Equity LifeStyle Properties Inc Stock Research

Market Summary

USD67.13+1.41

Market Closed

2.15%

ELS Stock Price

ELS RSI Chart

ELS Valuation

Market Cap

12.5B

Price/Earnings (Trailing)

41.81

Price/Sales (Trailing)

8.63

EV/EBITDA

20.3

Price/Free Cashflow

20.85

ELS Price/Sales (Trailing)

ELS Profitability

EBT Margin

20.42%

Return on Equity

20.67%

Return on Assets

5.44%

Free Cashflow Yield

4.8%

ELS Fundamentals

ELS Revenue

Revenue (TTM)

1.4B

Revenue Y/Y

1.57%

Revenue Q/Q

-10.6%

ELS Earnings

Earnings (TTM)

298.8M

Earnings Y/Y

11.38%

Earnings Q/Q

8.74%

Price Action

52 Week Range

56.9182.79

(Low)(High)

Last 7 days

4.7%

Last 30 days

1.3%

Last 90 days

3.9%

Trailing 12 Months

-11.1%

ELS Financial Health

Debt/Equity

2.26

Debt/Cashflow

0.19

ELS Investor Care

Shares Dilution (1Y)

0.26%

Diluted EPS (TTM)

1.53

Peers (Alternatives to Equity LifeStyle Properties)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	53.0B	4.2B	2.18%	-18.90%	12.18	12.66	22.43%	122.66%
DLR	28.6B	4.7B	-1.36%	-27.66%	75.78	6.1	5.96%	-77.90%
EQR	22.7B	2.7B	-1.54%	-32.08%	29.23	8.37	11.91%	-41.71%
ARE	21.4B	2.6B	-12.12%	-36.55%	41.11	8.28	22.46%	-8.68%
KIM	13.2B	1.7B	-4.07%	-25.83%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	8.0B	1.1B	-7.32%	-17.18%	20.85	7.48	12.95%	47.42%
KRG	4.6B	802.0M	-3.51%	-5.01%	-362.88	5.72	114.83%	84.36%
VNO	2.9B	1.8B	-21.50%	-64.10%	-8.51	1.64	13.26%	-296.88%
MAC	2.3B	859.2M	-11.59%	-29.47%	-34.53	2.66	1.38%	-563.21%
SMALL-CAP
SKT	2.0B	421.4M	4.75%	18.56%	24.12	4.86	3.35%	1705.32%
SLG	1.5B	826.7M	-29.95%	-68.39%	-19.71	1.86	-2.04%	-117.36%
AIV	1.1B	190.3M	3.36%	5.05%	12.23	5.92	12.08%	1950.56%
PGRE	987.5M	740.4M	-12.31%	-57.77%	-27.13	1.33	1.87%	-78.85%

Financials for Equity LifeStyle Properties

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	0.4%	1,447	1,442	1,408	1,373	1,316
S&GA Expenses	1.3%	24.00	23.00	23.00	22.00	24.00
Costs and Expenses	0.0%	1,152	1,151	1,117	1,082	1,044
EBITDA	1.8%	614	603	597	593	-
EBITDA Margin	1.5%	0.42*	0.42*	0.43*	0.44*	-
Earnings Before Taxes	2.9%	295	287	291	291	272
EBT Margin	2.6%	0.20*	0.20*	0.21*	0.22*	-
Interest Expenses	2.9%	117	113	111	110	109
Net Income	2.7%	299	291	295	294	276
Net Income Margin	2.3%	0.21*	0.20*	0.21*	0.22*	-
Free Cahsflow	-4.8%	599	629	621	599	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	1.6%	5,493	5,405	5,400	5,265	5,308
Cash Equivalents	-26.8%	22.00	31.00	42.00	38.00	123
Goodwill	-	17.00	-	-	-	-
Liabilities	2.3%	3,975	3,886	3,878	3,734	3,822
Long Term Debt	-	3,274	-	-	-	-
Shareholder's Equity	-0.1%	1,445	1,447	1,522	1,530	1,415
Additional Paid-In Capital	0.2%	1,629	1,626	1,623	1,619	1,593
Shares Outstanding	0.0%	186	186	186	186	186

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-4.8%	599	629	621	599	595
Share Based Compensation	1.5%	9.00	9.00	8.00	8.00	13.00
Cashflow From Investing	17.3%	-525	-635	-741	-667	-914
Cashflow From Financing	-4698.2%	-174	-3.64	118	16.00	419
Dividend Payments	3.4%	296	286	277	267	262
Buy Backs	-75.0%	3.00	14.00	3.00	-	-

Risks for ELS

What is the probability of a big loss on ELS?

30.4%

Probability that Equity LifeStyle Properties stock will be more than 20% underwater in next one year

23.5%

Probability that Equity LifeStyle Properties stock will be more than 30% underwater in next one year.

