Equity LifeStyle Properties, Inc. (ELS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el innovador mundo de las propiedades del estilo de vida de equidad (ELS), una empresa inmobiliaria dinámica que revoluciona la vivienda asequible y la vida comunitaria. Con un modelo de negocio estratégico que combina perfectamente la gestión de la propiedad, el desarrollo comunitario y las soluciones de vivienda flexible, Els ha forjado un nicho único en el panorama inmobiliario residencial. Desde la restauración hasta los jubilados y los entusiastas de los RV hasta proporcionar opciones de vida rentables, esta compañía transforma el concepto tradicional de vivienda al ofrecer más que un lugar para quedarse; crea comunidades vibrantes y de apoyo que se adaptan a los estilos de vida en evolución de diversos grupos demográficos.

Equity Lifestyle Properties, Inc. (ELS) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con propietarios de la comunidad de hogares fabricados

A partir de 2024, las propiedades del estilo de vida de Equity mantienen asociaciones estratégicas con aproximadamente 370 comunidades caseras fabricadas en 33 estados y 4 provincias canadienses.

Tipo de asociación	Número de comunidades	Extensión geográfica
Comunidades propietarias	370	33 estados de EE. UU., 4 provincias canadienses

Colaboraciones con fideicomisos de inversión inmobiliaria (REIT)

ELS colabora con múltiples REIT para optimizar las estrategias de gestión y inversión de la cartera de bienes raíces.

• National REIT Partnerships para la diversificación de cartera
• Acuerdos de empresa conjunta para adquisiciones de propiedades
• Colaboraciones de inversión estratégica

Relaciones con proveedores de servicios de administración de propiedades

Els mantiene asociaciones con proveedores especializados de servicios de administración de propiedades para garantizar la eficiencia operativa.

Categoría de servicio	Número de proveedores de socios	Enfoque de servicio
Administración de propiedades	12	Operaciones comunitarias, mantenimiento
Servicios tecnológicos	8	Software, sistemas de gestión

Asociaciones con empresas de servicios de servicios públicos

Els ha establecido asociaciones integrales de servicio de servicios públicos en sus regiones operativas.

• Proveedores de energía para infraestructura comunitaria
• Servicios de gestión de agua y residuos
• Socios de red de telecomunicaciones

Redes de proveedores para mantenimiento y desarrollo de infraestructura

Els mantiene una extensa red de proveedores para el mantenimiento y el desarrollo de infraestructura.

Categoría de proveedor	Socios proveedores totales	Inversión anual
Construcción/mantenimiento	45	$ 28.5 millones
Desarrollo de infraestructura	22	$ 15.7 millones

Equity Lifestyle Properties, Inc. (ELS) - Modelo de negocios: actividades clave

Adquirir y administrar comunidades manufacturadas en el hogar y RV

A partir del cuarto trimestre de 2023, las propiedades del estilo de vida de Equity poseen 425 propiedades en 33 estados, que comprenden 159,799 sitios. La cartera incluye 137.400 sitios totales para casas fabricadas y 22,399 sitios para comunidades de vehículos recreativos.

Tipo de propiedad	Número de sitios	Porcentaje de cartera
Comunidades caseras fabricadas	137,400	86%
Comunidades de RV	22,399	14%

Desarrollo y renovación de la propiedad

Els invirtió $ 128.6 millones en mejoras de propiedad y gastos de capital en 2022.

• Presupuesto de renovación para comunidades existentes: $ 85.4 millones
• Nuevas inversiones en desarrollo de propiedades: $ 43.2 millones

Arrendar sitios y servicios residenciales

Alquiler mensual promedio por sitio en 2023: $ 631 para sitios de viviendas fabricados y $ 47 para sitios de vehículos recreativos.

Tipo de alquiler	Alquiler mensual promedio	Potencial de ingresos anual
Sitios de hogar fabricados	$631	$ 104.2 millones
Sitios RV	$47	$ 12.7 millones

Proporcionar servicios integrales de gestión de propiedades

Els administra propiedades con una tasa de ocupación del 98.4% en 2023.

