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Equity Lifestyle Properties (ELS) Financials

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$61.65 +0.20 (+0.33%)
As of 02:49 PM Eastern
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Annual Income Statements for Equity Lifestyle Properties

Annual Income Statements for Equity Lifestyle Properties

This table shows Equity Lifestyle Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 130 164 190 213 279 228 262 285 314 367 386
Consolidated Net Income / (Loss)		 151 187 210 226 296 241 276 299 330 385 402
Net Income / (Loss) Continuing Operations		 151 187 210 226 296 241 276 299 341 396 411
Total Pre-Tax Income 		146 185 207 221 287 236 272 295 328 389 401
Total Revenue		 822 768 925 987 933 1,119 1,316 1,447 1,486 1,524 1,531
Net Interest Income / (Expense)		 0.00 -102 0.00 0.00 -104 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 102 0.00 0.00 104 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 822 870 925 987 1,037 1,119 1,316 1,447 1,486 1,524 1,531
Other Service Charges		 84 89 48 52 43 46 50 56 67 75 63
Net Realized & Unrealized Capital Gains on Investments		 - - 5.80 11 9.53 4.03 4.50 8.55 5.12 5.81 8.77
Other Non-Interest Income		 734 782 872 924 985 1,069 1,262 1,382 1,413 1,443 1,460
Total Non-Interest Expense		 675 584 719 765 646 883 1,044 1,152 1,158 1,134 1,130
Net Occupancy & Equipment Expense		 306 275 301 320 334 354 399 443 470 480 493
Marketing Expense		 10 11 11 12 14 16 19 20 21 22 16
Other Operating Expenses		 137 177 183 191 198 255 329 369 331 290 281
Depreciation Expense		 114 117 124 137 152 155 188 202 204 204 209
Other Special Charges		 106 - 101 105 -53 103 109 117 132 138 131
Income Tax Expense		 - - - - - - 0.00 0.00 -10 -0.35 -3.27
Other Gains / (Losses), net		 4.09 2.60 3.77 4.94 8.76 5.40 3.88 3.36 2.71 6.25 6.52
Preferred Stock Dividends Declared		 9.23 18 - 0.02 0.02 0.02 0.02 0.03 0.02 0.02 0.02
Net Income / (Loss) Attributable to Noncontrolling Interest		 11 - - - - 13 14 14 15 18 16
Basic Earnings per Share		 - $1.93 $1.09 $1.19 $1.54 $1.26 $1.43 $1.53 $1.69 $1.96 $2.01
Weighted Average Basic Shares Outstanding		 84.03M 84.78M 173.99M 177.93M 180.81M 181.83M 182.92M 185.78M 186.06M 187.44M 192.14M
Diluted Earnings per Share		 - $1.92 $1.08 $1.19 $1.54 $1.25 $1.43 $1.53 $1.69 $1.96 $2.01
Weighted Average Diluted Shares Outstanding		 91.91M 92.57M 186.85M 190.11M 192.00M 192.56M 192.88M 195.26M 195.43M 196.64M 200.11M
Weighted Average Basic & Diluted Shares Outstanding		 84M 85M 87.10M -10.63B 182.13M 182.30M 185.94M 186.18M 186.49M 191.14M 193.93M
Cash Dividends to Common per Share		 $1.50 - - $0.49 - - - $1.64 $1.79 $1.91 $2.06

