What changed in this filing

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Item 1. Financial Statements

2026-07-28 compared with 2026-04-28 · 182 added, 72 removed, 464 unchanged (35% of the section changed)

3 unchanged sentences

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

March 31, 2026 December 31, 2025

June 30, 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 March 31, 2026 and December 31, 2025;

Preferred stock, $ 0.01 par value, 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025;

none issued and outstanding.

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.

Common stock, $ 0.01 par value, 600,000,000 shares authorized as of June 30, 2026 and December 31, 2025;

193,972,195 and 193,835,561 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.

Paid-in capital 1,984,545 1,981,540

9 unchanged sentences

(amounts in thousands, except per share data)

Quarters Ended March 31,

Quarters Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Rental income $ 330,430 $ 313,287 $ 669,476 $ 640,493

19 unchanged sentences

Income before other items 99,357 84,223 211,725 193,715

Gain /(Loss) on sale of real estate and impairment, net ( 507 ) ( 683 ) ( 507 ) ( 683 )

Equity in income/(loss) of unconsolidated joint ventures 668 ( 47 ) ( 209 ) 4,854

1 unchanged sentence

Income allocated to non-controlling interests – Common OP Units ( 3,194 ) ( 3,777 ) ( 6,781 ) ( 8,978 )

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

Net income available for Common Stockholders $ 96,316 $ 79,708 $ 204,220 $ 188,900

4 unchanged sentences

Comprehensive income allocated to non-controlling interests – Common OP Units ( 3,290 ) ( 3,656 ) ( 6,946 ) ( 8,783 )

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

Comprehensive income attributable to Common Stockholders $ 99,176 $ 77,145 $ 209,163 $ 184,782

19 unchanged sentences

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

Exchange of Common OP Units for Common Stock — 118 — — — ( 118 ) —

Issuance of Common Stock through employee stock purchase plan — 602 — — — — 602

Compensation expenses related to restricted stock and stock options — 2,187 — — — — 2,187

Adjustment for Common OP Unitholders in the Operating Partnership — ( 168 ) — — — 168 —

Adjustment for fair market value of swaps — — — — 2,956 — 2,956

Consolidated net income — — 8 96,316 — 3,194 99,518

Distributions — — ( 8 ) ( 105,230 ) — ( 3,491 ) ( 108,729 )

Other — ( 218 ) — — — — ( 218 )

Balance as of June 30, 2026 $ 1,988 $ 1,984,545 $ — $ ( 231,263 ) $ 2,900 $ 58,435 $ 1,816,605

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

Equity LifeStyle Properties, Inc.

Consolidated Statements of Changes in Equity

(amounts in thousands)

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

9 unchanged sentences

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 swaps — — — — ( 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

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

2 unchanged sentences

(amounts in thousands)

Quarters Ended March 31,

Six Months Ended June 30,

Cash Flows From Operating Activities:

1 unchanged sentence

Adjustments to reconcile consolidated net income to net cash provided by operating activities:

(Gain)/Loss on sale of real estate and impairment, net 507 683

Depreciation and amortization 109,092 106,044

16 unchanged sentences

Cash Flows From Investing Activities:

Real estate acquisitions, net of cash acquired ( 1,344 ) —

Investment in unconsolidated joint ventures ( 292 ) ( 8,904 )

1 unchanged sentence

Proceeds from insurance claims, net — 4,411

Issuance of notes receivable — ( 56,110 )

Capital improvements ( 109,459 ) ( 104,659 )

4 unchanged sentences

(amounts in thousands)

Quarters Ended March 31,

Six Months Ended June 30,

Cash Flows From Financing Activities:

3 unchanged sentences

Common OP Unitholders ( 6,818 ) ( 9,036 )

Preferred Stockholders ( 8 ) ( 8 )

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

Principal payments and mortgage debt repayment ( 33,107 ) ( 119,455 )

Term loan proceeds — 150,000

Line of credit repayment ( 401,000 ) ( 526,000 )

Line of credit proceeds 423,500 539,000

Debt issuance and defeasance costs — ( 2,494 )

Other ( 288 ) ( 199 )

3 unchanged sentences

Cash and restricted cash, end of period $ 35,629 $ 33,008

Quarters Ended March 31,

Six Months Ended June 30,

Supplemental Information:

12 unchanged sentences

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 Operating Partnership meets the criteria as a VIE, where we are the general partner and controlling owner of 96.8 % as of June 30, 2026.