Probability that Equity LifeStyle Properties stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does ELS drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Equity LifeStyle Properties was unfortunately bought at previous high price.

Drawdowns

Returns for ELS

Cumulative Returns on ELS

15.7%

10-Year Cumulative Returns

11.4%

7-Year Cumulative Returns

11.0%

5-Year Cumulative Returns

7.2%

3-Year Cumulative Returns

What are the long-term rolling returns for ELS?

FIve years rolling returns for Equity LifeStyle Properties.

Annualized Returns

Which funds bought or sold ELS recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-27	Neo Ivy Capital Management	sold off	-100	-6,000	-	-%
2023-03-23	MetLife Investment Management, LLC	reduced	-2.03	3,651	516,865	-%
2023-03-17	American Portfolios Advisors	unchanged	-	-3,617	29,786	-%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-0.53	7,707,970	349,935,000	0.38%
2023-03-06	Rockefeller Capital Management L.P.	added	4.29	173,000	2,584,000	0.01%
2023-02-28	Voya Investment Management LLC	reduced	-94.95	-64,163,900	3,516,110	-%
2023-02-24	NATIXIS	reduced	-32.38	-3,230,600	7,364,400	0.04%
2023-02-24	BBJS FINANCIAL ADVISORS, LLC	new	-	486,526	486,526	0.22%
2023-02-24	National Pension Service	sold off	-100	-16,368,100	-	-%
2023-02-21	MACQUARIE GROUP LTD	added	5.75	3,487,100	45,936,100	0.05%

Latest Funds Activity

Are funds buying ELS calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own ELS

No. of Funds

Equity LifeStyle Properties News

Schedule 13G FIlings of Equity LifeStyle Properties

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	price t rowe associates inc /md/	4.2%	7,735,330	SC 13G/A
Feb 09, 2023	vanguard group inc	13.38%	24,900,523	SC 13G/A
Feb 09, 2023	fmr llc	-	0	SC 13G/A
Feb 03, 2023	blackrock inc.	7.9%	14,752,329	SC 13G/A
Feb 14, 2022	price t rowe associates inc /md/	5.6%	10,459,829	SC 13G
Feb 10, 2022	vanguard group inc	13.33%	24,501,375	SC 13G/A
Feb 09, 2022	fmr llc	-	0	SC 13G/A
Feb 01, 2022	blackrock inc.	7.9%	14,515,744	SC 13G/A
Feb 10, 2021	vanguard group inc	13.05%	23,787,784	SC 13G/A
Feb 08, 2021	fmr llc	-	0	SC 13G/A

ELS Fair Value

Equity LifeStyle Properties fair value in different scenarios

The table shows the Fair Value estimates for Equity LifeStyle Properties for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	26.99 -59.79%	32.69 -51.30%	42.81 -36.23%	59.99 -10.64%	78.30 16.64%
Current Inflation	24.63 -63.31%	29.39 -56.22%	37.75 -43.77%	52.04 -22.48%	67.21 0.12%
Very High Inflation	21.75 -67.60%	25.45 -62.09%	31.85 -52.55%	42.93 -36.05%	54.64 -18.61%

Historical Equity LifeStyle Properties Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Equity LifeStyle Properties

View All Filings

Date Filed	Form Type	Document
Mar 15, 2023	ARS	ARS
Mar 15, 2023	DEF 14A	DEF 14A
Mar 15, 2023	DEFA14A	DEFA14A
Feb 24, 2023	4	Insider Trading
Feb 21, 2023	10-K	Annual Report
Feb 14, 2023	SC 13G/A	Major Ownership Report
Feb 10, 2023	8-K	Current Report
Feb 09, 2023	SC 13G/A	Major Ownership Report
Feb 09, 2023	4	Insider Trading
Feb 09, 2023	4	Insider Trading

Latest Insider Trading transactions for ELS

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-22	ZELL SAMUEL	acquired	-	-	93,333	chairman of the board
2023-02-22	ZELL SAMUEL	sold	-	-	-300,000	chairman of the board
2023-02-22	ZELL SAMUEL	gifted	-	-	-115,000	chairman of the board
2023-02-22	ZELL SAMUEL	acquired	-	-	20,001	chairman of the board
2023-02-08	Seavey Paul	gifted	-	-	-31,988	evp & chief financial officer
2023-02-08	Seavey Paul	gifted	-	-	31,988	evp & chief financial officer

About Equity LifeStyle Properties

Marguerite M. Nader

www.equitylifestyle.com

4100

We are a self-administered, self-managed real estate investment trust (Ã‚â€œREITÃ‚â€) with headquarters in Chicago. As of January 25, 2021, we own or have an interest in 423 quality properties in 33 states and British Columbia consisting of 161,229 sites.

