Equity Lifestyle Properties (ELS) Financials

$61.16 -0.19 (-0.30%)

Closing price 08/7/2025 03:59 PM Eastern

Extended Trading

$61.24 +0.08 (+0.12%)

As of 08/7/2025 05:58 PM Eastern

Annual Income Statements for Equity Lifestyle Properties

This table shows Equity Lifestyle Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	130	164	190	213	279	228	262	285	314	367
Consolidated Net Income / (Loss)	151	187	210	226	296	241	276	299	330	385
Net Income / (Loss) Continuing Operations	151	187	210	226	296	241	276	299	330	385
Total Pre-Tax Income	146	185	207	221	287	236	272	295	316	378
Total Revenue	822	768	925	987	933	1,119	1,316	1,447	1,486	1,524
Net Interest Income / (Expense)	0.00	-102	0.00	0.00	-104	0.00	0.00	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	102	0.00	0.00	104	0.00	0.00	0.00	0.00	0.00
Total Non-Interest Income	822	870	925	987	1,037	1,119	1,316	1,447	1,486	1,524
Other Service Charges	84	89	48	52	43	46	50	56	67	75
Net Realized & Unrealized Capital Gains on Investments	-	-	5.80	11	9.53	4.03	4.50	8.55	5.12	5.81
Other Non-Interest Income	734	782	872	924	985	1,069	1,262	1,382	1,413	1,443
Total Non-Interest Expense	675	584	719	765	646	883	1,044	1,152	1,169	1,145
Net Occupancy & Equipment Expense	306	275	301	320	334	354	399	443	470	480
Marketing Expense	10	11	11	12	14	16	19	20	21	22
Other Operating Expenses	137	177	183	191	198	255	329	369	342	301
Depreciation Expense	114	117	124	137	152	155	188	202	204	204
Other Special Charges	106	-	101	105	-53	103	109	117	132	138
Income Tax Expense	-	-	-	-	-	-	0.00	0.00	-10	-0.35
Other Gains / (Losses), net	4.09	2.60	3.77	4.94	8.76	5.40	3.88	3.36	2.71	6.25
Preferred Stock Dividends Declared	9.23	18	-	0.02	0.02	0.02	0.02	0.03	0.02	0.03
Net Income / (Loss) Attributable to Noncontrolling Interest	11	-	-	-	-	13	14	14	15	18
Basic Earnings per Share	-	$1.93	$1.09	$1.19	$1.54	$1.26	$1.43	$1.53	$1.69	$1.96
Weighted Average Basic Shares Outstanding	84.03M	84.78M	173.99M	177.93M	180.81M	181.83M	182.92M	185.78M	186.06M	187.44M
Diluted Earnings per Share	-	$1.92	$1.08	$1.19	$1.54	$1.25	$1.43	$1.53	$1.69	$1.96
Weighted Average Diluted Shares Outstanding	91.91M	92.57M	186.85M	190.11M	192.00M	192.56M	192.88M	195.26M	195.43M	196.64M
Weighted Average Basic & Diluted Shares Outstanding	84M	85M	87.10M	-10.63B	182.13M	182.30M	185.94M	186.18M	186.49M	191.14M
Cash Dividends to Common per Share	$1.50	-	-	$0.49	-	-	-	$1.64	$1.79	$1.91

This table shows Equity Lifestyle Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	67	73	82	63	77	92	110	78	83	96	109
Consolidated Net Income / (Loss)	71	77	86	66	81	96	115	82	87	101	114
Net Income / (Loss) Continuing Operations	71	77	86	66	81	96	115	82	87	101	114
Total Pre-Tax Income	69	76	86	65	80	85	115	82	81	101	109
Total Revenue	377	344	335	337	388	426	387	380	385	372	335
Net Interest Income / (Expense)	0.00	-	-33	-33	0.00	66	0.00	0.00	0.00	-	-31
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	0.00	-	33	33	0.00	-66	0.00	0.00	0.00	-	31
Other Interest Expense	-	-	33	33	-	-	-	-	-	-	31
Total Non-Interest Income	377	344	367	370	388	361	387	380	385	372	366
Other Service Charges	16	13	18	18	16	16	16	16	16	27	16
Net Realized & Unrealized Capital Gains on Investments	-1.35	5.38	-0.54	2.47	1.38	1.81	2.04	2.63	0.39	0.75	2.02
Other Non-Interest Income	363	326	350	350	371	343	369	361	369	344	349
Total Non-Interest Expense	308	268	249	272	308	341	272	298	304	271	227
Net Occupancy & Equipment Expense	123	102	112	122	127	108	115	126	129	111	119
Marketing Expense	5.94	4.60	4.84	5.52	5.70	4.92	5.30	6.13	6.45	4.19	3.93
Other Operating Expenses	97	81	81	93	91	78	67	79	82	74	53
Depreciation Expense	53	50	51	51	51	51	51	51	51	50	51
Other Gains / (Losses), net	1.47	0.47	0.52	0.97	0.66	0.56	0.28	0.58	5.87	-0.49	4.90
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)	-	-	4.09	-	-	-	-	-	-	-	5.20
Basic Earnings per Share	$0.36	$0.39	$0.44	$0.34	$0.41	$0.50	$0.59	$0.42	$0.44	$0.51	$0.57
Weighted Average Basic Shares Outstanding	185.81M	185.78M	185.90M	186.02M	186.10M	186.06M	186.29M	186.32M	186.33M	187.44M	190.93M
Diluted Earnings per Share	$0.36	$0.39	$0.44	$0.34	$0.41	$0.50	$0.59	$0.42	$0.44	$0.51	$0.57
Weighted Average Diluted Shares Outstanding	195.27M	195.26M	195.37M	195.43M	195.44M	195.43M	195.55M	195.47M	195.51M	196.64M	200.07M
Weighted Average Basic & Diluted Shares Outstanding	186.11M	186.18M	186.21M	186.28M	186.39M	186.49M	186.50M	186.52M	191.05M	191.14M	191.19M

