UBS Sees 9%–11% REIT Returns in 2026, Trims Equity LifeStyle (ELS) Price Target

Equity LifeStyle Properties, Inc. (NYSE:ELS) is included among the 14 Best Mid Cap Dividend Aristocrat Stocks to Buy Now.

UBS Sees 9%–11% REIT Returns in 2026, Trims Equity LifeStyle (ELS) Price Target

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On January 8, UBS cut its price target on Equity LifeStyle Properties, Inc. (NYSE:ELS) to $67 from $77, while keeping a Buy rating on the stock.

In its note, UBS said 2026 could shape up as an important turning point for REITs. The firm expects total returns of roughly 9%–11%, supported by improving macro conditions, more attractive valuations, easing supply pressures, and a steadier political backdrop. UBS also sees 2026 as a two-speed year for the sector; more defensive conditions in the first half, followed by stronger tailwinds and catalysts in the second half. Within REITs, the firm said areas like Healthcare, Shopping Centers, and Coastal Apartments could be positioned to benefit more as the year progresses.

Operationally, Equity LifeStyle said that as of September 30, it held interests in 455 properties across 35 US states and British Columbia, representing 173,341 sites. The company also reported that core property operating expenses (excluding property management) rose 0.5% year-over-year for the quarter ended September 30, 2025, and came in below its prior guidance.

Equity LifeStyle Properties, Inc. (NYSE:ELS) is a self-managed REIT focused on lifestyle-oriented real estate. Its portfolio includes manufactured home (MH) and recreational vehicle (RV) communities, along with marinas, and it generates revenue through property operations as well as home sales and rental activity.

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