The company has demonstrated a disciplined approach to capital structure, successfully lowering its debt-to-equity ratio from 2.35 in 2023Q4 to 1.85 as of 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 5.75B | 5.75B | 5.65B | 5.61B | 5.49B | 5.31B | 4.42B | 4.15B | 3.93B | 3.61B | 3.48B | 3.42B | 3.45B | 3.39B | 3.4B | 3.5B | 2.05B | 2.17B | 2.09B | 2.03B | 2.06B | 1.95B | 1.89B | 1.47B | 1.16B | 1.1B | 1.1B | 1.16B | 1.18B | 864.37M | 567.87M |
| Asset Growth % | 6.81% | 1.77% | 0.57% | 2.21% | 3.48% | 20.12% | 6.45% | 5.74% | 8.75% | 3.77% | 1.72% | -0.76% | 1.61% | -0.19% | -2.82% | 70.7% | -5.44% | 3.57% | 2.85% | -1.08% | 5.49% | 3.32% | 27.98% | 26.75% | 5.72% | -0.39% | -4.83% | -1.4% | 36.15% | 52.21% | 8.56% |
| Real Estate & Other Assets | 189.66M | 144.89M | 5.45B | 5.45B | 5.34B | 5.07B | 4.34B | 4.06B | 3.73B | 3.47B | 3.32B | 3.23B | 3.27B | 3.21B | 3.14B | 43.5M | 61.38M | 69.97M | 70.77M | 50.37M | 81.19M | 72.94M | 22.38M | 34.13M | 26.65M | 53.1M | 45.81M | 30.52M | 35.73M | 11.58M | 26.55M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.27B | 1.88B | 1.91B | 1.93B | 1.9B | 1.9B | 1.77B | 1.71B | 1.04B | 1.06B | 1.03B | 1.04B | 1.11B | 1.12B | 847.1M | 526.2M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 129.49M | 119.49M | 75.3M | 79.87M | 67.7M | 163.35M | 59.9M | 66.42M | 139.93M | 85.11M | 142.44M | 156.62M | 163.98M | 166.04M | 250.28M | 178.59M | 94.25M | 178.47M | 91.08M | 85.99M | 72.99M | 101.69M | 100.33M | 386.77M | 70.23M | 20.09M | 21.9M | 16.24M | 21.71M | 5.72M | 17.15M |
| Cash & Equivalents | 39.24M | 26.13M | 5.58M | 4.24M | 2.65M | 94.1M | 24.06M | 28.86M | 68.97M | 35.63M | 56.34M | 80.26M | 73.71M | 58.43M | 37.13M | 70.46M | 12.66M | 145.13M | 45.31M | 5.79M | 1.6M | 610K | 5.3M | 325.74M | 7.27M | 1.35M | 2.85M | 6.68M | 13.66M | 909K | 0 |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 419K | 421K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 724K | 840K | 872K |
| Other Current Assets | 0 | 0 | 19M | 25.7M | 19.7M | 29.3M | 0 | 0 | 35.91M | 0 | 51.58M | 40.9M | 53.13M | 64.62M | 166.11M | 40.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 55.6M | 21.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.93B | 3.93B | 3.82B | 4.12B | 3.98B | 3.82B | 3.11B | 2.83B | 2.73B | 2.51B | 2.4B | 2.43B | 2.47B | 2.43B | 2.47B | 2.7B | 1.59B | 1.91B | 1.8B | 1.74B | 1.8B | 1.71B | 1.72B | 1.34B | 816.73M | 753.67M | 764.94M | 769.54M | 795.93M | 516.34M | 281.28M |
| Total Debt | 3.29B | 3.37B | 3.2B | 3.52B | 3.39B | 3.27B | 2.67B | 2.41B | 2.35B | 2.2B | 2.09B | 2.13B | 2.21B | 2.19B | 2.26B | 2.28B | 1.41B | 1.55B | 1.66B | 1.66B | 1.72B | 1.64B | 1.65B | 1.08B | 760.23M | 708.86M | 719.68M | 725.3M | 750.89M | 495.2M | 255M |
| Net Debt | 3.25B | 3.34B | 3.2B | 3.51B | 3.39B | 3.18B | 2.64B | 2.38B | 2.28B | 2.16B | 2.03B | 2.05B | 2.14B | 2.13B | 2.22B | 2.21B | 1.4B | 1.4B | 1.62B | 1.66B | 1.72B | 1.64B | 1.65B | 750.56M | 752.96M | 707.5M | 716.84M | 718.62M | 737.23M | 494.29M | 255M |
