What changed in this filing

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Item 1. Financial Statements

2026-04-28 compared with 2025-10-29 · 161 added, 303 removed, 375 unchanged (55% of the section changed)

3 unchanged sentences

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Investment in real estate:

23 unchanged sentences

Stockholders’ Equity:

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

Preferred stock, $ 0.01 par value, 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025;

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.

Common stock, $ 0.01 par value, 600,000,000 shares authorized as of March 31, 2026 and December 31, 2025;

193,931,077 and 193,835,561 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.

Paid-in capital 1,982,024 1,981,540

9 unchanged sentences

(amounts in thousands, except per share data)

Quarters Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Quarters Ended March 31,

Rental income $ 339,046 $ 327,206

16 unchanged sentences

Other expenses 1,233 1,878

Early debt retirement — 30 — 30

Interest and related amortization 33,645 31,136

1 unchanged sentence

Income before other items 112,368 109,492

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

Equity in income/(loss) of unconsolidated joint ventures ( 877 ) 4,901

1 unchanged sentence

Income allocated to non-controlling interests – Common OP Units ( 3,587 ) ( 5,201 )

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

Net income available for Common Stockholders $ 107,904 $ 109,192

4 unchanged sentences

Comprehensive income allocated to non-controlling interests – Common OP Units ( 3,656 ) ( 5,127 )

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

Comprehensive income attributable to Common Stockholders $ 109,987 $ 107,637

9 unchanged sentences

Balance as of December 31, 2025 $ 1,988 $ 1,981,540 $ — $ ( 225,045 ) $ ( 2,208 ) $ 58,551 $ 1,814,826

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 — 22 — — — ( 22 ) —

1 unchanged sentence

Compensation expenses related to restricted stock and stock options — 2,148 — — — — 2,148

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

Repurchase of Common Stock or Common OP Units — ( 1,929 ) — — — — ( 1,929 )

Adjustment for Common OP Unitholders in the Operating Partnership — ( 62 ) — — — 62 —

3 unchanged sentences

Other — ( 70 ) — — — — ( 70 )

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.

Equity LifeStyle Properties, Inc.

Consolidated Statements of Changes in Equity (continued)

(amounts in thousands)

Balance as of March 31, 2026 $ 1,988 $ 1,982,024 $ — $ ( 222,349 ) $ ( 56 ) $ 58,682 $ 1,820,289

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

4 unchanged sentences

Adjustment for Common OP Unitholders in the Operating Partnership — 118 — — — ( 118 ) —

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 — — — — ( 1,629 ) — ( 1,629 )

2 unchanged sentences

Other — ( 61 ) — — — — ( 61 )

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

Balance as of March 31, 2025 $ 1,962 $ 1,951,391 $ — $ ( 204,226 ) $ 674 $ 83,464 $ 1,833,265

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

2 unchanged sentences

(amounts in thousands)

Nine Months Ended September 30,

Quarters Ended March 31,

Cash Flows From Operating Activities:

1 unchanged sentence

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 54,318 52,176

5 unchanged sentences

Revenue recognized from membership upgrade sales upfront payments ( 3,697 ) ( 3,220 )

Commission expense related to memberships 3,549 3,397

Commission expense related to memberships sales 1,705 971

Changes in assets and liabilities:

8 unchanged sentences

Cash Flows From Investing Activities:

Real estate acquisitions, net — ( 24 )

Investment in unconsolidated joint ventures ( 149 ) ( 8,690 )

1 unchanged sentence

Proceeds from insurance claims, net — 4,167

Issuance of notes receivable ( 56,110 ) —

Capital improvements ( 45,285 ) ( 45,202 )

4 unchanged sentences

(amounts in thousands)

Nine Months Ended September 30,

Quarters Ended March 31,

Cash Flows From Financing Activities:

3 unchanged sentences

Common OP Unitholders ( 3,321 ) ( 4,347 )

Preferred Stockholders ( 8 ) ( 8 )

