NYSE : ELS
Equity LifeStyle Properties, Inc. — Financial statements
Real Estate · REIT - Residential · United States
Last price 58.85 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 11.84B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 1.33B | 1.28B | 1.23B | 1.18B | 1.12B | 1.03B |
| Other Revenue | 242.59M | 237.03M | 281.65M | 295.44M | 315.86M | 276.14M |
| Total Revenue | 1.59B | 1.54B | 1.53B | 1.49B | 1.45B | 1.32B |
| Property Expenses | 731.48M | 719.68M | 725.29M | 731.74M | 730.40M | 658.26M |
| Selling, General & Administrative | 86.84M | 80.09M | 88.19M | 89.39M | 92.50M | 81.78M |
| Depreciation & Amortization | 214.66M | 208.90M | 203.88M | 203.74M | 202.36M | 188.44M |
| Total Operating Expenses | 1.03B | 1.01B | 1.02B | 1.02B | 1.03B | 928.48M |
| Operating Income | 557.65M | 529.24M | 515.06M | 467.27M | 425.19M | 391.80M |
| Interest Expense | -136.10M | -131.02M | -137.73M | -132.36M | -116.58M | -108.73M |
| Other Non-Operating Income | -4.80M | -4.85M | -5.53M | -5.77M | -4.84M | -3.64M |
| EBT Excluding Unusual Items | 410.63M | 393.37M | 371.80M | 329.14M | 303.77M | 279.43M |
| Merger & Restructuring Charges | -3.81M | -598.00K | ||||
| Gain (Loss) on Sale of Assets | 919.00K | 919.00K | -59.00K | |||
| Total Insurance Settlements | 2.40M | 5.10M | 28.35M | 13.40M | 40.60M | |
| Other Unusual Items | -104.00K | -613.00K | -15.70M | -23.37M | -41.76M | -2.78M |
| Pretax Income | 413.99M | 398.77M | 384.45M | 319.17M | 298.81M | 275.98M |
| Income Tax Expense | 9.94M | -3.27M | -354.00K | -10.49M | ||
| Earnings From Continuing Operations | 404.06M | 402.05M | 384.80M | 329.66M | 298.81M | 275.98M |
| Minority Interest in Earnings | -12.95M | -15.55M | -17.80M | -15.47M | -14.20M | -13.52M |
| Net Income | 391.11M | 386.49M | 367.00M | 314.19M | 284.61M | 262.46M |
| Net Income to Common | 391.11M | 386.49M | 367.00M | 314.19M | 284.61M | 262.46M |
| Basic Shares Outstanding | 193.71M | 192.14M | 187.44M | 186.06M | 185.78M | 182.92M |
| Diluted Shares Outstanding | 200.20M | 200.11M | 196.64M | 195.43M | 195.25M | 192.88M |
| EPS (Basic) | 2.02 | 2.01 | 1.96 | 1.69 | 1.53 | 1.43 |
| EPS (Diluted) | 2.02 | 2.01 | 1.96 | 1.69 | 1.53 | 1.43 |
| Dividend Per Share | 2.14 | 2.06 | 1.91 | 1.79 | 1.64 | 1.45 |
| Operating Margin | 35.06% | 34.41% | 33.61% | 31.31% | 29.31% | 29.68% |
| Profit Margin | 24.59% | 25.13% | 23.95% | 21.06% | 19.62% | 19.88% |
| EBITDA | 776.92M | 742.98M | 724.45M | 676.37M | 632.24M | 583.23M |
| EBITDA Margin | 48.84% | 48.31% | 47.27% | 45.33% | 43.59% | 44.17% |
| D&A For Ebitda | 219.27M | 213.74M | 209.40M | 209.10M | 207.05M | 191.43M |
| EBIT | 557.65M | 529.24M | 515.06M | 467.27M | 425.19M | 391.80M |
