Shares of Equity Lifestyle Properties (NYSE: ELS ) have underperformed both REIT indices ( VNQ ) and broader market indices ( SPY ) over the past one and five year horizons. While the share price performance hasAnalyst’s Disclosure:I/we have a beneficial long position in the shares of ELS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relat ...