Equity Lifestyle Properties, Inc. (ELS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo inovador do World of Equity Lifestyle Properties (ELS), uma empresa imobiliária dinâmica que revoluciona a habitação acessível e a vida comunitária. Com um modelo de negócios estratégico que combina perfeitamente o gerenciamento de propriedades, o desenvolvimento da comunidade e as soluções habitacionais flexíveis, o ELS criou um nicho único no cenário imobiliário residencial. Desde a atenda até os aposentados e os entusiastas do trailer até as opções de vida econômicas, esta empresa transforma o conceito tradicional de moradia, oferecendo mais do que apenas um lugar para ficar-cria comunidades vibrantes e solidárias que se adaptam aos estilos de vida em evolução de diversos grupos demográficos.

Equity Lifestyle Properties, Inc. (ELS) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com proprietários de comunidades domésticas fabricadas

A partir de 2024, as propriedades de estilo de vida de ações mantêm parcerias estratégicas com aproximadamente 370 comunidades domésticas fabricadas em 33 estados e 4 províncias canadenses.

Tipo de parceria	Número de comunidades	Propagação geográfica
Comunidades de propriedade	370	33 estados dos EUA, 4 províncias canadenses

Colaborações com fundos de investimento imobiliário (REITs)

O ELS colabora com vários REITs para otimizar as estratégias de gerenciamento e investimento de portfólio imobiliário.

• Parcerias nacionais de REIT para diversificação de portfólio
• Acordos de joint venture para aquisições de propriedades
• Colaborações de investimentos estratégicos

Relacionamento com provedores de serviços de gerenciamento de propriedades

O ELS mantém parcerias com provedores especializados de serviços de gerenciamento de propriedades para garantir a eficiência operacional.

Categoria de serviço	Número de fornecedores de parceiros	Foco de serviço
Gerenciamento de propriedades	12	Operações comunitárias, manutenção
Serviços de Tecnologia	8	Software, Sistemas de Gerenciamento

Parcerias com empresas de serviços de serviços públicos

A ELS estabeleceu parcerias abrangentes de serviços de serviços públicos em suas regiões operacionais.

• Provedores de energia para infraestrutura comunitária
• Serviços de gerenciamento de água e resíduos
• Parceiros de rede de telecomunicações

Redes de fornecedores para desenvolvimento de manutenção e infraestrutura

O ELS mantém uma extensa rede de fornecedores para o desenvolvimento de manutenção e infraestrutura.

Categoria de fornecedor	Total de parceiros de fornecedores	Investimento anual
Construção/manutenção	45	US $ 28,5 milhões
Desenvolvimento de infraestrutura	22	US $ 15,7 milhões

Equity Lifestyle Properties, Inc. (ELS) - Modelo de negócios: Atividades -chave

Adquirir e gerenciar comunidades de casa e RV fabricadas

A partir do quarto trimestre de 2023, as propriedades do estilo de vida do patrimônio líquido possuem 425 propriedades em 33 estados, compreendendo 159.799 locais. O portfólio inclui 137.400 locais no total de residências fabricadas e 22.399 locais para comunidades de RV.

Tipo de propriedade	Número de sites	Porcentagem de portfólio
Comunidades domésticas fabricadas	137,400	86%
Comunidades de RV	22,399	14%

Desenvolvimento e renovação de propriedades

A ELS investiu US $ 128,6 milhões em melhorias de propriedades e despesas de capital em 2022.

• Orçamento de renovação para comunidades existentes: US $ 85,4 milhões
• Novos investimentos em desenvolvimento de propriedades: US $ 43,2 milhões

Sites residenciais de arrendamento e comodidades

Aluguel mensal médio por local em 2023: US $ 631 para locais domésticos fabricados e US $ 47 para sites de RV.

Tipo de aluguel	Aluguel mensal médio	Potencial anual de receita
Sites domésticos fabricados	$631	US $ 104,2 milhões
Sites de RV	$47	US $ 12,7 milhões

Fornecendo serviços abrangentes de gerenciamento de propriedades

O ELS gerencia propriedades com taxa de ocupação de 98,4% em 2023.

