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Equity LifeStyle Properties

NYSE:ELS
Snowflake Description

Solid track record with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ELS
NYSE
$11B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. The last earnings update was 20 days ago. More info.


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ELS Share Price and Events
7 Day Returns
0.8%
NYSE:ELS
1.8%
US REITs
-0.7%
US Market
1 Year Returns
36.6%
NYSE:ELS
16.3%
US REITs
3%
US Market
ELS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Equity LifeStyle Properties (ELS) 0.8% 3.7% 8.7% 36.6% 63.4% 177.5%
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • ELS outperformed the REITs industry which returned 16.3% over the past year.
  • ELS outperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
ELS
Industry
5yr Volatility vs Market

Value

 Is Equity LifeStyle Properties undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Equity LifeStyle Properties to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Equity LifeStyle Properties.

NYSE:ELS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:ELS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (20.83%))
0.744
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:ELS using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Equity LifeStyle Properties is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Equity LifeStyle Properties is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:ELS DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 378.62 Analyst x2 352.21
2020 375.79 Analyst x1 325.20
2021 390.28 Est @ 3.85% 314.17
2022 404.00 Est @ 3.52% 302.54
2023 417.26 Est @ 3.28% 290.67
2024 430.26 Est @ 3.12% 278.82
2025 443.17 Est @ 3% 267.16
2026 456.10 Est @ 2.92% 255.78
2027 469.16 Est @ 2.86% 244.75
2028 482.40 Est @ 2.82% 234.10
Present value of next 10 years cash flows $2,865.40
NYSE:ELS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $482.40 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$10,393.70
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $10,393.70 ÷ (1 + 7.5%)10
$5,043.90
NYSE:ELS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,865.40 + $5,043.90
$7,909.30
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $7,909.30 / 95.74
$82.61
NYSE:ELS Discount to Share Price
Calculation Result
Value per share (USD) From above. $82.61
Current discount Discount to share price of $118.56
= -1 x ($118.56 - $82.61) / $82.61
-43.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Equity LifeStyle Properties is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Equity LifeStyle Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Equity LifeStyle Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:ELS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.98
NYSE:ELS Share Price ** NYSE (2019-05-17) in USD $118.56
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Equity LifeStyle Properties.

NYSE:ELS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:ELS Share Price ÷ EPS (both in USD)

= 118.56 ÷ 2.98

39.84x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Equity LifeStyle Properties is overvalued based on earnings compared to the US REITs industry average.
  • Equity LifeStyle Properties is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Equity LifeStyle Properties's expected growth come at a high price?
Raw Data
NYSE:ELS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 39.84x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-4.9%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:ELS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 39.84x ÷ -4.9%

-8.17x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Equity LifeStyle Properties earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Equity LifeStyle Properties's assets?
Raw Data
NYSE:ELS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $13.13
NYSE:ELS Share Price * NYSE (2019-05-17) in USD $118.56
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:ELS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:ELS Share Price ÷ Book Value per Share (both in USD)

= 118.56 ÷ 13.13

9.03x

* Primary Listing of Equity LifeStyle Properties.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Equity LifeStyle Properties is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Equity LifeStyle Properties's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Equity LifeStyle Properties has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Equity LifeStyle Properties expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-4.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Equity LifeStyle Properties expected to grow at an attractive rate?
  • Equity LifeStyle Properties's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Equity LifeStyle Properties's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Equity LifeStyle Properties's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:ELS Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:ELS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -4.9%
NYSE:ELS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 2.3%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:ELS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:ELS Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31
2020-12-31 1,035 246 2
2019-12-31 991 280 2
NYSE:ELS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,005 417 266
2018-12-31 992 411 213
2018-09-30 981 399 207
2018-06-30 963 394 200
2018-03-31 943 386 193
2017-12-31 929 378 190
2017-09-30 910 382 182
2017-06-30 897 380 174
2017-03-31 886 365 170
2016-12-31 873 352 164
2016-09-30 861 340 162
2016-06-30 846 330 157

