised upward over the past month to $2.03, implying a 3.95% year-over-year rise. The company’s shares have risen 6.4% over the past three months. American Homes 4 Rent currently carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Essex Property Trust, Inc.: This is a multifamily REIT focused exclusively on high-barrier West Coast markets, primarily Northern and Southern California and Seattle. Its portfolio spans eight markets, 258 apartment communities and more than 62,000 homes, with 85% of NOI generated from suburban assets. Essex combines scale, local market expertise and an integrated operating platform to own, develop and enhance well-located apartment communities.
ESS benefits from limited new housing supply, high homeownership costs and strong household incomes across its markets, supporting durable rental demand. The portfolio’s median household income is about $136,000, while buying a home costs 2.5 times renting.
Operationally, same-property occupancy remained strong at 96.3% in second-quarter 2026, with revenues and NOI up 2.7% and 2.6%, respectively. These fundamentals reinforce Essex’s long-term rent growth and cash flow potential.
Essex Property currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for its 2026 FFO per share suggests a year-over-year increase of 1.51%. The consensus mark for 2027 FFO per share calls for 3.11% year-over-year growth. The company’s shares have gained 4.4% over the past three months.
Equity LifeStyle Properties: This is a self-administered, self-managed REIT focused on manufactured home communities, RV resorts and marinas. As of June 30, 2026, ELS owned or held interests in 453 properties spanning 35 U.S. states and British Columbia, comprising 173,559 sites. Its diversified portfolio serves long-term residents and leisure customers, providing recurring rental and membership-based revenue streams.
ELS benefits from scale, attractive lifestyle-oriented real estate and resilient demand across housing and outdoor recreation. The company’s core portfolio delivered 6.5% growth in property operating income in second-quarter 2026, while manufactured-home base rental income increased 5.8%. Its balance sheet is supportive, with debt representing just 20.5% of total market capitalization and interest coverage of 5.6 times. These strengths position ELS to compound cash flows through rent growth, occupancy and disciplined portfolio investment.
The Zacks Consensus Estimate for 2026 FFO per share of $3.20 indicates a 4.58% increase year over year. The consensus mark for 2027 FFO per share of $3.37 implies a 5.47% year-over-year rise. The company’s shares have risen 3% over the past three months. Equity Lifestyle currently carries a Zacks Rank of 3.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Sam Zell's disciplined, contrarian approach to REIT investing emphasizes margin of safety, capital allocation, and distinguishing value from value traps. American Homes 4 Rent, Equity LifeStyle Properties, Americold Realty Trust, and Rexford Industrial Realty are highlighted as 'Grave Dancer' opportunities with misunderstood risks and catalysts. AMH and ELS benefit from regulatory barriers and demographic tailwinds, while COLD and REXR offer deep value due to cyclical or geographic headwinds and capital recycling strategies.
Aurora Investment Managers LLC. lowered its stake in Equity Lifestyle Properties, Inc. (NYSE:ELS – Free Report) by 85.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,822 shares of the real estate investment trust’s stock after selling 46,469 shares during the period. Aurora Investment Managers LLC.’s holdings in Equity Lifestyle Properties were worth $504,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Empowered Funds LLC increased its stake in Equity Lifestyle Properties by 14.1% in the 1st quarter. Empowered Funds LLC now owns 6,516 shares of the real estate investment trust’s stock worth $435,000 after purchasing an additional 804 shares during the period. Jane Street Group LLC boosted its stake in shares of Equity Lifestyle Properties by 598.5% during the first quarter. Jane Street Group LLC now owns 119,397 shares of the real estate investment trust’s stock valued at $7,964,000 after purchasing an additional 102,303 shares during the period. Intech Investment Management LLC grew its holdings in shares of Equity Lifestyle Properties by 62.3% in the first quarter. Intech Investment Management LLC now owns 23,114 shares of the real estate investment trust’s stock worth $1,542,000 after purchasing an additional 8,873 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Equity Lifestyle Properties by 111.0% in the second quarter. Cetera Investment Advisers now owns 10,122 shares of the real estate investment trust’s stock worth $624,000 after purchasing an additional 5,325 shares during the last quarter. Finally, Gamco Investors INC. ET AL purchased a new position in shares of Equity Lifestyle Properties in the second quarter worth $300,000. Institutional investors own 97.21% of the company’s stock.
Wall Street Analyst Weigh In ELS has been the subject of several analyst reports. Weiss Ratings cut shares of Equity Lifestyle Properties from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 30th. Wall Street Zen raised Equity Lifestyle Properties from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. Truist Financial set a $67.00 price target on Equity Lifestyle Properties and gave the company a “hold” rating in a report on Tuesday, May 5th. Jefferies Financial Group upgraded Equity Lifestyle Properties to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Robert W. Baird lifted their price objective on Equity Lifestyle Properties from $73.00 to $74.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $68.70.
Check Out Our Latest Analysis on ELS
Equity Lifestyle Properties Price Performance ELS opened at $65.23 on Friday. The firm has a market cap of $12.66 billion, a PE ratio of 31.36, a P/E/G ratio of 3.77 and a beta of 0.64. The stock has a 50-day moving average price of $64.25 and a 200-day moving average price of $64.50. Equity Lifestyle Properties, Inc. has a 1 year low of $58.72 and a 1 year high of $69.00. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.02 and a quick ratio of 0.02.
Equity Lifestyle Properties (NYSE:ELS – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $0.50 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.22). Equity Lifestyle Properties had a net margin of 25.92% and a return on equity of 22.31%. The firm had revenue of $397.81 million for the quarter, compared to analysts’ expectations of $383.66 million. During the same period last year, the company posted $0.69 earnings per share. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. Sell-side analysts predict that Equity Lifestyle Properties, Inc. will post 3.19 earnings per share for the current fiscal year.
Equity Lifestyle Properties Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 25th will be paid a $0.5425 dividend. The ex-dividend date is Friday, September 25th. This represents a $2.17 annualized dividend and a dividend yield of 3.3%. Equity Lifestyle Properties’s payout ratio is currently 104.33%.
Equity Lifestyle Properties Profile (Free Report)
Equity Lifestyle Properties, Inc (NYSE: ELS) is a publicly traded real estate investment trust specializing in the acquisition, development, ownership and operation of manufactured home communities and recreational vehicle resorts. The company’s portfolio includes more than 450 properties across the United States and Canada, serving over 200,000 residents and visitors. ELS organizes its operations into two primary segments: manufactured housing communities, which provide long-term housing solutions, and upscale RV and seasonal resorts designed for leisure travelers and seasonal patrons.
In its manufactured home division, ELS offers home-site leases combined with community amenities such as landscaped common areas, clubhouses, swimming pools and organized resident events.
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Amundi lessened its holdings in Equity Lifestyle Properties, Inc. (NYSE:ELS – Free Report) by 72.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 150,852 shares of the real estate investment trust’s stock after selling 397,627 shares during the period. Amundi owned 0.08% of Equity Lifestyle Properties worth $9,416,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of the stock. Empowered Funds LLC grew its position in shares of Equity Lifestyle Properties by 3.5% during the fourth quarter. Empowered Funds LLC now owns 5,055 shares of the real estate investment trust’s stock valued at $306,000 after purchasing an additional 169 shares in the last quarter. Bessemer Group Inc. lifted its stake in Equity Lifestyle Properties by 30.3% in the first quarter. Bessemer Group Inc. now owns 735 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 171 shares during the last quarter. Northwestern Mutual Investment Management Company LLC boosted its position in shares of Equity Lifestyle Properties by 0.4% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 43,367 shares of the real estate investment trust’s stock valued at $2,628,000 after buying an additional 172 shares during the period. Private Advisor Group LLC boosted its position in shares of Equity Lifestyle Properties by 3.7% during the third quarter. Private Advisor Group LLC now owns 4,948 shares of the real estate investment trust’s stock valued at $300,000 after buying an additional 178 shares during the period. Finally, Fifth Third Bancorp increased its position in shares of Equity Lifestyle Properties by 3.5% during the first quarter. Fifth Third Bancorp now owns 5,561 shares of the real estate investment trust’s stock worth $347,000 after acquiring an additional 189 shares during the period. 97.21% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth A number of equities research analysts recently weighed in on ELS shares. Robert W. Baird upped their price objective on Equity Lifestyle Properties from $73.00 to $74.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 22nd. Wells Fargo & Company lowered their price target on Equity Lifestyle Properties from $70.00 to $69.00 and set an “equal weight” rating for the company in a report on Monday, June 1st. Jefferies Financial Group upgraded Equity Lifestyle Properties to a “strong-buy” rating in a research note on Wednesday, July 22nd. Wall Street Zen raised shares of Equity Lifestyle Properties from a “sell” rating to a “hold” rating in a research report on Saturday, April 11th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Equity Lifestyle Properties from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $68.70.
