EQUITY LIFESTYLE PROPERTIES INC 10-Q

Item 1. Financial Statements Equity LifeStyle Properties, Inc. Consolidated Balance Sheets (amounts in thousands, except share and per share data) September 30, 2025 December 31, 2024 (unaudited) Assets Investment in real estate: Land $ 2,088,463 $ 2,088,682 Land improvements 4,739,532 4,582,815 Buildings and other depreciable property 1,280,579 1,244,193 8,108,574 7,915,690 Accumulated depreciation ( 2,787,438 ) ( 2,639,538 ) Net investment in real estate 5,321,136 5,276,152 Cash and restricted cash 39,291 24,576 Notes receivable, net 96,846 50,726 Investment in unconsolidated joint ventures 87,011 83,772 Deferred commission expense 58,530 56,516 Other assets, net 144,367 153,910 Total Assets $ 5,747,181 $ 5,645,652 Liabilities and Equity Liabilities: Mortgage notes payable, net $ 2,794,804 $ 2,928,292 Term loans, net 437,250 199,344 Unsecured line of credit 45,000 77,000 Accounts payable and other liabilities 196,958 159,225 Deferred membership revenue 224,877 229,301 Accrued interest payable 10,926 10,679 Rents and other customer payments received in advance and security deposits 122,470 122,448 Distributions payable 103,143 95,577 Total Liabilities 3,935,428 3,821,866 Equity: Stockholders’ Equity: 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 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. 1,988 1,962 Paid-in capital 1,979,547 1,951,430 Distributions in excess of accumulated earnings ( 225,682 ) ( 214,979 ) Accumulated other comprehensive income/(loss) ( 2,594 ) 2,303 Total Stockholders’ Equity 1,753,259 1,740,716 Non-controlling interests – Common OP Units 58,494 83,070 Total Equity 1,811,753 1,823,786 Total Liabilities and Equity $ 5,747,181 $ 5,645,652 The accompanying notes are an integral part of the consolidated financial statements. 3 Equity LifeStyle Properties, Inc. Consolidated Statements of Income and Comprehensive Income (amounts in thousands, except per share data) (unaudited) Quarters Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues: Rental income $ 327,437 $ 314,468 $ 967,930 $ 931,854 Annual membership subscriptions 17,868 16,714 51,112 49,298 Membership upgrade revenue 3,120 4,173 9,292 12,170 Other income 15,220 16,440 47,248 48,186 Gross revenues from home sales, brokered resales and ancillary services 24,927 30,839 68,648 98,457 Interest income 2,770 2,430 7,210 7,018 Income from other investments, net 1,972 2,192 6,074 6,860 Total revenues 393,314 387,256 1,157,514 1,153,843 Expenses: Property operating and maintenance 133,243 129,010 379,654 369,898 Real estate taxes 20,585 20,731 64,073 61,617 Membership sales and marketing 4,199 6,448 12,192 17,871 Property management 20,277 20,165 61,430 59,311 Depreciation and amortization 52,313 50,934 155,904 153,386 Cost of home sales, brokered resales and ancillary services 17,474 22,051 47,642 71,668 Home selling expenses and ancillary operating expenses 7,186 7,336 20,342 20,955 General and administrative 8,791 9,274 28,485 30,248 Casualty-related charges/(recoveries), net ( 3,748 ) 591 ( 4,072 ) ( 20,422 ) 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 Total expenses 294,690 304,469 865,175 874,520 Income before other items 98,624 82,787 292,339 279,323 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 Consolidated net income 100,363 86,863 298,249 284,261 Income allocated to non-controlling interests – Common OP Units ( 3,233 ) ( 4,042 ) ( 12,211 ) ( 13,230 ) Redeemable perpetual preferred stock dividends — — ( 8 ) ( 8 ) Net income available for Common Stockholders $ 97,130 $ 82,821 $ 286,030 $ 271,023 Consolidated net income $ 100,363 $ 86,863 $ 298,249 $ 284,261 Other comprehensive income/(loss): Adjustment for fair market value of swaps ( 584 ) ( 10,056 ) ( 4,897 ) ( 10,825 ) Consolidated comprehensive income 99,779 76,807 293,352 273,436 Comprehensive income allocated to non-controlling interests – Common OP Units ( 3,215 ) ( 3,575 ) ( 11,998 ) ( 12,727 ) Redeemable perpetual preferred stock dividends — — ( 8 ) ( 8 ) Comprehensive income attributable to Common Stockholders $ 96,564 $ 73,232 $ 281,346 $ 260,701 Earnings per Common Share – Basic $ 0.50 $ 0.44 $ 1.49 $ 1.45 Earnings per Common Share – Fully Diluted $ 0.50 $ 0.44 $ 1.49 $ 1.45 Weighted average Common Shares outstanding – Basic 193,004 186,327 191,640 186,311 Weighted average Common Shares outstanding – Fully Diluted 200,126 195,510 200,098 195,507 The accompanying notes are an integral part of the consolidated financial statements. 