What changed in this filing

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Item 1. Financial Statements

2025-10-29 compared with 2025-07-29 · 108 added, 81 removed, 570 unchanged (25% of the section changed)

3 unchanged sentences

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Investment in real estate:

17 unchanged sentences

Deferred membership revenue

224,877 229,301

Accrued interest payable 10,926 10,679

3 unchanged sentences

Stockholders’ Equity:

Preferred stock, $ 0.01 par value, 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024;

Preferred stock, $ 0.01 par value, 10,000,000 shares authorized as of September 30, 2025 and December 31, 2024;

none issued and outstanding.

Common stock, $ 0.01 par value, 600,000,000 shares authorized as of June 30, 2025 and December 31, 2024;

191,211,213 and 191,056,527 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.

Common stock, $ 0.01 par value, 600,000,000 shares authorized as of September 30, 2025 and December 31, 2024;

193,825,482 and 191,056,527 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.

Paid-in capital 1,979,547 1,951,430

9 unchanged sentences

(amounts in thousands, except per share data)

Quarters Ended June 30, Six Months Ended June 30,

Quarters Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

17 unchanged sentences

Other expenses 711 1,402 2,530 3,881

Early debt retirement — 30 — 30

Interest and related amortization 33,659 36,497 96,995 106,077

1 unchanged sentence

Income before other items 98,624 82,787 292,339 279,323

Loss on sale of real estate and impairment, net ( 683 ) — ( 683 ) —

Gain /(Loss) on sale of real estate and impairment, net 31 ( 1,798 ) ( 652 ) ( 1,798 )

Equity in income/(loss) of unconsolidated joint ventures 1,708 5,874 6,562 6,736

38 unchanged sentences

Balance as of June 30, 2025 $ 1,962 $ 1,953,854 $ — $ ( 222,992 ) $ ( 2,010 ) $ 82,138 $ 1,812,952

Exchange of Common OP Units for Common Stock 26 23,580 — — — ( 23,606 ) —

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

Compensation expenses related to restricted stock and stock options — 1,842 — — — — 1,842

Adjustment for Common OP Unitholders in the Operating Partnership — ( 50 ) — — — 50 —

Adjustment for fair market value of swaps — — — — ( 584 ) ( 584 )

Consolidated net income — — — 97,130 — 3,233 100,363

Distributions — — — ( 99,820 ) — ( 3,321 ) ( 103,141 )

Other — ( 67 ) — — — — ( 67 )

Balance as of September 30, 2025 $ 1,988 $ 1,979,547 $ — $ ( 225,682 ) $ ( 2,594 ) $ 58,494 $ 1,811,753

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

21 unchanged sentences

Balance as of June 30, 2024 $ 1,917 $ 1,646,160 $ — $ ( 213,486 ) $ 5,292 $ 70,411 $ 1,510,294

Issuance of Common Stock through employee stock purchase plan — 394 — — — — 394

Compensation expenses related to restricted stock and stock options — 1,535 — — — — 1,535

Adjustment for Common OP Unitholders in the Operating Partnership — 380 — — — ( 380 ) —

Adjustment for fair market value of swaps — — — — ( 10,056 ) — ( 10,056 )

Consolidated net income — — — 82,821 — 4,042 86,863

Distributions — — — ( 89,059 ) — ( 4,347 ) ( 93,406 )

Other — ( 85 ) — — — — ( 85 )

Balance as of September 30, 2024 $ 1,917 $ 1,648,384 $ — $ ( 219,724 ) $ ( 4,764 ) $ 69,726 $ 1,495,539

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

2 unchanged sentences

(amounts in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash Flows From Operating Activities:

2 unchanged sentences

Loss on sale of real estate and impairment, net 652 1,798

Early debt retirement — 30

Depreciation and amortization 159,562 157,492

27 unchanged sentences

(amounts in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash Flows From Financing Activities:

15 unchanged sentences

Cash and restricted cash, end of period $ 39,291 $ 40,398

Six Months Ended June 30,

Nine Months Ended September 30,

Supplemental Information:

9 unchanged sentences

Equity LifeStyle Properties, Inc.