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Equity Lifestyle Properties Stock Up 0.2% ELS opened at $65.01 on Thursday. Equity Lifestyle Properties, Inc. has a fifty-two week low of $58.72 and a fifty-two week high of $69.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.02 and a current ratio of 0.02. The company has a fifty day moving average of $64.13 and a two-hundred day moving average of $64.48. The stock has a market capitalization of $12.62 billion, a price-to-earnings ratio of 31.25, a PEG ratio of 3.80 and a beta of 0.64.
Equity Lifestyle Properties (NYSE:ELS – Get Free Report) last posted its earnings results on Thursday, July 23rd. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by ($0.22). Equity Lifestyle Properties had a return on equity of 22.31% and a net margin of 25.92%.The firm had revenue of $397.81 million for the quarter, compared to analysts’ expectations of $383.66 million. During the same period in the previous year, the company earned $0.69 earnings per share. The company’s revenue was up 5.5% compared to the same quarter last year. On average, research analysts expect that Equity Lifestyle Properties, Inc. will post 3.18 earnings per share for the current year.
Equity Lifestyle Properties Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 25th will be given a dividend of $0.5425 per share. The ex-dividend date is Friday, September 25th. This represents a $2.17 dividend on an annualized basis and a yield of 3.3%. Equity Lifestyle Properties’s dividend payout ratio is currently 104.33%.
Equity Lifestyle Properties Profile (Free Report)
Equity Lifestyle Properties, Inc (NYSE: ELS) is a publicly traded real estate investment trust specializing in the acquisition, development, ownership and operation of manufactured home communities and recreational vehicle resorts. The company’s portfolio includes more than 450 properties across the United States and Canada, serving over 200,000 residents and visitors. ELS organizes its operations into two primary segments: manufactured housing communities, which provide long-term housing solutions, and upscale RV and seasonal resorts designed for leisure travelers and seasonal patrons.
In its manufactured home division, ELS offers home-site leases combined with community amenities such as landscaped common areas, clubhouses, swimming pools and organized resident events.
Further Reading Five stocks we like better than Equity Lifestyle Properties SpaceX: Love the Company, But the Stock Is a Harder Call Ulta’s Growth Is Real, But So Are the Risks BWX Technologies Is Turning the AI Power Problem Into a Nuclear Growth Story Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Want to see what other hedge funds are holding ELS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Equity Lifestyle Properties, Inc. (NYSE:ELS – Free Report).
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« PREVIOUS HEADLINECircle Internet Group, Inc. $CRCL Stock Holdings Increased by Amundi
, /PRNewswire/ -- On July 28, 2026, the Board of Directors of Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") declared a third quarter 2026 dividend of $0.5425 per common share, representing, on an annualized basis, a dividend of $2.17 per common share. The dividend will be paid on October 9, 2026 to stockholders of record at the close of business on September 25, 2026.
This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting.
For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.
These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 453 properties located predominantly in the United States consisting of 173,559 sites as of June 30, 2026. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago.
REITs Set for a 2026 Rebound? 7 Top Picks as Rate Cuts ApproachEquity Lifestyle Properties NYSE: ELS raised its full-year outlook after reporting stronger-than-expected second-quarter 2026 results, with management citing continued strength in manufactured housing, annual RV and marina revenues, and expense controls across the portfolio.
Vice Chairman and CEO Marguerite Nader said the company’s net operating income increased 6.5% from a year earlier in the quarter, while normalized funds from operations per share rose 7.7%. Executive Vice President and CFO Paul Seavey said second-quarter normalized FFO was $0.74 per share.
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3 Stocks Wall Street Could Be Watching on Fannie Mae’s Rally“The strength of our portfolio allows us to raise our full year guidance for normalized FFO per share,” Nader said on the call. She said the company continues to benefit from long-term demographic trends, including an aging population and the fact that approximately 70% of its manufactured housing communities are oriented toward senior lifestyles.
Manufactured Housing Occupancy Improves Manufactured housing remains the company’s largest business line, representing about 60% of total revenue. Nader said the manufactured housing core portfolio had occupancy of 94%, and that occupancy had increased for two consecutive quarters.
3 Stocks to Watch as New Home Listings Climb AgainPresident and COO Patrick Waite said year-to-date manufactured housing occupancy growth came from both home sales and rentals. He said demand remained supported by the company’s 55-and-older customer base, particularly in Florida markets such as West Palm Beach, Fort Lauderdale, Tampa, St. Pete and Ocala-Daytona, where residents see value compared with alternative housing options.
Waite also said the company continues to see steady demand in California and Arizona, while northern U.S. markets were in the middle of the summer home-selling season. He noted that roughly 40% of new home sales in the quarter came from the Midwest, Northeast and Mid-Atlantic markets.
In response to an analyst question about returning occupancy toward 95%, Waite said the company added about 70 units over the last two quarters and expects continued growth in coming quarters. He said prior storm impacts required recovery work and the placement of inventory into affected communities, but added that management feels good about demand in the back half of the year.
Nader added that more than 50% of the company’s properties are 98% occupied and have been for several years, which she attributed to customers’ long-term commitments and homeownership. She said 97% of manufactured housing residents own their homes.
RV and Marina Annual Revenue Grows, While Transient Stays Remain Uneven Nader said annual RV and marina revenue increased 4.8% year to date, driven by retention across RV sites, park models, resort cottages and other RV accommodations. She said the company saw lower customer attrition than last year and engagement from new customers.
Seavey said core RV and marina annual base rental income, which represents more than 70% of total RV and marina-based rental income, rose 5.4% in the second quarter and 4.8% year to date. However, he said seasonal and transient rent came in 170 basis points below guidance, mainly due to lower-than-expected transient rent in June.
Management lowered its expectations for RV and marina-based rental income growth while raising its outlook for annual RV and marina rent growth by 10 basis points. Seavey said the change reflected current transient reservation pacing for the third quarter and an assumption that fourth-quarter transient rent will be flat year over year.
Waite said transient demand continues to show volatility, with weather affecting results during the summer. He also said smoke from Canadian wildfires had an impact around the Fourth of July period. Asked about holiday performance, Waite said Juneteenth and July Fourth weekends were down slightly from last year, and that the company did not see a meaningful contribution from the World Cup.
Thousand Trails Membership Platform Continues to Add Revenue The Thousand Trails portfolio also contributed to the quarter’s performance. Nader said the membership platform added approximately 800 members during the quarter, while subscription revenue increased 11%.
Waite said the company completed the launch of new Thousand Trails subscription memberships a little more than a year ago. Since then, more than 9,000 memberships have been sold, including almost 7,000 over the last 12 months.
Seavey said the net contribution from the total membership business was $17.1 million in the second quarter and $34.4 million year to date. Year-to-date growth of 9.6% was mainly attributable to rate growth in subscription revenue. Approximately 2,600 upgrade subscriptions were originated by new and existing members year to date.
