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Equity Lifestyle Properties Inc (ELS) stock

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NYSE: ELS NYSE Multi-Family Residential REITs Next results ~January 28, 2027

Equity Lifestyle Properties Inc is a US-listed company in the multi-family residential REITs industry. Its financial year ends in December.

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds210 adding, 256 cuttingOf 48 active managers that changed their stake, 15 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Equity Lifestyle Properties files

10-Q filed October 27: Equity Lifestyle Properties

Revenue for the twelve months to September 2026 was $1.58bn, up 3.2% on a year earlier, faster than the 2.5% growth a quarter earlier.

Our model value for Equity Lifestyle Properties is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 28: Equity Lifestyle Properties

Revenue for the twelve months to June 2026 reached $1.58bn, a gain of 3.2% on the prior year. That marks an acceleration from the 2.5% growth recorded a quarter earlier, so the top line is building a little pace. Our model value, however, eases from $49.73 to $49.25 a share. Set against a current share price of $60.83, the gap between the two remains wide. On that basis the rating stays at Sell.

10-Q on SEC EDGAR

Where Equity Lifestyle Properties stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.56bn, up 2.5% on a year earlier, faster than 1.0% a quarter earlier.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Equity Lifestyle Properties Inc's trailing-twelve-month revenue grew 3.2% year on year, with a free-cash-flow margin of 23.6%.

Current signal Revenue growth accelerating: TTM revenue growth rose to 3.2% (+0.7pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Strengths

  • High operating margin. 26.1% of revenue is left as operating profit.
  • Strong cash generation. 23.6% of revenue turned into free cash flow.

Things to watch

  • Short interest rising. Shares sold short rose 20% in a month to 7.7% of tradable shares.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$0.43 against an average estimate of $0.50: missed by 14.7%
Revenue
$410m, up 4.2% on a year earlier
Share reaction
-1.3% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Guidance given
net Income per Common Share $0.5 to $0.56 (Fourth Quarter 2026); net Income per Common Share $2 to $2.06 (Full Year 2026)
Next report
October 20, 2026; average EPS estimate $0.53

Equity Lifestyle Properties' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.4%
  • 1 week-1.0%
  • 1 month+3.8%
  • This year+2.4%
  • 1 year+2.5%
  • 5 years-17.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.6B
Operating margin
26.1%
Net margin
26.4%
EPS (TTM, diluted)
$2.08

Growth

Revenue growth
+3.2%
Change in growth rate
+0.7 pts
Share count change
+0.1%

Earnings

Last results
October 21, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Our research
  3. Results
  4. Guidance
  5. Announcement
  6. Announcement
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

No model value for Equity Lifestyle Properties Inc at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Equity Lifestyle Properties Inc as an equity reit, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.55 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. — Does not apply: This model is withheld pending its input or assumption review.
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$44 ~$37–$55 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Equity Lifestyle Properties Inc with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

74 /100

Strong moat

How hard Equity Lifestyle Properties's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.7% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 35.0%, moving by 2.5 percentage points (standard deviation) across 7 years.

  • Durability 20 / 20

    Operating margin has been a median 32.6%; its worst year was 24.1%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 9 of 10 years, at a median 22.1% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 3.9% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Equity Lifestyle Properties Inc: consensus estimates
Fiscal yearEPSGrowthRevenueGrowth
Current $2.01 +3% $1.6bn +4%
Next $2.20 +9% $1.6bn +4%

Next year's EPS estimate has moved +1.1% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.7% on 90 days ago. In the last 30 days, 0 analysts raised Equity Lifestyle Properties Inc's forecast and 1 cut it.

