What changed in this filing

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Item 1. Financial Statements

2022-07-27 compared with 2022-04-27 · 155 added, 69 removed, 456 unchanged (33% of the section changed)

3 unchanged sentences

(amounts in thousands, except share and per share data)

March 31, 2022 December 31, 2021

June 30, 2022 December 31, 2021

Investment in real estate:

22 unchanged sentences

Stockholders' Equity:

Preferred stock, $ 0.01 par value, 10,000,000 shares authorized as of March 31, 2022 and December 31, 2021;

Preferred stock, $ 0.01 par value, 10,000,000 shares authorized as of June 30, 2022 and December 31, 2021;

none issued and outstanding.

Common stock, $ 0.01 par value, 600,000,000 shares authorized as of March 31, 2022 and December 31, 2021;

186,006,354 and 185,640,379 shares issued and outstanding as of March 31, 2022, and December 31, 2021, respectively.

Common stock, $ 0.01 par value, 600,000,000 shares authorized as of June 30, 2022 and December 31, 2021;

186,076,327 and 185,640,379 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively.

Paid-in capital 1,622,876 1,593,362

9 unchanged sentences

(amounts in thousands, except per share data)

Quarters Ended March 31,

Quarters Ended June 30, Six Months Ended June 30,

2022 2021 2022 2021

Rental income $ 275,330 $ 255,698 $ 560,395 $ 504,720

25 unchanged sentences

Income allocated to non-controlling interests – Common OP Units ( 3,073 ) ( 3,021 ) ( 7,217 ) ( 6,768 )

Redeemable perpetual preferred stock dividends ( 8 ) ( 8 ) ( 8 ) ( 8 )

Net income available for Common Stockholders $ 61,509 $ 61,051 $ 144,415 $ 126,291

4 unchanged sentences

Comprehensive income allocated to non-controlling interests – Common OP Units ( 3,207 ) ( 3,027 ) ( 7,823 ) ( 6,781 )

Redeemable perpetual preferred stock dividends ( 8 ) ( 8 ) ( 8 ) ( 8 )

Comprehensive income attributable to Common Stockholders $ 64,168 $ 61,155 $ 156,526 $ 126,517

7 unchanged sentences

(amounts in thousands)

Common Stock Paid-in Capital Distributions in Excess of Accumulated Earnings Accumulated Other Comprehensive Income (Loss) Non-controlling Interests – Common OP Units Total Equity

Common Stock Paid-in Capital Redeemable Perpetual Preferred Stock Distributions in Excess of Accumulated Earnings Accumulated Other Comprehensive Income (Loss) Non-controlling Interests – Common OP Units Total Equity

Balance as of December 31, 2021 $ 1,913 $ 1,593,362 $ — $ ( 183,689 ) $ 3,524 $ 71,061 $ 1,486,171

10 unchanged sentences

Balance as of March 31, 2022 1,916 1,619,164 — ( 177,158 ) 13,448 72,967 1,530,337

Common Stock Paid-in Capital Distributions in Excess of Accumulated Earnings Accumulated Other Comprehensive Income (Loss) Non-controlling interests – Common OP Units Total Equity

Issuance of Common Stock through employee stock purchase plan — 1,388 — — — — 1,388

Compensation expenses related to restricted stock and stock options — 2,681 — — — — 2,681

Adjustment for Common OP Unitholders in the Operating Partnership — ( 303 ) — — — 303 —

Adjustment for fair market value of swap — — — — 2,793 — 2,793

Consolidated net income — — 8 61,509 — 3,073 64,590

Distributions — — ( 8 ) ( 76,179 ) — ( 3,812 ) ( 79,999 )

Other — ( 54 ) — — — — ( 54 )

Balance as of June 30, 2022 $ 1,916 $ 1,622,876 — $ ( 191,828 ) $ 16,241 $ 72,531 $ 1,521,736

Equity LifeStyle Properties, Inc.