• Personal de administración de propiedades a tiempo completo: 1.200 empleados
• TENGURA PROMEDIA DEL EQUIPO DE GESTIÓN: 7.5 años

Estrategias de inversión y optimización de cartera

Capitalización de mercado total a diciembre de 2023: $ 13.2 mil millones

Métrico de inversión	Valor 2023
Activos totales	$ 7.6 mil millones
Ingresos anuales	$ 1.2 mil millones
Ingresos operativos netos	$ 584.3 millones

Equity Lifestyle Properties, Inc. (ELS) - Modelo de negocios: recursos clave

Extensa cartera de comunidades manufacturadas en el hogar y RV

A partir del cuarto trimestre de 2023, las propiedades del estilo de vida de Equity poseen y opera 423 propiedades en 33 estados, que comprenden:

Tipo de propiedad	Número de propiedades	Sitios totales
Comunidades caseras fabricadas	193	47,700
Comunidades de RV	230	42,500

Capacidades de capital financiero y de inversión sólidos

Métricas financieras para propiedades de estilo de vida de capital a partir de 2023:

• Capitalización de mercado: $ 11.2 mil millones
• Activos totales: $ 5.8 mil millones
• Ingresos anuales: $ 1.47 mil millones
• Ingresos operativos netos: $ 818 millones

Equipo experimentado de gestión y desarrollo inmobiliario

Composición de liderazgo:

Puesto ejecutivo	Años de experiencia en la industria
CEO	Más de 25 años
director de Finanzas	Más de 18 años
Oficial de Operaciones	Más de 22 años

Sistemas de tecnología de gestión de propiedades avanzadas

Inversiones de infraestructura tecnológica:

• Presupuesto de tecnología anual: $ 12.5 millones
• Plataformas de administración de propiedades basadas en la nube
• Sistemas de seguimiento de ocupación en tiempo real
• Pagos digitales y soluciones de gestión de arrendamiento

Reputación de marca establecida en el sector de vivienda asequible

Métricas de rendimiento de la marca:

Métrico	Valor
Tasa de retención de clientes	87%
Tasa promedio de ocupación comunitaria	92.3%
Años en los negocios	55

Equity Lifestyle Properties, Inc. (ELS) - Modelo de negocio: propuestas de valor

Opciones de vivienda asequibles para diversos grupos demográficos

A partir del cuarto trimestre de 2023, las propiedades del estilo de vida de Equity gestiona 428 propiedades en 33 estados, ofreciendo 161,646 sitios para casas fabricadas, sitios de RV y propiedades de puerto deportivo.

Tipo de propiedad	Número de sitios	Porcentaje
Comunidades caseras fabricadas	79,600	49.3%
Parques de RV	64,046	39.6%
Propiedades de la marina	18,000	11.1%

Experiencias de vida de la comunidad residencial de alta calidad

Ingresos anuales promedio por sitio: $ 7,236 en 2023, con una tasa de ocupación del 93.4%.

Soluciones de vivienda flexibles para poblaciones móviles y retiradas

• Edad de residente promedio: 55-75 años
• Ingresos de alquiler anuales totales: $ 1.17 mil millones (2023)
• Alquiler mensual promedio por sitio: $ 603

Servicios integrales e infraestructura comunitaria

Tipo de amenidad	Porcentaje de oferta de propiedades
Piscina	68%
Centros de fitness	52%
Centros comunitarios	75%
Actividades recreativas	89%

Opciones de arrendamiento de sitios residenciales rentables

2023 Métricas financieras:

• Ingresos de propiedad total: $ 1.49 mil millones
• Ingresos operativos netos: $ 696 millones
• Duración promedio de arrendamiento del sitio: 3-5 años
• Rango de precios de arrendamiento del sitio: $ 350- $ 850 por mes

Equity Lifestyle Properties, Inc. (ELS) - Modelo de negocios: relaciones con los clientes

Programas de participación de inquilinos a largo plazo

A partir de 2024, las propiedades de estilo de vida de capital administran aproximadamente 425 propiedades en 33 estados, con un total de 161,741 sitios para casas fabricadas, vehículos recreativos y campamentos.

Métrica de compromiso del inquilino	Valor
Tasa de retención de inquilinos promedio	78.5%
Programas anuales de lealtad al inquilino	4 iniciativas de compromiso distintas
Valor de incentivo de referencia del inquilino	$ 250- $ 500 por referencia exitosa

Soporte personalizado de administración de propiedades

ELS proporciona soporte dedicado de administración de propiedades a través de múltiples canales.

• Línea directa de soporte al cliente 24/7
• Equipos de administración de propiedades en el sitio
• Representantes de servicio al cliente multilingüe

Plataformas de comunicación digital

Plataforma digital	Estadística de uso
Portal de inquilinos en línea	92% de los inquilinos registrados activamente
Compromiso de aplicaciones móviles	El 67% de los inquilinos usan la aplicación móvil
Adopción de pago de alquiler digital	El 85% de los inquilinos usan sistemas de pago en línea

Enfoque de servicio al cliente centrado en la comunidad

ELS invierte en iniciativas de construcción de la comunidad en sus propiedades.