4 Equity LifeStyle Properties, Inc. Consolidated Statements of Changes in Equity (amounts in thousands) (unaudited) 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, 2024 $ 1,962 $ 1,951,430 $ — $ ( 214,979 ) $ 2,303 $ 83,070 $ 1,823,786 Issuance of Common Stock through employee stock purchase plan — 391 — — — — 391 Compensation expenses related to restricted stock and stock options — 1,771 — — — — 1,771 Repurchase of Common Stock or Common OP Units — ( 2,258 ) — — — — ( 2,258 ) Adjustment for Common OP Unitholders in the Operating Partnership — 118 — — — ( 118 ) — Adjustment for fair market value of swap — — — — ( 1,629 ) — ( 1,629 ) Consolidated net income — — — 109,192 — 5,201 114,393 Distributions — — — ( 98,439 ) — ( 4,689 ) ( 103,128 ) Other — ( 61 ) — — — — ( 61 ) Balance as of March 31, 2025 $ 1,962 $ 1,951,391 $ — $ ( 204,226 ) $ 674 $ 83,464 $ 1,833,265 Exchange of Common OP Units for Common Stock — 396 — — — ( 397 ) ( 1 ) Issuance of Common Stock through employee stock purchase plan — 355 — — — — 355 Compensation expenses related to restricted stock and stock options — 1,812 — — — — 1,812 Adjustment for Common OP Unitholders in the Operating Partnership — 40 — — — ( 40 ) — Adjustment for fair market value of swap — — — — ( 2,684 ) — ( 2,684 ) Consolidated net income — — 8 79,708 — 3,777 83,493 Distributions — — ( 8 ) ( 98,474 ) — ( 4,666 ) ( 103,148 ) Other — ( 140 ) — — — — ( 140 ) 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. 5 Equity LifeStyle Properties, Inc. Consolidated Statements of Changes in Equity (continued) (amounts in thousands) (unaudited) 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, 2023 $ 1,917 $ 1,644,319 $ — $ ( 223,576 ) $ 6,061 $ 69,900 $ 1,498,621 Issuance of Common Stock through employee stock purchase plan — 382 — — — — 382 Compensation expenses related to restricted stock and stock options — 1,716 — — — — 1,716 Repurchase of Common Stock or Common OP Units — ( 1,908 ) — — — — ( 1,908 ) Adjustment for Common OP Unitholders in the Operating Partnership — 58 — — — ( 58 ) — Adjustment for fair market value of swap — — — — ( 781 ) — ( 781 ) Consolidated net income — — — 109,905 — 5,366 115,271 Distributions — — — ( 89,050 ) — ( 4,348 ) ( 93,398 ) Other — ( 157 ) — — — — ( 157 ) Balance as of March 31, 2024 $ 1,917 $ 1,644,410 $ — $ ( 202,721 ) $ 5,280 $ 70,860 $ 1,519,746 Issuance of Common Stock through employee stock purchase plan — 382 — — — — 382 Compensation expenses related to restricted stock and stock options — 1,767 — — — — 1,767 Adjustment for Common OP Unitholders in the Operating Partnership — ( 76 ) — — — 76 — Adjustment for fair market value of swap — — — — 12 — 12 Consolidated net income — — 8 78,297 — 3,822 82,127 Distributions — — ( 8 ) ( 89,062 ) — ( 4,347 ) ( 93,417 ) Other — ( 323 ) — — — — ( 323 ) 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. 6 Equity LifeStyle Properties, Inc. Consolidated Statements of Cash Flows (amounts in thousands) (unaudited) Nine Months Ended September 30, 2025 2024 Cash Flows From Operating Activities: Consolidated net income $ 298,249 $ 284,261 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Loss on sale of real estate and impairment, net 652 1,798 Early debt retirement — 30 Depreciation and amortization 159,562 157,492 Amortization of loan costs 3,811 3,989 Equity in (income)/loss of unconsolidated joint ventures ( 6,562 ) ( 6,736 ) Distributions of income from unconsolidated joint ventures 252 1,331 Proceeds from insurance claims, net ( 4,010 ) ( 18,971 ) Compensation expense related to incentive plans 7,550 7,226 Revenue recognized from membership upgrade sales upfront payments ( 10,054 ) ( 12,170 ) Commission expense related to memberships 3,549 3,397 Changes in assets and liabilities: Manufactured homes, net ( 29,623 ) 11,379 Notes receivable, net 9,898 ( 5,152 ) Deferred commission expense ( 5,563 ) ( 5,806 ) Other assets, net 5,065 ( 3,914 ) Accounts payable and other liabilities 33,259 44,659 Deferred membership revenue 5,630 26,697 Rents and other customer payments received in advance and security deposits 22 1,894 Net cash provided by operating activities 471,687 491,404 Cash Flows From Investing Activities: Real estate acquisitions, net — ( 24 ) Investment in unconsolidated joint ventures ( 9,494 ) ( 9,299 ) Distributions of capital from unconsolidated joint ventures 11,943 14,113 Proceeds from insurance claims, net 5,874 18,933 Issuance of notes receivable ( 56,110 ) — Capital improvements ( 175,933 ) ( 175,629 ) Net cash used in investing activities ( 223,720 ) ( 151,906 ) The accompanying notes are an integral part of the consolidated financial statements. 