ELSEQUITY LIFESTYLE PROPERTIES INC

Real Estate Investment Trusts

Revenue: $1.5B; 0.3% YoY
Operating margin: 25.6%; 2.5% YoY
EBITDA: $391M; 2.8% YoY
Market cap: $11.5B
Employees: 500; $3M revenue each
Net debt / EBITDA: 8.5×; $3.3B net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
142% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
68% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$3M · 79th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 13th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
8.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$202K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.3B	$1.4B	$1.5B	$1.5B	$1.5B	0.3%
Operating income	$272M	$295M	$320M	$381M	$391M	2.8%
Net income	$276M	$299M	$330M	$385M	$402M	4.5%
Operating cash flow	$509M	$476M	$548M	$597M	$571M	4.3%
Capex	$398M	$133M	—	—	—
Stock-based comp	$13M	$9M	$18M	$9M	$7M	23%
Dividends	$262M	$296M	$326M	$351M	$388M	11%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $202K · 1
Net: −$202K

Pay vs performance

No pay-versus-performance disclosure yet.