Barclays began coverage on Equity LifeStyle Properties, Inc. (NYSE:ELS) on May 29, 2025, setting the target price at $70. The firm also set an Equal Weight rating on the stock.
In a research note, the firm said that its assessment is premised on expectations that Equity LifeStyle Properties’ core annual Recreational Vehicle (RV) and Manufactured Housing (MH) businesses will remain stable. The analysts also anticipate that the company’s non-core segments will play a major role in strengthening its projected future funds from operations. Equity LifeStyle’s Non-Core business consists of Camping Memberships, Expansion/Development Net Operating Income (NOI), and Home Sales.
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According to Barclays’ projections, certain aspects of Equity LifeStyle Properties’ business, including Home Sales, RV Transient, and Campground Memberships, will have stabilized by 2026 after experiencing year-over-year declines. However, the firm expects no growth in RV Transient/Seasonal revenue for 2026, with a slight increase in 2027.
Be that as it may, Equity LifeStyle Properties financial performance in Q1 2025 was robust. The company’s net operating income jumped by 3.8%, and normalized funds from operations per share rose by 6.7%. Most crucially, the company’s MH portfolio, which comprises approximately 60% of total revenue, maintains a solid 94% occupancy rate.
Equity LifeStyle Properties, Inc. is a real estate investment trust (REIT). The REIT owns and operates manufactured home communities, RV resorts, and campgrounds in North America. Its portfolio includes premium locations in desirable housing markets and vacation destinations.
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