Equity Lifestyle Properties Inc (ELS) financial statements: income statement, balance sheet and cash flow

Equity Lifestyle Properties Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Equity Lifestyle Properties Inc reported revenue of $1.5B (+0.3% year on year) and net income of $402.1M (+4.5% year on year).

Income statement

Equity Lifestyle Properties Inc income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Rental income	$1.3B	$1.2B	$1.2B	$1.1B
Contract revenue	$167.7M	$200.0M	$225.3M	$256.4M
Other income	$62.8M	$75.4M	$67.4M	$56.1M
Interest income	$9.6M	$9.2M	$9.0M	$7.4M
Income from other investments, net	$8.8M	$8.3M	$8.7M	$8.6M
Total revenues	$1.5B	$1.5B	$1.5B	$1.4B
Property operating and maintenance	$493.4M	$480.4M	$469.9M	$443.2M
Real estate taxes	$85.1M	$82.0M	$78.0M	$74.1M
Membership sales and marketing	$16.1M	$22.1M	$21.0M	$23.5M
Cost of services	$141.1M	$162.9M	$183.8M	$213.1M
Depreciation and amortization	$208.9M	$203.9M	$203.7M	$202.4M
Home selling expenses and ancillary operating expenses	$26.5M	$27.6M	$27.5M	$27.3M
General and administrative	$37.5M	$38.5M	$47.3M	$44.9M
Casualty-related charges/(recoveries), net	($4.5M)	($20.9M)	$0	$0
Other expenses	$4.8M	$5.5M	$5.8M	$8.6M
Early debt retirement	$0	$5.8M	$68.0K	$1.2M
Interest and related amortization	$131.0M	$137.7M	$132.3M	$116.6M
Total expenses	$1.1B	$1.1B	$1.2B	$1.2B
Income before taxes and other items	$391.3M	$380.7M	$320.1M	—
Gain/(Loss) on sale of real estate and impairment, net	$919.0K	($2.5M)	($3.6M)	$0
Income tax benefit	$3.3M	$354.0K	$10.5M	—
Equity in income/(loss) of unconsolidated joint ventures	$6.5M	$6.2M	$2.7M	$3.4M
Consolidated net income	$402.1M	$384.8M	$329.7M	$298.8M
Income allocated to non-controlling interests – Common OP Units	($15.6M)	($17.8M)	($15.5M)	($14.2M)
Redeemable perpetual preferred stock dividends	($16.0K)	($16.0K)	($16.0K)	($16.0K)
Net income available for Common Stockholders	$386.5M	$367.0M	$314.2M	$284.6M
Adjustment for fair market value of swap	($4.5M)	($3.8M)	($13.1M)	$15.6M
Consolidated comprehensive income	$397.6M	$381.1M	$316.6M	$314.4M
Comprehensive income allocated to non-controlling interests – Common OP Units	($15.4M)	($17.6M)	($14.9M)	($15.0M)
Comprehensive income attributable to Common Stockholders	$382.2M	$363.4M	$301.7M	$299.4M
Earnings per Common Share – Basic (usd per share)	$2.01	$1.96	$1.69	$1.53
Earnings per Common Share – Fully Diluted (usd per share)	$2.01	$1.96	$1.69	$1.53
Weighted average Common Shares outstanding – Basic (in shares)	192.1M	187.4M	186.1M	185.8M
Weighted average Common Shares outstanding – Fully Diluted (in shares)	200.1M	196.6M	195.4M	195.3M

