Equity LifeStyle Q2 revenue beats estimates on MH base rental growth

Equity Lifestyle Properties

22/07/2026 21:35

    

    Overview
  
U.S. manufactured home and RV park REIT's Q2 revenue and net income beat analyst expectations
Normalized FFO per share rose 7.7% yr/yr in Q2
Core property operations income grew 6.5% on higher revenues and controlled expenses

    

    Outlook
  
Company sees Q3 net income per share of $0.48 to $0.54
Company expects full-year Normalized FFO per share of $3.13 to $3.23
Company raises full-year Normalized FFO guidance midpoint to $3.18 per share

    

    Result Drivers
  
MH BASE RENTAL INCOME - Core manufactured home base rental income increased 5.8% yr/yr in Q2, contributing to revenue growth
RV AND MARINA INCOME - Core RV and marina base rental income rose 1.8% yr/yr in Q2, with annual rental income up 5.4%
EXPENSE CONTROL - Core property operating expenses, excluding property management, increased 2.9% yr/yr in Q2, below revenue growth

    
Company press release: ID:nPn86MLlQa

    

    Key Details
  

            Metric
          

            Beat/Miss
          

            Actual
          

            Consensus Estimate
          
Q2 Revenue
Beat
$397.80 mln
$386.70 mln (6 Analysts)
Q2 Net Income
Beat
$99.50 mln
$86.27 mln (8 Analysts)

    

    Analyst Coverage
  
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the residential reits peer group is "buy"
Wall Street's median 12-month price target for Equity LifeStyle Properties Inc is $70.00, about 7.9% above its July 21 closing price of $64.90
The stock recently traded at 31 times the next 12-month earnings vs. a P/E of 30 three months ago

    

    Reuters Recommended Reads
  
July 21 - D.R. Horton cuts annual revenue forecast as high costs dent margins
July 22 - Northern Trust quarterly profit jumps on Visa gain, strong fee income
July 20 - LXP Industrial Trust agrees to $5.2 billion deal by Brookfield, CPP Investments

    
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)