Equity LifeStyle Properties, Inc. (ELS) Stock

Equity LifeStyle Properties, Inc. (ELS) is a Real Estate stock trading at $65.46 (as of 2026-08-21), with a market capitalization of $12.70B and a trailing P/E of 31.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Equity LifeStyle Properties, Inc. is a self-administered, self-managed real estate investment trust headquartered in Chicago. As of January 25, 2021, it owned or had interests in 423 properties across 33 states and British Columbia, consisting of 161,229 sites.

Understand Equity LifeStyle Properties, Inc.: how it makes money

Equity LifeStyle Properties (ELS) owns and operates a large portfolio of REIT properties, earning most of its money from property operations and related property revenues, with smaller contributions from home sales, brokered resales, ancillary services, and insurance recoveries.

Profit is primarily driven by recurring property-level cash flow captured in Property Revenues and Core Portfolio Property Operations Revenue from ELS's large owned or interested site portfolio, with smaller, less recurring add-ons from home sales and insurance recovery.

Revenue by segment (latest quarter)
Property	$0.3B
Home+Ancillary	$0.0B
InsuranceRecovery	$0.0B

Business quality (Solid): The provided disclosures highlight a business model centered on core property operations, but the key operating emphasis is concentrated in property revenues, so investors should focus on how those lines trend quarter to quarter, since smaller components like home sales and insurance recovery are limited in size.

Valuation: At 31× earnings, ELS trades in line with the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Large core operating base: ELS owns or has an interest in 423 properties across 33 states and British Columbia, totaling 161,229 sites, which supports the predominance of property revenues in the revenue mix.
Core operations dominate: In the latest quarter shown, Property Revenues (0.33 USD_B) and Core Portfolio Property Operations Revenue (0.32 USD_B) are the largest operating contributors, with home sales, brokered resales and ancillary services (0.02 USD_B) and insurance recovery (0.01 USD_B) much smaller.

Bear case

Limited offset from smaller lines: Because home sales, brokered resales and ancillary services are smaller (0.02 USD_B) and insurance recovery is also small (0.01 USD_B), declines in property revenues would be harder to offset internally based on the provided revenue line items.
Concentration in property revenue performance: With the operating metrics provided mainly centered on property revenues and core property operations revenue, any weakness in those lines would likely be the main drag on performance.

Valuation — source: SEC EDGAR (first-party)
Price	$65.46
Market Cap	$12.70B
P/E Ratio	31.0
EV / EBITDA	20.6
Price / Book	6.97
Price / Sales	8.16
DCF Value (model)	$51.49
DCF Upside vs Price	-21.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.53B
Net Margin	26.3%
Revenue Growth (YoY)	0.3%
EPS Growth (YoY)	2.6%

Valuation vs Sector & Industry
Stock P/E	31.0
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	14.0%
vs Industry	-12.3%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($1.54B)
Institutional Holders Tracked	10
Congressional Trades (recent)	6

Company
Sector	Real Estate
Industry	Trading
CEO	Marguerite Nader
Employees	3,800
Country	US
IPO Date	1993-02-25

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.