Operational performance remains inconsistent, evidenced by NOI margins that plummeted from a peak of 52.6% in 2025Q1 to just 3.7% by 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 |
|---|
| Revenue | 1.56B | 1.53B | 1.43B | 1.4B | 1.37B | 1.32B | 1.08B | 1.02B | 968.29M | 911.94M | 856.28M | 807.26M | 761.41M | 713.27M | 669.37M | 564.63M | 507.14M | 503.22M | 463.59M | 616.45M | 412.79M | 385.97M | 335.21M | 259.45M | 250.75M | 208.95M | 214.84M | 215.03M | 194.83M | 123.5M | 105.2M |
| Revenue Growth % | 5.99% | 6.84% | 2.07% | 2.13% | 4.51% | 21.79% | 5.85% | 5.39% | 6.18% | 6.5% | 6.07% | 6.02% | 6.75% | 6.56% | 18.55% | 11.34% | 0.78% | 8.55% | -24.8% | 49.34% | 6.95% | 15.14% | 29.2% | 3.47% | 20% | -2.74% | -0.09% | 10.37% | 57.76% | 17.4% | 7.13% |
| Property Operating Expenses | 1.07B | 955.09M | 725.29M | 731.74M | 730.4M | 1.05B | 524.66M | 487.46M | 466.94M | 443.5M | 412.48M | 388.05M | 366.84M | 340.73M | 316.24M | 279.26M | 259.04M | 253.4M | 231.34M | 30.71M | 54.5M | 57.47M | 41.58M | 31.61M | 26.92M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 492.22M | 576.3M | 708.01M | 672.53M | 644.56M | 262.05M | 555.61M | 533.06M | 501.34M | 468.43M | 443.8M | 419.22M | 394.57M | 372.54M | 353.13M | 285.37M | 248.1M | 249.82M | 232.25M | 585.74M | 358.29M | 328.5M | 293.63M | 227.84M | 223.83M | 208.95M | 214.84M | 215.03M | 194.83M | 123.5M | 105.2M |
| NOI Margin % | 31.52% | 37.63% | 49.4% | 47.89% | 46.88% | 19.92% | 51.43% | 52.23% | 51.78% | 51.37% | 51.83% | 51.93% | 51.82% | 52.23% | 52.76% | 50.54% | 48.92% | 49.64% | 50.1% | 95.02% | 86.8% | 85.11% | 87.6% | 87.81% | 89.26% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | -48.82M | 58.43M | 292.07M | 299.44M | 294.86M | -120.88M | 214.65M | 206.55M | 190.72M | 170.69M | 166.41M | 164.54M | 160.16M | 156.75M | 182.22M | 158.25M | 104.87M | 103.01M | 98M | 353.87M | 169.34M | 223.3M | 136.02M | 96.62M | 92.73M | -39.02M | 179.27M | 178.19M | 159.17M | -63.6M | -56.4M |
| G&A Expenses | 49.18M | 53.58M | 88.19M | 95.71M | 92.5M | 81.78M | 61.18M | 55.66M | 54.32M | 47.36M | 45.63M | 45.59M | 42.17M | 43.8M | 39.22M | 50.07M | 31.72M | 32.92M | 31.42M | 25.8M | 22.6M | 22.46M | 17.87M | 7.29M | 7.57M | 6.69M | 6.42M | 6.09M | 5.41M | 4.6M | 4.1M |
| EBITDA | 750.89M | 726.76M | 625.34M | 582.19M | 556.75M | 571.38M | 498.72M | 480.48M | 449.31M | 422.69M | 399.28M | 371.73M | 350.29M | 328.24M | 321.61M | 240.84M | 215.36M | 223.57M | 205.9M | 304.45M | 254.32M | 166.84M | 213.1M | 175.66M | 169.15M | 288.69M | 72.08M | 70.71M | 66.91M | 209.2M | 179.5M |
| EBITDA Margin % | 48.09% | 47.46% | 43.63% | 41.46% | 40.49% | 43.43% | 46.17% | 47.08% | 46.4% | 46.35% | 46.63% | 46.05% | 46% | 46.02% | 48.05% | 42.65% | 42.46% | 44.43% | 44.41% | 49.39% | 61.61% | 43.23% | 63.57% | 67.7% | 67.46% | 138.16% | 33.55% | 32.88% | 34.34% | 169.39% | 170.63% |
| Depreciation & Amortization | 209.85M | 208.9M | 209.4M | 209.1M | 207.05M | 188.44M | 157.76M | 153.98M | 138.69M | 124.95M | 121.89M | 117.06M | 115.87M | 112.44M | 150.7M | 113.71M | 72.13M | 76.76M | 71.66M | 72.58M | 65.38M | 61.63M | 55.49M | 44.43M | 38.06M | 40.72M | 36.51M | 33.87M | 31.24M | 22.1M | 17.9M |