Quarterly Income Statements for Equity Lifestyle Properties

This table shows Equity Lifestyle Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 77 92 110 78 83 96 109 80 97 100 108
Consolidated Net Income / (Loss)		 81 96 115 82 87 101 114 83 100 104 111
Net Income / (Loss) Continuing Operations		 81 96 115 82 87 101 114 83 100 113 111
Total Pre-Tax Income 		80 85 115 82 81 101 109 84 99 110 112
Total Revenue		 388 426 387 380 385 372 387 376 393 427 398
Net Interest Income / (Expense)		 0.00 66 0.00 0.00 0.00 - 0.00 0.00 0.00 31 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.00 -66 0.00 0.00 0.00 - 0.00 0.00 0.00 -31 0.00
Total Non-Interest Income		 388 361 387 380 385 372 387 376 393 395 398
Other Service Charges		 16 16 16 16 16 27 16 16 15 16 14
Net Realized & Unrealized Capital Gains on Investments		 1.38 1.81 2.04 2.63 0.39 0.75 2.02 1.40 2.00 3.35 1.77
Other Non-Interest Income		 371 343 369 361 369 344 370 358 376 377 382
Total Non-Interest Expense		 308 341 272 298 304 271 278 293 295 316 285
Net Occupancy & Equipment Expense		 127 108 115 126 129 111 119 128 133 114 121
Marketing Expense		 5.70 4.92 5.30 6.13 6.45 4.19 3.93 4.06 4.20 3.88 3.84
Other Operating Expenses		 91 78 67 79 82 74 73 76 71 81 74
Depreciation Expense		 51 51 51 51 51 50 51 53 52 53 53
Other Special Charges		 33 - 34 36 36 32 31 32 34 - 34
Other Gains / (Losses), net		 0.66 0.56 0.28 0.58 5.87 -0.49 4.90 -0.05 1.71 -0.04 -0.88
Net Income / (Loss) Attributable to Noncontrolling Interest		 3.77 - 5.37 3.82 4.04 4.57 5.20 3.78 3.23 - 3.59
Basic Earnings per Share		 $0.41 $0.50 $0.59 $0.42 $0.44 $0.51 $0.57 $0.42 $0.50 $0.52 $0.56
Weighted Average Basic Shares Outstanding		 186.10M 186.06M 186.29M 186.32M 186.33M 187.44M 190.93M 190.99M 193.00M 192.14M 193.68M
Diluted Earnings per Share		 $0.41 $0.50 $0.59 $0.42 $0.44 $0.51 $0.57 $0.42 $0.50 $0.52 $0.56
Weighted Average Diluted Shares Outstanding		 195.44M 195.43M 195.55M 195.47M 195.51M 196.64M 200.07M 200.10M 200.13M 200.11M 200.18M
Weighted Average Basic & Diluted Shares Outstanding		 186.39M 186.49M 186.50M 186.52M 191.05M 191.14M 191.19M 193.79M 193.83M 193.93M 193.94M
Cash Dividends to Common per Share		 - - $0.48 $0.48 $0.48 - $0.52 $0.52 $0.52 - $0.54

Annual Cash Flow Statements for Equity Lifestyle Properties

This table details how cash moves in and out of Equity Lifestyle Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 6.54 -25 -26 33 -40 -4.80 99 -101 7.59 -5.36 1.56
Net Cash From Operating Activities		 353 352 378 414 444 417 509 476 548 597 571
Net Cash From Continuing Operating Activities		 353 352 369 414 416 417 509 476 548 597 571
Net Income / (Loss) Continuing Operations		 151 187 210 226 296 241 276 299 330 385 402
Consolidated Net Income / (Loss)		 151 187 210 226 296 241 276 299 330 385 402
Depreciation Expense		 115 119 125 139 154 158 191 207 209 209 214
Amortization Expense		 2.71 3.87 1.34 1.31 3.00 3.08 4.35 4.66 4.86 5.23 5.14
Non-Cash Adjustments to Reconcile Net Income		 21 1.44 15 -5.58 -72 11 3.42 -34 37 -26 -14
Changes in Operating Assets and Liabilities, net		 63 42 27 53 36 4.32 34 -0.40 -32 23 -36
Net Cash From Investing Activities		 -121 -219 -305 -398 -352 -401 -828 -402 -325 -218 -277
Net Cash From Continuing Investing Activities		 -121 -219 -305 -398 -274 -401 -828 -402 -325 -218 -277
Purchase of Property, Leasehold Improvements and Equipment		 -94 -119 -126 -182 -258 -168 -204 -249 -317 -241 -237
Purchase of Investment Securities		 -28 -103 -170 -239 -109 -239 -629 -166 -19 -12 -9.69
Sale of Property, Leasehold Improvements and Equipment		 - - - - - - - - 0.00 0.00 2.53
Sale and/or Maturity of Investments		 10 1.15 3.63 22 86 0.12 2.05 -3.39 5.31 20 9.36
Other Investing Activities, net		 -9.71 3.07 -13 0.40 6.35 5.65 3.15 17 5.63 15 -42
Net Cash From Financing Activities		 -226 -158 -99 17 -132 -21 419 -175 -216 -384 -293
Net Cash From Continuing Financing Activities		 -226 -158 -99 17 -132 -21 419 -175 -216 -384 -293
Issuance of Debt		 395 88 481 676 316 1,115 1,430 806 985 590 1,135
Issuance of Common Equity		 4.90 63 128 85 62 2.03 142 31 1.98 319 1.51
Repayment of Debt		 -480 -144 -384 -536 -278 -876 -872 -697 -858 -919 -1,021
Payment of Dividends		 -142 -161 -182 -203 -229 -257 -276 -311 -343 -368 -405
Other Financing Activities, Net		 -3.63 -3.55 -5.03 -4.61 -1.40 -4.64 -5.07 -4.34 -2.21 -5.96 -2.69
Cash Interest Paid		 106 106 103 102 102 101 104 112 130 140 130

