Equity LifeStyle Properties Past Earnings Performance
Past criteria checks 3/6
Equity LifeStyle Properties has been growing earnings at an average annual rate of 10.3%, while the Residential REITs industry saw earnings growing at 2.3% annually. Revenues have been growing at an average rate of 4.8% per year. Equity LifeStyle Properties's return on equity is 21.9%, and it has net margins of 25%.
Key information
10.30%
Earnings growth rate
9.29%
EPS growth rate
| Residential REITs Industry Growth | 11.06% |
| Revenue growth rate | 4.78% |
| Return on equity | 21.93% |
| Net Margin | 24.97% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 07
ELS: 2026 Earnings Guidance Will Support Constructive Risk Reward Profile
Narrative Update on Equity LifeStyle Properties The analyst price target for Equity LifeStyle Properties has been trimmed by a fraction to about $70.19 as analysts refine their models following a mix of recent target cuts and initiations, along with modest adjustments to fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. Analyst Commentary Recent research on Equity LifeStyle Properties has been mixed, with both bullish and bearish analysts adjusting ratings and price targets while they refine assumptions around fair value, earnings quality, and execution risk.Narrative Update • May 24
ELS: Defensive Earnings Visibility And 2026 Guidance Will Anchor Balanced Return Potential
Narrative Update on Equity LifeStyle Properties Analysts have trimmed the implied price target for Equity LifeStyle Properties by about $0.25 to $70.25, reflecting updated assumptions on discount rate, revenue growth, profit margins and expected future P/E after a mix of recent target cuts and increases across the Street. Analyst Commentary Recent research has been mixed, with some firms trimming price targets and others lifting them or starting coverage positively.Narrative Update • Apr 23
ELS: Defensive Cash Flows And 2026 Dividend Increase Will Support Upside Potential
Analysts have nudged the fair value estimate for Equity LifeStyle Properties higher by about $0.61 to $70.47, reflecting recent price target increases and generally supportive research commentary on the business model and earnings visibility. Analyst Commentary Recent Street research on Equity LifeStyle Properties has been active, with several firms revisiting ratings and price targets around the same time.Seeking Alpha • Apr 22
Equity LifeStyle Properties: Fairly Valued Given Seasonal Pressures
Summary 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. ELS maintains a conservative balance sheet (4.5x debt/EBITDA), a secure 3.3% dividend yield, and a structural premium justified by resilient fundamentals. Read the full article on Seeking AlphaNarrative Update • Apr 09
ELS: Defensive Cash Flows And Higher 2026 Dividend Will Temper Mixed Ratings
The analyst price target for Equity LifeStyle Properties has been adjusted slightly higher to approximately $69.86 from about $69.74, as analysts balance mixed rating actions with generally supportive views on its manufactured housing and RV exposure. Analyst Commentary Recent research on Equity LifeStyle Properties reflects a mix of optimism and caution as analysts reassess ratings and price targets around manufactured housing and RV exposure, as well as the broader REIT group outlook into 2026.Narrative Update • Mar 25
ELS: Defensive Cash Flows And Dividend Policy Will Balance Mixed Ratings
Analysts have nudged the blended price target for Equity LifeStyle Properties to roughly $69.74, reflecting slightly lower assumed revenue growth and discount rate, a modestly higher profit margin, and a somewhat lower future P/E. They are balancing more cautious views from recent downgrades with ongoing support from firms that still see value in the manufactured housing REIT space.Narrative Update • Mar 10
ELS: Defensive Cash Flows And Dividend Policy Expected To Shape Future Returns
Analysts have slightly raised their average price target for Equity LifeStyle Properties to roughly $70, reflecting fine tuning to a $69.74 fair value and continued confidence in the REIT's earnings visibility, even as some firms move to more neutral ratings. Analyst Commentary Recent research on Equity LifeStyle Properties highlights a mix of optimism on earnings visibility and portfolio quality, alongside more cautious views on upside potential and relative positioning within the REIT group.Narrative Update • Feb 23
ELS: Mixed REIT Outlook And Dividend Framework Expected To Shape Future Returns
The updated analyst price target for Equity LifeStyle Properties rises modestly to approximately $69.62 per share, as analysts factor in a slightly higher fair value estimate supported by stable discount rate assumptions and small adjustments to revenue growth, profit margin, and future P/E expectations. Analyst Commentary Recent research on Equity LifeStyle Properties shows a mix of optimism and caution, with several firms adjusting price targets and ratings as they revisit assumptions around its business mix, sector exposure, and the broader real estate investment trust group.Narrative Update • Feb 09
