Equity LifeStyle Properties' (ELS) Q3 results were a repeat of the company's typical report, with lower seasonal and transient RV volumes offset by lower expenses, RBC Capital Markets said in a note Thursday.
Management's initial 2027 guidance was in line with RBC's expectations, which leaves its estimates unchanged for the company, according to the note.
Equity LifeStyle narrowed its 2026 normalized FFO per share outlook by $0.02 at each end to a range of $3.15 to $3.21, keeping the midpoint $0.01 below the consensus estimate of $3.19, RBC said.
Outlook for RV growth was lowered by 40 basis points due to Q4 seasonal trends, and the operational expense guidance was cut by 20 basis points, RBC said.
RBC highlighted that the Canadian visitor count is still depressed, which was a disappointment although this is an almost irrelevant part of the business mix.
The investment firm noted that the company's annual RV segment is still "robust," with strong annual conversions and improving attrition trends.
RBC Capital Markets has an outperform rating on Equity LifeStyle Properties and a $68 price target.
Shares of Equity LifeStyle Properties were 3.4% higher in Thursday trading.
Price: 61.18, Change: +2.02, Percent Change: +3.41
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