Companies: 11,396     total market cap: $149.165 T
โ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Equity LifeStyle Properties
ELS
#1752
Rank
$11.82 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$59.03
Share price
0.31%
Change (1 day)
-2.83%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs
Categories
  1. Equity LifeStyle Properties
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

Equity LifeStyle Properties - 10-Q quarterly report FY2026 Q3


Text size:
false2026Q3000089541712/31P1MP2Y33.3333.3333.3366.6733.3333.3333.3333.3366.6733.33xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureels:propertyels:landels:siteels:joint_ventureels:instrumentels:segment00008954172026-01-012026-09-3000008954172026-10-2100008954172026-09-3000008954172025-12-3100008954172026-07-012026-09-3000008954172025-07-012025-09-3000008954172025-01-012025-09-300000895417els:RightToUseAnnualPaymentMember2026-07-012026-09-300000895417els:RightToUseAnnualPaymentMember2025-07-012025-09-300000895417els:RightToUseAnnualPaymentMember2026-01-012026-09-300000895417els:RightToUseAnnualPaymentMember2025-01-012025-09-300000895417els:RightToUseContractsCurrentMember2026-07-012026-09-300000895417els:RightToUseContractsCurrentMember2025-07-012025-09-300000895417els:RightToUseContractsCurrentMember2026-01-012026-09-300000895417els:RightToUseContractsCurrentMember2025-01-012025-09-300000895417els:HomeSalesBrokeredResalesAndAncillaryServicesMember2026-07-012026-09-300000895417els:HomeSalesBrokeredResalesAndAncillaryServicesMember2025-07-012025-09-300000895417els:HomeSalesBrokeredResalesAndAncillaryServicesMember2026-01-012026-09-300000895417els:HomeSalesBrokeredResalesAndAncillaryServicesMember2025-01-012025-09-300000895417us-gaap:ManagementServiceMember2026-07-012026-09-300000895417us-gaap:ManagementServiceMember2025-07-012025-09-300000895417us-gaap:ManagementServiceMember2026-01-012026-09-300000895417us-gaap:ManagementServiceMember2025-01-012025-09-300000895417us-gaap:CommonStockMember2025-12-310000895417us-gaap:AdditionalPaidInCapitalMember2025-12-310000895417us-gaap:PreferredStockMember2025-12-310000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-12-310000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310000895417els:NoncontrollingInterestOfCommonUnitsMember2025-12-310000895417us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310000895417els:NoncontrollingInterestOfCommonUnitsMember2026-01-012026-03-3100008954172026-01-012026-03-310000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2026-01-012026-03-310000895417us-gaap:CommonStockMember2026-03-310000895417us-gaap:AdditionalPaidInCapitalMember2026-03-310000895417us-gaap:PreferredStockMember2026-03-310000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2026-03-310000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310000895417els:NoncontrollingInterestOfCommonUnitsMember2026-03-3100008954172026-03-310000895417us-gaap:AdditionalPaidInCapitalMember2026-04-012026-06-300000895417els:NoncontrollingInterestOfCommonUnitsMember2026-04-012026-06-3000008954172026-04-012026-06-300000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-04-012026-06-300000895417us-gaap:PreferredStockMember2026-04-012026-06-300000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2026-04-012026-06-300000895417us-gaap:CommonStockMember2026-06-300000895417us-gaap:AdditionalPaidInCapitalMember2026-06-300000895417us-gaap:PreferredStockMember2026-06-300000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2026-06-300000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-06-300000895417els:NoncontrollingInterestOfCommonUnitsMember2026-06-3000008954172026-06-300000895417us-gaap:CommonStockMember2026-07-012026-09-300000895417us-gaap:AdditionalPaidInCapitalMember2026-07-012026-09-300000895417els:NoncontrollingInterestOfCommonUnitsMember2026-07-012026-09-300000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-07-012026-09-300000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2026-07-012026-09-300000895417us-gaap:CommonStockMember2026-09-300000895417us-gaap:AdditionalPaidInCapitalMember2026-09-300000895417us-gaap:PreferredStockMember2026-09-300000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2026-09-300000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-09-300000895417els:NoncontrollingInterestOfCommonUnitsMember2026-09-300000895417us-gaap:CommonStockMember2024-12-310000895417us-gaap:AdditionalPaidInCapitalMember2024-12-310000895417us-gaap:PreferredStockMember2024-12-310000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-12-310000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000895417els:NoncontrollingInterestOfCommonUnitsMember2024-12-3100008954172024-12-310000895417us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-3100008954172025-01-012025-03-310000895417els:NoncontrollingInterestOfCommonUnitsMember2025-01-012025-03-310000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-01-012025-03-310000895417us-gaap:CommonStockMember2025-03-310000895417us-gaap:AdditionalPaidInCapitalMember2025-03-310000895417us-gaap:PreferredStockMember2025-03-310000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-03-310000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000895417els:NoncontrollingInterestOfCommonUnitsMember2025-03-3100008954172025-03-310000895417us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300000895417els:NoncontrollingInterestOfCommonUnitsMember2025-04-012025-06-3000008954172025-04-012025-06-300000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300000895417us-gaap:PreferredStockMember2025-04-012025-06-300000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-04-012025-06-300000895417us-gaap:CommonStockMember2025-06-300000895417us-gaap:AdditionalPaidInCapitalMember2025-06-300000895417us-gaap:PreferredStockMember2025-06-300000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-06-300000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300000895417els:NoncontrollingInterestOfCommonUnitsMember2025-06-3000008954172025-06-300000895417us-gaap:CommonStockMember2025-07-012025-09-300000895417us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300000895417els:NoncontrollingInterestOfCommonUnitsMember2025-07-012025-09-300000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-07-012025-09-300000895417us-gaap:CommonStockMember2025-09-300000895417us-gaap:AdditionalPaidInCapitalMember2025-09-300000895417us-gaap:PreferredStockMember2025-09-300000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-09-300000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300000895417els:NoncontrollingInterestOfCommonUnitsMember2025-09-3000008954172025-09-300000895417els:OperatingPartnershipMember2026-09-300000895417srt:MinimumMember2026-09-300000895417srt:MaximumMember2026-09-300000895417srt:MinimumMember2026-01-012026-09-300000895417srt:MaximumMember2026-01-012026-09-300000895417els:RVCFinancingMember2025-12-310000895417els:RVCFinancingMember2026-06-300000895417els:RVCFinancingMember2026-06-300000895417els:HurricaneIanMember2025-07-012025-09-300000895417els:HurricaneIanMember2026-01-012026-09-300000895417els:HurricaneIanMember2025-01-012025-09-3000008954172025-10-012025-12-310000895417us-gaap:PrivatePlacementMember2024-11-010000895417els:RVCFinancingMember2026-04-300000895417els:RVCFinancingMember2026-04-302026-04-300000895417els:OtherRegionsMemberels:RVCFinancingMember2026-09-300000895417els:OtherRegionsMemberels:RVCFinancingMember2025-12-310000895417els:OtherRegionsMemberus-gaap:OtherInvesteesMember2026-09-300000895417els:OtherRegionsMemberus-gaap:OtherInvesteesMember2025-12-310000895417els:OtherRegionsMemberels:RVCFinancingMember2026-07-012026-09-300000895417els:OtherRegionsMemberels:RVCFinancingMember2025-07-012025-09-300000895417els:OtherRegionsMemberels:RVCFinancingMember2026-01-012026-09-300000895417els:OtherRegionsMemberels:RVCFinancingMember2025-01-012025-09-300000895417els:OtherRegionsMembersrt:MinimumMemberus-gaap:OtherInvesteesMember2026-09-300000895417els:OtherRegionsMembersrt:MaximumMemberus-gaap:OtherInvesteesMember2026-09-300000895417els:OtherRegionsMemberus-gaap:OtherInvesteesMember2026-07-012026-09-300000895417els:OtherRegionsMemberus-gaap:OtherInvesteesMember2025-07-012025-09-300000895417els:OtherRegionsMemberus-gaap:OtherInvesteesMember2026-01-012026-09-300000895417els:OtherRegionsMemberus-gaap:OtherInvesteesMember2025-01-012025-09-300000895417els:OtherRegionsMemberels:OneJointVentureMember2026-09-300000895417els:OtherRegionsMemberels:RVCommunityMember2026-09-300000895417els:SecuredMortgageNotesPayableMembersrt:MinimumMember2026-09-300000895417els:SecuredMortgageNotesPayableMembersrt:MaximumMember2026-09-300000895417els:SecuredMortgageNotesPayableMember2026-09-300000895417us-gaap:EstimateOfFairValueFairValueDisclosureMemberels:SecuredMortgageNotesPayableMemberus-gaap:FairValueInputsLevel2Member2026-09-300000895417els:SecuredMortgageNotesPayableMember2025-12-310000895417us-gaap:EstimateOfFairValueFairValueDisclosureMemberels:SecuredMortgageNotesPayableMemberus-gaap:FairValueInputsLevel2Member2025-12-310000895417us-gaap:AssetPledgedAsCollateralMember2026-09-300000895417us-gaap:AssetPledgedAsCollateralMember2025-12-310000895417us-gaap:UnsecuredDebtMemberels:A240MillionTermLoanMember2026-09-300000895417us-gaap:UnsecuredDebtMemberels:A240MillionTermLoanMembersrt:MinimumMember2026-01-012026-09-300000895417us-gaap:UnsecuredDebtMemberels:A240MillionTermLoanMembersrt:MaximumMember2026-01-012026-09-300000895417us-gaap:UnsecuredDebtMemberels:A240MillionTermLoanMember2025-12-310000895417us-gaap:UnsecuredDebtMemberels:A200MillionTermLoanMember2026-09-300000895417us-gaap:UnsecuredDebtMemberels:A200MillionTermLoanMember2026-01-012026-09-300000895417us-gaap:UnsecuredDebtMemberels:A200MillionTermLoanMembersrt:MinimumMember2026-01-012026-09-300000895417us-gaap:UnsecuredDebtMemberels:A200MillionTermLoanMembersrt:MaximumMember2026-01-012026-09-300000895417us-gaap:UnsecuredDebtMemberels:A200MillionTermLoanMember2025-12-310000895417us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2026-01-012026-09-300000895417us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2026-01-012026-09-300000895417us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2026-01-012026-09-300000895417us