ELS on NYSE

EQUITY LIFESTYLE PROPERTIES INC

American real estate investment trust based in Chicago, listed on NYSE (ELS). Summary from the record

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Last updated Oct 19, 2026.

Overview

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  • TickerELS on NYSE2
  • IndustryReal Estate Investment Trusts2
  • HeadquartersChicago, United States2
  • Incorporated inMD3
  • Business addressTwo N Riverside Plz, Ste 800, Chicago, Il 606063
  • Filer categoryLarge accelerated filer3
  • Legal formCorporation2
  • LEI529900PEQG66LENB67982
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressc/o THE CORPORATION TRUST, INCORPORATED, 2405 YORK ROAD, SUITE 201, 21093 Lutherville Timonium, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D035474862

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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 moder…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

25.6%Operating margin5
26.3%Net margin5
0.3%Revenue growth, 20255
22.9%Return on equity5
1.91×Debt to equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Home Sales, Brokered Resales And Ancillary Services brought in 49% of the revenue EQUITY LIFESTYLE PROPERTIES INC broke down this way in fiscal 2025.

  1. Home Sales, Brokered Resales And Ancillary Services$86.0M549%down 27% from 2024
  2. Right-To-Use Annual Payment$69.3M540%up 5% from 2024
  3. Right-To-Use Contracts, Current$12.4M57%down 24% from 2024
  4. Membership Subscription$6.7M54%down 76% from 2024
Products and services by year
Products and services202320242025
Home Sales, Brokered Resales And Ancillary Services$145.2M$117.7M$86.0M
Right-To-Use Annual Payment$65.4M$65.9M$69.3M
Right-To-Use Contracts, Current$14.7M$16.4M$12.4M
Membership Subscription$27.5M$6.7M

Business segments

Property Operations brought in 96% of the revenue EQUITY LIFESTYLE PROPERTIES INC broke down this way in fiscal 2025.

  1. Property Operations$1.5B596%up 2% from 2024
  2. Home Sales And Rentals$57.0M54%down 34% from 2024
Business segments by year
Business segments202320242025
Property Operations$1.4B$1.4B$1.5B
Home Sales And Rentals$109.9M$86.2M$57.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs74¢$1.1B
  • Income tax0¢$3.3M
  • Profit26¢$402.1M

Out of $1.5B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid68¢$388.0M
  • Kept or used elsewhere32¢$183.2M

Out of $571.1M of cash from operations.5

Financial statements

Revenue6785$1.5B in 2025+7913% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $19.1M$19.1M20192020: $21.7M$21.7M2020+14%2021: $1.3B$1.3B2021+5955%2022: $1.4B$1.4B2022+10%2023: $1.5B$1.5B2023+3%2024: $1.5B$1.5B2024+2%2025: $1.5B$1.5B2025+0%
Operating income785$391.3M in 2025+44% since 2021
0$100.0M$200.0M$300.0M$400.0M2021: $272.2M$272.2M20212022: $295.5M$295.5M2022+9%2023: $320.1M$320.1M2023+8%2024: $380.7M$380.7M2024+19%2025: $391.3M$391.3M2025+3%
Net income910785$402.1M in 2025+36% since 2019
0$200.0M$400.0M$600.0M2019: $295.9M$295.9M20192020: $241.4M$241.4M2020−18%2021: $276.0M$276.0M2021+14%2022: $298.8M$298.8M2022+8%2023: $329.7M$329.7M2023+10%2024: $384.8M$384.8M2024+17%2025: $402.1M$402.1M2025+4%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Rental income$1.3B$1.2B$1.2B
Other income$62.8M$75.4M$67.4M
Interest income$9.6M$9.2M$9.0M
Income from other investments, net$8.8M$8.3M$8.7M
Total revenues$1.5B$1.5B$1.5B
Property operating and maintenance$493.4M$480.4M$469.9M
Real estate taxes$85.1M$82.0M$78.0M
Membership sales and marketing$16.1M$22.1M$21.0M
Depreciation and amortization$208.9M$203.9M$203.7M
Home selling expenses and ancillary operating expenses$26.5M$27.6M$27.5M
General and administrative$37.5M$38.5M$47.3M
Casualty-related charges/(recoveries), net-$4.5M-$20.9M$0
Other expenses$4.8M$5.5M$5.8M
Early debt retirement$0$5.8M$68.0K
Interest and related amortization$131.0M$137.7M$132.3M
Total expenses$1.1B$1.1B$1.2B
Income before taxes and other items$391.3M$380.7M$320.1M
Gain/(Loss) on sale of real estate and impairment, net$919.0K-$2.5M-$3.6M
Income tax benefit$3.3M$354.0K$10.5M
Equity in income/(loss) of unconsolidated joint ventures$6.5M$6.2M$2.7M
Consolidated net income$402.1M$384.8M$329.7M
Income allocated to non-controlling interests Common OP Units-$15.6M-$17.8M-$15.5M
Redeemable perpetual preferred stock dividends-$16.0K-$16.0K-$16.0K
Net income available for Common Stockholders$386.5M$367.0M$314.2M
Adjustment for fair market value of swap-$4.5M-$3.8M-$13.1M
Consolidated comprehensive income$397.6M$381.1M$316.6M
Comprehensive income allocated to non-controlling interests Common OP Units-$15.4M-$17.6M-$14.9M
Comprehensive income attributable to Common Stockholders$382.2M$363.4M$301.7M
Earnings per Common Share Basic (usd per share)$2.01$1.96$1.69
Earnings per Common Share Fully Diluted (usd per share)$2.01$1.96$1.69
Weighted average Common Shares outstanding Basic (in shares)192.1M shares187.4M shares186.1M shares
Weighted average Common Shares outstanding Fully Diluted (in shares)200.1M shares196.6M shares195.4M shares

