Equity LifeStyle Properties is a large real estate investment trust that owns and operates lifestyle-oriented properties across the United States and Canada, including manufactured home communities, RV parks, marinas, and vacation membership properties. The company generates revenue primarily through site rental leases for residents and seasonal guests, subscription membership fees for its vacation brands, home sales through its taxable subsidiary, and ancillary amenities such as golf courses, restaurants, and on-site services. By acquiring underperforming or fragmented properties in desirable retirement destinations, vacation areas, and urban centers, ELS leverages its management expertise, capital resources, and geographic presence to improve operations and increase site density, targeting the highly fragmented market of independent manufactured housing, RV, and marina properties.