7 Equity LifeStyle Properties, Inc. Consolidated Statements of Cash Flows (continued) (amounts in thousands) (unaudited) Nine Months Ended September 30, 2025 2024 Cash Flows From Financing Activities: Proceeds from stock options and employee stock purchase plan 1,135 1,158 Distributions: Common Stockholders ( 288,143 ) ( 261,538 ) Common OP Unitholders ( 13,702 ) ( 12,769 ) Preferred Stockholders ( 8 ) ( 8 ) Share based award tax withholding payments ( 2,258 ) ( 1,908 ) Principal payments and mortgage debt repayment ( 135,513 ) ( 48,055 ) Term loan proceeds 240,000 — Line of credit repayment ( 694,500 ) ( 382,000 ) Line of credit proceeds 662,500 383,500 Debt issuance and defeasance costs ( 2,494 ) ( 6,857 ) Other ( 269 ) ( 560 ) Net cash used in financing activities ( 233,252 ) ( 329,037 ) Net increase in cash and restricted cash 14,715 10,461 Cash and restricted cash, beginning of period 24,576 29,937 Cash and restricted cash, end of period $ 39,291 $ 40,398 Nine Months Ended September 30, 2025 2024 Supplemental Information: Cash paid for interest, net $ 96,639 $ 106,715 Cash paid for the purchase of manufactured homes $ 55,034 $ 36,003 Real estate acquisitions: Investment in real estate $ — $ ( 24 ) Real estate acquisitions, net $ — $ ( 24 ) The accompanying notes are an integral part of the consolidated financial statements. 8 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 1 – Organization and Basis of Presentation Equity LifeStyle Properties, Inc. (“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. We provide our customers the opportunity to place manufactured homes and cottages, RVs and/or boats on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas (“Sites”) or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. 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 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. Equity method of accounting is applied to entities in which ELS does not have a controlling interest but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations for Quarterly Reports on Form 10-Q. Accordingly, they do not include all of the information and note disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024. Intercompany balances and transactions have been eliminated. All adjustments to the unaudited interim consolidated financial statements are of a normal, recurring nature and, in the opinion of management, are necessary for a fair presentation of results for these interim periods. Revenues and expenses are subject to seasonal fluctuations, and accordingly, quarterly interim results may not be indicative of full year results. Certain prior period amounts have been reclassified on our unaudited interim consolidated financial statements to conform with current year presentation. Note 2 – Summary of Significant Accounting Policies (a) Revenue Recognition Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Leases with customers renting our Sites are accounted for as operating leases. The rental income associated with these leases is accounted for in accordance with Accounting Standards Codification (“ASC”) 842 , Leases, and is recognized over the term of the respective lease or the length of a customer’s stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. RV and marina Sites are leased to those who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those customers renting marina dry storage slips. Annual Sites are leased on an annual basis, including those Northern Properties that are open for the summer season. Seasonal Sites are leased to customers generally for one to six months . Transient Sites are leased to customers on a short-term basis. We do not separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental income as we meet the practical expedient criteria of ASC 842 , Leases , to combine the lease and non-lease components. We assessed the criteria and concluded that the timing and pattern of transfer for rental income and the associated utility recoveries are the same and, as our leases qualify as operating leases, we account for and present rental income and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income. In addition, customers may lease homes that are located in our communities. These leases are accounted for as operating leases. Rental income derived from customers leasing homes is also accounted for in accordance with ASC 842 , Leases , and is recognized over the term of the respective lease. The change in allowance for credit losses related to the collectability of lease receivables is presented as a reduction to Rental income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. The estimate for credit losses is a result of our ongoing assessments and evaluations of collectability, including historical loss experience, current market conditions and future expectations in forecasting credit losses. 