Analyst Consensus ?
ConsensusBuy22 ratings
Bullish1254.5%
Neutral1045.5%
Bearish00.0%
Equity LifeStyle Properties, Inc. · ELS · FY2025 Q4 · Calendar Q1 2026
ELS: Sunbelt Demand Supports 2026 Growth; Weather Risks Remain
Management's outlook supports a measured growth case: Sunbelt demand, manufactured housing, RV annual sites and membership upgrades underpin 2026 guidance, but weather-sensitive revenue, insurance costs and occupancy execution remain constraints.
Reported After market closeNYSEReal Estate
$11.48B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.79
Consensus $0.54
EPS surprise
+45.8%
Reported versus consensus
Reported revenue
$373.9M
Consensus $382.3M
Revenue surprise
-2.2%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+1.4%
Event window
SPY move
-0.2%
Same window
Abnormal move
+1.6%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
+7.0%
Up to 20 sessions
ELSSPY benchmark
Ask FN2 about ELS FY2025 Q4
Transcript, numbers and history already loaded
Why did ELS rise 1.4% after beating EPS estimates in FY2025 Q4?What changed in ELS's guidance and outlook in FY2025 Q4?Give me the bull and bear case for ELS after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management reported FY2025 normalized FFO per share up 5% and NOI up 4.8%, then set 2026 normalized FFO growth guidance at 3.7% and raised the dividend 5.3% to $2.17. The company also outlined $100 million of discretionary capital and late-2026 marina repairs.
Guidance delta
Management's 2026 outlook calls for 3.7% normalized FFO growth; the annual dividend was raised 5.3% to $2.17.
Key takeaways
- FY2025 normalized FFO per share increased 5% and NOI increased 4.8%.
- Management expects 3.7% normalized FFO growth in 2026 and raised the annual dividend 5.3% to $2.17.
- Sunbelt demand, manufactured housing, RV annual sites and membership upgrades remain the core growth supports.
- Seasonal and transient RV revenue, insurance costs, occupancy during expansion and storm-damaged marinas are the main execution watch items.
Management priorities
- Deploy $100 million of discretionary capital toward community enhancements and new site development.
- Complete repairs on three storm-affected marinas, expected to come online in late 2026.
- Focus expansion on high-growth Sunbelt markets while maintaining a smaller Northern presence.
- Grow membership upgrades and conversions while exploring HUD affordable-housing pilot programs.
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Beat
Miss
Match
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.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Baird | Outperform | Outperform | Maintain | Oct 21, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 19, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 14, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 13, 2026 |
| UBS | Buy | Buy | Maintain | Oct 6, 2026 |
| Mizuho | Neutral | Outperform | Downgrade | Sep 21, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 21, 2026 |
| Truist Securities | Hold | Hold | Maintain | Sep 11, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 12, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Feb 18, 2026 |
| Compass Point | Buy | Neutral | Upgrade | Jul 22, 2025 |
| Deutsche Bank | Buy | Hold | Upgrade | Jan 21, 2025 |
| Jefferies | Buy | Hold | Upgrade | Jan 2, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Feb 9, 2024 |
| B of A Securities | Neutral | Buy | Downgrade | Oct 23, 2023 |
| Citigroup | Neutral | Neutral | Maintain | Feb 3, 2023 |
| Colliers Securities | Buy | Buy | Maintain | May 19, 2021 |
| Berenberg | Buy | Buy | Maintain | Oct 1, 2020 |
| Bank of America | Buy | Buy | Maintain | Sep 17, 2018 |
| BB&T Capital | Hold | Hold | Maintain | Nov 10, 2015 |
| Imperial Capital | Outperform | Outperform | Maintain | Apr 23, 2014 |