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

11 unchanged sentences

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

7 unchanged sentences

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.

We account for and present rental revenue and utility recoveries as a single component under Rental income in the 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.

4 unchanged sentences

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-

Prior to the introduction of subscription-based upgrade products, membership upgrades required non-refundable upfront payments, with an option to finance the upfront payments.

Beginning in the first quarter of 2025, upfront

Equity LifeStyle Properties, Inc.

1 unchanged sentence

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.

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 in 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 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.

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 in 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 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.

As of June 30, 2026 and December 31, 2025, restricted cash consisted of $ 24.1 million and $ 18.2 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

7 unchanged sentences

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.

As of December 31, 2025, notes receivable included a $ 56.1 million term loan made to RVC Core, LLC, an equity method investment of the Company, which was secured by the underlying Properties within the joint venture.

During the quarter ended June 30, 2026, the $ 56.1 million term loan was eliminated in consolidation upon the acquisition of the remaining 20 % ownership interest in RVC Core, LLC.

Refer to Note 5.

Investment in Unconsolidated Joint Ventures.

Investment in Real Estate.

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 7.

4 unchanged sentences

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:

The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument,

Equity LifeStyle Properties, Inc.

1 unchanged sentence

Note 2 – Summary of Significant Accounting Policies (continued)

For the Quarters Ended March 31,

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:

For the Quarters Ended June 30,

For the Six Months Ended June 30,

(amounts in thousands):

2026 2025 2026 2025

Balance, beginning $ 19,432 $ 22,697 $ 20,064 $ 23,576

6 unchanged sentences

Any amount of insurance recovery in excess of the losses incurred and any amount of insurance recovery related to business interruption are considered a gain contingency and 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.

During the quarter ended June 30, 2025, we recognized debris removal and cleanup costs related to hurricane events of $ 0.3 million, with $ 0.2 million of insurance recovery revenue accruals related to the expenses.

During the quarters and six months ended June 30, 2026 and 2025, we also recognized $ 7.1 million and $ 0.6 million, respectively, of insurance recovery revenue in excess of expenses related to hurricane events.

During the six months ended June 30, 2026 and 2025, we recognized debris removal and cleanup costs related to hurricane events of $ 0.1 million and $ 1.1 million, respectively, with $ 0.8 million of insurance recovery revenue accruals related to the expenses during the six months ended June 30, 2025.

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

During the quarters ended June 30, 2026 and 2025, we recognized business interruption recovery revenue of $ 3.8 million and $ 2.2 million, respectively, related to Hurricane Ian.

During the six months ended June 30, 2026 and 2025, we recognized business interruption recovery revenue of $ 3.8 million and $ 4.0 million, respectively, related to Hurricane Ian.

Business interruption recovery revenue is presented in Income from other investments, net for the quarter and six months ended June 30, 2026 and within Other income for the quarter and six months ended June 30, 2025 in the Consolidated Statements of Income and Comprehensive Income.

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 3 – Earnings Per Common Share

1 unchanged sentence

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,

For the Quarters Ended June 30,

For the Six Months Ended June 30,

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

10 unchanged sentences

Earnings per Common Share – Fully Diluted $ 0.50 $ 0.42 $ 1.05 $ 0.99

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

$ 0.5425 June 30, 2026 June 26, 2026 July 10, 2026

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 2,406 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.

There were 13,000 OP units exchanged for an equal amount of common stock during the quarter ended June 30, 2026 and 15,406 OP units exchanged for an equal amount of common stock during the six months ended June 30, 2026.

There were 43,324 OP units exchanged for an equal amount of common stock during the quarter and six months ended June 30, 2025.

Equity Offering Program

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.

As of June 30, 2026, the full capacity of our ATM equity offering program remained available for issuance.

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 5 – Investment in Real Estate

On April 30, 2026, we acquired the remaining 20 % ownership interests in certain RVC joint ventures for a purchase price of $ 4.4 million and capitalized transaction costs of $ 0.1 million.

Following the acquisition, we own 100 % of the ownership interests, and accordingly, consolidate the results of these joint ventures in the consolidated financial statements.

The acquired interests were accounted for as an asset acquisition, and we did not remeasure our previously held equity interests as of April 30, 2026.