In response to a question about membership count versus pricing, Nader said the company made a deliberate trade-off emphasizing higher rates rather than volume. She said per dues-paying member revenue increased from about $580 to almost $700, reflecting demand for upgraded benefits such as longer stays, earlier booking windows and cabin rental discounts.
Guidance Raised on Core NOI and Expense Control Seavey said full-year 2026 normalized FFO is now expected to be $3.18 per share at the midpoint of a $3.13 to $3.23 range. The company projects core portfolio property operating income growth of 6% at the midpoint of its 5.5% to 6.5% range.
For the full year, the company expects:
Core revenue growth of 3.9% to 4.9%; Core expense growth of 1.6% to 2.6%; Core NOI growth of 5.5% to 6.5%; Core manufactured housing rent growth of 5.2% to 6.2%; Combined RV and marina rent growth of 1.1% to 2.1%. Seavey said second-quarter core property operating revenues increased 4.9%, while core property operating expenses rose 2.9%, resulting in 6.5% core NOI growth before property management. Year-to-date core NOI before property management increased 5.7%.
Expense growth was 120 basis points below guidance in the second quarter, mainly due to savings in utility and real estate tax expenses following the resolution of appeals at properties in Texas. Seavey said utility income recovery improved to 50.4% year to date, about 220 basis points higher than the same period in 2025.
For the third quarter, the company expects normalized FFO per share of $0.76 to $0.82, with core property operating income growth projected at 6.3% to 6.9%.
Balance Sheet and Expansion Plans Seavey said the company’s balance sheet is insulated from refinance and rate risk, with floating-rate exposure limited to balances on its line of credit. Debt to EBITDAre stood at 4.4 times, and interest coverage was 5.6 times. He said the company has access to approximately $1.2 billion of capital through its combined line of credit and ATM programs.
Management also discussed expansion opportunities in manufactured housing. Waite said property expansions are a key part of the company’s occupancy growth strategy, citing four recent Florida development projects with nearly 500 sites and an age-qualified expansion project in the Phoenix market where the company added more than 20 units of occupancy.
Waite also highlighted the 21st Century ROAD to Housing bill, which he said became law earlier in the month. He said the legislation includes provisions affecting manufactured housing, including an exemption from an institutional investor provision, greater flexibility in HUD-code home design and zoning best-practice guidance encouraging more accommodation of manufactured homes.
Nader said the company will continue looking for opportunities to buy land adjacent to existing properties and pursue manufactured housing developments within its portfolio.
About Equity Lifestyle Properties (NYSE:ELS)Equity Lifestyle Properties, Inc NYSE: ELS is a publicly traded real estate investment trust specializing in the acquisition, development, ownership and operation of manufactured home communities and recreational vehicle resorts. The company's portfolio includes more than 450 properties across the United States and Canada, serving over 200,000 residents and visitors. ELS organizes its operations into two primary segments: manufactured housing communities, which provide long-term housing solutions, and upscale RV and seasonal resorts designed for leisure travelers and seasonal patrons.
In its manufactured home division, ELS offers home-site leases combined with community amenities such as landscaped common areas, clubhouses, swimming pools and organized resident events.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Everyone agrees that there's a housing shortage in the U.S, though estimates of the gap vary widely.
Realtor.com put the housing gap at over four million homes, while JPMorgan Chase says it's probably closer to 1.2 million homes.
Either way, well over a million new homes are needed to match demand.
Home prices are also at an all-time high. The National Association of Realtors puts the median price at $440,600. That's about five times the median household income.
Housing experts believe many steps are needed to make housing more available and affordable, including raising incomes, helping buyers finance home purchases, and removing red tape and overregulation to make it easier to build new homes.
But there's one more solution that is quickly gaining traction, and it's one investors should be aware of -- manufactured housing.
With an ongoing housing shortage across the U.S., many experts see factory-built homes as a major part of the solution, especially when the average manufactured home goes for about $120,000, a price that makes these homes much more affordable for middle- and low-income consumers who would otherwise struggle to afford a site-built home.
Image source: Getty Images.
New legislation will boost manufactured housing Congress recently passed bipartisan housing legislation, the ROAD to Housing Act, which streamlines regulations to make it easier to build new homes and increase housing supply.
Part of the act addresses manufactured housing directly, eliminating long-standing barriers that have driven up the cost of these homes, allowing the creation of multi-story homes, and changing zoning laws to integrate them into existing single-family neighborhoods.
I believe the legislation will benefit two specific types of companies: those that make manufactured and modular homes, including Legacy Housing (LEGH -1.06%) and Champion Homes (SKY -0.58%), and manufactured housing real estate investment trusts (REITs) such as Sun Communities (SUI +0.52%) and Equity LifeStyle Properties (ELS +0.89%).
Legacy Housing builds, sells, and finances both manufactured homes and tiny houses in the U.S. Meanwhile, Champion Homes builds manufactured and modular homes as well as modular buildings for multi-family, hospitality, and senior housing.
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Sun Communities has a portfolio of 513 manufactured home communities in the U.S., Canada, and the United Kingdom. And Equity LifeStyle Properties' portfolio consists of 453 properties in the U.S and Canada.
Globally, the manufactured housing market was valued at around $36 billion in 2025 and is growing by 4% a year, expected to reach about $50 billion by 2034.
Given the persistent housing crisis in the U.S., with both undersupply and low affordability, and recognizing that manufactured housing can be a major part of the solution, these housing companies are definitely worth a look.
Equity Lifestyle Properties (ELS - Free Report) came out with quarterly funds from operations (FFO) of $0.74 per share, beating the Zacks Consensus Estimate of $0.72 per share. This compares to FFO of $0.69 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +2.78%. A quarter ago, it was expected that this resort community operator would post FFO of $0.84 per share when it actually produced FFO of $0.84, delivering no surprise.
Over the last four quarters, the company has surpassed consensus FFO estimates two times.
Equity Lifestyle Properties, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $397.82 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.02%. This compares to year-ago revenues of $376.87 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Equity Lifestyle Properties shares have added about 7.1% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Equity Lifestyle Properties?While Equity Lifestyle Properties has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Equity Lifestyle Properties was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.79 on $398.99 million in revenues for the coming quarter and $3.18 on $1.57 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, LXP Industrial (LXP - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This real estate investment trust is expected to post quarterly earnings of $0.83 per share in its upcoming report, which represents a year-over-year change of +3.8%. The consensus EPS estimate for the quarter has been revised 0.8% higher over the last 30 days to the current level.
LXP Industrial's revenues are expected to be $88.12 million, up 0.5% from the year-ago quarter.
, /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and six months ended June 30, 2026. All per share results are reported on a fully diluted basis unless otherwise noted.
FINANCIAL RESULTS
($ in millions, except per share data)
Quarters Ended June 30,
2026
2025
$ Change
% Change (1)
Net Income per Common Share
$ 0.50
$ 0.42
$ 0.08
19.1 %
Funds from Operations ("FFO") per Common Share and OP Unit
$ 0.77
$ 0.69
$ 0.08
11.7 %
Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit
$ 0.74
$ 0.69
$ 0.05
7.7 %
Six Months Ended June 30,
2026
2025
$ Change
% Change (1)
Net Income per Common Share
$ 1.05
$ 0.99
$ 0.06
6.6 %
FFO per Common Share and OP Unit
$ 1.60
$ 1.52
$ 0.08
5.1 %
Normalized FFO per Common Share and OP Unit
$ 1.58
$ 1.52
$ 0.06
3.6 %
_____________________
1.
Calculations prepared using actual results without rounding.
