Equity Lifestyle Properties, Inc. (ELS): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde innovant des propriétés de style de vie des actions (ELS), une entreprise immobilière dynamique qui révolutionne le logement abordable et la vie communautaire. Avec un modèle commercial stratégique qui mélange de manière transparente la gestion immobilière, le développement communautaire et les solutions de logements flexibles, ELS a creusé un créneau unique dans le paysage immobilier résidentiel. De la restauration aux retraités et aux amateurs de VR à l'offre d'options de vie rentables, cette entreprise transforme le concept traditionnel de logement en offrant plus qu'un simple endroit où séjour - il crée des communautés de soutien dynamiques qui s'adaptent aux modes de vie en évolution de divers groupes démographiques.

Equity Lifestyle Properties, Inc. (ELS) - Modèle commercial: partenariats clés

Partenariats stratégiques avec les propriétaires de communautés de maisons manufacturées

En 2024, les propriétés de style de vie des actions maintient des partenariats stratégiques avec environ 370 communautés de maisons manufacturées dans 33 États et 4 provinces canadiennes.

Type de partenariat	Nombre de communautés	Propagation géographique
Communautés appartenant	370	33 États américains, 4 provinces canadiennes

Collaborations avec les fiducies de placement immobilier (FPI)

ELS collabore avec plusieurs FPI pour optimiser la gestion du portefeuille immobilier et les stratégies d'investissement.

• Partenariats nationaux de RPE pour la diversification du portefeuille
• Accords de coentreprise pour les acquisitions de biens
• Collaborations d'investissement stratégiques

Relations avec les fournisseurs de services de gestion immobilière

ELS maintient des partenariats avec des fournisseurs de services de gestion immobilière spécialisés pour assurer l'efficacité opérationnelle.

Catégorie de service	Nombre de fournisseurs de partenaires	Focus du service
Gestion immobilière	12	Opérations communautaires, maintenance
Services technologiques	8	Logiciel, systèmes de gestion

Partenariats avec les sociétés de services publics

ELS a établi des partenariats complets de services de services publics dans ses régions opérationnelles.

• Fournisseurs d'énergie pour l'infrastructure communautaire
• Services de gestion de l'eau et des déchets
• Partenaires du réseau de télécommunications

Réseaux de fournisseurs pour la maintenance et le développement des infrastructures

ELS maintient un vaste réseau de fournisseurs pour la maintenance et le développement des infrastructures.

Catégorie des vendeurs	Partenaires totaux des vendeurs	Investissement annuel
Construction / entretien	45	28,5 millions de dollars
Développement des infrastructures	22	15,7 millions de dollars

Equity Lifestyle Properties, Inc. (ELS) - Modèle d'entreprise: activités clés

Acquérir et gérer les communautés de maison et de VR fabriqués

Depuis le quatrième trimestre 2023, Equity Lifestyle Properties possède 425 propriétés dans 33 États, comprenant 159 799 sites. Le portefeuille comprend 137 400 sites totaux pour les maisons fabriquées et 22 399 sites pour les communautés de VR.

Type de propriété	Nombre de sites	Pourcentage de portefeuille
Communautés de maisons fabriquées	137,400	86%
Communautés VR	22,399	14%

Développement et rénovation immobilières

ELS a investi 128,6 millions de dollars dans l'amélioration des biens et les dépenses en capital en 2022.

• Budget de rénovation pour les communautés existantes: 85,4 millions de dollars
• Nouveaux investissements en développement immobilier: 43,2 millions de dollars

Location de sites résidentiels et de commodités

Loyer mensuel moyen par site en 2023: 631 $ pour les sites domestiques fabriqués et 47 $ pour les sites RV.

Type de location	Loyer mensuel moyen	Potentiel de revenus annuel
Sites de maison fabriqués	$631	104,2 millions de dollars
Sites VR	$47	12,7 millions de dollars

Fournir des services de gestion immobilière complets

ELS gère les propriétés avec un taux d'occupation de 98,4% en 2023.

