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
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Equity Lifestyle Properties, Inc. 10-Q filed Oct 27, 2026
What changed
Part I, Item 2, Management’s Discussion and Analysis, against the 10-Q filed Jul 28, 2026: 13 added · 2 removed · 29 modified; 25 with only figures updated
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Modified · Overview and Outlook
We generate the majority of our revenues from customers renting our Sites or entering into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV
and marinaSites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. The revenue from seasonal and transient Sites is generally higher during the first and third quarters. We consider the transient revenue stream to be our most volatile as it is subject to weather conditions and other factors affecting the marginal RV customer’s vacation and travel preferences. We also generate revenue from customers renting our marina dry storage. Additionally, we have interests in joint venture Properties for which revenue is classified as Equity in income/(loss) of unconsolidated joint ventures in the Consolidated Statements of Income and Comprehensive Income.