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Equity LifeStyle Properties's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Equity LifeStyle Properties's revenue is expected to grow by 2.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:ELS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Equity LifeStyle Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:ELS Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 2.69 2.69 2.69 1.00
2019-12-31 2.93 2.99 2.86 2.00
NYSE:ELS Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.98
2018-12-31 2.39
2018-09-30 2.34
2018-06-30 2.27
2018-03-31 2.21
2017-12-31 2.18
2017-09-30 2.11
2017-06-30 2.03
2017-03-31 2.00
2016-12-31 1.93
2016-09-30 1.91
2016-06-30 1.87

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Equity LifeStyle Properties will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Equity LifeStyle Properties's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Equity LifeStyle Properties has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Equity LifeStyle Properties performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Equity LifeStyle Properties's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Equity LifeStyle Properties's year on year earnings growth rate has been positive over the past 5 years.
  • Equity LifeStyle Properties's 1-year earnings growth exceeds its 5-year average (37.5% vs 19.4%)
  • Equity LifeStyle Properties's earnings growth has exceeded the US REITs industry average in the past year (37.5% vs 16%).
Earnings and Revenue History
Equity LifeStyle Properties's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Equity LifeStyle Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:ELS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,005.00 265.68 56.80
2018-12-31 991.59 212.60 54.32
2018-09-30 980.77 207.42 50.82
2018-06-30 962.92 199.88 49.56
2018-03-31 942.76 193.24 47.68
2017-12-31 929.08 189.90 46.64
2017-09-30 909.61 181.88 46.13
2017-06-30 897.06 174.35 45.24
2017-03-31 885.55 170.34 44.77
2016-12-31 873.04 164.04 44.42
2016-09-30 860.63 161.57 44.82
2016-06-30 846.00 157.25 44.56
2016-03-31 837.47 153.54 44.69
2015-12-31 825.74 130.15 44.46
2015-09-30 814.72 125.05 44.21
2015-06-30 804.70 114.12 43.89
2015-03-31 792.05 107.82 42.42
2014-12-31 781.39 118.73 40.52
2014-09-30 771.29 113.59 42.48
2014-06-30 757.68 76.15 41.28
2014-03-31 745.37 65.36 41.11
2013-12-31 731.09 58.26 41.84
2013-09-30 713.71 50.79 38.05
2013-06-30 700.64 75.78 37.51
2013-03-31 692.15 62.79 36.62
2012-12-31 686.20 44.07 39.06
2012-09-30 682.60 27.12 33.79
2012-06-30 671.57 10.97 33.33

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Equity LifeStyle Properties has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Equity LifeStyle Properties used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Equity LifeStyle Properties has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Equity LifeStyle Properties's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Equity LifeStyle Properties has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Equity LifeStyle Properties's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Equity LifeStyle Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Equity LifeStyle Properties is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Equity LifeStyle Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Equity LifeStyle Properties's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Equity LifeStyle Properties Company Filings, last reported 1 month ago.

NYSE:ELS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,257.32 2,364.10 116.82
2018-12-31 1,193.34 2,348.35 44.87
2018-09-30 1,190.52 2,294.80 107.11
2018-06-30 1,101.83 2,227.00 40.73
2018-03-31 1,101.14 2,238.89 73.89
2017-12-31 1,100.04 2,200.02 18.43
2017-09-30 1,015.18 2,181.14 77.40
2017-06-30 1,099.41 2,054.51 67.74
2017-03-31 1,099.75 2,059.32 73.25
2016-12-31 1,081.85 2,091.51 56.34
2016-09-30 1,074.61 2,092.67 68.81
2016-06-30 1,065.92 2,116.31 74.87
2016-03-31 1,015.16 2,107.46 97.11
2015-12-31 992.69 2,126.61 80.26
2015-09-30 989.18 2,157.86 89.40
2015-06-30 981.68 2,167.55 84.95
2015-03-31 979.09 2,212.98 102.70
2014-12-31 979.03 2,212.63 73.71
2014-09-30 976.54 2,205.94 109.14
2014-06-30 975.15 2,184.73 84.81
2014-03-31 974.73 2,176.91 56.43
2013-12-31 963.21 2,193.30 58.43
2013-09-30 959.54 2,195.67 51.53
2013-06-30 939.04 2,324.60 177.90
2013-03-31 941.47 2,253.58 81.82
2012-12-31 924.30 2,264.20 37.13
2012-09-30 980.78 2,287.22 147.87
2012-06-30 979.06 2,291.41 134.97
  • Equity LifeStyle Properties's level of debt (188%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (223.3% vs 188% today).
  • Debt is not well covered by operating cash flow (17.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.2x coverage).
X
Financial health checks
We assess Equity LifeStyle Properties's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Equity LifeStyle Properties has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Equity LifeStyle Properties's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.07%
Current annual income from Equity LifeStyle Properties dividends. Estimated to be 2.18% next year.
If you bought $2,000 of Equity LifeStyle Properties shares you are expected to receive $41 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Equity LifeStyle Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Equity LifeStyle Properties's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Upcoming dividend payment

