Overview
Equity LifeStyle Properties, Inc. (ELS) is a self-administered, self-managed real estate investment trust that owns and operates lifestyle-oriented properties, including manufactured-home communities, recreational-vehicle resorts and marinas. Its portfolio serves both long-term residents and recreational guests.[1]
At December 31, 2025, ELS owned or held an interest in 453 properties with 173,371 developed sites across 35 U.S. states and British Columbia.[1] For 2025, it reported $1.433 billion in total-portfolio property operating revenues.[2] The company reported an annual average of approximately 3,700 full-time, part-time and seasonal employees.[3]
ELS describes its operating focus as delivering a memorable experience for residents and guests; its sustainability materials use the phrase “Uniting People, Places & Purpose.” [3][4] The company website says ELS has been in business for over 50 years.[5] [1][2][3][4][5][5][4]
Products & services
Equity LifeStyle Properties, Inc. offers leases for manufactured-home sites and annual RV and marina sites. RV and marina stays are also offered seasonally, generally for one to six months, and on a transient, short-term basis. The company also sells and rents manufactured homes and cottages at its properties, brokers home resales between residents, and provides ancillary services.[6][7]
Other offerings include memberships that provide access to specified properties for limited stays. Membership upgrades may include longer stays, earlier reservation access, potential discounts on rental units, or access to additional properties; the company introduced 2–4-year subscription upgrades in 2025 and discontinued certain legacy upfront-payment upgrade products.[8] Property amenities vary and may include pools, clubhouses, fitness centers, playgrounds and basketball courts at manufactured-home communities; RV sites, cottages and cabins; and marina wet- and dry-slip storage.[9][10][11]
In the second quarter of 2026, core RV and marina base rental income increased 1.8% year over year, with annual rental income up 5.4% and seasonal and transient income down 11.2% and 8.9%, respectively. For the first half of 2026, core RV and marina rental income increased 0.1%; annual income rose 4.8%, while seasonal and transient income declined 14.1% and 8.1%.[12][13] [6][7][8][12][13][9][10][11][9][10][11]
Geographic presence
Equity LifeStyle Properties’ U.S. portfolio is concentrated in Florida, which accounted for 65,124 sites (38.4% of sites) and 45.7% of property operating revenue in FY2025. Other reported markets were the Northeast (21,909 sites; 12.9%; 11.1% of property operating revenue), Arizona (19,127; 11.3%; 10.9%), California (13,440; 7.9%; 10.2%), Southeast (13,326; 7.9%; 5.8%), Midwest (12,476; 7.4%; 5.3%), Texas (10,465; 6.2%; 2.5%), Northwest (6,457; 3.8%; 2.8%), Colorado (3,829; 2.3%; 3.4%), and Other (3,315; 1.9%; 2.3%). In total, the FY2025 market table reports 435 properties and 169,468 sites. These are shares of property operating revenue, not a country-level revenue split.[14]
The company’s website describes its communities and resorts as located in 35 U.S. states and British Columbia.[5] Its principal executive office is in Chicago, Illinois.[15] In FY2025, ELS reported an annual average of approximately 3,700 full-time, part-time and seasonal employees, including approximately 500 full-time employees in home and regional offices; it did not specify their distribution by location.[3] [14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][14][15][3][5]
Business segments
Equity LifeStyle Properties reports two operating segments: **Property Operations**, which owns and operates land-lease properties, and **Home Sales and Rentals Operations**, which purchases, sells and leases homes at its properties. The company says it primarily evaluates segment performance using net operating income (NOI).[16]
For the year ended December 31, 2025, Property Operations generated approximately **96%** of combined segment revenue ($1,456.1 million) and Home Sales and Rentals Operations approximately **4%** ($57.0 million). Their reported segment NOI was $744.4 million and $6.3 million, respectively.[17][18] Within Property Operations, MH base rental income was $749.4 million and RV and marina base rental income was $446.3 million; these are revenue categories, not separately reported segments.[2] [16][17][18][2][19][20]
Company history
Equity LifeStyle Properties traces its operations to a predecessor that owned and operated properties from 1969. The company was formed in December 1992 and completed its initial public offering on February 25, 1993; it elected REIT tax treatment beginning that year.[21][22]
In 2004, then-named Manufactured Home Communities completed a $160 million acquisition of 57 Thousand Trails resort properties, expanding its resort portfolio.[23] In 2011, the company announced a $1.43 billion agreement to acquire 76 Hometown America communities and subsequently reported an initial closing covering 35 properties.[24][25]
A leadership transition took effect in February 2013, when Marguerite Nader became CEO following Thomas Heneghan’s resignation.[26] In November 2021, ELS expanded its RV-community interests by investing for an 80% stake in RVC Outdoor Destinations, which owned six operating communities.[27] [21][26][22][23][24][28][27]
Sources
- EQUITY LIFESTYLE PROPERTIES INC — Full financial report (2025 Y)
- www.equitylifestyleproperties.com[4]
- www.equitylifestyleproperties.com[5]
- EQUITY LIFESTYLE PROPERTIES INC — Full financial report (2026 Q 2)
- www.equitylifestyleproperties.com[9]
- www.equitylifestyleproperties.com[10]
- www.equitylifestyleproperties.com[11]
- www.sec.gov[19]
- equitylifestyle.gcs-web.com[20]
- www.sec.gov[22]
- equitylifestyle.gcs-web.com[23]
- www.businesswire.com[24]
- equitylifestyle.gcs-web.com[25]
- EQUITY LIFESTYLE PROPERTIES INC — Transcript (2012 Q 3)[26]
- www.sec.gov[27]
- equitylifestyle.gcs-web[28]
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