| EBIT Margin | 35.06% | 34.41% | 33.61% | 31.31% | 29.31% | 29.68% |
| Funds From Operations (FFO) | 622.09M | 615.74M | 595.97M | 541.16M | 505.06M | 465.57M |
| FFO Per Share | 3.11 | 3.08 | 3.03 | 2.77 | 2.68 | 2.52 |
| Adjusted Funds From Operations (AFFO) | 615.74M | 595.97M | 541.16M | 505.06M | 465.57M | |
| AFFO Per Share | 3.08 | 3.03 | 2.77 | 2.68 | 2.52 | |
| FFO Payout Ratio | 65.93% | 63.01% | 58.83% | 60.32% | 58.64% | 56.22% |
| Revenue as Reported | 1.58B | 1.53B | 1.53B | 1.49B | 1.45B | 1.32B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 5.49B | 5.36B | 5.30B | 5.28B | 5.14B | 4.92B |
| Cash & Equivalents | 9.23M | 7.93M | 5.58M | 4.24M | 2.65M | 94.10M |
| Accounts Receivable | 29.57M | 42.26M | 42.30M | 36.60M | 30.90M | |
| Goodwill | 17.60M | 17.60M | 17.60M | 17.60M | 17.40M | |
| Other Intangible Assets | 16.90M | 21.40M | 25.80M | 30.30M | 34.70M | |
| Loans Receivable Current | 28.40M | 63.79M | 8.47M | 7.64M | 8.76M | 9.05M |
| Restricted Cash | 15.10M | 18.20M | 19.00M | 25.70M | 19.70M | 29.30M |
| Trading Asset Securities | 9.35M | 2.30M | 6.06M | 19.12M | 3.52M | |
| Deferred Long-Term Charges | 57.12M | 58.15M | 56.52M | 53.64M | 50.44M | 47.35M |
| Other Long-Term Assets | 157.45M | 172.08M | 172.48M | 149.74M | 170.44M | 125.95M |
| Total Assets | 5.77B | 5.75B | 5.65B | 5.61B | 5.49B | 5.31B |
| Current Portion of Long-Term Debt | 200.00M | 2.21M | ||||
| Current Portion of Leases | 4.50M | |||||
| Long-Term Debt | 3.11B | 3.32B | 3.20B | 3.52B | 3.39B | 3.27B |
| Long-Term Leases | 19.46M | 27.10M | 25.70M | 28.00M | 30.70M | |
| Accounts Payable | 192.12M | 126.36M | 132.12M | 125.87M | 147.15M | 141.59M |
| Accrued Expenses | 10.97M | 11.33M | 10.68M | 12.66M | 11.74M | 9.29M |
| Other Current Liabilities | 108.72M | 103.15M | 95.58M | 87.49M | 80.10M | 70.77M |
| Long-Term Unearned Revenue | 339.65M | 341.94M | 351.75M | 344.79M | 320.06M | 295.13M |
| Total Liabilities | 3.96B | 3.93B | 3.82B | 4.12B | 3.98B | 3.82B |
| Common Stock | 1.99M | 1.99M | 1.96M | 1.92M | 1.92M | 1.91M |
| Additional Paid-In Capital | 1.99B | 1.98B | 1.95B | 1.64B | 1.63B | 1.59B |
| Distributions in Excess of Earnings | -250.12M | -225.04M | -214.98M | -223.58M | -204.25M | -183.69M |
| Comprehensive Income & Other | 9.35M | -2.21M | 2.30M | 6.06M | 19.12M | 3.52M |
| Total Common Equity | 1.75B | 1.76B | 1.74B | 1.43B | 1.45B | 1.42B |
| Minority Interest | 57.28M | 58.55M | 83.07M | 69.90M | 72.08M | 71.06M |
| Shareholders' Equity | 1.81B | 1.81B | 1.82B | 1.50B | 1.52B | 1.49B |
| Total Liabilities & Equity | 5.77B | 5.75B | 5.65B | 5.61B | 5.49B | 5.31B |
| Total Debt | 3.31B | 3.35B | 3.23B | 3.54B | 3.42B | 3.30B |
