A Business at a Glance
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EQUITY LIFESTYLE PROPERTIES INC
ELS
$12.7B
Mkt Cap
$66.05
+0.03%
EQUITY LIFESTYLE PROPERTIES INC (ELS) has a current P/E ratio of 32.9, compared to its historical median P/E of 36.1. The stock is currently considered Fair based on its historical valuation range.
EQUITY LIFESTYLE PROPERTIES INC (ELS) has a 5-year average return on invested capital (ROIC) of 6.8%. This is below average and may indicate limited pricing power.
EQUITY LIFESTYLE PROPERTIES INC (ELS) has a market capitalization of $12.8B. It is classified as a large-cap stock.
Yes, EQUITY LIFESTYLE PROPERTIES INC (ELS) pays a dividend with a trailing twelve-month yield of 3.10%. The company also returns capital through share buybacks, with a buyback yield of 0.02%.
Based on historical P/E analysis, EQUITY LIFESTYLE PROPERTIES INC (ELS) appears fair. The current P/E of 32.9 is 9% below its historical median of 36.1. The estimated fair value CAGR (P/E method) is 6.7%.
EQUITY LIFESTYLE PROPERTIES INC (ELS) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Equity LifeStyle Properties is a fully integrated owner and operator of lifestyle-oriented properties consisting of manufactured home (MH) communities, recreational vehicle (RV) parks, and marinas across 35 U.S. states and British Columbia. The company owns the underlying land and leases individual developed sites or membership subscriptions to customers who own manufactured homes, cottages, RVs, or boats on long-term or short-term bases, generating revenue from site rental income, membership subscriptions, home sales through its taxable REIT subsidiary, and ancillary services such as utilities and amenities. The business model is characterized by low maintenance costs and low customer turnover costs, with properties designed to attract retirees, vacationing families, second homeowners, and first-time homebuyers through community amenities including clubhouses, recreational facilities, and utilities. The company's portfolio of 453 properties (including joint ventures) comprises 173,371 sites and generates approximately 60% of revenue from the MH portfolio, which maintains over 94% occupancy, while RV and marina operations contribute the remainder. Properties are geographically diversified across highly desirable retirement and vacation destinations and urban areas, with strong cash flow characteristics that support long-term capital appreciation and a track record of consistent dividend growth.
【Steady operational momentum with near-term headwinds】 Management expects continued core portfolio strength with normalized FFO growth supported by rent increases across both MH and RV segments, though near-term challenges from marina slip restoration delays and seasonal transient revenue softness are anticipated to persist into late 2026 and early 2027. The company is investing in technology and operational efficiencies to enhance customer experience and drive occupancy recovery, with construction projects expected to complete late 2026 through 2027 and contribute to occupancy gains thereafter. Management maintains confidence in long-term occupancy improvement driven by favorable demographics of approximately 70 million baby boomers and 65 million Gen X members seeking affordable housing in desirable locations, supported by early visibility into 2026 rent increases and strong annual customer retention patterns. Capital allocation priorities include maintaining the 22-year dividend growth streak with approximately $100 million of discretionary capital available after dividend and recurring capital expenditure obligations, while pursuing selective property expansions in higher-growth Sunbelt markets.
| Metric | Target | Period |
|---|---|---|
| Normalized FFO per share | $3.12–$3.22 | FY2026 |
| Core property operating income growth | 5.2%–6.2% | FY2026 |
| Core revenues growth | 4%–5% | FY2026 |
| Core expenses growth | 2.2%–3.2% | FY2026 |
| Core NOI growth | 5.2%–6.2% | FY2026 |
| Core MH rent growth | 5.1%–6.1% | FY2026 |
| Combined RV and marina rent growth | 2%–3% | FY2026 |
| RV and marina annuals rent growth | 4.8% | FY2026 |
Normalized FFO per share (FY2026): “Our guidance for 2026 full year normalized FFO is $3.17 per share at the midpoint of our guidance range of $3.12-$3.22.”
Core property operating income growth (FY2026): “We project core property operating income growth of 5.7% at the midpoint of our range of 5.2%-6.2%.”
Core revenues growth (FY2026): “In the core portfolio, we project the following full year growth rate ranges: 4%-5% for core revenues”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Gross revenues from home sales, brokered resales and ancillary services | $153M | $180M | $145M | $118M | $86M | 35% |
Operating Segments | $101M | $124M | $95M | $73M | $69M | 28% |
Annual membership subscriptions | $58M | $63M | $65M | $66M | $69M | 28% |
Membership upgrade revenue | — | — | $15M | $16M | $12M | 5% |
Membership Subscriptions | $36M | $35M | $36M | $28M | $7M | 3% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.5B | 1.5B | 1.5B | 1.5B | 1.4B | 1.3B |
| Net Income | 385M | 386M | 367M | 314M | 285M | 262M |
| EPS | $1.99 | $2.01 | $1.96 | $1.69 | $1.53 | $1.43 |
| Free Cash Flow | 335M | 334M | 355M | 231M | 343M | 111M |
| ROIC | 18.3% | 7.7% | 7.7% | 6.4% | 6.0% | 6.4% |
| Gross Margin | - | 36.6% | 36.5% | 33.5% | 31.6% | 31.9% |
| Debt/Equity | 0.25 | 1.96 | 1.89 | 2.48 | 2.48 | 2.56 |
| Dividends/Share | $2.04 | $2.06 | $1.91 | $1.76 | $1.59 | $1.43 |
| Operating Income | 394M | 391M | 381M | 320M | 295M | 272M |
| Operating Margin | 25.6% | 25.6% | 24.9% | 21.5% | 20.4% | 20.7% |
| ROE | 21.9% | 22.1% | 23.2% | 21.9% | 19.9% | 19.8% |
| Shares Outstanding | 194M | 192M | 187M | 186M | 186M | 184M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 777M | 822M | 870M | 925M | 987M | 1.0B | 1.1B | 1.3B | 1.4B | 1.5B | 1.5B | 1.5B | 1.5B |
| Gross Margin | 35.0% | 34.4% | 36.5% | 36.6% | 36.9% | 36.1% | 33.8% | 31.9% | 31.6% | 33.5% | 36.5% | 36.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 27M | 31M | 31M | 32M | 38M | 36M | 39M | 40M | 45M | 47M | 38M | 38M | 39M |
| EBIT | 272M | 295M | 315M | 337M | 356M | 383M | 331M | 272M | 295M | 320M | 381M | 391M | 394M |
| Op. Margin | 35.0% | 35.9% | 36.2% | 36.4% | 36.0% | 37.0% | 29.6% | 20.7% | 20.4% | 21.5% | 24.9% | 25.6% | 25.6% |
| Net Income | 119M | 130M | 164M | 190M | 213M | 279M | 228M | 262M | 285M | 314M | 367M | 386M | 385M |
| Net Margin | 15.3% | 15.8% | 18.8% | 20.5% | 21.5% | 26.9% | 20.4% | 19.9% | 19.7% | 21.1% | 24.0% | 25.2% | 25.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 59K | 5.4M | 3.6M | 2.7M | 919K | 919K |
| Returns on Capital | |||||||||||||
| ROIC | 9.0% | 9.8% | 10.5% | 10.8% | 10.7% | 10.9% | 9.1% | 6.4% | 6.0% | 6.4% | 7.7% | 7.7% | 18.3% |
| ROE | 13.2% | 14.2% | 17.0% | 18.6% | 19.7% | 23.5% | 18.4% | 19.8% | 19.9% | 21.9% | 23.2% | 22.1% | 21.9% |
| ROA | 3.5% | 3.8% | 4.8% | 5.4% | 5.6% | 6.9% | 5.3% | 5.4% | 5.3% | 5.7% | 6.5% | 6.8% | 6.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 286M | 353M | 352M | 378M | 414M | 444M | 417M | 509M | 476M | 548M | 597M | 571M | 572M |
| Free Cash Flow | 222M | 259M | 233M | 236M | 162M | 385M | 208M | 111M | 343M | 231M | 355M | 334M | 335M |
| Owner Earnings | 162M | 227M | 221M | 244M | 265M | 281M | 251M | 308M | 265M | 326M | 383M | 355M | -2.5B |
| CapEx | 64M | 94M | 119M | 142M | 252M | 58M | 209M | 398M | 133M | 317M | 241M | 237M | 237M |
| Maint. CapEx | 116M | 117M | 122M | 125M | 139M | 152M | 155M | 188M | 202M | 204M | 204M | 209M | 3.0B |
| Growth CapEx | 0 | 0 | 0 | 17M | 113M | 0 | 54M | 210M | 0 | 113M | 37M | 28M | 0 |
| D&A | 116M | 117M | 122M | 125M | 139M | 152M | 155M | 188M | 202M | 204M | 204M | 209M | 3.0B |
| CapEx/OCF | 22.3% | 26.6% | 33.8% | 33.3% | 43.9% | 58.2% | 46.5% | 40.1% | 52.4% | 57.9% | 40.4% | 41.5% | 41.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 102M | 122M | 140M | 164M | 190M | 216M | 243M | 262M | 296M | 326M | 351M | 388M | 397M |
| Dividend Yield | 3.7% | 3.3% | 1.4% | 1.4% | 1.4% | 2.3% | 2.4% | 2.2% | 2.5% | 2.8% | 2.9% | 3.3% | 3.1% |
| Share Buybacks | 0 | 62K | 229K | 0 | 0 | 53K | 4.0M | 2.8M | 3.4M | 1.9M | 1.9M | 2.3M | 2.3M |
| Buyback Yield | 0.0% | 0.0% | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 7.6M | 8.6M | 9.2M | 9.4M | 10.0M | 10M | 12M | 13M | 8.8M | 18M | 9.4M | 7.3M | 7.1M |
| Debt Repayment | 5.1M | 17M | 1.4M | 228M | 197M | 156M | 391M | 433M | 557M | 688M | 544M | 867M | 867M |
| Balance Sheet | |||||||||||||
| Net Debt | 2.1B | 2.1B | 2.0B | 2.2B | 2.3B | 2.4B | 2.4B | 3.5B | 3.6B | 3.5B | 3.3B | 3.4B | 398M |
| Cash & Equiv. | 74M | 86M | 62M | 36M | 69M | 29M | 24M | 123M | 22M | 30M | 25M | 26M | 39M |
| Long-Term Debt | 2.2B | 2.1B | 2.1B | 2.2B | 2.4B | 2.2B | 2.4B | 3.3B | 3.4B | 3.5B | 3.2B | 3.3B | 3.3B |
| Debt/Equity | 2.43 | 2.32 | 2.07 | 2.16 | 2.10 | 1.93 | 1.98 | 2.56 | 2.48 | 2.48 | 1.89 | 1.96 | 0.25 |
| Interest Coverage | 2.4 | 2.8 | 3.1 | 3.3 | 3.4 | 3.7 | 3.2 | 2.5 | 2.5 | 2.4 | 2.8 | 3.0 | 3.0 |
| Equity | 912M | 925M | 1.0B | 1.0B | 1.1B | 1.2B | 1.2B | 1.4B | 1.4B | 1.4B | 1.7B | 1.8B | 1.8B |
| Total Assets | 3.4B | 3.4B | 3.5B | 3.6B | 3.9B | 4.2B | 4.4B | 5.3B | 5.5B | 5.6B | 5.6B | 5.7B | 5.7B |
| Total Liabilities | 2.5B | 2.4B | 2.4B | 2.5B | 2.7B | 2.8B | 3.1B | 3.8B | 4.0B | 4.1B | 3.8B | 3.9B | 3.9B |
| Intangibles | 4.3M | 4.3M | 4.3M | 4.3M | 4.3M | 4.3M | 4.7M | 38M | 38M | 38M | 38M | 38M | 38M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 170M |
| Per Share Data | |||||||||||||
| EPS | 0.71 | 0.77 | 0.48 | 0.54 | 0.60 | 1.54 | 1.25 | 1.43 | 1.53 | 1.69 | 1.96 | 2.01 | 1.99 |
| Owner EPS | 0.96 | 1.34 | 0.65 | 0.69 | 0.74 | 1.55 | 1.37 | 1.68 | 1.42 | 1.76 | 2.05 | 1.85 | -12.76 |
| Book Value | 5.42 | 5.47 | 2.95 | 2.93 | 3.14 | 6.90 | 6.76 | 7.71 | 7.77 | 7.68 | 9.30 | 9.13 | 9.08 |
| Cash Flow/Share | 1.70 | 2.09 | 1.03 | 1.07 | 1.16 | 2.45 | 2.29 | 2.77 | 2.56 | 2.95 | 3.19 | 2.97 | 17.66 |
| Dividends/Share | 0.61 | 0.72 | 0.41 | 0.47 | 0.53 | 1.19 | 1.33 | 1.43 | 1.59 | 1.76 | 1.91 | 2.06 | 2.04 |
| Shares Out. | 168.4M | 169.0M | 342.1M | 351.7M | 357.3M | 181.2M | 182.6M | 183.5M | 186.0M | 185.9M | 187.2M | 192.3M | 193.9M |
| Valuation | |||||||||||||
| P/E Ratio | 28.0 | 33.6 | 29.3 | 33.6 | 34.0 | 38.6 | 43.5 | 53.9 | 38.2 | 39.8 | 32.9 | 30.4 | 33.1 |
| P/FCF | 15.0 | 16.9 | 41.3 | 54.4 | 89.0 | 28.0 | 47.7 | 127.5 | 31.7 | 54.2 | 33.9 | 35.2 | 38.3 |
| EV/EBIT | 15.7 | 18.7 | 18.4 | 22.6 | 23.2 | 29.0 | 30.6 | 39.5 | 39.1 | 40.7 | 32.4 | 31.4 | 33.5 |
| Price/Book | 4.3 | 4.7 | 4.8 | 6.2 | 6.4 | 8.6 | 8.0 | 10.0 | 7.5 | 8.8 | 6.9 | 6.7 | 7.3 |
| Price/Sales | 4.1 | 4.5 | 5.7 | 6.4 | 6.8 | 9.1 | 9.3 | 9.2 | 8.3 | 7.8 | 7.9 | 7.8 | 8.3 |
| FCF Yield | 5.7% | 5.9% | 4.8% | 3.7% | 2.2% | 3.6% | 2.1% | 0.8% | 3.2% | 1.8% | 2.9% | 2.8% | 2.6% |
| Market Cap | 3.9B | 4.4B | 4.8B | 6.4B | 7.2B | 10.8B | 9.9B | 14.2B | 10.9B | 12.5B | 12.1B | 11.8B | 12.8B |
| Avg. Price | 16.29 | 21.83 | 28.79 | 33.78 | 37.74 | 52.29 | 55.33 | 65.92 | 64.86 | 62.38 | 64.04 | 61.95 | 66.05 |
| Year-End Price | 19.77 | 25.86 | 28.14 | 36.44 | 40.43 | 59.48 | 54.38 | 77.13 | 58.48 | 67.32 | 64.43 | 61.20 | 66.05 |
EQUITY LIFESTYLE PROPERTIES INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
EQUITY LIFESTYLE PROPERTIES INC trades at 32.9x trailing earnings, compared to its 15-year median P/E of 36.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 38.3x vs a median of 41.3x. The company's 5-year average ROIC is 6.8% with a gross margin of 34.0%. Total shareholder yield (dividends) is 3.1%. At current prices, the estimated annualized return to fair value is +1.8%.
EQUITY LIFESTYLE PROPERTIES INC (ELS) reported annual revenue of $1.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
EQUITY LIFESTYLE PROPERTIES INC (ELS) has a net profit margin of 25.2%. This is a strong margin indicating high profitability.
EQUITY LIFESTYLE PROPERTIES INC (ELS) generated $334 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
EQUITY LIFESTYLE PROPERTIES INC (ELS) has a debt-to-equity ratio of 1.96. This indicates higher leverage, which may increase financial risk.
EQUITY LIFESTYLE PROPERTIES INC (ELS) reported earnings per share (EPS) of $2.01 in its most recent fiscal year.
EQUITY LIFESTYLE PROPERTIES INC (ELS) has a return on equity (ROE) of 22.1%. This indicates the company generates strong returns for shareholders.
EQUITY LIFESTYLE PROPERTIES INC (ELS) has a 5-year average gross margin of 34.0%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for EQUITY LIFESTYLE PROPERTIES INC (ELS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EQUITY LIFESTYLE PROPERTIES INC (ELS) has a book value per share of $9.13, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued core portfolio strength with normalized FFO growth supported by rent increases across both MH and RV segments, though near-term challenges from marina slip restoration delays and seasonal transient revenue softness are anticipated to persist into late 2026 and early 2027. The company is investing in technology and operational efficiencies to enhance customer experience and drive occupancy recovery, with construction projects expected to complete late 2026 through 2027 and contribute to occupancy gains thereafter. Management maintains confidence in long-term occupancy improvement driven by favorable demographics of approximately 70 million baby boomers and 65 million Gen X members seeking affordable housing in desirable locations, supported by early visibility into 2026 rent increases and strong annual customer retention patterns. Capital allocation priorities include maintaining the 22-year dividend growth streak with approximately $100 million of discretionary capital available after dividend and recurring capital expenditure obligations, while pursuing selective property expansions in higher-growth Sunbelt markets.
Based on recent SEC filings and earnings calls, EQUITY LIFESTYLE PROPERTIES INC (ELS) has provided the following forward guidance: Normalized FFO per share: $3.12–$3.22 (FY2026); Core property operating income growth: 5.2%–6.2% (FY2026); Core revenues growth: 4%–5% (FY2026); Core expenses growth: 2.2%–3.2% (FY2026); Core NOI growth: 5.2%–6.2% (FY2026), plus 3 additional metrics.
Core expenses growth (FY2026): “2.2%-3.2% for core expenses”
Core NOI growth (FY2026): “5.2%-6.2% for core NOI”
Core MH rent growth (FY2026): “Full year guidance assumes core MH rent growth in the range of 5.1%-6.1%.”
Combined RV and marina rent growth (FY2026): “Full year guidance for combined RV and marina rent growth is 2%-3%.”
RV and marina annuals rent growth (FY2026): “we expect 4.8% growth in rental income from annuals at the midpoint of our guidance range.”
No recent press releases.