| Long-Term Debt | 3.2B | 3.27B | 3.13B | 3.49B | 3.19B | 2.93B | 2.44B | 2.25B | 2.35B | 2.17B | 2.09B | 2.13B | 2.21B | 2.19B | 2.26B | 2.28B | 1.41B | 1.55B | 1.66B | 1.66B | 1.72B | 1.64B | 1.65B | 1.08B | 760.23M | 708.86M | 719.68M | 725.3M | 750.89M | 495.2M | 255M |
| Short-Term Borrowings | 89.5M | 71.28M | 77M | 31M | 198M | 349M | 222M | 160M | 0 | 30M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 19.46M | 19.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 727.46M | 71.28M | 694.23M | 627.5M | 785.05M | 896.48M | 669.28M | 443.52M | 245.34M | 244.44M | 214.56M | 193.37M | 171.1M | 156.93M | 128.19M | 143.98M | 17.81M | 62.99M | 8.34M | 22.86M | 33.19M | 9.32M | 36.15M | 258.49M | 31.01M | 27.58M | 28.94M | 37.41M | 38.55M | 18.79M | 24.3M |
| Accounts Payable | 169.74M | 0 | 159.22M | 151.57M | 175.15M | 172.28M | 129.67M | 124.67M | 102.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.7M | 2.25M | 773K | 27.25M | 252.51M | 24.59M | 23M | 23.82M | 26.39M | 33.65M | 17.29M | 22.8M |
| Deferred Revenue | 348.57M | 221.5M | 351.75M | 344.79M | 320.06M | 295.13M | 243.28M | 91.23M | 81.11M | 79.27M | 76.91M | 74.3M | 67.46M | 59.6M | 54.02M | 54.23M | 47.74M | 44.37M | 10.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 344.03M | 0 | 0 | 0 | 0 | -150.69M | 0 | 12.35M | 0 | 0 | 0 | 0 | 0 | 10.06M | 0 | 52.78M | 58.98M | 114.06M | 58.2M | 45.52M | 59.38M | 30.48M | 6.62M | 192.38M | 18.6M | 16.32M | 6.83M | 6.5M | 2.31M | 2M |
| Total Equity | 1.82B | 1.81B | 1.82B | 1.5B | 1.52B | 1.49B | 1.3B | 1.32B | 1.19B | 1.1B | 1.08B | 992.69M | 979.03M | 963.21M | 924.3M | 872.23M | 460.16M | 254.43M | 296.23M | 288.72M | 259.91M | 241.9M | 166.62M | 132.51M | 346.12M | 346.3M | 339.37M | 390.8M | 380.91M | 348.03M | 286.59M |
| Equity Growth % | 39.98% | -0.49% | 21.7% | -1.24% | 2.11% | 13.9% | -1.3% | 10.77% | 8.48% | 1.68% | 8.98% | 1.4% | 1.64% | 4.21% | 5.97% | 89.55% | 80.86% | -14.11% | 2.6% | 11.08% | 7.45% | 45.18% | 25.73% | -61.71% | -0.05% | 2.04% | -13.16% | 2.6% | 9.45% | 21.44% | -1.45% |
| Shareholders Equity | 1.76B | 1.76B | 1.74B | 1.43B | 1.45B | 1.42B | 1.23B | 1.25B | 1.12B | 1.03B | 1.01B | 925.07M | 911.99M | 893.33M | 859.25M | 799.28M | 227.03M | 218.53M | 78.71M | 70.94M | 47.12M | 32.52M | 31.84M | 5.8M | 177.62M | 175.15M | 168.09M | 211.4M | 310.44M | 280.57M | 257.95M |
| Minority Interest | 58.68M | 58.55M | 83.07M | 69.9M | 72.08M | 71.06M | 71.07M | 72.08M | 71.79M | 68.09M | 73.3M | 67.62M | 67.03M | 69.87M | 65.05M | 72.95M | 233.13M | 35.9M | 217.53M | 217.78M | 212.79M | 209.38M | 134.77M | 126.72M | 168.5M | 171.15M | 171.27M | 179.4M | 70.47M | 67.45M | 28.64M |
| Common Stock | 1.99M | 1.99M | 1.96M | 1.92M | 1.92M | 1.91M | 1.81M | 1.81M | 1.79M | 883K | 854K | 843K | 838K | 834K | 832K | 412K | 310K | 301K | 238K | 236K | 229K | 226K | 224K | 222K | 218K | 215K | 210K | 229K | 262K | 248K | 249K |