• Eventos comunitarios anuales: 3-4 por propiedad
• Tasa de utilización del centro comunitario: 62%
• Participación de la actividad social: el 55% de los residentes

Sistemas de mantenimiento y soporte receptivo

Métrico de mantenimiento	Actuación
Tiempo de respuesta promedio	Menos de 4 horas
Solicitudes de mantenimiento anual	Aproximadamente 127,500 solicitudes
Tasa de resolución de primera llamada	73%

Equity Lifestyle Properties, Inc. (ELS) - Modelo de negocios: canales

Oficinas de arrendamiento de propiedades directas

A partir de 2024, ELS opera 379 comunidades manufacturadas en el hogar y RV en 33 estados. Cada comunidad mantiene una oficina de arrendamiento en el sitio con un personal promedio de 2-3 empleados a tiempo completo dedicados a la adquisición de clientes y la administración de propiedades.

Región	Número de comunidades	Tráfico promedio de visitantes diarios a las oficinas de arrendamiento
Costa oeste	127	15-20 visitantes por día
Suroeste	89	12-18 visitantes por día
Sudeste	163	10-15 visitantes por día

Plataformas de reserva y arrendamiento en línea

Las plataformas digitales ELS procesaron 42,687 aplicaciones de arrendamiento en línea en 2023, lo que representa el 68% de las adquisiciones totales de nuevos residentes.

• Tráfico del sitio web: 1.2 millones de visitantes únicos anualmente
• Descargas de aplicaciones móviles: 87,500 en 2023
• Tasa de conversión en línea: 3.6%

Redes de corredores de bienes raíces

ELS colabora con 237 corredores de bienes raíces con licencia en todo el país, generando el 22% de las adquisiciones de nuevas residentes a través de asociaciones de referencia.

Segmento de red de corredores	Número de corredores activos	Comisión de referencia promedio
Corredores residenciales	164	$ 750 por referencia exitosa
Corredores de estilo de vida	73	$ 500 por referencia exitosa

Marketing digital y publicidad

Gastos de marketing en 2023: $ 4.3 millones, con un 62% asignado a canales digitales.

• Gasto en los anuncios de Google: $ 1.6 millones
• Publicidad en las redes sociales: $ 870,000
• Alcance de marketing digital dirigido: 3.4 millones de impresiones mensuales

Programas de referencia comunitaria

El programa de referencia para residentes generó el 16% de los arrendamientos nuevos en 2023.

Nivel de incentivo de referencia	Bono de referencia	Número de referencias exitosas
Referencia de nivel 1	Crédito de alquiler de $ 500	1.247 referencias
Referencia de nivel 2	Crédito de alquiler de $ 750	623 referencias

Equity Lifestyle Properties, Inc. (ELS) - Modelo de negocios: segmentos de clientes

Jubilados y personas mayores

A partir de 2022, Els atiende aproximadamente 162,000 sitios de origen específicamente dirigidos a jubilados y personas mayores. La edad promedio de los residentes en las comunidades ELS tiene 65-75 años.

Segmento de clientes	Número de sitios de origen	Rango de edad promedio
Jubilados/personas mayores	162,000	65-75 años

Residentes de casas móviles

Els administra 374 propiedades en 33 estados, con una porción significativa dedicada a las comunidades de casas móviles.

• Comunidades de casas móviles totales: 137
• Sitios de inicio total para residentes de casas móviles: 57,800
• Tasa de ocupación promedio: 93.2%

Entusiastas y viajeros de RV

ELS opera 108 propiedades del resort RV con comodidades específicas para los viajeros.

Propiedades de RV Resort	Sitios totales de RV	Ocupación estacional promedio
108	22,400	85.6%

Buscadores de viviendas con presupuesto

ELS ofrece soluciones de vivienda asequible con un alquiler mensual promedio del sitio de $ 595.

• Ingresos familiares promedio de los residentes: $ 42,500
• Alquiler mensual promedio del sitio: $ 595
• Sitios totales de vivienda asequible: 81,600

Residentes de temporada y pájaros de nieve

Las propiedades ELS en estados como Florida y Arizona atienden específicamente a los residentes estacionales.

