Equity LifeStyle Properties, Inc. (ELS) Balance Sheet
ELS balance sheet, 2025
December 31, 2025 · U.S. dollars$5.75B assets = $3.93B liabilities + $1.81B equity
Both columns are drawn to the same scale: what ELS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ELS financial health
Descriptive bands, not a rating. Fiscal 2025.
ELS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.48B2016 | $5.75B2025 | +5.7%/yr | |
| Total liabilities | $2.40B2016 | $3.93B2025 | +5.6%/yr | |
| Shareholders’ equity | $1.08B2016 | $1.76B2025 | +5.5%/yr | |
| Cash & short-term investments | $56.3M2016 | $26.1M2025 | −8.2%/yr | |
| Total debt | $2.17B2016 | $3.37B2025 | +5.0%/yr | |
| Net cash (debt) | −$2.11B2016 | −$3.34B2025 | −$1.2B | |
| Working capital | −$72.1M2016 | $48.2M2025 | +$120.3M | |
| Book value per share | $5.842016 | $8.782025 | +4.6%/yr | |
| Current ratio | 0.662016 | 1.682025 | +1.01 | |
| Debt / equity | 2.002016 | 1.922025 | −0.09 | |
| Shares outstanding | 185.1M2016 | 200.1M2025 | +0.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ELS assets
ELS liabilities and equity
ELS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ELS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $26.1M | $5.6M | $4.2M | $2.6M | $123.4M | $24.1M | $28.9M | $60.5M | $35.6M | $56.3M |
| Cash & equivalents | $26.1M | $5.6M | $4.2M | $2.6M | $123.4M | $24.1M | $28.9M | $60.5M | $35.6M | $56.3M |
| Short-term investments | — | — | $19.1M | $19.1M | $3.5M | — | — | — | $0 | $0 |
| Receivables | $93.4M | $50.7M | $49.9M | $45.4M | $40.0M | $35.8M | $37.6M | $35.0M | $49.5M | $34.5M |
| Inventory | $0 | $0 | −$19.1M | −$19.1M | −$3.5M | $0 | $0 | $54.7M | $0 | $0 |
| Other current assets | $0 | $19.0M | $44.8M | $38.8M | $3.5M | $0 | $0 | $35.9M | $0 | $51.6M |
| Total current assets | $119.5M | $75.3M | $79.9M | $67.7M | $163.4M | $59.9M | $66.4M | $186.2M | $85.1M | $142.4M |
| Property, plant & equipment (net) | $0 | $5.28B | $5.14B | $5.14B | $4.92B | $4.25B | $3.98B | $3.64B | $3.40B | $3.29B |
| Goodwill & intangible assets | $73.2M | $39.0M | $73.2M | $73.2M | $42.8M | $36.7M | $19.9M | $9.1M | $9.2M | $53.1M |
| Long-term investments | $85.0M | $83.8M | $85.3M | $81.4M | $70.3M | $19.7M | $20.1M | $93.7M | $53.1M | $19.4M |
| Other non-current assets | $5.47B | $171.4M | $238.4M | $133.3M | $115.8M | $51.1M | $63.0M | $0 | $63.5M | $0 |
| Total assets | $5.75B | $5.65B | $5.61B | $5.49B | $5.31B | $4.42B | $4.15B | $3.93B | $3.61B | $3.48B |
| Liabilities | ||||||||||
| Accounts payable | $152.5M | $159.2M | $151.6M | $175.1M | $172.3M | $129.7M | $124.7M | $92.2M | $135.2M | −$77.7M |
| Short-term debt | $71.3M | $77.0M | $31.0M | $198.0M | $349.0M | $222.0M | $160.0M | $92.2M | $30.0M | $77.7M |
| Deferred revenue | — | $351.7M | $344.8M | $320.1M | $295.1M | $243.3M | $91.2M | $81.1M | $79.3M | $76.9M |
| Total current liabilities | $71.3M | $694.2M | $627.5M | $785.0M | $896.5M | $669.3M | $443.5M | $245.3M | $244.4M | $214.6M |
| Long-term debt | $3.32B | $3.20B | $3.52B | $3.39B | $3.27B | $2.44B | $2.25B | $2.35B | $2.17B | $2.09B |
| Other long-term liabilities | $537.7M | $0 | $0 | $0 | $0 | $0 | $137.4M | $138.8M | $95.5M | $91.3M |
| Total liabilities | $3.93B | $3.82B | $4.12B | $3.98B | $3.82B | $3.11B | $2.83B | $2.73B | $2.51B | $2.40B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.0M | $2.0M | $1.9M | $1.9M | $1.9M | $1.8M | $1.8M | $896,000 | $1.24B | $1.10B |
| Retained earnings (deficit) | −$225.0M | −$215.0M | −$223.6M | −$204.2M | −$183.7M | −$179.5M | −$154.3M | −$211.0M | −$212.0M | −$231.3M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | $2.3M | $6.1M | $19.1M | $3.5M | −$179.5M | −$380,000 | $2.3M | $942,000 | −$227,000 |