Quarterly Cash Flow Statements for Equity Lifestyle Properties

This table details how cash moves in and out of Equity Lifestyle Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 32 -30 17 -12 4.74 -16 23 -14 6.28 -13 13
Net Cash From Operating Activities		 152 129 199 143 150 105 193 131 147 99 194
Net Cash From Continuing Operating Activities		 152 129 199 143 150 105 193 131 147 99 194
Net Income / (Loss) Continuing Operations		 81 96 115 82 87 101 114 83 100 104 111
Consolidated Net Income / (Loss)		 81 96 115 82 87 101 114 83 100 104 111
Depreciation Expense		 52 52 52 53 52 52 52 54 54 54 54
Amortization Expense		 1.22 1.28 1.29 1.30 1.41 1.24 1.24 1.24 1.33 1.33 1.33
Non-Cash Adjustments to Reconcile Net Income		 -6.85 4.71 -5.16 7.36 -19 -1.88 -4.60 0.88 0.73 -11 1.10
Changes in Operating Assets and Liabilities, net		 24 -25 35 -0.38 28 -47 30 -8.19 -8.93 -49 26
Net Cash From Investing Activities		 -84 -87 -51 -53 -47 -66 -42 -115 -67 -53 -44
Net Cash From Continuing Investing Activities		 -84 -87 -51 -53 -47 -66 -42 -115 -67 -53 -44
Purchase of Property, Leasehold Improvements and Equipment		 -82 -86 -55 -63 -58 -66 -45 -59 -71 -61 -45
Purchase of Investment Securities		 -2.90 -3.22 -1.33 -2.55 -5.45 -2.35 -8.69 -0.21 -0.59 -0.20 -0.15
Sale and/or Maturity of Investments		 - - 3.16 11 5.14 0.77 4.17 0.24 1.46 3.48 0.00
Other Investing Activities, net		 1.15 1.90 1.59 1.12 11 1.30 7.40 -55 3.55 1.98 1.14
Net Cash From Financing Activities		 -36 -72 -130 -101 -97 -55 -128 -31 -74 -59 -137
Net Cash From Continuing Financing Activities		 -36 -72 -130 -101 -97 -55 -128 -31 -74 -59 -137
Issuance of Debt		 476 114 133 89 162 206 186 504 214 233 192
Issuance of Common Equity		 0.74 0.38 0.38 0.38 0.39 318 0.39 0.36 0.39 0.37 0.38
Repayment of Debt		 -425 -99 -174 -97 -166 -482 -216 -432 -185 -189 -224
Payment of Dividends		 -87 -88 -88 -93 -93 -93 -96 -103 -103 -103 -103
Other Financing Activities, Net		 -0.12 0.04 -2.07 -0.32 -0.08 -3.50 -2.32 -0.14 -0.07 -0.17 -2.00
Cash Interest Paid		 33 33 34 37 37 33 32 32 33 33 33

Annual Balance Sheets for Equity Lifestyle Properties

This table presents Equity Lifestyle Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 3,400 3,479 3,610 3,926 4,151 4,419 5,308 5,493 5,614 5,646 5,745
Restricted Cash		 - - - 69 29 24 123 22 30 25 26
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 3,195 3,286 3,399 3,642 3,967 4,236 4,885 5,111 5,257 5,276 5,340
Other Assets		 94 105 144 215 156 159 299 359 326 345 379
Total Liabilities & Shareholders' Equity		 3,400 3,479 3,610 3,926 4,151 4,419 5,308 5,493 5,614 5,646 5,745
Total Liabilities		 2,408 2,397 2,510 2,732 2,829 3,114 3,822 3,975 4,115 3,822 3,931
Non-Interest Bearing Deposits		 74 77 79 81 91 93 119 122 126 122 120
Short-Term Debt		 - 0.00 30 0.00 160 0.00 349 198 31 77 105
Accrued Interest Payable		 8.72 8.38 8.39 8.76 8.64 8.34 9.29 12 13 11 11
Other Short-Term Payables		 110 129 - 155 184 196 243 255 239 255 256
Long-Term Debt		 2,126 2,091 2,170 2,348 2,248 2,445 2,925 3,190 3,488 3,128 3,217
Other Long-Term Liabilities		 88 91 212 139 137 151 176 198 218 229 221
Total Equity & Noncontrolling Interests		 993 1,082 1,100 1,193 1,322 1,305 1,486 1,517 1,499 1,824 1,815
Total Preferred & Common Equity		 925 1,009 1,032 1,122 1,250 1,234 1,415 1,445 1,429 1,741 1,756
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 925 1,009 1,032 1,122 1,250 1,234 1,415 1,445 1,429 1,741 1,756
Common Stock		 1,040 1,104 1,243 1,330 1,405 1,413 1,595 1,631 1,646 1,953 1,984
Accumulated Other Comprehensive Income / (Loss)		 -0.55 -0.23 0.94 2.30 -0.38 0.00 3.52 19 6.06 2.30 -2.21
Other Equity Adjustments		 -114 -95 -212 -211 -154 -180 -184 -204 -224 -215 -225
Noncontrolling Interest		 68 73 68 72 72 71 71 72 70 83 59