Purchase Equity LifeStyle Properties before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:ELS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:ELS Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 2.88 1.00
2020-12-31 2.64 4.00
2019-12-31 2.45 4.00
NYSE:ELS Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-30 2.450 2.089
2019-02-12 2.450 2.174
2018-10-30 2.200 2.211
2018-07-31 2.200 2.323
2018-05-01 2.200 2.428
2018-02-27 2.200 2.546
2017-11-02 1.950 2.230
2017-07-25 1.950 2.230
2017-05-02 1.950 2.299
2017-02-21 1.950 2.472
2016-11-08 1.950 2.719
2016-08-09 1.700 2.226
2016-05-10 1.700 2.222
2016-03-08 1.700 2.382
2015-11-03 1.700 2.624
2015-08-04 1.500 2.567
2015-05-12 1.500 2.737
2015-03-10 1.500 2.766
2015-02-24 1.300 2.430
2015-01-26 1.300 2.378
2014-11-05 1.500 2.933
2014-08-05 1.300 2.906
2014-05-14 1.300 2.954
2014-03-11 1.300 3.144
2014-02-24 1.000 2.476
2014-01-27 1.000 2.542
2013-11-05 1.300 3.577
2013-08-06 1.000 2.797
2013-05-08 1.000 2.507
2013-03-13 1.000 2.539
2013-02-28 0.875 2.351
2013-01-28 0.875 2.381
2012-11-06 1.000 2.965
2012-08-07 0.875 2.557
2012-05-08 0.875 2.544
2012-03-06 0.875 2.554
2011-11-08 0.750 2.289
2011-08-09 0.750 2.303
2011-05-11 0.750 2.398
2011-03-08 0.750 2.604
2011-02-24 0.600 2.102
2011-01-24 0.600 2.104
2010-11-09 0.750 2.715
2010-08-10 0.600 2.193
2010-05-11 0.600 2.345
2010-03-16 0.600 2.170
2009-11-10 0.600 2.442
2009-08-11 0.600 2.755

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Equity LifeStyle Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Equity LifeStyle Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Equity LifeStyle Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Equity LifeStyle Properties has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Equity LifeStyle Properties's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Marguerite Nader
COMPENSATION $4,157,015
AGE 49
TENURE AS CEO 6.3 years
CEO Bio

Mrs. Marguerite M. Nader has been the President of Equity LifeStyle Properties, Inc. since May 10, 2012 and has been its Chief Executive Officer since February 1, 2013. Previously, Mrs. Nader served as the Chief Financial Officer of Equity LifeStyle Properties from December 2011 to October 2012. She served as the Executive Vice President of New Business Development at Equity LifeStyle Properties, Inc. from February 2011 to December 2011, Executive Vice President of Sales and Marketing from February 2009 to February 2011, Senior Vice President of New Business Development from January 2007 to February 2009, Vice President of New Business Development from January 2001 to January 2007 and Vice President of Asset Management from January 1998 to January 2001 at the Equity LifeStyle Properties. Mrs. Nader joined Equity LifeStyle Properties, Inc. in 1993. She has been a Director of Equity LifeStyle Properties, Inc. since March 2013. She has been a Trustee of Liberty Property Trust since June 22, 2017. She has been Member of Board of Governors at National Association of Real Estate Investment Trusts since 2013.