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2026-09-300000895417els:RVCFinancingMembersrt:WeightedAverageMember2026-09-300000895417us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2025-12-310000895417els:UnsecuredDebtAndLineOfCreditMember2026-09-300000895417els:UnsecuredDebtAndLineOfCreditMember2025-12-310000895417us-gaap:UnsecuredDebtMemberels:A240MillionTermLoanMember2025-05-012025-05-310000895417us-gaap:UnsecuredDebtMemberels:A240MillionTermLoanMember2025-07-012025-07-310000895417us-gaap:LineOfCreditMember2026-09-300000895417us-gaap:InterestRateSwapMember2026-09-300000895417us-gaap:InterestRateSwapMember2026-01-012026-09-300000895417us-gaap:InterestRateSwapMember2025-12-310000895417us-gaap:InterestRateSwapMember2025-01-012025-12-310000895417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2026-09-300000895417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2025-12-310000895417us-gaap:InterestRateSwapMember2026-07-012026-09-300000895417us-gaap:InterestRateSwapMember2025-07-012025-09-300000895417us-gaap:InterestRateSwapMember2025-01-012025-09-300000895417us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseDebt2026-07-012026-09-300000895417us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseDebt2025-07-012025-09-300000895417us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseDebt2026-01-012026-09-300000895417us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseDebt2025-01-012025-09-300000895417us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2026-09-300000895417els:MembershipSubscriptionMember2025-12-310000895417els:MembershipSubscriptionMember2024-12-310000895417els:MembershipSubscriptionMember2026-01-012026-09-300000895417els:MembershipSubscriptionMember2025-01-012025-09-300000895417els:MembershipSubscriptionMember2026-09-300000895417els:MembershipSubscriptionMember2025-09-300000895417us-gaap:RestrictedStockMemberels:A2024EquityIncentivePlanMember2025-02-042025-02-040000895417us-gaap:PerformanceSharesMemberels:A2024EquityIncentivePlanMember2025-02-042025-02-040000895417els:A2024EquityIncentivePlanMember2025-02-042025-02-040000895417us-gaap:RestrictedStockMemberels:A2024EquityIncentivePlanMember2025-04-292025-04-290000895417us-gaap:PerformanceSharesMemberels:A2024EquityIncentivePlanMember2025-04-292025-04-290000895417els:A2024EquityIncentivePlanMember2025-04-292025-04-290000895417us-gaap:RestrictedStockMemberels:A2024EquityIncentivePlanMember2026-02-032026-02-030000895417us-gaap:PerformanceSharesMemberels:A2024EquityIncentivePlanMember2026-02-032026-02-030000895417els:A2024EquityIncentivePlanMember2026-02-032026-02-030000895417us-gaap:RestrictedStockMemberels:A2024EquityIncentivePlanMember2026-04-282026-04-280000895417us-gaap:PerformanceSharesMemberels:A2024EquityIncentivePlanMember2026-04-282026-04-280000895417els:A2024EquityIncentivePlanMember2026-04-282026-04-280000895417els:TimeBasedRestrictedStockMemberels:A2024EquityIncentivePlanMember2025-02-042025-02-040000895417us-gaap:RestrictedStockMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2025-02-042025-02-040000895417us-gaap:PerformanceSharesMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2025-02-042025-02-040000895417us-gaap:PerformanceSharesMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2025-02-042025-02-040000895417els:TimeBasedRestrictedStockMemberels:A2024EquityIncentivePlanMember2026-02-032026-02-030000895417us-gaap:RestrictedStockMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2026-02-032026-02-030000895417us-gaap:PerformanceSharesMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2026-02-032026-02-030000895417us-gaap:PerformanceSharesMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2026-02-032026-02-030000895417us-gaap:RestrictedStockMemberels:InstallmentOneMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2025-02-042025-02-040000895417us-gaap:RestrictedStockMemberels:InstallmentTwoMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2025-02-042025-02-040000895417us-gaap:RestrictedStockMemberels:InstallmentThreeMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2025-02-042025-02-040000895417us-gaap:RestrictedStockMemberels:InstallmentOneMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2025-02-042025-02-040000895417us-gaap:RestrictedStockMemberels:InstallmentTwoMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2025-02-042025-02-040000895417us-gaap:PerformanceSharesMemberels:InstallmentTwoMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2025-02-042025-02-040000895417us-gaap:PerformanceSharesMemberels:InstallmentOneMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2025-02-042025-02-040000895417us-gaap:PerformanceSharesMemberels:InstallmentThreeMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2025-02-042025-02-040000895417us-gaap:PerformanceSharesMemberels:InstallmentOneMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2025-02-042025-02-040000895417us-gaap:PerformanceSharesMemberels:InstallmentTwoMemberels:A2024EquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2025-02-042025-02-040000895417els:PropertyOperationsSegmentMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000895417els:HomeSalesAndRentalsMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000895417us-gaap:OperatingSegmentsMember2026-07-012026-09-300000895417us-gaap:MaterialReconcilingItemsMember2026-07-012026-09-300000895417els:PropertyOperationsSegmentMember2026-09-300000895417els:HomeSalesAndRentalsMember2026-09-300000895417els:PropertyOperationsSegmentMember2026-07-012026-09-300000895417els:HomeSalesAndRentalsMember2026-07-012026-09-300000895417els:PropertyOperationsSegmentMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000895417els:HomeSalesAndRentalsMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000895417us-gaap:OperatingSegmentsMember2025-07-012025-09-300000895417us-gaap:MaterialReconcilingItemsMember2025-07-012025-09-300000895417els:PropertyOperationsSegmentMember2025-09-300000895417els:HomeSalesAndRentalsMember2025-09-300000895417els:PropertyOperationsSegmentMember2025-07-012025-09-300000895417els:HomeSalesAndRentalsMember2025-07-012025-09-300000895417els:PropertyOperationsSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000895417els:HomeSalesAndRentalsMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000895417us-gaap:OperatingSegmentsMember2026-01-012026-09-300000895417us-gaap:MaterialReconcilingItemsMember2026-01-012026-09-300000895417els:PropertyOperationsSegmentMember2026-01-012026-09-300000895417els:HomeSalesAndRentalsMember2026-01-012026-09-300000895417els:PropertyOperationsSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000895417els:HomeSalesAndRentalsMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000895417us-gaap:OperatingSegmentsMember2025-01-012025-09-300000895417us-gaap:MaterialReconcilingItemsMember2025-01-012025-09-300000895417els:PropertyOperationsSegmentMember2025-01-012025-09-300000895417els:HomeSalesAndRentalsMember2025-01-012025-09-300000895417els:PropertyOperationsSegmentMemberels:RightToUseAnnualPaymentMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000895417els:PropertyOperationsSegmentMemberels:RightToUseAnnualPaymentMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000895417els:PropertyOperationsSegmentMemberels:RightToUseAnnualPaymentMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000895417els:PropertyOperationsSegmentMemberels:RightToUseAnnualPaymentMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000895417els:PropertyOperationsSegmentMemberels:RightToUseContractsCurrentMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000895417els:PropertyOperationsSegmentMemberels:RightToUseContractsCurrentMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000895417els:PropertyOperationsSegmentMemberels:RightToUseContractsCurrentMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000895417els:PropertyOperationsSegmentMemberels:RightToUseContractsCurrentMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000895417els:PropertyOperationsSegmentMemberels:AncillaryServicesMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000895417els:PropertyOperationsSegmentMemberels:AncillaryServicesMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000895417els:PropertyOperationsSegmentMemberels:AncillaryServicesMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000895417els:PropertyOperationsSegmentMemberels:AncillaryServicesMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000895417els:PropertyOperationsSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000895417els:PropertyOperationsSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000895417els:PropertyOperationsSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000895417els:PropertyOperationsSegmentMemberus-gaap:ManagementServiceMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000895417els:HomeSalesAndRentalsMemberels:HomeSalesAndBrokeredResaleMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000895417els:HomeSalesAndRentalsMemberels:HomeSalesAndBrokeredResaleMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000895417els:HomeSalesAndRentalsMemberels:HomeSalesAndBrokeredResaleMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000895417els:HomeSalesAndRentalsMemberels:HomeSalesAndBrokeredResaleMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________ 
FORM 10-Q
_________________________________________________________ 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2026
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission file number: 1-11718
_________________________________________________________ 
EQUITY LIFESTYLE PROPERTIES, INC.
(Exact Name of Registrant as Specified in Its Charter)
_________________________________________________________
Maryland36-3857664
(State or other jurisdiction of incorporation)(IRS Employer Identification Number)
Two North Riverside Plaza, Suite 800
Chicago,Illinois60606
(Address of Principal Executive Offices)(Zip Code)

(312) 279-1400
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueELSNew York Stock Exchange
_________________________________________________________ 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ☐    No  ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 194,785,616 shares of Common Stock as of October 21, 2026.



Equity LifeStyle Properties, Inc.
Table of Contents
 
Page
Part I - Financial Information
Item 1.Financial Statements (unaudited)
Index To Financial Statements
3
4
5
7
9
Item 2.
21
Item 3.
39
Item 4.
39
Part II - Other Information
Item 1.
40
Item 1A.
40
Item 2.
40
Item 3.
40
Item 4.
41
Item 5.
41
Item 6.
41
2


Part I – Financial Information

Item 1. Financial Statements

Equity LifeStyle Properties, Inc.
Consolidated Balance Sheets
(amounts in thousands, except share and per share data)
September 30, 2026December 31, 2025
(unaudited)
Assets
Investment in real estate:
Land$2,104,661 $2,088,174 
Land improvements4,970,718 4,784,223 
Buildings and other depreciable property1,408,004 1,306,317 
8,483,383 8,178,714 
Accumulated depreciation(2,995,030)(2,838,344)
Net investment in real estate5,488,353 5,340,370 
Cash and restricted cash24,334 26,132 
Notes receivable, net28,403 93,358 
Investment in unconsolidated joint ventures40,202 85,041 
Deferred commission expense57,119 58,149 
Other assets, net126,595 142,343 
Total Assets$5,765,006 $5,745,393 
Liabilities and Equity
Liabilities:
Mortgage notes payable, net$2,731,331 $2,779,158 
Term loans, net438,067 437,455 
Unsecured line of credit138,000 105,000 
Accounts payable and other liabilities192,124 152,536 
Deferred membership revenue
213,644 221,498 
Accrued interest payable10,971 11,333 
Rents and other customer payments received in advance and security deposits126,005 120,441 
Distributions payable108,723 103,146 
Total Liabilities3,958,865 3,930,567 
Equity:
Stockholders’ Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 2026 and December 31, 2025; none issued and outstanding.
— — 
Common stock, $0.01 par value, 600,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 194,068,205 and 193,835,561 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively.
1,989 1,988 
Paid-in capital1,987,638 1,981,540 
Distributions in excess of accumulated earnings(250,120)(225,045)
Accumulated other comprehensive income/(loss)9,351 (2,208)
Total Stockholders’ Equity1,748,858 1,756,275 
Non-controlling interests – Common OP Units57,283 58,551 
Total Equity1,806,141 1,814,826 
Total Liabilities and Equity$5,765,006 $5,745,393 










The accompanying notes are an integral part of the consolidated financial statements.
3

Equity LifeStyle Properties, Inc.
Consolidated Statements of Income and Comprehensive Income
(amounts in thousands, except per share data)
(unaudited)
Quarters Ended September 30,Nine Months Ended September 30,
2026202520262025
Revenues:
Rental income$344,305 $327,437 $1,013,781 $967,930 
Annual membership subscriptions19,509 17,868 56,627 51,112 
Membership upgrade revenue3,120 3,120 9,360 9,292 
Other income15,337 15,220 44,685 47,248 
Gross revenues from home sales, brokered resales and ancillary services24,393 24,927 66,294 68,648 
Interest income1,335 2,770 5,106 7,210 
Income from other investments, net1,904 1,972 9,487 6,074 
Total revenues409,903 393,314 1,205,340 1,157,514 
Expenses:
Property operating and maintenance134,897 133,243 388,204 379,654 
Real estate taxes22,075 20,585 66,001 64,073 
Membership sales and marketing4,817 4,199 13,205 12,192 
Property management21,355 20,277 61,871 61,430 
Depreciation and amortization54,898 52,313 161,671 155,904 
Cost of home sales, brokered resales and ancillary services18,016 17,474 48,519 47,642 
Home selling expenses and ancillary operating expenses7,578 7,186 22,019 20,342 
General and administrative9,573 8,791 32,546 28,485 
Casualty-related charges/(recoveries), net245 (3,748)(6,781)(4,072)
Other expenses1,181 1,229 3,623 3,674 
Interest and related amortization34,607 33,659 102,076 96,995 
Total expenses309,242 295,208 892,954 866,319 
Income before other items100,661 98,106 312,386 291,195 
Gain/(Loss) on sale of real estate and impairment, net — 31 (507)(652)
Income tax (expense)/benefit(12,065)518 (12,065)1,144 
Equity in income/(loss) of unconsolidated joint ventures654 1,708 445 6,562 
Consolidated net income89,250 100,363 300,259 298,249 
Income allocated to non-controlling interests – Common OP Units(2,825)(3,233)(9,606)(12,211)
Redeemable perpetual preferred stock dividends— — (8)(8)
Net income available for Common Stockholders$86,425 $97,130 $290,645 $286,030 
Consolidated net income$89,250 $100,363 $300,259 $298,249 
Other comprehensive income/(loss):
Adjustment for fair market value of swaps6,451 (584)11,559 (4,897)
Consolidated comprehensive income95,701 99,779 311,818 293,352 
Comprehensive income allocated to non-controlling interests – Common OP Units(3,029)(3,215)(9,975)(11,998)
Redeemable perpetual preferred stock dividends— — (8)(8)
Comprehensive income attributable to Common Stockholders$92,672 $96,564 $301,835 $281,346 
Earnings per Common Share – Basic$0.45 $0.50 $1.50 $1.49 
Earnings per Common Share – Fully Diluted$0.45 $0.50 $1.50 $1.49 
Weighted average Common Shares outstanding – Basic193,825 193,004 193,743 191,640 
Weighted average Common Shares outstanding – Fully Diluted200,250 200,126 200,212 200,098 




The accompanying notes are an integral part of the consolidated financial statements.
4

Equity LifeStyle Properties, Inc.
Consolidated Statements of Changes in Equity
(amounts in thousands)
(unaudited)
Common StockPaid-in CapitalRedeemable Perpetual Preferred StockDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive Income (Loss)Non-Controlling Interests – Common OP UnitsTotal Equity
Balance as of December 31, 2025$1,988 $1,981,540 $— $(225,045)$(2,208)$58,551 $1,814,826 
Exchange of Common OP Units for Common Stock— 22 — — — (22)— 
Issuance of Common Stock through employee stock purchase plan— 375 — — — — 375 
Compensation expenses related to restricted stock and stock options— 2,148 — — — — 2,148 
Repurchase of Common Stock or Common OP Units— (1,929)— — — — (1,929)
Adjustment for Common OP Unitholders in the Operating Partnership— (62)— — — 62 — 
Adjustment for fair market value of swaps— — — — 2,152 — 2,152 
Consolidated net income— — — 107,904 — 3,587 111,491 
Distributions— — — (105,208)— (3,496)(108,704)
Other— (70)— — — — (70)
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 
Exchange of Common OP Units for Common Stock1 820 — — — (821)— 
Issuance of Common Stock through employee stock purchase plan— 347 — — — — 347 
Compensation expenses related to restricted stock and stock options— 2,209 — — — — 2,209 
Adjustment for Common OP Unitholders in the Operating Partnership— (285)— — — 285 — 
Adjustment for fair market value of swaps— — — — 6,451 — 6,451 
Consolidated net income— — — 86,425 — 2,825 89,250 
Distributions— — — (105,282)— (3,441)(108,723)
Other— 2 — — — — 2 
Balance as of September 30, 2026$1,989 $1,987,638 $— $(250,120)$9,351 $57,283 $1,806,141 







The accompanying notes are an integral part of the consolidated financial statements.
5

Equity LifeStyle Properties, Inc.
Consolidated Statements of Changes in Equity (continued)
(amounts in thousands)
(unaudited)
Common StockPaid-in CapitalRedeemable Perpetual Preferred StockDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive Income (Loss)Non-Controlling Interests – Common OP UnitsTotal Equity
Balance as of December 31, 2024$1,962 $1,951,430 $— $(214,979)$2,303 $83,070 $1,823,786 
Issuance of Common Stock through employee stock purchase plan— 391 — — — — 391 
Compensation expenses related to restricted stock and stock options— 1,771 — — — — 1,771 
Repurchase of Common Stock or Common OP Units— (2,258)— — — — (2,258)
Adjustment for Common OP Unitholders in the Operating Partnership— 118 — — — (118)— 
Adjustment for fair market value of swaps— — — — (1,629)— (1,629)
Consolidated net income— — — 109,192 — 5,201 114,393 
Distributions— — — (98,439)— (4,689)(103,128)
Other— (61)— — — — (61)
Balance as of March 31, 2025$1,962 $1,951,391 $— $(204,226)$674 $83,464 $1,833,265 
Exchange of Common OP Units for Common Stock— 396 — — — (397)(1)
Issuance of Common Stock through employee stock purchase plan— 355 — — — — 355 
Compensation expenses related to restricted stock and stock options— 1,812 — — — — 1,812 
Adjustment for Common OP Unitholders in the Operating Partnership— 40 — — — (40)— 
Adjustment for fair market value of 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 
Exchange of Common OP Units for Common Stock26 23,580 — — — (23,606)— 
Issuance of Common Stock through employee stock purchase plan— 388 — — — — 388 
Compensation expenses related to restricted stock and stock options— 1,842 — — — — 1,842 
Adjustment for Common OP Unitholders in the Operating Partnership— (50)— — — 50 — 
Adjustment for fair market value of swaps— — — — (584)(584)
Consolidated net income— — — 97,130 — 3,233 100,363 
Distributions— — — (99,820)— (3,321)(103,141)
Other— (67)— — — — (67)
Balance as of September 30, 2025$1,988 $1,979,547 $— $(225,682)$(2,594)$58,494 $1,811,753 











