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Friday 6 November 2026
Export ELS’s income statement to Excel — free account
Equity Lifestyle Properties, Inc.
ELS Real Estate Reit Residential
Equity Lifestyle Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, roughly unchanged from fiscal 2024.
- Revenue
- +4.22%
- EPS
- −10.0%
- Free cash flow
- +33.5%
- Total debt
- +19.5%
Quarter to September 2026, against a year earlier
62.90
0.40
+0.64%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 870 | 925 | 987 | 1,037 | 1,119 | 1,316 | 1,447 | 1,489 | 1,526 | 1,531 | 1,579 | +6.5% | 1,584 | 1,641 | 1,724 | +4.0% | |
| Gross margin, % | 52.59 | 52.07 | 52.67 | 53.00 | 51.91 | 50.00 | 49.53 | 50.87 | 52.48 | 53.00 | 53.68 | +0.4 pt | ||||||
| EBT | 185 | 207 | 221 | 296 | 236 | 272 | 295 | 320 | 381 | 391 | 412 | +8.7% | ||||||
| EBT margin, % | 21.20 | 22.33 | 22.44 | 28.53 | 21.10 | 20.68 | 20.42 | 21.49 | 24.94 | 25.56 | 26.08 | +4.4 pt | ||||||
| Net income | 187 | 210 | 226 | 296 | 241 | 276 | 299 | 330 | 385 | 402 | 404 | +8.9% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 5.13 | 5.32 | 5.55 | 5.74 | 6.15 | 7.20 | 7.79 | 8.01 | 8.14 | 7.97 | 8.15 | +5.0% | |||||
| Earnings | 0.97 | 1.09 | 1.20 | 1.54 | 1.19 | 1.43 | 1.53 | 1.69 | 1.96 | 2.01 | 2.03 | +8.5% | ||||||
| Cash flow | 2.08 | 2.17 | 2.33 | 2.45 | 2.30 | 2.78 | 2.56 | 2.95 | 3.18 | 2.97 | 3.06 | +4.1% | ||||||
| Capex | (1.28) | (1.51) | (2.34) | (2.02) | (2.24) | (4.06) | (2.10) | (1.75) | (1.29) | (1.22) | (1.14) | (0.6%) | ||||||
| Free cash flow | 0.79 | 0.66 | (0.01) | 0.43 | 0.06 | (1.27) | 0.47 | 1.19 | 1.89 | 1.75 | 1.93 | +9.2% | ||||||
| Book value | 6.38 | 6.32 | 6.71 | 7.31 | 7.18 | 8.12 | 8.17 | 8.05 | 9.73 | 9.45 | 9.32 | +4.5% | ||||||
| Shares, m | 170 | 174 | 178 | 181 | 182 | 183 | 186 | 186 | 187 | 192 | 193 | +1.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 36.97 | 40.37 | 40.64 | 45.86 | 49.94 | 61.30 | 41.95 | 42.34 | 34.15 | 30.15 | 30.99 | 42.4 | |||||
| P/S | 6.95 | 8.31 | 8.76 | 12.27 | 10.30 | 12.18 | 8.24 | 8.89 | 8.18 | 7.60 | 7.72 | 9.2 | ||||||
| P/B | 6.40 | 6.99 | 7.24 | 9.63 | 8.83 | 10.79 | 7.86 | 8.83 | 6.84 | 6.42 | 6.75 | 8.0 | ||||||
| EV/Sales | 7.11 | 8.52 | 8.89 | 12.59 | 10.47 | 12.58 | 8.71 | 9.22 | 8.34 | 7.94 | 8.07 | 9.4 | ||||||
| EV/FCF | 45.98 | 68.32 | (5,329.05) | 167.69 | 1,128.09 | (71.02) | 145.60 | 61.98 | 35.96 | 36.13 | 34.14 | (371.0) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 352 | 378 | 414 | 444 | 417 | 509 | 476 | 548 | 597 | 571 | 593 | +5.5% | |||||
| Capex | (218) | (263) | (416) | (366) | (407) | (742) | (389) | (326) | (243) | (235) | (220) | +0.8% | ||||||
| Free cash flow | 135 | 115 | (2) | 78 | 10 | (233) | 87 | 222 | 354 | 337 | 373 | +10.7% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (1,899) | (1,976) | (2,157) | (2,116) | (2,523) | (2,646) | (2,812) | (3,074) | (3,023) | (2,824) | (2,882) | +4.5% | |||||
| Net debt | 143 | 193 | 130 | 330 | 198 | 523 | 672 | 499 | 252 | 516 | 552 | +15.3% | ||||||
| Shareholders’ equity | 1,082 | 1,100 | 1,193 | 1,322 | 1,305 | 1,486 | 1,517 | 1,499 | 1,824 | 1,815 | 1,806 | +5.9% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 4.77 | 5.36 | 5.64 | 6.91 | 5.33 | 5.40 | 5.27 | 5.66 | 6.52 | 6.79 | 6.79 | +2.0 pt | |||||
| ROIC | 14.62 | 14.99 | 15.54 | 12.99 | 14.65 | 12.07 | 12.04 | 14.34 | 15.32 | 14.01 | 14.48 | (0.6) pt | ||||||
| ROE | 18.20 | 18.57 | 18.54 | 22.19 | 17.38 | 18.81 | 18.95 | 20.83 | 22.09 | 21.24 | 21.62 | +3.0 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 4,100 | 4,100 | 4,100 | 4,200 | 4,000 | 4,100 | 4,200 | 4,000 | 3,800 | 3,700 | — | (1.1%) | |||||
| Revenue/emp, $m | 0.21 | 0.23 | 0.24 | 0.25 | 0.28 | 0.32 | 0.34 | 0.37 | 0.40 | 0.41 | — | +7.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Property Operations | 1,456 | 95.08% |
|---|---|---|
| Home Sales and Rentals Operations | 57 | 3.72% |
| Other, not broken out | 18 | 1.20% |
| Gross margin | 53.00% | |
| Operating margin | 34.13% | |
| Pre-tax margin | 25.56% |
Equity Lifestyle Properties, Inc. vs peers in Reit Residential (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ESS Essex Property Trust, Inc. | $18.1B | 49.3× | 46.4× | +4.10% (above 0%: growing) | −36.97% (below 0%: shrinking) | −5.14% (below 0%: shrinking) | 66.94% | 31.82% | Compare |
| INVH Invitation Home | $15.9B | 24.0× | 30.4× | +6.26% (above 0%: growing) | +22.91% (above 0%: growing) | +239.04% (above 0%: growing) | 54.14% | 21.76% | Compare |
| SUI Sun Communities, Inc. | $14.6B | — (loss-making) | — (loss-making) | +12.56% (above 0%: growing) | +1,411.29% (above 0%: growing) | +42.90% (above 0%: growing) | 63.45% | 28.16% | Compare |
| MAA Mid-America Apartment Communities, Inc. | $14.5B | 36.5× | 32.1× | +1.04% (above 0%: growing) | −11.86% (below 0%: shrinking) | +81.71% (above 0%: growing) | 57.07% | 24.91% | Compare |
| CPT Camden Property Trust | $14.0B | 34.2× | 66.4× | −0.90% (below 0%: shrinking) | −75.68% (below 0%: shrinking) | −1,195.62% (below 0%: shrinking) | 64.13% | 12.20% | Compare |
| ELS Equity Lifestyle Properties, Inc. | $12.7B | 31.0× | 28.8× | +4.22% (above 0%: growing) | −10.00% (below 0%: shrinking) | +33.46% (above 0%: growing) | 52.10% | 33.35% | |
| UDR United Dominion Realty Trust, Inc. | $12.5B | 16.9× | 30.1× | −0.88% (below 0%: shrinking) | +500.08% (above 0%: growing) | −180.36% (below 0%: shrinking) | 62.20% | 63.12% | Compare |
| AMH American Homes 4 Rent | $11.9B | 27.0× | 32.4× | +4.10% (above 0%: growing) | −14.81% (below 0%: shrinking) | −25.98% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| JAN Janus Living, Inc. | $9.5B | — (loss-making) | — | +78.32% (above 0%: growing) | n/m | +592.48% (above 0%: growing) | 27.91% | (4.66%) | Compare |
| Median of peers | $14.3B | 30.6× | 32.3× | +4.10% | −11.86% | +18.88% | 59.63% | 23.34% |
From the latest earnings call
- Paul Seavey said annual RV and marina rental income grew in the third quarter, while seasonal and transient rent fell as occupancy declined.
- Seavey said the company adjusted its fourth-quarter expectations for seasonal and transient rentals to reflect reservation pacing as the winter season approached.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
103.65%
Held by the ten largest
62.46%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 26.88m | 13.85% | +983.08k |
| BlackRock | 24.46m | 12.60% | +562.79k |
| T. Rowe Price | 18.42m | 9.49% | +440.49k |
| COHEN & STEERS, INC. | 14.89m | 7.67% | +3.86m |
| State Street | 11.61m | 5.98% | −84.62k |
| Principal Financial | 7.55m | 3.89% | +1.11m |
| Victory Capital | 5.26m | 2.71% | −168.64k |
| Geode Capital Management | 4.91m | 2.53% | +135.34k |
| Daiwa Securities Group Inc. | 3.72m | 1.92% | +195.05k |
| MFS Investment Management | 3.51m | 1.81% | −808.79k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 17 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 4.00m | 3.87m | 109.00 |
| 2024 | 4.24m | 4.21m | 116.00 |
| 2023 | 4.26m | 4.56m | 119.00 |
| 2022 | 4.06m | 3.28m | 106.00 |
| 2021 | 4.14m | 5.51m | 141.00 |
Ownership
Directors and executive officers, together
0.80%
The Vanguard Group, Inc.
12.80%
BlackRock, Inc.
12.10%
T. Rowe Price Associates, Inc.
8.20%
State Street Corporation
6.70%
Cohen & Steers, Inc.
5.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Equity Lifestyle Properties, Inc. (ELS) Latest News
22 Oct
21 Oct
20 Oct
12 Oct
22 Sep
23 Jul
22 Jul
23 Apr
29 Jan
ELS metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
Equity LifeStyle Properties is a real estate investment trust, or REIT, that owns and operates manufactured-home communities, recreational-vehicle communities and marinas. It was formed in December 1992 and is headquartered in Chicago, Illinois. It was reported on 27 October 2026 that Patrick Waite had been promoted to President and Chief Executive Officer.
The company typically owns the land and leases a site to a customer who owns a manufactured home, cottage, RV or boat. A site is an individual developed area within a property. Customers can rent for long or short periods, depending on the property. The company also sells memberships that give subscribers access to selected properties for limited stays.