| D&A / Revenue % | 13.44% | 13.64% | 14.61% | 14.89% | 15.06% | 14.32% | 14.6% | 15.09% | 14.32% | 13.7% | 14.24% | 14.5% | 15.22% | 15.76% | 22.51% | 20.14% | 14.22% | 15.25% | 15.46% | 11.77% | 15.84% | 15.97% | 16.55% | 17.13% | 15.18% | 19.49% | 16.99% | 15.75% | 16.04% | 17.89% | 17.02% |
| Operating Income | 541.04M | 517.87M | 415.94M | 373.09M | 349.7M | 382.93M | 340.96M | 326.5M | 310.63M | 297.74M | 277.39M | 254.68M | 234.41M | 215.8M | 170.91M | 127.12M | 143.23M | 146.81M | 134.24M | 231.87M | 188.95M | 105.21M | 157.61M | 131.22M | 131.1M | 247.97M | 35.57M | 36.84M | 35.66M | 187.1M | 161.6M |
| Operating Margin % | 34.65% | 33.82% | 29.02% | 26.57% | 25.43% | 29.11% | 31.56% | 31.99% | 32.08% | 32.65% | 32.39% | 31.55% | 30.79% | 30.25% | 25.53% | 22.51% | 28.24% | 29.17% | 28.96% | 37.61% | 45.77% | 27.26% | 47.02% | 50.58% | 52.28% | 118.67% | 16.56% | 17.13% | 18.3% | 151.5% | 153.61% |
| Interest Expense | 4M | 133.9M | 137.71M | 132.34M | 116.56M | 108.72M | 102.77M | 104.22M | 104.99M | 100.57M | 102.03M | 105.73M | 112.3M | 118.52M | 124.52M | 99.67M | 91.15M | 98.31M | 99.43M | 103.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.98x | 3.79x | 3.41x | 3.56x | 3.53x | 3.30x | 3.76x | 3.11x | 3.05x | 2.81x | 2.38x | 2.19x | 1.63x | 1.49x | 1.40x | 1.64x | 1.52x | 1.39x | 2.25x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 142.64M | 119.08M | -106.23M | -78.44M | -65.69M | -1.04M | 2.17M | -64.89M | -15.81M | -9.44M | -9.17M | 2.52M | -11.77M | 22.07M | -14.93M | -12.38M | -6.29M | -2.9M | -3.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 395.89M | 398.79M | 384.46M | 319.19M | 298.82M | 276M | 241.42M | 295.92M | 221.45M | 206.61M | 184.53M | 146.42M | 133.89M | 75.21M | 61.85M | 40.01M | 58.37M | 51.4M | 38.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 25.35% | 26.04% | 26.82% | 22.73% | 21.73% | 20.98% | 22.35% | 29% | 22.87% | 22.66% | 21.55% | 18.14% | 17.58% | 10.54% | 9.24% | 7.09% | 11.51% | 10.21% | 8.32% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | -3.27M | -3.27M | -354K | -10.49M | 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 |
| Effective Tax Rate % | -0.83% | -0.82% | -0.09% | -3.29% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income | 385.22M | 386.51M | 367.01M | 314.21M | 284.63M | 262.48M | 228.28M | 279.14M | 212.61M | 197.59M | 173.26M | 139.37M | 128M | 116.2M | 69.39M | 36.6M | 38.35M | 34.01M | 18.3M | 32.1M | 16.63M | -2.33M | 4.03M | 25.13M | 31.89M | 32.08M | 31.95M | 27.77M | 28.93M | 28.6M | 24.3M |
| Net Margin % | 24.67% | 25.24% | 25.61% | 22.38% | 20.7% | 19.95% | 21.13% | 27.35% | 21.96% | 21.67% | 20.23% | 17.26% | 16.81% | 16.29% | 10.37% | 6.48% | 7.56% | 6.76% | 3.95% | 5.21% | 4.03% | -0.6% | 1.2% | 9.69% | 12.72% | 15.35% | 14.87% | 12.92% | 14.85% | 23.16% | 23.1% |