Total acquisition costs allocated of $ 103.3 million include our existing basis in the acquired RVC joint ventures of $ 42.5 million, cash consideration and capitalized transaction costs of $ 4.5 million and the $ 56.3 million term loan, inclusive of interest receivable, with RVC Core, LLC, which was eliminated upon consolidation.

The acquired RVC joint ventures include seven RV properties and one land parcel.

The following table summarizes the net assets recorded as part of the acquisitions as of April 30, 2026:

(in thousands)

Land improvements 55,432

Buildings and other depreciable property 31,350

Investment in real estate $ 103,269

Other assets, net 32

Net assets acquired $ 103,301

Note 6 - Investment in Unconsolidated Joint Ventures

1 unchanged sentence

Investment as of

Investment March 31, 2026 December 31, 2025

Investment June 30, 2026 December 31, 2025

$ 12,873 $ 56,638

2 unchanged sentences

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

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

Investment Location Number of Sites Economic

March 31, 2026 March 31, 2025

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Various 203 80 %

3 unchanged sentences

2,618 $ 668 $ ( 47 ) $ ( 209 ) $ 4,854

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

_____________________

(a) As of June 30, 2026, our investment in RVC includes one joint venture that owns one RV community.

(b) Includes various other joint ventures.

Our legal ownership interest may differ.

We do not exercise control over these entities.

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

(d) Net of depreciation expense of $ 0.9 million and $ 1.5 million for the quarters ended June 30, 2026 and 2025, respectively, and $ 2.4 million and $ 2.8 million for the six months ended June 30, 2026 and 2025.

Approximately $ 0.6 million and $ 0.5 million of the distributions made to us exceeded our investment basis in joint ventures for the quarters ended June 30, 2026 and 2025, respectively, and as such, were recorded as income from unconsolidated joint ventures for the quarters ended June 30, 2026 and 2025.

Equity LifeStyle Properties, Inc.

1 unchanged sentence

Note 6 – 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.

Approximately $ 1.2 million and $ 7.3 million of the distributions made to us exceeded our investment basis in joint venture for the six months ended June 30, 2026 and 2025, respectively, and as such, were recorded as equity in income/(loss) of unconsolidated joint ventures for the six months ended June 30, 2026 and 2025.

Note 7 – Borrowing Arrangements

1 unchanged sentence

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

As of June 30, 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

4 unchanged sentences

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

As of June 30, 2026 As of December 31, 2025

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

2 unchanged sentences

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

As of June 30, 2026 As of December 31, 2025

Stated Interest Rate Maturity Date Carrying Value (1)

15 unchanged sentences

(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

(3) As of June 30, 2026, our LOC had a remaining borrowing capacity of $ 372.4 million.

As of June 30, 2026, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

Note 8 - Derivative Instruments and Hedging Activities

2 unchanged sentences

Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements.

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

To accomplish this objective, we primarily use interest rate

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 8 - Derivative Instruments and Hedging Activities (continued)

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.

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 in 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.

1 unchanged sentence

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

As of March 31, 2026

As of June 30, 2026

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

5 unchanged sentences

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

As of March 31, As of December 31,

As of June 30, As of December 31,

(amounts in thousands) Balance Sheet Location 2026 2025

1 unchanged sentence

Interest rate swaps Accounts payable and other liabilities $ — $ 2,208

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):

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

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

Derivatives in Cash Flow Hedging Relationship For the Quarters Ended June 30,

For the Six Months Ended June 30,

2026 2025 2026 2025

Interest rate swaps $ ( 3,032 ) $ 1,874 $ ( 5,306 ) $ 2,782

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):

The following table presents the amount of (gain)/loss reclassified from Accumulated other comprehensive income/(loss) into income in 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 March 31,

Accumulated OCI into income For the Quarters Ended June 30,

For the Six Months Ended June 30,

2026 2025 2026 2025

Interest rate swaps Interest Expense $ ( 76 ) $ ( 810 ) $ ( 198 ) $ ( 1,531 )

1 unchanged sentence

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

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

As of June 30, 2026, we had not posted any collateral related to the interest rate swaps.

Equity LifeStyle Properties, Inc.