Equity Lifestyle Properties Inc income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Rental income	$330.4M	$339.0M	$327.4M	$313.3M
Contract revenue	$44.7M	$40.5M	$45.9M	$42.8M
Other income	$15.3M	$14.1M	$15.2M	$16.5M
Interest income	$1.6M	$2.2M	$2.8M	$2.2M
Income from other investments, net	$5.8M	$1.8M	$2.0M	$2.1M
Total revenues	$397.8M	$397.6M	$393.3M	$376.9M
Property operating and maintenance	$132.3M	$121.0M	$133.2M	$127.8M
Real estate taxes	$21.8M	$22.1M	$20.6M	$21.8M
Membership sales and marketing	$4.6M	$3.8M	$4.2M	$4.1M
Cost of services	$38.7M	$32.3M	$37.8M	$37.2M
Depreciation and amortization	$53.6M	$53.1M	$52.3M	$52.6M
Home selling expenses and ancillary operating expenses	$7.6M	$6.8M	$7.2M	$7.0M
General and administrative	$11.9M	$11.1M	$8.8M	$10.5M
Casualty-related charges/(recoveries), net	($7.1M)	$68.0K	($3.7M)	($541.0K)
Other expenses	$1.2M	$1.2M	$711.0K	($59.0K)
Interest and related amortization	$33.8M	$33.6M	$33.7M	$32.2M
Total expenses	$298.5M	$285.3M	$294.7M	$292.6M
Income before other items	$99.4M	$112.4M	$98.6M	$84.2M
Gain /(Loss) on sale of real estate and impairment, net	($507.0K)	—	$31.0K	($683.0K)
Equity in income/(loss) of unconsolidated joint ventures	$668.0K	($877.0K)	$1.7M	($47.0K)
Consolidated net income	$99.5M	$111.5M	$100.4M	$83.5M
Income allocated to non-controlling interests – Common OP Units	($3.2M)	($3.6M)	($3.2M)	($3.8M)
Redeemable perpetual preferred stock dividends	($8.0K)	—	$0	($8.0K)
Net income available for Common Stockholders	$96.3M	$107.9M	$97.1M	$79.7M
Adjustment for fair market value of swaps	$3.0M	$2.2M	($584.0K)	($2.7M)
Consolidated comprehensive income	$102.5M	$113.6M	$99.8M	$80.8M
Comprehensive income allocated to non-controlling interests – Common OP Units	($3.3M)	($3.7M)	($3.2M)	($3.7M)
Comprehensive income attributable to Common Stockholders	$99.2M	$110.0M	$96.6M	$77.1M
Earnings per Common Share – Basic (in usd per share)	$0.50	$0.56	$0.50	$0.42
Earnings per Common Share – Fully Diluted (in usd per share)	$0.50	$0.56	$0.50	$0.42
Weighted average Common Shares outstanding – Basic (in shares)	193.7M	193.7M	193.0M	191.0M
Weighted average Common Shares outstanding – Fully Diluted (in shares)	200.2M	200.2M	200.1M	200.1M

Balance sheet

Equity Lifestyle Properties Inc balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Land	$2.1B	$2.1B	$2.1B	$2.1B
Land improvements	$4.8B	$4.6B	$4.4B	$4.1B
Buildings and other depreciable property	$1.3B	$1.2B	$1.2B	$1.2B
Investment in real estate	$8.2B	$7.9B	$7.7B	$7.4B
Accumulated depreciation	($2.8B)	($2.6B)	($2.4B)	($2.3B)
Net investment in real estate	$5.3B	$5.3B	$5.3B	$5.1B
Cash and restricted cash	$26.1M	$24.6M	$29.9M	$22.3M
Notes receivable, net	$93.4M	$50.7M	$49.9M	$45.4M
Investment in unconsolidated joint ventures	$85.0M	$83.8M	$85.3M	$81.4M
Deferred commission expense	$58.1M	$56.5M	$53.6M	$50.4M
Other assets, net	$142.3M	$153.9M	$137.5M	$181.9M
Total Assets	$5.7B	$5.6B	$5.6B	$5.5B
Mortgage notes payable, net	$2.8B	$2.9B	$3.0B	$2.7B
Term loans, net	$437.5M	$199.3M	$497.6M	$496.8M
Unsecured line of credit	$105.0M	$77.0M	$31.0M	$198.0M
Accounts payable and other liabilities	$152.5M	$159.2M	$151.6M	$175.1M
Deferred membership revenue	$221.5M	$229.3M	$218.3M	$197.7M
Accrued interest payable	$11.3M	$10.7M	$12.7M	$11.7M
Rents and other customer payments received in advance and security deposits	$120.4M	$122.4M	$126.5M	$122.3M
Distributions payable	$103.1M	$95.6M	$87.5M	$80.1M
Total Liabilities	$3.9B	$3.8B	$4.1B	$4.0B
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2025 and December 31, 2024; none issued and outstanding.	0	0	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 193,835,561 and 191,056,527 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.	2.0M	2.0M	1.9M	1.9M
Paid-in capital	$2.0B	$2.0B	$1.6B	$1.6B
Distributions in excess of accumulated earnings	($225.0M)	($215.0M)	($223.6M)	($204.2M)
Accumulated other comprehensive income/(loss)	($2.2M)	$2.3M	$6.1M	$19.1M
Total Stockholders’ Equity	$1.8B	$1.7B	$1.4B	$1.4B
Non-controlling interests – Common OP Units	$58.6M	$83.1M	$69.9M	$72.1M
Total Equity	$1.8B	$1.8B	$1.5B	$1.5B
Total Liabilities and Equity	$5.7B	$5.6B	$5.6B	$5.5B