(“ELS”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our”.

(“ELS” or the “Company”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our”.

We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas.

2 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 95.5 % interest as of June 30, 2025.

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 96.8 % interest as of September 30, 2025.

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

45 unchanged sentences

(b) Restricted Cash

As of June 30, 2025 and December 31, 2024, restricted cash consisted of $ 23.1 million and $ 19.0 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

As of September 30, 2025 and December 31, 2024, restricted cash consisted of $ 26.1 million and $ 19.0 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

21 unchanged sentences

Any amount of insurance recovery in excess of the losses incurred and any amount of insurance recovery related to business interruption are considered a gain contingency and will be recognized in the period in which the insurance proceeds are received.

During the quarters ended June 30, 2025 and 2024, we recognized approximately $ 0.3 million and $ 0.7 million, respectively, of expenses related to debris removal and cleanup related to hurricane events, with $ 0.2 million and $ 0.7 million of insurance recovery revenue accruals related to the expenses incurred during the same periods.

During the quarters ended June 30, 2025 and 2024, we also recorded $ 0.6 million and $ 6.2 million, respectively, of insurance recovery revenue in excess of expenses related to hurricane events.

During the six months ended June 30, 2025 and 2024, we recognized approximately $ 1.1 million and $ 1.2 million, respectively, of expenses related to debris removal and cleanup related to hurricane events, with $ 0.8 million and $ 1.2 million of insurance recovery revenue accruals related to the expenses incurred during the same periods.

During the six months ended June 30, 2025 and 2024, we also recorded $ 0.6 million and $ 21.0 million, respectively, of insurance recovery revenue in excess of expenses and business interruption proceeds related to Hurricane Ian.

During the quarter ended September 30, 2024, we recognized approximately $ 2.3 million of expenses related to debris removal and cleanup related to hurricane events, with $ 1.3 million of insurance recovery revenue accruals related to the expenses.

During the quarters ended September 30, 2025 and 2024, we also recorded $ 3.7 million and $ 0.5 million, respectively, of insurance recovery revenue in excess of expenses related to hurricane events.

During the nine months ended September 30, 2025 and 2024, we recognized approximately $ 1.0 million and $ 3.5 million, respectively, of expenses related to debris removal and cleanup related to hurricane events, with $ 0.8 million and $ 2.5 million of insurance recovery revenue accruals related to the expenses incurred during the same periods.

During the nine months ended September 30, 2025 and 2024, we also recorded $ 4.3 million and $ 21.5 million, respectively, of insurance recovery revenue in excess of expenses and business interruption proceeds related to Hurricane Ian.

The debris and cleanup costs and offsetting recovery accrual and reimbursement of capital expenditures are reflected in Casualty-related charges/(recoveries), net on the Consolidated Statements of Income and Comprehensive Income.

During the quarters ended June 30, 2025 and 2024, we recognized business interruption recovery revenue of approximately $ 2.2 million and $ 1.9 million, respectively, related to Hurricane Ian.

During the six months ended June 30, 2025 and 2024, we recognized business interruption recovery revenue of approximately $ 4.0 million and $ 3.8 million, respectively, related to Hurricane Ian.

During the quarters ended September 30, 2025 and 2024, we recognized business interruption recovery revenue of approximately $ 0.9 million and $ 2.1 million, respectively, related to Hurricane Ian.

During the nine months ended September 30, 2025 and 2024, we recognized business interruption recovery revenue of approximately $ 4.9 million and $ 5.9 million, respectively, related to Hurricane Ian.

(e) New Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”).

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”).

ASU 2024-03 requires additional disaggregated disclosure of the nature of expenses included in the income statement into certain required expense categories.

8 unchanged sentences

The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:

(amounts in thousands) As of June 30, 2025

(amounts in thousands) As of September 30, 2025

2025 $ 21,782

7 unchanged sentences

We also have other operating leases, primarily office space, expiring at various dates through 2033.