Share based award tax withholding payments ( 1,929 ) ( 2,258 )

Principal payments and mortgage debt repayment ( 16,562 ) ( 16,665 )

Term loan proceeds 240,000 —

Line of credit repayment ( 207,000 ) ( 199,500 )

Line of credit proceeds 191,500 185,500

Debt issuance and defeasance costs ( 2,494 ) ( 6,857 )

Other ( 70 ) ( 61 )

Net cash used in financing activities ( 136,832 ) ( 128,169 )

Net increase in cash and restricted cash 14,715 10,461

Net increase (decrease) in cash and restricted cash 13,104 22,900

Cash and restricted cash, beginning of period 26,132 24,576

Cash and restricted cash, end of period $ 39,236 $ 47,476

Nine Months Ended September 30,

Quarters Ended March 31,

Supplemental Information:

1 unchanged sentence

Cash paid for the purchase of manufactured homes $ 21,962 $ 11,273

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 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 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.

ELS is the sole general partner of the Operating Partnership.

The Operating Partnership meets the criteria as a VIE, where we are the general partner and controlling owner of 96.8 % as of March 31, 2026.

The limited partners do not have substantive kick-out or participating rights.

Our sole significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership.

Additionally, we have the power to direct the Operating Partnership’s activities and the obligation to absorb its losses or the right to receive its benefits.

Accordingly, we are the primary beneficiary, and we have continued to consolidate 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.

11 unchanged sentences

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.

Our MH Sites and annual RV and marina Sites are leased on an annual basis.

Seasonal RV and marina Sites are leased to customers generally for one to six months .

Transient RV and marina Sites are leased to customers on a short-term basis.

Leases with our customers are accounted for as operating leases.

Rental income 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.

We do not separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental revenue as we meet the practical expedient criteria to combine these lease and non-lease components.

We account for and present rental revenue and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income as the timing and pattern of transfer for rental revenue and the associated utility recoveries are the same.

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.

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.

1 unchanged sentence

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.

Beginning in the first quarter of 2025, membership upgrade product offerings include two - to four-year term subscription products.

Prior to the introduction of subscription-based upgrade products, membership upgrades required non-

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 2 – Summary of Significant Accounting Policies (continued)

refundable upfront payments, with an option to finance the upfront payments.

Beginning in the first quarter of 2025, upfront payment upgrade products and related financing options are no longer being offered by the Company, but 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.

1 unchanged sentence

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.

Non-refundable upfront payments on our legacy product offerings 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.

4 unchanged sentences

(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.

As of March 31, 2026 and December 31, 2025, restricted cash consisted of $ 20.4 million and $ 18.2 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

6 unchanged sentences

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.

The carrying value of 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 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 5.

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.

The fair market value of mortgage notes payable, 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 6.

Borrowing Arrangements and Note 7.

Derivative Instruments and Hedging .

Derivative Instruments and Hedging Activities .

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

(d) Allowance for Credit Losses

We account for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for our financial assets, including receivables from tenants, receivables for annual membership subscriptions, notes receivable, contracts receivable and chattel loans, and present the net amount of the financial instrument expected to be collected.

The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions.

Our allowance for credit losses was as follows:

Equity LifeStyle Properties, Inc.

1 unchanged sentence

Note 2 – Summary of Significant Accounting Policies (continued)

For the Quarters Ended March 31,

(amounts in thousands):

Balance, beginning $ 20,064 $ 23,576

Provision for losses 1,876 1,692

Write-offs ( 2,508 ) ( 2,571 )

Balance, ending $ 19,432 $ 22,697

(e) Insurance Recoveries

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

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

Thereafter 47,519

Total $ 273,852

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 3 – Leases (continued)

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.

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

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 are recognized in the period in which the insurance proceeds are received.

During the quarters ended March 31, 2026 and 2025, we recognized debris removal and cleanup costs related to hurricane events of $ 0.1 million and $ 0.8 million, respectively, with $ 0.6 million of insurance recovery revenue accruals related to the expenses during the quarter ended March 31, 2025.

