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ELS

Equity LifeStyle Properties, Inc.

ELS

Equity LifeStyle Properties, Inc. • NYSE
$62.87 ▲ 0.26% (+0.16)
Market Cap $12.19 B
52w High $71.26
52w Low $58.15
Dividend Yield 2.02%
P/E 31.44
Volume 715.34K
Outstanding Shares 193.83M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $373.352M ▲ $72.489M ▼ $97.13M ▲ 26.016% ▲ $0.5 ▲ $187.54M ▲
Q2-2025 $372.58M ▲ $74.154M ▲ $79.716M ▼ 21.396% ▼ $0.42 ▼ $169.561M ▼
Q1-2025 $367.523M ▲ $70.28M ▲ $109.192M ▲ 29.71% ▲ $0.57 ▲ $197.705M ▲
Q4-2024 $341.521M ▼ $69.609M ▼ $95.983M ▲ 28.105% ▲ $0.5 ▲ $183.981M ▲
Q3-2024 $366.194M $73.992M $82.821M 22.617% $0.44 $175.696M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.191M ▲ $5.747B ▲ $3.935B ▲ $1.753B ▲
Q2-2025 $9.908M ▼ $5.721B ▲ $3.908B ▲ $1.731B ▼
Q1-2025 $26.176M ▲ $5.642B ▼ $3.809B ▼ $1.75B ▲
Q4-2024 $5.576M ▼ $5.646B ▲ $3.822B ▼ $1.741B ▲
Q3-2024 $18.498M $5.644B $4.149B $1.426B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $97.13M ▲ $147.01M ▲ $-66.847M ▲ $-73.88M ▼ $6.283M ▲ $251.669M ▲
Q2-2025 $83.493M ▼ $131.287M ▼ $-114.552M ▼ $-31.203M ▲ $-14.468M ▼ $71.83M ▼
Q1-2025 $114.393M ▲ $193.39M ▲ $-42.321M ▲ $-128.169M ▼ $22.9M ▲ $148.188M ▲
Q4-2024 $100.557M ▲ $105.317M ▼ $-65.932M ▼ $-55.207M ▲ $-15.822M ▼ $39.667M ▼
Q3-2024 $86.863M $149.527M $-47.3M $-97.487M $4.74M $91.129M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Home Sales Brokered Resales And Ancillary Services
Home Sales Brokered Resales And Ancillary Services
 $90.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Righttouse Annual Payment
Righttouse Annual Payment
 $0 ▲$20.00M ▲$20.00M ▲$20.00M ▲
Righttouse Contracts Current
Righttouse Contracts Current
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Equity LifeStyle Properties shows a clear pattern of steady growth in revenue and profit over the past several years. Margins have generally improved, meaning the company is keeping more of each dollar it brings in as operating and net income. Earnings per share have also moved up over time, which signals that growth is not just coming from adding more properties but also from running the portfolio more efficiently. The pace of growth has cooled slightly more recently, but overall the income statement reflects a mature, profitable REIT with relatively stable, recurring revenues rather than sharp swings.

Balance Sheet

Balance Sheet The balance sheet reflects a typical real estate investment trust profile: asset-heavy, with a meaningful but manageable level of debt. Total assets have grown consistently as the company has expanded its property base. Debt rose with that growth but has started to trend down slightly more recently, while shareholder equity has steadily built up. Cash on hand is quite low, so the business leans on access to capital markets and ongoing cash generation rather than large cash reserves. Overall, the balance sheet shows a leveraged but not extreme position, which is common for this type of real estate owner.

Cash Flow

Cash Flow Cash flow from operations has been steadily increasing, which is important for a REIT that needs reliable cash to fund distributions and reinvestment. Free cash flow has remained positive throughout the period, even after ongoing spending on property improvements and development. Capital spending has been consistently significant, reflecting a strategy of maintaining and enhancing the property portfolio, but it has been kept at a level that still leaves room for surplus cash. The pattern suggests a business that can fund much of its growth and upkeep from its own operations, rather than being overly dependent on new borrowing or equity issuance.

Competitive Edge

Competitive Edge The company occupies a strong niche in manufactured home communities, RV resorts, and marinas, with many properties in highly desirable, hard-to-replicate locations. Zoning restrictions, community resistance to new developments, and the capital needed to build similar properties create high barriers for new entrants. ELS also benefits from serving the affordable and lifestyle-oriented housing and vacation segment, which tends to enjoy persistent demand, especially among retirees. Its scale, long operating history, and reputation for well-run communities further support pricing power and occupancy. The main competitive risks come from changes in regulation, shifts in retirement and travel patterns, and competition from other large REITs trying to acquire similar scarce assets.

Innovation and R&D

Innovation and R&D ELS is not a traditional R&D-driven company, but it has been steadily adopting technology and process improvements to strengthen its operations. The company uses modern cloud-based systems and enterprise software to manage properties efficiently and streamline back-office work. Its resident portal and digital tools improve convenience and satisfaction for tenants, while internal data use supports better decisions on acquisitions and operations. Sustainability measures and potential moves toward “smart community” features can both lower costs and enhance the resident experience over time. Innovation here is more about disciplined, technology-enabled execution and amenity upgrades than about breakthrough inventions, but it still contributes to a more defensible and efficient business model.

Summary

Overall, Equity LifeStyle Properties presents as a mature, steadily growing residential REIT with a focused strategy in manufactured housing and related lifestyle communities. The income statement shows rising revenues and profits, the balance sheet reflects a leveraged but generally stable structure, and cash flows indicate the business can support both reinvestment and distributions. Its main strengths lie in a portfolio of scarce, well-located properties and a lifestyle- and community-focused offering that is not easy to copy. On the risk side, the company remains exposed to interest rate conditions, real estate cycles, regulatory changes, and the need for ongoing capital investment to keep properties attractive. Future performance will depend on how well ELS continues to balance growth, debt levels, property reinvestment, and incremental technology adoption while protecting its strong niche position.

NEWS

October 28, 2025 · 4:24 PM UTC

ELS Declares Fourth Quarter 2025 Dividend

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October 22, 2025 · 4:16 PM UTC

ELS Reports Third Quarter Results

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October 9, 2025 · 4:58 PM UTC

Equity LifeStyle Properties, Inc. Announces Third Quarter 2025 Earnings Release and Conference Call

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September 9, 2025 · 9:15 AM UTC

ELS TO PARTICIPATE AT BANK OF AMERICA SECURITIES 2025 GLOBAL REAL ESTATE CONFERENCE

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