Michael Bilerman's questions to Equity LifeStyle Properties Inc (ELS) leadership • Q4 2024
Question
Michael Bilerman pointed out that ELS's Thousand Trails membership count declined in 2024 to below 2020 levels despite an increase in available sites, and asked when a re-inflection in RV demand or membership growth could be expected.
Answer
CEO Marguerite Nader acknowledged the membership count changes, explaining there was a spike during COVID followed by attrition. She emphasized that ELS's focus is on growing stable, recurring subscription revenue, which has increased at an average of over 5% annually for the last five years, indicating the underlying financial health of the portfolio.