• Personnel de gestion immobilière à temps plein: 1 200 employés
• Tenure moyenne de l'équipe de direction: 7,5 ans

Stratégies d'investissement et d'optimisation du portefeuille

Capitalisation boursière totale en décembre 2023: 13,2 milliards de dollars

Métrique d'investissement	Valeur 2023
Actif total	7,6 milliards de dollars
Revenus annuels	1,2 milliard de dollars
Bénéfice d'exploitation net	584,3 millions de dollars

Equity Lifestyle Properties, Inc. (ELS) - Modèle commercial: Ressources clés

Portfolio vaste de communautés fabriquées de maisons et de VR

Depuis le quatrième trimestre 2023, Equity Lifestyle Properties possède et exploite 423 propriétés dans 33 États, comprenant:

Type de propriété	Nombre de propriétés	Total des sites
Communautés de maisons fabriquées	193	47,700
Communautés VR	230	42,500

Capacités financières et investissements solides

Mesures financières pour les propriétés de vie des actions à partir de 2023:

• Capitalisation boursière: 11,2 milliards de dollars
• Actif total: 5,8 milliards de dollars
• Revenu annuel: 1,47 milliard de dollars
• Résultat d'exploitation net: 818 millions de dollars

Équipe de gestion expérimentée et de développement immobilier

Composition du leadership:

Poste de direction	Années d'expérience dans l'industrie
PDG	25 ans et plus
Directeur financier	18 ans et plus
Chef de l'exploitation	22 ans et plus

Systèmes de technologie de gestion immobilière avancée

Investissements infrastructures technologiques:

• Budget technologique annuel: 12,5 millions de dollars
• Plates-formes de gestion immobilière basées sur le cloud
• Systèmes de suivi d'occupation en temps réel
• Solutions de paiement numérique et de gestion des baux

Réputation de la marque établie dans le secteur du logement abordable

Métriques de performance de la marque:

Métrique	Valeur
Taux de rétention de la clientèle	87%
Taux d'occupation communautaire moyen	92.3%
Années de travail	55

Equity Lifestyle Properties, Inc. (ELS) - Modèle d'entreprise: propositions de valeur

Options de logement abordables pour divers groupes démographiques

Depuis le quatrième trimestre 2023, Equity Lifestyle Properties gère 428 propriétés dans 33 États, offrant 161 646 sites pour les maisons fabriquées, les sites de VR et les propriétés de la marina.

Type de propriété	Nombre de sites	Pourcentage
Communautés de maisons fabriquées	79,600	49.3%
Parcs de VR	64,046	39.6%
Propriétés de la marina	18,000	11.1%

Expériences de vie de la communauté résidentielle de haute qualité

Revenu annuel moyen par site: 7 236 $ en 2023, avec un taux d'occupation de 93,4%.

Solutions de logements flexibles pour les populations mobiles et à la retraite

• Âge moyen des résidents: 55 à 75 ans
• Revenus de location annuels totaux: 1,17 milliard de dollars (2023)
• Loyer mensuel moyen par site: 603 $

Équipements complets et infrastructures communautaires

Type d'agrément	Pourcentage de propriétés offrant
Piscines	68%
Centres de fitness	52%
Centres communautaires	75%
Activités récréatives	89%

Options de location de sites résidentiels rentables

2023 Métriques financières:

• Revenus totaux de propriété: 1,49 milliard de dollars
• Résultat d'exploitation net: 696 millions de dollars
• Durée moyenne du bail du site: 3-5 ans
• Gamme de prix de location du site: 350 $ - 850 $ par mois

Equity Lifestyle Properties, Inc. (ELS) - Modèle d'entreprise: relations avec les clients

Programmes d'engagement des locataires à long terme

En 2024, les propriétés de style de vie des actions gèrent environ 425 propriétés dans 33 États, avec un total de 161 741 sites pour les maisons manufacturées, les véhicules récréatifs et les terrains de camping.

Métrique de l'engagement des locataires	Valeur
Taux de rétention des locataires moyens	78.5%
Programmes de fidélité des locataires annuels	4 initiatives de fiançailles distinctes
Valeur incitative de référence du locataire	250 $ - 500 $ par référence réussie

Assistance personnalisée en gestion immobilière

ELS fournit un support de gestion immobilière dédié via plusieurs canaux.

