MARKETS / NYSE / ELS

NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Equity Lifestyle Properties Inc. ELS

18 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$1.5B

▲ 0.3% YoY

Net income

$402.1M

▲ 4.5% YoY

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

Compound annual growth

Revenue

+1.9%

+6.5%

+6.4%

+7.5%

Net income

+10.4%

+10.7%

+10.3%

+15.8%

EPS, diluted

+9.5%

+10.0%

Returned to shareholders

+9.4%

+9.8%

+12.3%

+16.6%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +6.5% a year over five years — 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%

ROE

FY2025 · ROE 23.0%

Gross margin—

Operating margin25.6%

Net margin26.3%

Return on assets7.1%

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

Net buybacks $M Dividends $M

FY2025 · Dividends 388.0 · Net buybacks —

Dividends paidUSD 388.0M

Net buybacks—

Share of profit96.5%

Consecutive raises1 years

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

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	1.5	1.5	1.5	1.4	1.3	1.1	1.0	1.0	0.9	0.9	0.8	0.8	0.7	0.7	0.6	0.5	0.5	0.5
Operating income $B	0.4	0.4	0.3	0.3	0.3	·	·	0.4	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2	·
EBITDA $B	0.6	0.6	0.5	0.5	0.5	·	·	0.5	0.5	0.4	0.4	0.4	0.4	0.3	0.3	0.2	0.2	·
Income tax $B	−0.0	−0.0	−0.0	0.0	0.0	·	·	·	·	·	·	·	·	·	·	·	·	·
Net income $B	0.4	0.4	0.3	0.3	0.3	0.2	0.3	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.0	0.0	0.0	0.0
Free cash flow $B	·	·	·	0.3	0.1	0.2	0.4	0.2	0.2	0.3	0.3	0.2	0.1	0.2	−0.5	0.2	0.1	0.1
EPS, diluted $	2.01	1.96	1.69	1.53	1.43	1.25	1.54	1.19	1.08	1.92	1.54	1.41	1.28	0.66	0.32	1.25	1.22	0.75
Dividend / sh $	2.06	1.91	·	·	·	·	·	0.49	·	·	·	·	0.25	1.75	1.50	1.20	·	·
Payout %	96	91	99	99	95	101	73	84	78	75	81	74	50	150	188	83	·	·
ROE %	23.0	24.3	22.9	20.9	20.8	19.4	25.0	21.0	20.6	19.4	16.4	15.3	14.4	7.5	5.5	19.9	15.6	·
Shares out B	0.19	0.19	0.19	0.19	0.19	0.18	0.18	0.18	0.18	0.17	0.08	0.08	0.08	0.08	0.08	0.06	0.03	0.03

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

Provenance

Company facts, as filed

How we verify · 0 failures in 53 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 4 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityReal Estate Investment Trusts

Listed onNYSE

Incorporated inMaryland

Fiscal year endsDecember 31

Data on record since2008