For the quarters ended June 30, 2025 and 2024, total operating lease payments were $ 1.8 million and $ 1.7 million, respectively.

For the six months ended June 30, 2025 and 2024, total operating lease payments were $ 3.5 million and $ 3.2 million, respectively.

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 June 30, 2025:

As of June 30, 2025

For the quarters ended September 30, 2025 and 2024, total operating lease payments were $ 1.9 million and $ 1.8 million, respectively.

For the nine months ended September 30, 2025 and 2024, total operating lease payments were $ 5.4 million and $ 5.1 million, respectively.

As of September 30, 2025

(amounts in thousands) Ground Leases Office and Other Leases Total

8 unchanged sentences

Total lease liabilities $ 4,637 $ 20,050 $ 24,687

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 $ 22.1 million and $ 25.7 million, respectively, as of June 30, 2025.

The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 4.1 % as of June 30, 2025.

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 $ 21.5 million and $ 24.7 million, respectively, as of September 30, 2025.

The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 4.1 % as of September 30, 2025.

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 $ 23.9 million and $ 27.1 million, respectively, as of December 31, 2024.

The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.1 % as of December 31, 2024.

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 4 – Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per share of common stock (“Common Share”) for the quarters and six months ended June 30, 2025 and 2024:

Quarters Ended June 30, Six Months Ended June 30,

The following table sets forth the computation of basic and diluted earnings per share of common stock (“Common Share”) for the quarters and nine months ended September 30, 2025 and 2024:

Quarters Ended September 30, Nine Months Ended September 30,

(amounts in thousands, except per share data) 2025 2024 2025 2024

Net income available for Common Stockholders – Basic $ 97,130 $ 82,821 $ 286,030 $ 271,023

Amounts allocated to non controlling interest (dilutive securities) 3,777 3,822 8,978 9,188

Amounts allocated to non-controlling interests (dilutive securities) 3,233 4,042 12,211 13,230

Net income available for Common Stockholders – Fully Diluted $ 100,363 $ 86,863 $ 298,241 $ 284,253

7 unchanged sentences

Earnings per Common Share – Fully Diluted $ 0.50 $ 0.44 $ 1.49 $ 1.45

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 5 – Common Stock and Other Equity Related Transactions

8 unchanged sentences

$ 0.5150 June 30, 2025 June 27, 2025 July 11, 2025

$ 0.5150 September 30, 2025 September 26, 2025 October 10, 2025

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.

There were 43,324 OP units exchanged for Common Stock during the quarter and six months ended June 30, 2025, and no OP units exchanged for Common Stock during the quarter and six months ended June 30, 2024.

There were 2,607,875 OP units exchanged for an equal amount of Common Stock during the quarter ended September 30, 2025 and 2,651,199 OP units exchanged for an equal amount of Common Stock during the nine months ended September 30, 2025.

No OP units were exchanged for Common Stock during the quarter and nine months ended September 30, 2024.

Equity Offering Program

On November 1, 2024, we entered into a new at-the-market (“ATM”) equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our common stock, par value $ 0.01 per share, having an aggregate offering price of up to $ 700.0 million.

As of June 30, 2025, the full capacity of our ATM equity offering program remained available for issuance.

As of September 30, 2025, the full capacity of our ATM equity offering program remained available for issuance.

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 6 – Investment in Real Estate

On October 1, 2025, we disposed of two RV communities in the Property Operations segment for gross proceeds of $ 2.8 million, which resulted in a gain on sale of approximately $ 1.4 million to be recognized in the fourth quarter of 2025.

As of September 30, 2025, the two RV communities had total assets of $ 1.2 million and total liabilities of approximately $ 0.1 million.

During the quarter and nine months ended September 30, 2024, we recorded a $ 1.8 million reduction in the carrying value of certain assets, which is included in Gain/(Loss) on sale of real estate and impairment, net in the Consolidated Statements of Income and Comprehensive Income, related to Hurricane Helene.