The accompanying notes are an integral part of the consolidated financial statements.
6

Equity LifeStyle Properties, Inc.
Consolidated Statements of Cash Flows
(amounts in thousands)
(unaudited)
Nine Months Ended September 30,
20262025
Cash Flows From Operating Activities:
Consolidated net income$300,259 $298,249 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
(Gain)/Loss on sale of real estate and impairment, net507 652 
Depreciation and amortization165,087 159,562 
Amortization of loan costs3,988 3,811 
Equity in (income)/loss of unconsolidated joint ventures(445)(6,562)
Distributions of income from unconsolidated joint ventures330 252 
Proceeds from insurance claims, net(129)(4,010)
Compensation expense related to incentive plans6,544 7,550 
Revenue recognized from membership upgrade sales upfront payments(11,370)(10,054)
Commission expense related to membership sales5,340 3,549 
Valuation allowance on deferred tax assets12,065 — 
Changes in assets and liabilities:
Manufactured homes, net(50,704)(29,623)
Notes receivable, net8,548 9,898 
Deferred commission expense(4,310)(5,563)
Other assets, net11,143 5,065 
Accounts payable and other liabilities40,843 33,259 
Deferred membership revenue
3,515 5,630 
Rents and other customer payments received in advance and security deposits2,772 22 
Net cash provided by operating activities493,983 471,687 
Cash Flows From Investing Activities:
Real estate acquisitions, net of cash acquired(1,344)— 
Investment in unconsolidated joint ventures(585)(9,494)
Distributions of capital from unconsolidated joint ventures3,057 11,943 
Proceeds from insurance claims, net1,571 5,874 
Issuance of notes receivable— (56,110)
Capital improvements(160,192)(175,933)
Net cash used in investing activities(157,493)(223,720)

























The accompanying notes are an integral part of the consolidated financial statements.
7

Equity LifeStyle Properties, Inc.
Consolidated Statements of Cash Flows (continued)
(amounts in thousands)
(unaudited)
Nine Months Ended September 30,
20262025
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan1,325 1,135 
Distributions:
Common Stockholders(310,315)(288,143)
Common OP Unitholders(10,256)(13,702)
Preferred Stockholders(8)(8)
Share based award tax withholding payments(1,929)(2,258)
Principal payments and mortgage debt repayment(49,818)(135,513)
Term loan proceeds— 240,000 
Line of credit repayment(594,000)(694,500)
Line of credit proceeds627,000 662,500 
Debt issuance and defeasance costs— (2,494)
Other(287)(269)
Net cash used in financing activities(338,288)(233,252)
Net increase (decrease) in cash and restricted cash(1,798)14,715 
Cash and restricted cash, beginning of period26,132 24,576 
Cash and restricted cash, end of period$24,334 $39,291 

Nine Months Ended September 30,
20262025
Supplemental Information:
Cash paid for interest, net$98,448 $96,639 
Cash paid for the purchase of manufactured homes$76,062 $55,034 


































The accompanying notes are an integral part of the consolidated financial statements.
8

Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 1 – Organization and Basis of Presentation

Equity LifeStyle Properties, Inc. (“ELS” or the “Company”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our”. We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. We provide our customers the opportunity to place manufactured homes and cottages, RVs and/or boats on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas (“Sites”) or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays.
Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership. The Operating Partnership meets the criteria as a VIE, where we are the general partner and controlling owner of 96.8% as of September 30, 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. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings.
The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations for Quarterly Reports on Form 10-Q. Accordingly, they do not include all of the information and note disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.
Intercompany balances and transactions have been eliminated. All adjustments to the unaudited interim consolidated financial statements are of a normal, recurring nature and, in the opinion of management, are necessary for a fair presentation of results for these interim periods. Revenues and expenses are subject to seasonal fluctuations, and accordingly, quarterly interim results may not be indicative of full year results. Certain prior period amounts have been reclassified on our unaudited interim consolidated financial statements to conform with current year presentation.
Note 2 – Summary of Significant Accounting Policies
(a)    Revenue Recognition
Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Our MH Sites and annual RV and marina Sites are leased on an annual basis. Seasonal RV 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 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. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.
Annual membership subscriptions and membership upgrades are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Upgraded memberships provide enhanced benefits for members in good standing, including longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties. Beginning in the first quarter of 2025, membership upgrade product offerings include two- to four-year term subscription products. Prior to the introduction of subscription-based upgrade products, membership upgrades required non-
9

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 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 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.
Revenue from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.
(b)    Restricted Cash
As of September 30, 2026 and December 31, 2025, restricted cash consisted of $15.1 million and $18.2 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.
(c)    Fair Value of Financial Instruments
We disclose the estimated fair value of our financial instruments according to a fair value hierarchy. The valuation hierarchy is based on the transparency of the lowest level of input that is significant to the valuation of an asset or a liability as of the measurement date. The three levels are defined as follows:
Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 - Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The carrying values of cash and restricted cash, accounts receivable and accounts payable approximate their fair market values due to the short-term nature of these instruments. The carrying value of notes receivable approximates the fair market value as the interest rates are generally comparable to current market rates. 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 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. Borrowing Arrangements and Note 8. 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.



10

Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 2 – Summary of Significant Accounting Policies (continued)
(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:
For the Quarters Ended September 30,
For the Nine Months Ended September 30,
(amounts in thousands):
2026202520262025
Balance, beginning$18,829 $21,893 $20,064 $23,576 
Provision for losses1,787 1,585 5,483 5,086 
Write-offs(2,423)(2,904)(7,354)(8,088)
Balance, ending$18,193 $20,574 $18,193 $20,574 
(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 are recognized in the period in which the insurance proceeds are received.
During the quarter ended September 30, 2026, we recognized debris removal and other costs related to hurricane events of $0.4 million, with $0.2 million of insurance recovery revenue accruals related to the expenses. During the quarter ended September 30, 2025, we recognized $3.7 million of insurance recovery revenue in excess of expenses related to hurricane events. During the nine months ended September 30, 2026 and 2025, we recognized debris removal, cleanup and other costs related to hurricane events of $0.5 million and $1.0 million, respectively, with $0.2 million and $0.8 million of insurance recovery revenue accruals related to the expenses, respectively. During the nine months ended September 30, 2026 and 2025, we recognized $7.1 million and $4.3 million of insurance recovery revenue in excess of expenses related to hurricane events, respectively. The debris removal, cleanup and other 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 quarter ended September 30, 2025, we recognized business interruption recovery revenue of $0.9 million related to Hurricane Ian. During the nine months ended September 30, 2026 and 2025, we recognized business interruption recovery revenue of $3.8 million and $4.9 million, respectively, related to Hurricane Ian. Business interruption recovery revenue is presented in Income from other investments, net for the nine months ended September 30, 2026 and within Other income for the quarter and nine months ended September 30, 2025 in the Consolidated Statements of Income and Comprehensive Income.
11
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements


Note 3 – Earnings Per Common Share
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
September 30,
For the Nine Months Ended September 30,
(amounts in thousands, except per share data)2026202520262025
Numerators:
Net income available for Common Stockholders – Basic$86,425 $97,130 $290,645 $286,030 
Amounts allocated to non-controlling interests (dilutive securities)2,825 3,233 9,606 12,211 
Net income available for Common Stockholders – Fully Diluted$89,250 $100,363 $300,251 $298,241 
Denominators:
Weighted average Common Shares outstanding – Basic193,825 193,004 193,743 191,640 
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares6,348 7,065 6,411 8,412 
Stock options and restricted stock77 57 58 46 
Weighted average Common Shares outstanding and OP Units – Fully Diluted200,250 200,126 200,212 200,098 
Earnings per Common Share – Basic$0.45 $0.50 $1.50 $1.49 
Earnings per Common Share – Fully Diluted$0.45 $0.50 $1.50 $1.49 
Note 4 – Common Stock and Other Equity Related Transactions
Common Stockholder Distribution Activity
The following quarterly distributions have been declared and paid to Common Stockholders and the Operating Partnership unit (“OP Unit”) holders since January 1, 2025:
Distribution Amount Per ShareFor the Quarter EndedStockholder Record DatePayment Date
$0.5150March 31, 2025March 28, 2025April 11, 2025
$0.5150June 30, 2025June 27, 2025July 11, 2025
$0.5150September 30, 2025September 26, 2025October 10, 2025
$0.5150December 31, 2025December 26, 2025January 9, 2026
$0.5425March 31, 2026March 27, 2026April 10, 2026
$0.5425June 30, 2026June 26, 2026July 10, 2026
$0.5425September 30, 2026September 25, 2026October 9, 2026
Exchanges
Subject to certain limitations, OP Unit holders can request an exchange of any or all of their OP Units for shares of common stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of common stock, cause the Operating Partnership to pay cash. There were 90,539 and 2,607,875 OP units exchanged for an equal amount of common stock during the quarters ended September 30, 2026 and 2025, respectively, and 105,945 and 2,651,199 OP units exchanged for an equal amount of common stock during the nine months ended September 30, 2026 and 2025, respectively.
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 September 30, 2026, the full capacity of our ATM equity offering program remained available for issuance.
12
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 5 – Investment in Real Estate
Acquisitions
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)
Land16,487 
Land improvements55,432 
Buildings and other depreciable property31,350 
Investment in real estate$103,269 
Other assets, net32 
Net assets acquired$103,301 
Note 6 - Investment in Unconsolidated Joint Ventures
The following table summarizes our investments in unconsolidated joint ventures (investment and income/(loss) amounts in thousands):
Investment as of
InvestmentSeptember 30, 2026December 31, 2025
RVC (a)
$12,903 $56,638 
Other (b)
27,299 28,403 
$40,202 $85,041 
Income/(Loss) for the Quarters Ended (d)
Income/(Loss) for the Nine Months Ended (d)
InvestmentLocationNumber of Sites
Economic
Interest (c)
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
RVC (a)
Various203 80 %