Consolidated Statements of Changes in Equity

(amounts in thousands)

Balance as of December 31, 2020 $ 1,813 $ 1,411,397 $ — $ ( 179,523 ) $ — $ 71,068 $ 1,304,755

8 unchanged sentences

Balance as of March 31, 2021 1,813 1,411,813 — ( 180,370 ) 129 70,961 1,304,346

Exchange of Common OP Units for Common Stock 14 9,310 — — — ( 9,324 ) —

Issuance of Common Stock through employee stock purchase plan — 605 — — — — 605

Compensation expenses related to restricted stock and stock options — 2,821 — — — — 2,821

Adjustment for Common OP Unitholders in the Operating Partnership — ( 143 ) — — — 143 —

Adjustment for fair market value of swap — — — — 110 — 110

Consolidated net income — — 8 61,051 — 3,021 64,080

Distributions — — ( 8 ) ( 66,611 ) — ( 3,296 ) ( 69,915 )

Other — ( 56 ) — — — — ( 56 )

Balance as of June 30, 2021 $ 1,827 $ 1,424,350 $ — $ ( 185,930 ) $ 239 $ 61,505 $ 1,301,991

The accompanying notes are an integral part of the consolidated financial statements.

2 unchanged sentences

(amounts in thousands)

Quarters Ended March 31,

Six Months Ended June 30,

Cash Flows From Operating Activities:

7 unchanged sentences

Equity in income of unconsolidated joint ventures ( 1,424 ) ( 1,936 )

Distributions of income from unconsolidated joint ventures 200 41

Proceeds from insurance claims, net 59 144

22 unchanged sentences

(amounts in thousands)

Quarters Ended March 31,

Six Months Ended June 30,

Cash Flows From Financing Activities:

4 unchanged sentences

Common OP Unitholders ( 7,185 ) ( 7,385 )

Preferred Stockholders ( 8 ) ( 8 )

Share based award tax withholding payments ( 3,449 ) ( 2,814 )

1 unchanged sentence

Mortgage notes payable financing proceeds 200,000 270,016

Term loan repayment — ( 300,000 )

Term loan proceeds 200,000 600,000

7 unchanged sentences

Cash and restricted cash, end of period $ 42,426 $ 44,753

Quarters Ended March 31,

Six Months Ended June 30,

Supplemental Information:

25 unchanged sentences

Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership.

ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 95.2 % interest as of March 31, 2022.

As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership.

42 unchanged sentences

(b) Restricted Cash

As of March 31, 2022 and December 31, 2021, restricted cash consists of $ 29.3 million for each period, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

As of June 30, 2022 and December 31, 2021, restricted cash consisted of $ 25.8 million and $ 29.3 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

Note 3 – Leases

6 unchanged sentences

(amounts in thousands)

As of March 31, 2022

As of June 30, 2022

2022 $ 83,785

1 unchanged sentence

Total $ 486,992

We lease land under non-cancelable operating leases at 14 Properties expiring at various dates between 2022 and 2054.

We lease land under non-cancelable operating leases at 14 Properties expiring at various dates between August 31, 2022 and 2054.

For additional information regarding the Westwinds and Nicholson Plaza ground leases that expire August 31, 2022, see Part 1.

Commitments and Contingencies.

The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties.

We also have other operating leases, primarily office space, expiring at various dates through 2032.

For the quarters ended March 31, 2022 and 2021, total operating lease payments were $ 2.6 million and $ 2.5 million, respectively.

For the quarters ended June 30, 2022 and 2021, total operating lease payments were $ 2.9 million and $ 2.6 million, respectively.

For the six months ended June 30, 2022 and 2021, total operating lease payments were $ 5.5 million and $ 5.1 million, respectively.

Equity LifeStyle Properties, Inc.

1 unchanged sentence

Note 3 – Leases (continued)

The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of March 31, 2022:

As of March 31, 2022

As of June 30, 2022

(amounts in thousands)

9 unchanged sentences

Total lease liabilities $ 5,722 $ 23,037 $ 28,759

Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $ 27.8 million and $ 29.7 million, respectively, as of March 31, 2022.

The weighted average remaining lease term for our operating leases was ten years and the weighted average incremental borrowing rate was 3.8 % at March 31, 2022.

Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $ 26.8 million and $ 28.8 million, respectively, as of June 30, 2022.

The weighted average remaining lease term for our operating leases was nine years and the weighted average incremental borrowing rate was 3.8 % at June 30, 2022.

ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $ 30.3 million and $ 30.7 million, respectively, as of December 31, 2021.