Estados clave	Sitios comunitarios de temporada	Duración promedio de estadía
Florida	45 propiedades	3-6 meses
Arizona	38 propiedades	3-6 meses

Equity Lifestyle Properties, Inc. (ELS) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

A partir de 2022, Els invirtió $ 159.7 millones en adquisiciones y desarrollo de propiedades. La compañía posee 425 propiedades en 33 estados, con un total de 161,407 sitios.

Categoría de gastos	Cantidad (2022)
Adquisiciones de propiedades	$ 109.3 millones
Desarrollo de la propiedad	$ 50.4 millones

Mantenimiento e mantenimiento de infraestructura

Los costos de mantenimiento anual para las propiedades ELS totalizaron $ 87.5 millones en 2022, lo que representa aproximadamente el 4.2% de los ingresos totales.

• Mantenimiento de la propiedad de rutina
• Reparaciones de infraestructura
• Gestión de paisajismo y terrenos

Salarios de empleados y sobrecarga operativa

En 2022, Els tenía 1.800 empleados con gastos de compensación total de $ 124.6 millones.

Tipo de gasto	Cantidad (2022)
Salarios base	$ 92.3 millones
Beneficios y bonos	$ 32.3 millones

Inversiones de sistemas de tecnología y gestión

ELS asignó $ 18.2 millones a los sistemas de infraestructura y gestión de tecnología en 2022.

• Software de administración de propiedades
• Sistemas de gestión de relaciones con el cliente
• Infraestructura de ciberseguridad

Costos de marketing y adquisición de clientes

Los gastos de marketing para ELS fueron de $ 22.7 millones en 2022, lo que representa el 1.1% de los ingresos totales.

Canal de marketing	Gasto
Marketing digital	$ 9.6 millones
Publicidad tradicional	$ 7.3 millones
Equipo de ventas	$ 5.8 millones

Equity Lifestyle Properties, Inc. (ELS) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler del sitio de comunidades de hogares fabricados

Para el año fiscal 2023, las propiedades de estilo de vida de capital reportaron ingresos por alquiler de sitios totales de $ 606.1 millones de las comunidades de casas fabricadas.

Categoría de ingresos	Monto ($)
Alquiler de sitios comunitarios de hogar fabricados	606,100,000

Arrendamiento del sitio comunitario de RV

El arrendamiento del sitio comunitario de RV generó $ 280.5 millones en ingresos para ELS en 2023.

Categoría de ingresos	Monto ($)
Arrendamiento del sitio comunitario de RV	280,500,000

Tarifas de servicio de administración de propiedades

Las tarifas del Servicio de Administración de Propiedades contribuyeron con $ 42.3 millones al flujo de ingresos de Els en 2023.

Categoría de ingresos	Monto ($)
Tarifas de servicio de administración de propiedades	42,300,000

Devoluciones de cartera de inversiones inmobiliarias

La cartera de inversiones inmobiliarias de Els generó $ 175.6 millones en rendimientos para el año fiscal 2023.

Categoría de ingresos	Monto ($)
Devoluciones de cartera de inversiones inmobiliarias	175,600,000

Ingresos del servicio auxiliar

Los ingresos por servicios auxiliares para ELS en 2023 totalizaron $ 37.2 millones.

Categoría de ingresos	Monto ($)
Ingresos del servicio auxiliar	37,200,000

Desglose total de ingresos para 2023:

Flujo de ingresos	Monto ($)	Porcentaje
Alquiler de sitios comunitarios de hogar fabricados	606,100,000	52.7%
Arrendamiento del sitio comunitario de RV	280,500,000	24.4%
Devoluciones de cartera de inversiones inmobiliarias	175,600,000	15.3%
Tarifas de servicio de administración de propiedades	42,300,000	3.7%
Ingresos del servicio auxiliar	37,200,000	3.9%
Ingresos totales	1,141,700,000	100%

Equity LifeStyle Properties, Inc. (ELS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Equity LifeStyle Properties, Inc. (ELS) commands its valuation multiples, which, based on the latest data, show a Price-to-FFO (P/FFO) of around 20.03x for Fiscal Year 2025. The value propositions are built on owning the land beneath the homes and providing high-quality lifestyle experiences.

Affordable, community-based housing via the land-lease model

The land-lease model is the foundation, where Equity LifeStyle Properties, Inc. owns the land and residents own their homes. This structure provides affordability for the resident and stable, long-term recurring revenue for the company. The Manufactured Housing (MH) segment, which represents about 60% of total revenue, is the defensive engine.

For the full year 2025, the company projects core MH base rent growth in the range of 4.9% to 5.9%. This is supported by high retention, as 97% of MH residents are homeowners. Even with some hurricane impact, the core MH portfolio occupancy held over 94%.

