EQUITY LIFESTYLE PROPERTIES INC

Listed Company

ELSCIK 0000895417NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$1.53B

Net Income

$402.06M

Total Assets

$5.75B

Equity

$1.76B

Shares Out

193.94M

Op. Cash Flow

$571.15M

ELS$65.73+6.39% · past yearDBEQ Basic

Daily closing prices

Business

Equity LifeStyle Properties, Inc. is a fully integrated REIT that owns and operates manufactured home communities, recreational vehicle communities and marinas. The company leases developed land sites to customers on long-term or short-term bases and offers membership subscriptions for limited-stay access. ELS operates properties across 35 U.S. states and British Columbia through a taxable REIT subsidiary that also purchases, sells and leases factory-built homes and provides home-sale brokerage services.

Summary from 10-K filed 2026-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	1,283	1,233	1,179	1,119	1,033
Other income	63	75	67	56	50
Interest income	10	9	9	7	7
Income from other investments, net	9	8	9	9	5
Total revenues	1,531	1,526	1,489	1,447	1,316
Property operating and maintenance	493	480	470	443	399
Real estate taxes	85	82	78	74	73
Membership sales and marketing	16	22	21	20	19
Depreciation and amortization	209	204	204	202	188
Home selling expenses and ancillary operating expenses	27	28	27	27	24
General and administrative	38	38	47	45	40
Casualty-related charges/(recoveries), net	−4	−21	0	0	0
Other expenses	5	6	6	—	—
Early debt retirement	0	6	68,000	1	3
Interest and related amortization	131	138	132	117	109
Total expenses	1,140	1,145	1,169	1,152	1,044
Income before taxes and other items	391	381	320	295	272
Gain/(Loss) on sale of real estate and impairment, net	919,000	−2	−4	0	−59,000
Income tax benefit	3	354,000	10	0	0
Equity in income/(loss) of unconsolidated joint ventures	7	6	3	3	4
Consolidated net income	402	385	330	299	276
Income allocated to non-controlling interests Common OP Units	−16	−18	−15	−14	−14
Redeemable perpetual preferred stock dividends	−16,000	−16,000	−16,000	−16,000	−16,000
Net income available for Common Stockholders	386	367	314	285	262
Adjustment for fair market value of swap	−5	−4	−13	16	4
Consolidated comprehensive income	398	381	317	314	280
Comprehensive income allocated to non-controlling interests Common OP Units	−15	−18	−15	−15	−14
Comprehensive income attributable to Common Stockholders	382	363	302	299	266
Earnings per Common Share Basic (usd per share)	2.01	1.96	1.69	1.53	1.43
Earnings per Common Share Fully Diluted (usd per share)	2.01	1.96	1.69	1.53	1.43
Weighted average Common Shares outstanding Basic (in shares)	192	187	186	186	183
Weighted average Common Shares outstanding Fully Diluted (in shares)	200	197	195	195	193

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	2,088	2,089	2,089	2,085	2,020
Land improvements	4,784	4,583	4,381	4,115	3,879
Buildings and other depreciable property	1,306	1,244	1,237	1,170	1,090
Investment in real estate	8,179	7,916	7,706	7,370	6,989
Accumulated depreciation	−2,838	−2,640	−2,449	−2,259	−2,104
Net investment in real estate	5,340	5,276	5,257	5,111	4,885
Cash and restricted cash	26	25	30	22	123
Notes receivable, net	93	51	50	45	40
Investment in unconsolidated joint ventures	85	84	85	81	70
Deferred commission expense	58	57	54	50	47
Other assets, net	142	154	137	182	142
Total Assets	5,745	5,646	5,614	5,493	5,308
Mortgage notes payable, net	2,779	2,928	2,990	2,693	2,628
Term loans, net	437	199	498	497	297
Unsecured line of credit	105	77	31	198	349
Accounts payable and other liabilities	153	159	152	175	172
Deferred membership revenue	221	229	218	198	—
Accrued interest payable	11	11	13	12	9
Rents and other customer payments received in advance and security deposits	120	122	126	122	119
Distributions payable	103	96	87	80	71
Total Liabilities	3,931	3,822	4,115	3,975	3,822
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2025 and December 31, 2024; none issued and outstanding.	0	0	0	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 193,835,561 and 191,056,527 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.	2	2	2	2	2
Paid-in capital	1,982	1,951	1,644	1,629	1,593
Distributions in excess of accumulated earnings	−225	−215	−224	−204	−184
Accumulated other comprehensive income/(loss)	−2	2	6	19	4
Total Stockholders Equity	1,756	1,741	1,429	1,445	1,415
Non-controlling interests Common OP Units	59	83	70	72	71
Total Equity	1,815	1,824	1,499	1,517	1,486
Total Liabilities and Equity	5,745	5,646	5,614	5,493	5,308