• Hotline de support client 24/7
• Équipes de gestion immobilière sur place
• Représentants multilingues du service à la clientèle

Plateformes de communication numérique

Plate-forme numérique	Statistique d'utilisation
Portail de locataires en ligne	92% des locataires activement enregistrés
Engagement des applications mobiles	67% des locataires utilisent une application mobile
Adoption du paiement du loyer numérique	85% des locataires utilisent des systèmes de paiement en ligne

Approche de service client axé sur la communauté

ELS investit dans des initiatives de renforcement communautaire à travers ses propriétés.

• Événements communautaires annuels: 3-4 par propriété
• Taux d'utilisation du centre communautaire: 62%
• Participation de l'activité sociale: 55% des résidents

Systèmes de maintenance et de soutien réactifs

Métrique de maintenance	Performance
Temps de réponse moyen	Moins de 4 heures
Demandes de maintenance annuelles	Environ 127 500 demandes
Taux de résolution de premier appel	73%

Equity Lifestyle Properties, Inc. (ELS) - Modèle d'entreprise: canaux

Offices de location de propriétés directes

En 2024, ELS exploite 379 communautés fabriquées de maisons et de VR dans 33 États. Chaque communauté maintient un bureau de location sur place avec un personnel moyen de 2-3 employés à temps plein dédié à l'acquisition des clients et à la gestion immobilière.

Région	Nombre de communautés	Trajet quotidien moyen des visiteurs vers les bureaux de location
Côte ouest	127	15-20 visiteurs par jour
Sud-ouest	89	12-18 visiteurs par jour
Au sud-est	163	10-15 visiteurs par jour

Plateformes de réservation et de location en ligne

Les plateformes numériques ELS ont traité 42 687 demandes de location en ligne en 2023, ce qui représente 68% du total des acquisitions de nouvelles résidents.

• Trafic de site Web: 1,2 million de visiteurs uniques par an
• Téléchargements d'applications mobiles: 87 500 en 2023
• Taux de conversion en ligne: 3,6%

Réseaux de courtiers immobiliers

ELS collabore avec 237 courtiers immobiliers agréés à l'échelle nationale, générant 22% des nouvelles acquisitions de résidents par le biais de partenariats de référence.

Segment du réseau de courtiers	Nombre de courtiers actifs	Commission de référence moyenne
Courtiers résidentiels	164	750 $ par référence réussie
RV / Brokers de style de vie	73	500 $ par référence réussie

Marketing et publicité numériques

Dépenses de marketing en 2023: 4,3 millions de dollars, avec 62% alloués aux canaux numériques.

• Les dépenses des publicités Google: 1,6 million de dollars
• Publicité des médias sociaux: 870 000 $
• Reach marketing numérique ciblé: 3,4 millions d'impressions mensuelles

Programmes de référence communautaire

Le programme de référence résident a généré 16% des nouveaux baux en 2023.

Niveau d'incitation de référence	Bonus de référence	Nombre de références réussies
Référence de niveau 1	Crédit de loyer de 500 $	1 247 références
Référence de niveau 2	750 $ de crédit à loyer	623 références

Equity Lifestyle Properties, Inc. (ELS) - Modèle d'entreprise: segments de clientèle

Retraités et seniors

En 2022, ELS dessert environ 162 000 sites d'accueil ciblant spécifiquement les retraités et les personnes âgées. L'âge moyen des résidents des communautés ELS a 65 à 75 ans.

Segment de clientèle	Nombre de sites d'origine	Tranche d’âge moyen
Retraités / seniors	162,000	65-75 ans

Résidents de la maison mobile

ELS gère 374 propriétés dans 33 États, avec une partie importante dédiée aux communautés de maisons mobiles.

• Total des communautés de maisons mobiles: 137
• Total des sites d'accueil pour les résidents de la maison mobile: 57 800
• Taux d'occupation moyen: 93,2%

Enthousiastes et voyageurs de VR

ELS exploite 108 propriétés RV Resort avec des équipements spécifiques pour les voyageurs.

