Equity LifeStyle Properties (NYSE: ELS) is a real estate investment trust that owns and operates manufactured home communities, RV resorts, and marina properties across the United States. It makes money primarily by leasing homesites and RV sites to residents and guests, collecting recurring site rent as the dominant revenue stream. ELS filed its 10-K for the fiscal year ended December 31, 2025 on February 18, 2026 (accession 0001628280-26-008722). The business is structured as a REIT, meaning it distributes the majority of taxable income to shareholders as dividends. Residents in manufactured home communities typically own their homes but lease the underlying land from ELS, creating high switching costs since relocating a manufactured home is expensive and logistically difficult. This site-lease model generates durable, recurring income with low capital requirements at the property level once communities are developed or acquired.

Revenue model

Site lease income from manufactured home community residents and RV resort guests, structured as recurring ground rent. Residents own their homes but pay periodic site rent to ELS for use of the underlying land.

Products and services

Manufactured home community homesites, RV resort and campground sites, marina slip rentals.

Customers and end markets

Manufactured home owners leasing land in ELS communities; RV owners and vacationers at ELS resorts; boat owners at marina properties.

Value-chain role

Property owner and operator of land-lease communities; landlord collecting site rent rather than building or selling homes.

Geographic exposure

United States. Specific state or regional breakdown not supported by the provided filing excerpts.

Source: SEC 10-K, filed 2026-02-18

Industry: Real Estate Investment Trusts Peers: Apartment Income REIT Corp. American Homes 4 Rent AvalonBay Communities Inc Camden Property Trust Independence Realty Trust, Inc Essex Property Trust Inc Mid-America Apartment Communities Inc Sun Communities Inc UDR Inc