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

During the quarter ended March 31, 2025, we recognized business interruption recovery revenue of approximately $ 1.8 million related to Hurricane Ian.

Note 3 – 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,

Basic and fully diluted earnings per share are based on the weighted average shares outstanding during each period.

The following table sets forth the computation of basic and diluted earnings per share of common stock (“Common Share”):

For the Quarters Ended March 31,

(amounts in thousands, except per share data) 2026 2025

10 unchanged sentences

Earnings per Common Share – Fully Diluted $ 0.56 $ 0.57

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 4 – Common Stock and Other Equity Related Transactions

7 unchanged sentences

$ 0.5425 March 31, 2026 March 27, 2026 April 10, 2026

$ 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 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.

There were 2,406 OP units exchanged for an equal amount of common stock during the quarter ended March 31, 2026.

No OP units were exchanged for Common Stock during the quarter ended March 31, 2025.

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.

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.

On November 1, 2024, we entered into our current 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 March 31, 2026, the full capacity of our ATM equity offering program remained available for issuance.

Note 5 – Investment in Unconsolidated Joint Ventures

1 unchanged sentence

Investment as of

Investment September 30, 2025 December 31, 2024

Investment March 31, 2026 December 31, 2025

$ 55,028 $ 56,638

1 unchanged sentence

$ 83,069 $ 85,041

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

Income/(Loss) for the Quarters Ended (d)

Investment Location Number of Sites Economic

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

March 31, 2026 March 31, 2025

Various 1,490 80 %

3 unchanged sentences

_____________________

(a) Includes three joint ventures which include eight operating RV communities and one RV property under development.

(b) Includes various other joint ventures.

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.

(d) Net of depreciation expense of $ 1.5 million and $ 1.3 million for the quarters ended March 31, 2026 and 2025, respectively .

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 5 – Investment in Unconsolidated Joint Ventures (continued)

Approximately $ 0.6 million and $ 6.8 million of the distributions made to us exceeded our investment basis in joint ventures for the quarters ended March 31, 2026 and 2025, respectively, and as such, were recorded as income from unconsolidated joint ventures for the quarters ended March 31, 2026 and 2025.

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 has an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus 1.35 % to 1.75 %, matures on June 17, 2026 and has an option to extend the maturity date by one year subject to our approval.

As of March 31, 2026, the note receivable balance from RVC is $ 56.1 million.

Note 6 – 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.

The following table presents the carrying value, fair value and weighted average interest rates for our mortgage notes payable (amounts in thousands except percentages):

As of March 31, 2026 As of December 31, 2025

Stated Interest Rate Maturity Date Carrying Value Fair Value Weighted Average Interest Rate Carrying Value Fair Value Weighted Average Interest Rate

Mortgage notes payable 2.44 % to 5.06 %

$ 2,784,304 $ 2,384,988 3.77 % $ 2,800,866 $ 2,404,789 3.77 %

Deferred financing costs, net $ ( 21,044 ) $ ( 21,708 )

Mortgage notes payable, net $ 2,763,260 $ 2,779,158

The following table presents the number of encumbered Properties and the gross carrying value of such Properties (gross carrying value in thousands):

As of March 31, 2026 As of December 31, 2025

Number of Encumbered Properties Gross Carrying Value Number of Encumbered Properties Gross Carrying Value

Encumbered Properties 112 $ 3,284,343 112 $ 3,266,579

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

The following table presents the carrying value, fair value and weighted average interest rates for our unsecured debt (amounts in thousands):

As of March 31, 2026 As of December 31, 2025

Stated Interest Rate Maturity Date Carrying Value (1)

Effective Interest Rate Carrying Value (1)

Effective Interest Rate

$ 240.0 Million Term Loan (2)

SOFR + 1.20 % to 1.70 %

May 15, 2030 $ 240,000 4.74 % $ 240,000 4.74 %

$ 200.0 Million Term Loan

SOFR + 0.10 % + 1.20 % to 1.70 %

January 21, 2027 $ 200,000 4.88 % $ 200,000 4.88 %

Line of Credit Borrowing (3)

SOFR + 0.10 % + 1.25 % to 1.65 %

July 18, 2028 $ 89,500 4.98 % $ 105,000 5.01 %

Deferred financing costs, net $ ( 2,341 ) $ ( 2,545 )

Total unsecured debt, net $ 527,159 $ 542,455

_____________________

(1) Carrying value approximates fair value.

