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Equity LifeStyle Properties, Inc. (ELS) is a Maryland-based real estate investment trust (REIT) specializing in owning and operating lifestyle-oriented properties. The company leases land to customers who own manufactured homes, recreational vehicles (RVs), cottages, or boats, and also offers short-term and long-term site rentals. ELS provides a community experience with amenities such as clubhouses, swimming pools, and golf courses, catering to retirees, vacationing families, and first-time homebuyers.
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Property Operations - Owns and operates land lease properties, offering long-term and short-term site rentals for manufactured homes, RVs, cottages, and boats. Includes access to community amenities such as clubhouses, swimming pools, and golf courses.
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Home Sales and Rentals Operations - Purchases, sells, and leases factory-built homes at its properties, providing affordable housing options and brokerage services for residents selling their homes.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
David Eldersveld Executive | Executive Vice President, Chief Legal Officer, and Corporate Secretary | N/A | David Eldersveld has been in his current role since February 2021, with a background in legal and corporate governance. | |
Marguerite Nader Executive | President and Chief Executive Officer | N/A | Marguerite Nader is the President and CEO of ELS, confirmed in her role as of the latest filings. | View Report → |
Patrick Waite Executive | Executive Vice President and Chief Operating Officer | N/A | Patrick Waite has been the EVP and COO since January 2015, with prior roles in property operations. | |
Paul Seavey Executive | Executive Vice President and Chief Financial Officer | N/A | Paul Seavey has been with ELS since 1994 and has held various financial leadership roles. | |
Andrew Berkenfield Board | Director | CEO of Duncan Channon | Andrew Berkenfield is a Director at ELS and the CEO of Duncan Channon, with a background in advertising and communications. | |
Constance Freedman Board | Director | N/A | Constance Freedman is a Director at ELS, serving on the Compensation, Nominating and Corporate Governance Committee, and the Strategic Planning Committee. | |
David Contis Board | Director | Principal of Agora Advisors, Inc.; Director at CBL Properties; Advisor to Equity International | David Contis is a Director at ELS and holds several advisory and board roles outside the company. | |
Philip Calian Board | Lead Director | Founder and Managing Partner of Kingsbury Partners LLC; Managing Member of several private companies | Philip Calian has been the Lead Director since 2019, focusing on board evaluations and strategic advice. | |
Radhika Papandreou Board | Director | Managing Partner at Korn Ferry (Chicago Office) | Radhika Papandreou was elected to the Board in February 2024, bringing expertise in executive placements and strategic advisory roles. | |
Scott Peppet Board | Director | President of Chai Trust; Advisor to Equity International | Scott Peppet is a Director at ELS and has a background in law and philanthropy, with leadership roles at Chai Trust and advisory positions. | |
Thomas Heneghan Board | Chairman of the Board | Director at Farmland Partners Inc.; Senior Managing Director at Chai Trust | Thomas Heneghan has been the Chairman since May 2023, with a long history at ELS including roles as CEO and Vice Chairman. |
- Given the ongoing challenges and weather-related volatility affecting your transient RV segment, how are you re-evaluating the strategic importance of this business to mitigate its disruptive impact on overall financial performance?
- With two catastrophic storms in Florida impacting operations over the past three years, have you considered reducing your geographic exposure in the state or altering your investment strategy to mitigate increasing weather-related risks?
- The displacement of residents occupying RV annual spaces resulted in a $1.5 million revenue drag in 2024; what concrete steps are you taking to address this issue to prevent similar impacts in 2025 and beyond?
- Can you elaborate on the rationale behind paying off your term loan with equity, and how does this decision align with your overall strategy on leverage and financial flexibility, especially regarding potential acquisition opportunities?
- Considering that new tenants are paying market rents 13% higher than previous tenants while renewals are at 5–6%, does this disparity indicate market rents are growing faster than your renewal rates, and how might this affect revenue growth and tenant turnover moving forward?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Red Oak Shores Campground | 2023 | The acquisition involved purchasing a 223-site RV community located in Ocean View, New Jersey for $9.5 million, funded via an unsecured line of credit and accounted for as an asset acquisition under ASC 805. |
Oceanside RV Resort | 2022 | Completed on June 16, 2022, this deal secured a 139-site RV community in Oceanside, California for $44.4 million using a mix of available cash and debt financing from an unsecured line of credit. |
Holiday Trav-L-Park Resort | 2022 | Acquired on June 15, 2022 in Emerald Isle, North Carolina, this oceanfront RV community with 299 sites was purchased for $50.7 million with funding from available cash and debt financing via an unsecured line of credit. |
Nine-Acre Vacant Land Parcel | 2022 | This acquisition in Sarasota, Florida, was executed for $2.3 million using available cash and provides a strategic vacant land parcel adjacent to existing assets. |
Blue Mesa Recreational Ranch | 2022 | Acquired as part of a combined deal totaling $15.9 million, this 385-site membership RV community in Gunnison, Colorado was funded with available cash, highlighting strategic geographic expansion. |
Pilot Knob RV Resort | 2022 | Also part of the combined $15.9 million deal, this 247-site RV community in Winterhaven, California was purchased using available cash, complementing the Blue Mesa Recreational Ranch acquisition. |
Recent press releases and 8-K filings for ELS.
- ELS operates a high-quality portfolio of manufactured home communities, RV resorts, campgrounds, and marinas across North America, and is a S&P 400 company with an enterprise value of $16.6 billion.
- Q1 2025 performance shows robust growth with core property operating revenues up 2.9%, MH base rental income up 5.5%, and RV/marina annual base rental income up 4.1%.
- The presentation confirms full-year 2025 guidance with Normalized FFO per share between $3.01 and $3.11 and an approved annual dividend rate increase to $2.06 per share.
- Officer appointments: Marguerite Nader was named Vice Chairman while continuing as CEO, and Patrick Waite was promoted to President, effective April 29, 2025.
- Annual meeting results: The meeting saw shareholder votes that elected board members, ratified Ernst & Young LLP as the auditor, and approved executive compensation on a non-binding advisory basis.
- Dividend declaration: The company declared a Q2 2025 dividend of $0.515 per share, with a payment date set for July 11, 2025.
- Q1 2025 Financial Results: Normalized FFO per common share increased by 6.7% to $0.83 with full-year guidance of $3.06 per share, while net income per common share was $0.57 (down 3.0% YoY)
- Core Operating Performance: The core portfolio achieved 3.8% NOI growth, with rental revenues up 2.9% and core income increased by 3.8%
- MH Segment Highlights: Overall occupancy held at 94% and homeowner occupancy at 97%, despite the loss of approximately 170 occupied sites due to hurricanes
- MH Base & New Home Sales: Base rental income grew by 5.5% with 117 new home sales at an average price of approximately $81,000
- Other Revenue Metrics: Core RV and marina annual base rental income increased by 4.1%, and property & casualty insurance premiums decreased by 6.1%
- Financial Flexibility: The balance sheet remains resilient with a weighted average debt maturity of 8.4 years and access to $1 billion in capital