1 unchanged sentence

Note 4 – Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per share of common stock for the quarters ended March 31, 2022 and 2021:

Quarters Ended March 31,

The following table sets forth the computation of basic and diluted earnings per share of common stock for the quarters and six months ended June 30, 2022 and 2021:

Quarters Ended June 30, Six Months Ended June 30,

(amounts in thousands, except per share data) 2022 2021 2022 2021

22 unchanged sentences

$ 0.4100 March 31, 2022 March 25, 2022 April 8, 2022

$ 0.4100 June 30, 2022 June 24, 2022 July 8, 2022

Equity Offering Program

1 unchanged sentence

Prior to the new program, the aggregate offering price was up to $ 200.0 million.

As of March 31, 2022, the full capacity of our current ATM equity offering program remained available for issuance.

The following table presents the shares that were issued under our prior ATM equity offering program during the quarter ended March 31, 2022.

There was no ATM equity activity during the quarter ended March 31, 2021.

Quarter Ended March 31,

(amounts in thousands, except share data)

3 unchanged sentences

Commissions paid to sales agents $ 389

There has been no ATM activity under the current ATM equity offering program during the six months ended June 30, 2022 and as of June 30, 2022, the full capacity remained available for issuance.

There was no ATM equity activity during the six months ended June 30, 2021.

Subject to certain limitations, OP Unit holders can request an exchange of any or all of their OP Units for shares of Common Stock at any time.

Upon receipt of such a request, we may, in lieu of issuing shares of Common Stock, cause the Operating Partnership to pay cash.

During the quarters ended March 31, 2022 and 2021, 8,640 and 8,560 OP Units, respectively, were exchanged for an equal number of shares of Common Stock.

During the six months ended June 30, 2022 and 2021, 8,640 and 1,386,716 OP Units, respectively, were exchanged for an equal number of shares of Common Stock.

Note 6 – Investment in Real Estate

1 unchanged sentence

The acquisition was funded with available cash.

On June 1, 2022 we completed the acquisition of a nine acre vacant land parcel in Sarasota, Florida, adjacent to one of our properties, for a purchase price of $ 2.3 million.

The acquisition was funded with available cash.

On June 15, 2022 we completed the acquisition of Holiday Trav-L-Park Resort, a 299 -site oceanfront RV community located in Emerald Isle, North Carolina for a purchase price of $ 50.7 million.

The acquisition was funded with available cash and debt financing from the unsecured line of credit.

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

One June 16, 2022 we completed the acquisition of Oceanside RV Resort, a 139 -site RV community located in Oceanside, California for a total purchase price of $ 44.4 million.

The acquisition was funded with available cash and debt financing from the unsecured line of credit.

Note 7 – Investments in Unconsolidated Joint Ventures

The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of March 31, 2022 and December 31, 2021 , respectively):

The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of June 30, 2022 and December 31, 2021 , respectively):

Investment as of Income/(Loss) for

the quarters ended

the Six Months Ended

Investment Location Number of Sites Economic

March 31, 2022 December 31, 2021 March 31, 2022 March 31, 2021

June 30, 2022 December 31, 2021 June 30, 2022 June 30, 2021

Meadows Various (2,2) 1,077 50 % $ 58 $ — $ 858 $ 1,050

7 unchanged sentences

_____________________

(a) The percentages shown approximate our economic interest as of March 31, 2022.

(a) The percentages shown approximate our economic interest as of June 30, 2022.

Our legal ownership interest may differ.

3 unchanged sentences

(d) On January 18, 2022, we acquired a 50 % equity interest in an entity developing an age-restricted community in Prescott Valley, Arizona.

We received approximately $ 0.4 million and $ 0.7 million in distributions from our unconsolidated joint ventures for the quarters ended March 31, 2022 and 2021, respectively.

Approximately $ 0.3 million and $ 0.7 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the quarters ended March 31, 2022 and 2021, respectively, and as such, were recorded as income from unconsolidated joint ventures.

We received approximately $ 2.0 million and $ 1.7 million in distributions from our unconsolidated joint ventures for the six months ended June 30, 2022 and 2021, respectively.

Approximately $ 0.8 million and $ 1.5 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the six months ended June 30, 2022 and 2021, respectively, and as such, were recorded as income from unconsolidated joint ventures.

