EQUITY LIFESTYLE PROPERTIES INCELS
EQUITY LIFESTYLE PROPERTIES INC Segments Disclosure
Reportable Segments
Operating segments are defined as components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”). We have identified two reportable segments: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the total portfolio from regional economic influences.
The CODM, who is our Vice Chairman and Chief Executive Officer, uses Net Operating Income (“NOI”) as the primary financial measure to evaluate segment performance. NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income and depreciation and amortization. The CODM regularly uses NOI predominately in comparing current financial performance with past financial performance, identifying business trends, and forecasting future periods in making resource allocation decisions and managing expenses to maximize value for the Company and its shareholders.
All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the years ended December 31, 2025, 2024 and 2023.
The following tables summarize our segment financial information:
| For the Year Ended December 31, 2025 | |||||||||||||||||
| (amounts in thousands) | Property Operations | Home Sales and Rentals Operations | Consolidated | ||||||||||||||
| Operations revenues | 1,456,083 | 56,955 | 1,513,038 | ||||||||||||||
| Operations expenses | (711,640) | (50,620) | (762,260) | ||||||||||||||
| NOI | 744,443 | 6,335 | 750,778 | ||||||||||||||
| Reconciliation to consolidated net income: | |||||||||||||||||
| Depreciation and amortization | (208,895) | ||||||||||||||||
| Gain/(Loss) on sale of real estate and impairment, net | 919 | ||||||||||||||||
| Interest income | 9,572 | ||||||||||||||||
| Income from other investments, net | 8,772 | ||||||||||||||||
| General and administrative | (37,510) | ||||||||||||||||
| Casualty-related charges/(recoveries), net | 4,487 | ||||||||||||||||
| Other expenses | (4,850) | ||||||||||||||||
| Interest and related amortization | (131,005) | ||||||||||||||||
| Income tax benefit | 3,273 | ||||||||||||||||
| Equity in income of unconsolidated joint ventures | 6,520 | ||||||||||||||||
| Consolidated net income | $ | 402,061 | |||||||||||||||
| Total assets | $ | 5,466,181 | $ | 279,212 | $ | 5,745,393 | |||||||||||
| Capital improvements | $ | 219,613 | $ | 17,478 | $ | 237,091 | |||||||||||
| For the Year Ended December 31, 2024 | |||||||||||||||||
| (amounts in thousands) | Property Operations | Home Sales and Rentals Operations | Consolidated | ||||||||||||||
| Operations revenues | 1,422,422 | 86,232 | 1,508,654 | ||||||||||||||
| Operations expenses | (701,838) | (73,158) | (774,996) | ||||||||||||||
| NOI | 720,584 | 13,074 | 733,658 | ||||||||||||||
| Reconciliation to consolidated net income: | |||||||||||||||||
| Depreciation and amortization | (203,879) | ||||||||||||||||
| Gain/(Loss) on sale of real estate and impairment, net | (2,466) | ||||||||||||||||
| Interest income | 9,238 | ||||||||||||||||
| Income from other investments, net | 8,274 | ||||||||||||||||
| General and administrative | (38,483) | ||||||||||||||||
| Casualty-related charges/(recoveries), net | 20,950 | ||||||||||||||||
| Other expenses | (5,533) | ||||||||||||||||
| Interest and related amortization | (137,710) | ||||||||||||||||
| Income tax benefit | 354 | ||||||||||||||||
| Equity in income of unconsolidated joint ventures | 6,248 | ||||||||||||||||
| Early debt retirement | (5,833) | ||||||||||||||||
| Consolidated net income | $ | 384,818 | |||||||||||||||
| Total assets | $ | 5,402,509 | $ | 243,143 | $ | 5,645,652 | |||||||||||
| Capital improvements | $ | 227,942 | $ | 13,337 | $ | 241,279 | |||||||||||
| For the Year Ended December 31, 2023 | |||||||||||||||||