This table details how cash moves in and out of Equity Lifestyle Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	6.54	-25	-26	33	-40	-4.80	99	-101	7.59	-5.36
Net Cash From Operating Activities	353	352	378	414	444	417	509	476	548	597
Net Cash From Continuing Operating Activities	353	352	369	414	416	417	509	476	547	597
Net Income / (Loss) Continuing Operations	151	187	210	226	296	241	276	299	330	385
Consolidated Net Income / (Loss)	151	187	210	226	296	241	276	299	330	385
Depreciation Expense	115	119	125	139	154	158	191	207	209	209
Amortization Expense	2.71	3.87	1.34	1.31	3.00	3.08	4.35	4.66	4.86	5.23
Non-Cash Adjustments to Reconcile Net Income	21	1.44	15	-5.58	-72	11	3.42	-34	37	-26
Changes in Operating Assets and Liabilities, net	63	42	27	53	36	4.32	34	-0.40	-33	23
Net Cash From Investing Activities	-121	-219	-305	-398	-352	-401	-828	-402	-325	-218
Net Cash From Continuing Investing Activities	-121	-219	-305	-398	-274	-401	-828	-402	-325	-218
Purchase of Property, Leasehold Improvements and Equipment	-94	-119	-126	-182	-258	-168	-204	-249	-317	-241
Purchase of Investment Securities	-28	-103	-170	-239	-109	-239	-629	-166	-19	-12
Sale and/or Maturity of Investments	10	1.15	3.63	22	86	0.12	2.05	-3.39	5.31	20
Other Investing Activities, net	-9.71	3.07	-13	0.40	6.35	5.65	3.15	17	5.63	15
Net Cash From Financing Activities	-226	-158	-99	17	-132	-21	419	-175	-216	-384
Net Cash From Continuing Financing Activities	-226	-158	-99	17	-132	-21	419	-175	-216	-384
Issuance of Debt	395	88	481	676	316	1,115	1,430	806	985	590
Issuance of Common Equity	4.90	63	128	85	62	2.03	142	31	1.98	319
Repayment of Debt	-480	-144	-384	-536	-278	-876	-872	-697	-858	-919
Payment of Dividends	-142	-161	-182	-203	-229	-257	-276	-311	-343	-368
Other Financing Activities, Net	-3.63	-3.55	-5.03	-4.61	-1.40	-4.64	-5.07	-4.34	-2.21	-5.96
Cash Interest Paid	106	106	103	102	102	101	104	112	130	140

This table details how cash moves in and out of Equity Lifestyle Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-12	-8.16	8.31	-2.55	32	-30	17	-12	4.74	-16	23
Net Cash From Operating Activities	101	71	159	108	152	129	199	143	150	105	193
Net Cash From Continuing Operating Activities	101	71	159	107	152	129	199	143	150	105	193
Net Income / (Loss) Continuing Operations	71	77	86	66	81	96	115	82	87	101	114
Consolidated Net Income / (Loss)	71	77	86	66	81	96	115	82	87	101	114
Depreciation Expense	54	51	52	53	52	52	52	53	52	52	52
Amortization Expense	1.17	1.17	1.18	1.18	1.22	1.28	1.29	1.30	1.41	1.24	1.24
Non-Cash Adjustments to Reconcile Net Income	11	-57	9.00	30	-6.85	4.71	-13	7.36	-19	-1.88	-4.60
Changes in Operating Assets and Liabilities, net	-35	-0.40	10	-43	24	-25	43	-0.38	28	-47	30
Net Cash From Investing Activities	-65	-86	-66	-87	-84	-87	-51	-53	-47	-66	-42
Net Cash From Continuing Investing Activities	-65	-86	-66	-87	-84	-87	-51	-53	-47	-66	-42
Purchase of Property, Leasehold Improvements and Equipment	-56	-63	-61	-88	-82	-86	-55	-63	-58	-66	-45
Purchase of Investment Securities	-11	-31	-11	-1.94	-2.90	-3.22	-1.33	-2.55	-5.45	-2.35	-8.69
Sale and/or Maturity of Investments	-	-4.79	4.07	1.24	-	-	3.16	11	5.14	0.77	4.17
Other Investing Activities, net	1.81	13	1.01	1.57	1.15	1.90	1.59	1.12	11	1.30	7.40
Net Cash From Financing Activities	-48	7.03	-84	-23	-36	-72	-130	-101	-97	-55	-128
Net Cash From Continuing Financing Activities	-48	7.03	-84	-23	-36	-72	-130	-101	-97	-55	-128
Issuance of Debt	119	165	118	277	476	114	133	89	162	206	186
Issuance of Common Equity	0.46	0.38	0.36	0.50	0.74	0.38	0.38	0.38	0.39	318	0.39
Repayment of Debt	-88	-78	-120	-213	-425	-99	-174	-97	-166	-482	-216
Payment of Dividends	-80	-80	-80	-87	-87	-88	-88	-93	-93	-93	-96
Other Financing Activities, Net	-0.10	-0.10	-2.03	-0.10	-0.12	0.04	-2.07	-0.32	-0.08	-3.50	-2.32
Cash Interest Paid	28	30	32	32	33	33	34	37	37	33	32

This table presents Equity Lifestyle Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,400	3,479	3,610	3,926	4,151	4,419	5,308	5,493	5,614	5,646
Restricted Cash	-	-	-	69	29	24	123	22	30	25
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	3,195	3,286	3,399	3,642	3,967	4,236	4,885	5,111	5,257	5,276
Other Assets	94	105	144	215	156	159	299	359	326	345
Total Liabilities & Shareholders' Equity	3,400	3,479	3,610	3,926	4,151	4,419	5,308	5,493	5,614	5,646
Total Liabilities	2,408	2,397	2,510	2,732	2,829	3,114	3,822	3,975	4,115	3,822
Non-Interest Bearing Deposits	74	77	79	81	91	93	119	122	126	122
Short-Term Debt	-	0.00	30	0.00	160	0.00	349	198	31	77
Accrued Interest Payable	8.72	8.38	8.39	8.76	8.64	8.34	9.29	12	13	11
Other Short-Term Payables	110	129	-	155	184	196	243	255	239	255
Long-Term Debt	2,126	2,091	2,170	2,348	2,248	2,445	2,925	3,190	3,488	3,128
Other Long-Term Liabilities	88	91	212	139	137	151	176	198	218	229
Total Equity & Noncontrolling Interests	993	1,082	1,100	1,193	1,322	1,305	1,486	1,517	1,499	1,824
Total Preferred & Common Equity	925	1,009	1,032	1,122	1,250	1,234	1,415	1,445	1,429	1,741
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	925	1,009	1,032	1,122	1,250	1,234	1,415	1,445	1,429	1,741
Common Stock	1,040	1,104	1,243	1,330	1,405	1,413	1,595	1,631	1,646	1,953
Accumulated Other Comprehensive Income / (Loss)	-0.55	-0.23	0.94	2.30	-0.38	0.00	3.52	19	6.06	2.30
Other Equity Adjustments	-114	-95	-212	-211	-154	-180	-184	-204	-224	-215
Noncontrolling Interest	68	73	68	72	72	71	71	72	70	83