ELS: Mixed REIT Outlook And Dividend Guidance Expected To Shape Future Returns
Analysts have raised their implied fair value target for Equity LifeStyle Properties by about $0.41 per share to approximately $69.26, reflecting updated assumptions for slightly stronger revenue growth, a modestly lower future P/E, and a small adjustment to discount rate and profit margin expectations. Analyst Commentary Recent research on Equity LifeStyle Properties has been active, with price target changes and rating moves pointing to a mixed but engaged view of the stock.Narrative Update • Jan 26
ELS: Mixed REIT Outlook And Easing Supply Expected To Shape Future Returns
The updated analyst price target for Equity LifeStyle Properties now sits at about $68.85. This reflects slightly softer assumptions for revenue growth and profit margins, along with a modestly higher future P/E, as analysts recalibrate their views following recent sector wide REIT revisions and mixed target moves from the Street.Narrative Update • Jan 12
ELS: Easing Supply And Macro Turnaround Expected To Drive Total Returns
Analysts have trimmed their fair value estimate for Equity LifeStyle Properties by about $1 to $69.50. This reflects a slightly lower future P/E assumption and modest tweaks to growth and margin expectations following recent price target cuts on the Street.Narrative Update • Nov 18
ELS: Steady Demand and Resilient Leasing Expected to Drive Strong Outlook
Equity LifeStyle Properties' analyst price target was lowered by $5.00 to $62.50. Analysts cite mixed second-quarter performance and updated industry checks to support the revised outlook.Narrative Update • Nov 02
ELS: Resilient Sunbelt Demand And Stable Cash Flow Will Drive Upside
Analysts have modestly reduced their price target for Equity LifeStyle Properties from $67.50 to $62.50. They cite mixed second-quarter results and updated sector outlooks following recent conversations and industry checks.Seeking Alpha • Apr 02
Equity LifeStyle Properties: Fairly Valued With A Secure Dividend
Summary Shares of Equity LifeStyle Properties are rated a "hold" due to limited price upside and some negative impact from seasonal RV rentals. ELS's stable cash flows from annual contracts and diverse property portfolio provide insulation from economic variability, making it appealing amid market uncertainty. The company has a strong balance sheet with well-staggered debt, supporting ongoing dividend growth despite modest revenue and income growth projections for 2025. ELS is positioned for 4-5% long-term FFO growth and ~8% long-term returns, driven by mobile home affordability and favorable contract structures. Read the full article on Seeking AlphaSeeking Alpha • Jan 24
Equity LifeStyle: Solid Fundamentals, Elevated Valuation
Summary Equity LifeStyle Properties focuses on affordable housing for older demographics, benefiting from demographic shifts and rising demand for manufactured housing. The company's unique business model generates recurring revenues, with 62.3% from Manufactured Housing and significant contributions from RVs and Marinas. With 452 properties across 35 U.S. states and Canada, strategic geographic positioning in high-net migration areas ensures strong future demand. While the dividend yield is near a 10-year high at 3%, valuation models suggest the stock is slightly overvalued, with intrinsic values ranging from $57.71 to $70. As a result, the investment outlook is cautious. Read the full article on Seeking AlphaSeeking Alpha • Oct 25
Equity LifeStyle: Hurricane Milton Can't Bring This REIT Down
Summary Equity LifeStyle Properties, Inc. is a leading manufactured housing REIT with strategic locations, a strong tenant base, and resilience through economic and interest rate cycles. ELS has shown impressive financial performance with robust FFO growth, high occupancy rates, and a well-managed debt profile, supporting a 2.7% dividend yield. Despite recent price increases, ELS remains attractively valued with a forward P/FFO of 24.3, slightly below its historical average, offering market-level returns. Read the full article on Seeking AlphaSeeking Alpha • Sep 05
Equity LifeStyle: Keep An Eye On This Market Leader
Summary Equity LifeStyle operates in a niche market with a strong portfolio and liquidity. Its portfolio primarily attracts retirees and vacationing families, and it generates stable revenue from long-term leases. Despite strong historical performance and recent growth, the dividend yield is low, and its price is too high to justify a purchase. However, it's worth adding it to a watch list. Read the full article on Seeking Alpha