Quarterly Balance Sheets for Equity Lifestyle Properties

This table presents Equity Lifestyle Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 5,405 5,519 5,586 5,626 5,630 5,645 5,644 5,642 5,721 5,747 5,749
Restricted Cash		 31 31 28 60 47 36 40 47 33 39 39
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 5,057 5,148 5,194 5,224 5,256 5,261 5,264 5,272 5,291 5,321 5,344
Other Assets		 318 341 364 342 327 349 340 323 397 387 365
Total Liabilities & Shareholders' Equity		 5,405 5,519 5,586 5,626 5,630 5,645 5,644 5,642 5,721 5,747 5,749
Total Liabilities		 3,886 4,006 4,083 4,129 4,110 4,135 4,149 3,809 3,908 3,935 3,928
Non-Interest Bearing Deposits		 115 131 149 122 132 152 128 129 148 122 128
Short-Term Debt		 95 212 205 0.00 6.00 14 33 63 90 45 90
Accrued Interest Payable		 10 12 12 12 13 12 12 10 11 11 11
Other Short-Term Payables		 265 272 260 277 264 271 301 265 274 300 278
Long-Term Debt		 3,205 3,174 3,246 3,502 3,473 3,457 3,442 3,112 3,157 3,232 3,201
Other Long-Term Liabilities		 195 204 210 216 223 228 233 230 228 225 220
Total Equity & Noncontrolling Interests		 1,519 1,513 1,503 1,497 1,520 1,510 1,496 1,833 1,813 1,812 1,820
Total Preferred & Common Equity		 1,447 1,442 1,432 1,427 1,449 1,440 1,426 1,750 1,731 1,753 1,762
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,447 1,442 1,432 1,427 1,449 1,440 1,426 1,750 1,731 1,753 1,762
Common Stock		 1,628 1,632 1,640 1,643 1,646 1,648 1,650 1,953 1,956 1,982 1,984
Accumulated Other Comprehensive Income / (Loss)		 20 15 17 16 5.28 5.29 -4.76 0.67 -2.01 -2.59 -0.06
Other Equity Adjustments		 -201 -205 -226 -232 -203 -213 -220 -204 -223 -226 -222
Noncontrolling Interest		 72 72 71 70 71 70 70 83 82 58 59

Annual Metrics And Ratios for Equity Lifestyle Properties

This table displays calculated financial ratios and metrics derived from Equity Lifestyle Properties' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.78 $0.00 $0.00 $1.20 $1.54 $1.26 $1.43 $0.00 $1.69 $1.96 $2.01
Adjusted Weighted Average Basic Shares Outstanding		 168.06M 169.56M 173.99M 177.93M 180.81M 181.83M 182.92M 0.00 186.06M 187.44M 192.14M
Adjusted Diluted Earnings per Share		 $0.77 $0.00 $0.00 $1.19 $1.54 $1.25 $1.43 $0.00 $1.69 $1.96 $2.01
Adjusted Weighted Average Diluted Shares Outstanding		 183.81M 185.14M 186.85M 190.11M 192.00M 192.56M 192.88M 0.00 195.43M 196.64M 200.11M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $1.54 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 169.19M 173.53M 177.47M 179.86M 182.13M 182.30M 185.94M 0.00 186.49M 191.14M 193.93M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Equity Lifestyle Properties

