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Equity Lifestyle Properties ELS Membership Subscriptions — Deferred revenue, beginning

Discontinued — last reported Q4 '24

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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 els:ContractWithCustomerLiabilityNetOfAdjustments.

The official record: Equity Lifestyle Properties’s 10-K, filed February 18, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Equity Lifestyle Properties's membership subscriptions — deferred revenue, beginning?
Equity Lifestyle Properties (ELS) reported membership subscriptions — deferred revenue, beginning of $218.16M in Q4 2024.
What does membership subscriptions — deferred revenue, beginning mean?
The amount of money collected from members for future services that has not yet been counted as earned revenue at the start of the year.
How do you interpret membership subscriptions — deferred revenue, beginning?
An increase in the beginning balance suggests a larger backlog of prepaid memberships, indicating strong future revenue potential. A decrease may signal a slowdown in new membership sales or a shift in the timing of revenue recognition.
How does membership subscriptions — deferred revenue, beginning compare across companies?
Similar to deferred revenue or unearned income metrics found in other subscription-based REITs or hospitality companies, this figure is compared against total segment revenue to assess the sustainability of the subscription model.