| Net Cash (Debt) | -3.29B | -3.34B | -3.22B | -3.53B | -3.39B | -3.21B |
| Net Cash Per Share | -16.43 | -16.69 | -16.40 | -18.08 | -17.38 | -16.63 |
| Filing Date Shares Outstanding | 194.79M | 193.93M | 191.14M | 186.49M | 186.18M | 185.94M |
| Total Common Shares Outstanding | 194.07M | 193.84M | 191.06M | 186.43M | 186.12M | 185.64M |
| Book Value Per Share | 9.01 | 9.06 | 9.11 | 7.66 | 7.77 | 7.62 |
| Tangible Book Value | 1.75B | 1.72B | 1.70B | 1.39B | 1.40B | 1.36B |
| Tangible Book Value Per Share | 9.01 | 8.88 | 8.91 | 7.43 | 7.51 | 7.34 |
| Land | 2.10B | 2.09B | 2.09B | 2.09B | 2.08B | 2.02B |
| Buildings | 1.41B | 1.31B | 1.24B | 1.24B | 1.17B | 1.09B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 391.11M | 386.49M | 367.00M | 314.19M | 284.61M | 262.46M |
| Depreciation & Amortization | 219.27M | 213.74M | 209.40M | 209.10M | 207.05M | 191.43M |
| Other Amortization | 12.08M | 10.11M | 9.80M | 9.13M | 8.94M | 8.45M |
| Gain (Loss) on Sale of Assets | -1.06M | -919.00K | 2.47M | 3.58M | 5.42M | 59.00K |
| Stock-Based Compensation | 6.25M | 7.25M | 9.37M | 17.83M | 8.76M | 12.69M |
| Income (Loss) on Equity Investments | 70.00K | -6.12M | -4.92M | -1.39M | 1.20M | -3.83M |
| Change in Accounts Receivable | 11.89M | 13.24M | -4.59M | -4.65M | -4.65M | -4.19M |
| Change in Accounts Payable | -120.00K | -7.70M | 212.00K | -25.78M | 5.83M | 30.01M |
| Change in Other Net Operating Assets | -59.27M | -45.52M | 720.00K | -40.60M | -38.26M | -40.77M |
| Other Operating Activities | 8.62M | -3.40M | -19.89M | 27.85M | -39.77M | 3.93M |
| Operating Cash Flow | 593.44M | 571.15M | 596.72M | 548.00M | 475.81M | 509.03M |
| Acquisition of Real Estate Assets | -222.69M | -237.09M | -242.61M | -326.41M | -389.29M | -742.17M |
| Sale of Real Estate Assets | 2.52M | 2.52M | ||||
| Net Sale / Acq. of Real Estate Assets | -220.17M | -234.57M | -242.61M | -326.41M | -389.29M | -742.17M |
| Cash Acquisition | -41.77M | |||||
| Investment in Marketable & Equity Securities | 4.26M | 4.24M | 5.07M | -3.65M | -9.39M | -46.54M |
| Other Investing Activities | 5.05M | -46.75M | 19.70M | 5.31M | -3.39M | 2.05M |
| Investing Cash Flow | -210.86M | -277.08M | -217.84M | -324.75M | -402.07M | -828.43M |
| Long-Term Debt Issued | 1.14B | 589.50M | 984.75M | 806.00M | 1.43B | |
| Total Debt Issued | 859.50M | 1.14B | 589.50M | 984.75M | 806.00M | 1.43B |
| Long-Term Debt Repaid | -1.02B | -907.96M | -852.58M | -692.78M | -861.24M | |
| Total Debt Repaid | -832.63M | -1.02B | -907.96M | -852.58M | -692.78M | -861.24M |
| Net Debt Issued (Repaid) | 26.87M | 116.18M | -318.46M | 132.17M | 113.22M | 568.28M |