Equity Lifestyle Properties Inc balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Land	$2.1B	$2.1B	$2.1B	$2.1B
Land improvements	$4.9B	$4.8B	$4.7B	$4.7B
Buildings and other depreciable property	$1.4B	$1.3B	$1.3B	$1.3B
Investment in real estate	$8.4B	$8.2B	$8.1B	$8.0B
Accumulated depreciation	($2.9B)	($2.9B)	($2.8B)	($2.7B)
Net investment in real estate	$5.5B	$5.3B	$5.3B	$5.3B
Cash and restricted cash	$35.6M	$39.2M	$39.3M	$33.0M
Notes receivable, net	$31.0M	$90.3M	$96.8M	$100.3M
Investment in unconsolidated joint ventures	$40.3M	$83.1M	$87.0M	$88.4M
Deferred commission expense	$57.4M	$57.7M	$58.5M	$57.8M
Other assets, net	$165.3M	$134.1M	$144.4M	$150.5M
Total Assets	$5.8B	$5.7B	$5.7B	$5.7B
Mortgage notes payable, net	$2.7B	$2.8B	$2.8B	$2.8B
Term loans, net	$437.9M	$437.7M	$437.3M	$347.0M
Unsecured line of credit	$127.5M	$89.5M	$45.0M	$90.0M
Accounts payable and other liabilities	$182.1M	$169.7M	$197.0M	$170.8M
Deferred membership revenue	$217.4M	$220.3M	$224.9M	$228.1M
Accrued interest payable	$10.9M	$11.1M	$10.9M	$10.6M
Rents and other customer payments received in advance and security deposits	$152.2M	$128.3M	$122.5M	$148.0M
Distributions payable	$108.7M	$108.6M	$103.1M	$103.1M
Total Liabilities	$4.0B	$3.9B	$3.9B	$3.9B
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; none issued and outstanding.	0	0	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 193,972,195 and 193,835,561 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	2.0M	2.0M	2.0M	2.0M
Paid-in capital	$2.0B	$2.0B	$2.0B	$2.0B
Distributions in excess of accumulated earnings	($231.3M)	($222.3M)	($225.7M)	($223.0M)
Accumulated other comprehensive income/(loss)	$2.9M	($56.0K)	($2.6M)	($2.0M)
Total Stockholders’ Equity	$1.8B	$1.8B	$1.8B	$1.7B
Non-controlling interests – Common OP Units	$58.4M	$58.7M	$58.5M	$82.1M
Total Equity	$1.8B	$1.8B	$1.8B	$1.8B
Total Liabilities and Equity	$5.8B	$5.7B	$5.7B	$5.7B

