ELS FINANCIAL STATEMENTS

Equity Lifestyle Properties Inc — balance sheet, income statement and cash flow trends

ELSEquity Lifestyle Properties Inc

🇺🇸 USA · NYSE · Real Estate · REIT - Residential

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue1.6 B $+6.0%

Gross Profit492.2 M $-23.3%

Operating Income541 M $+17.2%

EBITDA608.3 M $-16.5%

Net Income385.2 M $+5.2%

Peer Comparison· REIT - Residential

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ELS	6.0%	31.5%	39.0%	24.7%
CAR-UN	-8.5%	59.5%	28.4%	0.7%
BEI-UN	5.4%	63.5%	33.7%	8.9%
EKGYO	30.4%	32.0%	29.6%	4.6%
KMP-UN	4.2%	66.4%	12.4%	-5.7%
IIP-UN	-0.0%	68.6%	27.3%	1.9%
Industry median	3.8%	45.5%	46.6%	13.1%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ELS	6.0%	31.5%	39.0%	24.7%
UDR	2.1%	46.0%	75.7%	28.6%
AMH	5.8%	30.2%	66.5%	25.2%
CPT	1.5%	42.3%	73.5%	24.7%
SUI	-22.7%	51.2%	30.2%	60.4%
MAA	0.8%	39.6%	55.5%	17.6%
Industry median	3.8%	45.5%	46.6%	13.1%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity1.8 B $31%
Current Liabilities727.5 M $13%
Long-term Liabilities3.2 B $56%

Key Figures

YoY change

Total Assets5.7 B $+1.9%

Total Liabilities3.9 B $+3.1%

Total Equity1.8 B $+0.7%

Cash & ST Investments39.2 M $+49.9%

Total Debt3.3 B $+3.6%

Net Debt3.3 B $+3.3%

Peer Comparison· REIT - Residential

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ELS	0.18	186.8%	5.35	30.6%
CAR-UN	0.30	72.4%	21.48	57.0%
BEI-UN	0.26	73.7%	15.59	54.0%
EKGYO	2.05	38.1%	1.67	41.2%
KMP-UN	0.09	76.3%	48.89	55.5%
IIP-UN	0.08	74.3%	24.80	55.4%
Industry median	0.37	74.3%	4.64	49.0%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ELS	0.18	186.8%	5.35	30.6%
UDR	0.49	177.9%	4.50	31.8%
AMH	0.33	74.3%	4.09	52.6%
CPT	0.11	106.1%	3.58	44.5%
SUI	1.88	61.6%	5.11	55.3%
MAA	0.05	102.2%	4.55	46.3%
Industry median	0.37	74.3%	4.64	49.0%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow573.1 M $-3.1%

Capital Expenditures237.2 M $+2.3%

Free Cash Flow336 M $-6.6%

Dividends Paid-412.6 M $-209.8%

Peer Comparison· REIT - Residential

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ELS	36.7%	21.5%	15.2%	148.8%
CAR-UN	48.3%	24.1%	24.2%	7,284.5%
BEI-UN	42.6%	14.2%	28.3%	478.0%
EKGYO	-54.0%	-55.4%	0.3%	-1,175.5%
KMP-UN	39.0%	18.4%	20.5%	-680.4%
IIP-UN	32.1%	32.1%	8.2%	1,710.6%
Industry median	41.8%	23.5%	11.9%	178.9%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ELS	36.7%	21.5%	15.2%	148.8%
UDR	51.0%	52.0%	23.9%	178.4%
AMH	45.2%	45.6%	12.3%	179.4%
CPT	52.5%	45.4%	32.0%	213.0%
SUI	38.1%	38.1%	20.0%	63.1%
MAA	46.6%	27.6%	19.0%	264.7%
Industry median	41.8%	23.5%	11.9%	178.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 6, 26. This content is for informational purposes only and is not investment advice.