Equity LifeStyle Properties (ELS) will raise its quarterly dividend by 5.8 percent to 36.25 cents per share quarterly. This follows a dividend hike of 11.8 percent to a split adjusted $0.3425 per share in the first quarter of 2020. The real estate investment trust has now increased its dividend 17 consecutive years.

The next dividend will be paid on April 9, 2021 to stockholders of record at the close of business on March 26, 2021. A new annualized rate of $1.45 per share yields 2.3% at a stock price of $64.17. The annual dividend payment by ELS to shareholders will jump to an estimated $264 million.

Equity LifeStyle Properties, Inc. is a real estate investment trust. The company is an integrated owner and operator of lifestyle-oriented properties  consisting primarily of manufactured home communities, and recreational vehicle resorts and campgrounds. Equity Lifestyle has a unique business model where it owns the land upon which the company provides its customers the opportunity to place factory-built homes, cottages or RVs either on a long-term or short-term basis. The company's portfolio is geographically diversified with a focus on both retirement and vacation destinations. ELS properties attract retirees, vacationing families and second homeowners, while providing a lower cost home ownership alternative.