ELS Income Statement

2022-12-31

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental income	$ 1,118,601	$ 1,032,575	$ 923,743
Other income	56,144	50,298	46,008
Interest income	7,430	7,016	7,154
Income from other investments, net	8,553	4,555	4,026
Total revenues	1,447,080	1,316,403	1,118,803
Expenses:
Property operating and maintenance	443,157	398,983	354,340
Real estate taxes	74,145	72,671	66,120
Sales and marketing, gross	23,513	23,743	17,332
Membership sales commissions, deferred, net	(3,196)	(5,075)	(1,660)
Depreciation and amortization	202,362	188,444	155,131
Home selling expenses and ancillary operating expenses	27,321	23,538	18,500
General and administrative	44,857	39,576	39,276
Casualty-related charges/(recoveries), net	0	0	0
Other expenses	8,646	4,241	2,567
Early debt retirement	1,156	2,784	10,786
Interest and related amortization	116,562	108,718	102,771
Total expenses	1,151,618	1,044,225	882,786
Gain (loss) on sale of real estate and impairment, net	0	(59)	0
Income before equity in income of unconsolidated joint ventures	295,462	272,119	236,017
Equity in income of unconsolidated joint ventures	3,363	3,881	5,399
Consolidated net income	298,825	276,000	241,416
Income allocated to non-controlling interests – Common OP Units	(14,198)	(13,522)	(13,132)
Net income available for Common Stockholders	284,611	262,462	228,268
Other comprehensive income (loss):
Adjustment for fair market value of swap	15,595	3,524	380
Consolidated comprehensive income	314,420	279,524	241,796
Comprehensive income allocated to non-controlling interests – Common OP Units	(15,005)	(13,692)	(13,154)
Comprehensive income attributable to Common Stockholders	$ 299,399	$ 265,816	$ 228,626
Earnings per Common Share – Basic (usd per share)	$ 1.53	$ 1.43	$ 1.26
Earnings per Common Share – Fully Diluted (usd per share)	$ 1.53	$ 1.43	$ 1.25
Weighted average Common Shares outstanding – Basic (shares)	185,780	182,917	181,828
Weighted average Common Shares outstanding – Fully Diluted (shares)	195,255	192,883	192,555
Redeemable Perpetual Preferred Stock
Expenses:
Redeemable perpetual preferred stock dividends	$ (16)	$ (16)	$ (16)
Other comprehensive income (loss):
Redeemable perpetual preferred stock dividends	(16)	(16)	(16)
Annual membership subscriptions
Revenues:
Revenue from contract with customer	63,215	58,251	53,085
Membership upgrade sales current period, gross
Revenues:
Revenue from contract with customer	34,661	36,270	21,739
Membership upgrade sales upfront payments, deferred, net
Revenues:
Revenue from contract with customer	(21,703)	(25,079)	(12,062)
Gross revenues from home sales, brokered resales and ancillary services
Revenues:
Revenue from contract with customer	180,179	152,517	75,110
Expenses:
Cost of goods and services sold	139,012	120,623	59,656
Property management
Expenses:
Cost of goods and services sold	$ 74,083	$ 65,979	$ 57,967

ELS Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investment in real estate:
Land	$ 2,084,532	$ 2,019,787
Land improvements	4,115,439	3,879,439
Buildings and other depreciable property	1,169,590	1,089,838
Investment in real estate	7,369,561	6,989,064
Accumulated depreciation	(2,258,540)	(2,103,774)
Net investment in real estate	5,111,021	4,885,290
Cash and restricted cash	22,347	123,398
Notes receivable, net	45,356	39,955
Investment in unconsolidated joint ventures	81,404	70,312
Deferred commission expense	50,441	47,349
Other assets, net	181,950	141,567
Total Assets	5,492,519	5,307,871
Liabilities:
Mortgage notes payable, net	2,693,167	2,627,783
Term loan, net	496,817	297,436
Unsecured line of credit	198,000	349,000
Accounts payable and other liabilities	175,148	172,285
Accrued interest payable	11,739	9,293
Rents and other customer payments received in advance and security deposits	122,318	118,696
Distributions payable	80,102	70,768
Total Liabilities	3,975,034	3,821,700
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2022 and December 31, 2021; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of December 31, 2022 and December 31, 2021, respectively; 186,120,298 and 185,640,379 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively.	1,916	1,913
Paid-in capital	1,628,618	1,593,362
Distributions in excess of accumulated earnings	(204,248)	(183,689)
Accumulated other comprehensive income	19,119	3,524
Total Stockholders’ Equity	1,445,405	1,415,110
Non-controlling interests – Common OP Units	72,080	71,061
Total Equity	1,517,485	1,486,171
Total Liabilities and Equity	5,492,519	5,307,871
Membership upgrade sales upfront payments, deferred, net
Liabilities:
Deferred membership revenue	$ 197,743	$ 176,439