Cash flow statement

Equity Lifestyle Properties Inc cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Consolidated net income	$402.1M	$384.8M	$329.7M	$298.8M
Loss on sale of real estate and impairment, net	($919.0K)	$2.5M	$3.6M	$5.4M
Early debt retirement	$0	$5.8M	$68.0K	$1.2M
Depreciation and amortization	$213.7M	$209.4M	$209.1M	$207.1M
Amortization of loan costs	$5.1M	$5.2M	$4.9M	$4.8M
Debt premium amortization	$0	$0	($62.0K)	($181.0K)
Equity in (income)/loss of unconsolidated joint ventures	($6.5M)	($6.2M)	($2.7M)	($3.4M)
Distributions of income from unconsolidated joint ventures	$395.0K	$1.3M	$1.3M	$4.6M
Proceeds from insurance claims, net	($4.0M)	($26.8M)	$37.6M	($42.0M)
Compensation expense related to incentive plans	$7.3M	$9.4M	$17.8M	$8.8M
Revenue recognized from membership upgrade sales upfront payments	($13.7M)	($16.4M)	($14.7M)	($13.0M)
Commission expense related to memberships sales	$5.0M	$4.6M	$4.2M	$4.1M
Deferred income tax benefit	($1.2M)	($354.0K)	($10.5M)	—
Manufactured homes, net	($44.7M)	$12.5M	($31.8M)	—
Notes receivable, net	$13.2M	($4.6M)	($4.6M)	($4.6M)
Deferred commission expense	($6.6M)	($7.5M)	($7.4M)	($7.2M)
Other assets, net	$5.8M	($4.3M)	($1.4M)	$92.5M
Accounts payable and other liabilities	($7.7M)	$212.0K	($25.8M)	$5.8M
Deferred membership revenue	$5.9M	$31.1M	$35.3M	$33.9M
Rents and other customer payments received in advance and security deposits	($2.0M)	($4.0M)	$3.4M	$2.7M
Net cash provided by operating activities	$571.1M	$596.7M	$548.0M	$599.3M
Proceeds from sale properties	$2.5M	—	—	—
Investment in unconsolidated joint ventures	($9.7M)	($10.3M)	($9.3M)	($26.4M)
Distributions of capital from unconsolidated joint ventures	$13.9M	$15.4M	$5.6M	$17.0M
Proceeds from insurance claims, net	$9.4M	$19.7M	$5.3M	($3.4M)
Issuance of notes receivable	($56.1M)	—	—	—
Capital improvements	($237.1M)	($241.3M)	($317.1M)	($372.8M)
Net cash used in investing activities	($277.1M)	($217.8M)	($324.8M)	($525.6M)
Proceeds from stock options and employee stock purchase plan	1.5M	1.8M	2.0M	2.7M
Gross proceeds from the issuance of common stock	$0	$317.4M	$0	$28.4M
Common Stockholders	($388.0M)	($350.6M)	($326.4M)	($296.1M)
Common OP Unitholders	($17.0M)	($17.1M)	($16.2M)	($14.8M)
Preferred Stockholders	($16.0K)	($16.0K)	($16.0K)	($16.0K)
Share based award tax withholding payments	($2.3M)	($1.9M)	($1.9M)	($3.4M)
Principal payments and mortgage debt repayment	($151.8M)	($64.5M)	($164.6M)	($135.8M)
Mortgage notes payable financing proceeds	$0	$0	$463.8M	$200.0M
Term loan proceeds	$240.0M	$0	$0	$200.0M
Term loan repayment	$0	($300.0M)	$0	$0
Line of credit repayment	($867.0M)	($543.5M)	($688.0M)	($557.0M)
Line of credit proceeds	$895.0M	$589.5M	$521.0M	$406.0M
Debt issuance and defeasance costs	($2.5M)	($11.3M)	($5.0M)	($3.8M)
Other	($436.0K)	($4.1M)	($275.0K)	($895.0K)
Net cash used in financing activities	($292.5M)	($384.2M)	($215.7M)	($174.8M)
Net increase (decrease) in cash and restricted cash	$1.6M	($5.4M)	$7.6M	($101.1M)
Cash and restricted cash, beginning of period	$24.6M	$29.9M	$22.3M	$123.4M