CEO Compensation
  • Marguerite's compensation has increased by more than 20% in the past year.
  • Marguerite's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Equity LifeStyle Properties management team in years:

6.4
Average Tenure
49
Average Age
  • The average tenure for the Equity LifeStyle Properties management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Marguerite Nader

TITLE
President
COMPENSATION
$4M
AGE
49
TENURE
6.3 yrs

Paul Seavey

TITLE
Executive VP
COMPENSATION
$3M
AGE
49
TENURE
6.6 yrs

Patrick Waite

TITLE
Executive VP & COO
COMPENSATION
$3M
AGE
51
TENURE
6.3 yrs

Roger Maynard

TITLE
Executive Vice President of Investments
COMPENSATION
$2M
AGE
60
TENURE
3.2 yrs

Carmelina M. Stoklosa

TITLE
Vice President of Treasury

David Eldersveld

TITLE
Executive VP

Jim Phillips

TITLE
Senior Vice President of Sales
TENURE
6.8 yrs

Larisa Drake

TITLE
Executive VP & Chief Marketing Officer
AGE
46
TENURE
3.3 yrs

Peter Underhill

TITLE
Senior Vice President of Revenue Management
TENURE
6.8 yrs

Ron Bunce

TITLE
Senior Vice President of West Operations
TENURE
6.8 yrs
Board of Directors Tenure

Average tenure and age of the Equity LifeStyle Properties board of directors in years:

6.3
Average Tenure
56
Average Age
  • The tenure for the Equity LifeStyle Properties board of directors is about average.
Board of Directors

Sam Zell

TITLE
Chairman of the Board
COMPENSATION
$4M
AGE
76
TENURE
24.2 yrs

Marguerite Nader

TITLE
President
COMPENSATION
$4M
AGE
49
TENURE
6.2 yrs

Tom Heneghan

TITLE
Vice Chairman of the Board
COMPENSATION
$198K
AGE
54
TENURE
6.3 yrs

Phil Calian

TITLE
Director
COMPENSATION
$208K
AGE
56
TENURE
13.6 yrs

David Contis

TITLE
Director
COMPENSATION
$185K
AGE
59
TENURE
10.3 yrs

Sheli Rosenberg

TITLE
Lead Director
COMPENSATION
$232K
AGE
76
TENURE
17.3 yrs

Tao Huang

TITLE
Director
COMPENSATION
$146K
AGE
56
TENURE
3.5 yrs

Constance Freedman

TITLE
Director
COMPENSATION
$168K
AGE
43
TENURE
1.6 yrs

Scott Peppet

TITLE
Director
COMPENSATION
$72K
AGE
49
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
05. Feb 19 Sell David Contis Individual 04. Feb 19 04. Feb 19 -6,581 $105.53 $-694,524
21. Nov 18 Sell Roger Maynard Individual 19. Nov 18 19. Nov 18 -10,000 $96.74 $-967,103
05. Jun 18 Sell David Contis Individual 01. Jun 18 01. Jun 18 -3,304 $90.95 $-300,496
X
Management checks
We assess Equity LifeStyle Properties's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Equity LifeStyle Properties has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Equity LifeStyle Properties, Inc.'s (NYSE:ELS) 2.1% Dividend Worth Your Time?

Payout ratios Companies (usually) pay dividends out of their earnings. If a company is paying more than it earns, the dividend might have to be cut. Comparing dividend payments to a company's net profit after tax is a simple way of reality-checking whether a dividend is sustainable. In the last year, Equity LifeStyle Properties paid out 51% of its profit as dividends. A payout ratio above 50% generally implies a business is reaching maturity, although it is still possible to reinvest in the business or increase the dividend over time. Another important check we do is to see if the free cash flow generated is sufficient to pay the dividend. Equity LifeStyle Properties's cash payout ratio in the last year was 46%, which suggests dividends were well covered by cash generated by the business. REITs like Equity LifeStyle Properties often have different rules governing their distributions, so a higher payout ratio on its own is not unusual. Is Equity LifeStyle Properties's Balance Sheet Risky? As Equity LifeStyle Properties has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. Net debt to EBITDA is a measure of a company's total debt. Net interest cover measures the ability to meet interest payments on debt. Essentially we check that a) a company does not have too much debt, and b) that it can afford to pay the interest. … For the purpose of this article, we only scrutinise the last decade of Equity LifeStyle Properties's dividend payments. … First, we think Equity LifeStyle Properties has an acceptable payout ratio and its dividend is well covered by cashflow.