This table displays calculated financial ratios and metrics derived from Equity Lifestyle Properties' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 193,927,571.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 193,927,571.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.57
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 2.82% 23.81% 15.49% 12.80% -0.62% -12.83% -13.27% -1.01% 2.05% - 2.66%
EBITDA Growth		 7.63% 8.14% 21.22% 13.86% 0.85% 11.00% -3.94% 2.27% 13.93% - 3.14%
EBIT Growth		 15.98% 12.05% 33.53% 25.31% 1.14% 18.21% -5.52% 2.44% 21.81% - 2.63%
NOPAT Growth		 15.98% 25.81% 33.81% 25.31% 1.14% 5.39% -5.52% 2.44% 21.81% - 2.63%
Net Income Growth		 14.51% 25.76% 33.32% 24.34% 7.58% 4.28% -0.76% 1.66% 15.54% - -2.54%
EPS Growth		 13.89% 28.21% 34.09% 23.53% 7.32% 2.00% -3.39% 0.00% 13.64% - -1.75%
Operating Cash Flow Growth		 49.80% 82.98% 25.01% 32.72% -1.52% -18.58% -2.70% -8.27% -1.68% - 0.44%
Free Cash Flow Firm Growth		 68.58% 76.94% 113.71% 154.41% 210.91% 665.60% 504.21% -90.57% -118.31% - -90.31%
Invested Capital Growth		 3.73% 2.28% 2.01% 0.56% -0.59% 0.22% 0.19% 1.57% 2.39% - 2.05%
Revenue Q/Q Growth		 15.13% 9.92% -9.33% -1.69% 1.43% -3.58% -9.79% 12.20% 4.56% - -6.79%
EBITDA Q/Q Growth		 12.19% 3.90% 21.37% -19.52% -0.62% 14.36% 5.18% -14.45% 10.71% - 1.39%
EBIT Q/Q Growth		 23.06% 6.62% 34.39% -28.93% -0.69% 24.62% 7.64% -23.11% 18.09% - 1.96%
NOPAT Q/Q Growth		 23.06% 19.72% 34.67% -29.08% -0.69% 24.76% 7.52% -23.11% 18.09% - 1.96%
Net Income Q/Q Growth		 22.24% 19.43% 19.54% -28.75% 5.77% 15.77% 13.76% -27.01% 20.21% - 7.40%
EPS Q/Q Growth		 20.59% 21.95% 18.00% -28.81% 4.76% 15.91% 11.76% -26.32% 19.05% - 7.69%
Operating Cash Flow Q/Q Growth		 40.79% -14.81% 53.65% -27.98% 4.47% -29.57% 83.63% -32.11% 11.98% - 95.28%
Free Cash Flow Firm Q/Q Growth		 -0.58% 84.06% 162.11% 229.13% 105.02% -18.72% 10.16% -94.86% -497.90% - 341.49%
Invested Capital Q/Q Growth		 0.92% 0.36% -0.38% -0.33% -0.24% 1.18% -0.41% 1.04% 0.57% - -0.50%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 34.44% 32.56% 43.58% 35.68% 34.95% 41.46% 48.34% 36.86% 39.03% - 42.26%
EBIT Margin		 20.65% 20.03% 29.68% 21.46% 21.01% 27.16% 32.41% 22.21% 25.08% - 28.26%
Profit (Net Income) Margin		 20.82% 22.62% 29.82% 21.61% 22.54% 27.06% 34.12% 22.19% 25.52% - 28.04%
Tax Burden Percent		 100.83% 112.93% 100.45% 100.71% 107.25% 99.63% 105.29% 99.94% 101.73% - 99.22%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 0.00% -12.28% -0.21% 0.00% 0.00% -0.11% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 5.41% 6.73% 9.24% 6.83% 6.65% 8.25% 9.54% 6.50% 7.36% - 8.61%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.43% 6.75% 9.25% 6.85% 6.82% 8.23% 9.71% 6.49% 7.41% - 8.58%
Return on Net Nonoperating Assets (RNNOA)		 12.25% 15.46% 20.94% 15.72% 15.90% 16.66% 19.27% 13.13% 15.13% - 15.19%
Return on Equity (ROE)		 17.67% 22.19% 30.18% 22.55% 22.56% 24.91% 28.80% 19.62% 22.50% - 23.80%
Cash Return on Invested Capital (CROIC)		 2.60% 4.34% 5.20% 6.94% 8.08% 7.31% 7.24% 5.88% 5.42% - 5.95%
Operating Return on Assets (OROA)		 4.82% 5.36% 8.19% 6.04% 5.89% 7.35% 8.47% 5.74% 6.50% - 7.65%
Return on Assets (ROA)		 4.86% 6.05% 8.22% 6.08% 6.31% 7.32% 8.91% 5.74% 6.61% - 7.59%
Return on Common Equity (ROCE)		 16.83% 21.15% 28.76% 21.49% 21.50% 23.76% 27.48% 18.72% 21.62% - 22.88%
