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REIT owning manufactured-home communities, RV resorts and marinas, mainly serving retirees and vacationers.
REIT owning manufactured-home communities, RV resorts and marinas, mainly serving retirees and vacationers.
Residents own their homes and pay the company for the land underneath, mostly on annual leases, which makes income steady and moving costly; RV sites bring transient and seasonal income that is more sensitive to travel demand. Founded by Sam Zell, it has grown largely by buying existing communities.
Moat: narrow (installed base, switching costs, scale). Residents own homes but rent land, making relocation costly; sites sit on supply-constrained coastal/Sunbelt land.
Headquarters: Chicago, Illinois, United States · Founded: 1969
Size Equity LifeStyle Properties (ELS) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $12.3B, the 685th largest of 3,117 United States companies the cockpit tracks. Shares closed at $62.95 on 6 Nov 2026.
Performance Over six months the shares fell 0.5%, against -1.9% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 2.8% over the last twelve months (peer median +4.8%); the operating margin is 34.3% (peer median 36.2%).
Valuation It trades at 6.99× book value against a peer median of 2.03× (most expensive of 21).
Price implies The share price implies a return on equity of about 37.4%; Equity LifeStyle Properties delivers 22.3%, so the price asks more than the business earns today.
Short interest Short interest is 5.7% of the free float (15 Oct 2026).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.58B | $1.53B | $1.54B | $1.51B | $1.45B |
| Revenue growth | — | 0% | +2% | +4% | — |
| Gross profit | $606M | $579M | $583M | $545M | $495M |
| EBITDA | $757M | $730M | $721M | $674M | $620M |
| Net income | $391M | $387M | $373M | $314M | $285M |
| Free cash flow | $377M | $348M | $371M | $237M | $389M |
| Capital expenditure | $221M | $237M | $241M | $317M | $227M |
| Total debt | $3.31B | $3.35B | $3.23B | $3.54B | $3.42B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Equity LifeStyle Properties ELS | $12.3B | 0% | +3% | 22% | 6.99× | 37.4% |
| Sun Communities SUI | $14.4B | -4% | -19% | 5% | 2.76× | 18.4% |
| American Homes 4 Rent AMH | $11.8B | +2% | +4% | 7% | 1.73× | 12.9% |
| UMH Properties UMH | $1.28B | -6% | +9% | 3% | 2.37× | 18.9% |
| Camden Property Trust CPT | $13.4B | -3% | +1% | 8% | 2.68× | 18.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ELS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.6% | +6.3% | 10th highest of 21 |
| 6-month return | -0.5% | -1.9% | 9th highest of 21 |
| Return on equity | 22.3% | 7.6% | highest of 21 |
| Price / book | 6.99× | 2.03× | most expensive of 21 |
| Trailing P/E | 31.2× | 25.2× | 7th most expensive of 18 |
| ROE the price implies | 37.4% | 15.1% | most demanding of 21 |
| ROE delivered | 22.3% | 7.7% | highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Equity LifeStyle Properties ELS | United States | $12.3B | 0% | +3% | 22% | 6.99× | 37.4% | 22.3% |
| American Healthcare REIT AHR | United States | $12.7B | +12% | +16% | 4% | 3.05× | 20.7% | 4.0% |
| American Homes 4 Rent AMH | United States | $11.8B | +2% | +4% | 7% | 1.73× | 12.9% | 6.8% |
| UDR UDR | United States | $11.6B | -1% | +1% | 22% | 3.76× | 22.9% | 21.8% |
| Scentre SCG.AX | Australia | $13.1B | -1% | -4% | 10% | 0.97× | 11.6% | 10.4% |
| Gaming and Leisure Properties GLPI | United States | $11.3B | -19% | +7% | 20% | 2.28× | 14.8% | 19.6% |
| AGNC Investment AGNC | United States | $11.2B | -19% | +152% | 1% | 1.15× | 13.1% | 0.9% |
| Camden Property Trust CPT | United States | $13.4B | -3% | +1% | 8% | 2.68× | 18.2% | 7.8% |
| Regency Centers REG | United States | $13.7B | -3% | +8% | 8% | 2.06× | 15.2% | 8.2% |
| Mid-America Apartment Communities MAA | United States | $13.8B | -8% | +1% | 7% | 2.45× | 16.1% | 7.0% |
| Link REIT 0823.HK | Hong Kong | $13.8B | +3% | -3% | -5% | 0.71× | 5.9% | -4.7% |
| Healthpeak Properties DOC | United States | $14.3B | +4% | +9% | 5% | 1.78× | 15.1% | 4.9% |
| Sun Communities SUI | United States | $14.4B | -4% | -19% | 5% | 2.76× | 18.4% | 5.3% |
| EastGroup Properties EGP | United States | $10.4B | -6% | +10% | 9% | 2.92× | 22.3% | 8.9% |
| BXP BXP | United States | $10.4B | +11% | +3% | 10% | 2.00× | 17.2% | 10.4% |
| Omega Healthcare Investors OHI | United States | $14.6B | +2% | +14% | 14% | 2.66× | 15.3% | 14.2% |
| CapitaLand Integrated Commercial Trust C38U.SI | Singapore | $14.6B | +2% | +5% | 8% | 1.09× | 6.1% | 7.6% |
| Annaly Capital Management NLY | United States | $14.8B | -17% | +23% | 7% | 1.05× | 11.8% | 7.3% |
| CubeSmart CUBE | United States | $10.1B | +11% | +3% | 13% | 4.06× | 30.4% | 13.1% |
| W. P. Carey WPC | United States | $15.0B | -12% | +9% | 8% | 1.71× | 12.9% | 7.7% |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 5% | 1.61× | 13.6% | 4.8% |