$30 $(252)$(888)$(2,061)
Other (b)
Various2,415 
49% to 65%
624 1,960 1,333 8,623 
2,618 $654 $1,708 $445 $6,562 
_____________________
(a)As of September 30, 2026, our investment in RVC includes one joint venture that owns one RV community.
(b)Includes various other joint ventures.
(c)The percentages shown approximate our economic interest as of September 30, 2026. Our legal ownership interest may differ. We do not exercise control over these entities.
(d)Net of depreciation expense of $0.6 million and $1.5 million for the quarters ended September 30, 2026 and 2025, respectively, and $3.0 million and $4.3 million for the nine months ended September 30, 2026 and 2025, respectively.
Approximately $0.8 million and $2.3 million of the distributions made to us exceeded our investment basis in joint ventures for the quarters ended September 30, 2026 and 2025, respectively, and as such, were recorded as income from unconsolidated joint ventures.
13

Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements
Note 6 – Investment in Unconsolidated Joint Ventures (continued)
Approximately $2.0 million and $9.7 million of the distributions made to us exceeded our investment basis in joint venture for the nine months ended September 30, 2026 and 2025, respectively, and as such, were recorded as income from unconsolidated joint ventures.
Note 7 – Borrowing Arrangements
Mortgage Notes Payable
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 September 30, 2026As of December 31, 2025
Stated Interest RateMaturity DateCarrying ValueFair ValueWeighted Average Interest RateCarrying ValueFair ValueWeighted Average Interest Rate
Mortgage notes payable
2.44% to 5.06%
2028 to 2041
$2,751,048 $2,129,253 3.77 %$2,800,866 $2,404,789 3.77 %
Less: Deferred financing costs, net$(19,717)$(21,708)
Mortgage notes payable, net$2,731,331 $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 September 30, 2026As of December 31, 2025
Number of Encumbered PropertiesGross Carrying ValueNumber of Encumbered PropertiesGross Carrying Value
Encumbered Properties112 $3,320,738 112 $3,266,579 
Unsecured Debt
The following table presents the carrying value, fair value and interest rates for our unsecured debt (amounts in thousands):
As of September 30, 2026As of December 31, 2025
Stated Interest RateMaturity 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$138,000 5.22 %$105,000 5.01 %
Less: Deferred financing costs, net$(1,933)$(2,545)
Total unsecured debt, net$576,067 $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 September 30, 2026, our LOC had a remaining borrowing capacity of $352.9 million, which is net of a standby letter of credit of $9.0 million provided to our insurer as collateral for workers’ compensation and automobile claims.
As of September 30, 2026, we were in compliance in all material respects with the covenants in all our borrowing arrangements.



14
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 8 - Derivative Instruments and Hedging Activities
Cash Flow Hedges of Interest Rate Risk
We record all derivatives at fair value. Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. 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 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. 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 September 30, 2026
Interest Rate DerivativesNumber of InstrumentsNotional AmountWeighted Average Interest RateIndexWeighted Average Remaining Term (Years)
Interest rate swaps7$440,0004.81%SOFR2.1
As of December 31, 2025
Interest Rate DerivativesNumber of InstrumentsNotional AmountWeighted Average Interest RateIndexWeighted Average Remaining Term (Years)
Interest rate swaps7$440,0004.81%SOFR2.9
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,
(amounts in thousands)Balance Sheet Location20262025
Interest rate swapsOther assets, net$9,351 $— 
Interest rate swapsAccounts payable and other liabilities$— $2,208 
The following table presents the amount of (gain)/loss recognized in Other comprehensive income/(loss) on derivatives in the Consolidated Statements of Income and Comprehensive Income (in thousands):
Derivatives in Cash Flow Hedging Relationship
For the Quarters Ended September 30,
For the Nine Months Ended September 30,
2026202520262025
Interest rate swaps$(6,563)$(269)$(11,870)$2,513 
The following table presents the amount of (gain)/loss reclassified from Accumulated other comprehensive income/(loss) into income in the Consolidated Statements of Income and Comprehensive Income (in thousands):
Derivatives in Cash Flow Hedging RelationshipLocation of (gain)/ loss reclassified from
Accumulated OCI into income
For the Quarters Ended September 30,
For the Nine Months Ended September 30,
2026202520262025
Interest rate swapsInterest Expense$(112)$(853)$(311)$(2,384)
During the next twelve months, we estimate that $2.3 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, 2026, we had not posted any collateral related to the interest rate swaps.

15
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 9 – Deferred Revenue from Membership Upgrades and Deferred Commission Expense
The components of the change in Deferred revenue from membership upgrades and Deferred commission expense were as follows:
As of September 30,
(amounts in thousands)
20262025
Deferred revenue, beginning$211,171 $218,164 
Deferred membership upgrade revenue3,273 5,711 
Revenue recognized from membership upgrades(11,370)(10,054)
Net increase (decrease) in deferred revenue(8,097)(4,343)
Deferred revenue, ending (1)
$203,074 $213,821 
Deferred commission expense, beginning$58,149 $56,516 
Deferred commission expense4,310 5,563 
Commission expense recognized(5,340)(3,549)
Net increase (decrease) in deferred commission expense(1,030)2,014 
Deferred commission expense, ending$57,119 $58,530 
_____________________
(1)Included in Deferred membership revenue on the Consolidated Balance Sheets.
Note 10 – 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.
The table below presents shares issued by the Company (grant date fair value amounts in thousands):
PlanAward DateTime-Based AwardsPerformance Based AwardsTotal AwardsGrant Date Fair Value
2024 Equity Incentive PlanFebruary 4, 202549,881 49,884 99,765 $4,372 
2024 Equity Incentive PlanApril 29, 202518,227 — 18,227 $1,163 
2024 Equity Incentive PlanFebruary 3, 202658,739 58,741 117,480 $5,418 
2024 Equity Incentive PlanApril 28, 202618,569 — 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 with a separate additional 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 49,884 shares are performance-based awards, with 47,506 vesting in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, subject to the achievement of performance goals, with a separate additional 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027, subject to the achievement of performance goals. The 17,418 shares of restricted stock subject to 2025 performance goals have a grant date fair value of $1.1 million.
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.
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.

16
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 10 – Equity Incentive Awards (continued)
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 September 30,
For the Nine Months Ended September 30,
(amount in thousands)2026202520262025
Stock-Based Compensation Expense$2,209 $1,842 $6,544 $5,425 
Note 11 – Income Taxes
Due to our structure as a REIT, the Consolidated Statements of Income and Comprehensive Income contain no provision for U.S. federal income taxes for the REIT. In addition, we own certain taxable REIT subsidiaries (TRSs), which are subject to federal and state income taxes at regular corporate tax rates and have federal net operating loss carryforwards. During the quarter and nine months ended September 30, 2026, we recorded a full valuation allowance against deferred tax assets of our TRSs of $12.1 million, which is presented in Income tax (expense)/benefit in the Consolidated Statements of Income and Comprehensive Income.
Note 12 – Commitments and Contingencies
We are involved in various legal and regulatory proceedings (“Proceedings”) arising in the ordinary course of business. The Proceedings include, but are not limited to, legal claims made by employees, vendors and customers, and notices, consent decrees, information requests, additional permit requirements and other similar enforcement actions by governmental agencies relating to our utility infrastructure, including water and wastewater treatment plants and other waste treatment facilities and electrical systems. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these Proceedings taken together do not represent a material liability. In addition, to the extent any such Proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor.
Beginning on August 31, 2023 through December 4, 2023, certain private party plaintiffs filed several putative class actions in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc. (“Datacomp”) and several owner/operators of manufactured housing communities, including ELS (the “Datacomp Litigation”), alleging that the community owner/operators used JLT Market Reports produced by Datacomp to conspire to raise manufactured home lot rents in violation of Section 1 of the Sherman Act. ELS purchased Datacomp in connection with the MHVillage/Datacomp acquisition during the year ended December 31, 2021. On December 15, 2023, the plaintiffs filed an amended consolidated complaint captioned, In re Manufactured Home Lot Rents Antitrust Litigation, No. 1:23-cv-6715. Plaintiffs seek both injunctive relief and monetary damages, including attorneys’ fees. The defendants filed a motion to dismiss on January 29, 2024. 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, 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 13 – Reportable Segments
We have identified two reportable segments: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. Each segment is primarily evaluated based on Net Operating Income (“NOI”), which is defined as total operating revenues less total operating expenses. 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 or nine months ended September 30, 2026 or 2025.
17
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 13 – Reportable Segments (continued)
The following tables summarize our segment financial information:
Quarter Ended September 30, 2026
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$392,000 $14,664 $406,664 
Operations expenses(194,569)(14,169)(208,738)
NOI197,431 495 197,926 
Reconciliation to consolidated net income:
Depreciation and amortization(54,898)
Interest income1,335 
Income from other investments, net1,904 
General and administrative(9,573)
Casualty-related (charges)/recoveries, net(245)
Other expenses(1,181)
Interest and related amortization(34,607)
Income tax (expense)/benefit(12,065)
Equity in income/(loss) of unconsolidated joint ventures654 
Consolidated net income$89,250 
Total assets$5,439,013 $325,993 $5,765,006 
Capital improvements$41,960 $8,773 $50,733 