Note 7 – Investment in Unconsolidated Joint Ventures

1 unchanged sentence

Investment as of

Investment June 30, 2025 December 31, 2024

Investment September 30, 2025 December 31, 2024

$ 58,054 $ 61,505

1 unchanged sentence

$ 87,011 $ 83,772

Income/(Loss) for the Quarters Ended Income/(Loss) for the Six Months Ended

Income/(Loss) for the Quarters Ended Income/(Loss) for the Nine Months Ended

Investment Location Number of Sites Economic

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

Various 1,489 80 %

6 unchanged sentences

(b) Includes various other joint ventures.

Our legal ownership interest may differ.

3 unchanged sentences

The term loan to RVC has an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus 0.10 % plus 1.25 % to 1.65 %, matures on June 17, 2026 and has an option to extend the maturity date by one year subject to our approval.

We received approximately $ 1.1 million and $ 1.3 million in distributions from our unconsolidated joint ventures for the quarters ended June 30, 2025 and 2024, respectively.

Approximately $ 0.5 million and $ 0.6 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the quarters ended June 30, 2025 and 2024, respectively, and as such, were recorded as equity in income/(loss) of unconsolidated joint ventures.

We received approximately $ 8.5 million and $ 3.1 million in distributions from our unconsolidated joint ventures for the six months ended June 30, 2025 and 2024, respectively.

Approximately $ 7.3 million and $ 1.1 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the six months ended June 30, 2025 and 2024, respectively, and as such, were recorded as equity in income/(loss) of unconsolidated joint ventures.

As of September 30, 2025, the note receivable from RVC is $ 56.1 million.

We received approximately $ 3.7 million and $ 12.3 million in distributions from our unconsolidated joint ventures for the quarters ended September 30, 2025 and 2024, respectively.

Approximately $ 2.3 million and $ 5.9 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the quarters ended September 30, 2025 and 2024, respectively, and as such, were recorded as Equity in income/(loss) of unconsolidated joint ventures in the Consolidated Statements of Income and Comprehensive Income.

We received approximately $ 12.2 million and $ 15.4 million in distributions from our unconsolidated joint ventures for the nine months ended September 30, 2025 and 2024, respectively.

Approximately $ 9.7 million and $ 7.0 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the nine months ended September 30, 2025 and 2024, respectively, and as such, were recorded as Equity in income/(loss) of unconsolidated joint ventures in the Consolidated Statements of Income and Comprehensive Income.

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 8 – Borrowing Arrangements

2 unchanged sentences

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

As of June 30, 2025 As of December 31, 2024

As of September 30, 2025 As of December 31, 2024

(amounts in thousands)

1 unchanged sentence

Mortgage notes payable, excluding deferred financing costs $ 2,407,284 $ 2,817,175 $ 2,329,253 $ 2,952,689

The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of loan cost amortization on mortgage indebtedness, as of June 30, 2025, was approximately 4.0 % per annum.

The debt bears interest at

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 7 – Borrowing Arrangements (continued)

stated rates ranging from 2.4 % to 5.1 % per annum and matures on various dates ranging from 2028 to 2041.

The debt encumbered a total of 112 and 120 of our Properties as of June 30, 2025 and December 31, 2024, respectively, and the gross carrying value of such Properties was approximately $ 3,213.3 million and $ 3,268.5 million as of June 30, 2025 and December 31, 2024, respectively.

The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of loan cost amortization on mortgage indebtedness, as of September 30, 2025, was approximately 3.9 % per annum.

The debt bears interest at stated rates ranging from 2.4 % to 5.1 % per annum and matures on various dates ranging from 2028 to 2041.

The debt encumbered a total of 112 and 120 of our Properties as of September 30, 2025 and December 31, 2024, respectively, and the gross carrying value of such Properties was approximately $ 3,242.4 million and $ 3,268.5 million as of September 30, 2025 and December 31, 2024, respectively.

