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MARKETS / NYSE / Real estate / Real estate investment trusts / ELS
NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Equity LifeStyle Properties Inc. ELS

18 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.5B
▲ 0.3% YoY
$402.1M
▲ 4.5% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Equity LifeStyle Properties is a fully integrated owner of lifestyle-oriented properties, with property operations and home sales and rental operations primarily within manufactured home and recreational vehicle communities and marinas. It owns the land that it leases to customers who own manufactured homes and cottages, RVs and/or boats, on a long-term or short-term basis. As of December 31, 2025, its portfolio consisted of 453 Properties, including joint venture Properties, with 173,371 Sites located throughout 35 states in the United States and British Columbia in Canada. It has an annual average of approximately 3,700 full-time, part-time and seasonal employees. Approximately 500 additional full-time employees work in its home and regional offices, assisting with functions related to the management of its Properties. The company was formed in December 1992 to continue the property operations, business objectives and acquisition strategies of an entity that had owned and operated the Properties since 1969. Commencing with its taxable year ended December 31, 1993, it has elected to be taxed as a REIT for U.S. federal income tax purposes.

Written from the business description in EQUITY LIFESTYLE PROPERTIES, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 18 February 2026. Every sentence was checked against that document before publication.

Growth

USD 1.5B
Revenue, FY2025 · full 18-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.5 · Net income 0.4
1B2B
2008201120142017202020232025
Compound annual growth
+1.9%
+6.5%
+6.4%
+7.5%
+10.4%
+10.7%
+10.3%
+15.8%
+9.5%
+10.0%
+9.4%
+9.8%
+12.3%
+16.6%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +6.5% a year over the five years to FY2025 — but profit grew faster: net income at +10.7%, earnings per share at +10.0%.

The share count rose from 0.18B to 0.19B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

26 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 25.6% · Net 26.3%
10%20%30%
200820162025
ROE
FY2025 · ROE 23.0%
10%20%
200820162025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.
Gross margin·
Operating margin25.6%
Net margin26.3%
EBITDAUSD 600.2M

Each USD of equity produced 23 cents of profit this year.

Cash & shareholders

USD 388.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2022 · FCF 343.0
150M300M-200M-400M
200820162025
Net buybacks $M Dividends $M
FY2025 · Dividends 388.0 · Net buybacks ·
150M300M-150M-300MDividendsNet buybacks
2008201120142017202020232025
Dividends paidUSD 388.0M
Net buybacks·
Share of profit96.5%
Consecutive raises1 year

USD 388.0M in dividends — 96% of the year's profit went back to shareholders.

Total assetsUSD 5.7B
EquityUSD 1.8B
CashUSD 26.1M
Gross debtUSD 3.3B
Net debtUSD 3.3B

Net debt stands at 189% of equity.

The 18-year record

18 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
ELS, 18-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B1.51.51.51.41.31.11.01.00.90.90.80.80.70.70.60.50.50.5
Operating income $B0.40.40.30.30.3◌◌0.40.30.30.30.30.30.20.20.20.2◌
EBITDA $B0.60.60.50.50.5◌◌0.50.50.40.40.40.40.30.30.20.2◌
Income tax $B−0.0−0.0−0.00.00.0◌◌◌◌◌◌◌◌◌◌◌◌◌
Net income $B0.40.40.30.30.30.20.30.20.20.20.20.10.10.10.00.00.00.0
Free cash flow $B◌◌◌0.30.10.20.40.20.20.30.30.20.10.2−0.50.20.10.1
EPS, diluted $2.011.961.691.531.431.251.541.191.081.921.541.411.280.660.321.251.220.75
Dividend / sh $2.061.91◌◌◌◌◌0.49◌◌◌◌0.251.751.501.20◌◌
Payout %96919999951017384787581745015018883——
ROE %23.024.322.920.920.819.425.021.020.619.416.415.314.47.55.519.915.6◌
Shares out B0.190.190.190.190.190.180.180.090.090.090.080.080.080.040.040.030.030.03

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 53 reconciliationsAUDITED

Reconciled in 18 of the 18 fiscal years we could check. Two checks were skipped: the balance sheet is not tagged before 2009. One check was skipped: EPS is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated inMaryland
Fiscal year endsDecember 31
Data on record since2008

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