(2) During the year ended December 31, 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.

(3) As of March 31, 2026, our LOC had a remaining borrowing capacity of $ 410.4 million.

As of March 31, 2026, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 7 - Derivative Instruments and Hedging Activities

Cash Flow Hedges of Interest Rate Risk

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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.

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.

To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy.

Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The changes in the fair value of designated derivatives that qualify as a cash flow hedge are recorded in Accumulated other comprehensive income/(loss) on the Consolidated Balance Sheets and subsequently reclassified into earnings on the Consolidated Statements of Income and Comprehensive Income in the period that the hedged forecasted transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item.

For cash flow hedges, this is typically when the periodic swap settlements are made.

Proceeds or payments from premiums and periodic settlements of derivative instruments are classified in the same section of the Consolidated Statements of Cash Flows as the underlying hedged item.

The following table presents the terms of our derivative financial instruments (notional amounts in thousands):

As of March 31, 2026

Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Interest Rate Index Weighted Average Remaining Term (Years)

Interest rate swaps 7 $ 440,000 4.81 % SOFR 2.6

As of December 31, 2025

Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Interest Rate Index Weighted Average Remaining Term (Years)

Interest rate swaps 7 $ 440,000 4.81 % SOFR 2.9

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,

As of March 31, As of December 31,

(amounts in thousands) Balance Sheet Location 2026 2025

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 September 30, For the nine months ended September 30,

Derivatives in Cash Flow Hedging Relationship 2025 2024 2025 2024

Derivatives in Cash Flow Hedging Relationship For the Quarters Ended March 31,

Interest rate swaps $ ( 2,274 ) $ 909

1 unchanged sentence

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,

Accumulated OCI into income For the Quarters Ended March 31,

Interest rate swaps Interest Expense $ ( 122 ) $ ( 721 )

$ ( 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.

During the next twelve months, we estimate that $ 0.3 million will be reclassified from Accumulated other comprehensive income/(loss) as a decrease to interest expense.

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.

As of March 31, 2026, we had not posted any collateral related to the interest rate swaps.

Equity LifeStyle Properties, Inc.

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

As of March 31,

(amounts in thousands)

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

Deferred revenue, beginning $ 211,171 $ 218,164

2 unchanged sentences

Net increase (decrease) in deferred revenue ( 2,712 ) ( 334 )

Deferred revenue, ending (a)

Deferred revenue, ending (1)

$ 208,459 $ 217,830

5 unchanged sentences

_____________________

(a) Included in Deferred membership revenue on the Consolidated Balance Sheets.

(1) Included in Deferred membership revenue on the Consolidated Balance Sheets.

Note 9 – 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.

The table below presents shares issued by the Company (grant date fair value amounts in thousands):

Plan Award Date Time-Based Awards Performance Based Awards Total Awards Grant Date Fair Value

2024 Equity Incentive Plan February 4, 2025 49,881 49,884 99,765 $ 4,372

2024 Equity Incentive Plan April 29, 2025 18,227 — 18,227 $ 1,163

2024 Equity Incentive Plan February 3, 2026 58,739 58,741 117,480 $ 5,418

For the shares awarded on February 4, 2025, 47,503 are time-based awards and vest in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, with the remaining 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 remaining 47,506 shares are performance-based awards and vest in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, subject to the achievement of performance goals, with the remaining 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027.

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.

