Equity LifeStyle Properties, Inc. (ELS)

In the past six months, ELS declared second, third, and fourth-quarter dividends for 2025, with the second-quarter dividend representing an 8% increase. ELS reported its second-quarter results on July 21, 2025, with normalized Funds From Operations (FFO) in line with estimates but revenue declining 1% year-over-year. The company announced its third-quarter 2025 earnings release on October 9, 2025, and reported results on October 22, 2025, with EPS meeting analysts' consensus estimates and revenue above estimates. In April 2025, Marguerite Nader was named Vice Chairman, and Patrick Waite was promoted to President. As of July 2025, the stock had lost 9% of its value over the past year, and the share price as of November 14, 2025, was $62.12.

Demand for ELS's products and services exhibits seasonality, particularly in its RV and marina segments, with seasonal demand in northern markets being weak. In the second quarter of 2025, there was a normalizing of demand in some northern markets. The company anticipated a combined decline in seasonal and transient revenue for the full year 2025 compared to 2023. Demand for affordable manufactured housing remains robust due to high home prices.

Equity LifeStyle Properties, Inc. (ELS) is a real estate investment trust (REIT) specializing in lifestyle-oriented properties across North America, operating in the Residential REIT industry with a focus on manufactured housing and RV resort communities. The company uses a land-lease structure, generating rental income from long-term leases for manufactured homes, cottages, cabins, and RVs, and also engages in home sales and rentals, catering to active adults, families, and vacationers, with a focus on senior communities.

ELS has a substantial geographic footprint, owning or controlling over 450 communities and resorts in 35 states and British Columbia, Canada, encompassing more than 170,000 sites. Many of these properties are located in desirable resort, vacation, and retirement destinations, including locations with lake, river, or ocean frontage, and within 10 miles of the U.S. coast.

Equity LifeStyle Properties maintains an excellent reputation within the industry and strong brand awareness due to its national presence. The company has been recognized for the quality of its properties and management, with communities receiving 'Community of the Year awards' from the Manufactured Housing Institute.

The ownership of Equity LifeStyle Properties, Inc. is predominantly institutional, with key shareholders including Vanguard Group Inc, BlackRock, Inc., and State Street Corp, holding approximately 80.36% to 97.6% of the company's stock. Samuel Zell is the largest individual shareholder, owning 12.24 million shares, representing 6.32% of the company, while individual insiders hold about 1.33% to 1.43% of the shares.