This table presents Equity Lifestyle Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	5,405	5,519	5,586	5,626	5,630	5,645	5,644	5,642
Restricted Cash	31	31	28	60	47	36	40	47
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	5,057	5,148	5,194	5,224	5,256	5,261	5,264	5,272
Other Assets	318	341	364	342	327	349	340	323
Total Liabilities & Shareholders' Equity	5,405	5,519	5,586	5,626	5,630	5,645	5,644	5,642
Total Liabilities	3,886	4,006	4,083	4,129	4,110	4,135	4,149	3,809
Non-Interest Bearing Deposits	115	131	149	122	132	152	128	129
Short-Term Debt	95	212	205	0.00	6.00	14	33	63
Accrued Interest Payable	10	12	12	12	13	12	12	10
Other Short-Term Payables	265	272	260	277	264	271	301	265
Long-Term Debt	3,205	3,174	3,246	3,502	3,473	3,457	3,442	3,112
Other Long-Term Liabilities	195	204	210	216	223	228	233	230
Total Equity & Noncontrolling Interests	1,519	1,513	1,503	1,497	1,520	1,510	1,496	1,833
Total Preferred & Common Equity	1,447	1,442	1,432	1,427	1,449	1,440	1,426	1,750
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,447	1,442	1,432	1,427	1,449	1,440	1,426	1,750
Common Stock	1,628	1,632	1,640	1,643	1,646	1,648	1,650	1,953
Accumulated Other Comprehensive Income / (Loss)	20	15	17	16	5.28	5.29	-4.76	0.67
Other Equity Adjustments	-201	-205	-226	-232	-203	-213	-220	-204
Noncontrolling Interest	72	72	71	70	71	70	70	83

