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    Equity LifeStyle Properties Inc (ELS)

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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.

    1. 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.

    2. 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.

    NamePositionExternal RolesShort BioStart Date

    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.

    February 2021

    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.

    N/A

    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.

    January 2015

    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.

    1994

    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.

    N/A

    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.

    N/A

    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.

    N/A

    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.

    2019

    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.

    February 2024

    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.

    N/A

    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.

    May 2023

    1. 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?
    2. 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?
    3. 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?
    4. 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?
    5. 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.

    CompanyYearDetails

    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 developments and announcements about ELS.

    Earnings

    • New Earnings (Q4 2024)

      ·
      Jan 28, 2025, 5:51 PM

      ELS’s Camp Pass membership soared from 4,600 in 2013 to nearly 20,000 last year. Q4 home sales, however, fell 30% YoY due to hurricane disruptions, with further membership softness in Thousand Trails. Management sees 400–600 new expansion sites in 2025.

      View full earnings summary →

    8-K Filings

    • 8-K Filing

      ·
      Feb 27, 2025, 8:31 PM
      Financial Exhibits
      Regulation FD Disclosure

      Equity Lifestyle filed an 8‑K effective February 27, 2025, which includes its investor presentation. Highlights include a 203% ten‑year total return and $16.6B enterprise value, along with details on its 452‑property portfolio across 35 states plus one Canadian province.

      View full 8-K filing →

    Press Releases

    • Press Release

      ·
      Feb 12, 2025, 1:49 AM

      Equity Lifestyle Properties, Inc. declared a Q1 2025 dividend of $0.515 per share (annualized $2.06). The dividend will be paid on April 11, 2025, with the record date on March 28, 2025.

      View full press release →