Equity LifeStyle Properties, Inc. (ELS) Earnings
Equity LifeStyle Properties, Inc. is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $0.43. ELS has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise +28.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $0.55 | $0.84 | +53.8% | $398M | +0.5% |
| Jan 28, 2026 | $0.78 | $0.79 | +1.3% | $418M | +6.0% |
| Jul 21, 2025 | $0.69 | $0.69 | +0.0% | $373M | -5.2% |
| Jan 27, 2025 | $0.48 | $0.76 | +58.3% | $372M | +0.8% |
| Jul 22, 2024 | $0.65 | $0.66 | +1.5% | $382M | -4.5% |
| Jan 29, 2024 | $0.72 | $0.71 | -1.4% | $361M | +11.2% |
| Oct 16, 2023 | $0.72 | $0.71 | -1.4% | $384M | +0.6% |
| Jul 17, 2023 | $0.66 | $0.66 | +0.0% | $365M | -2.9% |
| Apr 17, 2023 | $0.76 | $0.74 | -2.6% | $366M | -0.6% |
| Jan 30, 2023 | $0.60 | $0.66 | +10.0% | $337M | +13.0% |
| Oct 17, 2022 | $0.68 | $0.70 | +2.9% | $377M | +19.6% |
| Jul 18, 2022 | $0.64 | $0.64 | +0.0% | $361M | +24.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 22, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Marguerite Nader mentioned continued strong core operations and maintained full year normalized FFO guidance of $3.17 per share. Manufactured housing portfolio's high occupancy driven by homeowner base. RV portfolio's loyalty supports sustained revenue. Engaging with customers through various channels. Unique business model, demand drivers from demographics, and strong capital structure are key components of success. - Patrick Waite discussed seasonal shift with snowbird customers and northern properties gearing up for summer. Provided updates on key Sunbelt MH markets, value of communities, and property operations. Investing in new technology across business. RV business's annual sites are core of stable occupancy, with improvements in attrition trends. Marina revenues had occupancy headwinds due to construction delays, expected to improve later. - Paul Seavey reviewed first quarter 2026 results, including normalized FFO, core portfolio NOI growth, rental income changes, membership business contribution, operating expenses, and provided second quarter and full year 2026 guidance.
Guidance
- 2026 full year normalized FFO guidance at midpoint of $3.17 per share ($3.12 to $3.22). Core property operating income growth midpoint 5.7% (5.2% to 6.2%). Noncore properties projected to generate $5.7 million to $9.7 million of NOI during 2026. Property management and G&A expense guidance range $119 million to $125 million. Core portfolio projected 4% to 5% core revenues growth, 2.2% to 3.2% core expenses growth, 5.2% to 6.2% core NOI growth. Full year core MH rent growth range 5.1% to 6.1%, combined RV and Marina rent growth 2% to 3%. Second quarter normalized FFO per share range $0.69 to $0.75. Core property operating income growth projected 4.8% to 5.4% for second quarter. Second quarter MH rent growth midpoint 5.6%. Second quarter annual RV and Marina rent growth midpoint approximately 5.1%.
Segment performance
Manufactured housing portfolio represents approximately 60% of total revenue, with properties 94% occupied. Homeowners represent 97% of the MH portfolio. RV portfolio saw increase in annual revenue. Core community-based rental income increased 5.7% in first quarter. Core resort and marina based rental income outperformed budget by 10 basis points in first quarter. Net contribution from total membership business was $17.6 million, an increase of 13.7% compared to prior year. Core utility and other income increased 5.4% compared to first quarter 2025. First quarter core operating expenses increased 1.8% compared to same period in 2025. Core property operating revenues increased 3.7%, while core property operating expenses increased 1.8%, resulting in growth in core NOI before property management of 4.9%. Noncore properties contributed $3 million in the quarter.
Risks & headwinds
- Weather can impact RV transient. Oil price volatility can affect utility expenses. Marina restoration delays can impact occupancy. Canadian customer impact on seasonal business. Uncertainty in DC regarding Roto Housing Act affecting manufactured housing industry.
Analyst Q&A
Q: Good day, everyone, and thank you all for joining us to discuss Equity Lifestyle Properties First Quarter 2026 results.
A: Operator starts the call.
Q: Jamie Feldman of Wells Fargo asked about insurance renewal and expense savings impact on guidance.
A: Paul Seavey responded.
Q: Jana Galan of Bank of America Securities followed up on revised seasonal and transient top line guide and financing environment.
A: Paul Seavey and Marguerite Nader responded.
Q: Eric Wolfe from Citi asked about Northeast annual RV sites trends and marina restoration.
A: Patrick Waite responded.
Q: John Kim of BMO Capital Markets asked about occupancy trend and 1,000 trails rate strategy.
A: Paul Seavey and Marguerite Nader responded.
Q: Haendel St. Juste of Mizuho Securities asked about OpEx guide, oil hedging, and noncore portfolio income.
A: Paul Seavey responded.
Q: Brad Heffern of RBC asked about weather impact on RV transient and Canadian tariffs.
A: Marguerite Nader and Patrick Waite responded.
Q: Michael Goldsmith of UBS asked about seasonal and transient guidance split and home sale volumes.
A: Paul Seavey and Patrick Waite responded.
Q: Wesley Golladay of Bard asked about domestic seasonal and transit guests.
A: Paul Seavey responded.
Q: Jason Wayne of Barclays asked about RV and Marina guidance and site count changes.
A: Paul Seavey responded.
Q: David Segall of Green Street asked about site count reclassification and MH home value impact.
A: Paul Seavey and Patrick Waite responded.
Q: Peter Abramowitz of Deutsche Bank asked about transient customer demographics and marina revenue pickup.
A: Marguerite Nader responded.
Q: Adam Kramer of Morgan Stanley asked about capital allocation priorities and Roto Housing Act.
A: Patrick Waite and Paul Seavey responded.
Q: Steve Sakwa of Evercore ISI asked about MH occupancy lease-up process.
A: Patrick Waite responded.
Q: Eric Wolfe from Citi asked about guidance changes offset and April seasonal adjustments.
A: Paul Seavey and Marguerite Nader responded.
Q: Brad Heffern of RBC asked about financial impact of RV site count shift.
A: Marguerite Nader responded.
Q: Jamie Feldman of Wells Fargo asked about hurricane-impacted sites and international portfolios.
A: Patrick Waite and Marguerite Nader responded.