| (amounts in thousands) | Property Operations | Home Sales and Rentals Operations | Consolidated | ||||||||||||||
| Operations revenues | 1,361,792 | 109,891 | 1,471,683 | ||||||||||||||
| Operations expenses | (685,392) | (94,778) | (780,170) | ||||||||||||||
| NOI | 676,400 | 15,113 | 691,513 | ||||||||||||||
| Reconciliation to consolidated net income: | |||||||||||||||||
| Depreciation and amortization | (203,738) | ||||||||||||||||
| Gain/(Loss) on sale of real estate and impairment, net | (3,581) | ||||||||||||||||
| Interest income | 9,037 | ||||||||||||||||
| Income from other investments, net | 8,703 | ||||||||||||||||
| General and administrative | (47,280) | ||||||||||||||||
| Other expenses | (5,768) | ||||||||||||||||
| Interest and related amortization | (132,342) | ||||||||||||||||
| Income tax benefit | 10,488 | ||||||||||||||||
| Equity in income of unconsolidated joint ventures | 2,713 | ||||||||||||||||
| Early debt retirement | (68) | ||||||||||||||||
| Consolidated net income | 329,677 | ||||||||||||||||
| Total assets | 5,342,386 | $ | 271,347 | $ | 5,613,733 | ||||||||||||
| Capital Improvements | $ | 290,081 | $ | 27,005 | $ | 317,086 | |||||||||||
The following table summarizes our financial information for the Property Operations segment:
| For the Years Ended December 31, | |||||||||||||||||
| (amounts in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Revenues: | |||||||||||||||||
| Rental income | $ | 1,268,243 | $ | 1,219,534 | $ | 1,164,333 | |||||||||||
| Annual membership subscriptions | 69,266 | 65,883 | 65,379 | ||||||||||||||
| Membership upgrade revenue | 12,412 | 16,433 | 14,719 | ||||||||||||||
| Other income | 62,794 | 75,354 | 67,407 | ||||||||||||||
| Gross revenues from ancillary services | 43,368 | 45,218 | 49,954 | ||||||||||||||
| Total property operations revenues | 1,456,083 | 1,422,422 | 1,361,792 | ||||||||||||||
| Expenses: | |||||||||||||||||
| Utility expense | 164,397 | 159,058 | 155,160 | ||||||||||||||
| Payroll | 120,715 | 120,204 | 120,310 | ||||||||||||||
| Repairs & maintenance | 99,178 | 93,997 | 94,424 | ||||||||||||||
| Insurance and other | 103,914 | 101,510 | 94,618 | ||||||||||||||
| Real estate taxes | 85,148 | 81,966 | 77,993 | ||||||||||||||
| Membership sales and marketing | 16,069 | 22,063 | 20,974 | ||||||||||||||
| Cost of ancillary services | 20,787 | 23,525 | 24,192 | ||||||||||||||
| Ancillary operating expenses | 20,648 | 21,401 | 21,551 | ||||||||||||||
| Property management | 80,784 | 78,114 | 76,170 | ||||||||||||||
| Total property operations expenses | 711,640 | 701,838 | 685,392 | ||||||||||||||
| NOI | $ | 744,443 | $ | 720,584 | $ | 676,400 | |||||||||||
The following table summarizes our financial information for the Home Sales and Rentals Operations segment:
| For the Years Ended December 31, | |||||||||||||||||
| (amounts in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Revenues: | |||||||||||||||||
Rental income (1) | $ | 14,289 | $ | 13,718 | $ | 14,626 | |||||||||||
| Gross revenue from home sales and brokered resales | 42,666 | 72,514 | 95,265 | ||||||||||||||
| Total revenues | 56,955 | 86,232 | 109,891 | ||||||||||||||
| Expenses: | |||||||||||||||||
| Cost of home sales and brokered resales | 39,548 | 61,246 | 83,476 | ||||||||||||||
| Home selling expenses | 5,864 | 6,243 | 5,902 | ||||||||||||||
| Rental home operating and maintenance | 5,208 | 5,669 | 5,400 | ||||||||||||||
| Total expenses | 50,620 | 73,158 | 94,778 | ||||||||||||||
| NOI | $ | 6,335 | $ | 13,074 | $ | 15,113 | |||||||||||
_____________________
(1) Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 23, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.