Equity LifeStyle Properties, Inc.ELS
NYSE•Real Estate•REIT - Residential
Equity LifeStyle Properties, Inc. is a self-administered, self-managed real estate investment trust. As of March 31, 2026, they own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,419 sites. Equity LifeStyle Properties, Inc. is headquartered in Chicago. Equity LifeStyle Properties, Inc. was incorporated in 1992 in Maryland and based in Chicago, Illinois.
Equity Lifestyle Properties, In (ELS) reported trailing twelve months revenue of $1.54B as of March 2026, a 1.0% increase year-over-year. Quarterly revenue reached $397.62M, reflecting continued top-line momentum.
Equity Lifestyle Properties, In generated $399.16M in TTM net income, with quarterly EBITDA of $165.50M. The operating margin contracted from 28.3% to 28.3%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (28.3%) and net margin (28.0%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 29.5% a year ago, reflecting increased costs or interest expense.
ELS trades at a P/E of 30.3x (a premium multiple) and a P/S of 7.9x. The price-to-book ratio of 6.9x indicates a significant premium over book value.
The company generated $148.95M in free cash flow over the trailing twelve months, a 0.5% increase year-over-year, indicating cash generation ability. The balance sheet shows $5.75B in total assets with $3.29B in long-term debt against $1.76B in stockholders equity for a debt-to-equity ratio of 1.9. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~25.1%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 23.4% suggests a durable competitive advantage and efficient capital allocation.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~25.5% — no sign of cost or pricing stress.
FCF covers net income by 0.9x on average — earnings are well-supported by cash generation.
D/E ratio is 1.9 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 3.9% — mild dilution. Compare to earnings growth to assess net per-share impact.