| Additional Paid-in Capital | 1.98B | 1.98B | 1.95B | 1.64B | 1.63B | 1.59B | 1.41B | 1.4B | 1.33B | 1.24B | 1.1B | 1.04B | 1.03B | 1.02B | 1.01B | 998.48M | 463.72M | 456.7M | 320.08M | 310.8M | 304.48M | 299.44M | 294.3M | 263.07M | 256.39M | 245.83M | 235.68M | 275.66M | 364.6M | 319.03M | 293.51M |
| Retained Earnings | -222.35M | -225.04M | -214.98M | -223.58M | -204.25M | -183.69M | -179.52M | -154.32M | -211.03M | -211.98M | -231.28M | -250.51M | -254.21M | -264.08M | -287.65M | -270.02M | -237M | -238.47M | -241.61M | -240.1M | -257.59M | -267.15M | -262.52M | -257M | -68.71M | -63.48M | -57.62M | -53.63M | -42.33M | -33.74M | -29.65M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 136.14M | 136.14M | 136.14M | 136.14M | 136.14M | 200M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 6.71% | 6.79% | 6.52% | 5.66% | 5.27% | 5.4% | 5.33% | 6.91% | 5.64% | 5.57% | 5.02% | 4.06% | 3.74% | 3.42% | 2.01% | 1.32% | 1.82% | 1.6% | 0.89% | 1.57% | 0.83% | -0.12% | 0.24% | 1.91% | 2.82% | 2.91% | 2.82% | 2.38% | 2.83% | 3.99% | 4.45% |
| Return on Equity (ROE) | 21.22% | 21.24% | 22.09% | 20.84% | 18.95% | 18.81% | 17.38% | 22.2% | 18.54% | 18.11% | 16.7% | 14.14% | 13.18% | 12.31% | 7.73% | 5.49% | 10.73% | 12.35% | 6.26% | 11.7% | 6.63% | -1.14% | 2.69% | 10.5% | 9.21% | 9.36% | 8.75% | 7.2% | 7.94% | 9.01% | 8.42% |
| Debt / Assets | 57.24% | 58.57% | 56.76% | 62.68% | 61.68% | 61.69% | 60.35% | 58.02% | 59.82% | 60.94% | 60.11% | 62.16% | 64.19% | 64.64% | 66.55% | 65.34% | 68.98% | 71.45% | 79.48% | 81.82% | 83.53% | 84.06% | 87.64% | 73.02% | 65.38% | 64.44% | 65.17% | 62.51% | 63.81% | 57.29% | 44.9% |
| Debt / Equity | 1.81x | 1.85x | 1.76x | 2.35x | 2.23x | 2.20x | 2.04x | 1.82x | 1.97x | 2.00x | 1.93x | 2.14x | 2.26x | 2.28x | 2.45x | 2.62x | 3.07x | 6.08x | 5.61x | 5.76x | 6.61x | 6.77x | 9.92x | 8.12x | 2.20x | 2.05x | 2.12x | 1.86x | 1.97x | 1.42x | 0.89x |
| Net Debt / EBITDA | 4.33x | 4.59x | 5.12x | 6.04x | 6.08x | 5.57x | 5.30x | 4.95x | 5.07x | 5.12x | 5.10x | 5.50x | 6.11x | 6.50x | 6.92x | 9.19x | 6.50x | 6.27x | 7.85x | 5.45x | 6.75x | 9.82x | 7.73x | 4.27x | 4.45x | 2.45x | 9.94x | 10.16x | 11.02x | 2.36x | 1.42x |
| Book Value per Share | 9.09 | 9.07 | 9.27 | 7.67 | 7.77 | 8.12 | 6.78 | 7.31 | 6.71 | 6.28 | 6.33 | 5.87 | 5.35 | 5.28 | 5.09 | 5.41 | 3.75 | 1.93 | 2.99 | 2.37 | 2.15 | 2.06 | 1.41 | 1.18 | 3.13 | 3.21 | 3.10 | 3.13 | 2.98 | 3.50 | 2.89 |
Climate-related insurance cost volatility
As reported in recent financial statements, ELS has successfully reduced its debt-to-equity ratio from 2.35 in 2023Q4 to 1.85 by 2025Q4, indicating a strategic shift toward balance sheet consolidation that may provide a necessary buffer against ongoing operational margin pressures and sector-specific volatility.
