Equity Lifestyle Properties
ELS · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Equity Lifestyle Properties reported revenue of $1.5B in the fiscal year ended Dec 2025, up 0.3% from the year before. Operating income was $391M, an operating margin of 25.6%, and net income was $402M. Net debt was $3.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.3B | $1.4B | $1.5B | $1.5B | $1.5B |
| Operating income | $272M | $295M | $320M | $381M | $391M |
| Interest expense | $109M | $117M | $132M | $138M | $131M |
| Pre-tax income | $272M | $295M | – | – | – |
| Income tax | $0 | $0 | −$10M | −$354,000 | −$3M |
| Net income | $276M | $299M | $330M | $385M | $402M |
| Diluted EPS | 1.43 | 1.53 | 1.69 | 1.96 | 2.01 |
| Diluted shares | 193M | 195M | 195M | 197M | 200M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $123M | $22M | $30M | $25M | $26M |
| Goodwill | $17M | $18M | $18M | $18M | $18M |
| Total assets | $5.3B | $5.5B | $5.6B | $5.6B | $5.7B |
| Deferred revenue | $176M | $198M | $218M | $229M | $221M |
| Long-term debt | $3.3B | $3.4B | $3.5B | $3.2B | $3.3B |
| Total liabilities | $3.8B | $4B | $4.1B | $3.8B | $3.9B |
| Shareholders' equity | $1.4B | $1.4B | $1.4B | $1.7B | $1.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $509M | $476M | $548M | $597M | $571M |
| Capital expenditure | $398M | $133M | – | – | – |
| Free cash flow | $111M | $343M | – | – | – |
| Depreciation & amortisation | $188M | $202M | $204M | $204M | $209M |
| Stock-based compensation | $13M | $9M | $18M | $9M | $7M |
| Dividends paid | $262M | $296M | $326M | $351M | $388M |
| Dividend per share | – | – | – | 1.91 | 2.06 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.9% | 2.9% | 2.5% | 0.3% |
| Operating income growth (YoY) | – | 8.6% | 8.3% | 18.9% | 2.8% |
| EPS growth (YoY) | – | 7.0% | 10.5% | 16.0% | 2.6% |
| Operating margin | 20.7% | 20.4% | 21.5% | 24.9% | 25.6% |
| Net margin | 21.0% | 20.7% | 22.1% | 25.2% | 26.3% |
| Return on equityBlank when equity is negative | 19.5% | 20.7% | 23.1% | 22.1% | 22.9% |
| Free cash flow margin | 8.4% | 23.7% | – | – | – |
| Cash conversion (CFO ÷ net income) | 1.84x | 1.59x | 1.66x | 1.55x | 1.42x |
| Interest cover | 2.50x | 2.53x | 2.42x | 2.76x | 2.99x |
| Debt ÷ equity | 2.31x | 2.34x | 2.46x | 1.84x | 1.91x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.2B | $3.4B | $3.5B | $3.2B | $3.3B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.