Companies · ELS
Equity LifeStyle Properties
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Updated Oct 30, 2026
ELS announces leadership transition; Waite to CEO, Nader to Executive Vice Chair effective Jan 1, 2027.
Equity LifeStyle Properties has announced a planned succession in which Patrick Waite will assume the role of President and Chief Executive Officer on January 1, 2027, succeeding Marguerite Nader, who will transition to Executive Vice Chair of the Board. David Eldersveld will be promoted to Executive Vice President and Chief Operating Officer. The transition represents execution of a multi-year succession plan and marks the culmination of Nader's 13-year tenure as CEO.
Tone: neutralRevenue
$1.5B
ELS 10-K · FY 2025
Employees
3,700
Revenue FY2024
$1.5B
Founded
1992
Profile
ELS 10-K Item 1 · Feb 18, 2026Equity LifeStyle Properties (ELS) is a self-administered REIT that owns and operates manufactured home communities, RV communities, and marinas across the United States and Canada. The company leases land and sites to customers who own or rent manufactured homes, cottages, RVs, and boats on either long-term or short-term bases. ELS also operates a membership subscription business under the Thousand Trails brand and conducts home sales and rental operations through its taxable REIT subsidiary.
Read filing description ↓ Collapse description ↑
We are a fully integrated owner of lifestyle-oriented properties ('Properties') consisting of property operations and home sales and rental operations primarily within manufactured home ('MH') and recreational vehicle ('RV') communities and marinas. We were formed in December 1992 to continue the property operations, business objectives and acquisition strategies of an entity that had owned and operated Properties since 1969. We have a unique business model where we own the land which we lease to customers who own manufactured homes and cottages, RVs and/or boats either on a long-term or short-term basis. Our customers may lease individual developed areas ('Sites') or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Compared to other types of real estate companies, our business model is characterized by low maintenance costs and low customer turnover costs. Our portfolio is geographically diversified across highly desirable locations near retirement and vacation destinations and urban areas across the United States. Our Properties generally attract retirees, vacationing families, second homeowners and first-time homebuyers by providing a community experience and a lower-cost home ownership alternative. We are one of the nation's largest real estate networks with a portfolio of 453 Properties (including joint venture Properties) consisting of 173,371 Sites located throughout 35 states in the U.S. and British Columbia in Canada as of December 31, 2025.
Primary products
- Manufactured home site leases
- Annual RV site leases
- Seasonal RV site leases
- Transient RV site leases
- Marina slip and dry storage rentals
- Thousand Trails membership subscriptions
Business segments
End markets
Geographies
“We believe we have a competitive advantage in the acquisition of additional properties due to our experienced management, significant presence in major real estate markets and access to capital resources.” Competitive position, as stated in the filing
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