Here's a snapshot of the scale and growth driving this value proposition as of late 2025:

Metric	Value (Late 2025 Data)	Context/Segment
Total Properties Owned/Interest	455	Across 35 states and British Columbia
Total Developed Sites	Over 173,340	Total portfolio size
MH Portfolio Revenue Share	Approximately 60%	Total revenue contribution
Projected Full Year MH Base Rent Growth (2025)	4.9% to 5.9% midpoint	Core MH segment revenue driver
MH Resident Homeownership Rate	97%	Indicates high switching costs/stability

High-quality, resort-like amenities for retirement and vacation living

Equity LifeStyle Properties, Inc. offers more than just sites; it offers a lifestyle, particularly appealing to the senior demographic, with 70% of the MH portfolio catering to seniors. The company's RV resorts and campgrounds operate under the well-respected Thousand Trails and Encore brands, with over 200 RV resorts and campgrounds.

The quality is recognized, as 55 RV resorts and campgrounds received the 2025 TripAdvisor Travelers' Choice Award. Furthermore, the marina portfolio includes 23 marinas with a total of 6,900 slips, concentrated in desirable locations like Florida.

Stable, long-term residency with high switching costs for homeowners

The land-lease structure inherently creates high switching costs for homeowners who have invested significant capital in their physical homes. This results in very stable cash flows, which is why the market values the company highly. The MH segment's high homeowner rate of 97% directly translates to this stability.

The company is focused on maximizing this stability, projecting full-year core property operating income (NOI) growth of 5% at the midpoint for 2025. The stability of the MH segment helps offset softness in the more cyclical transient RV business, which is projected to see a full-year decline of 6.4% in combined seasonal and transient revenue.

The dividend history reflects this stability; Equity LifeStyle Properties, Inc. has increased its dividend for 20 consecutive years, with an average annual increase of 11% over the past 10 years. The dividend is well-covered, using only 65% of Funds From Operations (FFO) for its payment.

Flexibility and access to a nationwide network via Thousand Trails memberships

The Thousand Trails membership provides flexibility for RV owners, offering access to a large, established network. The subscription revenue stream from this business has grown by an average of over 5% in the last 5 years. The demand for access is clear: camp pass sales grew from 4,600 in 2013 to nearly 20,000 in 2024.

The premium membership tiers offer concrete benefits, which you can see in the pricing structure for the 2-year terms as of March 2025:

• The Journey membership is priced at $4,000 (or $500 down plus $146/month).
• The Explore membership is priced at $6,000 (or $700 down plus $220/month).
• The Adventure membership is priced at $8,000 (or $900 down plus $295/month).

The annual RV sites, which are closely linked to the membership base, account for more than 70% of the core RV revenue, providing a stable base within the leisure segment.

Finance: draft 13-week cash view by Friday.

Equity LifeStyle Properties, Inc. (ELS) - Canvas Business Model: Customer Relationships

You're looking at the core of Equity LifeStyle Properties, Inc. (ELS)'s moat: the relationship it builds with its residents, which is designed for maximum stickiness. This isn't a transactional business; it's about long-term residency, especially in the manufactured housing (MH) segment.

• High-retention, long-term relationships with MH homeowners (97% owner-occupied)
• Community-based living fostered by on-site property managers/social directors
• Digital engagement and online booking for RV/transient guests
• Subscription-based tiered membership programs for RV customers

The manufactured housing relationship is the bedrock. When a resident owns their home and leases the land, moving becomes a massive headache, which is why the 97% homeowner-occupied rate is so critical for retention. This stability allows Equity LifeStyle Properties, Inc. (ELS) to project core MH base rent growth between 4.9% and 5.9% for the full year 2025. The MH portfolio, which is about 60% of total revenue, shows this stability with a Q3 2025 same-store occupancy rate of 94.3%. Honestly, that level of commitment means lower re-leasing costs and highly predictable cash flow.

The community aspect is how they maintain that stickiness. While I don't have the exact headcount for social directors, the operational structure relies on on-site management to foster that community living environment, which directly supports the high retention rates across their 455 properties and 173,341 developed sites as of Q3 2025. This personal touch is what differentiates a land-lease community from a simple rental property.