Consensus EPS forecast Equity Lifestyle Properties Inc, last 90 days
$2.00 $2.05 $2.10 $2.15 $2.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.04 Current fiscal year, 60 days ago: $2.05 Current fiscal year, 30 days ago: $2.05 Current fiscal year, 7 days ago: $2.05 Current fiscal year, Now: $2.01 $2.01 Next fiscal year, 90 days ago: $2.17 Next fiscal year, 60 days ago: $2.18 Next fiscal year, 30 days ago: $2.18 Next fiscal year, 7 days ago: $2.18 Next fiscal year, Now: $2.20 $2.20

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.04$2.17
60 days ago $2.05$2.18
30 days ago $2.05$2.18
7 days ago $2.05$2.18
Now $2.01$2.20

Earnings against estimates

Equity Lifestyle Properties Inc: reported EPS against the consensus estimate
Quarter toEstimateActualSurprise
Sept 2026 $0.50 $0.43 −14.7%
Jun 2026 $0.44 $0.48 +10.0%
Mar 2026 $0.54 $0.54 −1.0%
Dec 2025 $0.51 $0.50 −0.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • Net Income per Common Share Full Year 2026 $2.00 to $2.06 GAAP Narrowed
    “Net Income per Common Share $0.50 to $0.56 $2.00 to $2.06” source
  • FFO per Common Share and OP Unit Full Year 2026 $3.11 to $3.17 Non-GAAP Narrowed
    “FFO per Common Share and OP Unit $0.78 to $0.84 $3.11 to $3.17” source
  • Normalized FFO per Common Share and OP Unit Full Year 2026 $3.15 to $3.21 Non-GAAP Narrowed
    “Normalized FFO per Common Share and OP Unit $0.78 to $0.84 $3.15 to $3.21” source
  • Net Income per Common Share Fourth Quarter 2026 $0.50 to $0.56 GAAP
    “Net Income per Common Share $0.50 to $0.56 $2.00 to $2.06” source
  • FFO per Common Share and OP Unit Fourth Quarter 2026 $0.78 to $0.84 Non-GAAP
    “FFO per Common Share and OP Unit $0.78 to $0.84 $3.11 to $3.17” source
  • MH base rental income growth rate · MH (Core Portfolio) Full Year 2026 5.4% growth to 6% growth Narrowed
    “MH base rental income $ 189.9 $ 748.6 5.4% to 6.0% 5.4% to 6.0%” source
Show 14 more items
  • RV and marina base rental income growth rate · RV and marina (Core Portfolio) Full Year 2026 0.9% growth to 1.5% growth Narrowed
    “RV and marina base rental income (1) $ 99.0 $ 427.5 2.5% to 3.1% 0.9% to 1.5%” source
  • Property operating revenues growth rate · Core Portfolio Full Year 2026 4% growth to 4.6% growth Non-GAAP Narrowed
    “Property operating revenues $ 347.2 $ 1,405.6 4.1% to 4.7% 4.0% to 4.6%” source
  • Property operating expenses, excluding property management growth rate · Core Portfolio Full Year 2026 1.6% growth to 2.2% growth Non-GAAP Narrowed
    “Property operating expenses, excluding property management $ 136.4 $ 583.5 1.5% to 2.1% 1.6% to 2.2%” source
  • Income from property operations, excluding property management growth rate · Core Portfolio Full Year 2026 5.7% growth to 6.3% growth Non-GAAP Narrowed
    “Income from property operations, excluding property management $ 210.8 $ 822.2 5.7% to 6.3% 5.7% to 6.3%” source
  • Non-Core Income from property operations, excluding property management · Non-Core Portfolio Full Year 2026 $8.3m to $12.3m Non-GAAP Narrowed
    “Non-Core Income from property operations, excluding property management $8.3 to $12.3” source
  • Core MH base rent income growth assumption 2027 about 5.1% growth
    “Our preliminary 2027 Core MH base rent income growth assumption is approximately 5.1%.” source
  • Core RV annual rent income growth assumption 2027 about 4.7% growth
    “Our preliminary 2027 Core RV annual rent income growth assumption is approximately 4.7%.” source
  • Core RV and marina annual base rental income growth rate · RV and marina - Annual Full Year 2026 4.7% growth to 5.3% growth Narrowed
    “Core RV and marina annual base rental income fourth quarter 2026 growth rate range is 4.9% to 5.5% and the full year 2026 growth rate range is 4.7% to 5.3%.” source
  • MH base rental income growth rate · MH (Core Portfolio) Fourth Quarter 2026 5.4% growth to 6% growth
    “MH base rental income $ 189.9 $ 748.6 5.4% to 6.0% 5.4% to 6.0%” source
  • RV and marina base rental income growth rate · RV and marina (Core Portfolio) Fourth Quarter 2026 2.5% growth to 3.1% growth
    “RV and marina base rental income (1) $ 99.0 $ 427.5 2.5% to 3.1% 0.9% to 1.5%” source
  • Property operating revenues growth rate · Core Portfolio Fourth Quarter 2026 4.1% growth to 4.7% growth Non-GAAP
    “Property operating revenues $ 347.2 $ 1,405.6 4.1% to 4.7% 4.0% to 4.6%” source
  • Property operating expenses, excluding property management growth rate · Core Portfolio Fourth Quarter 2026 1.5% growth to 2.1% growth Non-GAAP
    “Property operating expenses, excluding property management $ 136.4 $ 583.5 1.5% to 2.1% 1.6% to 2.2%” source
  • Income from property operations, excluding property management growth rate · Core Portfolio Fourth Quarter 2026 5.7% growth to 6.3% growth Non-GAAP
    “Income from property operations, excluding property management $ 210.8 $ 822.2 5.7% to 6.3% 5.7% to 6.3%” source
  • Core RV and marina annual base rental income growth rate · RV and marina - Annual Fourth Quarter 2026 4.9% growth to 5.5% growth
    “Core RV and marina annual base rental income fourth quarter 2026 growth rate range is 4.9% to 5.5% and the full year 2026 growth rate range is 4.7% to 5.3%.” source