9 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 2 – Summary of Significant Accounting Policies (continued) Annual membership subscriptions and membership upgrades are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Upgraded memberships provide enhanced benefits for members in good standing, including longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties. Beginning in the first quarter of 2025, membership upgrade product offerings include two - to four-year term subscription products, that require a non-refundable upfront deposit. Prior to the introduction of subscription-based upgrade products, membership upgrades required non-refundable upfront payments, and members in good standing are entitled to enhanced benefits for as long as they choose to remain in the program. Membership subscriptions, including subscription-based membership upgrades, are presented within Annual membership subscriptions on the Consolidated Statements of Income and Comprehensive Income. Payments for membership subscriptions are deferred and recognized on a straight-line basis over the period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Non-refundable upfront payments are recognized on a straight-line basis over 24 years and are presented within Membership upgrade revenue on the Consolidated Statements of Income and Comprehensive Income. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Revenue from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. (b) Restricted Cash 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. (c) Fair Value of Financial Instruments We disclose the estimated fair value of our financial instruments according to a fair value hierarchy. The valuation hierarchy is based on the transparency of the lowest level of input that is significant to the valuation of an asset or a liability as of the measurement date. The three levels are defined as follows: Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying values of cash and restricted cash, accounts receivable and accounts payable approximate their fair market values due to the short-term nature of these instruments. The carrying value of the notes receivable approximates the fair market value as the interest rates are generally comparable to current market rates. Notes receivable includes a term loan made to RVC, an equity method investment of the Company, in the amount of $ 56.1 million, which is secured by the underlying Properties within the joint venture. Refer to Note 7. Investment in Unconsolidated Joint Ventures. The fair market value of mortgage notes payable, the term loans and interest rate derivatives are measured with Level 2 inputs using quoted prices and observable inputs from similar liabilities as disclosed in Note 8. Borrowing Arrangements and Note 9. Derivative Instruments and Hedging . We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions. (d) Insurance Recoveries 10 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 2 – Summary of Significant Accounting Policies (continued) We carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business interruption claims on all of our Properties. We record the estimated amount of expected insurance proceeds for property damage, clean-up costs and other losses incurred as an asset (typically a receivable from our insurance carriers) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. 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 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 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 (“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. This update is effective for annual periods beginning after December 15, 2026, with early adoption being permitted. We are currently evaluating the impact of ASU 2024-03 on our consolidated financial statements. Note 3 – Leases Lessor The leases entered into between a customer and us for rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain other factors. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. 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 September 30, 2025 2025 $ 21,782 2026 84,968 2027 64,337 2028 30,167 2029 25,079 Thereafter 47,519 Total $ 273,852 11 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 3 – Leases (continued) Lessee We lease land under non-cancelable operating leases at 14 Properties expiring on various dates between 2028 and 2056. 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 2033. 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. 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 September 30, 2025: As of September 30, 2025 (amounts in thousands) Ground Leases Office and Other Leases Total 2025 $ 414 $ 2,231 $ 2,645 2026 686 3,966 4,652 2027 691 3,417 4,108 2028 687 3,037 3,724 2029 629 3,068 3,697 Thereafter 3,134 7,859 10,993 Total undiscounted rental payments 6,241 23,578 29,819 Less imputed interest ( 1,604 ) ( 3,528 ) ( 5,132 ) 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 $ 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. 