2 unchanged sentences

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

As of March 31,

As of June 30,

(amounts in thousands)

8 unchanged sentences

Commission expense recognized ( 3,383 ) ( 2,271 )

Net increase in deferred commission expense ( 460 ) 628

Net increase (decrease) in deferred commission expense ( 775 ) 1,332

Deferred commission expense, ending $ 57,374 $ 57,848

8 unchanged sentences

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

2024 Equity Incentive Plan April 28, 2026 18,569 — 18,569 $ 1,162

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 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.

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 10 – Equity Incentive Awards (continued)

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.

3 unchanged sentences

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,

Time-based awards for the shares under the 2024 Plan granted on April 28, 2026 are subject to various vesting dates between October 28, 2026 and April 27, 2029.

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

For the Quarters Ended June 30,

For the Six Months Ended June 30,

(amount in thousands) 2026 2025 2026 2025

Stock-Based Compensation Expense $ 2,187 $ 1,812 $ 4,335 $ 3,583

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 11 – Commitments and Contingencies

15 unchanged sentences

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

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.

As of June 30, 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 12 – Reportable Segments

5 unchanged sentences

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 12 – Reportable Segments (continued)

All revenues were from external customers, and there is no customer who contributed 10% or more of our total revenues during the quarters or six months ended June 30, 2026 or 2025.

The following tables summarize our segment financial information:

Quarter Ended March 31, 2026

Quarter Ended June 30, 2026

(amounts in thousands) Property

6 unchanged sentences

Depreciation and amortization ( 53,637 )

Gain/(Loss) on sale of real estate and impairment, net ( 507 )

Interest income 1,580

8 unchanged sentences

Capital improvements $ 55,911 $ 8,263 $ 64,174

Quarter Ended March 31, 2025

Quarter Ended June 30, 2025

(amounts in thousands) Property

6 unchanged sentences

Depreciation and amortization ( 52,649 )

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

Interest income 2,202

11 unchanged sentences

Note 12 – Reportable Segments (continued)

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

For the Quarters Ended March 31,

Six Months Ended June 30, 2026

(amounts in thousands) Property

Operations Home Sales

Operations Consolidated

Operations revenues $ 757,191 $ 26,892 $ 784,083

Operations expenses ( 365,327 ) ( 25,754 ) ( 391,081 )

NOI 391,864 1,138 393,002

Reconciliation to consolidated net income:

Depreciation and amortization ( 106,773 )

Gain/(Loss) on sale of real estate and impairment, net ( 507 )

Interest income 3,771

Income from other investments, net 7,583

General and administrative ( 22,973 )

Casualty-related (charges)/recoveries, net 7,026

Other expenses ( 2,442 )

Interest and related amortization ( 67,469 )

Equity in income/(loss) of unconsolidated joint ventures ( 209 )

Consolidated net income $ 211,009

Total assets $ 5,493,537 $ 307,138 $ 5,800,675

Capital improvements $ 96,555 $ 12,904 $ 109,459

Six Months Ended June 30, 2025

(amounts in thousands) Property

Operations Home Sales

Operations Consolidated

Operations revenues $ 727,467 $ 28,191 $ 755,658

Operations expenses ( 357,647 ) ( 24,722 ) ( 382,369 )

NOI 369,820 3,469 373,289

Reconciliation to consolidated net income:

Depreciation and amortization ( 103,591 )

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

Interest income 4,440

Income from other investments, net 4,102

General and administrative ( 19,694 )

Casualty-related (charges)/recoveries, net 324

Other expenses ( 1,819 )

Interest and related amortization ( 63,336 )

Equity in income/(loss) of unconsolidated joint ventures 4,854

Consolidated net income $ 197,886

Total assets $ 5,465,841 $ 255,042 $ 5,720,883

Capital improvements $ 99,513 $ 5,146 $ 104,659

Equity LifeStyle Properties, Inc.

Notes to Consolidated Financial Statements

Note 12 – Reportable Segments (continued)

The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2026 and 2025:

Quarters Ended June 30, Six Months Ended June 30,

(amounts in thousands) 2026 2025 2026 2025

16 unchanged sentences

NOI $ 184,694 $ 173,465 $ 391,864 $ 369,820

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

For the Quarters Ended March 31,

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2026 and 2025:

Quarters Ended June 30, Six Months Ended June 30,

(amounts in thousands) 2026 2025 2026 2025

12 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements