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Equity LifeStyle Properties, Inc. ( ELS or the Company ), a Maryland corporation, together with MHC Operating Limited Partnership (the Operating Partnership ) and its other consolidated subsidiaries (the Subsidiaries ), are referred to herein as we, us, and our . We are a fully integrated owner of lifestyle-oriented properties ( Properties ) consisting of property operations and home sa…
25.56% operating margin is above average. ROIC at 6.12%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue growth slowed to 0.3%, essentially flat. This is a business that needs a catalyst.
Net debt of $3.34B represents 10.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.54B
▲ +0.3% YoY
Net Income (TTM)
$399M
▲ +4.5% YoY
Op. Margin
25.57%
▲ +0.6pp YoY
ROIC
6.55%
Cash Flow & Balance Sheet
FCF (FY)
$334M
▼ -6.0% YoY
Op. Cash Flow (TTM)
$572M
▼ -4.3% YoY
Net Debt
$2.81B
Cash & Equiv.
$39M
5Y CAGR: +6.5%
5Y CAGR: +9.9%
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