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loss on sale of real estate and impairment, net	−919,000	2	4	5	59,000
Early debt retirement	0	6	68,000	1	3
Depreciation and amortization	214	209	209	207	191
Amortization of loan costs	5	5	5	5	5
Debt premium amortization	0	0	−62,000	−181,000	−325,000
Equity in (income)/loss of unconsolidated joint ventures	−7	−6	−3	−3	−4
Distributions of income from unconsolidated joint ventures	395,000	1	1	5	52,000
Proceeds from insurance claims, net	−4	−27	38	−42	−875,000
Compensation expense related to incentive plans	7	9	18	9	13
Revenue recognized from membership upgrade sales upfront payments	−14	−16	−15	−13	−11
Commission expense related to memberships sales	5	5	4	4	4
Deferred income tax benefit	−1	−354,000	−10	0	0
Manufactured homes, net	−45	12	−32	−27	−5
Notes receivable, net	13	−5	−5	−5	−4
Deferred commission expense	−7	−7	−7	−7	−9
Other assets, net	6	−4	−1	−4	−27
Accounts payable and other liabilities	−8	212,000	−26	6	30
Deferred membership revenue	6	31	35	34	37
Rents and other customer payments received in advance and security deposits	−2	−4	3	3	12
Net cash provided by operating activities	571	597	548	476	509
Real estate acquisitions, net	0	−1	−9	−140	−538
Proceeds from sale properties	3	0	0	—	—
Investment in unconsolidated joint ventures	−10	−10	−9	−26	−50
Distributions of capital from unconsolidated joint ventures	14	15	6	17	3
Proceeds from insurance claims, net	9	20	5	−3	2
Issuance of notes receivable	−56	0	0	—	—
Capital improvements	−237	−241	−317	−249	−204
Net cash used in investing activities	−277	−218	−325	−402	−828
Proceeds from stock options and employee stock purchase plan	2	2	2	3	2
Gross proceeds from the issuance of common stock	0	317	0	28	140
Common Stockholders	−388	−351	−326	−296	−262
Common OP Unitholders	−17	−17	−16	−15	−14
Preferred Stockholders	−16,000	−16,000	−16,000	−16,000	−16,000
Share based award tax withholding payments	−2	−2	−2	−3	−3
Principal payments and mortgage debt repayment	−152	−64	−165	−136	−129
Mortgage notes payable financing proceeds	0	0	464	200	270
Term loan proceeds	240	0	0	200	600
Term loan repayment	0	−300	0	0	−300
Line of credit repayment	−867	−544	−688	−557	−433
Line of credit proceeds	895	590	521	406	560
Debt issuance and defeasance costs	−2	−11	−5	−4	−11
Other	−436,000	−4	−275,000	−895,000	−2
Net cash used in financing activities	−293	−384	−216	−175	419
Net increase (decrease) in cash and restricted cash	2	−5	8	−101	99
Cash paid for interest, net	130	140	130	112	104
Cash paid for the purchase of manufactured homes	78	43	107	124	86
Investment in real estate	0	−1	−10	−142	−632
Other assets, net	0	0	13,000	0	−4
Rents and other customer payments received in advance and security deposits	0	0	718,000	901,000	14
Real estate acquisitions, net	0	−1	−9	−140	−538

Filings

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Frequently asked questions

What is EQUITY LIFESTYLE PROPERTIES INC's CIK number?

EQUITY LIFESTYLE PROPERTIES INC's SEC CIK number is 0000895417 (895417). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find EQUITY LIFESTYLE PROPERTIES INC's SEC filings?

All of EQUITY LIFESTYLE PROPERTIES INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did EQUITY LIFESTYLE PROPERTIES INC last report earnings?

EQUITY LIFESTYLE PROPERTIES INC (ELS) most recently filed an earnings 8-K with the SEC on Apr 22, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-026407). This is EQUITY LIFESTYLE PROPERTIES INC's most recent earnings filing of record — not a forecast of its next earnings date.

What is EQUITY LIFESTYLE PROPERTIES INC's most recent earnings 8-K?

EQUITY LIFESTYLE PROPERTIES INC's latest earnings 8-K (Item 2.02) was filed Apr 22, 2026 under accession 0001628280-26-026407. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

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