How earlier guidance turned out

  • Net Income per Common Share, Third Quarter 2026 guided $0.48 to $0.54 Below range: $0.45

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

19 analysts, Oct 2026
Buy1158%
Hold842%
Sell00%

Monthly trend

  1. Oct 202638819
  2. Sep 202638819
  3. Aug 202639719
  4. Jul 202639719

Counts of recommendations published by analysts covering Equity Lifestyle Properties Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.7%
of tradable shares
Days to cover
5.92
at average volume
Short interest, 1 month
+20%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.8%
of shares
Employees
3,700
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +2.5%

$58.96 on October 31, 2025 to $60.45

Equity Lifestyle Properties Inc: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $1.5bn $1.6bn +2.5%
Net margin 26.2% 27.4% +4.6%
P/E multiple 29.4x 28.3x −3.8%
Share count 199m 200m −0.6%

Biggest factor: net margin.

Last 3 years −2.1%

$61.74 on November 3, 2023 to $60.45

Equity Lifestyle Properties Inc: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $1.5bn $1.6bn +6.9%
Net margin 21.2% 27.4% +28.8%
P/E multiple 38.9x 28.3x −27.2%
Share count 195m 200m −2.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Equity Lifestyle Properties Inc: yearly return, monthly win rate and worst fall against the S&P 500
Calendar year 202120222023202420252026 to date
Return
ELS+41%−25%+12%−3%−6%+2%
Industry peers (median)+62%−33%+0%+20%−8%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ELS75%42%50%42%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ELS−11%−33%−16%−15%−14%−14%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 42% from February 20, 2020 to March 18, 2020. Getting back needed a 71% gain, reached on June 8, 2021, 447 days after the low.

Price behaviour

52-week range
$57.62 – $67.03
From 52-week high
−9.8%
vs 50-day average
+0.2%
vs 200-day average
−3.4%
Volatility (1 year)
19%
Beta vs S&P 500
-0.23

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±2.5%
After a week
5 up, 7 down
typical move ±3.2%
After a month
5 up, 6 down
typical move ±2.7%
Equity Lifestyle Properties Inc: share-price change after each results release
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 −1.3% −0.7% −6.5% —
July 23, 2026 +0.9% −1.1% +0.1% 0.0%
April 22, 2026 −2.4% +0.6% −4.3% −3.0%
January 29, 2026 +2.0% −0.5% +7.3% +10.4%
October 23, 2025 −2.9% +1.4% −4.1% −0.6%
July 22, 2025 −1.3% +0.9% −2.6% −1.8%
April 22, 2025 −2.6% +4.2% −1.0% −0.5%
January 28, 2025 −5.9% +0.4% −6.3% −1.5%
October 22, 2024 +3.8% −1.0% +1.4% +3.9%
July 23, 2024 −3.1% −2.4% +1.2% +5.0%
April 23, 2024 −2.2% +1.1% −3.8% +2.2%
January 30, 2024 +1.2% −1.7% +0.3% +0.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Equity Lifestyle Properties Inc
$1.5B $1.5B $1.6B $1.6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.5B Revenue (TTM), FY24 Q1: $1.5B Revenue (TTM), FY24 Q2: $1.5B Revenue (TTM), FY24 Q3: $1.5B Revenue (TTM), FY24 Q4: $1.5B Revenue (TTM), FY25 Q1: $1.5B Revenue (TTM), FY25 Q2: $1.5B Revenue (TTM), FY25 Q3: $1.5B Revenue (TTM), FY25 Q4: $1.5B Revenue (TTM), FY26 Q1: $1.5B Revenue (TTM), FY26 Q2: $1.6B Revenue (TTM), FY26 Q3: $1.6B $1.6B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.5B
FY24 Q1 $1.5B
FY24 Q2 $1.5B
FY24 Q3 $1.5B
FY24 Q4 $1.5B
FY25 Q1 $1.5B
FY25 Q2 $1.5B
FY25 Q3 $1.5B
FY25 Q4 $1.5B
FY26 Q1 $1.5B
FY26 Q2 $1.6B
FY26 Q3 $1.6B
Revenue growth, TTM YoY Equity Lifestyle Properties Inc
0% 1% 2% 3% 4% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 2.9% Revenue growth, TTM YoY, FY24 Q1: 3.4% Revenue growth, TTM YoY, FY24 Q2: 3.7% Revenue growth, TTM YoY, FY24 Q3: 3.1% Revenue growth, TTM YoY, FY24 Q4: 2.5% Revenue growth, TTM YoY, FY25 Q1: 1.4% Revenue growth, TTM YoY, FY25 Q2: 0.5% Revenue growth, TTM YoY, FY25 Q3: 1.0% Revenue growth, TTM YoY, FY25 Q4: 0.3% Revenue growth, TTM YoY, FY26 Q1: 1.0% Revenue growth, TTM YoY, FY26 Q2: 2.5% Revenue growth, TTM YoY, FY26 Q3: 3.2% 3.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 2.9%
FY24 Q1 3.4%
FY24 Q2 3.7%
FY24 Q3 3.1%
FY24 Q4 2.5%
FY25 Q1 1.4%
FY25 Q2 0.5%
FY25 Q3 1.0%
FY25 Q4 0.3%
FY26 Q1 1.0%
FY26 Q2 2.5%
FY26 Q3 3.2%
Operating margin (TTM) Equity Lifestyle Properties Inc
20% 22% 24% 26% 28% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 21.5% Operating margin (TTM), FY24 Q1: 23.0% Operating margin (TTM), FY24 Q2: 23.9% Operating margin (TTM), FY24 Q3: 24.1% Operating margin (TTM), FY24 Q4: 24.9% Operating margin (TTM), FY25 Q1: 24.6% Operating margin (TTM), FY25 Q2: 24.8% Operating margin (TTM), FY25 Q3: 25.7% Operating margin (TTM), FY25 Q4: 25.6% Operating margin (TTM), FY26 Q1: 25.6% Operating margin (TTM), FY26 Q2: 26.2% Operating margin (TTM), FY26 Q3: 26.1% 26.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 21.5%
FY24 Q1 23.0%
FY24 Q2 23.9%
FY24 Q3 24.1%
FY24 Q4 24.9%
FY25 Q1 24.6%
FY25 Q2 24.8%
FY25 Q3 25.7%
FY25 Q4 25.6%
FY26 Q1 25.6%
FY26 Q2 26.2%
FY26 Q3 26.1%
FCF margin (TTM) Equity Lifestyle Properties Inc
