企業概要
Equity LifeStyle Properties, Inc. operates as a self-administered and self-managed real estate investment trust, maintaining ownership or interests in 453 properties across 35 states and British Columbia totaling 173,355 individual sites as of December 31, 2025. The company functions within the Real Estate sector, specifically the REIT - Residential industry, which implies a business model focused on generating rental income from residential real estate assets while adhering to specific regulatory requirements for income distribution. With a market capitalization of $12.84 billion and an annual revenue of $1.54 billion, the entity employs approximately 3,700 individuals to manage its extensive portfolio. These valuation and revenue figures indicate that Equity LifeStyle Properties, Inc. holds a substantial market position within the residential real estate landscape, reflecting significant asset scale and operational reach. The headquarters are located in Chicago, serving as the central administrative hub for this large-scale residential property management operation.
財務健全性
The company reported a trailing twelve-month revenue of $1.54 billion, generating net income of $386.49 million and an EBITDA of $742.98 million, where the substantial gap between EBITDA and net income reveals a significant cost structure involving interest expenses, taxes, and depreciation. Free cash flow stands at $440.62 million, which provides the company with the financial flexibility to fund capital expenditures, service debt obligations, or potentially acquire additional assets without relying on external financing. The gross margin is recorded at 53.2%, indicating efficient cost management on property-level operations, while the operating margin of 36.1% demonstrates effective control over overhead and administrative expenses. The profit margin of 25.1% further confirms the company's ability to convert a significant portion of revenue into bottom-line earnings despite the high leverage inherent in the REIT structure. On the balance sheet, the company holds $7.93 million in cash against total debt of $3.35 billion, resulting in a debt-to-equity ratio of 184.47%, which suggests a highly leveraged financial position typical for REITs but requiring careful interest rate management. The current ratio is 0.48, indicating that current assets are less than current liabilities, which points to potential liquidity constraints or reliance on long-term financing to meet short-term obligations. Return on equity is 22.1%, showing strong profitability relative to shareholder equity, whereas return on assets is 5.8%, reflecting the impact of high leverage on asset returns.
バリュエーション評価
The trailing twelve-month P/E ratio is 31.88, while the forward P/E is 29.41, implying that the market expects earnings growth that will narrow the valuation multiple over the coming year. The price-to-book ratio stands at 7.07, indicating a significant market premium over the company's book value, which often reflects the high value of its real estate assets relative to historical accounting costs. The price-to-sales ratio is 8.35, and the EV/EBITDA multiple is 21.30, suggesting that investors are willing to pay a high premium for earnings and sales relative to the company's enterprise value and book value. The stock has traded between a 52-week high of $69.00 and a 52-week low of $58.15, placing the current trading range within a relatively narrow band that reflects limited recent price volatility. The beta value is 0.77, indicating that the stock price volatility is lower than the broader market, suggesting a defensive characteristic often found in residential REITs during market downturns.
Growth & Income
Revenue growth year-over-year is 0.5%, while earnings growth year-over-year is 3.2%, indicating that earnings are growing faster than revenue, which often implies improving operational leverage or margin expansion. As a dividend payer, the company offers a dividend yield of 3.4%, but the payout ratio is 102.5%, meaning the company is paying out more in dividends than it generates in net income, which can be unsustainable if earnings do not grow significantly to cover the excess payout. Given the payout ratio exceeding 100%, the company appears to be utilizing retained earnings or other sources of capital to maintain the dividend, rather than strictly reinvesting all earnings into growth. The overall growth and income profile presents a high-yield opportunity with modest revenue expansion and a leveraged capital structure that supports current dividend levels but warrants close monitoring of earnings sustainability.