Quarter Ended September 30, 2025
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$373,340 $15,232 $388,572 
Operations expenses(189,338)(13,626)(202,964)
NOI184,002 1,606 185,608 
Reconciliation to consolidated net income:
Depreciation and amortization(52,313)
Gain/(Loss) on sale of real estate and impairment, net31 
Interest income2,770 
Income from other investments, net1,972 
General and administrative(8,791)
Casualty-related (charges)/recoveries, net3,748 
Other expenses (1)
(1,229)
Interest and related amortization(33,659)
Income tax (expense)/benefit (1)
518 
Equity in income/(loss) of unconsolidated joint ventures1,708 
Consolidated net income$100,363 
Total assets$5,478,166 $269,015 $5,747,181 
Capital improvements$66,072 $5,202 $71,274 
_____________________
(1)Prior period amounts have been reclassified to conform to the current period presentation.




18
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 13 – Reportable Segments (continued)
Nine Months Ended September 30, 2026
For the Nine Months Ended September 30, 2026
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$1,149,191 $41,556 $1,190,747 
Operations expenses(559,896)(39,923)(599,819)
NOI589,295 1,633 590,928 
Reconciliation to consolidated net income:
Depreciation and amortization(161,671)
Gain/(Loss) on sale of real estate and impairment, net(507)
Interest income5,106 
Income from other investments, net9,487 
General and administrative(32,546)
Casualty-related (charges)/recoveries, net6,781 
Other expenses(3,623)
Interest and related amortization(102,076)
Income tax (expense)/benefit(12,065)
Equity in income/(loss) of unconsolidated joint ventures445 
Consolidated net income$300,259 
Total assets$5,439,013 $325,993 $5,765,006 
Capital improvements$138,515 $21,677 $160,192 

Nine Months Ended September 30, 2025
For the Nine Months Ended September 30, 2025
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$1,100,807 $43,423 $1,144,230 
Operations expenses(546,985)(38,348)(585,333)
NOI553,822 5,075 558,897 
Reconciliation to consolidated net income:
Depreciation and amortization(155,904)
Gain/(Loss) on sale of real estate and impairment, net(652)
Interest income7,210 
Income from other investments, net6,074 
General and administrative(28,485)
Casualty-related (charges)/recoveries, net4,072 
Other expenses (1)
(3,674)
Interest and related amortization(96,995)
Income tax (expense)/benefit (1)
1,144 
Equity in income/(loss) of unconsolidated joint ventures6,562 
Consolidated net income$298,249 
Total assets$5,478,166 $269,015 $5,747,181 
Capital improvements$165,585 $10,348 $175,933 
_____________________
(1)Prior period amounts have been reclassified to conform to the current period presentation.
19
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 13 – Reportable Segments (continued)
The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2026 and 2025:
Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2026202520262025
Revenues:
Rental income$340,296 $323,827 $1,002,081 $957,387 
Annual membership subscriptions19,509 17,868 56,627 51,112 
Membership upgrade revenue3,120 3,120 9,360 9,292 
Other income15,337 15,220 44,685 47,248 
Gross revenues from ancillary services13,738 13,305 36,438 35,768 
Total property operations revenues392,000 373,340 1,149,191 1,100,807 
Expenses:
Utility expense47,286 45,830 130,150 125,281 
Payroll33,184 32,502 94,560 92,588 
Repairs and maintenance28,188 26,710 83,462 79,094 
Insurance and other24,596 26,837 75,608 78,876 
Real estate taxes22,075 20,585 66,001 64,073 
Membership sales and marketing4,817 4,199 13,205 12,192 
Cost of ancillary services7,286 6,788 18,232 17,410 
Ancillary operating expenses5,782 5,610 16,807 16,041 
Property management21,355 20,277 61,871 61,430 
Total property operations expenses194,569 189,338 559,896 546,985 
NOI$197,431 $184,002 $589,295 $553,822 

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2026 and 2025:
Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2026202520262025
Revenues:
Rental income (1)
$4,009 $3,610 $11,700 $10,543 
Gross revenues from home sales and brokered resales10,655 11,622 29,856 32,880 
Total revenues14,664 15,232 41,556 43,423 
Expenses:
Rental home operating and maintenance1,643 1,364 4,424 3,815 
Cost of home sales and brokered resales10,730 10,686 30,287 30,232 
Home selling expenses1,796 1,576 5,212 4,301 
Total expenses14,169 13,626 39,923 38,348 
NOI$495 $1,606 $1,633 $5,075 
______________________
(1)Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations.


20


Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying notes thereto included in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”), as well as information in Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Form 10-K.
Overview and Outlook
We are a self-administered and self-managed real estate investment trust (“REIT”) with headquarters in Chicago, Illinois. We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. As of September 30, 2026, we owned or had an ownership interest in a portfolio of 453 Properties located throughout the United States and Canada containing 173,623 individual developed areas (“Sites”). These Properties are located in 35 states and British Columbia.
We invest in properties in sought-after locations near retirement and vacation destinations and urban areas across the United States with a focus on delivering an exceptional experience to our residents and guests that results in delivery of value to stockholders. Our business model is intended to provide an opportunity for increased cash flows and appreciation in value. We seek growth in earnings, Funds from Operations (“FFO”), Normalized Funds from Operations (“Normalized FFO”) and cash flows by enhancing the profitability and operation of our Properties and investments. We accomplish this by attracting and retaining high quality customers to our Properties, who take pride in our Properties and in their homes and efficiently managing our Properties by increasing occupancy, maintaining competitive market rents and controlling expenses. We also actively pursue opportunities that fit our acquisition criteria and are currently engaged in various stages of negotiations relating to the possible acquisition of additional properties.
We believe the demand from baby boomers for MH and RV communities will continue to be strong over the long term. It is estimated that approximately 10,000 Americans turn 65 years old every day and all baby boomers will be at least age 65 by 2030. These individuals, seeking an active lifestyle, will continue to drive the market for second-home sales as vacation properties, investment opportunities or retirement retreats. We expect it is likely that we will continue to see high levels of second-home sales and that manufactured homes and cottages in our Properties will continue to provide a viable second-home alternative to site-built homes. We also believe the Millennial and Generation Z demographic will contribute to our future long-term customer pipeline. After conducting a comprehensive study of RV ownership, according to the Recreational Vehicle Industry Association (“RVIA”), data suggested that RV sales are expected to benefit from an increase in demand from those born in the United States from 1980 to 2003, or Millennials and Generation Z, over the coming years. We believe the demand from baby boomers and these younger generations will continue to outpace supply for MH and RV communities. The entitlement process to develop new MH and RV communities is extremely restrictive. As a result, there have been limited new communities developed in our target geographic markets.
We generate the majority of our revenues from customers renting our Sites or entering into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV 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. The revenue from seasonal and transient Sites is generally higher during the first and third quarters. We consider the transient revenue stream to be our most volatile as it is subject to weather conditions and other factors affecting the marginal RV customer’s vacation and travel preferences. We also generate revenue from customers renting our marina dry storage. Additionally, we have interests in joint venture Properties for which revenue is classified as Equity in income/(loss) of unconsolidated joint ventures in the Consolidated Statements of Income and Comprehensive Income.






21
Management’s Discussion and Analysis (continued)
The following table shows the breakdown of our Sites by type (amounts are approximate):
Total Sites as of
September 30, 2026
MH Sites (1)
75,900 
RV Sites:
Annual (1)
34,800 
Seasonal9,800 
Transient (1)
20,400 
Marina Slips6,900 
Membership (2)
26,000 
Total (3)
173,600 
_________________________ 
(1)MH, Annual RV and Transient RV sites include approximately 2,100, 200 and 300 joint venture sites, respectively.
(2)Primarily utilized to service approximately 107,400 members. Includes approximately 6,200 Sites rented on an annual basis.
(3)Total does not foot due to rounding.
In our Home Sales and Rentals Operations business, our revenue streams include home sales, home rentals and brokerage services and ancillary activities. We generate revenue through home sales and rental operations by selling or leasing manufactured homes and cottages that are located in Properties owned and managed by us. We believe renting our vacant homes represents an attractive source of occupancy and an opportunity to convert the renter to a homebuyer in the future. Additionally, home sale brokerage services are offered to our residents who may choose to sell their homes rather than relocate them when moving from a Property. At certain Properties, we operate ancillary facilities, such as golf courses, pro shops, stores and restaurants.
In the manufactured housing industry, options for home financing, also known as chattel financing, are limited. Chattel financing options available today include community owner-funded programs or third-party lender programs that provide subsidized financing to customers and often require the community owner to guarantee customer defaults. Third-party lender programs have stringent underwriting criteria, sizable down payment requirements, short term loan amortization and high interest rates.
In addition to net income computed in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), we assess and measure our overall financial and operating performance using certain Non-GAAP supplemental measures, which include: (i) FFO, (ii) Normalized FFO, (iii) Income from property operations, (iv) Income from property operations, excluding property management, and (v) Core Portfolio income from property operations, excluding property management (operating results for Properties owned and operated in both periods under comparison). We use these measures internally to evaluate the operating performance of our portfolio and provide a basis for comparison with other real estate companies. Definitions and reconciliations of these measures to the most comparable GAAP measures are included below in this discussion.
Results Overview
(amounts in thousands)Quarters Ended September 30,
20262025$ Change
% Change (1)
Net Income per fully diluted Common Share (2)
$0.45 $0.50 $(0.05)(11.1)%
FFO per fully diluted Common Share and OP Unit (2)
$0.72 $0.77 $(0.05)(6.1)%
Normalized FFO per fully diluted Common Share and OP Unit$0.79 $0.75 $0.04 4.6 %
Nine Months Ended September 30,
20262025$ Change
% Change (1)
Net Income per fully diluted Common Share (2)
$1.50 $1.49 $0.01 0.6 %
FFO per fully diluted Common Share and OP Unit (2)
$2.32 $2.29 $0.03 1.3 %
Normalized FFO per fully diluted Common Share and OP Unit$2.36 $2.27 $0.09 4.0 %
_____________________
1.Calculations prepared using actual results without rounding.
2.Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.

For the quarter ended September 30, 2026, property operating revenues in our Core Portfolio increased 4.4% and property operating expenses in our Core Portfolio, excluding property management, increased 1.3% from the same period in 2025, resulting in increased Income from property operations, excluding property management, of 6.7%.
22
Management’s Discussion and Analysis (continued)
While we continue to focus on increasing the number of manufactured homeowners in our Core Portfolio, we also believe that renting our vacant homes represents an attractive source of occupancy and an opportunity to potentially convert the renter to a new homebuyer in the future. We continue to expect there to be fluctuations in the sources of occupancy gains depending on local market conditions, availability of vacant sites and success with converting renters to homeowners. Our Core Portfolio average occupancy includes both homeowners and renters in our MH communities and was 93.8% for the quarter ended September 30, 2026, 94.3% for the quarter ended September 30, 2025 and 94.0% for the quarter ended December 31, 2025. The decline in average occupancy compared to the quarter ended September 30, 2025 was primarily driven by 503 expansion sites that were added since September 30, 2025. During the quarter ended September 30, 2026, our Core Portfolio occupied sites increased by 99, which included increases in rental occupied sites of 128, offset by a decrease in homeowner occupied sites of 29 compared to June 30, 2026. As of September 30, 2026, we had 2,274 occupied rental homes in our Core MH communities.
RV and marina base rental income in our Core Portfolio increased 2.1% for the quarter ended September 30, 2026, compared to the same period in 2025, due to an increase in Core Annual RV and marina base rental income of 5.3%, offset by decreases in Core Seasonal and Transient RV and marina base rental income of 4.4% and 5.8%, respectively. The increase in Core Annual RV and marina base rental income was driven by 4.9% growth from rate increases and a 0.4% increase in occupancy since the quarter ended September 30, 2025. The decreases in Core Seasonal and Transient RV and marina base rental income were primarily due to lower occupancy.
We closed 97 new home sales during the quarter ended September 30, 2026 compared to 119 new home sales during the quarter ended September 30, 2025.
Our gross investment in real estate increased $304.7 million to $8,483.4 million as of September 30, 2026 from $8,178.7 million as of December 31, 2025, primarily due to the consolidation of our investments in certain RVC joint ventures of $103.3 million and capital improvements during the nine months ended September 30, 2026.
The following chart lists the Properties acquired from January 1, 2025 through September 30, 2026 and Sites added through expansion opportunities at our existing Properties:
LocationType of PropertyTransaction DateSites
Total Sites as of January 1, 2025 (1)(2)
173,200
Expansion Site Development:
Sites added (reconfigured) in 2025440
Sites added (reconfigured) in 2026252
Dispositions:
Desert VistaSalome, ArizonaRVOctober 1, 2025(125)
Valley VistaBenson, ArizonaRVOctober 1, 2025(145)
Total Sites as of September 30, 2026 (1)
173,600
______________________
(1)Sites are approximate.
(2)Includes RVC site count.
Non-GAAP Financial Measures
Management’s discussion and analysis of financial condition and results of operations include certain Non-GAAP financial measures that in management’s view of the business are meaningful as they allow investors the ability to understand key operating details of our business that may not always be indicative of recurring annual cash flow of the portfolio. These Non-GAAP financial measures as determined and presented by us may not be comparable to similarly titled measures reported by other companies, and include Income from property operations and Core Portfolio, FFO and Normalized FFO.
We believe investors should review Income from property operations and Core Portfolio, FFO and Normalized FFO, along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT’s operating performance. A discussion of Income from property operations and Core Portfolio, FFO and Normalized FFO, and a reconciliation to net income are included below.
23
Management’s Discussion and Analysis (continued)
Income from Property Operations and Core Portfolio
We use Income from property operations, Income from property operations, excluding property management, and Core Portfolio income from property operations, excluding property management, as alternative measures to evaluate the operating results of our Properties. Income from property operations represents rental income, membership subscriptions and upgrade revenue, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses and property management expenses. Income from property operations, excluding property management, represents Income from property operations excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our Properties, excluding items that are not directly related to the operation of the Properties. For comparative purposes, we present bad debt expense within Insurance and other in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our Properties.
Our Core Portfolio consists of our Properties owned and operated during all of 2025 and 2026. Core Portfolio income from property operations, excluding property management, is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations. Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2025 and 2026, including six Properties in Florida impacted by Hurricane Ian, two Properties in California that were impacted by storm and flooding events and seven acquired RVC properties.
FFO and Normalized FFO
We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.
We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, expenses and benefits related to deferred tax valuation allowances and reversals, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.
We believe that FFO and Normalized FFO are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our normal operations. For example, we believe that excluding the early extinguishment of debt and other miscellaneous non-comparable items from FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.
Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions.
24
Management’s Discussion and Analysis (continued)
The following table reconciles Net income available for Common Stockholders to Income from property operations:
Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)
2026202520262025
Computation of Income from Property Operations:
Net income available for Common Stockholders$86,425 $97,130 $290,645 $286,030 
Redeemable perpetual preferred stock dividends— — 8 8 
Income allocated to non-controlling interests – Common OP Units2,825 3,233 9,606 12,211 
Consolidated net income89,250 100,363 300,259 298,249 
Equity in (income)/loss of unconsolidated joint ventures(654)(1,708)(445)(6,562)
Income tax expense/(benefit) (1)(2)
12,065 (518)12,065 (1,144)
(Gain)/Loss on sale of real estate and impairment, net— (31)507 652 
Gross revenues from home sales, brokered resales and ancillary services(24,393)(24,927)(66,294)(68,648)
Interest income(1,335)(2,770)(5,106)(7,210)
Income from other investments, net(1,904)(1,972)(9,487)(6,074)
Property management21,355 20,277 61,871 61,430 
Depreciation and amortization54,898 52,313 161,671 155,904 
Cost of home sales, brokered resales and ancillary services18,016 17,474 48,519 47,642 
Home selling expenses and ancillary operating expenses7,578 7,186 22,019 20,342 
General and administrative (3)
9,573 8,791 32,546 28,485 
Casualty-related charges/(recoveries), net (4)
245 (3,748)(6,781)(4,072)
Other expenses (1)
1,181 1,229 3,623 3,674 
Interest and related amortization34,607 33,659 102,076 96,995 
Income from property operations, excluding property management220,482 205,618 657,043 619,663 
Property management(21,355)(20,277)(61,871)(61,430)
Income from property operations$199,127 $185,341 $595,172 $558,233 
______________________
1.Prior period amounts have been reclassified to conform to the current period presentation.
2.Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.
3.Includes $0.4 million and $2.4 million related to non-operating legal expenses during the quarter and nine months ended September 30, 2026, respectively.
4.Casualty-related charges/(recoveries), net for the quarter ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.4 million and insurance recovery revenue of $0.2 million. Casualty-related charges/(recoveries), net for the nine months ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.5 million and insurance recovery revenue of $7.3 million, including $7.1 million for reimbursement of capital expenditures.