16% 18% 20% 22% 24% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 17.9% FCF margin (TTM), FY24 Q1: 20.8% FCF margin (TTM), FY24 Q2: 22.3% FCF margin (TTM), FY24 Q3: 23.7% FCF margin (TTM), FY24 Q4: 23.3% FCF margin (TTM), FY25 Q1: 23.5% FCF margin (TTM), FY25 Q2: 23.0% FCF margin (TTM), FY25 Q3: 21.9% FCF margin (TTM), FY25 Q4: 21.8% FCF margin (TTM), FY26 Q1: 21.7% FCF margin (TTM), FY26 Q2: 22.2% FCF margin (TTM), FY26 Q3: 23.6% 23.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 17.9%
FY24 Q1 20.8%
FY24 Q2 22.3%
FY24 Q3 23.7%
FY24 Q4 23.3%
FY25 Q1 23.5%
FY25 Q2 23.0%
FY25 Q3 21.9%
FY25 Q4 21.8%
FY26 Q1 21.7%
FY26 Q2 22.2%
FY26 Q3 23.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Equity Lifestyle Properties Inc: annual financial statements
Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 503 517 577 684 729 777 822 870 925 987 1,037 1,119 1,316 1,447 1,489 1,526 1,531 1,579
EBITDA 236 244 262 312 365 384 410 434 460 493 — — 461 498 524 585 600 627
Operating income 162 172 177 206 255 272 295 315 337 356 — — 272 295 320 381 391 413
Net income 34 44 26 60 126 138 151 187 210 226 296 241 276 299 330 385 402 416
Diluted EPS $0.30 $0.31 $0.16 $0.33 $0.64 $0.70 $0.77 $0.96 $1.08 $1.19 $1.54 $1.25 $1.43 $1.53 $1.69 $1.96 $2.01 $2.08
Growth (year on year)
Revenue +8.5% +2.8% +11.5% +18.6% +6.5% +6.6% +5.8% +5.9% +6.3% +6.6% +5.1% +7.9% +17.7% +9.9% +2.9% +2.5% +0.3% +3.2%
EBITDA — +3.5% +7.3% +19.1% +17.0% +5.2% +6.7% +5.8% +6.2% +7.0% — — — +8.1% +5.2% +11.6% +2.7% +4.6%
Operating income — +6.0% +2.8% +16.7% +23.3% +6.9% +8.5% +6.8% +6.8% +5.6% — — — +8.6% +8.3% +18.9% +2.8% +4.9%
Net income +85.8% +30.1% −40.5% +127.2% +110.4% +10.0% +8.7% +24.3% +12.4% +7.6% +30.7% −18.4% +14.3% +8.3% +10.3% +16.7% +4.5% +1.0%
Diluted EPS +62.7% +2.5% −48.8% +106.3% +93.9% +10.2% +9.2% +24.7% +12.5% +10.2% +29.4% −18.8% +14.4% +7.0% +10.5% +16.0% +2.6% +1.0%
Margins
EBITDA margin 46.9% 47.2% 45.4% 45.6% 50.1% 49.4% 49.9% 49.8% 49.8% 49.9% — — 35.0% 34.4% 35.2% 38.3% 39.2% 39.7%
Operating margin 32.2% 33.3% 30.6% 30.2% 34.9% 35.0% 35.9% 36.2% 36.4% 36.0% — — 20.7% 20.4% 21.5% 24.9% 25.6% 26.1%
Net margin 6.8% 8.6% 4.6% 8.7% 17.3% 17.8% 18.3% 21.5% 22.7% 22.9% 28.5% 21.6% 21.0% 20.7% 22.1% 25.2% 26.3% 26.4%
Free-cash-flow margin 23.9% 22.2% 19.7% 23.6% 26.1% 28.6% 31.5% 26.8% 25.5% 16.5% 37.1% 18.6% 8.4% 23.7% 15.5% 23.3% 21.8% 23.6%
Cash flow
Cash from operations 151 163 176 236 255 286 353 352 378 414 444 417 509 476 548 597 571 593
Capital spending 30 49 62 75 65 64 94 119 142 252 58 209 398 133 317 241 237 221
Free cash flow 120 115 114 161 191 222 259 233 236 162 385 208 111 343 231 355 334 372
Stock-based pay 5 5 6 6 6 8 9 9 9 10 10 12 13 9 18 9 7 6
Free cash flow after stock pay 116 109 108 155 185 214 251 224 226 152 375 197 98 334 213 346 327 366
Balance sheet
Cash 145 13 70 37 — — 86 62 36 69 29 24 123 22 30 25 26 24
Total debt 1,548 1,413 2,285 2,270 2,192 2,212 2,146 2,091 2,200 2,360 2,248 2,445 3,274 3,388 3,519 3,205 3,346 3,169
Net debt (negative = net cash) 1,403 1,400 2,214 2,233 — — 2,059 2,029 2,164 2,291 2,220 2,421 3,151 3,366 3,489 3,180 3,320 3,145
Diluted shares 132m 142m 161m 182m 182m 183m 184m 185m 187m 190m 192m 193m 193m 195m 195m 197m 200m 200m
Returned to shareholders
Dividends 48 −37 49 89 63 102 122 140 164 190 216 243 262 296 326 351 388 410
Buybacks 1 2 2 1 1 0 0 0 0 0 — — — — — — — —
Total returned 49 −35 51 91 64 102 122 140 164 190 216 243 262 296 326 351 388 410

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$410M
Diluted share count
+0.1%
year over year
Total shareholder yield
3.5%
dividends 3.5% + buybacks 0.0% of market value
Dividend payout ratio
99%
of net income paid out

Competitors: side by side with peers

Closest by revenue in multi-family residential reits
Growth, margins and cash generation against peers
Last 12 months unless stated ELS UDR ESS MAA UMH CSR Median
Revenue, last 12 months $1.6bn $1.7bn $1.9bn $2.2bn $279m $257m $268m
Revenue growth, last 12 months 3.2% 1.5% 4.5% 1.0% 8.5% −6.0% 1.4%
Revenue growth, 3-year average 2.4% 2.5% 5.4% 1.4% 9.4% −1.0% 2.5%
Revenue growth, latest quarter 4.2% 0.0% 4.1% 1.0% 10.8% −16.6% 1.7%
Gross margin 36.4% — 70.1% — 91.2% 96.6% 70.1%
Operating margin 26.1% 40.8% 29.5% 26.6% — 56.1% 26.1%
Operating margin, 3-year average 25.3% 26.7% 38.8% 24.4% — 30.3% 25.3%
Net margin 26.4% 30.4% 17.8% 17.4% 1.6% 35.4% 9.5%
Cash from operations / revenue 37.6% 51.7% 57.0% 45.0% 29.9% 30.2% 31.5%
Free-cash-flow margin 23.6% 37.5% 25.4% 28.0% −13.2% 89.2% 9.5%
Free-cash-flow margin, 3-year average 23.1% 36.3% 25.9% 32.4% −7.2% 26.5% 16.0%
Stock pay / revenue 0.4% 1.6% 0.7% 0.8% 1.7% 1.6% 1.6%
Change in share count 0.1% −0.8% 0.0% −0.5% 2.0% −7.9% −0.0%

Median of all 10 companies we cover in multi-family residential reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Home Sales Brokered Resales and Ancillary Services $86M ▼ 26.9%
Right To Use Annual Payment $69.3M ▲ 5.1%
Right To Use Contracts Current $12.4M ▼ 24.5%
Membership Subscription $6.7M ▼ 75.5%

These categories overlap or exclude eliminations, so shares aren't shown.

