ELS's debt base has held near $3.2B to $3.4B while equity rebuilt from $1.4B in 2024Q3 to $1.7B in 2026Q3, suggesting a balance sheet that is stabilizing rather than expanding its leverage.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue rose from $367.5M in 2025Q1 to $409.9M in 2026Q3, but quarterly NOI margins ranging from 3.7% to 95.8% suggest reported property-level profitability is distorted by timing and classification effects that warrant further investigation.
ELS is well-positioned to benefit from favorable demographic trends, as over 70% of its portfolio caters to residents aged 55 and older. This focus on age-restricted communities and retirement destinations in states like Florida, Arizona, and California aligns with the growing demand for such housing.
The company has demonstrated robust revenue growth, with Q1 2026 revenue reaching $397.6 million, an increase from the previous year. ELS has also shown consistent growth in Funds from Operations (FFO) and net income.
ELS has a strong track record of dividend increases, with 22 consecutive years of dividend growth and a 10-year dividend CAGR that significantly outpaces the REIT industry average. The company recently increased its annual dividend rate.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 20, 2026 | $0.45-11.6% vs $0.51 | $410M+1.8% vs $403M |
Q3 2026 Jul 22, 2026 | $0.50+15.0% vs $0.43 | $398M+3.7% vs $384M |
Q2 2026 Apr 21, 2026 | $0.56+2.6% vs $0.55 | $398M+0.5% vs $396M |
Q1 2026 Jan 28, 2026 | $0.79+45.8% vs $0.54 | $374M-2.2% vs $382M |
CHICAGO, Oct. 27, 2026 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE:ELS) (referred to herein as the "Company," "we," "us," and "our") today announced a leadership transition effective January 1, 2027. Marguerite Nader has been elected Executive Vice Chair of the Board of Directors.
U.S. markets remained unsettled as cracks emerged in the AI investment boom, while another oil-price surge complicated the inflation outlook ahead of Wednesday's Fed decision. Treasury yields fell for a third straight week as AI-related risk-off flows strengthened, with markets now assigning just 10% odds of an October hike despite still-elevated energy prices. REITs rallied for a third-straight week as earnings opened on an encouraging note: 15 REITs raised full-year FFO guidance, reinforcing the view that fundamentals remain healthier than recent price action.
Equity LifeStyle Properties, Inc. ( ELS ) Q3 2026 Earnings Call October 21, 2026 11:00 AM EDT Company Participants Marguerite Nader - CEO & Non-Independent Vice Chairman Patrick Waite - President & COO Paul Seavey - Executive VP & CFO Conference Call Participants Jana Galan - BofA Securities, Research Division James Feldman - Wells Fargo Securities, LLC, Research Division Brad Heffern - RBC Capital Markets, Research Division Eric Wolfe - Citigroup Inc., Research Division Steve Sakwa - Evercore ISI Institutional Equities, Research Division John Kim - BMO Capital Markets Equity Research Jason Wayne - Barclays Bank PLC, Research Division Michael Goldsmith - UBS Investment Bank, Research Division Michael Stefany - Mizuho Securities USA LLC, Research Division John Pawlowski - Green Street Advisors, LLC, Research Division Jesse Lederman - Zelman & Associates LLC Adam Kramer - Morgan Stanley, Research Division Nicholas Joseph - Citigroup Inc., Research Division Presentation Operator Good day, everyone, and thank you all for joining us to discuss Equity LifeStyle Properties Third Quarter 2026 results. Our featured speakers today are Marguerite Nader, our Vice Chairman and CEO; Patrick Waite, our President and COO; and Paul Seavey, our Executive Vice President and CFO.
Equity Lifestyle Properties NYSE: ELS reported third-quarter normalized funds from operations of $0.79 per share, in line with its guidance, as growth in manufactured housing occupancy, annual RV stays and membership revenue supported operating results.
Benchmark ELS against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Equity LifeStyle Properties, Inc. (ELS)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $62.95 | $12.22B | 32.23 | 6.84% | 24.09% | 21.56% | 3.21% | |
| $120.30 | $14.82B | -19.65 | -27.94% | -36.64% | -11.88% | 6.95% | |
| $14.92 | $1.27B | 50.92 | 8.81% | 9.04% | 2.82% | 5.59% | |
| $4.16 | $1.44B | -10.77 | 698.96% | -67.38% | -49.11% | — | |
| $99.44 | $10B | 9.24 | 1.92% | 71.53% | 26.22% | 4.27% | |
| $65.51 | $50.69B | -257.71 | 4.06% | -4.19% | -0.85% | 4.11% |
Equity LifeStyle Properties, Inc. (ELS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Equity LifeStyle Properties, Inc. (ELS) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 21, 2026·SEC
Jul 28, 2026·SEC
Jul 23, 2026·SEC
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Equity LifeStyle Properties, Inc. (ELS) stock FAQ — growth, dividends, profitability & financials explained
Equity LifeStyle Properties, Inc. (ELS) reported $1.62B in revenue over the trailing twelve months. Revenue was $1.53B in fiscal year 2025. That is 1356% more than the $105.2M of fiscal year 1996.
Equity LifeStyle Properties, Inc. (ELS) grew revenue by 11.6% over the trailing twelve months, compared with the twelve months before.
Yes. Equity LifeStyle Properties, Inc. (ELS) earned $391.1M in net income over the trailing twelve months (a 24.1% net margin).
Yes. Equity LifeStyle Properties, Inc. (ELS) pays a dividend that yields 3.21% at the current price, a moderate yield.
Equity LifeStyle Properties, Inc. (ELS) had a return on equity (ROE) of 21.6% over the trailing twelve months. That is well above the market's typical 10-15%.
Equity LifeStyle Properties, Inc. (ELS) generated Funds From Operations (FFO) of $609.3M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Equity LifeStyle Properties, Inc. (ELS) offers a 3.21% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.