Return on Equity Simple (ROE_SIMPLE)		 21.72% 0.00% 24.74% 26.01% 26.70% 0.00% 21.94% 22.26% 22.75% - 22.66%
Net Operating Profit after Tax (NOPAT)		 80 96 115 82 81 101 109 84 99 - 112
NOPAT Margin		 20.65% 22.49% 29.75% 21.46% 21.01% 27.19% 32.41% 22.21% 25.08% - 28.26%
Net Nonoperating Expense Percent (NNEP)		 -0.02% -0.02% -0.01% -0.02% -0.17% 0.01% -0.17% 0.00% -0.05% - 0.03%
SG&A Expenses to Revenue		 34.17% 26.57% 31.06% 34.80% 35.14% 30.87% 36.54% 35.06% 34.94% - 31.41%
Operating Expenses to Revenue		 79.35% 79.97% 70.32% 78.54% 78.99% 72.84% 67.60% 77.79% 74.92% - 71.74%
Earnings before Interest and Taxes (EBIT)		 80 85 115 82 81 101 109 84 99 - 112
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 134 139 168 136 135 154 162 139 154 - 168
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 8.09 8.94 8.22 8.44 9.33 7.31 7.29 6.81 6.71 - 6.87
Price to Tangible Book Value (P/TBV)		 8.09 8.94 8.22 8.44 9.33 7.31 7.29 6.81 6.71 - 6.87
Price to Revenue (P/Rev)		 8.97 8.60 7.75 7.68 8.43 8.35 8.66 8.03 7.97 - 7.85
Price to Earnings (P/E)		 39.08 40.66 34.87 34.01 36.66 34.67 34.81 32.07 30.79 - 31.42
Dividend Yield		 2.83% 2.61% 2.85% 2.84% 2.64% 2.87% 2.92% 3.22% 3.33% - 3.34%
Earnings Yield		 2.56% 2.46% 2.87% 2.94% 2.73% 2.88% 2.87% 3.12% 3.25% - 3.18%
Enterprise Value to Invested Capital (EV/IC)		 3.01 3.26 3.08 3.14 3.38 3.18 3.19 2.98 2.96 - 3.02
Enterprise Value to Revenue (EV/Rev)		 11.69 10.99 10.03 9.90 10.65 10.49 10.84 10.27 10.20 - 10.00
Enterprise Value to EBITDA (EV/EBITDA)		 28.95 30.79 27.54 27.15 29.10 26.97 27.23 25.60 24.77 - 24.66
Enterprise Value to EBIT (EV/EBIT)		 48.99 51.61 44.65 43.27 46.35 42.27 42.92 40.35 38.46 - 38.16
Enterprise Value to NOPAT (EV/NOPAT)		 48.99 49.96 43.31 42.02 45.02 42.23 42.92 40.35 38.46 - 38.16
Enterprise Value to Operating Cash Flow (EV/OCF)		 30.76 29.81 26.23 25.12 27.08 26.79 26.99 26.03 26.10 - 26.95
Enterprise Value to Free Cash Flow (EV/FCFF)		 118.02 75.90 59.90 45.39 41.72 43.52 44.06 51.07 55.24 - 51.17
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.34 2.35 2.29 2.30 2.32 1.76 1.73 1.79 1.81 - 1.81
Long-Term Debt to Equity		 2.34 2.33 2.29 2.29 2.30 1.71 1.70 1.74 1.78 - 1.76
Financial Leverage		 2.26 2.29 2.26 2.30 2.33 2.02 1.98 2.02 2.04 - 1.77
Leverage Ratio		 3.66 3.68 3.68 3.73 3.77 3.39 3.36 3.42 3.44 - 3.12
Compound Leverage Factor		 3.66 3.68 3.68 3.73 3.77 3.39 3.36 3.42 3.44 - 3.12
Debt to Total Capital		 70.06% 70.13% 69.60% 69.68% 69.91% 63.73% 63.39% 64.17% 64.40% - 64.38%
Short-Term Debt to Total Capital		 0.00% 0.62% 0.12% 0.28% 0.65% 1.53% 1.26% 1.78% 0.88% - 1.75%
Long-Term Debt to Total Capital		 70.06% 69.51% 69.48% 69.40% 69.25% 62.20% 62.14% 62.39% 63.51% - 62.63%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 1.40% 1.39% 1.42% 1.41% 1.40% 1.65% 1.67% 1.62% 1.15% - 1.15%
Common Equity to Total Capital		 28.54% 28.48% 28.99% 28.90% 28.69% 34.62% 34.94% 34.20% 34.45% - 34.47%
Debt to EBITDA		 6.74 6.63 6.21 6.02 6.02 5.41 5.42 5.51 5.39 - 5.26
Net Debt to EBITDA		 6.62 6.58 6.13 5.96 5.95 5.36 5.33 5.45 5.32 - 5.20
Long-Term Debt to EBITDA		 6.74 6.58 6.20 6.00 5.96 5.28 5.31 5.36 5.32 - 5.12
Debt to NOPAT		 11.40 10.76 9.77 9.32 9.30 8.47 8.54 8.69 8.37 - 8.15
Net Debt to NOPAT		 11.20 10.67 9.64 9.22 9.20 8.40 8.41 8.60 8.27 - 8.05
Long-Term Debt to NOPAT		 11.40 10.67 9.75 9.28 9.22 8.26 8.37 8.44 8.25 - 7.92
