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Equity Lifestyle Properties ELS Membership upgrade revenue — Deferred membership upgrade revenue

Other product segments

Annual membership subscriptions
$18.82M+11.3%
Gross revenues from ancillary services
$12.52M+3.1%
Home sales and brokered resales
$10.28M-3.5%

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Other financials

Income statement

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Revenue$397.8M+5.6%
Operating income$99.4M+18.0%
Net income$99.5M+19.2%
EPS (diluted)$0.50+19.0%

Balance sheet

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Cash & equivalents$35.6M+7.9%
Total debt$24.0M-11.4%
Total equity$1.8B+1.6%
Total assets$5.8B+1.4%

Cash flow

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Operating cash flow$147.9M+12.7%
CapEx$64.2M+7.9%
Free cash flow$83.8M+16.6%

Valuation

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Market cap$12.61B+6.1%
P/E30.4×-0.5×
P/S8.1×+0.3×

Profitability

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Operating margin26.2%+1.4pp
Net margin26.6%+1.3pp
FCF margin22.2%-0.8pp

Returns & leverage

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Return on equity23.8%-0.5pp
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 source filing: Equity Lifestyle Properties’s 10-Q, filed July 28, 2026.

Filed
Jul 28, 2026, 5:24 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-050244
Line itemQuarters Ended June 30, 2026Quarters Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Revenues:
Rental income$330,430$313,287$669,476$640,493
Annual membership subscriptions18,81916,90237,11833,244
Membership upgrade revenue3,1203,1206,2406,172
Other income15,25216,47329,34832,028
Gross revenues from home sales, brokered resales and ancillary services22,80522,79841,90143,721
Interest income1,5802,2023,7714,440
Income from other investments, net5,8092,0847,5834,102

Item 1. Financial Statements

FAQ

What is Equity Lifestyle Properties's membership upgrade revenue — deferred membership upgrade revenue?
Equity Lifestyle Properties (ELS) reported membership upgrade revenue — deferred membership upgrade revenue of $3.12M in Q2 2026.
How has Equity Lifestyle Properties's membership upgrade revenue — deferred membership upgrade revenue changed year-over-year?
Equity Lifestyle Properties's membership upgrade revenue — deferred membership upgrade revenue decreased by 0.0% year-over-year, from $3.12M to $3.12M.
What is the long-term trend for Equity Lifestyle Properties's membership upgrade revenue — deferred membership upgrade revenue?
Over 3 years (2021 to 2025), Equity Lifestyle Properties's membership upgrade revenue — deferred membership upgrade revenue has grown at a -30.1% compound annual growth rate (CAGR), from $36.27M to $12.41M.
What does membership upgrade revenue — deferred membership upgrade revenue mean?
This metric represents the portion of membership upgrade fees that have been collected from customers but have not yet been recognized as revenue because the performance obligations associated with the membership rights have not been fully satisfied. It reflects the company's liability to provide ongoing access or services related to premium membership tiers over the contract term. Monitoring this balance provides insight into the future revenue pipeline and the velocity at which customers are committing to long-term membership enhancements.

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