Equity LifeStyle Properties Reports Q2 2025 Financial Results with Revenue of $376.9 Million

Equity LifeStyle Properties, Inc. (ELS) reported its financial results for the second quarter and first half of 2025, revealing a total revenue of $376.9 million for the quarter, a slight decrease from $380.0 million in the same period of 2024. For the six months ended June 30, 2025, total revenues were $764.2 million, down from $766.6 million year-over-year. The company’s net income available for common stockholders was $79.7 million, or $0.42 per share, for the quarter, compared to $78.3 million, or $0.42 per share, in the prior year. For the first half of 2025, net income was $188.9 million, or $0.99 per share, slightly up from $188.2 million, or $1.01 per share, in the same period of 2024.

In terms of operational performance, ELS experienced a 3.5% increase in core property operating revenues for the quarter, driven by a rise in rental income from manufactured home (MH) sites and utility income. However, the company reported a 54.1% decline in new home sales, with only 117 units sold in the second quarter of 2025 compared to 255 in the same quarter of 2024. This decrease was attributed to a moderation in demand, particularly in the Florida market, and a shift in the sales mix towards lower-priced homes. The average occupancy rate across the company’s properties was 94.3% for the quarter, down from 94.9% in the previous year.

Strategically, ELS has continued to focus on enhancing its property portfolio, with a gross investment in real estate increasing to $8.03 billion as of June 30, 2025, up from $7.92 billion at the end of 2024. The company is actively pursuing acquisition opportunities and has maintained its ATM equity offering program, which allows for the issuance of up to $700 million in common stock. As of the end of the second quarter, ELS had approximately $409.9 million in available liquidity through its line of credit.

The company’s balance sheet showed total assets of $5.72 billion, with total liabilities at $3.91 billion, resulting in stockholders' equity of $1.73 billion. ELS reported a decrease in distributions payable to common stockholders, which rose to $103.1 million from $95.6 million in the previous year. The company continues to manage its debt effectively, with a weighted average interest rate of approximately 4.0% on its mortgage notes payable.

Looking ahead, ELS remains optimistic about the long-term demand for manufactured home and recreational vehicle communities, particularly as the baby boomer demographic continues to seek active lifestyle options. The company anticipates that the demand from younger generations, including Millennials and Generation Z, will also contribute to future growth. ELS plans to leverage its strategic position in the market to enhance profitability and operational efficiency while navigating the challenges posed by market conditions and competition.