Note 8 – Borrowing Arrangements

2 unchanged sentences

The following table presents the fair value of our mortgage notes payable:

As of March 31, 2022 As of December 31, 2021

As of June 30, 2022 As of December 31, 2021

(amounts in thousands)

1 unchanged sentence

Mortgage notes payable, excluding deferred financing costs $ 2,329,554 $ 2,750,224 $ 2,743,527 $ 2,654,086

The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, as of March 31, 2022, was approximately 3.8 % per annum.

The debt bears interest at stated rates ranging from 2.4 % to 8.9 % per annum and matures on various dates ranging from 2023 to 2041.

The debt encumbered a total of 114 and 117 of our Properties as of March 31, 2022 and December 31, 2021, respectively, and the gross carrying value of such Properties was approximately $ 2,811.0 million and $ 2,817.5 million, as of March 31, 2022 and December 31, 2021, respectively.

During the quarter ended March 31, 2022, we repaid $ 14.2 million of principal on two mortgage loans that were due to mature in 2022, incurring $ 0.5 million of prepayment penalties.

The debt encumbered a total of 114 and 117 of our Properties as of June 30, 2022 and December 31, 2021, respectively, and the gross carrying value of such Properties was approximately $ 2,834.0 million and $ 2,817.5 million, as of June 30, 2022 and December 31, 2021, respectively.

During the six months ended June 30, 2022, we repaid $ 14.2 million of principal on two mortgage loans that were due to mature in 2022, incurring $ 0.5 million of prepayment penalties.

These mortgage loans had a weighted average interest rate of 5.25 % per annum and were secured by three RV communities.

In April 2022, we closed on a secured refinancing transaction generating gross proceeds of $ 200.0 million.

The loan is secured by one MH community, has a fixed interest rate of 3.36 % per annum and has a maturity date of May 1, 2034.

Subsequent Events for further details .

Equity LifeStyle Properties, Inc.

1 unchanged sentence

Note 8 - Borrowing Arrangements (continued)

During the six months ended June 30, 2022, we entered into a $ 200.0 million secured refinancing transaction.

The loan is secured by one MH community, has a fixed interest rate of 3.36 % per annum and has a maturity date of May 1, 2034.

The net proceeds from the transaction were used to repay all debt scheduled to mature in 2022 and to repay amounts outstanding on the Line of Credit (“LOC”).

Unsecured Debt

During the quarter ended March 31, 2022 we entered into a $ 200.0 million senior unsecured term loan agreement.

During the six months ended June 30, 2022 we entered into a $ 200.0 million senior unsecured term loan agreement.

The maturity date is January 21, 2027, with an interest rate of Secured Overnight Financing Rate (“SOFR”) plus approximately 1.30 % to 1.80 %, depending on leverage levels.

The Line of Credit (“LOC”) had a balance of $ 69.0 million and $ 349.0 million outstanding as of March 31, 2022 and December 31, 2021, respectively.

As of March 31, 2022, our LOC had a remaining borrowing capacity of $ 431.0 million.

In conjunction with the closing of the secured refinancing transaction, we repaid the remaining balance on the LOC.

As of April 26, 2022, there is no outstanding balance on the LOC.

As of March 31, 2022, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

The LOC had a balance of $ 47.8 million and $ 349.0 million outstanding as of June 30, 2022 and December 31, 2021, respectively.

As of June 30, 2022, our LOC had a remaining borrowing capacity of $ 452.2 million.

As of June 30, 2022, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

Note 9 – Derivative Instruments and Hedging

5 unchanged sentences

The Swap has a notional amount of $ 300.0 million of outstanding principal with a fixed interest rate of 0.39 % per annum and matures on March 25, 2024.

Based on the leverage as of March 31, 2022, our spread over LIBOR was 1.40 % resulting in an estimated all-in interest rate of 1.79 % per annum.

Based on the leverage as of June 30, 2022, our spread over LIBOR was 1.40 % resulting in an estimated all-in interest rate of 1.79 % per annum.

Our derivative financial instrument was classified as Level 2 in the fair value hierarchy.

