Equity Lifestyle (MHV) AI Stock Analysis

Company Guidance

For full year 2026, ELS is maintaining normalized FFO guidance of $3.18 per share at the midpoint of its range of $3.15-$3.21 per share, with fourth quarter normalized FFO per share of $0.78-$0.84; core portfolio property operating income growth is projected at 6% at the midpoint, non-core properties are expected to generate between $8.3 million and $12.3 million of NOI, and property management and G&A expense guidance is $118.9 million-$124.9 million. Full year core growth rate ranges are 4%-4.6% for core revenues, 1.6%-2.2% for core expenses, and 5.7%-6.3% for core NOI; core MH rent growth is expected in the range of 5.4%-6%, combined RV and Marina rent growth is 90 basis points to 1.5%, and RV and Marina annual rental growth is 5% at the midpoint. Fourth quarter guidance includes core property operating income growth of 5.7%-6.3%, MH rent growth of 5.7% at the midpoint, RV and Marina rent growth of approximately 2.8% at the midpoint, and core property operating expense growth of 1.8% at the midpoint; guidance assumes no impact from a material storm event. For 2027, the current preliminary assumptions are MH rent growth of 5.1% and RV annual rent growth of 4.7%; the 2027 rent growth assumption does not include incremental sites or mark-to-market impact, RV annual guidance does not include occupancy growth in 2027, and the annual RV figure is only RV and does not include marina.