Equity LifeStyle Properties, Inc. · ELS · FY2025 Q3 · Calendar Q4 2025

ELS Maintains FFO Guidance Despite Canadian Demand Pressure

ELS's earnings profile remains supported by rent increases, high occupancy, demographic demand, and site expansion, but the near-term outlook is moderated by Canadian seasonal weakness and weather and cost risks.

Reported After market closeNYSEReal Estate $11.48B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.75 Consensus $0.46
EPS surprise +61.3% Reported versus consensus
Reported revenue $373.4M Consensus $383.5M
Revenue surprise -2.6% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -3.8% Event window
SPY move +0.6% Same window
Abnormal move -4.3% Stock minus SPY
Volume 2.9× Versus trailing sessions
Subsequent drift +1.5% Up to 20 sessions
ELSSPY benchmark

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Transcript intelligence

What changed

The main change was greater near-term pressure in seasonal and transient revenue: management cited Canadian reservation weakness and projected a 13.3% Q4 decline, while maintaining full-year FFO guidance and emphasizing rent growth and expense containment.

Guidance delta

Management maintained full-year 2025 normalized FFO guidance at $3.06 per share, while projecting a 13.3% Q4 decline in seasonal and transient revenue because of weaker Canadian reservations.

Key takeaways

  • Management maintained full-year 2025 normalized FFO guidance and highlighted rent increases, occupancy, and cost containment.
  • Canadian seasonal reservations were reported down roughly 40%, contributing to projected Q4 seasonal and transient revenue pressure.
  • The company plans 2026 rent notices for 50% of its manufactured-home portfolio and continued site expansion.

Management priorities

  • Issue 2026 rent-increase notices across half of the manufactured-home portfolio.
  • Expand by 400–500 sites annually while investing in amenities and capital improvements.
  • Target U.S. customers more heavily and pursue selective manufactured-home acquisitions.

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Earnings History

Estimate Beat Miss Match
ELS EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 4 future estimate-only quarters. Q2 '24 estimate $0.65 Q2 '24 actual $0.66, match Q3 '24 estimate $0.72 Q3 '24 actual $0.72, match Q2 '25 estimate $0.41 Q2 '25 actual $0.69, beat Q3 '25 estimate $0.46 Q3 '25 actual $0.75, beat Q4 '25 estimate $0.54 Q4 '25 actual $0.79, beat Q1 '26 estimate $0.55 Q1 '26 actual $0.56, beat Q2 '26 estimate $0.43 Q2 '26 actual $0.50, beat Q3 '26 estimate $0.51 Q3 '26 actual $0.45, miss Q4 '26 estimate $0.54 Q1 '27 estimate $0.60 Q2 '27 estimate $0.50 Q3 '27 estimate $0.53
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Analyst Consensus ?

ConsensusBuy22 ratings
Bullish1254.5%
Neutral1045.5%
Bearish00.0%

Analyst 52W Price Targets

$59.16Previous close
$59Low
$68.74Average
$77High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 22, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Baird Outperform OutperformMaintainOct 21, 2026
Wells Fargo Equal Weight Equal WeightMaintainOct 19, 2026
Barclays Equal Weight Equal WeightMaintainOct 14, 2026
RBC Capital Outperform OutperformMaintainOct 13, 2026
UBS Buy BuyMaintainOct 6, 2026
Mizuho Neutral OutperformDowngradeSep 21, 2026
Evercore ISI Group In Line In LineMaintainSep 21, 2026
Truist Securities Hold HoldMaintainSep 11, 2026
Morgan Stanley Equal Weight Equal WeightMaintainAug 12, 2026
BMO Capital Outperform OutperformMaintainFeb 18, 2026
Compass Point Buy NeutralUpgradeJul 22, 2025
Deutsche Bank Buy HoldUpgradeJan 21, 2025
Jefferies Buy HoldUpgradeJan 2, 2025
Wolfe Research Outperform Peer PerformUpgradeFeb 9, 2024
B of A Securities Neutral BuyDowngradeOct 23, 2023
Citigroup Neutral NeutralMaintainFeb 3, 2023
Colliers Securities Buy BuyMaintainMay 19, 2021
Berenberg Buy BuyMaintainOct 1, 2020
Bank of America Buy BuyMaintainSep 17, 2018
BB&T Capital Hold HoldMaintainNov 10, 2015
Imperial Capital Outperform OutperformMaintainApr 23, 2014
Cantor Fitzgerald Hold BuyDowngradeApr 12, 2013
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Named analyst price targets