Operations Update
Normalized FFO per Common Share and OP Unit for the quarter ended June 30, 2026 was $0.74, representing a 7.7% increase compared to the same period in 2025, performing above the midpoint of our previous guidance range of $0.69 to $0.75. Core Portfolio operations for the quarter ended June 30, 2026 generated 6.5% growth in income from property operations, excluding property management. These results reflect outperformance of our guidance for Core property operating revenues, Core property operating expenses, excluding property management, and Core income from property operations, excluding property management. Normalized FFO for the six months ended June 30, 2026 was $1.58 per Common Share and OP Unit, representing a 3.6% increase compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating revenues increased 4.3%, Core property operating expenses, excluding property management, increased 2.3% and Core income from property operations, excluding property management, increased 5.7%, each as compared to the same period in 2025.
MH
Core MH base rental income for the quarter ended June 30, 2026 increased 5.8% compared to the same period in 2025. Occupied sites increased by 13 sites and new and used home sales totaled 235 during the quarter ended June 30, 2026. Core MH base rental income for the six months ended June 30, 2026 increased 5.7% compared to the same period in 2025. Occupied sites increased by 67 sites and new and used home sales totaled 463 during the six months ended June 30, 2026.
RV and Marina
Core RV and marina base rental income for the quarter ended June 30, 2026 increased 1.8% compared to the same period in 2025. Core RV and marina annual base rental income increased 5.4% for the quarter ended June 30, 2026 compared to the same period in 2025. Core RV and marina base rental income for the six months ended June 30, 2026 increased 0.1% compared to the same period in 2025. Core RV and marina annual base rental income increased 4.8% for the six months ended June 30, 2026 compared to the same period in 2025.
Property Operating Expenses
Core property operating expenses, excluding property management, for the quarter ended June 30, 2026 increased 2.9% compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating expenses, excluding property management, increased 2.3% compared to the same period in 2025.
Guidance Update
Third quarter and full year 2026 guidance presented below represent management's estimate of a range of possible outcomes. The midpoint of the ranges reflect management's estimate of the most likely outcome based on our current view of existing market conditions and assumptions. Actual results could vary materially from management's estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for factors impacting our 2026 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for additional information.
Income from property operations, excluding property management
5.7 %
6.0 %
______________________
1.
Core RV and marina annual base rental income represents approximately 73.2% and 75.4% of third quarter 2026 and full year 2026 RV and marina base rental income guidance, respectively. Core RV and marina annual base rental income third quarter 2026 growth rate range is 4.6% to 5.2% and the full year 2026 growth rate range is 4.3% to 5.3%. Our guidance provided on April 21, 2026 factored in a Core RV and marina annual base rental income growth rate range of 4.2% to 5.2% for full year 2026.
2.
Prior guidance issued on April 21, 2026.
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of June 30, 2026, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,559 sites.
For additional information, please contact our Investor Relations Department at (800) 247-5279 or at [email protected].
Conference Call
A live audio webcast of our conference call discussing these results will take place tomorrow, Thursday, July 23, 2026, at 11:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.
Forward-Looking Statements
In addition to historical information, this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "estimate," "guidance," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, including our guidance concerning Net Income, FFO and Normalized FFO per share data, and certain growth rates, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting. For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
Supplemental Financial Information
Financial Highlights (1)(2)
(In millions, except Common Shares and OP Units outstanding and per share and ratio data, unaudited)
As of and for the Quarters Ended
June 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
June 30,
2025
Operating Information
Total revenues
$ 397.8
$ 397.6
$ 373.9
$ 393.3
$ 376.9
Consolidated net income
$ 99.5
$ 111.5
$ 103.8
$ 100.4
$ 83.5
Net income available for Common Stockholders
$ 96.3
$ 107.9
$ 100.5
$ 97.1
$ 79.7
Adjusted EBITDAre
$ 182.6
$ 201.1
$ 189.6
$ 183.3
$ 170.0
FFO available for Common Stock and OP Unit holders
$ 154.5
$ 166.1
$ 156.7
$ 154.1
$ 138.3
Normalized FFO available for Common Stock and OP Unit holders
$ 148.3
$ 167.3
$ 157.6
$ 150.5
$ 137.7
Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders
$ 121.6
$ 149.1
$ 131.7
$ 124.2
$ 115.2
Common Shares and OP Units Outstanding (In thousands) and Per Share Data
Common Shares and OP Units, end of the period
200,405
200,377
200,284
200,278
200,272
Weighted average Common Shares and OP Units outstanding - Fully Diluted
200,209
200,176
200,162
200,126
200,095
Net Income per Common Share - Fully Diluted (3)
$ 0.50
$ 0.56
$ 0.52
$ 0.50
$ 0.42
FFO per Common Share and OP Unit - Fully Diluted
$ 0.77
$ 0.83
$ 0.78
$ 0.77
$ 0.69
Normalized FFO per Common Share and OP Unit - Fully Diluted
$ 0.74
$ 0.84
$ 0.79
$ 0.75
$ 0.69
Dividends per Common Share
$ 0.5425
$ 0.5425
$ 0.5150
$ 0.5150
$ 0.5150
Balance Sheet
Total assets
$ 5,801
$ 5,749
$ 5,745
$ 5,747
$ 5,721
Total liabilities
$ 3,984
$ 3,928
$ 3,931
$ 3,935
$ 3,908
Market Capitalization
Total debt (4)
$ 3,336
$ 3,314
$ 3,346
$ 3,302
$ 3,273
Total market capitalization (5)
$ 16,252
$ 15,822
$ 15,485
$ 15,459
$ 15,624
Ratios
Total debt / total market capitalization
20.5 %
20.9 %
21.6 %
21.4 %
20.9 %
Total debt / Adjusted EBITDAre (6)
4.4
4.5
4.5
4.5
4.5
Interest coverage (7)
5.6
5.6
5.7
5.8
5.6
Fixed charges (8)
5.6
5.6
5.7
5.7
5.5
____________________
1.
See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for definitions of fixed charges, FFO, Normalized FFO, FAD, Income from property operations excluding property management, EBITDAre, Adjusted EBITDAre, and a reconciliation of Consolidated net income to Income from property operations.
2.
See page 6 for a reconciliation of Net income available for Common Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.
3.
Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
4.
Excludes Deferred financing costs, net of approximately $22.5 million as of June 30, 2026.
5.
See page 14 for the calculation of market capitalization as of June 30, 2026.
6.
Calculated using trailing twelve months Adjusted EBITDAre.
7.
Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.
8.
Calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.
Consolidated Balance Sheets
(In thousands, except share and per share data)
June 30, 2026
December 31, 2025
(unaudited)
Assets
Investment in real estate:
Land
$ 2,104,661
$ 2,088,174
Land improvements
4,927,773
4,784,223
Buildings and other depreciable property
1,380,544
1,306,317
8,412,978
8,178,714
Accumulated depreciation
(2,941,941)
(2,838,344)
Net investment in real estate (1)
5,471,037
5,340,370
Cash and restricted cash
35,629
26,132
Notes receivable, net (1)
31,003
93,358
Investment in unconsolidated joint ventures (1)
40,304
85,041
Deferred commission expense
57,374
58,149
Other assets, net
165,328
142,343
Total Assets
$ 5,800,675
$ 5,745,393
Liabilities and Equity
Liabilities:
Mortgage notes payable, net
$ 2,747,378
$ 2,779,158
Term loans, net
437,863
437,455
Unsecured line of credit
127,500
105,000
Accounts payable and other liabilities
182,135
152,536
Deferred membership revenue
217,419
221,498
Accrued interest payable
10,889
11,333
Rents and other customer payments received in advance and security deposits
152,166
120,441
Distributions payable
108,720
103,146
Total Liabilities
3,984,070
3,930,567
Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; none issued and outstanding
—
—
Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 193,972,195 and 193,835,561 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
1,988
1,988
Paid-in capital
1,984,545
1,981,540
Distributions in excess of accumulated earnings
(231,263)
(225,045)
Accumulated other comprehensive income/(loss)
2,900
(2,208)
Total Stockholders' Equity
1,758,170
1,756,275
Non-controlling interests – Common OP Units
58,435
58,551
Total Equity
1,816,605
1,814,826
Total Liabilities and Equity
$ 5,800,675
$ 5,745,393
______________________
1.