The reduction in leverage appears to reflect a disciplined approach to capital allocation, prioritizing balance sheet health over aggressive debt-funded expansion. This trajectory suggests management is positioning the firm to navigate potential interest rate headwinds while maintaining the flexibility to fund essential property-level improvements.
Based on reported figures, the company's debt-to-equity ratio of 1.85 as of 2025Q4 demonstrates a conservative capital structure that stands in contrast to the more aggressive financing models often seen in the broader REIT sector, potentially insulating the firm from immediate refinancing risks.
The consistent debt levels relative to total assets suggest that the company is not over-leveraging its manufactured housing and marina portfolio. Investors should monitor whether this conservative posture persists as the company continues to integrate its marina acquisitions, which may carry different risk profiles than traditional land-lease assets.
According to recent SEC filings, ELS maintained a cash balance of approximately $26.1 million as of 2025Q4, a figure that appears relatively thin given the scale of the company's operations and the capital-intensive nature of maintaining its extensive manufactured housing and marina resort portfolio.
The low cash position suggests a high reliance on revolving credit facilities or external capital markets to fund ongoing operations and development projects. This liquidity profile may limit the company's ability to pursue opportunistic acquisitions without incurring additional financing costs or diluting existing shareholders through equity issuance.
As indicated by the geographic data, the heavy concentration of assets in Florida and California exposes the balance sheet to significant regulatory and environmental risks, which may not be fully captured by standard leverage metrics or traditional property-level valuation models used by the market.
The potential for escalating insurance premiums and restrictive rent control legislation in these specific markets could impair the long-term value of the underlying real estate. This geographic dependency warrants further investigation into how the company's insurance reserves and lease structures are designed to mitigate these localized, non-market threats.
Quick answers to the most common questions about buying ELS stock.
As of 2025, Equity LifeStyle Properties, Inc. (ELS) had total assets of $5.75B including $119.5M in current assets.
Equity LifeStyle Properties, Inc. (ELS) carries total debt of $3.37B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Equity LifeStyle Properties, Inc. (ELS) has total shareholders' equity (book value) of $1.76B ($9.07 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Equity LifeStyle Properties, Inc. (ELS) reported a current ratio of 1.68x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.