This table displays calculated financial ratios and metrics derived from Equity Lifestyle Properties' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.77%	-6.48%	20.42%	6.63%	-5.43%	19.91%	17.66%	9.93%	2.68%	2.55%
EBITDA Growth	6.42%	16.33%	8.47%	8.57%	22.88%	-10.65%	17.90%	8.39%	4.59%	11.77%
EBIT Growth	10.56%	26.02%	11.97%	7.18%	29.68%	-17.81%	15.30%	8.58%	7.11%	19.51%
NOPAT Growth	10.56%	26.02%	11.97%	7.18%	29.68%	-17.81%	15.30%	8.58%	10.66%	15.78%
Net Income Growth	8.70%	24.33%	12.42%	7.61%	30.72%	-18.42%	14.33%	8.27%	10.32%	16.73%
EPS Growth	0.00%	0.00%	12.42%	7.61%	29.41%	-18.83%	14.40%	6.99%	10.46%	15.98%
Operating Cash Flow Growth	23.50%	-0.15%	7.27%	9.55%	7.11%	-5.89%	21.95%	-6.52%	15.17%	8.89%
Free Cash Flow Firm Growth	126.35%	-40.56%	-38.78%	-125.34%	587.95%	119.94%	-440.87%	120.36%	43.10%	70.71%
Invested Capital Growth	-2.27%	1.74%	4.00%	7.32%	5.33%	0.52%	26.95%	3.05%	2.28%	0.22%
Revenue Q/Q Growth	1.39%	-10.44%	14.61%	1.38%	-6.29%	14.85%	2.89%	-1.24%	15.42%	-3.47%
EBITDA Q/Q Growth	3.05%	1.64%	4.47%	-0.12%	2.44%	1.97%	3.10%	1.69%	2.01%	2.64%
EBIT Q/Q Growth	4.54%	1.45%	2.57%	2.29%	1.99%	3.31%	0.94%	2.95%	2.99%	4.29%
NOPAT Q/Q Growth	4.54%	1.45%	2.57%	2.29%	1.99%	3.31%	0.94%	2.95%	6.40%	1.39%
Net Income Q/Q Growth	3.80%	1.42%	2.73%	2.45%	1.63%	4.43%	0.17%	2.69%	6.37%	1.08%
EPS Q/Q Growth	0.00%	0.00%	2.73%	2.45%	1.99%	4.17%	0.00%	2.68%	6.96%	0.51%
Operating Cash Flow Q/Q Growth	2.40%	3.56%	-0.82%	3.67%	1.11%	-8.27%	-0.22%	3.32%	11.99%	-3.87%
Free Cash Flow Firm Q/Q Growth	23.61%	-19.01%	-53.61%	72.16%	-46.88%	2,071.99%	-102.88%	251.59%	68.72%	-8.83%
Invested Capital Q/Q Growth	-0.85%	0.21%	3.25%	1.62%	4.16%	-1.32%	7.37%	1.78%	0.36%	1.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	32.11%	39.94%	35.98%	36.63%	47.60%	35.47%	35.55%	35.05%	35.70%	38.91%
EBIT Margin	17.82%	24.01%	22.33%	22.44%	30.78%	21.10%	20.67%	20.42%	21.30%	24.82%
Profit (Net Income) Margin	18.32%	24.35%	22.74%	22.94%	31.72%	21.58%	20.97%	20.65%	22.19%	25.26%
Tax Burden Percent	102.79%	101.41%	101.82%	102.23%	103.05%	102.29%	101.43%	101.14%	104.17%	101.75%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.31%	-0.09%
Return on Invested Capital (ROIC)	4.64%	5.87%	6.38%	6.47%	7.90%	6.31%	6.40%	6.11%	6.59%	7.54%
ROIC Less NNEP Spread (ROIC-NNEP)	4.83%	5.99%	6.56%	6.69%	8.27%	6.53%	6.53%	6.21%	6.67%	7.72%
Return on Net Nonoperating Assets (RNNOA)	10.63%	12.18%	12.90%	13.27%	15.63%	12.07%	13.38%	13.78%	15.27%	15.63%
Return on Equity (ROE)	15.27%	18.04%	19.28%	19.74%	23.53%	18.38%	19.78%	19.90%	21.86%	23.17%
Cash Return on Invested Capital (CROIC)	6.94%	4.14%	2.46%	-0.59%	2.71%	5.79%	-17.36%	3.11%	4.34%	7.31%
Operating Return on Assets (OROA)	4.28%	5.36%	5.83%	5.88%	7.11%	5.51%	5.60%	5.47%	5.70%	6.72%
Return on Assets (ROA)	4.40%	5.44%	5.94%	6.01%	7.33%	5.63%	5.68%	5.53%	5.94%	6.84%
Return on Common Equity (ROCE)	14.22%	16.82%	18.03%	18.54%	22.18%	17.38%	18.77%	18.95%	20.83%	22.10%
Return on Equity Simple (ROE_SIMPLE)	16.27%	18.55%	20.39%	20.19%	23.68%	19.57%	19.50%	20.67%	23.08%	22.11%
Net Operating Profit after Tax (NOPAT)	146	185	207	221	287	236	272	295	327	379
NOPAT Margin	17.82%	24.01%	22.33%	22.44%	30.78%	21.10%	20.67%	20.42%	22.01%	24.85%
Net Nonoperating Expense Percent (NNEP)	-0.19%	-0.12%	-0.18%	-0.22%	-0.37%	-0.22%	-0.14%	-0.10%	-0.08%	-0.19%
SG&A Expenses to Revenue	38.53%	37.22%	33.70%	33.61%	37.29%	33.07%	31.73%	32.03%	33.04%	32.98%
Operating Expenses to Revenue	82.18%	75.99%	77.67%	77.56%	69.22%	78.90%	79.33%	79.58%	78.70%	75.18%
Earnings before Interest and Taxes (EBIT)	146	185	207	221	287	236	272	295	316	378
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	264	307	333	361	444	397	468	507	530	593
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.98	5.12	6.51	6.84	9.20	8.60	10.66	7.87	8.94	7.31
Price to Tangible Book Value (P/TBV)	4.98	5.12	6.51	6.84	9.20	8.60	10.66	7.87	8.94	7.31
Price to Revenue (P/Rev)	5.61	6.72	7.26	7.77	12.32	9.48	11.46	7.86	8.60	8.35
Price to Earnings (P/E)	35.40	31.46	35.36	36.07	41.19	46.46	57.47	39.95	40.66	34.67
Dividend Yield	2.74%	2.81%	2.55%	2.58%	1.94%	2.35%	1.77%	2.68%	2.61%	2.87%
Earnings Yield	2.82%	3.18%	2.83%	2.77%	2.43%	2.15%	1.74%	2.50%	2.46%	2.88%
Enterprise Value to Invested Capital (EV/IC)	2.15	2.29	2.71	2.83	3.74	3.49	3.85	3.02	3.26	3.18
Enterprise Value to Revenue (EV/Rev)	8.18	9.46	9.67	10.15	14.95	11.71	13.91	10.23	10.99	10.49
Enterprise Value to EBITDA (EV/EBITDA)	25.47	23.68	26.88	27.72	31.40	33.00	39.13	29.20	30.79	26.97
Enterprise Value to EBIT (EV/EBIT)	45.90	39.39	43.30	45.24	48.57	55.49	67.27	50.12	51.61	42.27
Enterprise Value to NOPAT (EV/NOPAT)	45.90	39.39	43.30	45.24	48.57	55.49	67.27	50.12	49.96	42.23
Enterprise Value to Operating Cash Flow (EV/OCF)	19.04	20.63	23.67	24.20	31.45	31.37	35.96	31.12	29.81	26.79
