Equity LifeStyle Properties, Inc. (ELS) 10-Year Financial Performance & Capital Metrics

ELS • • REIT / Real Estate

Real EstateResidential REITsManufactured Housing CommunitiesManufactured Home Community Operators

AboutWe are a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago. As of January 25, 2021, we own or have an interest in 423 quality properties in 33 states and British Columbia consisting of 161,229 sites.Show more

Revenue $1.43B +2.1%
FFO $576M +10.1%
FFO/Share 2.93 +9.5%
FFO Payout 63.79% -2.5%
FFO per Share 2.93 +9.5%
NOI Margin 49.4% +3.1%
FFO Margin 40.22% +7.9%
ROE 22.09% +6.0%
ROA 6.52% +15.2%
Debt/Assets 56.76% -9.4%
Net Debt/EBITDA 5.12 -15.3%
Book Value/Share 9.27 +21.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 20.6%
✓Strong Piotroski F-Score: 7/9
✓Sustainable FFO payout ratio of 63.8%
✓11 consecutive years of dividend growth
✓Healthy dividend yield of 3.0%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.53%

5Y7.03%

3Y4.54%

TTM4.15%

Profit (Net Income) CAGR

10Y11.11%

5Y5.63%

3Y11.82%

TTM5.25%

EPS CAGR

10Y10.69%

5Y4.94%

3Y11.08%

TTM2.58%

ROCE

10Y Avg8.31%

5Y Avg7.93%

3Y Avg7.91%

Latest8.37%

Peer Comparison

Manufactured Home Community Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UMHUMH Properties, Inc.	1.4B	16.42	497.58	8.88%	10.47%	2.9%	5.83%	0.67
SUISun Communities, Inc.	15.73B	127.40	179.44	0.67%	40.68%	14.37%	5.65%	1.02
ELSEquity LifeStyle Properties, Inc.	12.04B	62.13	31.70	2.07%	26.26%	21.09%	2.95%	1.76