| Minority interest | $58.6M | $83.1M | $69.9M | $72.1M | $71.1M | $71.1M | $72.1M | $71.8M | $68.1M | $73.3M |
| Total shareholders' equity | $1.76B | $1.74B | $1.43B | $1.52B | $1.49B | $1.23B | $1.25B | $1.19B | $1.03B | $1.08B |
| Key figures | ||||||||||
| Total debt | $3.37B | $3.20B | $3.52B | $3.59B | $3.62B | $2.67B | $2.41B | $2.44B | $2.20B | $2.17B |
| Net cash (debt) | −$3.34B | −$3.20B | −$3.51B | −$3.58B | −$3.50B | −$2.64B | −$2.38B | −$2.38B | −$2.16B | −$2.11B |
| Working capital | $48.2M | −$618.9M | −$547.6M | −$717.3M | −$733.1M | −$609.4M | −$377.1M | −$59.2M | −$159.3M | −$72.1M |
| Tangible book value | $1.68B | $1.70B | $1.36B | $1.44B | $1.44B | $1.20B | $1.23B | $1.18B | $1.02B | $1.03B |
| Book value per share | $8.78 | $8.85 | $7.31 | $7.77 | $7.71 | $6.41 | $6.91 | $6.28 | $5.90 | $5.84 |
| Shares outstanding | 200.1M | 196.6M | 195.4M | 195.3M | 192.9M | 192.5M | 180.8M | 190.1M | 175.0M | 185.1M |
| Current ratio | 1.68 | 0.11 | 0.13 | 0.09 | 0.18 | 0.09 | 0.15 | 0.76 | 0.35 | 0.66 |
| Quick ratio | 1.68 | 0.08 | 0.09 | 0.06 | 0.18 | 0.09 | 0.15 | 0.39 | 0.35 | 0.42 |
| Debt / equity | 1.92 | 1.84 | 2.46 | 2.36 | 2.44 | 2.16 | 1.93 | 2.05 | 2.13 | 2.00 |
| Equity / assets | 30.6% | 30.8% | 25.5% | 27.6% | 28.0% | 27.9% | 30.1% | 30.4% | 28.6% | 31.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $35.6M | $39.2M | $26.1M | $13.2M | $9.9M | $26.2M | $5.6M | $18.5M | $13.3M | $47.3M | $4.2M | $38.5M |
| Cash & equivalents | $35.6M | $39.2M | $26.1M | $13.2M | $9.9M | $26.2M | $5.6M | $18.5M | $13.3M | $47.3M | $4.2M | $38.5M |
| Short-term investments | — | — | — | — | — | — | — | $21.9M | $5.3M | $5.3M | $6.1M | $15.6M |
| Receivables | $31.0M | $90.3M | $93.4M | $96.8M | $100.3M | $47.7M | $50.7M | $55.0M | $51.5M | $49.3M | $49.9M | $49.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$49.3M | −$6.1M | $130.6M |
| Other current assets | $0 | $0 | $0 | $26.1M | $23.1M | $21.3M | $19.0M | $21.9M | $22.4M | $49.3M | $31.8M | $0 |
| Total current assets | $66.6M | $129.5M | $119.5M | $136.1M | $133.3M | $95.2M | $75.3M | $95.4M | $87.2M | $96.6M | $79.9M | $109.4M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $5.30B | $0 | $0 | $5.29B | $5.26B | $5.28B | $5.25B |
| Goodwill & intangible assets | $0 | $0 | $73.2M | $0 | $0 | $0 | $55.6M | $0 | $0 | $0 | $43.4M | $0 |
| Long-term investments | $0 | $83.1M | $85.0M | $87.0M | $88.4M | $89.6M | $83.8M | $84.8M | $86.4M | $85.0M | $85.3M | $84.3M |
| Other non-current assets | $5.73B | $5.54B | $5.47B | $5.52B | $5.50B | $162.3M | $5.43B | $5.46B | $186.7M | $192.3M | $124.1M | $184.5M |
| Total assets | $5.80B | $5.75B | $5.75B | $5.75B | $5.72B | $5.64B | $5.65B | $5.64B | $5.65B | $5.63B | $5.61B | $5.63B |
| Liabilities | ||||||||||||
| Accounts payable | — | $169.7M | $152.5M | $197.0M | $170.8M | $161.8M | $159.2M | $207.6M | $177.8M | $171.1M | $151.6M | $189.1M |
| Short-term debt | — | $89.5M | $71.3M | $45.0M | $90.0M | $63.0M | $77.0M | $32.5M | $14.0M | $223.5M | $31.0M | $0 |
| Deferred revenue | $217.4M | $348.6M | $221.5M | $347.3M | $376.1M | $359.1M | $351.7M | $361.2M | $380.5M | $223.5M | $344.8M | $338.0M |
| Total current liabilities | $217.4M | $727.5M | $71.3M | $703.4M | $750.7M | $697.4M | $694.2M | $706.7M | $677.7M | $276.9M | $627.5M | $626.8M |
| Long-term debt | $0 | $3.20B | $3.32B | $3.28B | $3.25B | $3.17B | $3.20B | $3.47B | $3.46B | $3.47B | $3.49B | $3.50B |
| Other long-term liabilities | $3.77B | $0 | $537.7M | $0 | $0 | $0 | $0 | $0 | $0 | $361.0M | $0 | $0 |
| Total liabilities | $3.98B | $3.93B | $3.93B | $3.94B | $3.91B | $3.81B | $3.82B | $4.15B | $4.14B | $4.11B | $4.12B | $4.13B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M |