Upside is calculated against the persisted previous close $59.16. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Robert W. BairdAnalyst unavailable$71$61.97 +20.0%Oct 21, 2026
Wells FargoJames Feldman$64$61.21 +8.2%Oct 19, 2026
BarclaysJason Wayne$66$58.94 +11.6%Oct 14, 2026
Evercore ISIAnalyst unavailable$68$60.45 +14.9%Sep 21, 2026
Mizuho SecuritiesAnalyst unavailable$65$60.4 +9.9%Sep 21, 2026
UBSAnalyst unavailable$65$60.4 +9.9%Sep 21, 2026
Truist FinancialAnalyst unavailable$64$60.3 +8.2%Sep 11, 2026
BarclaysAnalyst unavailable$69$65.61 +16.6%Aug 17, 2026
Morgan StanleyAdam Kramer$59$64.05 -0.3%Aug 12, 2026
Odeon Capital Group LLCAnalyst unavailable$65$63.76 +9.9%Jul 9, 2026
Truist FinancialAnalyst unavailable$67$62.63 +13.3%May 5, 2026
Deutsche BankAnalyst unavailable$72$64.25 +21.7%Apr 15, 2026
BMO CapitalJohn Kim$75$67.43 +26.8%Feb 18, 2026
BarclaysAnalyst unavailable$71$65.56 +20.0%Feb 5, 2026
Robert W. BairdAnalyst unavailable$73$62.77 +23.4%Jan 30, 2026
Truist FinancialAnalyst unavailable$66$63.6 +11.6%Jan 20, 2026
Deutsche BankAnalyst unavailable$65$63.6 +9.9%Jan 20, 2026
BarclaysAnalyst unavailable$68$60.42 +14.9%Jan 13, 2026
UBSAnalyst unavailable$67$59.68 +13.3%Jan 8, 2026
RBC CapitalAnalyst unavailable$70$61.69 +18.3%Dec 8, 2025
Morgan StanleyAnalyst unavailable$62.5$60.89 +5.6%Sep 4, 2025
Truist FinancialAnalyst unavailable$68$58.6 +14.9%Jul 30, 2025
BMO CapitalAnalyst unavailable$77$63.69 +30.2%Apr 22, 2025
Robert W. BairdWesley Golladay$72$68.02 +21.7%Oct 22, 2024
JefferiesPeter Abramowitz$72$70.01 +21.7%Oct 17, 2024
RBC CapitalBrad Heffern$72$71.34 +21.7%Oct 1, 2024
Wells FargoJames Feldman$82$73.49 +38.6%Sep 19, 2024
Evercore ISISteve Sakwa$73$70.39 +23.4%Aug 28, 2024
Truist FinancialAnthony Hau$70$68.55 +18.3%Jul 30, 2024
BarclaysAnthony Powell$72$60.75 +21.7%Apr 26, 2024
Evercore ISISteve Sakwa$69$62.7 +16.6%Apr 23, 2024
BarclaysAnthony Powell$75$62.31 +26.8%Oct 7, 2022
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Company context

Snapshot as of publication

Based in Chicago, Equity LifeStyle Properties, Inc. operates as a self-managed Real Estate Investment Trust (REIT). As of January 25, 2021, its extensive portfolio includes 423 quality properties located across 33 U.S. states and British Columbia, collectively comprising 161,229 sites.

Historical context

All ELS earnings

Real Estate peers this season

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-22T08:50:42.286157+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T08:50:42.282924+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-22. For educational purposes only; not investment advice.