Propriétés du RV Resort	Sites totaux de VR	Occupation saisonnière moyenne
108	22,400	85.6%

Demandeurs de logements soucieux du budget

ELS fournit des solutions de logement abordables avec un loyer mensuel moyen de 595 $.

• Revenu médian des résidents: 42 500 $
• Loyer mensuel moyen du site: 595 $
• Total des sites de logement abordable: 81 600

Résidents saisonniers et snowbirds

Les propriétés ELS dans des États comme la Floride et l'Arizona s'adressent spécifiquement aux résidents saisonniers.

États clés	Sites communautaires saisonniers	Durée du séjour moyen
Floride	45 propriétés	3-6 mois
Arizona	38 propriétés	3-6 mois

Equity Lifestyle Properties, Inc. (ELS) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

En 2022, ELS a investi 159,7 millions de dollars dans les acquisitions et le développement de propriétés. La société possède 425 propriétés dans 33 États, avec un total de 161 407 sites.

Catégorie de dépenses	Montant (2022)
Acquisitions de biens	109,3 millions de dollars
Développement	50,4 millions de dollars

Entretien et entretien de l'infrastructure

Les coûts de maintenance annuels pour les propriétés ELS ont totalisé 87,5 millions de dollars en 2022, ce qui représente environ 4,2% des revenus totaux.

• Entretien de la propriété de routine
• Réparations des infrastructures
• Paysage et gestion des terrains

Salaires des employés et frais généraux opérationnels

En 2022, ELS comptait 1 800 employés avec des frais de rémunération totale de 124,6 millions de dollars.

Type de dépenses	Montant (2022)
Salaires de base	92,3 millions de dollars
Avantages et bonus	32,3 millions de dollars

Investissements technologiques et système de gestion

ELS a alloué 18,2 millions de dollars aux systèmes d'infrastructures et de gestion technologiques en 2022.

• Logiciel de gestion immobilière
• Systèmes de gestion de la relation client
• Infrastructure de cybersécurité

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing pour ELS étaient de 22,7 millions de dollars en 2022, ce qui représente 1,1% des revenus totaux.

Canal de marketing	Dépense
Marketing numérique	9,6 millions de dollars
Publicité traditionnelle	7,3 millions de dollars
Équipe de vente	5,8 millions de dollars

Equity Lifestyle Properties, Inc. (ELS) - Modèle d'entreprise: Strots de revenus

Revenu de location de sites des communautés de maisons manufacturées

Pour l'exercice 2023, Equity Lifestyle Properties a déclaré un revenu locatif de site total de 606,1 millions de dollars provenant des communautés de maisons manufacturées.

Catégorie de revenus	Montant ($)
Location de sites communautaires de maison manufacturée	606,100,000

Location de site communautaire RV

Le location de sites communautaires de VR a généré 280,5 millions de dollars de revenus pour ELS en 2023.

Catégorie de revenus	Montant ($)
Location de site communautaire RV	280,500,000

Frais de service de gestion immobilière

Les frais de service de gestion immobilière ont contribué 42,3 millions de dollars à la source de revenus d'ELS en 2023.

Catégorie de revenus	Montant ($)
Frais de service de gestion immobilière	42,300,000

Returns du portefeuille d'investissement immobilier

Le portefeuille d'investissement immobilier d'ELS a généré 175,6 millions de dollars en retour pour l'exercice 2023.

Catégorie de revenus	Montant ($)
Returns du portefeuille d'investissement immobilier	175,600,000

Revenus de service auxiliaires

Les revenus de service auxiliaires pour ELS en 2023 ont totalisé 37,2 millions de dollars.

Catégorie de revenus	Montant ($)
Revenus de service auxiliaires	37,200,000

Répartition totale des revenus pour 2023:

Flux de revenus	Montant ($)	Pourcentage
Location de sites communautaires de maison manufacturée	606,100,000	52.7%
Location de site communautaire RV	280,500,000	24.4%
Returns du portefeuille d'investissement immobilier	175,600,000	15.3%
Frais de service de gestion immobilière	42,300,000	3.7%
Revenus de service auxiliaires	37,200,000	3.9%
Revenus totaux	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.