Simply Wall St -

Need To Know: Equity LifeStyle Properties, Inc. (NYSE:ELS) Insiders Have Been Selling Shares

The Last 12 Months Of Insider Transactions At Equity LifeStyle Properties. … That means that even when the share price was below the current price of US$115, an insider wanted to cash in some shares … As a general rule we consider it to be discouraging when insiders are selling below the current price, because it suggests they were happy with a lower valuation

Simply Wall St -

Is Equity LifeStyle Properties, Inc.'s (NYSE:ELS) 19% ROE Better Than Average?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Equity LifeStyle Properties, Inc. … Our data shows Equity LifeStyle Properties has a return on equity of 19% for the last year. … See our latest analysis for Equity LifeStyle Properties?

Simply Wall St -

Equity LifeStyle Properties Shareholders Have Enjoyed An Impressive 163% Share Price Gain

One flawed but reasonable way to assess how sentiment around a company has changed, is to compare the earnings per share (EPS) with the share price. … During five years of share price growth, Equity LifeStyle Properties achieved compound earnings per share (EPS) growth of 28% per year. … The EPS growth is more impressive than the yearly share price gain of 21% over the same period.

Simply Wall St -

Investing In Equity LifeStyle Properties, Inc. (NYSE:ELS): What You Need To Know

Equity LifeStyle Properties, Inc. … real estate investment trust (REIT) based in Chicago, United States. … View our latest analysis for Equity LifeStyle Properties

Simply Wall St -

Is Equity LifeStyle Properties Inc's (NYSE:ELS) ROE Of 19% Impressive?

Equity LifeStyle Properties has a ROE of 19%, based on the last twelve months. … Check out our latest analysis for Equity LifeStyle Properties? … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What You Need To Know Before Investing In Equity LifeStyle Properties Inc (NYSE:ELS)

Equity LifeStyle Properties Inc is a US$9.0b. … real estate investment trust (REIT) based in Chicago, United States. … See our latest analysis for Equity LifeStyle Properties

Simply Wall St -

Does Equity LifeStyle Properties Inc's (NYSE:ELS) CEO Salary Reflect Performance?

In 2013 Marguerite Nader was appointed CEO of Equity LifeStyle Properties Inc (NYSE:ELS). … How Does Marguerite Nader's Compensation Compare With Similar Sized Companies. … A first glance this seems like a real positive for shareholders, since Marguerite Nader is paid less than the average compensation paid by similar sized companies.

Simply Wall St -

Investing In Property Through Equity LifeStyle Properties Inc (NYSE:ELS)

Equity LifeStyle Properties Inc is a US$8.63b. … real estate investment trust (REIT) based in Chicago, United States. … View out our latest analysis for Equity LifeStyle Properties

Simply Wall St -

Investing In Equity LifeStyle Properties Inc (NYSE:ELS): What You Need To Know

See our latest analysis for Equity LifeStyle Properties Funds from Operations (FFO) is a higher quality measure of ELS's earnings compared to net income. … I also look at ELS's interest coverage ratio, which demonstrates how many times its earnings can cover its yearly interest expense. … Equity LifeStyle Properties can bring about diversification for your portfolio, but before you decide to invest, take a look at the other aspects you must consider before investing: Future Outlook: What are well-informed industry analysts predicting for ELS’s future growth?

Simply Wall St -

Company Info

Description

We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of April 22, 2019, we own or have an interest in 412 quality properties in 33 states and British Columbia consisting of 155,133 sites.

Details
Name: Equity LifeStyle Properties, Inc.
ELS
Exchange: NYSE
Founded: 1992
$11,350,696,094
$10,670,261,166
95,737,990
Website: http://www.equitylifestyleproperties.com
Address: Equity LifeStyle Properties, Inc.
Two North Riverside Plaza,
Suite 800,
Chicago,
Illinois, 60606,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE ELS Common Shares New York Stock Exchange US USD 25. Feb 1993
DB MHV Common Shares Deutsche Boerse AG DE EUR 25. Feb 1993
Number of employees
Current staff
Staff numbers
4,100
Equity LifeStyle Properties employees.
Industry
Residential REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 01:57
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.