EQUITY LIFESTYLE PROPERTIES INC 10-Q

Item 1A. Risk Factors A description of the risk factors associated with our business are discussed in Item 1A. Risk Factors in our 2024 Form 10-K and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. We have updated those risk factors with the risk factor described below. The Economic Performance and Value of Our Properties Are Subject to Risks Associated with the Real Estate Industry. The economic performance and value of our Properties could be adversely affected by various factors, many of which are outside of our control. These factors include but are not limited to the following: • changes in the global, national, regional and/or local economies; • the attractiveness of our Properties to customers, competition from other MH and RV communities and lifestyle-oriented properties and marinas and alternative forms of housing (such as apartment buildings and site-built single family homes); • the ability of MH, RV and boat manufacturers to adapt to changes in the economy and the availability of units from these manufacturers; • the ability of our potential customers to sell or lease their existing residences in order to purchase homes or cottages at our Properties, and heightened price sensitivity for seasonal and second homebuyers; • the ability of our potential customers to obtain financing on the purchase of manufactured homes and cottages, RVs and/or boats; • our ability to attract new customers and retain them for our membership subscriptions and upgrade sales business; • our ability to collect payments from customers and pay or control operating costs, including real estate taxes and insurance; • the ability of our assets to generate income sufficient to pay our expenses, service our debt and maintain our Properties; • our ability to diversify, reconfigure our portfolio promptly in response to changing economic or other conditions and sell our Properties timely due to the illiquid nature of real estate investments; • unfavorable weather conditions, especially on holiday weekends in the spring and summer months, which are peak business periods for our transient customers; • changes in weather patterns and the occurrence of natural disasters or catastrophic events, including acts of war and terrorist attacks; • fluctuations in the exchange rate of the U.S. dollar to other currencies, primarily the Canadian dollar due to Canadian customers, who frequently visit our southern Properties; • changes in U.S. social, economic and political conditions, laws and governmental regulations, including policies governing rent control, fair and equitable access to housing, property zoning, taxation, minimum wages, chattel financing, health care, foreign trade, tariffs, regulatory compliance, manufacturing, development and investment, as well as the impact of those on U.S. and Canadian relations and customer sentiment, which may influence decisions to visit our Properties or continue tenancy; • an inflationary environment in which the costs to operate and maintain our communities increase at a rate greater than our ability to increase rents; • a recession or economic downturn; • supply chain disruptions and tightening labor markets, which have affected and could affect our ability to obtain materials and skilled labor timely without incurring significant costs or delays for any development and expansion activities; • fiscal policies, instability or inaction at the U.S. federal government level, which may lead to federal government shutdowns or negative impacts on the U.S. economy; • adverse outcomes of litigation; • public health crises, such as highly infectious or contagious diseases, which have had and could in the future have an adverse effect on our business; and • the realization of any other risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2024 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. 40 Changes in or the occurrence of any of these factors could adversely affect our financial condition, results of operations, market price of our common stock and our ability to make expected distributions to our stockholders or result in claims, including, but not limited to, foreclosure by a lender in the event of our inability to service our debt. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds None. Item 3. Defaults Upon Senior Securities None. Item 4. Mine Safety Disclosures None.