Equity LifeStyle Properties, Inc. (ELS)

ELS Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	386.49	367	314.19	284.61	262.46
Depreciation & Amortization	213.74	209.4	209.1	207.05	191.43
Other Amortization	10.11	9.81	9.13	8.94	8.45
Gain (Loss) on Sale of Assets	-0.92	2.47	3.58	5.42	0.06
Stock-Based Compensation	7.25	9.37	17.83	8.76	12.69
Income (Loss) on Equity Investments	-6.13	-4.92	-1.39	1.2	-3.83
Change in Accounts Receivable	13.25	-4.59	-4.65	-4.65	-4.19
Change in Accounts Payable	-7.7	0.21	-25.78	5.83	30.01
Change in Other Net Operating Assets	-45.52	0.72	-40.6	-38.26	-40.77
Other Operating Activities	-3.41	-19.89	27.85	-39.77	3.93
Operating Cash Flow	571.15	596.72	548.01	475.81	509.03
Operating Cash Flow Growth	-4.29%	8.89%	15.17%	-6.53%	21.95%
Acquisition of Real Estate Assets	-237.09	-242.61	-326.41	-389.29	-742.17
Sale of Real Estate Assets	2.53	-	-	-	-
Net Sale / Acq. of Real Estate Assets	-234.57	-242.61	-326.41	-389.29	-742.17
Cash Acquisition	-	-	-	-	-41.77
Investment in Marketable & Equity Securities	4.24	5.07	-3.65	-9.39	-46.54
Other Investing Activities	-46.75	19.7	5.31	-3.39	2.05
Investing Cash Flow	-277.08	-217.84	-324.75	-402.07	-828.43
Long-Term Debt Issued	1,135	589.5	984.75	806	1,430
Total Debt Issued	1,135	589.5	984.75	806	1,430
Long-Term Debt Repaid	-1,019	-907.96	-852.58	-692.78	-861.24
Total Debt Repaid	-1,019	-907.96	-852.58	-692.78	-861.24
Net Debt Issued (Repaid)	116.18	-318.46	132.17	113.22	568.28
Issuance of Common Stock	1.51	319.18	1.98	31.11	142.48
Repurchase of Common Stock	-2.26	-1.91	-1.93	-3.45	-2.81
Common Dividends Paid	-387.96	-350.6	-326.4	-296.15	-261.75
Preferred Dividends Paid	-0.02	-0.02	-0.02	-0.02	-0.02
Total Dividends Paid	-387.98	-350.61	-326.42	-296.16	-261.76
Other Financing Activities	-19.96	-32.44	-21.46	-19.52	-27.44
Net Cash Flow	1.56	-5.36	7.59	-101.05	99.34
Cash Interest Paid	-	-	-	-	104.14
Levered Free Cash Flow	440.62	482.68	421.83	440.91	414.18
Unlevered Free Cash Flow	517.37	563.53	499.63	508.94	477.47
Change in Working Capital	-36	23.49	-32.29	-0.4	33.83

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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