From Equity Lifestyle Properties Inc's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Reported value
$13.5B
Institutions reporting
473
Shares held vs prior quarter
▲ 2.4%
Positions opened / closed
42 / 63

Top buyers and sellers, Q2 2026: 210 institutions bought and 256 sold ; the biggest buyer was Cohen & Steers, Inc (+3.9M shares) and the biggest seller Jpmorgan Chase & Co (−1.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.6B 24.5M 11.7% ▲ 2.4%
Price T Rowe Associates Inc $1.2B 18.2M 8.7% ▲ 2.5%
Vanguard Portfolio Management LLC $1.1B 16.4M 7.9% ▲ 3.6%
Cohen & Steers, Inc. $960M 14.9M 7.1% ▲ 35.0%
State Street Corp $754M 11.6M 5.6% ▼ 0.7%
Vanguard Capital Management LLC $565M 8.8M 4.2% ▲ 4.4%
Aristotle Capital Management, LLC $527M 8.2M 3.9% ▼ 5.0%
Principal Financial Group Inc $487M 7.5M 3.6% ▲ 17.3%
Victory Capital Management Inc $339M 5.3M 2.5% ▼ 3.1%
Geode Capital Management, LLC $317M 4.9M 2.4% ▲ 2.8%
Daiwa Securities Group Inc. $240M 3.7M 1.8% ▲ 5.5%
Massachusetts Financial Services Co $233M 3.5M 1.7% ▼ 18.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Equity Lifestyle Properties Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Recent insider open-market transactions
Insider Date Trade Shares Price Value
Contis David J Director March 18, 2026 Sell 3,000 $67.22 $201,660

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 4 trades and filings

No trades in Equity Lifestyle Properties Inc disclosed in the last 12 months; 4 earlier trades on record.

  • Ritchie Torres(D-NY 15):Sale (full), $1,001 - $15,000, traded July 11, 2025, filed August 20, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded July 10, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 23, 2026
  • April 22, 2026
  • January 29, 2026
  • October 23, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on Equity Lifestyle Properties Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Equity Lifestyle Properties Inc in brief

What does Equity Lifestyle Properties Inc do?
Equity Lifestyle Properties Inc is a US-listed company in the multi-family residential REITs industry. Its financial year ends in December.
What is Equity Lifestyle Properties Inc's stock ticker?
Equity Lifestyle Properties Inc trades under the ticker ELS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Equity Lifestyle Properties Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Equity Lifestyle Properties Inc reported revenue of $1.6B, 3.2% higher than a year earlier, according to its SEC filings.
What is Equity Lifestyle Properties Inc's free cash flow?
Equity Lifestyle Properties Inc's free-cash-flow margin is 23.6% of revenue over the trailing twelve months.
Who are Equity Lifestyle Properties Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Price T Rowe Associates Inc and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Equity Lifestyle Properties Inc's market cap?
On November 2, 2026, Equity Lifestyle Properties Inc's market capitalisation was about $12.1B, with a price-to-earnings ratio of 29.1 and net debt of $3.1B. Market figures come from third-party market data and may be delayed.
Does Equity Lifestyle Properties Inc pay a dividend?
Yes: Equity Lifestyle Properties Inc paid $410M in dividends over the trailing twelve months, a dividend yield of 3.50% and a payout ratio of 98.5%.
Who are Equity Lifestyle Properties Inc's competitors?
In our Multi-Family Residential REITs peer group, the companies closest to Equity Lifestyle Properties Inc are UDR, Inc., Essex Property Trust, Mid-America Apartment Communities, UMH Properties, Inc. and Centerspace. The side-by-side comparison below sets their revenue, margins and growth against Equity Lifestyle Properties Inc's.
Are insiders buying or selling Equity Lifestyle Properties Inc stock?
Over the last 12 months, Equity Lifestyle Properties Inc's directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Equity Lifestyle Properties Inc's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Equity Lifestyle Properties Inc announces its own schedule.