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Equity Lifestyle Properties ELS Annual membership subscriptions — Deferred membership upgrade revenue

Other product segments

Gross revenues from ancillary services
$10.18M-1.4%
Home sales and brokered resales
$8.92M-15.9%
Membership upgrade revenue
$3.12M+2.2%

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$15.23M-15.0%
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BSYDeferred Revenue
$265.98M+9.0%
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$401M+8.7%
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$63.25M+0.4%
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CARCustomer Loyalty — Revenue deferred
$14.75M-3.3%

Other financials

Income statement

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Revenue$397.6M+2.7%
Operating income$112.4M+2.6%
Net income$111.5M-2.5%
EPS (diluted)$0.56-1.8%

Balance sheet

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Cash & equivalents$39.2M-17.4%
Total debt$24.0M-11.6%
Total equity$1.8B+0.7%
Total assets$5.7B+1.9%

Cash flow

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Operating cash flow$194.2M+0.4%
CapEx$45.3M+0.2%
Free cash flow$148.9M+0.5%

Valuation

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Market cap$12.06B-5.1%
P/E30.2×-2.9×
P/S7.8×-0.5×

Profitability

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Operating margin25.6%+1.0pp
Net margin25.9%+0.7pp
FCF margin21.7%-1.8pp

Returns & leverage

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Return on equity22.7%-1.3pp
Debt / equity0.0×

Where this comes from

Reported directly by Equity Lifestyle Properties in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: Equity Lifestyle Properties’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Equity Lifestyle Properties's annual membership subscriptions — deferred membership upgrade revenue?
Equity Lifestyle Properties (ELS) reported annual membership subscriptions — deferred membership upgrade revenue of $18.3M in Q1 2026.
How has Equity Lifestyle Properties's annual membership subscriptions — deferred membership upgrade revenue changed year-over-year?
Equity Lifestyle Properties's annual membership subscriptions — deferred membership upgrade revenue increased by 12.0% year-over-year, from $16.34M to $18.3M.
What is the long-term trend for Equity Lifestyle Properties's annual membership subscriptions — deferred membership upgrade revenue?
Over 4 years (2021 to 2025), Equity Lifestyle Properties's annual membership subscriptions — deferred membership upgrade revenue has grown at a 4.4% compound annual growth rate (CAGR), from $58.25M to $69.27M.
What does annual membership subscriptions — deferred membership upgrade revenue mean?
This metric represents the portion of membership upgrade fees collected from customers that has not yet been recognized as revenue. These upgrades typically grant members enhanced access or additional privileges within the company's property portfolio. The balance is amortized over the expected life of the membership or the term of the upgrade agreement.