Enterprise Value to Free Cash Flow (EV/FCFF)	30.69	55.85	112.29	0.00	141.57	60.44	0.00	98.48	75.90	43.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.14	1.93	2.00	1.97	1.82	1.87	2.20	2.23	2.35	1.76
Long-Term Debt to Equity	2.14	1.93	1.97	1.97	1.70	1.87	1.97	2.10	2.33	1.71
Financial Leverage	2.20	2.03	1.97	1.98	1.89	1.85	2.05	2.22	2.29	2.02
Leverage Ratio	3.47	3.32	3.25	3.29	3.21	3.26	3.49	3.60	3.68	3.39
Compound Leverage Factor	3.47	3.32	3.25	3.29	3.21	3.26	3.49	3.60	3.68	3.39
Debt to Total Capital	68.17%	65.91%	66.67%	66.31%	64.56%	65.20%	68.78%	69.07%	70.13%	63.73%
Short-Term Debt to Total Capital	0.00%	0.00%	0.91%	0.00%	4.29%	0.00%	7.33%	4.04%	0.62%	1.53%
Long-Term Debt to Total Capital	68.17%	65.91%	65.76%	66.31%	60.27%	65.20%	61.45%	65.03%	69.51%	62.20%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.17%	2.31%	2.06%	2.03%	1.93%	1.90%	1.49%	1.47%	1.39%	1.65%
Common Equity to Total Capital	29.66%	31.78%	31.27%	31.67%	33.50%	32.90%	29.73%	29.47%	28.48%	34.62%
Debt to EBITDA	8.06	6.81	6.61	6.50	5.42	6.16	7.00	6.68	6.63	5.41
Net Debt to EBITDA	7.75	6.63	6.50	6.31	5.36	6.10	6.73	6.64	6.58	5.36
Long-Term Debt to EBITDA	8.06	6.81	6.52	6.50	5.06	6.16	6.25	6.29	6.58	5.28
Debt to NOPAT	14.52	11.33	10.65	10.60	8.39	10.36	12.03	11.47	10.76	8.47
Net Debt to NOPAT	13.97	11.03	10.48	10.29	8.29	10.26	11.58	11.39	10.67	8.40
Long-Term Debt to NOPAT	14.52	11.33	10.50	10.60	7.83	10.36	10.75	10.80	10.67	8.26
Noncontrolling Interest Sharing Ratio	6.83%	6.79%	6.48%	6.10%	5.72%	5.45%	5.09%	4.77%	4.71%	4.60%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	219	130	80	-20	99	217	-739	150	215	367
Operating Cash Flow to CapEx	376.21%	295.02%	299.87%	227.99%	171.91%	248.52%	249.20%	190.88%	172.83%	247.32%
Free Cash Flow to Firm to Interest Expense	0.00	1.28	0.00	0.00	0.95	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	3.45	0.00	0.00	4.26	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	2.28	0.00	0.00	1.78	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.22	0.26	0.26	0.23	0.26	0.27	0.27	0.27	0.27
Fixed Asset Turnover	0.26	0.24	0.28	0.28	0.25	0.27	0.29	0.29	0.29	0.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,119	3,173	3,300	3,542	3,730	3,750	4,760	4,905	5,017	5,028
Invested Capital Turnover	0.26	0.24	0.29	0.29	0.26	0.30	0.31	0.30	0.30	0.30
Increase / (Decrease) in Invested Capital	-73	54	127	242	189	19	1,011	145	112	11
Enterprise Value (EV)	6,721	7,268	8,947	10,019	13,947	13,096	18,307	14,809	16,334	15,987
Market Capitalization	4,607	5,160	6,714	7,668	11,496	10,604	15,085	11,371	12,775	12,724
Book Value per Share	$10.97	$11.82	$11.75	$12.50	$6.86	$6.77	$7.70	$7.77	$7.67	$9.11
Tangible Book Value per Share	$10.97	$11.82	$11.75	$12.50	$6.86	$6.77	$7.70	$7.77	$7.67	$9.11
Total Capital	3,119	3,173	3,300	3,542	3,730	3,750	4,760	4,905	5,017	5,028
Total Debt	2,126	2,091	2,200	2,348	2,408	2,445	3,274	3,388	3,519	3,205
Total Long-Term Debt	2,126	2,091	2,170	2,348	2,248	2,445	2,925	3,190	3,488	3,128
Net Debt	2,046	2,035	2,164	2,279	2,380	2,421	3,151	3,366	3,489	3,180
Capital Expenditures (CapEx)	94	119	126	182	258	168	204	249	317	241
Net Nonoperating Expense (NNE)	-4.09	-2.61	-3.77	-4.94	-8.76	-5.40	-3.88	-3.36	-2.71	-6.25
Net Nonoperating Obligations (NNO)	2,126	2,091	2,200	2,348	2,408	2,445	3,274	3,388	3,519	3,205
Total Depreciation and Amortization (D&A)	117	122	126	140	157	161	196	212	214	215
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.78	$0.00	$0.00	$1.20	$1.54	$1.26	$1.43	$0.00	$1.69	$1.96
Adjusted Weighted Average Basic Shares Outstanding	168.06M	169.56M	173.99M	177.93M	180.81M	181.83M	182.92M	0.00	186.06M	187.44M
Adjusted Diluted Earnings per Share	$0.77	$0.00	$0.00	$1.19	$1.54	$1.25	$1.43	$0.00	$1.69	$1.96
Adjusted Weighted Average Diluted Shares Outstanding	183.81M	185.14M	186.85M	190.11M	192.00M	192.56M	192.88M	0.00	195.43M	196.64M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.54	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	169.19M	173.53M	177.47M	179.86M	182.13M	182.30M	185.94M	0.00	186.49M	191.14M
Normalized Net Operating Profit after Tax (NOPAT)	177	129	215	229	164	237	267	288	314	361
Normalized NOPAT Margin	21.48%	16.81%	23.24%	23.16%	17.61%	21.20%	20.25%	19.93%	21.14%	23.70%
Pre Tax Income Margin	17.82%	24.01%	22.33%	22.44%	30.78%	21.10%	20.67%	20.42%	21.30%	24.82%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	1.81	0.00	0.00	2.76	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	1.81	0.00	0.00	2.76	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.64	0.00	0.00	0.28	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.64	0.00	0.00	0.28	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	94.19%	86.13%	86.67%	89.51%	77.46%	106.43%	99.90%	104.06%	103.91%	95.56%
Augmented Payout Ratio	94.24%	86.25%	86.67%	89.51%	77.46%	106.43%	99.90%	104.06%	103.91%	95.56%