• Equipe de gerenciamento de propriedades em tempo integral: 1.200 funcionários
• Pouseira média da equipe de gerenciamento: 7,5 anos

Estratégias de otimização de investimento e portfólio

Capitalização de mercado total em dezembro de 2023: US $ 13,2 bilhões

Métrica de investimento	2023 valor
Total de ativos	US $ 7,6 bilhões
Receita anual	US $ 1,2 bilhão
Receita operacional líquida	US $ 584,3 milhões

Equity Lifestyle Properties, Inc. (ELS) - Modelo de negócios: Recursos -chave

Extenso portfólio de comunidades domésticas e de RV fabricadas

A partir do quarto trimestre 2023, as propriedades do estilo de vida do patrimônio líquido possuem e opera 423 propriedades em 33 estados, compreendendo:

Tipo de propriedade	Número de propriedades	Sites totais
Comunidades domésticas fabricadas	193	47,700
Comunidades de RV	230	42,500

Fortes capital financeiro e capacidades de investimento

Métricas financeiras para propriedades de estilo de vida de ações a partir de 2023:

• Capitalização de mercado: US $ 11,2 bilhões
• Total de ativos: US $ 5,8 bilhões
• Receita anual: US $ 1,47 bilhão
• Receita operacional líquida: US $ 818 milhões

Equipe experiente de gerenciamento e desenvolvimento imobiliário

Composição de liderança:

Posição executiva	Anos de experiência no setor
CEO	Mais de 25 anos
Diretor Financeiro	Mais de 18 anos
Diretor de operações	Mais de 22 anos

Sistemas avançados de tecnologia de gerenciamento de propriedades

Investimentos de infraestrutura de tecnologia:

• Orçamento de tecnologia anual: US $ 12,5 milhões
• Plataformas de gerenciamento de propriedades baseadas em nuvem
• Sistemas de rastreamento de ocupação em tempo real
• Soluções de gerenciamento de pagamento digital e arrendamento

Reputação da marca estabelecida no setor habitacional acessível

Métricas de desempenho da marca:

Métrica	Valor
Taxa de retenção de clientes	87%
Taxa média de ocupação comunitária	92.3%
Anos de negócios	55

Equity Lifestyle Properties, Inc. (ELS) - Modelo de Negócios: Proposições de Valor

Opções de moradia acessíveis para diversos grupos demográficos

A partir do quarto trimestre 2023, as propriedades do estilo de vida do patrimônio líquido gerenciam 428 propriedades em 33 estados, oferecendo 161.646 locais para residências fabricadas, locais de RV e propriedades da Marina.

Tipo de propriedade	Número de sites	Percentagem
Comunidades domésticas fabricadas	79,600	49.3%
Parques de RV	64,046	39.6%
Propriedades da Marina	18,000	11.1%

Experiências de vida da comunidade residencial de alta qualidade

Receita média anual por local: US $ 7.236 em 2023, com uma taxa de ocupação de 93,4%.

Soluções habitacionais flexíveis para populações móveis e aposentadas

• Idade média do residente: 55-75 anos
• Receita anual total de aluguel: US $ 1,17 bilhão (2023)
• Aluguel mensal médio por site: $ 603

Comodidades abrangentes e infraestrutura comunitária

Tipo de comodidade	Porcentagem de propriedades que oferecem
Piscinas	68%
Centros de fitness	52%
Centros comunitários	75%
Atividades recreativas	89%

Opções de leasing residenciais com boa relação custo-benefício

2023 Métricas financeiras:

• Receitas totais da propriedade: US $ 1,49 bilhão
• Receita operacional líquida: US $ 696 milhões
• Duração média do arrendamento do local: 3-5 anos
• Faixa de preço do arrendamento do local: US $ 350 a US $ 850 por mês

Equity Lifestyle Properties, Inc. (ELS) - Modelo de Negócios: Relacionamentos do Cliente

Programas de engajamento de inquilinos de longo prazo

A partir de 2024, as propriedades do estilo de vida do patrimônio líquido gerenciam aproximadamente 425 propriedades em 33 estados, com um total de 161.741 locais para casas fabricadas, veículos recreativos e acampamentos.

Métrica de engajamento de inquilinos	Valor
Taxa média de retenção de inquilinos	78.5%
Programas anuais de fidelidade de inquilino	4 iniciativas de engajamento distintas
Valor de incentivo de referência inquilino	$ 250- $ 500 por referência bem-sucedida

Suporte personalizado de gerenciamento de propriedades

O ELS fornece suporte dedicado ao gerenciamento de propriedades por meio de vários canais.

• 24/7 de suporte ao cliente
• Equipes de gerenciamento de propriedades no local
• Representantes multilíngues de atendimento ao cliente

Plataformas de comunicação digital

Plataforma digital	Estatística de uso
Portal de inquilinos online	92% dos inquilinos registrados ativamente
Engajamento de aplicativos móveis	67% dos inquilinos usam aplicativos móveis
Adoção de pagamento de aluguel digital	85% dos inquilinos usam sistemas de pagamento online

Abordagem de atendimento ao cliente focada na comunidade

O ELS investe em iniciativas de construção da comunidade em suas propriedades.

• Eventos comunitários anuais: 3-4 por propriedade
• Taxa de utilização do centro comunitário: 62%
• Participação da atividade social: 55% dos residentes

Sistemas de manutenção e suporte responsivos

Métrica de manutenção	Desempenho
Tempo médio de resposta	Menos de 4 horas
Pedidos anuais de manutenção	Aproximadamente 127.500 solicitações
Taxa de resolução de primeira chamada	73%

Equity Lifestyle Properties, Inc. (ELS) - Modelo de Negócios: Canais

Escritórios de leasing de propriedade direta

A partir de 2024, o ELS opera 379 comunidades fabricadas em casa e RV em 33 estados. Cada comunidade mantém um escritório de leasing no local com um pessoal médio de 2-3 funcionários em período integral dedicados à aquisição de clientes e gerenciamento de propriedades.

Região	Número de comunidades	Tráfego diário médio de visitantes para escritórios de leasing
Costa Oeste	127	15-20 visitantes por dia
Sudoeste	89	12-18 visitantes por dia
Sudeste	163	10-15 visitantes por dia

Plataformas de reserva e leasing online

As plataformas digitais do ELS processaram 42.687 aplicativos de arrendamento on -line em 2023, representando 68% do total de novas aquisições de residentes.

• Tráfego do site: 1,2 milhão de visitantes únicos anualmente
• Downloads de aplicativos móveis: 87.500 em 2023
• Taxa de conversão online: 3,6%

Redes de corretores imobiliários

O ELS colabora com 237 corretores imobiliários licenciados em todo o país, gerando 22% das novas aquisições de residentes por meio de parcerias de referência.

Segmento de rede de corretores	Número de corretores ativos	Comissão Média de Referência
Corretores residenciais	164	US $ 750 por referência bem -sucedida
Corretores de RV/estilo de vida	73	US $ 500 por indicação bem -sucedida

Marketing digital e publicidade

Despesas de marketing em 2023: US $ 4,3 milhões, com 62% alocados aos canais digitais.

• Gastam os anúncios do Google: US $ 1,6 milhão
• Publicidade de mídia social: US $ 870.000
• Alcance de marketing digital direcionado: 3,4 milhões de impressões mensalmente

Programas de referência da comunidade

O programa de referência residente gerou 16% dos novos arrendamentos em 2023.

Nível de incentivo de referência	Bônus de referência	Número de referências bem -sucedidas
REFERÊNCIA DE TIER 1	Crédito de aluguel de US $ 500	1.247 referências
Referência de Nível 2	Crédito de aluguel de US $ 750	623 referências

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

Aposentados e idosos

A partir de 2022, o ELS atende a aproximadamente 162.000 locais domésticos visando especificamente aposentados e idosos. A idade média dos residentes nas comunidades do ELS é de 65 a 75 anos.

Segmento de clientes	Número de sites domésticos	Faixa etária média
Aposentados/idosos	162,000	65-75 anos

Residentes da casa móvel

O ELS gerencia 374 propriedades em 33 estados, com uma parcela significativa dedicada às comunidades domésticas móveis.

• Total de comunidades domésticas móveis: 137
• Sites domésticos totais para residentes de casas móveis: 57.800
• Taxa média de ocupação: 93,2%

Entusiastas e viajantes

O ELS opera 108 propriedades do resort RV com comodidades específicas para os viajantes.

Propriedades do resort de RV	Sites de RV total	Ocupação sazonal média
108	22,400	85.6%

Buscadores de moradias conscientes do orçamento

O ELS fornece soluções habitacionais acessíveis com um aluguel médio mensal de US $ 595.