During the quarter ended June 30, 2025, we repaid $ 86.9 million of principal on eight mortgage loans using our line of credit.

14 unchanged sentences

The maturity date is January 21, 2027, with an interest rate of SOFR plus 0.10 % plus 1.20 % to 1.70 %, depending on leverage levels.

The LOC had a balance of $ 90.0 million and $ 77.0 million outstanding as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025, our LOC had a remaining borrowing capacity of $ 409.9 million.

In July 2025, we repaid $ 90.0 million on amounts outstanding on our LOC.

The LOC had a balance of $ 45.0 million and $ 77.0 million outstanding as of September 30, 2025 and December 31, 2024, respectively.

As of September 30, 2025, our LOC had a remaining borrowing capacity of $ 454.9 million.

The carrying values of our term loans and LOC on the Consolidated Balance Sheets approximate fair value.

As of June 30, 2025, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

As of September 30, 2025, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

Note 9 - Derivative Instruments and Hedging

3 unchanged sentences

We do not enter into derivatives for speculative purposes.

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 9 - Derivative Instruments and Hedging (continued)

In March 2021, we entered into a Swap Agreement (the “2021 Swap”), with a notional amount of $ 300.0 million allowing us to trade the variable interest rate associated with our $ 300 million Term Loan for a fixed interest rate.

3 unchanged sentences

In April 2023, we entered into a Swap Agreement (the “2023 Swap”) with a notional amount of $ 200.0 million allowing us to trade the variable interest rate associated with our $ 200.0 million Term Loan for a fixed interest rate.

The 2023 Swap

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 8 – Derivative Instruments and Hedging (continued)

resulted in a weighted average fixed interest rate of 4.88 % per annum on the $ 200.0 million Term Loan and expires on January 21, 2027.

The 2023 Swap resulted in a weighted average fixed interest rate of 4.88 % per annum on the $ 200.0 million Term Loan and expires on January 21, 2027.

In April 2024, we entered into three Swap Agreements (the “2024 Swaps”) with an aggregate notional value of $ 300.0 million allowing us to trade the variable interest rate associated with our $ 300 million Term Loan for a fixed interest rate with maturity on April 17, 2026.

6 unchanged sentences

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

As of June 30, As of December 31,

As of September 30, As of December 31,

(amounts in thousands) Balance Sheet Location 2025 2024

2 unchanged sentences

The following table presents the amount of (gain)/loss recognized in Other comprehensive income/(loss) on derivatives on the Consolidated Statements of Income and Comprehensive Income (in thousands):

For the quarters ended June 30, For the six months ended June 30,

For the quarters ended September 30, For the nine months ended September 30,

Derivatives in Cash Flow Hedging Relationship 2025 2024 2025 2024

2 unchanged sentences

Derivatives in Cash Flow Hedging Relationship Location of (gain)/ loss reclassified from

Accumulated OCI into income For the quarters ended June 30, For the six months ended June 30,

Accumulated OCI into income For the quarters ended September 30, For the nine months ended September 30,

Interest Rate Swaps Interest Expense 2025 2024 2025 2024

2 unchanged sentences

This estimate may be subject to change as the underlying SOFR changes.

As of June 30, 2025, we had not posted any collateral related to the 2023 Swap or 2025 Swaps.

As of September 30, 2025, we had not posted any collateral related to the 2023 Swap or 2025 Swaps.

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 8 – Derivative Instruments and Hedging (continued)

Note 10 – Deferred Revenue from Membership Upgrades and Deferred Commission Expense

The components of the change in deferred revenue from membership upgrades and deferred commission expense were as follows:

(amounts in thousands)

Six Months Ended June 30, 2025 Six Months Ended June 30, 2024

Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024

Deferred revenue, beginning $ 218,164 $ 206,625

21 unchanged sentences

The 17,418 shares of restricted stock subject to 2025 performance goals have a grant date fair value of $ 1.1 million.

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 10 – Equity Incentive Awards (continued)

During the quarter ended June 30, 2024, we awarded to certain members of our Board of Directors 16,626 shares of restricted stock at a fair value of approximately $ 1.0 million and options to purchase 29,855 shares of common stock with an exercise price of $ 60.29 .

5 unchanged sentences

The 15,062 shares of restricted stock subject to 2024 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 $ 1.8 million for the quarters ended June 30, 2025 and 2024 and $ 3.6 million and $ 3.5 million for the six months ended June 30, 2025 and 2024, respectively.

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 11 – Equity Incentive Awards (continued)

Stock-based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, was $ 1.8 million and $ 1.5 million for the quarters ended September 30, 2025 and 2024, respectively, and $ 5.4 million and $ 5.0 million for the nine months ended September 30, 2025 and 2024, respectively.

Note 12 – Commitments and Contingencies

13 unchanged sentences

We believe that the Datacomp Litigation is without merit, and we intend to vigorously defend our interests in this matter.

As of June 30, 2025 , we have not made an accrual, as we are unable to predict the outcome of this matter or reasonably estimate any possible loss.

As of September 30, 2025 , we have not made an accrual, as we are unable to predict the outcome of this matter or reasonably estimate any possible loss.

Note 13 – Reportable Segments

4 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 or six months ended June 30, 2025 or 2024.

All revenues were from external customers, and there is no customer who contributed 10% or more of our total revenues during the quarters or nine months ended September 30, 2025 or 2024.

Equity LifeStyle Properties, Inc.

1 unchanged sentence

Note 13 – Reportable Segments (continued)

The following tables summarize our segment financial information for the quarters and six months ended June 30, 2025 and 2024:

Quarter Ended June 30, 2025

The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2025 and 2024:

Quarter Ended September 30, 2025

(amounts in thousands) Property

6 unchanged sentences

Depreciation and amortization ( 52,313 )

Loss on sale of real estate and impairment, net ( 683 )

Gain/(Loss) on sale of real estate and impairment, net 31

Interest income 2,770

8 unchanged sentences

Capital improvements $ 66,072 $ 5,202 $ 71,274

Quarter Ended June 30, 2024

Quarter Ended September 30, 2024

(amounts in thousands) Property

6 unchanged sentences

Depreciation and amortization ( 50,934 )

Gain/(Loss) on sale of real estate and impairment, net ( 1,798 )

Interest income (1)

5 unchanged sentences

Equity in income of unconsolidated joint ventures 5,874

Early debt retirement ( 30 )

Consolidated net income $ 86,863

6 unchanged sentences

Note 13 – Reportable Segments (continued)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

(amounts in thousands) Property

6 unchanged sentences

Depreciation and amortization ( 155,904 )

Loss on sale of real estate and impairment, net ( 683 )

Gain/(Loss) on sale of real estate and impairment, net ( 652 )

Interest income 7,210

8 unchanged sentences

Capital improvements $ 165,585 $ 10,348 $ 175,933

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(amounts in thousands) Property

6 unchanged sentences

Depreciation and amortization ( 153,386 )

Gain/(Loss) on sale of real estate and impairment, net ( 1,798 )

Interest income (1)

5 unchanged sentences

Equity in income of unconsolidated joint ventures 6,736

Early debt retirement ( 30 )

Consolidated net income $ 284,261

6 unchanged sentences

Note 13 – Reportable Segments (continued)

The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2025 and 2024:

Quarters Ended June 30, Six Months Ended June 30,

The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2025 and 2024:

Quarters Ended September 30, Nine Months Ended September 30,

(amounts in thousands) 2025 2024 2025 2024

16 unchanged sentences

NOI $ 184,002 $ 174,087 $ 553,822 $ 528,354

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2025 and 2024:

Quarters Ended June 30, Six Months Ended June 30,

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2025 and 2024:

Quarters Ended September 30, Nine Months Ended September 30,

(amounts in thousands) 2025 2024 2025 2024

12 unchanged sentences

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