Equity LifeStyle Properties, Inc.
- Open
- 65.59
- Day high
- 66.08
- Day low
- 64.88
- Prev close
- 65.75
- Volume
- 1.0M
- Mkt cap
- $13.1B
- P/E (TTM)
- 34.0
- EPS (TTM)
- $1.92
- P/B
- 7.4
- P/S
- 8.4
- Yield
- 3.24%
- Per share
- $2.12
Equity LifeStyle Properties, Inc. (ELS) is a Real Estate company listed on NYSE. The stock is up 5% over the past year.
Equity LifeStyle Properties, Inc. (ELS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ELS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $0.55 | $0.84 | +53.8% | $398M | +0.5% |
| Jan 28, 2026 | $0.78 | $0.79 | +1.3% | $418M | +6.0% |
| Jul 21, 2025 | $0.69 | $0.69 | +0.0% | $373M | -5.2% |
| Jan 27, 2025 | $0.48 | $0.76 | +58.3% | $372M | +0.8% |
| Jul 22, 2024 | $0.65 | $0.66 | +1.5% | $382M | -4.5% |
| Jan 29, 2024 | $0.72 | $0.71 | -1.4% | $361M | +11.2% |
| Oct 16, 2023 | $0.72 | $0.71 | -1.4% | $384M | +0.6% |
| Jul 17, 2023 | $0.66 | $0.66 | +0.0% | $365M | -2.9% |
| Apr 17, 2023 | $0.76 | $0.74 | -2.6% | $366M | -0.6% |
| Jan 30, 2023 | $0.60 | $0.66 | +10.0% | $337M | +13.0% |
| Oct 17, 2022 | $0.68 | $0.70 | +2.9% | $377M | +19.6% |
| Jul 18, 2022 | $0.64 | $0.64 | +0.0% | $361M | +24.1% |
ELS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Freedman Constancedirector | Grant | 377 | $51.65 |
| May 5, 2026 | Freedman Constancedirector | Grant | 60 | $53.77 |
| Apr 30, 2026 | Berkenfield Andrewdirector | Grant | 2,316 | $62.60 |
| Apr 30, 2026 | CALIAN PHILIPdirector | Grant | 399 | $62.60 |
| Apr 30, 2026 | Peppet Scott Rdirector | Grant | 320 | $62.60 |
| Apr 30, 2026 | CONTIS DAVID Jdirector | Grant | 200 | $62.60 |
| Apr 30, 2026 | HENEGHAN THOMASdirector, officer: Chairman of the Board | Grant | 1,595 | $62.60 |
| Apr 30, 2026 | CONTIS DAVID Jdirector | Grant | 319 | $62.60 |
| Apr 30, 2026 | Burks Derrickdirector | Grant | 2,316 | $62.60 |
| Apr 30, 2026 | Peppet Scott Rdirector | Grant | 2,316 | $62.60 |
| Apr 30, 2026 | Berkenfield Andrewdirector | Grant | 120 | $62.60 |
| Apr 30, 2026 | CALIAN PHILIPdirector | Grant | 2,316 | $62.60 |
| Apr 30, 2026 | Papandreou Radhikadirector | Grant | 120 | $62.60 |
| Apr 30, 2026 | HENEGHAN THOMASdirector, officer: Chairman of the Board | Grant | 14,375 | $62.60 |
| Apr 30, 2026 | CONTIS DAVID Jdirector | Grant | 2,316 | $62.60 |
Source: ELS SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full ELS insider & 13F page →Equity LifeStyle Properties, Inc. company profile
Overview
Equity LifeStyle Properties, Inc. (NYSE:ELS) is a Chicago-based real estate investment trust (REIT) that has been publicly traded since 1993. The company specializes in owning and operating residential communities designed for manufactured homes and recreational vehicles (RVs), with a portfolio concentrated in high-growth Sunbelt markets. As of 2024, ELS owns or has interests in over 400 properties across 33 states and British Columbia, encompassing more than 160,000 sites. The company has established itself as a leading player in the affordable housing and outdoor recreation sectors, serving demographics ranging from retirees seeking affordable housing solutions to RV enthusiasts looking for premium camping experiences.
Business
Equity LifeStyle Properties operates in the residential REIT sector, focusing on two primary business segments that cater to distinct but complementary markets. Manufactured Housing Communities (60% of revenue): These are residential communities where residents own their manufactured homes but lease the land underneath from ELS. Manufactured homes, also known as mobile homes, are factory-built houses that provide an affordable alternative to traditional site-built homes, typically costing around $90,000 compared to $500,000 for comparable neighborhood homes. The communities primarily serve residents aged 55 and older, with an average resident tenure of 10 years. The company maintains approximately 95% occupancy rates, with 97% of occupied sites owned by residents rather than rented as company-owned homes. RV and Marina Portfolio (40% of revenue): This segment includes RV resorts and marinas that accommodate recreational vehicles and boats. The business serves three customer categories: annual residents who lease sites year-round (representing over 75% of RV revenue), seasonal customers who stay for extended periods during specific seasons, and transient guests who visit for shorter durations. Many properties operate under the Thousand Trails membership program, which sells camping passes allowing access to multiple resort locations. The RV segment has received recognition with 50 resorts earning Tripadvisor Travelers' Choice Awards. Both segments focus heavily on properties located in Sunbelt states, particularly Florida, California, Arizona, and Texas, where favorable demographics and climate drive consistent demand from the target 55+ demographic.