• Renda familiar média dos residentes: US $ 42.500
• Aluguel médio mensal do site: US $ 595
• Sites de moradias acessíveis totais: 81.600

Residentes sazonais e pássaros de neve

As propriedades do ELS em estados como Flórida e Arizona atendem especificamente a residentes sazonais.

Estados -chave	Sites da comunidade sazonal	Duração média da permanência
Flórida	45 propriedades	3-6 meses
Arizona	38 propriedades	3-6 meses

Equity Lifestyle Properties, Inc. (ELS) - Modelo de negócios: estrutura de custos

Despesas de aquisição e desenvolvimento de propriedades

A partir de 2022, a ELS investiu US $ 159,7 milhões em aquisições e desenvolvimento de propriedades. A empresa possui 425 propriedades em 33 estados, com um total de 161.407 locais.

Categoria de despesa	Valor (2022)
Aquisições de propriedades	US $ 109,3 milhões
Desenvolvimento de propriedades	US $ 50,4 milhões

Manutenção e manutenção de infraestrutura

Os custos anuais de manutenção das propriedades do ELS totalizaram US $ 87,5 milhões em 2022, representando aproximadamente 4,2% da receita total.

• Manutenção de propriedades de rotina
• Reparos de infraestrutura
• Paisagismo e gerenciamento de motivos

Salários dos funcionários e sobrecarga operacional

Em 2022, o ELS tinha 1.800 funcionários com despesas totais de compensação de US $ 124,6 milhões.

Tipo de despesa	Valor (2022)
Salários da base	US $ 92,3 milhões
Benefícios e bônus	US $ 32,3 milhões

Investimentos do sistema de tecnologia e gerenciamento

O ELS alocou US $ 18,2 milhões para os sistemas de gestão e infraestrutura de tecnologia em 2022.

• Software de gerenciamento de propriedades
• Sistemas de gerenciamento de relacionamento com clientes
• Infraestrutura de segurança cibernética

Custos de marketing e aquisição de clientes

As despesas de marketing para o ELS foram de US $ 22,7 milhões em 2022, representando 1,1% da receita total.

Canal de marketing	Gasto
Marketing digital	US $ 9,6 milhões
Publicidade tradicional	US $ 7,3 milhões
Equipe de vendas	US $ 5,8 milhões

Equity Lifestyle Properties, Inc. (ELS) - Modelo de negócios: fluxos de receita

Receita de aluguel do local de comunidades domésticas fabricadas

Para o ano fiscal de 2023, as propriedades do estilo de vida do patrimônio líquido relataram uma receita total de aluguel de US $ 606,1 milhões em comunidades domésticas fabricadas.

Categoria de receita	Valor ($)
Aluguel de site comunitário doméstico fabricado	606,100,000

Leasing comunitário de RV

O Leasing do Site da Comunidade de RV gerou US $ 280,5 milhões em receita para o ELS em 2023.

Categoria de receita	Valor ($)
Leasing comunitário de RV	280,500,000

Taxas de serviço de gerenciamento de propriedades

As taxas de serviço de gerenciamento de propriedades contribuíram com US $ 42,3 milhões para o fluxo de receita da ELS em 2023.

Categoria de receita	Valor ($)
Taxas de serviço de gerenciamento de propriedades	42,300,000

Retornos de portfólio de investimentos imobiliários

O portfólio de investimentos imobiliários da ELS gerou US $ 175,6 milhões em retornos para o ano fiscal de 2023.

Categoria de receita	Valor ($)
Retornos de portfólio de investimentos imobiliários	175,600,000

Receita de serviço auxiliar

As receitas de serviços auxiliares para o ELS em 2023 totalizaram US $ 37,2 milhões.

Categoria de receita	Valor ($)
Receita de serviço auxiliar	37,200,000

Repartição total da receita para 2023:

Fluxo de receita	Valor ($)	Percentagem
Aluguel de site comunitário doméstico fabricado	606,100,000	52.7%
Leasing comunitário de RV	280,500,000	24.4%
Retornos de portfólio de investimentos imobiliários	175,600,000	15.3%
Taxas de serviço de gerenciamento de propriedades	42,300,000	3.7%
Receita de serviço auxiliar	37,200,000	3.9%
Receita total	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.