The following table presents the fair value of our derivative financial instrument:

As of March 31, As of December 31,

As of June 30, As of December 31,

(amounts in thousands) Balance Sheet Location 2022 2021

3 unchanged sentences

in OCI on derivative

for the quarters ended March 31, Location of (gain)/ loss reclassified from

for the six months ended June 30, Location of (gain)/ loss reclassified from

accumulated OCI into income Amount of (gain)/loss reclassified from

accumulated OCI into income

for the quarters ended March 31,

for the six months ended June 30,

(amounts in thousands) 2022 2021 (amounts in thousands) 2022 2021

3 unchanged sentences

We determined that no adjustment was necessary for non-performance risk on our derivative obligation.

As of March 31, 2022, we had not posted any collateral related to the Swap.

As of June 30, 2022, we had not posted any collateral related to the Swap.

Equity LifeStyle Properties, Inc.

7 unchanged sentences

The 13,178 shares of restricted stock subject to 2022 performance goals have a grant date fair value of $ 1.0 million.

Stock based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, was $ 2.6 million for each of the quarters ended March 31, 2022 and 2021.

During the quarter ended June 30, 2022 we awarded to certain members of our Board of Directors 51,522 shares of restricted stock at a fair value of approximately $ 4.1 million and options to purchase 7,210 shares of common stock with an exercise price of $ 79.72 .

These are time-based awards subject to various vesting dates between October 26, 2022 and April 26, 2025.

Stock based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, was $ 2.7 million and $ 2.8 million for the quarters ended June 30, 2022 and 2021, respectively, and $ 5.3 million and $ 5.4 million for the six months ended June 30, 2022 and 2021, respectively.

Note 11 – Commitments and Contingencies

13 unchanged sentences

The Nicholsons filed a notice of appeal on August 7, 2020.

On February 4, 2022, the California Court of Appeal affirmed the Superior Court’s order denying the Nicholsons' motion to compel arbitration.

On February 22, 2022, the Nicholsons filed a petition for rehearing, which the Court of Appeal denied on March 2, 2022.

On March 16, 2022, the Nicholsons filed a petition for review with the California Supreme Court.

The arbitration is stayed pursuant to an agreement between MHC and the Nicholsons.

We intend to continue to vigorously defend our interests in this matter.

As of March 31, 2022, we have not made an accrual, as we are unable to predict the outcome of this matter or reasonably estimate any possible loss.

On February 4, 2022, the California Court of Appeal affirmed the Superior Court’s order denying the Nicholsons' motion to compel

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 11 - Commitments and Contingencies (continued)

On February 22, 2022, the Nicholsons filed a petition for rehearing, which the Court of Appeal denied on March 2, 2022.

On March 16, 2022, the Nicholsons filed a petition for review with the California Supreme Court, which the California Supreme Court denied on April 20, 2022.

On May 18, 2022, the Nicholsons filed a cross complaint alleging that the Operating Partnership is obligated to deliver Westwinds free and clear of encumbrances and in good condition and repair.

The cross complaint asserts that it is no longer feasible for the Operating Partnership to cure its alleged breaches given that the ground leases terminate on August 31, 2022.

The Operating Partnership has filed a demurrer seeking dismissal of the cross complaint, and the Nicholsons also filed a demurrer to our complaint.

On July 19, 2022, the Nicholsons sent two notices of default to the Operating Partnership, one related to Westwinds and the other related to Nicholson Plaza, the adjacent shopping center.

The notices generally assert that the Operating Partnership failed to maintain or repair certain infrastructure and improvements at Westwinds and Nicholson Plaza.

The Operating Partnership is evaluating the notices but expects to dispute the contention that it has not maintained Westwinds and Nicholson Plaza in compliance with the terms of the applicable ground leases.

The arbitration which was previously stayed pursuant to an agreement between the Operating Partnership and the Nicholsons is now proceeding with respect to the Nicholsons’ indemnification claim that the Operating Partnership is required to indemnify the Nicholsons with respect to the claims brought by the interested parties in the Superior Court proceeding and a claim by the Operating Partnership for recovery of fees incurred in connection with the Nicholsons’ failed motion to compel arbitration.

We intend to continue to vigorously defend our interests in this matter.

As of June 30, 2022, we have not made an accrual, as we are unable to predict the outcome of this matter or reasonably estimate any possible loss.

Note 12 - Reportable Segments

3 unchanged sentences

The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the portfolio from regional economic influences.

