A Business at a Glance
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Equity LifeStyle Properties, Inc. Equity LifeStyle Properties, Inc. (“ELS” or the “Company”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our”. We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. We were formed in December 1992 to continue the property operations, business objectives and acquisition strategies of an entity that had owned and operated Properties since 1969. Mr. Samuel Zell served as Chairman of our Board of Directors (the “Board”) from the Company’s initial public offering until his passing in May 2023. Mr. Zell is recognized as a founder of the modern real estate investment trust (“REIT”) industry.
| 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 | 386M | 386M | 367M | 314M | 285M | 262M |
| EPS | $2.01 | $2.01 | $1.96 | $1.69 | $1.53 | $1.43 |
| Free Cash Flow | 334M | 334M | 355M | 231M | 343M | 111M |
| ROIC | 7.6% | 7.7% | 7.7% | 6.4% | 6.0% | 6.2% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.96 | 1.96 | 1.89 | 2.48 | 2.48 | 2.56 |
| Dividends/Share | $2.02 | $2.06 | $1.91 | $0.45 | $0.41 | $0.36 |
| Operating Income | 391M | 391M | 381M | 320M | 295M | 272M |
| Operating Margin | 25.6% | 25.6% | 24.9% | 21.5% | 20.4% | 20.7% |
| ROE | 22.0% | 22.1% | 23.2% | 21.9% | 19.9% | 19.8% |
| Shares Outstanding | 192M | 192M | 187M | 186M | 186M | 184M |
EQUITY LIFESTYLE PROPERTIES INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
EQUITY LIFESTYLE PROPERTIES INC trades at 32.1x 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 37.5x vs a median of 41.3x. The company's 5-year average ROIC is 6.8%. Total shareholder yield (dividends) is 3.1%. At current prices, the estimated annualized return to fair value is +2.0%.
EQUITY LIFESTYLE PROPERTIES INC (ELS) has a current P/E ratio of 32.1, 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 $12.4B. It is classified as a large-cap stock.
Yes, EQUITY LIFESTYLE PROPERTIES INC (ELS) pays a dividend with a trailing twelve-month yield of 3.12%. 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 32.1 is 11% below its historical median of 36.1. The estimated fair value CAGR (P/E method) is 7.0%.
EQUITY LIFESTYLE PROPERTIES INC (ELS) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
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.
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.