On April 30, 2026, we acquired the remaining 20% ownership interests in certain RVC joint ventures for cash consideration of $4.4 million, which resulted in the consolidation of seven RV properties and one land parcel. As of June 30, 2026, the impact of consolidation resulted in an increase of $102.9 million in Net investment in real estate and decreases of $56.1 million in Notes receivable, net and $42.5 million in Investment in unconsolidated joint ventures, as compared to December 31, 2025.
Consolidated Statements of Income
(In thousands, unaudited)
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Revenues:
Rental income
$ 330,430
$ 313,287
$ 669,476
$ 640,493
Annual membership subscriptions
18,819
16,902
37,118
33,244
Membership upgrade revenue
3,120
3,120
6,240
6,172
Other income
15,252
16,473
29,348
32,028
Gross revenues from home sales, brokered resales and ancillary services
22,805
22,798
41,901
43,721
Interest income
1,580
2,202
3,771
4,440
Income from other investments, net
5,809
2,084
7,583
4,102
Total revenues
397,815
376,866
795,437
764,200
Expenses:
Property operating and maintenance
132,267
127,845
253,307
246,411
Real estate taxes
21,826
21,845
43,926
43,488
Membership sales and marketing
4,551
4,062
8,388
7,993
Property management
21,845
20,723
40,516
41,153
Depreciation and amortization
53,637
52,649
106,773
103,591
Cost of home sales, brokered resales and ancillary services
16,903
16,476
30,503
30,168
Home selling expenses and ancillary operating expenses
7,618
6,988
14,441
13,156
General and administrative (1)
11,872
10,455
22,973
19,694
Casualty-related charges/(recoveries), net (2)
(7,094)
(541)
(7,026)
(324)
Other expenses
1,209
(59)
2,442
1,819
Interest and related amortization
33,824
32,200
67,469
63,336
Total expenses
298,458
292,643
583,712
570,485
Income before other items
99,357
84,223
211,725
193,715
Gain/(Loss) on sale of real estate and impairment, net
(507)
(683)
(507)
(683)
Equity in income/(loss) of unconsolidated joint ventures
668
(47)
(209)
4,854
Consolidated net income
99,518
83,493
211,009
197,886
Income allocated to non-controlling interests – Common OP Units
(3,194)
(3,777)
(6,781)
(8,978)
Redeemable perpetual preferred stock dividends
(8)
(8)
(8)
(8)
Net income available for Common Stockholders
$ 96,316
$ 79,708
$ 204,220
$ 188,900
______________________
1.
Includes $0.9 million and $2.0 million related to non-operating legal expenses during the quarter and six months ended June 30, 2026, respectively.
2.
Casualty-related charges/(recoveries), net for the quarter and six months ended June 30, 2026 includes insurance recovery revenue of $7.1 million for reimbursement of capital expenditures.
Non-GAAP Financial Measures
This document contains certain Non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these Non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance. Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of Non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 6 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 16-19.
Selected Non-GAAP Financial Measures (1)
(In millions, except per share data, unaudited)
Quarter Ended
June 30, 2026
Income from property operations, excluding property management - Core Portfolio (2)
$ 206.1
Income from property operations, excluding property management - Non-Core Portfolio (2)
2.9
Property management and general and administrative
(32.9)
Other income and expenses
6.0
Interest and related amortization
(33.8)
Normalized FFO available for Common Stock and OP Unit holders (3)
$ 148.3
Other items (4)
(0.9)
Insurance proceeds due to catastrophic weather events, net
7.1
FFO available for Common Stock and OP Unit holders (3)
$ 154.5
FFO per Common Share and OP Unit
$ 0.77
Normalized FFO per Common Share and OP Unit
$ 0.74
Normalized FFO available for Common Stock and OP Unit holders
$ 148.3
Non-revenue producing improvements to real estate
(26.7)
FAD for Common Stock and OP Unit holders (3)
$ 121.6
Weighted average Common Shares and OP Units - Fully Diluted
200.2
______________________
1.
See page 6 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.
2.
See pages 8-9 for details of the Core Portfolio Income from Property Operations, excluding property management. See page 10 for details of the Non-Core Portfolio Income from Property Operations, excluding property management.
3.
Amounts may not foot due to rounding.
4.
Represents expenses of $0.9 million related to non-operating legal expenses during the quarter ended June 30, 2026.
Reconciliation of Net Income to Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net income available for Common Stockholders
$ 96,316
$ 79,708
$ 204,220
$ 188,900
Income allocated to non-controlling interests – Common OP Units
3,194
3,777
6,781
8,978
Depreciation and amortization
53,637
52,649
106,773
103,591
Depreciation on unconsolidated joint ventures
890
1,466
2,367
2,797
(Gain)/Loss on sale of real estate and impairment, net
507
683
507
683
FFO available for Common Stock and OP Unit holders
154,544
138,283
320,648
304,949
Insurance proceeds due to catastrophic weather events, net
(7,078)
(593)
(7,011)
(593)
Other items (1)
860
—
1,985
—
Normalized FFO available for Common Stock and OP Unit holders
148,326
137,690
315,622
304,356
Non-revenue producing improvements to real estate
(26,726)
(22,460)
(44,880)
(38,598)
FAD for Common Stock and OP Unit holders
$ 121,600
$ 115,230
$ 270,742
$ 265,758
Net Income per Common Share - Basic
$ 0.50
$ 0.42
$ 1.05
$ 0.99
Net Income per Common Share - Fully Diluted (2)
$ 0.50
$ 0.42
$ 1.05
$ 0.99
FFO per Common Share and OP Unit - Basic
$ 0.77
$ 0.69
$ 1.60
$ 1.52
FFO per Common Share and OP Unit - Fully Diluted
$ 0.77
$ 0.69
$ 1.60
$ 1.52
Normalized FFO per Common Share and OP Unit - Basic
$ 0.74
$ 0.69
$ 1.58
$ 1.52
Normalized FFO per Common Share and OP Unit - Fully Diluted
$ 0.74
$ 0.69
$ 1.58
$ 1.52
Weighted average Common Shares outstanding - Basic
193,727
190,992
193,702
190,958
Weighted average Common Shares and OP Units outstanding - Basic
200,164
200,060
200,144
200,044
Weighted average Common Shares and OP Units outstanding - Fully Diluted
200,209
200,095
200,193
200,084
____________________
1.
Represents expenses of $0.9 million and $2.0 million related to non-operating legal expenses during the quarter ended and six months ended June 30, 2026, respectively.
2.
Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
Income from Property Operations - Total Portfolio (1)
Income from property operations, excluding property management
$ 209.0
$ 196.0
$ 436.6
$ 414.0
RV and marina base rental income:
Annual
$ 84.5
$ 79.8
$ 166.8
$ 158.2
Seasonal
6.9
7.7
32.2
36.3
Transient
19.1
18.6
32.7
33.2
Total RV and marina base rental income
$ 110.5
$ 106.1
$ 231.7
$ 227.7
______________________
1.
Excludes property management expenses.
2.
MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Statements of Income on page 3. Bad debt expense is presented in Insurance and other in this table.
3.
Includes approximately $2.2 million and $4.0 million of business interruption income from Hurricane Ian during the quarter and six months ended June 30, 2025, respectively.
Income from Property Operations - Core Portfolio (1)
Income from property operations, excluding property management
$ 2.9
$ 5.9
______________________
1.
Excludes property management expenses.
2.