Noncontrolling Interest Sharing Ratio		 4.72% 4.71% 4.70% 4.70% 4.67% 4.60% 4.60% 4.59% 3.88% - 3.89%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -100 -16 16 54 111 90 99 5.09 -20 - 9.67
Operating Cash Flow to CapEx		 184.78% 150.55% 363.30% 228.91% 256.05% 160.42% 427.84% 220.81% 206.26% - 428.91%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 3.18 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 6.21 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 4.76 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.23 0.27 0.28 0.28 0.28 0.27 0.26 0.26 0.26 - 0.27
Fixed Asset Turnover		 0.25 0.29 0.30 0.30 0.30 0.29 0.28 0.28 0.28 - 0.29
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4,999 5,017 4,998 4,982 4,970 5,028 5,008 5,060 5,089 - 5,111
Invested Capital Turnover		 0.26 0.30 0.31 0.32 0.32 0.30 0.29 0.29 0.29 - 0.30
Increase / (Decrease) in Invested Capital		 180 112 99 28 -30 11 9.66 78 119 - 103
Enterprise Value (EV)		 15,054 16,334 15,418 15,653 16,810 15,987 15,960 15,087 15,059 - 15,415
Market Capitalization		 11,541 12,775 11,916 12,146 13,306 12,724 12,749 11,791 11,763 - 12,105
Book Value per Share		 $7.66 $7.67 $7.78 $7.72 $7.64 $9.11 $9.15 $9.05 $9.05 - $9.08
Tangible Book Value per Share		 $7.66 $7.67 $7.78 $7.72 $7.64 $9.11 $9.15 $9.05 $9.05 - $9.08
Total Capital		 4,999 5,017 4,998 4,982 4,970 5,028 5,008 5,060 5,089 - 5,111
Total Debt		 3,502 3,519 3,479 3,471 3,474 3,205 3,175 3,247 3,277 - 3,290
Total Long-Term Debt		 3,502 3,488 3,473 3,457 3,442 3,128 3,112 3,157 3,232 - 3,201
Net Debt		 3,443 3,489 3,431 3,436 3,434 3,180 3,127 3,214 3,238 - 3,251
Capital Expenditures (CapEx)		 82 86 55 63 58 66 45 59 71 - 45
Net Nonoperating Expense (NNE)		 -0.66 -0.56 -0.28 -0.58 -5.87 0.49 -5.75 0.05 -1.71 - 0.88
Net Nonoperating Obligations (NNO)		 3,502 3,519 3,479 3,471 3,474 3,205 3,175 3,247 3,277 - 3,290
Total Depreciation and Amortization (D&A)		 54 53 54 54 54 53 53 55 55 - 56
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.50 $0.59 $0.42 $0.44 $0.51 $0.57 $0.42 $0.50 $0.52 $0.56
Adjusted Weighted Average Basic Shares Outstanding		 0.00 186.06M 186.29M 186.32M 186.33M 187.44M 190.93M 190.99M 193.00M 192.14M 193.68M
Adjusted Diluted Earnings per Share		 $0.00 $0.50 $0.59 $0.42 $0.44 $0.51 $0.57 $0.42 $0.50 $0.52 $0.56
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 195.43M 195.55M 195.47M 195.51M 196.64M 200.07M 200.10M 200.13M 200.11M 200.18M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 186.49M 186.50M 186.52M 191.05M 191.14M 191.19M 193.79M 193.83M 193.93M 193.94M
Normalized Net Operating Profit after Tax (NOPAT)		 79 60 104 82 82 93 76 81 93 - 102
Normalized NOPAT Margin		 20.49% 14.02% 26.85% 21.66% 21.34% 24.97% 22.68% 21.54% 23.55% - 25.71%
Pre Tax Income Margin		 20.65% 20.03% 29.68% 21.46% 21.01% 27.16% 32.41% 22.21% 25.08% - 28.26%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 3.49 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 3.49 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 2.04 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 2.04 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 108.15% 103.91% 97.62% 95.02% 95.04% 95.56% 97.88% 100.06% 99.11% - 103.36%
Augmented Payout Ratio		 108.15% 103.91% 97.62% 95.02% 95.04% 95.56% 97.88% 100.06% 99.11% - 103.36%