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Leadership

Who has led EQUITY LIFESTYLE PROPERTIES INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Thomas Heneghan2006–2013
  2. Michael B. Berman2009
  3. Marguerite M. Nader2013–now

Chair

  1. Sam Zell2006–2023
  2. Thomas Heneghan2023–now

President

  1. Thomas Heneghan2006–2008
  2. Joe B. McAdams2008–2011
  3. Marguerite M. Nader2013–2025
  4. Patrick Waite2025–now

Chief financial officer

  1. Michael B. Berman2006–2011
  2. Marguerite M. Nader2012–2013
  3. Paul Seavey2013–now

Chief operating officer

  1. Roger Maynard2006–2009
  2. Patrick Waite2015–now
2010201520202025
Board members and other officers (34)

Former names

  • MANUFACTURED HOME COMMUNITIES INCDec 9, 1994 to Nov 16, 20043

Timeline

  1. Feb 5, 2013New chief executive Marguerite M. Nader becomes CEO14
  2. Sep 2, 2009New chief executive Michael B. Berman becomes CEO15
  3. May 5, 2006New chief executive Thomas Heneghan becomes CEO16

Filings

331 filings to the SEC since October 2021: 6 annual reports, 18 quarterly reports, 58 major events, 190 insider forms, 23 large holders, 36 other. The latest 20:

  1. Oct 5, 20264 EDGAR
  2. Sep 10, 20268-K EDGAR
  3. Aug 5, 20264 EDGAR
  4. Aug 4, 20264 EDGAR
  5. Jul 28, 202610-Q EDGAR
  6. Jul 28, 20268-K EDGAR
  7. Jul 23, 20268-K EDGAR
  8. Jul 2, 20264 EDGAR
  9. May 27, 20268-K EDGAR
  10. May 15, 2026SCHEDULE 13G/A EDGAR
  11. May 5, 20264 EDGAR
  12. May 5, 20264 EDGAR
  13. May 4, 20268-K EDGAR
  14. Apr 30, 20264 EDGAR
  15. Apr 30, 20264 EDGAR
  16. Apr 30, 20264 EDGAR
  17. Apr 30, 20264 EDGAR
  18. Apr 30, 20264 EDGAR
  19. Apr 30, 20264 EDGAR
  20. Apr 30, 20264 EDGAR

The 331 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

5 open-market trades by officers, directors and large owners since October 2021: 0 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 18, 2026CONTIS DAVID JDirectorSale3,000$67.22$201.7KForm 4
May 7, 2025Seavey PaulEVP & Chief Financial OfficerSale10,000$64.72$647.2KForm 4
Sep 17, 2024Seavey PaulEVP & Chief Financial OfficerSale31,988$74.83$2.4MForm 4
Sep 16, 2024NADER MARGUERITE MVice Chairman and CEOSale33,000$75.52$2.5MForm 4
Aug 16, 2024Waite PatrickPresident & COOSale20,820$70.23$1.5MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.24,460,025$1.6B0.0%+562,790
Vanguard Portfolio Management LLC16,433,541$1.1B0.0%+578,165
State Street Corp11,608,725$754.4M0.0%−84,623
Vanguard Capital Management LLC8,773,609$565.5M0.0%+366,558
Aristotle Capital Management, LLC8,183,427$527.4M1.1%−435,200
Principal Financial Group Inc7,548,806$486.5M0.2%+1,113,441
Victory Capital Management Inc5,262,476$339.2M0.2%−168,640
Geode Capital Management, LLC4,913,444$316.7M0.0%+135,339
Daiwa Securities Group Inc.3,721,394$239.8M0.5%+195,045
Massachusetts Financial Services Co /ma/3,512,521$233.2M0.1%−808,789
Centersquare Investment Management LLC3,200,525$206.3M1.8%+946,174
Charles Schwab Investment Management Inc3,095,506$199.5M0.0%+184,860
Jpmorgan Chase & Co3,035,606$197.0M0.0%−1,710,408
Boston Partners2,815,355$181.4M0.2%+83,149
Dimensional Fund Advisors LP2,810,482$181.1M0.0%+4,402
Invesco Ltd.2,558,297$164.9M0.0%+1,970,228
Resolution Capital Ltd2,508,699$161.7M3.0%+623,407
Norges Bank2,325,181$149.9M0.0%New
Morgan Stanley2,049,432$132.1M0.0%−87,124
Northern Trust Corp2,013,899$129.8M0.0%−13,993
Bank Of America Corp /de/1,944,155$125.3M0.0%−36,763
Arrowstreet Capital, Limited Partnership1,882,237$121.3M0.1%+502,327
Duff & Phelps Investment Management Co1,580,485$101.9M1.0%+116,100
Canada Pension Plan Investment Board1,418,675$91.4M0.1%−582,500
Bank of New York Mellon Corp1,381,101$89.0M0.0%−80,678

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

6 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 11, 2025Ritchie TorresDemocratic, HouseSale$1,001 - $15,000+24.2%Report
Jul 10, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+24.3%Report
Jun 17, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−31.3%Report
Sep 26, 2024Ritchie TorresDemocratic, HouseBuy$1,001 - $15,000−48.6%Report
May 3, 2024Tommy TubervilleRepublican, SenateSale$1,001 - $15,000+54.3%Report
Oct 6, 2022Tommy TubervilleRepublican, SenateBuy$1,001 - $15,000−108.6%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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