Time-based awards for the shares under the 2024 Plan granted on April 29, 2025 are subject to various vesting dates between October 29, 2025 and April 28, 2028.

For the shares awarded on February 3, 2026, 49,375 are time-based awards and vest in equal installments over a three-year period on February 2, 2027, February 1, 2028 and February 6, 2029, respectively, with a separate additional 9,364 shares vesting on February 2, 2027.

These time-based awards have a grant date fair value of $ 3.8 million.

The remaining 58,741 shares are performance based, with 49,376 of those shares vesting in equal installments over a three-year period on February 2, 2027, February 1, 2028 and February 6, 2029, respectively, subject to the achievement of performance goals, with a separate additional 9,365 shares vesting on February 2, 2027, subject to the achievement of performance goals.

The 25,822 shares of restricted stock subject to 2026 performance goals have a grant date fair value of $ 1.7 million.

The table below provides the amount of stock-based compensation expense reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income:

For the Quarters Ended March 31,

(amount in thousands) 2026 2025

Stock-Based Compensation Expense $ 2,148 $ 1,771

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 10 – Commitments and Contingencies

12 unchanged sentences

The defendants filed a motion to dismiss on January 29, 2024.

On December 4, 2025, the Court granted defendants’ motion to dismiss without prejudice.

On January 26, 2026, plaintiffs filed an amended complaint, and defendants filed a motion to dismiss on March 31, 2026.

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.

As of March 31, 2026 , we have not made an accrual, as we are unable to predict the outcome of this matter or reasonably estimate any possible loss.

Note 11 - Reportable Segments

3 unchanged sentences

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.

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

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

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)

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.

Segments are assessed before interest income and depreciation and amortization.

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

All revenues were from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2026 or 2025.

Equity LifeStyle Properties, Inc.

1 unchanged sentence

Note 11 – Reportable Segments (continued)

Nine Months Ended September 30, 2025

The following tables summarize our segment financial information:

Quarter Ended March 31, 2026

(amounts in thousands) Property

6 unchanged sentences

Depreciation and amortization ( 53,136 )

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

Interest income 2,191

4 unchanged sentences

Interest and related amortization ( 33,645 )

Equity in income of unconsolidated joint ventures 6,562

Equity in income/(loss) of unconsolidated joint ventures ( 877 )

Consolidated net income $ 111,491

1 unchanged sentence

Capital improvements $ 40,645 $ 4,640 45,285

Nine Months Ended September 30, 2024

Quarter Ended March 31, 2025

(amounts in thousands) Property

6 unchanged sentences

Depreciation and amortization ( 50,942 )

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

Interest income 2,238

4 unchanged sentences

Interest and related amortization ( 31,136 )

Equity in income of unconsolidated joint ventures 6,736

Early debt retirement ( 30 )

Equity in income/(loss) of unconsolidated joint ventures 4,901

Consolidated net income $ 114,393

1 unchanged sentence

Capital improvements $ 43,531 $ 1,671 45,202

_____________________

(1) Prior period amounts have been reclassified to conform to the current period presentation.

Equity LifeStyle Properties, Inc.

1 unchanged sentence

Note 11 – 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,

The following table summarizes our financial information for the Property Operations segment:

For the Quarters Ended March 31,

(amounts in thousands) 2026 2025

7 unchanged sentences

Payroll 28,440 28,271

Repairs & maintenance 26,710 26,072 79,094 74,613

Repairs and maintenance 24,425 22,889

Insurance and other 25,639 25,989

6 unchanged sentences

NOI $ 207,170 $ 196,355

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,

The following table summarizes our financial information for the Home Sales and Rentals Operations segment:

For the Quarters Ended March 31,

(amounts in thousands) 2026 2025

1 unchanged sentence

$ 3,794 $ 3,393

Gross revenue from home sales and brokered resales 11,622 16,934 32,880 60,639

Gross revenues from home sales and brokered resales 8,917 10,599

Total revenues 12,711 13,992

8 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