Includes bad debt expense for the periods presented.
Home Sales and Rental Home Operations
(In thousands, except home sale volumes and occupied rentals, unaudited)
Home Sales - Select Data
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Total new home sales volume
98
117
185
234
New home sales gross revenues
$ 9,028
$ 9,444
$ 16,736
$ 18,873
Total used home sales volume
137
85
279
142
Used home sales gross revenues
$ 698
$ 761
$ 1,526
$ 1,535
Brokered home resales volume
143
126
256
224
Brokered home resales gross revenues
$ 558
$ 454
$ 939
$ 850
Rental Homes - Select Data
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Rental operations revenues (1)
$ 9,921
$ 8,749
$ 19,641
$ 17,143
Rental home operations expense (2)
1,420
1,300
2,767
2,446
Depreciation on rental homes (3)
2,799
2,878
5,441
5,123
Occupied rentals: (4)
New
1,962
1,816
Used
184
189
Total occupied rental sites
2,146
2,005
As of June 30, 2026
As of June 30, 2025
Cost basis in rental homes: (5)
Gross
Net of
Depreciation
Gross
Net of
Depreciation
New
$ 281,885
$ 237,937
$ 227,739
$ 188,686
Used
16,464
13,408
10,010
6,513
Total rental homes
$ 298,349
$ 251,345
$ 237,749
$ 195,199
______________________
1.
For the quarters ended June 30, 2026 and 2025, approximately $6.0 million and $5.2 million, respectively, of the rental operations revenue is included in the MH base rental income in the Income from Property Operations - Core Portfolio on pages 8-9. The remainder of the rental operations revenue for the quarters ended June 30, 2026 and 2025 is included in Rental home income in the Income from Property Operations - Core Portfolio on pages 8-9.
2.
Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Total Portfolio on page 7. Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Core Portfolio on pages 8-9.
3.
Depreciation on rental homes in our Core Portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 3.
4.
Includes occupied rental sites as of the end of the period in our Core Portfolio.
5.
Includes both occupied and unoccupied rental homes in our Core Portfolio.
Total Sites
(Unaudited)
Summary of Total Sites as of June 30, 2026
Sites (1)
MH sites (2)
75,900
RV sites:
Annual (2)
34,300
Seasonal
9,800
Transient (2)
20,700
Marina slips
6,900
Membership (3)
26,000
Total
173,600
______________________
1.
MH sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina sites are leased to customers generally for one to six months. Transient RV and marina sites are sites without an annual or seasonal reservation and are available to be leased to customers on a short-term basis.
2.
MH, Annual RV and Transient RV sites include approximately 2,100, 200 and 300 joint venture sites, respectively.
3.
Sites primarily utilized by approximately 107,900 members. Includes approximately 6,000 sites rented on an annual basis.
Membership Campgrounds - Select Data
Years Ended December 31,
Six Months
Ended June 30,
Campground and Membership Revenue (1)
($ in thousands, unaudited)
2022
2023
2024
2025
2026
Annual membership subscriptions
$ 63,215
$ 65,379
$ 65,883
$ 69,266
$ 37,118
Annual RV base rental income
$ 25,945
$ 27,842
$ 29,282
$ 30,546
$ 16,079
Seasonal/Transient RV base rental income
$ 24,316
$ 20,996
$ 21,338
$ 19,959
$ 7,930
Membership upgrade revenue
$ 12,958
$ 14,719
$ 16,433
$ 12,412
$ 6,240
Utility and other income
$ 2,626
$ 2,544
$ 2,360
$ 2,390
$ 1,019
Membership Count
Total Memberships (2)
128,439
121,002
113,553
108,731
107,857
Paid Membership Origination
23,237
20,758
19,539
17,150
8,768
Promotional Membership Origination
28,178
25,232
23,552
23,002
10,838
Membership Upgrade Volume (3)
4,068
3,858
4,086
5,945
2,587
Campground Metrics
Membership Campground Count
82
82
82
82
82
Membership Campground RV Site Count
25,800
26,000
26,000
26,000
26,000
Annual Site Count (4)
6,390
6,154
5,902
6,014
6,017
______________________
1.
Membership upgrade product offerings include two- to four-year term subscription products with increased annual dues. The revenue associated with these subscription products is recognized as Annual membership subscriptions.
2.
Members who have entered into annual subscriptions with us that entitle them to use certain properties on a continuous basis for up to 21 days.
3.
Upgraded memberships provide enhanced benefits, including but not limited to longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties.
4.
Sites that have been rented by members for an entire year.
Market Capitalization
(In millions, except share and OP Unit data, unaudited)
Capital Structure as of June 30, 2026
Total
Common
Shares/Units
% of Total
Common
Shares/Units
Total
% of Total
% of Total
Market
Capitalization
Secured Debt
$ 2,768
83.0 %
Unsecured Debt
568
17.0 %
Total Debt (1)
$ 3,336
100.0 %
20.5 %
Common Shares
193,972,195
96.8 %
OP Units
6,433,299
3.2 %
Total Common Shares and OP Units
200,405,494
100.0 %
Common Stock price at June 30, 2026
$ 64.45
Fair Value of Common Shares and OP Units
$ 12,916
100.0 %
Total Equity
$ 12,916
100.0 %
79.5 %
Total Market Capitalization
$ 16,252
100.0 %
______________________
1.
Excludes Deferred financing costs, net of approximately $22.5 million.
Debt Maturity Schedule
Debt Maturity Schedule as of June 30, 2026
(In thousands, unaudited)
Year
Outstanding
Debt
Weighted
Average
Interest Rate
% of Total
Debt
Weighted
Average
Years to
Maturity
Secured Debt
2026
—
— %
— %
—
2027
—
— %
— %
—
2028
187,577
4.19 %
5.62 %
2.2
2029
270,228
4.92 %
8.10 %
3.2
2030
275,385
2.69 %
8.26 %
3.7
2031
228,619
2.45 %
6.85 %
4.9
2032
202,000
2.47 %
6.06 %
6.2
2033
339,710
4.83 %
10.19 %
7.3
2034
198,956
3.44 %
5.97 %
7.9
2035
184,870
2.64 %
5.54 %
9.2
Thereafter
880,414
4.21 %
26.39 %
12.6
Total
$ 2,767,759
3.77 %
82.98 %
7.8
Unsecured Term Loans
2026
—
— %
— %
—
2027
200,000
4.88 %
6.00 %
0.6
2028
—
— %
— %
—
2029
—
— %
— %
—
2030
240,000
4.74 %
7.20 %
3.9
Thereafter
—
— %
— %
—
Total
$ 440,000
4.81 %
13.20 %
2.4
Total Secured and Unsecured
$ 3,207,759
3.91 %
96.18 %
7.0
Line of Credit Borrowing (1)
127,500
4.97 %
3.82 %
—
Deferred financing costs, net
(22,518)
Total Debt, Net
$ 3,312,741
4.12% (2)
100.00 %
_____________________
1.
The floating interest rate on the line of credit is SOFR plus 0.10% plus 1.25% to 1.65%. During the quarter ended June 30, 2026, the effective interest rate on the line of credit borrowings was 4.97%.
2.
Reflects effective interest rate for the quarter ended June 30, 2026, including interest associated with the line of credit and amortization of deferred financing costs.
Non-GAAP Financial Measures Definitions and Reconciliations
The following Non-GAAP financial measures definitions do not include adjustments in respect to membership upgrade revenue: (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property operating revenues; (vi) Property operating expenses, excluding property management; and (vii) Income from property operations, excluding property management.
FUNDS FROM OPERATIONS (FFO). We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.
NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.
FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures.
We believe that FFO, Normalized FFO and FAD are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our normal operations. For example, we believe that excluding the early extinguishment of debt and other miscellaneous non-comparable items from FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.
INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT. We define Income from property operations, excluding property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses, excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within Insurance and other in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties.
The following table reconciles Net income available for Common Stockholders to Income from property operations:
Quarters Ended
Six Months Ended
June 30,
June 30,
(amounts in thousands)
2026
2025
2026
2025
Net income available for Common Stockholders
$ 96,316
$ 79,708
$ 204,220
$ 188,900
Redeemable perpetual preferred stock dividends
8
8
8
8
Income allocated to non-controlling interests – Common OP Units
3,194
3,777
6,781
8,978
Consolidated net income
99,518
83,493
211,009
197,886
Equity in (income)/loss of unconsolidated joint ventures
(668)
47
209
(4,854)
(Gain)/Loss on sale of real estate and impairment, net
507
683
507
683
Gross revenues from home sales, brokered resales and ancillary services
(22,805)
(22,798)
(41,901)
(43,721)
Interest income
(1,580)
(2,202)
(3,771)
(4,440)
Income from other investments, net
(5,809)
(2,084)
(7,583)
(4,102)
Property management
21,845
20,723
40,516
41,153
Depreciation and amortization
53,637
52,649
106,773
103,591
Cost of home sales, brokered resales and ancillary services
16,903
16,476
30,503
30,168
Home selling expenses and ancillary operating expenses
7,618
6,988
14,441
13,156
General and administrative (1)
11,872
10,455
22,973
19,694
Casualty-related charges/(recoveries), net (2)
(7,094)
(541)
(7,026)
(324)
Other expenses
1,209
(59)
2,442
1,819
Interest and related amortization
33,824
32,200
67,469
63,336
Income from property operations, excluding property management
208,977
196,030
436,561
414,045
Property management
(21,845)
(20,723)
(40,516)
(41,153)
Income from property operations
$ 187,132
$ 175,307
$ 396,045
$ 372,892
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairment charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
We define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items.
We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT.
______________________
1.
Includes $0.9 million and $2.0 million related to non-operating legal expenses during the quarter and six months ended June 30, 2026, respectively.
2.
Casualty-related charges/(recoveries), net for the quarter and six months ended June 30, 2026 includes insurance recovery revenue of $7.1 million for reimbursement of capital expenditures.
The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:
Quarters Ended
Six Months Ended
June 30,
June 30,
(amounts in thousands)
2026
2025
2026
2025
Consolidated net income
$ 99,518
$ 83,493
$ 211,009
$ 197,886
Interest income
(1,580)
(2,202)
(3,771)
(4,440)
Real estate depreciation and amortization
53,637
52,649
106,773
103,591
Other depreciation and amortization
1,138
1,220
2,321
2,454
Interest and related amortization
33,824
32,200
67,469
63,336
(Gain)/Loss on sale of real estate and impairment, net
507
683
507
683
Adjustments to our share of EBITDAre of unconsolidated joint ventures
1,736
2,501
4,429
4,608
EBITDAre
188,780
170,544
388,737
368,118
Other items (1)
860
—
1,985
—
Insurance proceeds due to catastrophic weather events, net
(7,078)
(593)
(7,011)
(593)
Adjusted EBITDAre
$ 182,562
$ 169,951
$ 383,711
$ 367,525
CORE PORTFOLIO or CORE. The Core properties include properties we owned and operated during all of 2025 and 2026. We believe Core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.
NON-CORE PORTFOLIO or NON-CORE. The Non-Core properties in 2026 include properties that were not owned and operated during all of 2025 and 2026, including six properties in Florida impacted by Hurricane Ian, two properties in California that were impacted by storm and flooding events and seven acquired RVC properties. The 2026 guidance reflects Non-Core properties in 2026, which includes properties not owned and operated during all of 2025 and 2026.
NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that do not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture and mechanical improvements.
FIXED CHARGES. Fixed charges consist of interest expense, amortization of note premiums and debt issuance costs. The fixed charges ratio is calculated by dividing the trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.
______________________
1.
Represents expenses of $0.9 million and $2.0 million related to non-operating legal expenses during the quarter ended and six months ended June 30, 2026, respectively.
FORWARD-LOOKING NON-GAAP MEASURES. The following table reconciles Net Income per Common Share - Fully Diluted guidance to FFO per Common Share and OP Unit - Fully Diluted guidance and Normalized FFO per Common Share and OP Unit - Fully diluted guidance:
(Unaudited)
Third Quarter
2026
Full Year
2026
Net Income per Common Share - Fully Diluted
$0.48 to $0.54
$2.05 to $2.15
Depreciation and amortization
0.28
1.10
Gain on sale of real estate and impairment, net
—
—
FFO per Common Share and OP Unit - Fully Diluted (1)
$0.76 to $0.82
$3.15 to $3.25
Other
—
(0.03)
Normalized FFO per Common Share and OP Unit - Fully Diluted (1)
$0.76 to $0.82
$3.13 to $3.23
______________________
1.
Amounts may not foot due to rounding.
This press release includes certain forward-looking information, including Core and Non-Core Income from property operations, excluding property management, that is not presented in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-K, we do not provide a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP, where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This includes, for example, (i) scheduled or implemented rate increases on community, resort and marina sites; (ii) scheduled or implemented rate increases in annual payments under membership subscriptions; (iii) occupancy changes; (iv) costs to restore property operations and potential revenue losses following storms or other unplanned events; and (v) other nonrecurring/unplanned income or expense items, which may not be within our control, may vary between periods and cannot be reasonably predicted. These unavailable reconciling items could significantly impact our future financial results.
California Public Employees Retirement System lowered its position in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS – Free Report) by 8.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 453,682 shares of the real estate investment trust’s stock after selling 41,322 shares during the quarter. California Public Employees Retirement System owned about 0.23% of Equity Lifestyle Properties worth $28,319,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its holdings in Equity Lifestyle Properties by 303.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,948,613 shares of the real estate investment trust’s stock valued at $966,648,000 after buying an additional 11,999,874 shares during the period. Daiwa Securities Group Inc. grew its stake in Equity Lifestyle Properties by 253.7% during the third quarter. Daiwa Securities Group Inc. now owns 3,147,048 shares of the real estate investment trust’s stock worth $191,025,000 after buying an additional 2,257,299 shares during the period. Cohen & Steers Inc. increased its position in shares of Equity Lifestyle Properties by 26.8% in the fourth quarter. Cohen & Steers Inc. now owns 10,614,040 shares of the real estate investment trust’s stock worth $643,331,000 after acquiring an additional 2,246,622 shares in the last quarter. Norges Bank acquired a new stake in shares of Equity Lifestyle Properties in the fourth quarter worth $125,352,000. Finally, Royal London Asset Management Ltd. raised its stake in shares of Equity Lifestyle Properties by 1,520.4% in the 2nd quarter. Royal London Asset Management Ltd. now owns 1,771,803 shares of the real estate investment trust’s stock valued at $109,267,000 after acquiring an additional 1,662,458 shares during the period. Institutional investors and hedge funds own 97.21% of the company’s stock.
Equity Lifestyle Properties Stock Down 0.6% Shares of NYSE:ELS opened at $64.88 on Wednesday. The company has a market capitalization of $12.58 billion, a price-to-earnings ratio of 32.44, a price-to-earnings-growth ratio of 3.97 and a beta of 0.66. The company has a 50 day moving average of $63.46 and a two-hundred day moving average of $64.09. Equity Lifestyle Properties, Inc. has a 52-week low of $58.15 and a 52-week high of $69.00. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.29.
Equity Lifestyle Properties (NYSE:ELS – Get Free Report) last posted its earnings results on Wednesday, April 22nd. The real estate investment trust reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.28). The firm had revenue of $397.62 million for the quarter, compared to analyst estimates of $395.71 million. Equity Lifestyle Properties had a return on equity of 21.22% and a net margin of 24.99%.The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 earnings per share. As a group, analysts forecast that Equity Lifestyle Properties, Inc. will post 3.18 earnings per share for the current fiscal year.