For the RV and marina side, the relationship shifts toward digital convenience and annual commitment. They are actively driving digital engagement; for the first quarter of 2025, Equity LifeStyle Properties, Inc. (ELS) saw 1.7 million unique website visitors generate 72,000 leads. This digital pipeline supports the more stable annual RV customers. Annual sites are key here, accounting for more than 70% of core RV revenue, which helps buffer the volatility seen in the transient business. The core RV and marina annual base rental income still managed a 3.7% increase in the second quarter of 2025.

The membership programs are formalized through this annual commitment, which is a form of subscription. The net contribution from the membership business was $16 million for the second quarter of 2025, and $31.4 million year-to-date. This tiered structure, based on annual site rentals, provides a reliable revenue base that management is focused on protecting, even as they manage other variables like utility cost recovery, which stood at 48.2% year-to-date in 2025.

Here's a quick look at how the two main customer relationship drivers contribute to the financial picture for 2025:

Metric	Manufactured Housing (MH)	RV & Marina (Annual/Membership Focus)
Revenue Contribution (Approximate)	60% of Total Revenue	Significant portion of remaining revenue
Resident Type/Retention Driver	97% Homeowner-Occupied	Annual Site Rentals (Subscription proxy)
Projected Base Rent Growth (Full Year 2025 Midpoint)	4.9% to 5.9%	0.6% to 1.6%
Q2 2025 Annual Base Rental Income Growth	5.5% Revenue Increase	3.7% Increase
Membership Business Net Contribution (YTD Q2 2025)	N/A	$31.4 million

Finance: draft 13-week cash view by Friday.

Equity LifeStyle Properties, Inc. (ELS) - Canvas Business Model: Channels

You're looking at how Equity LifeStyle Properties, Inc. (ELS) gets its product-land leases for manufactured homes (MH) and RV/marina sites-to the customer, which is a mix of direct interaction and digital presence.

Direct property management and on-site sales offices

The core channel is direct management across a massive physical footprint. This channel handles the primary revenue stream from land leases and the sale of new homes into their communities.

The scale of this direct channel as of mid-2025 is substantial:

• Total properties owned or held interest in: 455 properties.
• Total developed sites across the portfolio: 173,341 sites as of Q3 2025.
• Manufactured Housing (MH) portfolio occupancy: 94%.
• Homeowners comprise 97% of MH residents.

Direct sales activity for new homes in the MH segment during the first half of 2025 showed:

• New homes sold in Q1 2025: Data not explicitly isolated for direct sales vs. broker sales, but total sales activity is tracked.
• New homes sold in the six months ended June 30, 2025: 233 units.
• New homes sold during the quarter ended June 30, 2025: 116 units.

Company website and digital marketing for lead generation

The company website, www.equitylifestyleproperties.com, serves as a primary hub for investor relations and communication, which supports the overall brand trust necessary for all channels. While specific digital marketing spend isn't broken out by channel, the operational overhead supporting the entire network is guided by expense projections.

For the full year 2025, Property management and general administrative expense guidance is set in the range of $119 million-$125 million.

The stability of the core business, heavily reliant on long-term land leases, means the digital channel supports retention and acquisition visibility rather than high-volume transactional sales typical of other real estate sectors. The MH resident tenure averages 10 years, indicating strong retention driven by the value proposition delivered through on-site management.

Third-party real estate brokers for home sales and rentals

While Equity LifeStyle Properties, Inc. (ELS) directly sells new homes, the structure of the manufactured home communities relies on homeowners owning their physical structures. This creates a secondary market for existing home sales and rentals where third-party brokers are active. The company benefits from resident turnover because it allows for rent increases to market rates for new residents.

The projected growth in the core MH segment reflects this turnover channel:

• Projected full-year 2025 growth rate range for core MH base rent: 4.8% to 5.8%.
• Core MH base rental income increased 5.5% for the six months ended June 30, 2025, compared to the same period in 2024.

Thousand Trails membership program for RV resort access

The RV resort segment, which includes the Thousand Trails network acquired in 2004, utilizes a membership model alongside annual and transient rentals. This membership creates a recurring, high-value revenue stream.

Key data points related to this channel include:

• The 2004 acquisition of Thousand Trails added 57 properties and 17,911 sites.
• Over 70% of core RV revenue is derived from more stable annual sites.
• Projected full-year 2025 growth rate range for combined RV and Marina rent: 2.2% to 3.2%.

The overall revenue performance for the TTM ending September 30, 2025, was approximately $1.53 billion.