This table displays calculated financial ratios and metrics derived from Equity Lifestyle Properties' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.64%	-5.00%	-7.07%	-7.78%	2.82%	23.81%	15.49%	12.80%	-0.62%	-12.83%	-13.27%
EBITDA Growth	3.89%	7.02%	0.51%	2.26%	7.63%	8.14%	21.22%	13.86%	0.85%	11.00%	-3.94%
EBIT Growth	-5.73%	12.48%	-1.09%	2.75%	15.98%	12.05%	33.53%	25.31%	1.14%	18.21%	-5.52%
NOPAT Growth	-5.73%	12.48%	-1.09%	2.75%	15.98%	25.81%	33.81%	25.31%	1.14%	5.39%	-5.52%
Net Income Growth	-4.84%	11.38%	-0.68%	2.26%	14.51%	25.76%	33.32%	24.34%	7.58%	4.28%	-0.76%
EPS Growth	-5.26%	8.33%	-2.22%	3.03%	13.89%	28.21%	34.09%	23.53%	7.32%	2.00%	-3.39%
Operating Cash Flow Growth	-18.71%	27.56%	2.81%	-27.68%	49.80%	82.98%	25.01%	32.72%	-1.52%	-18.58%	-2.70%
Free Cash Flow Firm Growth	43.40%	92.70%	62.58%	77.69%	68.58%	76.94%	113.71%	154.41%	210.91%	665.60%	504.21%
Invested Capital Growth	8.71%	3.05%	4.38%	3.43%	3.73%	2.28%	2.01%	0.56%	-0.59%	0.22%	0.19%
Revenue Q/Q Growth	3.26%	-8.71%	46.94%	0.65%	15.13%	9.92%	-9.33%	-1.69%	1.43%	-3.58%	-9.79%
EBITDA Q/Q Growth	6.59%	3.41%	8.28%	-14.32%	12.19%	3.90%	21.37%	-19.52%	-0.62%	14.36%	5.18%
EBIT Q/Q Growth	9.01%	10.37%	12.77%	-24.27%	23.06%	6.62%	34.39%	-28.93%	-0.69%	24.62%	7.64%
NOPAT Q/Q Growth	9.01%	10.37%	12.77%	-24.27%	23.06%	19.72%	34.67%	-29.08%	-0.69%	24.76%	7.52%
Net Income Q/Q Growth	9.16%	8.75%	12.76%	-23.61%	22.24%	19.43%	19.54%	-28.75%	5.77%	15.77%	13.76%
EPS Q/Q Growth	9.09%	8.33%	12.82%	-22.73%	20.59%	21.95%	18.00%	-28.81%	4.76%	15.91%	11.76%
Operating Cash Flow Q/Q Growth	-32.03%	-30.26%	124.89%	-32.16%	40.79%	-14.81%	53.65%	-27.98%	4.47%	-29.57%	83.63%
Free Cash Flow Firm Q/Q Growth	28.60%	78.28%	-73.49%	17.08%	-0.58%	84.06%	162.11%	229.13%	105.02%	-18.72%	10.16%
Invested Capital Q/Q Growth	0.62%	1.78%	-0.12%	1.11%	0.92%	0.36%	-0.38%	-0.33%	-0.24%	1.18%	-0.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	32.90%	37.27%	41.52%	35.34%	34.44%	32.56%	43.58%	35.68%	34.95%	41.46%	48.34%
EBIT Margin	18.30%	22.13%	25.67%	19.32%	20.65%	20.03%	29.68%	21.46%	21.01%	27.16%	32.41%
Profit (Net Income) Margin	18.69%	22.27%	25.83%	19.61%	20.82%	22.62%	29.82%	21.61%	22.54%	27.06%	34.12%
Tax Burden Percent	102.12%	100.62%	100.61%	101.50%	100.83%	112.93%	100.45%	100.71%	107.25%	99.63%	105.29%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	-12.28%	-0.21%	0.00%	0.00%	-0.11%	0.00%
Return on Invested Capital (ROIC)	5.80%	6.63%	6.98%	5.06%	5.41%	6.73%	9.24%	6.83%	6.65%	8.25%	9.54%
ROIC Less NNEP Spread (ROIC-NNEP)	5.84%	6.64%	7.00%	5.09%	5.43%	6.75%	9.25%	6.85%	6.82%	8.23%	9.71%
Return on Net Nonoperating Assets (RNNOA)	13.27%	14.73%	15.07%	11.31%	12.25%	15.46%	20.94%	15.72%	15.90%	16.66%	19.27%
Return on Equity (ROE)	19.07%	21.35%	22.05%	16.37%	17.67%	22.19%	30.18%	22.55%	22.56%	24.91%	28.80%
Cash Return on Invested Capital (CROIC)	-2.14%	3.11%	1.86%	2.71%	2.60%	4.34%	5.20%	6.94%	8.08%	7.31%	7.24%
Operating Return on Assets (OROA)	5.16%	5.93%	6.21%	4.49%	4.82%	5.36%	8.19%	6.04%	5.89%	7.35%	8.47%
Return on Assets (ROA)	5.27%	5.97%	6.25%	4.56%	4.86%	6.05%	8.22%	6.08%	6.31%	7.32%	8.91%
Return on Common Equity (ROCE)	18.17%	20.34%	21.00%	15.59%	16.83%	21.15%	28.76%	21.49%	21.50%	23.76%	27.48%
Return on Equity Simple (ROE_SIMPLE)	20.11%	0.00%	20.69%	20.93%	21.72%	0.00%	24.74%	26.01%	26.70%	0.00%	21.94%
Net Operating Profit after Tax (NOPAT)	69	76	86	65	80	96	115	82	81	101	109
NOPAT Margin	18.30%	22.13%	25.67%	19.32%	20.65%	22.49%	29.75%	21.46%	21.01%	27.19%	32.41%
Net Nonoperating Expense Percent (NNEP)	-0.05%	-0.01%	-0.02%	-0.03%	-0.02%	-0.02%	-0.01%	-0.02%	-0.17%	0.01%	-0.17%
SG&A Expenses to Revenue	34.23%	30.86%	35.05%	37.92%	34.17%	26.57%	31.06%	34.80%	35.14%	30.87%	36.54%
Operating Expenses to Revenue	81.70%	77.87%	74.33%	80.68%	79.35%	79.97%	70.32%	78.54%	78.99%	72.84%	67.60%
Earnings before Interest and Taxes (EBIT)	69	76	86	65	80	85	115	82	81	101	109
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	124	128	139	119	134	139	168	136	135	154	162
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.70	7.87	8.37	8.46	8.09	8.94	8.22	8.44	9.33	7.31	7.29
Price to Tangible Book Value (P/TBV)	7.70	7.87	8.37	8.46	8.09	8.94	8.22	8.44	9.33	7.31	7.29
Price to Revenue (P/Rev)	7.60	7.86	9.25	9.48	8.97	8.60	7.75	7.68	8.43	8.35	8.66
Price to Earnings (P/E)	40.21	39.95	42.48	42.42	39.08	40.66	34.87	34.01	36.66	34.67	34.81
Dividend Yield	2.66%	2.68%	2.59%	2.64%	2.83%	2.61%	2.85%	2.84%	2.64%	2.87%	2.92%
Earnings Yield	2.49%	2.50%	2.35%	2.36%	2.56%	2.46%	2.87%	2.94%	2.73%	2.88%	2.87%
Enterprise Value to Invested Capital (EV/IC)	3.01	3.02	3.16	3.15	3.01	3.26	3.08	3.14	3.38	3.18	3.19
Enterprise Value to Revenue (EV/Rev)	9.89	10.23	11.87	12.22	11.69	10.99	10.03	9.90	10.65	10.49	10.84
Enterprise Value to EBITDA (EV/EBITDA)	29.04	29.20	30.51	30.56	28.95	30.79	27.54	27.15	29.10	26.97	27.23
Enterprise Value to EBIT (EV/EBIT)	50.47	50.12	52.61	52.67	48.99	51.61	44.65	43.27	46.35	42.27	42.92
Enterprise Value to NOPAT (EV/NOPAT)	50.47	50.12	52.61	52.67	48.99	49.96	43.31	42.02	45.02	42.23	42.92
Enterprise Value to Operating Cash Flow (EV/OCF)	31.45	31.12	32.27	35.55	30.76	29.81	26.23	25.12	27.08	26.79	26.99