| Retained earnings (deficit) | −$231.3M | −$222.3M | −$225.0M | −$225.7M | −$223.0M | −$204.2M | −$215.0M | −$219.7M | −$213.5M | −$202.7M | −$223.6M | −$232.1M |
| Accumulated other comprehensive income | $2.9M | −$56,000 | −$2.2M | −$2.6M | −$2.0M | $674,000 | $2.3M | −$4.8M | $5.3M | −$197.4M | $6.1M | $15.6M |
| Minority interest | — | $58.7M | $58.6M | $58.5M | $82.1M | $83.5M | — | — | — | — | — | — |
| Total shareholders' equity | $1.76B | $1.76B | $1.76B | $1.75B | $1.73B | $1.75B | $1.74B | $1.43B | $1.44B | $1.45B | $1.43B | $1.43B |
| Key figures | ||||||||||||
| Total debt | $3.31B | $3.29B | $3.37B | $3.28B | $3.25B | $3.17B | $3.20B | $3.47B | $3.47B | $3.48B | $3.52B | $3.50B |
| Net cash (debt) | −$3.28B | −$3.25B | −$3.34B | −$3.26B | −$3.24B | −$3.15B | −$3.20B | −$3.46B | −$3.46B | −$3.43B | −$3.51B | −$3.46B |
| Working capital | −$150.8M | −$598.0M | $48.2M | −$567.2M | −$617.4M | −$602.1M | −$618.9M | −$611.3M | −$590.6M | −$180.2M | −$547.6M | −$517.5M |
| Tangible book value | $1.76B | $1.76B | $1.68B | $1.75B | $1.73B | $1.75B | $1.69B | $1.43B | $1.44B | $1.45B | $1.39B | $1.43B |
| Book value per share | $8.78 | $8.80 | $8.78 | $8.76 | $8.65 | $8.75 | $8.71 | $7.29 | $7.37 | $7.77 | $7.31 | $7.30 |
| Shares outstanding | 200.2M | 200.2M | 200.1M | 200.1M | 200.1M | 200.1M | 199.9M | 195.5M | 195.5M | 186.4M | 195.5M | 195.5M |
| Current ratio | 0.31 | 0.18 | 1.68 | 0.19 | 0.18 | 0.14 | 0.11 | 0.14 | 0.13 | 0.35 | 0.13 | 0.17 |
| Quick ratio | 0.31 | 0.18 | 1.68 | 0.16 | 0.15 | 0.11 | 0.08 | 0.10 | 0.10 | 0.35 | 0.09 | 0.14 |
| Debt / equity | 1.88 | 1.87 | 1.92 | 1.87 | 1.88 | 1.81 | 1.84 | 2.44 | 2.41 | 2.40 | 2.46 | 2.45 |
| Equity / assets | 30.3% | 30.6% | 30.6% | 30.5% | 30.3% | 31.0% | 30.8% | 25.3% | 25.5% | 25.7% | 25.5% | 25.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.
ELS financial position
At the end of fiscal 2025 (December 31, 2025), Equity LifeStyle Properties had total assets of $5.7 billion (up 1.8% from a year earlier), total liabilities of $3.9 billion and shareholders' equity of $1.8 billion. It held $26.1 million in cash and short-term investments against $3.4 billion of debt, net debt of $3.3 billion. Its current ratio was 1.68. In the latest quarter (ended June 30, 2026) total assets were $5.8 billion and equity $1.8 billion.
Related: ELS income statement, ELS cash flow statement, ELS key metrics. See the ELS stock overview for the latest quote and news.
ELS balance sheet FAQ
What are Equity LifeStyle Properties's total assets?
Equity LifeStyle Properties reported total assets of $5.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.6 billion a year earlier.
How much debt does Equity LifeStyle Properties have?
Equity LifeStyle Properties had $3.4 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.92.
How much cash does Equity LifeStyle Properties have?
Equity LifeStyle Properties held $26.1 million in cash and short-term investments at the end of fiscal 2025; with $3.4 billion of debt that is net debt of $3.3 billion.
What is Equity LifeStyle Properties's book value?
Equity LifeStyle Properties's shareholders' equity (book value) was $1.8 billion at the end of fiscal 2025, or $8.78 per share.
What is Equity LifeStyle Properties's current ratio?
Equity LifeStyle Properties had current assets of $119.5 million and current liabilities of $71.3 million, a current ratio of 1.68 (it can cover its short-term obligations).
How much goodwill does Equity LifeStyle Properties have?
Equity LifeStyle Properties carried $73.2 million of goodwill and intangible assets, 1.3% of total assets, at the end of fiscal 2025.