12 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 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 Numerators: Net income available for Common Stockholders – Basic $ 97,130 $ 82,821 $ 286,030 $ 271,023 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 Denominators: Weighted average Common Shares outstanding – Basic 193,004 186,327 191,640 186,311 Effect of dilutive securities: Exchange of Common OP Units for Common Shares 7,065 9,105 8,412 9,105 Stock options and restricted stock 57 78 46 91 Weighted average Common Shares outstanding and OP Units – Fully Diluted 200,126 195,510 200,098 195,507 Earnings per Common Share – Basic $ 0.50 $ 0.44 $ 1.49 $ 1.45 Earnings per Common Share – Fully Diluted $ 0.50 $ 0.44 $ 1.49 $ 1.45 Note 5 – Common Stock and Other Equity Related Transactions Common Stockholder Distribution Activity The following quarterly distributions have been declared and paid to Common Stockholders and the Operating Partnership unit (“OP Unit”) holders since January 1, 2024: Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $ 0.4775 March 31, 2024 March 28, 2024 April 12, 2024 $ 0.4775 June 30, 2024 June 28, 2024 July 12, 2024 $ 0.4775 September 30, 2024 September 27, 2024 October 11, 2024 $ 0.4775 December 31, 2024 December 27, 2024 January 10, 2025 $ 0.5150 March 31, 2025 March 28, 2025 April 11, 2025 $ 0.5150 June 30, 2025 June 27, 2025 July 11, 2025 $ 0.5150 September 30, 2025 September 26, 2025 October 10, 2025 Exchanges 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 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 September 30, 2025, the full capacity of our ATM equity offering program remained available for issuance. 13 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 6 – Investment in Real Estate Dispositions 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. Impairment 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 The following table summarizes our investments in unconsolidated joint ventures (investment and income/(loss) amounts in thousands): Investment as of Investment September 30, 2025 December 31, 2024 RVC (a) $ 58,054 $ 61,505 Other (b) 28,957 22,267 $ 87,011 $ 83,772 Income/(Loss) for the Quarters Ended Income/(Loss) for the Nine Months Ended Investment Location Number of Sites Economic Interest (c) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 RVC (a) Various 1,489 80 % $ ( 252 ) $ ( 255 ) $ ( 2,061 ) $ ( 801 ) Other (b) Various 2,417 49 % to 65 % 1,960 6,129 8,623 7,537 3,906 $ 1,708 $ 5,874 $ 6,562 $ 6,736 _____________________ (a) Includes three joint ventures which include eight operating RV communities and one RV property under development. (b) Includes various other joint ventures. (c) The percentages shown approximate our economic interest as of September 30, 2025. Our legal ownership interest may differ. We do not exercise control over these entities. During the quarter ended June 30, 2025, we made a $ 56.1 million term loan to RVC, which is presented within Notes receivable, net on the Consolidated Balance Sheets. The joint venture used the proceeds to repay its senior secured loan at maturity on June 17, 2025. 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. 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. 14 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 8 – Borrowing Arrangements Mortgage Notes Payable Our mortgage notes payable are classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our mortgage notes payable: As of September 30, 2025 As of December 31, 2024 (amounts in thousands) Fair Value Carrying Value Fair Value Carrying Value 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 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. These mortgage loans had a weighted average interest rate of 3.45 % per annum and were secured by four RV communities and four MH communities. Unsecured Debt During the quarter ended June 30, 2025, we entered into a $ 240.0 million unsecured term loan agreement (the “$ 240 million Term Loan”) and drew $ 150.0 million and $ 90.0 million in May 2025 and July 2025, respectively. The $ 240 million Term Loan bears interest at a rate of SOFR plus 1.20 % to 1.70 % depending on leverage levels and matures on May 15, 2030. We previously entered into a Third Amended and Restated Credit Agreement (“Credit Agreement”), pursuant to which we have access to a $ 500.0 million unsecured line of credit (“LOC”) and had access to a $ 300.0 million senior unsecured term loan (the “$ 300 million Term Loan”). We have the option to increase the borrowing capacity of the LOC by $ 200.0 million, subject to certain conditions. On March 1, 2023, we amended the Credit Agreement to transition the LIBOR rate borrowings to SOFR borrowings. The LOC bears interest at a rate of SOFR plus 0.10 % plus 1.25 % to 1.65 % and requires an annual facility fee of 0.20 % to 0.35 %. For both the LOC and the $ 300 million Term Loan, the spread over SOFR is variable based on leverage throughout the respective loan terms. On July 18, 2024, we entered into a Second Amendment to the Third Amended and Restated Credit Agreement (the “Second Amendment”). Pursuant to the Second Amendment, the LOC maturity date was extended to July 18, 2028, and this term can be extended for two additional six-month terms, subject to certain conditions. All other material terms, including interest rate terms, remain the same. On October 3, 2024, we repaid the $ 300 million Term Loan. We previously entered into a $ 200.0 million senior unsecured term loan agreement (the “$ 200.0 million Term Loan”). 