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	807.26M	856.28M	911.94M	968.29M	1.02B	1.11B	1.25B	1.37B	1.4B	1.43B
Revenue Growth %	0.06%	0.06%	0.06%	0.06%	0.05%	0.09%	0.13%	0.1%	0.02%	0.02%
Property Operating Expenses	388.05M	412.48M	443.5M	466.94M	487.46M	538.08M	658.26M	730.4M	731.74M	725.29M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	164.54M	166.41M	170.69M	190.72M	206.55M	569.54M	270.23M	294.86M	299.44M	292.07M
G&A Expenses	45.59M	45.63M	47.36M	54.32M	55.66M	73.45M	81.78M	92.5M	95.71M	88.19M
EBITDA+	371.73M	399.28M	422.69M	449.31M	480.48M	496.55M	517.48M	556.75M	582.19M	625.34M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	117.06M	121.89M	124.95M	138.69M	153.98M	157.76M	191.43M	207.05M	209.1M	209.4M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	254.68M	277.39M	297.74M	310.63M	326.5M	0	326.05M	349.7M	373.09M	415.94M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	105.73M	102.03M	100.57M	104.99M	104.22M	102.77M	108.72M	116.56M	132.34M	137.71M
Interest Coverage	2.41x	2.72x	2.96x	2.96x	3.13x	-	3.00x	3.00x	2.82x	3.02x
Non-Operating Income	2.52M	-9.17M	-9.44M	-15.81M	-64.89M	-338.79M	-58.67M	-65.69M	-78.44M	-106.23M
Pretax Income+	146.42M	184.53M	206.61M	221.45M	295.92M	241.42M	276M	298.82M	319.19M	384.46M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	-10.49M	-354K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	139.37M	173.26M	197.59M	212.61M	279.14M	228.28M	262.48M	284.63M	314.21M	367.01M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.09%	0.24%	0.14%	0.08%	0.31%	-0.18%	0.15%	0.08%	0.1%	0.17%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.05%	0.15%	0.09%	0.09%	0.23%	-0.11%	0.18%	0.08%	0.06%	0.1%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.77	0.96	1.09	1.19	1.54	0.35	1.43	1.53	1.69	1.96
EPS Growth %	0.08%	0.25%	0.14%	0.09%	0.29%	-0.77%	3.09%	0.07%	0.1%	0.16%
EPS (Basic)	0.78	0.97	1.09	1.20	1.54	1.25	1.43	1.53	1.69	1.96
Diluted Shares Outstanding	169.02M	170.87M	175.03M	177.93M	180.81M	192.58M	182.92M	195.25M	195.43M	196.64M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	3.42B	3.48B	3.61B	3.93B	4.15B	4.42B	5.31B	5.49B	5.61B	5.65B
Asset Growth %	-0.01%	0.02%	0.04%	0.09%	0.06%	0.06%	0.2%	0.03%	0.02%	0.01%
Real Estate & Other Assets+	3.23B	3.32B	3.47B	3.73B	4.06B	4.34B	5.07B	5.34B	5.45B	5.45B
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	156.62M	142.44M	85.11M	139.93M	66.42M	59.9M	163.35M	67.7M	79.87M	75.3M
Cash & Equivalents	80.26M	56.34M	35.63M	68.97M	28.86M	24.06M	94.1M	2.65M	4.24M	5.58M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	40.9M	51.58M	0	35.91M	0	0	29.3M	19.7M	25.7M	19M
Intangible Assets	0	0	0	0	0	0	0	0	0	21.4M
Total Liabilities	2.43B	2.4B	2.51B	2.73B	2.83B	3.11B	3.82B	3.98B	4.12B	3.82B
Total Debt+	2.13B	2.09B	2.2B	2.35B	2.41B	2.67B	3.27B	3.39B	3.52B	3.2B
Net Debt	2.05B	2.03B	2.16B	2.28B	2.38B	2.64B	3.18B	3.39B	3.51B	3.2B
Long-Term Debt	2.13B	2.09B	2.17B	2.35B	2.25B	2.44B	2.93B	3.19B	3.49B	3.13B
Short-Term Borrowings	0	0	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	136.14M	0	0	16.16M	16.4M	38.87M	28M	25.7M	27.05M
Total Current Liabilities+	193.37M	214.56M	244.44M	245.34M	443.52M	669.28M	896.48M	785.05M	627.5M	694.23M
Accounts Payable	0	0	0	102.85M	124.67M	129.67M	172.28M	175.15M	151.57M	159.22M
Deferred Revenue	74.3M	76.91M	79.27M	81.11M	91.23M	243.28M	295.13M	320.06M	344.79M	351.75M
Other Liabilities	0	0	0	12.35M	0	-150.69M	0	0	0	0
Total Equity+	992.69M	1.08B	1.1B	1.19B	1.32B	1.3B	1.49B	1.52B	1.5B	1.82B
Equity Growth %	0.01%	0.09%	0.02%	0.08%	0.11%	-0.01%	0.14%	0.02%	-0.01%	0.22%
Shareholders Equity	925.07M	1.01B	1.03B	1.12B	1.25B	1.23B	1.42B	1.45B	1.43B	1.74B
Minority Interest	67.62M	73.3M	68.09M	71.79M	72.08M	71.07M	71.06M	72.08M	69.9M	83.07M
Common Stock	843K	854K	883K	1.79M	1.81M	1.81M	1.91M	1.92M	1.92M	1.96M
Additional Paid-in Capital	1.04B	1.1B	1.24B	1.33B	1.4B	1.41B	1.59B	1.63B	1.64B	1.95B
Retained Earnings	-250.51M	-231.28M	-211.98M	-211.03M	-154.32M	-179.52M	-183.69M	-204.25M	-223.58M	-214.98M
Preferred Stock	136.14M	136.14M	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.04%	0.05%	0.06%	0.06%	0.07%	0.05%	0.05%	0.05%	0.06%	0.07%
Return on Equity (ROE)	0.14%	0.17%	0.18%	0.19%	0.22%	0.17%	0.19%	0.19%	0.21%	0.22%
Debt / Assets	0.62%	0.6%	0.61%	0.6%	0.58%	0.6%	0.62%	0.62%	0.63%	0.57%
Debt / Equity	2.14x	1.93x	2.00x	1.97x	1.82x	2.04x	2.20x	2.23x	2.35x	1.76x
Net Debt / EBITDA	5.50x	5.10x	5.12x	5.07x	4.95x	5.32x	6.15x	6.08x	6.04x	5.12x
Book Value per Share	5.87	6.33	6.28	6.71	7.31	6.78	8.12	7.77	7.67	9.27