| Issuance of Common Stock | 1.70M | 1.51M | 319.18M | 1.98M | 31.11M | 142.48M |
| Repurchase of Common Stock | -1.93M | -2.26M | -1.91M | -1.93M | -3.45M | -2.81M |
| Common Dividends Paid | -410.13M | -387.96M | -350.60M | -326.40M | -296.15M | -261.75M |
| Preferred Dividends Paid | -16.00K | -16.00K | -16.00K | -16.00K | -16.00K | -16.00K |
| Total Dividends Paid | -410.15M | -387.98M | -350.61M | -326.42M | -296.16M | -261.76M |
| Other Financing Activities | -14.03M | -19.96M | -32.44M | -21.46M | -19.52M | -27.44M |
| Net Cash Flow | -14.96M | 1.56M | -5.36M | 7.59M | -101.05M | 99.34M |
| Levered Free Cash Flow | 608.57M | 440.62M | 482.68M | 421.83M | 440.91M | 414.18M |
| Unlevered Free Cash Flow | 688.32M | 517.37M | 563.53M | 499.63M | 508.94M | 477.47M |
| Cash Interest Paid | 104.14M | |||||
| Change in Working Capital | -42.88M | -36.00M | 23.49M | -32.29M | -404.00K | 33.83M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.04B | 11.75B | 12.72B | 13.15B | 12.02B | 16.11B |
| Enterprise Value | 15.33B | 15.10B | 16.28B | 16.69B | 15.40B | 19.32B |
| Last Close Price | 59.03 | 59.03 | 62.75 | 64.57 | 57.56 | 76.25 |
| Price/FFO Ratio | 18.77 | 19.16 | 20.71 | 23.31 | 21.48 | 30.26 |
| Price/AFFO Ratio | 19.18 | 20.70 | 23.32 | 21.47 | 30.29 | |
| PE Ratio | 29.66 | 30.40 | 34.67 | 41.85 | 42.24 | 61.40 |
| PS Ratio | 7.46 | 7.64 | 8.30 | 8.81 | 8.29 | 12.21 |
| PB Ratio | 6.55 | 6.47 | 6.98 | 8.77 | 7.92 | 10.84 |
| P/OCF Ratio | 20.01 | 20.57 | 21.32 | 23.99 | 25.27 | 31.66 |
| EV/Sales Ratio | 9.53 | 9.82 | 10.62 | 11.19 | 10.61 | 14.63 |
| EV/EBITDA Ratio | 19.51 | 20.32 | 22.48 | 24.68 | 24.35 | 33.12 |
| EV/EBIT Ratio | 27.19 | 28.53 | 31.61 | 35.72 | 36.21 | 49.30 |
| Debt / Equity Ratio | 1.83 | 1.84 | 1.77 | 2.37 | 2.25 | 2.22 |
| Debt / EBITDA Ratio | 4.26 | 4.46 | 4.43 | 5.19 | 5.32 | 5.57 |
| Net Debt / Equity Ratio | 1.82 | 1.84 | 1.77 | 2.36 | 2.24 | 2.16 |
| Net Debt / EBITDA Ratio | 4.23 | 4.50 | 4.45 | 5.22 | 5.37 | 5.50 |
| Asset Turnover | 0.28 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 |
| Quick Ratio | 0.04 | 0.15 | 0.21 | 0.23 | 0.24 | 0.58 |
| Current Ratio | 0.12 | 0.48 | 0.33 | 0.38 | 0.36 | 0.75 |
| Return on Equity (ROE) | 22.34% | 22.10% | 23.16% | 21.86% | 19.90% | 19.78% |
| Return on Assets (ROA) | 6.05% | 5.81% | 5.72% | 5.26% | 4.92% | 5.04% |
| Earnings Yield | 3.37% | 3.29% | 2.88% | 2.39% | 2.37% | 1.63% |
| Dividend Yield | 3.63% | 3.40% | 2.87% | 2.54% | 2.54% | 1.67% |
| Payout Ratio | 107.52% | 100.38% | 95.54% | 103.89% | 104.06% | 99.73% |
| Buyback Yield / Dilution | -0.06% | -1.77% | -0.62% | -0.09% | -1.23% | -0.17% |
| Total Shareholder Return | 3.62% | 1.63% | 2.25% | 2.45% | 1.31% | 1.50% |