All revenues were from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2022 or 2021.

The following tables summarize our segment financial information for the quarters ended March 31, 2022 and 2021:

Quarter Ended March 31, 2022

All revenues were from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters and six months ended ended June 30, 2022 or 2021.

The following tables summarize our segment financial information for the quarters and six months ended June 30, 2022 and 2021:

Quarter Ended June 30, 2022

(amounts in thousands) Property

6 unchanged sentences

Depreciation and amortization ( 48,297 ) ( 2,499 ) ( 50,796 )

Income from operations $ 102,012 $ 3,285 $ 105,297

Reconciliation to consolidated net income:

Corporate interest income —

Income from other investments, net 2,617

General and administrative ( 11,695 )

Other expenses ( 4,189 )

Interest and related amortization ( 28,053 )

Equity in income of unconsolidated joint ventures 1,253

Early debt retirement ( 640 )

Consolidated net income $ 64,590

Total assets $ 5,150,884 $ 248,704 $ 5,399,588

Capital improvements $ 64,690 $ 32,698 $ 97,388

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 12 – Reportable Segments (continued)

Quarter Ended June 30, 2021

(amounts in thousands) Property

Operations Home Sales

Operations Consolidated

Operations revenues $ 297,847 $ 29,293 $ 327,140

Operations expenses ( 153,136 ) ( 26,726 ) ( 179,862 )

Income from segment operations 144,711 2,567 147,278

Interest income 1,252 468 1,720

Depreciation and amortization ( 45,631 ) ( 2,685 ) ( 48,316 )

Income (loss) from operations $ 100,332 $ 350 $ 100,682

10 unchanged sentences

Capital improvements $ 41,306 $ 21,639 $ 62,945

Quarter Ended March 31, 2021

Six Months Ended June 30, 2022

(amounts in thousands) Property

6 unchanged sentences

Depreciation and amortization ( 95,174 ) ( 5,016 ) ( 100,190 )

Gain on sale of real estate, net ( 59 ) — ( 59 )

Income (loss) from operations $ 226,947 $ 4,420 $ 231,367

13 unchanged sentences

Note 12 – Reportable Segments (continued)

The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2022 and 2021:

Quarters Ended March 31,

Six Months Ended June 30, 2021

(amounts in thousands) Property

Operations Home Sales

Operations Consolidated

Operations revenues $ 578,927 $ 49,238 $ 628,165

Operations expenses ( 286,198 ) ( 44,302 ) ( 330,500 )

Income from segment operations 292,729 4,936 297,665

Interest income 2,400 1,083 3,483

Depreciation and amortization ( 88,409 ) ( 5,305 ) ( 93,714 )

Loss on sale of real estate, net ( 59 ) — ( 59 )

Income (loss) from operations $ 206,661 $ 714 $ 207,375

Reconciliation to consolidated net income:

Corporate interest income 26

Income from other investments, net 2,158

General and administrative ( 20,740 )

Other expenses ( 1,498 )

Interest and related amortization ( 53,406 )

Equity in income of unconsolidated joint ventures 1,936

Early debt retirement ( 2,784 )

Consolidated net income $ 133,067

Total assets $ 4,566,507 $ 257,500 $ 4,824,007

Capital improvements $ 77,774 $ 41,949 $ 119,723

The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2022 and 2021:

Quarters Ended June 30, Six Months Ended June 30,

(amounts in thousands) 2022 2021 2022 2021

15 unchanged sentences

Income from property operations segment $ 148,928 $ 144,711 $ 319,363 $ 292,729

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2022 and 2021:

Quarters Ended March 31,

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 12 – Reportable Segments (continued)

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2022 and 2021:

Quarters Ended June 30, Six Months Ended June 30,

(amounts in thousands) 2022 2021 2022 2021

11 unchanged sentences

Base rent is included within property operations.

Note 13 – Subsequent Events

On April 18, 2022, we closed on a secured refinancing transaction generating gross proceeds of $ 200.0 million.

The loan is secured by one MH community, has a fixed interest rate of 3.36 % per annum and has a maturity date of May 1, 2034.

The net proceeds from the transaction were used to repay all debt scheduled to mature in 2022 and to repay amounts outstanding on the LOC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements