ELS · 10-Q · 2026Q1 · Full report
Membership subscription growth
EQUITY LIFESTYLE PROPERTIES INC · 2026-04-28 · Importance 50 · Surprise 58
Annual membership subscriptions grew 11.5% in the Core Portfolio (an increase of $1.862 million year-over-year), driven by higher membership sales and upgrade products. Membership upgrade offerings (two- to four-year term subscriptions) are a meaningful product, with two-year prices at roughly $4,000–$8,000 and four-year prices at approximately $7,000–$14,000, creating multiyear revenue streams. Management is emphasizing membership sales as a recurring revenue component and uses upgrade product deferrals in revenue recognition. Growth in memberships helps diversify revenue away from more volatile seasonal and transient site income.
Key facts
- For the quarter ended March 31, 2026 Annual membership subscriptions in the Core Portfolio were $18,066 thousand, an 11.5% increase from $16,204 thousand in the prior year quarter
- Membership upgrade revenue in the Core Portfolio was $3,120 thousand for the quarter ended March 31, 2026, a 4.5% increase from $2,985 thousand in the prior year quarter
- ELP primarily utilized membership Sites to service approximately 107,100 members
- As of March 31, 2026 Membership Sites totaled approximately 26,000
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +0.5% | For the quarter ended March 31, 2026 Annual membership subscriptions in the Core Portfolio were $18,066 thousand, an 11.5% increase from… |
| revenue | positive | realized | +0.0% | Membership upgrade revenue in the Core Portfolio was $3,120 thousand for the quarter ended March 31, 2026, a 4.5% increase from $2,985… |