Equity Lifestyle Properties Inc

ELS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Growth Is Decelerating, but Equity Lifestyle's NOI Should Continue to Grow Above Inflation

Kevin Brown

Jan 15, 2026

Business Strategy and Outlook

Equity Lifestyle Properties is a residential REIT that focuses on owning manufactured housing, residential vehicle communities, and marinas. The company currently has a portfolio of 455 properties across the US with a higher concentration in the Sunbelt; 38% of the company’s properties are in Florida, 12% in Arizona, and 8% in California. Equity Lifestyle targets owning properties in attractive retirement destinations. More than 70% of the company’s properties are either age-restricted or have an average resident age over 55.

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Equity Lifestyle Properties Inc

Growth Is Decelerating, but Equity Lifestyle's NOI Should Continue to Grow Above Inflation

Business Strategy and Outlook

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