EQUITY LIFESTYLE PROPERTIES INC ELS
Equity LifeStyle Properties, Inc.
Equity LifeStyle Properties, Inc. ("ELS" or the "Company"), a Maryland corporation, together with MHC Operating Limited Partnership (the "Operating Partnership") and its other consolidated subsidiaries (the "Subsidiaries"), are referred to herein as "we," "us," and "our". We are a fully integrated owner of lifestyle-oriented properties ("Properties") consisting of property operations and home sales and rental operations primarily within manufactured home ("MH") and recreational vehicle ("RV") communities and marinas. We were formed in December 1992 to continue the property operations, business objectives and acquisition strategies of an entity that had owned and operated Properties since 1969. Mr. Samuel Zell served as Chairman of our Board of Directors (the "Board") from the Company's initial public offering until his passing in May 2023. Mr. Zell is recognized as a founder of the modern real estate investment trust ("REIT") industry. Commencing with our taxable year ended December 31, 1993, we have elected to be taxed as a REIT for U.S. federal income tax purposes.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.53B | $1.53B | $1.49B | $1.45B | $1.32B | $1.12B | $1.04B | $986.7M | $925.3M | $870.4M |
| SG&A | $37.5M | $38.5M | $47.3M | $44.9M | $39.6M | $39.3M | $35.7M | $37.7M | $31.7M | $31.0M |
| Total operating expenses | $1.14B | $1.15B | $1.17B | $1.15B | $1.04B | $882.8M | $802.6M | $765.2M | $718.7M | $685.9M |
| Operating income | $391.3M | $380.7M | $320.1M | $295.5M | $272.2M | — | — | $355.6M | $336.7M | $315.2M |
| Pre-tax income | $405.3M | $385.2M | $340.2M | $295.5M | $272.1M | $236.0M | $287.2M | $221.4M | $206.6M | $184.5M |
| Income tax | $3.3M | $354.0K | $10.5M | $0 | $0 | — | — | — | — | — |
| Net income | $402.1M | $384.8M | $329.7M | $298.8M | $276.0M | $241.4M | $295.9M | $226.4M | $210.4M | $187.1M |
| EPS, basic | 2.01 | 1.96 | 1.69 | 1.53 | 1.43 | 1.26 | 1.54 | 1.19 | 1.09 | 1.93 |
| EPS, diluted | 2.01 | 1.96 | 1.69 | 1.53 | 1.43 | 1.25 | 1.54 | 1.19 | 1.08 | 1.92 |
| Shares, diluted (wtd. avg.) | $200.1M | $196.6M | $195.4M | $195.3M | $192.9M | $192.6M | $192.0M | $190.1M | $186.8M | $92.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $26.1M | $24.6M | $29.9M | $22.3M | $123.4M | $24.1M | $28.9M | $69.0M | $35.6M | $61.8M |
| Goodwill | $17.6M | $17.6M | $17.6M | $17.6M | $17.4M | $7.8M | $7.8M | $7.8M | $7.8M | $7.8M |
| Other intangibles | $38.0M | $38.0M | $38.0M | $38.0M | $38.0M | $4.7M | $4.3M | $4.3M | $4.3M | $4.3M |
| Total assets | $5.75B | $5.65B | $5.61B | $5.49B | $5.31B | $4.42B | $4.15B | $3.93B | $3.61B | $3.48B |
| Long-term debt | $3.35B | $3.20B | $3.52B | $3.39B | $3.27B | $2.44B | $2.25B | $2.36B | $2.20B | $2.09B |
| Total liabilities | $3.93B | $3.82B | $4.12B | $3.98B | $3.82B | $3.11B | $2.83B | $2.73B | $2.51B | $2.40B |
| Total equity | $1.76B | $1.74B | $1.50B | $1.52B | $1.49B | $1.30B | $1.32B | $1.19B | $1.10B | $1.08B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $571.1M | $596.7M | $548.0M | $475.8M | $509.0M | $417.4M | $443.5M | $414.1M | $378.0M | $352.4M |
| Depreciation and amortisation | $208.9M | $203.9M | $203.7M | $202.4M | $188.4M | $155.1M | $152.1M | $137.2M | $123.7M | $118.5M |
| Stock-based compensation | $7.3M | $9.4M | $17.8M | $8.8M | $12.7M | $11.5M | $10.5M | $10.0M | $9.4M | $9.2M |
| Capital expenditure | $237.1M | $241.3M | $317.1M | $249.3M | $204.3M | $209.2M | $258.0M | $251.7M | $142.4M | $119.4M |
| Investing cash flow | -$277.1M | -$217.8M | -$324.8M | -$402.1M | -$828.4M | -$401.3M | -$352.1M | -$398.1M | -$305.4M | -$218.6M |
| Financing cash flow | -$292.5M | -$384.2M | -$215.7M | -$174.8M | $418.7M | -$21.0M | -$131.5M | $17.3M | -$98.8M | -$158.4M |
| Dividends paid | $388.0M | $350.6M | $326.4M | $296.1M | $261.7M | $242.9M | $216.1M | $190.2M | $163.8M | $140.1M |
| Buybacks | — | — | — | — | — | — | — | $0 | $0 | $229.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-008722.
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