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 $ 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 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 Cash Flow Hedges of Interest Rate Risk We record all derivatives at fair value. Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. We do not enter into derivatives for speculative purposes. 15 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. In March 2023, we amended the 2021 Swap agreement to reflect the change in the $ 300 million Term Loan interest rate benchmark from LIBOR to SOFR (see Note 8. Borrowing Arrangements ). The 2021 Swap resulted in a fixed interest rate of 0.41 % per annum on the $ 300 million Term Loan, and expired on March 25, 2024. 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 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. In connection with the repayment of the $ 300 million Term Loan on October 3, 2024 ( Note 8. Borrowing Arrangements ), we terminated the interest rate swap agreements with an aggregate loss of $ 4.4 million. The Company determined that it was probable the hedge forecasted transactions would not occur during the original periods, and therefore, the $ 4.4 million of losses in Accumulated Other Comprehensive Income was reclassified to Early debt retirement in the Consolidated Statements of Income and Comprehensive Income in our 2024 Form 10-K. In May 2025, we entered into six swap agreements (the “2025 Swaps”) with an aggregate notional value of $ 240.0 million allowing us to trade the variable interest rate associated with the $ 240 million Term Loan for a fixed interest rate. The 2025 Swaps resulted in a weighted average fixed interest rate of 4.74 % per annum on the $ 240 million Term Loan and expire on May 15, 2030. Our derivative financial instruments are classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our derivative financial instruments: As of September 30, As of December 31, (amounts in thousands) Balance Sheet Location 2025 2024 Interest Rate Swaps Other assets, net $ — $ 2,303 Interest Rate Swaps Accounts payable and other liabilities $ 2,594 $ — 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 September 30, For the nine months ended September 30, Derivatives in Cash Flow Hedging Relationship 2025 2024 2025 2024 Interest Rate Swaps $ ( 269 ) $ 8,144 $ 2,513 $ 2,168 The following table presents the amount of (gain)/loss reclassified from Accumulated other comprehensive income/(loss) into income on the Consolidated Statements of Income and Comprehensive Income (in thousands): Derivatives in Cash Flow Hedging Relationship Location of (gain)/ loss reclassified from 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 $ ( 853 ) $ ( 1,912 ) $ ( 2,384 ) $ ( 8,657 ) During the next twelve months, we estimate that $ 0.1 million will be reclassified from Accumulated other comprehensive income/(loss) as a decrease to interest expense related to the 2023 Swap and 2025 Swaps. This estimate may be subject to change as the underlying SOFR changes. As of September 30, 2025, we had not posted any collateral related to the 2023 Swap or 2025 Swaps. 16 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements 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) Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Deferred revenue, beginning $ 218,164 $ 206,625 Deferred membership upgrade revenue 5,711 26,404 Revenue recognized from membership upgrades ( 10,054 ) ( 12,170 ) Net increase (decrease) in deferred revenue ( 4,343 ) 14,234 Deferred revenue, ending (a) $ 213,821 $ 220,859 Deferred commission expense, beginning $ 56,516 $ 53,641 Deferred commission expense 5,563 5,806 Commission expense recognized ( 3,549 ) ( 3,397 ) Net increase in deferred commission expense 2,014 2,409 Deferred commission expense, ending $ 58,530 $ 56,050 _____________________ (a) Included in Deferred membership revenue on the Consolidated Balance Sheets. Note 11 – Equity Incentive Awards Our 2024 Equity Incentive Plan (the “2024 Plan”) was adopted by the Board of Directors on February 6, 2024 and approved by our stockholders on April 30, 2024. During the quarter ended June 30, 2025, we awarded to certain members of our Board of Directors 18,227 shares of restricted stock at a fair value of approximately $ 1.2 million and options to purchase 15,680 shares of common stock with an exercise price of $ 63.79 . These are time-based awards subject to various vesting dates