Revenue model
ELS generates revenue primarily through land lease rental income from both manufactured housing and RV customers, operating on a landlord model where tenants pay monthly rent for site usage while maintaining ownership of their homes or RVs. Manufactured Housing Revenue: The company collects monthly site rent from residents who own their manufactured homes, typically implementing annual rent increases averaging 5% and targeting increases 140 basis points above cost-of-living adjustments. Additional revenue streams include new home sales (905 units sold in 2023), utility charges passed through to residents, and ancillary services. The stable nature of this customer base, with 10-year average tenancy and high switching costs due to home relocation expenses, provides predictable cash flows. RV and Marina Revenue: This segment generates income through site rentals across three customer categories. Annual customers provide the most stable revenue base, paying preset rates with average increases of 5.5%. Seasonal and transient customers pay higher daily/weekly rates but create more revenue volatility. The Thousand Trails membership program generates additional income through membership sales and annual dues, with nearly 20,000 camping passes sold in 2024. Margin Drivers: Positive factors include the company's ability to implement regular rent increases in markets with limited supply, economies of scale in property management, and the pass-through nature of many operating expenses like utilities. The demographic tailwinds from aging baby boomers (70 million) and Gen X populations (65 million) support long-term demand growth. Negative margin pressures include rising insurance costs (particularly in hurricane-prone Florida markets), property taxes, maintenance expenses, and potential weather-related disruptions that can temporarily impact occupancy and require costly repairs.
Competitive moat
ELS possesses a moderate but sustainable competitive moat built primarily on location scarcity and high customer switching costs, though it faces some structural vulnerabilities. The company's strongest moat element is zoning and regulatory barriers that severely limit new manufactured housing community development. Local zoning restrictions and NIMBY (Not In My Backyard) opposition make it extremely difficult for competitors to develop new communities in desirable locations, particularly in high-growth Sunbelt markets where ELS concentrates its portfolio. This creates a supply-constrained environment that supports pricing power. High customer switching costs provide additional protection, especially in the manufactured housing segment. Relocating a manufactured home typically costs $15,000-$25,000 and involves significant logistical complexity, making residents reluctant to move due to rent increases. The average 10-year residency tenure demonstrates this stickiness. However, this advantage is weaker in the RV segment, where customers can more easily relocate. Scale advantages in property management, purchasing power for insurance and supplies, and brand recognition through Thousand Trails provide operational efficiencies. The company's size allows it to weather individual property disruptions and invest in amenities that smaller operators cannot afford. Competitive threats include potential new supply from other large REITs or private developers in less regulated markets, alternative affordable housing solutions, and demographic shifts if younger generations show less interest in manufactured housing or RV lifestyles. Climate change poses a particular risk to Florida-concentrated assets, potentially making some locations uninsurable or uninhabitable. The company's heavy exposure to hurricane-prone regions creates ongoing vulnerability to catastrophic losses and rising insurance costs.
Risks & safety
ELS presents a mixed margin of safety profile with strong operational cash flows but elevated leverage and valuation concerns. Debt and Solvency: - Debt-to-EBITDA ratio of 4.4x, approaching the higher end of REIT comfort zones - Interest coverage ratio of 5.4x provides adequate cushion - Weighted average debt maturity of 8.4 years with only $87 million maturing before 2028 - Limited cash position ($5.6 million) with negative working capital, though typical for REITs - Strong operational cash flow of $597 million annually supports debt service Valuation Metrics: - P/E ratio of 29-32x appears elevated for a mature REIT - EV/EBITDA of 20-26x suggests premium valuation - Price-to-book ratio of 7.1-9.3x indicates significant premium to asset value - Current trading multiples appear stretched relative to historical REIT valuations Other Considerations: - Consistent dividend growth (21 consecutive years) demonstrates commitment to shareholder returns - Geographic concentration in hurricane-prone Florida creates catastrophic risk exposure - Strong demographic tailwinds provide long-term demand support - Limited acquisition opportunities may constrain growth optionality
Recent development
Over the past few years, ELS has pursued a focused strategy emphasizing internal growth over acquisitions while strengthening its balance sheet and expanding capacity in high-demand markets. Portfolio Expansion and Development: The company has developed nearly 5,000 new manufactured housing and RV sites over the last five years, with an additional 3,000 sites in various development stages. Recent expansion has focused heavily on Sunbelt markets, with 70% of new home sales and two-thirds of development occurring in Florida, California, Arizona, and Texas. The company added over 1,600 RV sites in 2022 alone and expects 400-600 new expansion sites in 2025. Strategic Pivot from Acquisitions: Management has shifted away from external growth due to limited transaction market activity and seller reluctance to adjust to higher cap rate expectations. Instead, the company is focusing on optimizing existing properties and internal development projects. They track approximately 1,000 potential acquisition opportunities but maintain disciplined pricing standards. RV Business Model Evolution: ELS has strategically worked to convert transient and seasonal RV customers to annual residents, reducing revenue volatility while improving cash flow predictability. Annual customers now represent over 75% of RV revenue, up from historical levels, with the long-term goal of increasing this percentage further. Balance Sheet Management: The company raised $314 million through its at-the-market equity program in 2024 and used proceeds to repay higher-cost debt, including a $300 million unsecured term loan. This deleveraging effort aims to maintain financial flexibility for future opportunities while reducing interest expenses. Technology and Operational Improvements: ELS has invested in property amenities and customer service enhancements, with 50 RV resorts receiving Tripadvisor recognition. The company continues expanding its Thousand Trails membership program, selling nearly 20,000 camping passes in 2024 compared to 4,600 in 2013.
ELS company profile · for informational purposes only — not investment advice.
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