Equity Lifestyle Properties (ELS)
Real Estate · Manufactured Housing & RV Community REITs
A REIT owning and leasing 173,000+ sites across 453 manufactured home communities, RV parks, and marinas that generate recurring revenue from land leases and ancillary services.
What Equity Lifestyle Properties does
Equity Lifestyle Properties is a fully integrated owner and operator of lifestyle-oriented real estate consisting of manufactured home communities, recreational vehicle parks, and marinas across the United States and Canada. The company owns the land and leases individual sites to customers who own their homes, generating revenue through site rental income, membership subscriptions for short-term access, home sales brokerage services, and ancillary operations. Its portfolio comprises 453 properties with 173,371 sites across 35 U.S. states and British Columbia, targeting retirees, vacationing families, and first-time homebuyers seeking community-oriented, lower-cost housing alternatives.
Themes: ["Manufactured housing communities","Recreational vehicle parks","Marina operations","Land-lease real estate model","Retiree and vacation destinations","Community-based residential real estate","REIT - residential"]
Fundamentals
- Price$63.35 as of 2026-07-09 close
- Market cap$12.3B as of 2026-07-10
- 1-year return+3.3% as of 2026-07-09 close
- P/E32.06 as of 2026-07-10
- Net margin+25.1% as of 2026-07-10
- Gross margin+53.0% as of 2026-07-10
- ROE+22.0% as of 2026-07-10
- Debt / equity1.87 as of 2026-07-10
- Revenue growth (YoY)+0.9% as of 2026-07-10
- Revenue CAGR (3y)+1.9% SEC XBRL
- Beta0.67 as of 2026-07-10
Dividend: yield +3.4%; 2-year non-decreasing per-share dividend streak (SEC XBRL).
Key risks (from latest filing)
["Real estate market downturn could reduce occupancy rates, site rental demand, and home sales activity, directly impacting revenues and cash flows.","Dependence on manufactured home manufacturers for supply of homes sold and potential disruption in factory-built housing production could constrain ancillary revenue streams.","Rising property operating costs, real estate taxes, and utility expenses could compress operating margins if rents cannot be increased proportionately."]
Competitors & peers
- Sun Communities (SUI)
- Parkway Properties (PAH)
- Coeur d'Alene Mines Corporation (CDA)
- Manufactured Housing Properties REIT (MHP)
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.