Equity Lifestyle Properties Inc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Consolidated net income	$211.0M	$111.5M	$298.2M	$197.9M
(Gain)/Loss on sale of real estate and impairment, net	$507.0K	—	$652.0K	$683.0K
Depreciation and amortization	$109.1M	$54.3M	$159.6M	$106.0M
Amortization of loan costs	$2.7M	$1.3M	$3.8M	$2.5M
Equity in (income)/loss of unconsolidated joint ventures	$209.0K	$877.0K	($6.6M)	($4.9M)
Distributions of income from unconsolidated joint ventures	$211.0K	$106.0K	$252.0K	$147.0K
Proceeds from insurance claims, net	($9.2M)	($36.0K)	($4.0M)	($405.0K)
Compensation expense related to incentive plans	$4.3M	$2.1M	$7.5M	$5.0M
Revenue recognized from membership upgrade sales upfront payments	($7.5M)	($3.7M)	($10.1M)	($6.6M)
Commission expense related to memberships sales	$3.4M	$1.7M	$3.5M	$2.3M
Manufactured homes, net	($30.5M)	($14.3M)	($29.6M)	($17.1M)
Notes receivable, net	$5.9M	$3.1M	$9.9M	$6.5M
Deferred commission expense	($2.6M)	($1.2M)	($5.6M)	($3.6M)
Other assets, net	($8.5M)	$9.3M	$5.1M	($2.9M)
Accounts payable and other liabilities	$30.8M	$18.8M	$33.3M	$8.1M
Deferred membership revenue	$3.4M	$2.5M	$5.6M	$5.3M
Rents and other customer payments received in advance and security deposits	$28.9M	$7.8M	$22.0K	$25.6M
Net cash provided by operating activities	$342.2M	$194.2M	$471.7M	$324.7M
Real estate acquisitions, net of cash acquired	($1.3M)	—	$0	$0
Investment in unconsolidated joint ventures	($292.0K)	($149.0K)	($9.5M)	($8.9M)
Distributions of capital from unconsolidated joint ventures	$2.1M	$1.1M	$11.9M	$8.4M
Proceeds from insurance claims, net	$0	$0	$5.9M	$4.4M
Issuance of notes receivable	$0	—	($56.1M)	($56.1M)
Capital improvements	($109.5M)	($45.3M)	($175.9M)	($104.7M)
Net cash used in investing activities	($109.0M)	($44.3M)	($223.7M)	($156.9M)
Proceeds from stock options and employee stock purchase plan	978.0K	375.0K	1.1M	747.0K
Common Stockholders	($205.0M)	($99.8M)	($288.1M)	($189.7M)
Common OP Unitholders	($6.8M)	($3.3M)	($13.7M)	($9.0M)
Preferred Stockholders	($8.0K)	—	($8.0K)	($8.0K)
Share based award tax withholding payments	($1.9M)	($1.9M)	($2.3M)	($2.3M)
Principal payments and mortgage debt repayment	($33.1M)	($16.6M)	($135.5M)	($119.5M)
Term loan proceeds	$0	—	$240.0M	$150.0M
Line of credit repayment	($401.0M)	($207.0M)	($694.5M)	($526.0M)
Line of credit proceeds	$423.5M	$191.5M	$662.5M	$539.0M
Debt issuance and defeasance costs	$0	—	($2.5M)	($2.5M)
Other	($288.0K)	($70.0K)	($269.0K)	($199.0K)
Net cash used in financing activities	($223.7M)	($136.8M)	($233.3M)	($159.4M)
Net increase (decrease) in cash and restricted cash	$9.5M	$13.1M	$14.7M	$8.4M
Cash and restricted cash, beginning of period	$26.1M	$26.1M	$24.6M	$24.6M
Cash and restricted cash, end of period	$35.6M	$39.2M	$39.3M	$33.0M
Cash paid for interest, net	$65.3M	$32.6M	$96.6M	$63.6M
Cash paid for the purchase of manufactured homes	$46.9M	$22.0M	$55.0M	$33.7M

Equity Lifestyle Properties Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.