Portfolio Scale and 2025 Financial Projections Relevant to Channels

Metric	Value (As of late 2025/Projections)	Source Context
Total Revenue (TTM Sep 30, 2025)	$1.53 billion	Total Company Revenue
Total Properties	455	MH Communities and RV Resorts
Total Sites	173,341	Developed Sites as of Q3 2025
Core Property NOI Growth Projection (FY 2025)	5% (Midpoint)	Core Portfolio Performance Indicator
Projected MH Base Rent Growth (FY 2025)	4.8% to 5.8%	Direct/Broker Channel Revenue Driver
Projected RV/Marina Rent Growth (FY 2025)	2.2% to 3.2%	Membership/Seasonal Channel Revenue Driver
Property Management & G&A Guidance (FY 2025)	$119 million to $125 million	Overhead supporting direct operations

Equity LifeStyle Properties, Inc. (ELS) - Canvas Business Model: Customer Segments

You're analyzing the core groups Equity LifeStyle Properties, Inc. (ELS) serves, which is crucial because their stability comes from catering to long-term residents and vacationers. Honestly, their focus on senior living within the manufactured housing (MH) space is the bedrock of their predictable cash flow.

Seniors and retirees (over 70% of MH portfolio is age-restricted)

This segment represents the most stable part of the Equity LifeStyle Properties, Inc. (ELS) business. The company targets retirement destinations, which is why you see such strong demographic alignment. As of the latest data, Equity LifeStyle Properties, Inc. targets owning properties where over 70% are either age-restricted or have an average resident age over 55 years old. Furthermore, the CEO noted that 70% of the manufactured housing (MH) portfolio specifically caters to seniors. The broader demographic tailwind is significant; Equity LifeStyle Properties, Inc. serves nearly 70 million Baby Boomers and 65 million Gen X members within its target demographic. This demographic preference underpins the high occupancy and consistent rent growth in this area.

Manufactured Home (MH) homeowners seeking affordable, stable residency

The MH customer values affordability and stability, especially as U.S. home affordability has deteriorated with 30-year mortgage rates near 7%. This drives demand for the land-lease model. A key metric here is that 97% of MH residents are homeowners themselves, which reduces turnover risk for Equity LifeStyle Properties, Inc. The core MH portfolio maintains an occupancy rate above 94%. For the full year 2025, core MH base rent growth is projected to be between 4.9% and 5.9%. To give you a concrete example of pricing power, the average rent per site in the MH segment climbed to $895 in the second quarter of 2025.

Annual RV site renters seeking long-term vacation value

These customers are the second pillar of stability, preferring longer-term stays in the RV resort portfolio. Annual sites are the most important part of the RV segment, accounting for more than 70% of core RV revenue. This focus helps buffer against the volatility seen in shorter-term bookings. Core RV and marina annual base rental income increased 3.7% in the second quarter of 2025 compared to the prior year. For the full year 2025, the projected growth for core RV and marina base rental income is between 0.60% and 1.6%. Management is already setting 2026 rates, expecting an average increase of 5.1% for over 95% of annual sites.

Transient and seasonal RV travelers seeking short-term recreation

This group provides revenue upside but introduces more variability, often influenced by travel trends and economic conditions. This segment has faced headwinds recently. Year-to-date through the second quarter of 2025, seasonal rent decreased 5.6%, and transient rent decreased 8.6% compared to the prior year. Looking ahead, full-year 2025 transient revenue is projected to decline by approximately 6.4%. The combined seasonal and transient RV segment is expected to see an 8.4% decline for the third quarter of 2025. Still, the company is actively managing costs in this area, with utility and payroll expense savings compared to guidance demonstrating control over variable expenses.

Here's a quick look at how the core segments are performing financially as of mid-2025:

Metric	Manufactured Housing (MH) Segment	RV & Marina Segment
Full Year 2025 Core Base Rent Growth Guidance (Midpoint)	5.4% (Projected) or 4.9% to 5.9%	1.1% (Projected) or 0.60% to 1.6%
Portfolio Occupancy Rate	Above 94%	Annual sites account for over 70% of core RV revenue
Q2 2025 Base Rental Income Growth (YoY)	5.5%	Total base rental income growth was only 0.7%
Year-to-Date 2025 Transient Rent Change (YoY)	N/A	Decreased 8.6%

The operational focus clearly shows where the stability lies. You see the MH segment driving consistent, high single-digit growth, while the RV segment relies heavily on locking in annual renters to offset the volatility from the transient business. Finance: draft 13-week cash view by Friday.

Equity LifeStyle Properties, Inc. (ELS) - Canvas Business Model: Cost Structure

You're analyzing the cost base for Equity LifeStyle Properties, Inc. (ELS) as of late 2025, and it's clear that managing operating inflation and debt servicing are the primary financial drains. Here's a breakdown of the key cost components based on the latest figures.

