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, with community amenities such as landscaped common areas, clubhouses, swimming pools and organized resident events. An aging population supports rent and NOI growth at a spread above inflation.
Cyborg Score Rationale
Equity Lifestyle reported normalized funds from operations of $0.79 per share and same-store net operating income growth of 4.1% for the fourth quarter. ELS has an impressive track record of raising its dividend for 20 consecutive years, with a current dividend yield of 3.31% and dividend growth of 13.61% in the last twelve months. However, recent hurricane impacts and normalized demand in select markets present operational headwinds.
Top Insights
The company incurred a loss of approximately 170 occupied sites in Q1 due to hurricane impacts, in addition to over 90 sites lost in Q4, with replacement homes on order and recovery projected over the next couple of years.
In Q4 2025, ELS reported EPS of $0.52 (exceeding forecast), but fell short on revenue with $373.87 million versus projected $388.05 million.
FY 2026 guidance set at 3.120-3.220 EPS, significantly above consensus of 2.490, with Q1 2026 guidance at 0.810-0.870 EPS.
Bank of America upgraded ELS from neutral to buy with a $76.00 price target, citing stable Manufactured Home and Annual RV revenue as primary growth drivers.
Named Competitors
Sun Communities — Manufactured housing and RV resort operator
UMH Properties — Manufactured home community operator
Essential Properties — REIT with residential properties
Recent Developments
(February 2026) Bank of America upgraded ELS to Buy with $76.00 price target
(February 2026) Q1 2026 dividend increased to $0.5425 per share, annualizing to $2.17