between October 29, 2025 and April 29, 2028. During the quarter ended March 31, 2025, 99,765 shares of restricted stock were awarded to certain members of our management team pursuant to the authority set forth in the 2024 Plan. Of these shares, 50 % are time-based awards, with 47,503 shares vesting in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, and with 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027. These time-based awards have a grant date fair value of $ 3.2 million. The remaining 50 % are performance-based awards with 47,506 shares vesting in equal installments on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, and 2,378 shares vesting two thirds on February 3, 2026 and one-third on February 2, 2027, upon meeting performance conditions as established by the Compensation Committee in the year of the vesting period. The performance-based awards are valued using the closing price at the grant date when all the key terms and conditions are known to all parties. The 17,418 shares of restricted stock subject to 2025 performance goals have a grant date fair value of $ 1.1 million. 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 . These are time-based awards subject to various vesting dates between November 1, 2024 and April 30, 2027. During the quarter ended March 31, 2024, 90,378 shares of restricted stock were awarded to certain members of our management team under the 2014 Equity Incentive Plan. Of these shares, 50 % are time-based awards, vesting in equal installments over a three-year period on February 4, 2025, February 3, 2026 and February 7, 2027, respectively, and have a grant date fair value of $ 3.0 million. The remaining 50 % are performance-based awards vesting in equal installments on February 4, 2025, February 3, 2026 and February 7, 2027, respectively, upon meeting performance conditions as established by the Compensation Committee in the year of the vesting period. They are valued using the closing price at the grant date when all the key terms and conditions are known to all parties. The 15,062 shares of restricted stock subject to 2024 performance goals have a grant date fair value of $ 1.0 million. 17 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 We are involved in various legal and regulatory proceedings (“Proceedings”) arising in the ordinary course of business. The Proceedings include, but are not limited to, legal claims made by employees, vendors and customers, and notices, consent decrees, information requests, additional permit requirements and other similar enforcement actions by governmental agencies relating to our utility infrastructure, including water and wastewater treatment plants and other waste treatment facilities and electrical systems. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these Proceedings taken together do not represent a material liability. In addition, to the extent any such Proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor. Beginning on August 31, 2023 through December 4, 2023, certain private party plaintiffs filed several putative class actions in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc. (“Datacomp”) and several owner/operators of manufactured housing communities, including ELS (the “Datacomp Litigation”), alleging that the community owner/operators used JLT Market Reports produced by Datacomp to conspire to raise manufactured home lot rents in violation of Section 1 of the Sherman Act. ELS purchased Datacomp in connection with the MHVillage/Datacomp acquisition during the year ended December 31, 2021. On December 15, 2023, the plaintiffs filed an amended consolidated complaint captioned , In re Manufactured Home Lot Rents Antitrust Litigation, No. 1:23-cv-6715 . Plaintiffs seek both injunctive relief and monetary damages, including attorneys’ fees. The defendants filed a motion to dismiss on January 29, 2024. We believe that the Datacomp Litigation is without merit, and we intend to vigorously defend our interests in this matter. 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 We have identified two reportable segments: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. Each segment is primarily evaluated based on Net Operating Income (“NOI”), which is defined as total operating revenues less total operating expenses. 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 nine months ended September 30, 2025 or 2024. 