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	352.88M	352.36M	377.99M	414.08M	443.52M	417.41M	509.03M	475.81M	548M	596.72M
Operating CF Growth %	0.23%	-0%	0.07%	0.1%	0.07%	-0.06%	0.22%	-0.07%	0.15%	0.09%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	150.51M	187.13M	210.38M	226.39M	295.92M	241.42M	276M	298.82M	329.68M	384.82M
Depreciation & Amortization	117.06M	121.89M	124.95M	138.69M	153.98M	157.76M	191.43M	207.05M	209.1M	209.4M
Stock-Based Compensation	973K	6.25M	10.7M	11.17M	7.64M	13.06M	12.69M	8.76M	17.83M	9.37M
Other Non-Cash Items	12.34M	-17.33M	-4.88M	-11.17M	-60.16M	862K	-4.93M	-38.42M	34.18M	-30M
Working Capital Changes	63.42M	54.41M	36.84M	49.01M	46.15M	4.32M	33.83M	-404K	-32.29M	23.49M
Cash from Investing+	-120.71M	-218.6M	-305.36M	-398.06M	-352.09M	-401.25M	-828.43M	-402.07M	-324.75M	-217.84M
Acquisitions (Net)	-4M	-5.13M	-33.34M	-4.5M	-983K	0	-91.46M	-26.41M	-9.28M	-10.34M
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-22.91M	-94.03M	-145.96M	-211.95M	-93.11M	-233.3M	-532.7M	-126.38M	1.61M	33.78M
Cash from Financing+	-225.63M	-158.44M	-98.8M	17.32M	-131.54M	-20.96M	418.74M	-174.8M	-215.66M	-384.24M
Dividends Paid	-141.77M	-161.17M	-182.33M	-202.64M	-229.22M	-256.95M	-275.72M	-310.96M	-342.58M	-367.73M
Common Dividends	-132.55M	-151.94M	-175.4M	-202.62M	-229.2M	-256.93M	-275.7M	-310.94M	-342.56M	-367.71M
Debt Issuance (Net)	-1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K
Share Repurchases	-62K	-229K	0	0	0	0	0	0	0	0
Other Financing	-22.81M	7.64M	-10.69M	-5.23M	-618K	-20.04M	-14.07M	-5.43M	-5.26M	-15.44M
Net Change in Cash+	6.54M	-23.92M	-25.25M	30.34M	-40.11M	-4.8M	99.34M	-101.05M	7.59M	-5.36M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	73.71M	80.26M	56.34M	35.63M	68.97M	28.86M	24.06M	123.4M	22.35M	29.94M
Cash at End	80.26M	56.34M	31.09M	65.97M	28.86M	24.06M	123.4M	22.35M	29.94M	24.58M
Free Cash Flow+	259.08M	232.93M	251.94M	232.46M	185.53M	249.46M	304.76M	226.54M	230.92M	355.44M
FCF Growth %	0.17%	-0.1%	0.08%	-0.08%	-0.2%	0.34%	0.22%	-0.26%	0.02%	0.54%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.52	1.73	1.84	1.97	2.4	2	2.48	2.52	2.68	2.93
FFO Payout Ratio	51.69%	51.48%	54.38%	57.68%	52.92%	66.55%	60.74%	63.24%	65.46%	63.79%
NOI Margin	51.93%	51.83%	51.37%	51.78%	52.23%	51.42%	47.53%	46.88%	47.89%	49.4%
Net Debt / EBITDA	5.50x	5.10x	5.12x	5.07x	4.95x	5.32x	6.15x	6.08x	6.04x	5.12x
Debt / Assets	62.16%	60.11%	60.94%	59.82%	58.02%	60.35%	61.69%	61.68%	62.68%	56.76%
Interest Coverage	2.41x	2.72x	2.96x	2.96x	3.13x	-	3.00x	3.00x	2.82x	3.02x
Book Value / Share	5.87	6.33	6.28	6.71	7.31	6.78	8.12	7.77	7.67	9.27
Revenue Growth	6.02%	6.07%	6.5%	6.18%	5.39%	8.54%	13.26%	9.6%	2.13%	2.07%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Home Sales, Brokered Resales And Ancillary Services	-	-	-	-	-	-	-	-	-	117.73M
Home Sales, Brokered Resales And Ancillary Services Growth	-	-	-	-	-	-	-	-	-	-
Membership Subscription	-	-	-	-	-	-	36.27M	34.66M	35.68M	-
Membership Subscription Growth	-	-	-	-	-	-	-	-4.44%	2.95%	-
Brokered Resale and Ancillary Services	-	-	-	3.58M	3.49M	2.06M	-	-	-	-
Brokered Resale and Ancillary Services Growth	-	-	-	-	-2.54%	-41.02%	-	-	-	-
Property Operations	758.83M	803.78M	859.58M	-	-	-	-	-	-	-
Property Operations Growth	-	5.92%	6.94%	-	-	-	-	-	-	-
Home Sales And Rentals	1.27M	1.2M	1.24M	-	-	-	-	-	-	-
Home Sales And Rentals Growth	-	-5.59%	3.09%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Equity LifeStyle Properties, Inc. (ELS) has a price-to-earnings (P/E) ratio of 31.7x. This suggests investors expect higher future growth.

Growth & Financials

Equity LifeStyle Properties, Inc. (ELS) reported $1.45B in revenue for fiscal year 2024. This represents a 158% increase from $564.6M in 2011.

Equity LifeStyle Properties, Inc. (ELS) grew revenue by 2.1% over the past year. Growth has been modest.

Yes, Equity LifeStyle Properties, Inc. (ELS) is profitable, generating $382.0M in net income for fiscal year 2024 (25.6% net margin).

Dividend & Returns

Yes, Equity LifeStyle Properties, Inc. (ELS) pays a dividend with a yield of 3.01%. This makes it attractive for income-focused investors.

Equity LifeStyle Properties, Inc. (ELS) has a return on equity (ROE) of 22.1%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Equity LifeStyle Properties, Inc. (ELS) generated Funds From Operations (FFO) of $593.5M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Equity LifeStyle Properties, Inc. (ELS) offers a 3.01% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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