| Net Income Growth % | 5.16% | 5.31% | 16.81% | 10.39% | 8.44% | 14.98% | -18.22% | 31.29% | 7.6% | 14.04% | 24.32% | 8.88% | 10.16% | 67.45% | 89.61% | -4.58% | 12.79% | 85.79% | -42.98% | 93.01% | 812.9% | -157.95% | -83.98% | -21.18% | -0.61% | 0.43% | 15.03% | -4% | 1.15% | 17.7% | 35% |
| Funds From Operations (FFO) | 595.08M | 595.4M | 576.41M | 523.31M | 491.68M | 450.92M | 386.04M | 433.12M | 351.3M | 322.54M | 295.16M | 256.43M | 243.88M | 228.64M | 220.09M | 150.31M | 110.48M | 110.77M | 89.96M | 104.68M | 82.01M | 59.3M | 59.51M | 69.57M | 69.94M | 72.8M | 68.46M | 61.64M | 60.17M | 50.7M | 42.2M |
| FFO Margin % | 38.11% | 38.88% | 40.22% | 37.27% | 35.76% | 34.27% | 35.74% | 42.44% | 36.28% | 35.37% | 34.47% | 31.76% | 32.03% | 32.06% | 32.88% | 26.62% | 21.79% | 22.01% | 19.41% | 16.98% | 19.87% | 15.36% | 17.75% | 26.81% | 27.89% | 34.84% | 31.86% | 28.67% | 30.88% | 41.05% | 40.11% |
| FFO Growth % | 15.67% | 3.29% | 10.15% | 6.43% | 9.04% | 16.81% | -10.87% | 23.29% | 8.92% | 9.28% | 15.1% | 5.15% | 6.66% | 3.89% | 46.42% | 36.05% | -0.25% | 23.13% | -14.07% | 27.65% | 38.3% | -0.36% | -14.45% | -0.54% | -3.93% | 6.35% | 11.05% | 2.44% | 18.68% | 20.14% | 17.88% |
| FFO per Share | 2.97 | 2.98 | 2.93 | 2.68 | 2.52 | 2.47 | 2.01 | 2.40 | 1.97 | 1.84 | 1.73 | 1.52 | 1.33 | 1.25 | 1.21 | 0.93 | 0.90 | 0.84 | 0.91 | 0.86 | 0.68 | 0.50 | 0.50 | 0.62 | 0.63 | 0.67 | 0.62 | 0.49 | 0.47 | 0.51 | 0.43 |
| FFO Payout Ratio % | 69.33% | 68.02% | 63.79% | 65.46% | 63.24% | 61.14% | 66.55% | 52.92% | 57.68% | 54.38% | 51.48% | 51.69% | 45.71% | 29.83% | 43.7% | 37.12% | 38.43% | 43.43% | 43.27% | 30.58% | 28.75% | 28.05% | 398.35% | 94.42% | 83.37% | 79.82% | 82.24% | 65.61% | 77.26% | 92.5% | 78.44% |
| EPS (Diluted) | 1.92 | 1.93 | 1.96 | 1.69 | 1.53 | 1.43 | 1.18 | 1.54 | 1.19 | 1.09 | 0.96 | 0.77 | 0.71 | 0.64 | 0.33 | 0.16 | 0.31 | 0.31 | 0.19 | 0.33 | 0.17 | -0.03 | 0.04 | 0.28 | 0.36 | 0.35 | 0.37 | 0.27 | 0.28 | 0.29 | 0.25 |
| EPS Growth % | 0.53% | -1.53% | 15.98% | 10.46% | 6.99% | 21.19% | -23.38% | 29.41% | 9.17% | 13.54% | 24.68% | 8.45% | 10.94% | 93.94% | 106.25% | -48.39% | 0% | 63.16% | -42.42% | 94.12% | 780% | -158.82% | -84.82% | -22.22% | 2.86% | -5.41% | 37.04% | -3.57% | -3.45% | 16% | 31.58% |
| EPS (Basic) | - | 1.93 | 1.96 | 1.69 | 1.53 | 1.43 | 1.25 | 1.54 | 1.20 | 1.09 | 0.97 | 0.78 | 0.71 | 0.65 | 0.33 | 0.16 | 0.32 | 0.31 | 0.19 | 0.33 | 0.18 | -0.03 | 0.05 | 0.28 | 0.37 | 0.36 | 0.37 | 0.28 | 0.28 | 0.29 | 0.25 |
| Diluted Shares Outstanding | 200.18M | 200.11M | 196.64M | 195.43M | 195.25M | 182.92M | 192.54M | 180.81M | 177.93M | 175.03M | 170.87M | 169.02M | 183.02M | 182.39M | 181.72M | 161.32M | 122.73M | 131.78M | 98.94M | 121.66M | 120.96M | 117.46M | 117.86M | 112.01M | 110.53M | 108.04M | 109.63M | 125.01M | 127.85M | 99.48M | 99.18M |
Climate-related insurance cost volatility
As reported in recent financial statements, ELS experienced significant margin compression, with NOI margins dropping from a peak of 52.6% in 2025Q1 to a low of 3.7% by 2025Q4, suggesting substantial operational headwinds or seasonal expense timing issues that warrant further investigation by stakeholders.