18 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 13 – Reportable Segments (continued) 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 Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 373,340 $ 15,232 $ 388,572 Operations expenses ( 189,338 ) ( 13,626 ) ( 202,964 ) NOI 184,002 1,606 185,608 Reconciliation to consolidated net income: Depreciation and amortization ( 52,313 ) Gain/(Loss) on sale of real estate and impairment, net 31 Interest income 2,770 Income from other investments, net 1,972 General and administrative ( 8,791 ) Casualty-related charges/(recoveries), net 3,748 Other expenses ( 711 ) Interest and related amortization ( 33,659 ) Equity in income of unconsolidated joint ventures 1,708 Consolidated net income $ 100,363 Total assets $ 5,478,166 $ 269,015 $ 5,747,181 Capital improvements $ 66,072 $ 5,202 $ 71,274 Quarter Ended September 30, 2024 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 362,304 $ 20,330 $ 382,634 Operations expenses ( 188,217 ) ( 17,524 ) ( 205,741 ) NOI 174,087 2,806 176,893 Reconciliation to consolidated net income: Depreciation and amortization ( 50,934 ) Gain/(Loss) on sale of real estate and impairment, net ( 1,798 ) Interest income (1) 2,430 Income from other investments, net 2,192 General and administrative ( 9,274 ) Casualty-related charges/(recoveries), net ( 591 ) Other expenses ( 1,402 ) Interest and related amortization ( 36,497 ) Equity in income of unconsolidated joint ventures 5,874 Early debt retirement ( 30 ) Consolidated net income $ 86,863 Total assets $ 5,397,984 $ 246,135 $ 5,644,119 Capital improvements $ 55,690 $ 2,708 $ 58,398 _____________________ (1) Prior period amounts have been reclassified to conform to the current period presentation. 19 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 13 – Reportable Segments (continued) Nine Months Ended September 30, 2025 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 1,100,807 $ 43,423 $ 1,144,230 Operations expenses ( 546,985 ) ( 38,348 ) ( 585,333 ) NOI 553,822 5,075 558,897 Reconciliation to consolidated net income: Depreciation and amortization ( 155,904 ) Gain/(Loss) on sale of real estate and impairment, net ( 652 ) Interest income 7,210 Income from other investments, net 6,074 General and administrative ( 28,485 ) Casualty-related charges/(recoveries), net 4,072 Other expenses ( 2,530 ) Interest and related amortization ( 96,995 ) Equity in income of unconsolidated joint ventures 6,562 Consolidated net income $ 298,249 Total assets $ 5,478,166 $ 269,015 $ 5,747,181 Capital improvements $ 165,585 $ 10,348 $ 175,933 Nine Months Ended September 30, 2024 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 1,069,027 $ 70,938 $ 1,139,965 Operations expenses ( 540,673 ) ( 60,647 ) ( 601,320 ) NOI 528,354 10,291 538,645 Reconciliation to consolidated net income: Depreciation and amortization ( 153,386 ) Gain/(Loss) on sale of real estate and impairment, net ( 1,798 ) Interest income (1) 7,018 Income from other investments, net 6,860 General and administrative ( 30,248 ) Casualty-related charges/(recoveries), net 20,422 Other expenses (1) ( 3,881 ) Interest and related amortization ( 106,077 ) Equity in income of unconsolidated joint ventures 6,736 Early debt retirement ( 30 ) Consolidated net income $ 284,261 Total assets $ 5,397,984 $ 246,135 $ 5,644,119 Capital improvements $ 165,791 $ 9,838 $ 175,629 _____________________ (1) Prior period amounts have been reclassified to conform to the current period presentation. 20 Equity LifeStyle Properties, Inc. Notes to Consolidated Financial Statements Note 13 – Reportable Segments (continued) 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 Revenues: Rental income $ 323,827 $ 311,072 $ 957,387 $ 921,555 Annual membership subscriptions 17,868 16,714 51,112 49,298 Membership upgrade revenue 3,120 4,173 9,292 12,170 Other income 15,220 16,440 47,248 48,186 Gross revenues from ancillary services 13,305 13,905 35,768 37,818 Total property operations revenues 373,340 362,304 1,100,807 1,069,027 Expenses: Utility expense 45,830 42,998 125,281 120,796 Payroll 32,502 32,247 92,588 92,055 Repairs & maintenance 26,710 26,072 79,094 74,613 Insurance and other 26,837 26,299 78,876 78,099 Real estate taxes 20,585 20,731 64,073 61,617 Membership sales and marketing 4,199 6,448 12,192 17,871 Cost of ancillary services 6,788 7,520 17,410 20,021 Ancillary operating expenses 5,610 5,737 16,041 16,290 Property management 20,277 20,165 61,430 59,311 Total property operations expenses 189,338 188,217 546,985 540,673 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 nine months ended September 30, 2025 and 2024: Quarters Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2025 2024 2025 2024 Revenues: Rental income (1) $ 3,610 $ 3,396 $ 10,543 $ 10,299 Gross revenue from home sales and brokered resales 11,622 16,934 32,880 60,639 Total revenues 15,232 20,330 43,423 70,938 Expenses: Rental home operating and maintenance 1,364 1,394 3,815 4,335 Cost of home sales and brokered resales 10,686 14,531 30,232 51,647 Home selling expenses 1,576 1,599 4,301 4,665 Total expenses 13,626 17,524 38,348 60,647 NOI $ 1,606 $ 2,806 $ 5,075 $ 10,291 ______________________ (1) Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations. 21