The pressure on day-to-day running costs remains a focus. While management has shown an ability to control some elements, overall property operating expenses are a key variable. For the full year 2025, core property operating expenses were projected to increase in a range of 0.4% to 1.4%. However, other guidance suggested a full-year increase of 70 basis points to 1.7%, with a third projection showing an increase of 40 basis points to 1.4%.

You can see how specific cost line items performed year-to-date through the third quarter of 2025:

• The April 1, 2025, property and casualty insurance renewal was favorable, coming in 6% lower compared to the prior year.
• Payroll expense savings year-to-date in 2025 helped temper overall expense growth.
• Real estate tax expense saw some relief from prior expectations for the 2025 tax year, following significant increases in 2024, particularly in Florida.
• For the first six months of 2025, Core property operating expenses, excluding property management, increased 0.7% compared to the same period in 2024.

Debt service is another major structural cost. Equity LifeStyle Properties, Inc. has managed its debt profile to extend maturities, which helps mitigate near-term refinancing risk in the current rate environment. The weighted average maturity for all debt is almost 8 years.

Here are the key debt and interest expense metrics as of late 2025:

Metric	Value (Q3 2025 or Latest Available)
Interest Expense on Debt (Quarter Ending Sept 2025)	$33.66M
Debt-to-EBITDAre	4.5x
Weighted Average Debt Maturity	Almost 8 years
Current 10-Year Loan Quote Range	5.25% to 5.75%

Finally, capital expenditures (CapEx) are necessary to maintain the quality of the communities and support new site development. This investment is crucial for maintaining the high occupancy rates in the manufactured housing segment. For the financial period ending September 30, 2025, the reported Capital Expenditures figure was -242.9m USD. The Capital Expenditures growth rate over the preceding year was 7%.

Finance: draft 13-week cash view by Friday.

Equity LifeStyle Properties, Inc. (ELS) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Equity LifeStyle Properties, Inc. (ELS) revenue generation, which is heavily weighted toward stable, long-term land leases. The business model relies on owning the land beneath manufactured homes and RV/marina sites, collecting recurring rent, and layering on ancillary services.

The primary revenue driver is the Manufactured Housing (MH) base rental income, which is projected to account for approximately 60% of total revenue for the full year 2025. This segment provides the foundational stability for the entire operation. For the quarter ending September 30, 2025, total rental income was reported at $327.44 million.

The revenue streams for Equity LifeStyle Properties, Inc. (ELS) as of late 2025 can be broken down by the following key components:

• Manufactured Housing (MH) base rental income, projected to be about 60% of total revenue.
• RV and Marina base rental income from annual and transient sites.
• Ancillary income from utilities and other services.
• Membership fees, which contributed $48.2 million net year-to-date Q3 2025.

Here's a look at some of the concrete numbers from the latest reporting periods:

Revenue Metric	Financial Amount / Rate	Period / Context
Total Revenue	$393.31 million	Quarter Ended September 30, 2025
Total Rental Income	$327.44 million	Quarter Ended September 30, 2025
Annual Membership Subscriptions Revenue	$17.87 million	Q3 2025
Net Membership Fees Contribution	$48.2 million	Year-to-date Q3 2025
Core MH Base Rent Growth Projection	4.8% to 5.8%	Full Year 2025 Guidance
Core RV and Marina Annual Base Rent Growth	3.9% increase	Nine Months Ended September 30, 2025 vs prior year

The RV and Marina segment provides diversification, though it is more susceptible to economic cycles, especially the transient portion. For the nine months ended September 30, 2025, the core RV and marina base rental income saw a 0.2% increase compared to the same period in 2024. However, the annual base rental income within that segment showed more strength, increasing by 3.9% for the nine months ended September 30, 2025, compared to the same period in 2024. The full-year guidance for core RV and Marina base rent growth is projected between 0.60% and 1.6%.

Ancillary income from utilities and other services adds to the recurring revenue base. For the year-to-date period ending September 30, 2025, core utility and other income increased by 4.2% compared to the prior year. The company noted its utility income recovery percentage was 48.1% year-to-date in 2025. This recovery rate is defintely something to watch as utility costs fluctuate.

Membership fees, primarily associated with the Thousand Trails portfolio, are a distinct revenue stream. The net contribution from these fees year-to-date through Q3 2025 hit $48.2 million. This is a significant, high-margin component, separate from the core site rental income.