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	98.48	173.93	118.12	118.02	75.90	59.90	45.39	41.72	43.52	44.06
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.17	2.23	2.24	2.30	2.34	2.35	2.29	2.30	2.32	1.76	1.73
Long-Term Debt to Equity	2.11	2.10	2.10	2.16	2.34	2.33	2.29	2.29	2.30	1.71	1.70
Financial Leverage	2.27	2.22	2.15	2.22	2.26	2.29	2.26	2.30	2.33	2.02	1.98
Leverage Ratio	3.67	3.60	3.54	3.63	3.66	3.68	3.68	3.73	3.77	3.39	3.36
Compound Leverage Factor	3.67	3.60	3.54	3.63	3.66	3.68	3.68	3.73	3.77	3.39	3.36
Debt to Total Capital	68.48%	69.07%	69.11%	69.66%	70.06%	70.13%	69.60%	69.68%	69.91%	63.73%	63.39%
Short-Term Debt to Total Capital	1.97%	4.04%	4.33%	4.14%	0.00%	0.62%	0.12%	0.28%	0.65%	1.53%	1.26%
Long-Term Debt to Total Capital	66.50%	65.03%	64.79%	65.52%	70.06%	69.51%	69.48%	69.40%	69.25%	62.20%	62.14%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.50%	1.47%	1.46%	1.44%	1.40%	1.39%	1.42%	1.41%	1.40%	1.65%	1.67%
Common Equity to Total Capital	30.03%	29.47%	29.42%	28.90%	28.54%	28.48%	28.99%	28.90%	28.69%	34.62%	34.94%
Debt to EBITDA	6.62	6.68	6.67	6.76	6.74	6.63	6.21	6.02	6.02	5.41	5.42
Net Debt to EBITDA	6.56	6.64	6.61	6.70	6.62	6.58	6.13	5.96	5.95	5.36	5.33
Long-Term Debt to EBITDA	6.43	6.29	6.25	6.36	6.74	6.58	6.20	6.00	5.96	5.28	5.31
Debt to NOPAT	11.50	11.47	11.50	11.65	11.40	10.76	9.77	9.32	9.30	8.47	8.54
Net Debt to NOPAT	11.39	11.39	11.39	11.55	11.20	10.67	9.64	9.22	9.20	8.40	8.41
Long-Term Debt to NOPAT	11.17	10.80	10.78	10.96	11.40	10.67	9.75	9.28	9.22	8.26	8.37
Noncontrolling Interest Sharing Ratio	4.72%	4.77%	4.75%	4.75%	4.72%	4.71%	4.70%	4.70%	4.67%	4.60%	4.60%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-317	-69	-119	-99	-100	-16	16	54	111	90	99
Operating Cash Flow to CapEx	182.37%	111.57%	260.73%	122.51%	184.78%	150.55%	363.30%	228.91%	256.05%	160.42%	427.84%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-3.67	-2.99	0.00	0.00	0.00	0.00	0.00	0.00	3.18
Operating Cash Flow to Interest Expense	0.00	0.00	4.88	3.26	0.00	0.00	0.00	0.00	0.00	0.00	6.21
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	3.01	0.60	0.00	0.00	0.00	0.00	0.00	0.00	4.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.27	0.24	0.23	0.23	0.27	0.28	0.28	0.28	0.27	0.26
Fixed Asset Turnover	0.30	0.29	0.26	0.25	0.25	0.29	0.30	0.30	0.30	0.29	0.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,820	4,905	4,900	4,954	4,999	5,017	4,998	4,982	4,970	5,028	5,008
Invested Capital Turnover	0.32	0.30	0.27	0.26	0.26	0.30	0.31	0.32	0.32	0.30	0.29
Increase / (Decrease) in Invested Capital	386	145	205	164	180	112	99	28	-30	11	9.66
Enterprise Value (EV)	14,485	14,809	15,496	15,603	15,054	16,334	15,418	15,653	16,810	15,987	15,960
Market Capitalization	11,142	11,371	12,068	12,109	11,541	12,775	11,916	12,146	13,306	12,724	12,749
Book Value per Share	$7.78	$7.77	$7.74	$7.69	$7.66	$7.67	$7.78	$7.72	$7.64	$9.11	$9.15
Tangible Book Value per Share	$7.78	$7.77	$7.74	$7.69	$7.66	$7.67	$7.78	$7.72	$7.64	$9.11	$9.15
Total Capital	4,820	4,905	4,900	4,954	4,999	5,017	4,998	4,982	4,970	5,028	5,008
Total Debt	3,300	3,388	3,386	3,451	3,502	3,519	3,479	3,471	3,474	3,205	3,175
Total Long-Term Debt	3,205	3,190	3,174	3,246	3,502	3,488	3,473	3,457	3,442	3,128	3,112
Net Debt	3,270	3,366	3,356	3,423	3,443	3,489	3,431	3,436	3,434	3,180	3,127
Capital Expenditures (CapEx)	56	63	61	88	82	86	55	63	58	66	45
Net Nonoperating Expense (NNE)	-1.47	-0.47	-0.52	-0.97	-0.66	-0.56	-0.28	-0.58	-5.87	0.49	-5.75
Net Nonoperating Obligations (NNO)	3,300	3,388	3,386	3,451	3,502	3,519	3,479	3,471	3,474	3,205	3,175
Total Depreciation and Amortization (D&A)	55	52	53	54	54	53	54	54	54	53	53
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.36	$0.39	$0.00	$0.00	$0.00	$0.50	$0.59	$0.42	$0.44	$0.51	$0.57
Adjusted Weighted Average Basic Shares Outstanding	185.81M	185.78M	0.00	0.00	0.00	186.06M	186.29M	186.32M	186.33M	187.44M	190.93M
Adjusted Diluted Earnings per Share	$0.36	$0.39	$0.00	$0.00	$0.00	$0.50	$0.59	$0.42	$0.44	$0.51	$0.57
Adjusted Weighted Average Diluted Shares Outstanding	195.27M	195.26M	0.00	0.00	0.00	195.43M	195.55M	195.47M	195.51M	196.64M	200.07M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	186.11M	186.18M	0.00	0.00	0.00	186.49M	186.50M	186.52M	191.05M	191.14M	191.19M
Normalized Net Operating Profit after Tax (NOPAT)	69	75	60	46	79	60	104	82	82	93	76
Normalized NOPAT Margin	18.33%	21.85%	17.97%	13.52%	20.49%	14.02%	26.85%	21.66%	21.34%	24.97%	22.68%
Pre Tax Income Margin	18.30%	22.13%	25.67%	19.32%	20.65%	20.03%	29.68%	21.46%	21.01%	27.16%	32.41%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	2.64	1.96	0.00	0.00	0.00	0.00	0.00	0.00	3.49
NOPAT to Interest Expense	0.00	0.00	2.64	1.96	0.00	0.00	0.00	0.00	0.00	0.00	3.49
EBIT Less CapEx to Interest Expense	0.00	0.00	0.77	-0.69	0.00	0.00	0.00	0.00	0.00	0.00	2.04
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.77	-0.69	0.00	0.00	0.00	0.00	0.00	0.00	2.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	103.36%	104.06%	107.43%	109.37%	108.15%	103.91%	97.62%	95.02%	95.04%	95.56%	97.88%
Augmented Payout Ratio	103.36%	104.06%	107.43%	109.37%	108.15%	103.91%	97.62%	95.02%	95.04%	95.56%	97.88%