| Cantor Fitzgerald | Hold | Buy | Downgrade | Apr 12, 2013 |
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.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Robert W. Baird | Analyst unavailable | $71 | $61.97 | +20.0% | Oct 21, 2026 |
| Wells Fargo | James Feldman | $64 | $61.21 | +8.2% | Oct 19, 2026 |
| Barclays | Jason Wayne | $66 | $58.94 | +11.6% | Oct 14, 2026 |
| Evercore ISI | Analyst unavailable | $68 | $60.45 | +14.9% | Sep 21, 2026 |
| Mizuho Securities | Analyst unavailable | $65 | $60.4 | +9.9% | Sep 21, 2026 |
| UBS | Analyst unavailable | $65 | $60.4 | +9.9% | Sep 21, 2026 |
| Truist Financial | Analyst unavailable | $64 | $60.3 | +8.2% | Sep 11, 2026 |
| Barclays | Analyst unavailable | $69 | $65.61 | +16.6% | Aug 17, 2026 |
| Morgan Stanley | Adam Kramer | $59 | $64.05 | -0.3% | Aug 12, 2026 |
| Odeon Capital Group LLC | Analyst unavailable | $65 | $63.76 | +9.9% | Jul 9, 2026 |
| Truist Financial | Analyst unavailable | $67 | $62.63 | +13.3% | May 5, 2026 |
| Deutsche Bank | Analyst unavailable | $72 | $64.25 | +21.7% | Apr 15, 2026 |
| BMO Capital | John Kim | $75 | $67.43 | +26.8% | Feb 18, 2026 |
| Barclays | Analyst unavailable | $71 | $65.56 | +20.0% | Feb 5, 2026 |
| Robert W. Baird | Analyst unavailable | $73 | $62.77 | +23.4% | Jan 30, 2026 |
| Truist Financial | Analyst unavailable | $66 | $63.6 | +11.6% | Jan 20, 2026 |
| Deutsche Bank | Analyst unavailable | $65 | $63.6 | +9.9% | Jan 20, 2026 |
| Barclays | Analyst unavailable | $68 | $60.42 | +14.9% | Jan 13, 2026 |
| UBS | Analyst unavailable | $67 | $59.68 | +13.3% | Jan 8, 2026 |
| RBC Capital | Analyst unavailable | $70 | $61.69 | +18.3% | Dec 8, 2025 |
| Morgan Stanley | Analyst unavailable | $62.5 | $60.89 | +5.6% | Sep 4, 2025 |
| Truist Financial | Analyst unavailable | $68 | $58.6 | +14.9% | Jul 30, 2025 |
| BMO Capital | Analyst unavailable | $77 | $63.69 | +30.2% | Apr 22, 2025 |
| Robert W. Baird | Wesley Golladay | $72 | $68.02 | +21.7% | Oct 22, 2024 |
| Jefferies | Peter Abramowitz | $72 | $70.01 | +21.7% | Oct 17, 2024 |
| RBC Capital | Brad Heffern | $72 | $71.34 | +21.7% | Oct 1, 2024 |
| Wells Fargo | James Feldman | $82 | $73.49 | +38.6% | Sep 19, 2024 |
| Evercore ISI | Steve Sakwa | $73 | $70.39 | +23.4% | Aug 28, 2024 |
| Truist Financial | Anthony Hau | $70 | $68.55 | +18.3% | Jul 30, 2024 |
| Barclays | Anthony Powell | $72 | $60.75 | +21.7% | Apr 26, 2024 |
| Evercore ISI | Steve Sakwa | $69 | $62.7 | +16.6% | Apr 23, 2024 |
| Barclays | Anthony Powell | $75 | $62.31 | +26.8% | Oct 7, 2022 |
Track every rating change on ELS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationBased 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 earningsReal Estate peers this season
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| NLY Annaly Capital Management, Inc. | FY2026 Q3 · Calendar Q4 2026 | +3.6% | -0.6% | Annaly’s earnings held above its dividend despite a difficult quarter |
| AGNCZ AGNC Investment Corp. 8.75% Series H Fixed-Rate Cumulative Redeemable Preferred Stock | FY2026 Q3 · Calendar Q4 2026 | -0.6% | +0.3% | AGNCZ: Q3 loss highlights rate volatility and hedging |
| AGNCL AGNC Investment Corp. | FY2026 Q3 · Calendar Q4 2026 | -0.6% | -0.3% | AGNC Q3: Rate Volatility Drove a -12.7% Economic Return |
Latest beats and misses
Who reports nextBeat on EPS
Missed on EPS
- MCOFY2026 Q3 · October 21, 2026-2.6% EPS+1.2% move
- CCIFY2026 Q3 · October 21, 2026-2.5% EPS-3.1% move
- PACFY2026 Q3 · October 20, 2026-2.2% EPS+7.1% move
- AGNCZFY2026 Q3 · October 19, 2026-0.6% EPS+0.3% move
- AGNCLFY2026 Q3 · October 19, 2026-0.6% EPS-0.3% move
- AGNCOFY2026 Q3 · October 19, 2026-0.6% EPS+0.3% move
Get the ELS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-22T04:40:46.002103+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T04:40:45.999271+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.