The dramatic fluctuation in NOI margins suggests that the company's cost structure is highly sensitive to seasonal or non-recurring operating expenses. Investors should monitor whether these margin swings are indicative of rising insurance premiums in coastal markets or if they reflect temporary accounting noise related to property-level maintenance cycles.
Based on reported figures, FFO per share has fluctuated between $0.67 and $0.83 over the last ten quarters, indicating that while the core business remains cash-generative, the consistency of earnings growth is currently challenged by the company's broader operational and seasonal revenue mix.
While FFO remains the primary metric for evaluating dividend safety, the divergence between FFO and AFFO suggests that recurring maintenance capital expenditures are consuming a meaningful portion of cash flow. This gap implies that the company's true economic earnings may be lower than headline FFO figures suggest.
According to recent SEC filings, the persistent gap between GAAP net income and FFO highlights the significant impact of non-cash depreciation charges, which consistently obscure the actual cash-generating capacity of the company's manufactured housing and marina asset portfolio across the observed ten-quarter period.
The reliance on FFO is essential here, as GAAP net income fails to account for the long-term value retention of the land-lease model. Analysts should focus on the delta between FFO and AFFO to determine if the depreciation charges are accurately reflecting the economic wear and tear on high-amenity RV and marina infrastructure.
As indicated by the data, the significant spread between FFO and AFFO, particularly in periods like 2025Q4 where AFFO was $88.6M against $149.8M in FFO, suggests that high maintenance capex requirements may be constraining the company's ability to convert operating profits into true free cash flow.
This discrepancy warrants further investigation into whether the company is under-capitalizing maintenance costs or if the expansion into marina assets is inherently more capital-intensive than the traditional manufactured housing model. Investors should be cautious of the potential for future earnings dilution if capital requirements continue to outpace organic growth.
Quick answers to the most common questions about buying ELS stock.
For fiscal year 2025, Equity LifeStyle Properties, Inc. (ELS) reported total revenue of $1.53B. This represents a 1355.7% increase compared to $105.2M in 1996.
Equity LifeStyle Properties, Inc. (ELS) is profitable, generating $386.5M in net income for the fiscal year ending 2025 with a net profit margin of 25.2%.
Equity LifeStyle Properties, Inc. (ELS) reported an operating income of $517.9M, resulting in an operating profit margin of 33.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Equity LifeStyle Properties, Inc. (ELS) generated $576.3M in gross profit for the year, representing a gross profit margin of 37.6%. This demonstrates the company's core pricing power and production efficiency.