Financials Breakdown Chart

Key Financial Trends

Equity Lifestyle Properties (NYSE: ELS) continues to show the characteristics of a stable real estate operator: strong operating cash flow, consistent profitability, and a recurring dividend. Over the last several years, revenue and net income have generally held up well, but the balance sheet shows a heavy reliance on debt and ongoing pressure from large non-operating items such as depreciation and special charges.

  • Q1 2026 operating cash flow was strong at $194.2 million, up from $99.5 million in Q4 2025 and $147.0 million in Q3 2025.
  • Q1 2026 net income rose to $111.5 million, modestly above $103.8 million in Q4 2025 and $100.4 million in Q3 2025.
  • Revenue in Q1 2026 was $397.6 million, a solid improvement from $387.3 million in Q1 2025.
  • EPS held steady at $0.56 in Q1 2026, up from $0.52 in Q4 2025 and above $0.42 in Q2 2025, showing improved earnings momentum.
  • ELS continued to produce consistent quarterly net income in the $100 million+ range, indicating a resilient earnings base.
  • The company generated enough operating cash to support dividends, with Q1 2026 dividends per share at $0.5425.
  • Total assets remained relatively stable at $5.75 billion in Q1 2026, compared with $5.74 billion in Q3 2025.
  • Capital spending continues at a meaningful level, with Q1 2026 property and equipment purchases of $45.3 million, suggesting ongoing investment in the portfolio.
  • Debt remains high, with Q1 2026 long-term debt at $3.20 billion and short-term debt at $89.5 million.
  • Dividend payouts remain a large cash use, and in Q1 2026 the company paid $103.1 million in dividends while also making substantial debt repayments.

Looking at the multi-year trend, ELS has been relatively steady. Quarterly net income generally ranged from the high-$70 million to low-$110 million area, while operating cash flow often stayed above $100 million. That consistency is a positive for a REIT-like business. At the same time, the company’s leverage has stayed elevated, and financing activity has been used repeatedly to refinance or manage debt rather than sharply reduce it.

One area investors should watch is the gap between accounting earnings and cash generation. Depreciation is large, which is normal for real estate, but the company also has recurring special charges and other non-operating items. That means reported earnings are not the whole story; cash flow is more important here, and on that front ELS still looks healthy.

Bottom line: Equity Lifestyle Properties appears financially stable with dependable cash generation and dividend coverage, but the stock still carries the typical REIT-style risks of leverage, capital intensity, and sensitivity to financing conditions.

06/03/26 02:50 PM ETAI Generated. May Contain Errors.

Equity Lifestyle Properties Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Equity Lifestyle Properties' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Equity Lifestyle Properties' net income appears to be on an upward trend, with a most recent value of $402.06 million in 2025, rising from $150.51 million in 2015. The previous period was $384.82 million in 2024. See where experts think Equity Lifestyle Properties is headed by visiting Equity Lifestyle Properties' forecast page.

Over the last 10 years, Equity Lifestyle Properties' total revenue changed from $821.65 million in 2015 to $1.53 billion in 2025, a change of 86.4%.

Equity Lifestyle Properties' total liabilities were at $3.93 billion at the end of 2025, a 2.8% increase from 2024, and a 63.2% increase since 2015.


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Financial statements for NYSE:ELS last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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