Equity Lifestyle Properties Dividend Announcement The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Friday, June 26th were issued a dividend of $0.5425 per share. This represents a $2.17 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Friday, June 26th. Equity Lifestyle Properties’s dividend payout ratio (DPR) is presently 108.50%.
Analysts Set New Price Targets Several research firms recently weighed in on ELS. Jefferies Financial Group upgraded shares of Equity Lifestyle Properties to a “strong-buy” rating in a report on Friday, June 26th. Deutsche Bank Aktiengesellschaft upgraded Equity Lifestyle Properties from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a report on Wednesday, April 15th. Mizuho initiated coverage on Equity Lifestyle Properties in a research report on Tuesday, March 31st. They issued an “outperform” rating and a $72.00 price objective on the stock. Wall Street Zen upgraded Equity Lifestyle Properties from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. Finally, Odeon Capital Group set a $65.00 target price on Equity Lifestyle Properties in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $68.70.
Read Our Latest Analysis on Equity Lifestyle Properties
Equity Lifestyle Properties Profile (Free Report)
Equity Lifestyle Properties, Inc (NYSE: ELS) is a publicly traded real estate investment trust specializing in the acquisition, development, ownership and operation of manufactured home communities and recreational vehicle resorts. The company’s portfolio includes more than 450 properties across the United States and Canada, serving over 200,000 residents and visitors. ELS organizes its operations into two primary segments: manufactured housing communities, which provide long-term housing solutions, and upscale RV and seasonal resorts designed for leisure travelers and seasonal patrons.
In its manufactured home division, ELS offers home-site leases combined with community amenities such as landscaped common areas, clubhouses, swimming pools and organized resident events.
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, /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as the "Company," "we," "us," and "our") announced today that the Company's second quarter 2026 earnings will be released on Wednesday, July 22, 2026 after market close. The Company's executive management team will host a conference call and audio webcast on Thursday, July 23, 2026 at 12:00 p.m. Eastern Time to discuss the Company's operating and financial results.
The live audio webcast and replay of the conference call will be available on our website at www.equitylifestyleproperties.com in the Investor Relations section under Events.
Research analysts and other interested parties who wish to participate in the conference call must register through this link at least fifteen minutes prior to the scheduled start of the call to receive the dial-in details.
This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting.
For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.
These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 453 properties located predominantly in the United States consisting of 173,419 sites as of March 31, 2026. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago.
SummaryCamping World has reached an operational inflection point, reducing debt, embracing AI, and shifting toward higher-margin, recurring revenue streams.Industry fundamentals are improving, with RV shipments projected to reach 328,800–367,000 units in 2026 and strong demand for campgrounds and resorts.Sun Communities and Equity LifeStyle Properties offer durable, recurring cash flows, with SUI trading at a discount and ELS delivering superior dividend growth.RecNation is consolidating the fragmented RV storage market, leveraging integrated services and experienced leadership to build a wide-moat business.Looking for a helping hand in the market? Members of iREIT®+HOYA Capital get exclusive ideas and guidance to navigate any climate. Learn More » welcomia/iStock via Getty Images
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First Trust Advisors LP decreased its position in shares of Equity Lifestyle Properties, Inc. (NYSE: ELS) by 7.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 648,628 shares of the real estate investment trust's stock after selling 55,095 shares during the period. First Trust Advisors
Equity Lifestyle Properties, Inc. (NYSE: ELS - Get Free Report) has been given an average rating of "Moderate Buy" by the fourteen ratings firms that are presently covering the stock, Marketbeat.com reports. Seven equities research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong
Many REITs trade 30–40% below property values, creating a rare opportunity. Real estate may hold up better during wars and geopolitical shocks. Unlike most sectors, AI cannot disrupt physical real estate assets.
Equity Residential and Equity LifeStyle Properties navigate supply pressures and rising costs as strong occupancy, retention and housing demand support stability.
Equity LifeStyle Properties and Brookfield Asset Management are my top high-conviction picks for resilient, income-focused retirement portfolios. ELS benefits from the 'silver tsunami,' offering stable, inflation-beating income growth via top-tier manufactured housing communities with strong pricing power. BAM delivers a near-5% yield, asset-light fee growth, and exposure to hard-to-replicate infrastructure, with expectations to double business in five years.
SG Americas Securities LLC boosted its holdings in shares of Equity Lifestyle Properties, Inc. (NYSE: ELS) by 96.3% during the undefined quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 188,898 shares of the real estate investment trust's stock after purchasing an additional 92,666 shares
Equity Lifestyle Properties, Inc. (NYSE: ELS - Get Free Report) was the target of a large decrease in short interest in the month of March. As of March 13th, there was short interest totaling 6,108,287 shares, a decrease of 26.6% from the February 26th total of 8,318,873 shares. Based on an average trading volume of 1,731,499
REITs deserve a larger allocation today, driven by attractive valuations, structural demand, and reliable income across diverse sectors. Data center REITs like Equinix, Digital Realty, and Iron Mountain benefit from AI and cloud-driven demand, with strong growth and supply scarcity. Industrial REITs such as Prologis, EastGroup, and STAG Industrial offer structural growth, with EastGroup favored for its Sunbelt focus and robust internal growth.
Shares of Equity Lifestyle Properties, Inc. (NYSE: ELS - Get Free Report) have earned an average rating of "Moderate Buy" from the sixteen analysts that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, seven have issued a buy recommendation
CHICAGO, April 10, 2026 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as the "Company," "we," "us," and "our") announced today that the Company's first quarter 2026 earnings will be released on Tuesday, April 21, 2026 after market close. The Company's executive management team will host a conference call and audio webcast on Wednesday, April 22, 2026 at 11:00 a.m.
Equity Lifestyle Properties (NYSE: ELS - Get Free Report) is expected to be releasing its Q1 2026 results after the market closes on Monday, April 20th. Analysts expect Equity Lifestyle Properties to post earnings of $0.84 per share and revenue of $395.71 million for the quarter. Interested persons are encouraged to explore the company's upcoming Q1
Evergreen Capital Management LLC increased its holdings in Equity Lifestyle Properties, Inc. (NYSE: ELS) by 2,618.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 134,759 shares of the real estate investment trust's stock after acquiring an additional 129,801 shares during
Continued Strong Performance CHICAGO, April 21, 2026 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter ended March 31, 2026. All per share results are reported on a fully diluted basis unless otherwise noted.
Equity Lifestyle Properties (ELS) came out with quarterly funds from operations (FFO) of $0.84 per share, in line with the Zacks Consensus Estimate . This compares to FFO of $0.83 per share a year ago.
Equity Lifestyle Properties remains a "Hold," offering stable income but limited upside amid sector challenges and premium valuation. Core FFO guidance for 2024 is reaffirmed at $3.12–$3.22, with mobile home growth steady but seasonal RV/marina activity under pressure. Cost relief is emerging via an 18% insurance premium reduction, offsetting ongoing weakness in discretionary and seasonal business lines.
Equity LifeStyle Properties is rated a 'Buy' with a $70 price target, reflecting its premium valuation and resilient business model. ELS benefits from strong demographic-driven demand, limited new supply, and high occupancy, supporting predictable revenue and pricing power. The company boasts a robust balance sheet with low leverage, long debt maturities, and 97% fixed-rate debt, minimizing refinancing and interest rate risks.
CHICAGO, April 28, 2026 /PRNewswire/ -- On April 28, 2026, the Board of Directors (the "Board") of Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") declared a second quarter 2026 dividend of $0.5425 per common share, representing, on an annualized basis, a dividend of $2.17 per common share. The dividend will be paid on July 10, 2026 to stockholders of record at the close of business on June 26, 2026.