Key Financial Trends

Equity Lifestyle Properties (NYSE: ELS) has demonstrated a generally positive financial trend through the analyzed periods, with steady revenue growth and improving profitability metrics, although some increased expenses and debt management highlight areas to watch.

Key Positive Financial Highlights:

Net Income attributable to common shareholders has increased from $62.9 million in Q2 2023 to $109.2 million in Q1 2025, reflecting strong earnings growth.
Total Revenue climbed steadily from approximately $336.9 million in Q2 2023 to $335.3 million in Q1 2025, with quarterly fluctuations normal in seasonal businesses.
Operating Cash Flow showed improvement, with net cash from operating activities rising to $193.4 million in Q1 2025 from $107.1 million in Q2 2024.
Continued investment in property, plant, and equipment, indicating growth and maintenance in asset base, with capex around $45 million in Q1 2025 aligning with historical trends.
Diluted earnings per share increased from $0.34 in Q2 2023 to $0.57 in Q1 2025, delivering shareholder value alongside steady share count.
Total assets remained stable near $5.6 billion through recent quarters, supporting consistent operational scale.
Restricted cash improved slightly to $47.5 million by Q1 2025, reflecting prudent cash management.
Depreciation and amortization expenses remain stable, indicating consistent fixed asset usage and capital investments.
Non-interest income is a robust component of total revenue, consistently contributing over $350 million per quarter in recent periods.
Dividends payments have been steady and reflective of underlying earnings strength, supporting shareholder returns.

Neutral Financial Items:

Total interest expense showed material fluctuations with significant expense in recent periods ($31.1 million in Q1 2025, but zero in several 2024 quarters), reflective of changes in debt structure or accounting presentation.
Total liabilities managed around $3.8 to $4.1 billion, with long-term debt fluctuating moderately, requiring ongoing monitoring of leverage.
Other non-interest income and expense items exhibit variability but have not significantly impacted net income results.
Weighted average shares outstanding have increased slightly, diluting EPS growth impact but controlled within reasonable range.
Changes in operating assets and liabilities have shown mixed impacts on cash flow, typical in real estate business cycles.

Considerations / Potential Challenges:

Total non-interest expenses have increased over time, reaching $226.6 million in Q1 2025, implying pressure on operating margins if revenue growth does not keep pace.
Large repayments of debt (e.g., $216 million in Q1 2025 vs. $185 million issuance) suggest active debt management but could impact liquidity in short-term.
Cash interest paid remains sizable, near $31.7 million in Q1 2025, representing ongoing financing costs that reduce net income.
Other special charges and other operating expenses have had an upward trend in certain quarters, which may indicate non-recurring or operational challenges.
Total equity growth has been slower relative to asset growth, indicating reliance on debt financing that needs to be managed carefully to maintain financial health.

Summary: Equity Lifestyle Properties exhibits solid earnings growth with expanding cash flows and consistent investments in assets. While operating expenses and financing costs remain elevated, the company’s disciplined approach to debt and stable asset base provide a good foundation. Investors should monitor expense trends and debt servicing capabilities alongside ongoing revenue performance to assess sustainability.

08/08/25 03:19 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Equity Lifestyle Properties' Financials

When does Equity Lifestyle Properties' fiscal year end?

According to the most recent income statement we have on file, Equity Lifestyle Properties' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Equity Lifestyle Properties' net income changed over the last 9 years?

Equity Lifestyle Properties' net income appears to be on an upward trend, with a most recent value of $384.82 million in 2024, rising from $150.51 million in 2015. The previous period was $329.68 million in 2023. Find out what analysts predict for Equity Lifestyle Properties in the coming months.

How has Equity Lifestyle Properties' revenue changed over the last 9 years?

Over the last 9 years, Equity Lifestyle Properties' total revenue changed from $821.65 million in 2015 to $1.52 billion in 2024, a change of 85.4%.

How much debt does Equity Lifestyle Properties have?

Equity Lifestyle Properties' total liabilities were at $3.82 billion at the end of 2024, a 7.1% decrease from 2023, and a 58.7% increase since 2015.

How has Equity Lifestyle Properties' book value per share changed over the last 9 years?

Over the last 9 years, Equity Lifestyle Properties' book value per share changed from 10.97 in 2015 to 9.11 in 2024, a change of -17.0%.

Related Companies

This page (NYSE:ELS) was last updated on 8/8/2025 by MarketBeat.com Staff

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Equity Lifestyle Properties (ELS) Financials

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Equity Lifestyle Properties (ELS) Financials

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