New Narrative • Aug 22
Shifting Demographics And Innovative Marketing Fuel MH And RV Market Boom
Demographics favoring seniors and a strong interest in RV travel signify a long-term demand for MH and RV properties, enhancing future revenue.Seeking Alpha • Jul 04
Equity LifeStyle Properties: Premium Valuation Offsets Solid Fundamentals
Summary Equity LifeStyle Properties shares have underperformed due to elevated interest rates, but the company has a fundamentally sound business model with stable revenue. ELS has favorable demographic tailwinds with a focus on the 55+ population, offering affordable housing options and potential for growth in high-growth states like Arizona and Florida. Despite strong operating results and potential for 8% returns, ELS shares remain relatively expensive compared to other REITs, making them a hold for now. Read the full article on Seeking AlphaSeeking Alpha • Apr 20
Equity LifeStyle: Buy-The-Dip Opportunity Near 52-Week Low
Summary Equity LifeStyle Properties is a quality stock that pays an attractive dividend and currently sits at a 52-week low. ELS is one of the largest manufactured housing REITs in North America with properties in desirable locations. The company has a strong track record of bottom-line growth, a focus on strategic markets, and a strong balance sheet, making it an attractive long-term investment opportunity. Read the full article on Seeking AlphaSeeking Alpha • Jan 30
Equity LifeStyle: Rising Costs Weigh On Q4 Property Income, Shares Fairly Valued
Summary Equity LifeStyle Properties, owner of a portfolio of manufactured home communities, RV resorts, and other recreational properties, just reported its Q4 operating results. While the company grew core property income, rising real estate taxes and insurance costs took a bite out of the company’s overall results. Guidance for 2024 suggests a more controlled cost environment, though I am less optimistic, given the continued stickiness in insurance costs. I remain neutral on shares despite its outperformance relative to peers. Read the full article on Seeking AlphaRevenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Equity LifeStyle Properties makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 1,542 | 385 | 83 | 0 |
| 31 Dec 25 | 1,538 | 386 | 80 | 0 |
| 30 Sep 25 | 1,536 | 382 | 80 | 0 |
| 30 Jun 25 | 1,534 | 368 | 83 | 0 |
| 31 Mar 25 | 1,538 | 366 | 84 | 0 |
| 31 Dec 24 | 1,532 | 367 | 88 | 0 |
| 30 Sep 24 | 1,522 | 363 | 83 | 0 |
| 30 Jun 24 | 1,518 | 357 | 83 | 0 |
| 31 Mar 24 | 1,509 | 342 | 89 | 0 |
| 31 Dec 23 | 1,492 | 314 | 89 | 0 |
| 30 Sep 23 | 1,472 | 295 | 96 | 0 |
| 30 Jun 23 | 1,465 | 285 | 98 | 0 |
| 31 Mar 23 | 1,461 | 284 | 93 | 0 |
| 31 Dec 22 | 1,450 | 285 | 92 | 0 |
| 30 Sep 22 | 1,446 | 277 | 91 | 0 |
| 30 Jun 22 | 1,411 | 281 | 85 | 0 |
| 31 Mar 22 | 1,376 | 280 | 83 | 0 |
| 31 Dec 21 | 1,320 | 262 | 82 | 0 |
| 30 Sep 21 | 1,258 | 262 | 81 | 0 |
| 30 Jun 21 | 1,196 | 241 | 73 | 0 |
| 31 Mar 21 | 1,119 | 227 | 67 | 0 |
| 31 Dec 20 | 1,123 | 228 | 73 | 0 |
| 30 Sep 20 | 1,081 | 219 | 61 | 0 |
| 30 Jun 20 | 1,070 | 232 | 59 | 0 |
| 31 Mar 20 | 1,066 | 233 | 57 | 0 |
| 31 Dec 19 | 1,046 | 279 | 56 | 0 |
| 30 Sep 19 | 1,032 | 274 | 58 | 0 |
| 30 Jun 19 | 1,014 | 266 | 57 | 0 |
| 31 Mar 19 | 1,005 | 266 | 57 | 0 |
| 31 Dec 18 | 992 | 213 | 54 | 0 |
| 30 Sep 18 | 981 | 207 | 51 | 0 |
| 30 Jun 18 | 963 | 200 | 50 | 0 |
| 31 Mar 18 | 943 | 193 | 48 | 0 |
| 31 Dec 17 | 929 | 190 | 47 | 0 |
| 30 Sep 17 | 910 | 182 | 46 | 0 |
| 30 Jun 17 | 897 | 174 | 45 | 0 |
| 31 Mar 17 | 886 | 170 | 45 | 0 |
| 31 Dec 16 | 873 | 164 | 44 | 0 |
| 30 Sep 16 | 861 | 162 | 45 | 0 |
| 30 Jun 16 | 846 | 157 | 45 | 0 |
| 31 Mar 16 | 837 | 154 | 45 | 0 |
| 31 Dec 15 | 826 | 130 | 44 | 0 |
| 30 Sep 15 | 815 | 125 | 44 | 0 |
| 30 Jun 15 | 805 | 114 | 44 | 0 |
Quality Earnings: ELS has high quality earnings.
Growing Profit Margin: ELS's current net profit margins (25%) are higher than last year (23.8%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: ELS's earnings have grown by 10.3% per year over the past 5 years.
Accelerating Growth: ELS's earnings growth over the past year (5.2%) is below its 5-year average (10.3% per year).
Earnings vs Industry: ELS earnings growth over the past year (5.2%) did not outperform the Residential REITs industry 5.2%.
Return on Equity
High ROE: Whilst ELS's Return on Equity (21.93%) is high, this metric is skewed due to their high level of debt.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/12 22:12 |
| End of Day Share Price | 2026/06/12 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Equity LifeStyle Properties, Inc. is covered by 32 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Wesley Golladay | Baird |
| Richard Hightower | Barclays |
| Anthony Powell | Barclays |