25
Management’s Discussion and Analysis (continued)
The following table presents a calculation of FFO available for Common Stock and OP Unitholders and Normalized FFO available for Common Stock and OP Unitholders:
Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)
2026202520262025
Computation of FFO and Normalized FFO:
Net income available for Common Stockholders$86,425 $97,130 $290,645 $286,030 
Income allocated to non-controlling interests – Common OP Units2,825 3,233 9,606 12,211 
Depreciation and amortization54,898 52,313 161,671 155,904 
Depreciation on unconsolidated joint ventures600 1,453 2,967 4,250 
(Gain)/Loss on sale of real estate and impairment, net— (31)507 652 
FFO available for Common Stock and OP Unit holders144,748 154,098 465,396 459,047 
Deferred tax valuation allowance (1)
12,065 — 12,065 — 
Insurance proceeds due to catastrophic weather event245 (3,632)(6,766)(4,225)
Other items (2)
386 — 2,371 — 
Normalized FFO available for Common Stock and OP Unit holders$157,444 $150,466 $473,066 $454,822 
Weighted average Common Shares outstanding – Fully Diluted 200,250 200,126 200,212 200,098 
_____________________
(1)Represents a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.
(2)Represents expenses of $0.4 million and $2.4 million related to non-operating legal expenses during the quarter and nine months ended September 30, 2026, respectively.
26
Management’s Discussion and Analysis (continued)
Results of Operations
This section discusses the comparison of our results of operations for the quarters and nine months ended September 30, 2026 and 2025 and our operating activities, investing activities and financing activities for the nine months ended September 30, 2026 and 2025. Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. For the comparison of our results of operations for the quarters and nine months ended September 30, 2025 and September 30, 2024 and discussion of our operating activities, investing activities and financing activities for the nine months ended September 30, 2025 and September 30, 2024, refer to Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025, filed with the SEC on October 28, 2025.
Comparison of the Quarter Ended September 30, 2026 to the Quarter Ended September 30, 2025
Income from Property Operations
The following table summarizes certain financial and statistical data for our Core Portfolio and total portfolio:
Core PortfolioTotal Portfolio
Quarters Ended September 30,Quarters Ended September 30,
(amounts in thousands)20262025Variance%
Change		20262025Variance%
Change
MH base rental income (1)
$198,619 $187,961 $10,658 5.7 %$198,858 $188,159 $10,699 5.7 %
Rental home income (1)
3,972 3,597 375 10.4 %4,009 3,610 399 11.1 %
RV and marina base rental income (1)
113,145 110,798 2,347 2.1 %120,769 115,428 5,341 4.6 %
Annual membership subscriptions19,144 17,664 1,480 8.4 %19,509 17,868 1,641 9.2 %
Membership upgrade revenue (2)
3,120 3,120 — — %3,120 3,120 — — %
Utility and other income (1)
36,618 35,690 928 2.6 %37,629 36,942 687 1.9 %
Property operating revenues374,618 358,830 15,788 4.4 %383,894 365,127 18,767 5.1 %
Utility expense45,644 44,786 858 1.9 %47,286 45,830 1,456 3.2 %
Payroll31,672 31,512 160 0.5 %33,184 32,502 682 2.1 %
Repairs and maintenance27,172 25,913 1,259 4.9 %28,188 26,710 1,478 5.5 %
Insurance and other (1)(3)
24,707 27,094 (2,387)(8.8)%26,219 28,319 (2,100)(7.4)%
Real estate taxes21,438 20,176 1,262 6.3 %22,075 20,585 1,490 7.2 %
Rental home operating and maintenance1,640 1,353 287 21.2 %1,643 1,364 279 20.5 %
Membership sales and marketing4,815 4,193 622 14.8 %4,817 4,199 618 14.7 %
Property operating expenses, excluding property management157,088 155,027 2,061 1.3 %163,412 159,509 3,903 2.4 %
Income from property operations, excluding property management (4)
217,530 203,803 13,727 6.7 %220,482 205,618 14,864 7.2 %
Property management21,355 20,277 1,078 5.3 %21,355 20,277 1,078 5.3 %
Income from property operations (4)
$196,175 $183,526 $12,649 6.9 %$199,127 $185,341 $13,786 7.4 %
_____________________
(1)Rental income consists of the following total portfolio income items in this table: 1) MH base rental income, 2) Rental home income, 3) RV and marina base rental income and 4) Utility income, which is calculated by subtracting Other income in the Consolidated Statements of Income and Comprehensive Income from Utility and other income in this table. The difference between the sum of the total portfolio income items and Rental income in the Consolidated Statements of Income and Comprehensive Income is bad debt expense, which is presented in Insurance and other in this table.
(2)Membership upgrade product offerings consist of two- to four-year term subscription products, which are recognized in Annual membership subscriptions. Prices for two-year products range between $4,000 to $8,000 and between approximately $7,000 to $14,000 for the four-year product, which results in approximately $2,500 to $3,000 of earned revenue on an annual basis.
(3)Includes bad debt expense for all periods presented.
(4)See Non-GAAP Financial Measures section of the Management’s Discussion and Analysis for definitions and reconciliations of these Non-GAAP measures to Net Income available for Common Stockholders.

Total Portfolio income from property operations for the quarter ended September 30, 2026 increased $13.8 million, or 7.4%, from the same period in 2025 driven by increases of $12.6 million, or 6.9%, from our Core Portfolio and $1.2 million from our Non-Core Portfolio.
27
Management’s Discussion and Analysis (continued)
Property Operating Revenues
MH base rental income in our Core Portfolio for the quarter ended September 30, 2026 increased $10.7 million, or 5.7%, from the same period in 2025, which reflects 5.6% growth from rate increases and a gain in occupancy of 0.1%. The average monthly MH base rental income per Site in our Core Portfolio increased to approximately $963 for the quarter ended September 30, 2026 from approximately $912 for the quarter ended September 30, 2025. Average occupancy for the Core Portfolio was 93.8% and 94.4% for the quarters ended September 30, 2026 and 2025, respectively.
RV and marina base rental income is comprised of the following:
Core PortfolioTotal Portfolio
Quarters Ended September 30,Quarters Ended September 30,
(amounts in thousands)20262025Variance%
Change		20262025Variance%
Change
Annual$82,781 $78,644 $4,137 5.3 %$85,979 $81,262 $4,717 5.8 %
Seasonal5,867 6,136 (269)(4.4)%6,121 6,420 (299)(4.7)%
Transient24,497 26,018 (1,521)(5.8)%28,669 27,746 923 3.3 %
RV and marina base rental income$113,145 $110,798 $2,347 2.1 %$120,769 $115,428 $5,341 4.6 %
RV and marina base rental income in our Core Portfolio for the quarter ended September 30, 2026 increased $2.3 million, or 2.1%, from the same period in 2025 due to an increase in Core Annual RV and marina base rental income of 5.3%, offset by decreases in Core Seasonal and Transient RV and marina base rental income of 4.4% and 5.8%, respectively. The increase in Core Annual RV and marina base rental income was driven by growth from rate increases of 4.9% and a 0.4% increase in occupancy. The decrease in Core Transient RV and marina base rental income was primarily due to lower occupancy in the South and Central regions.
Utility and other income in our Core Portfolio for the quarter ended September 30, 2026 increased $0.9 million, or 2.6%, from the same period in 2025. The increase was primarily due to increases of $0.6 million and $0.3 million in utility income and pass-through income, respectively. The increase in utility income was driven by higher recovery rates and higher expenses driving additional recovery primarily in electric, trash and sewer recovery income, partially offset by lower water income. The increase in pass-through income was due to increases in real estate tax pass-throughs to customers in Florida. The utility recovery rate (utility income divided by utility expenses) for the quarters ended September 30, 2026 and 2025 was approximately 48.5% and 48.0%, respectively.
Property Operating Expenses
Property operating expenses, excluding property management, in our Core Portfolio for the quarter ended September 30, 2026 increased $2.1 million, or 1.3%, from the same period in 2025, driven by increases in Real estate taxes of $1.3 million, Repairs and maintenance of $1.3 million and Utility expense of $0.9 million, partially offset by a decrease in Insurance and other of $2.4 million. The increase in Real estate taxes was due to higher real estate taxes in Florida. The increase in Repairs and maintenance was due to increases in extraordinary repairs and maintenance, contract repairs and lawn and common area maintenance. The increase in Utility expense was due to increases in trash, sewer and water expenses, partially offset by a decrease in electric expense. The decrease in Insurance and other was due primarily to a decrease in insurance expense as a result of our April 1, 2026 property and casualty insurance renewal.



28
Management’s Discussion and Analysis (continued)
Home Sales and Other
The following table summarizes certain financial and statistical data for our Home Sales and Other Operations:
Quarters Ended September 30,
(amounts in thousands, except home sales volumes)20262025Variance%
Change
Gross revenues from new home sales$9,294 $9,864 $(570)(5.8)%
Cost of new home sales8,906 9,306 (400)(4.3)%
Gross revenues from used home sales850 1,334 (484)(36.3)%
Cost of used home sales1,652 1,233 419 34.0 %
Gross revenues from brokered resales and ancillary services14,249 13,729 520 3.8 %
Cost of brokered resales and ancillary services7,458 6,935 523 7.5 %
Home selling and ancillary operating expenses7,578 7,186 392 5.5 %
Home sales volumes:
New home sales97 119 (22)(18.5)%
Used home sales148 129 19 14.7 %
Brokered home resales131 113 18 15.9 %
Gross revenues from new home sales decreased $0.6 million and Cost of new home sales decreased $0.4 million during the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025 as a result of a change in overall sales mix.

Gross revenues from brokered resales and ancillary services and Cost of brokered resales and ancillary services increased by $0.5 million and $0.5 million, respectively, during the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025. The increases were the result of higher revenue and cost of sales related to ancillary services offered at our Properties.
Rental Operations
The following table summarizes certain financial and statistical data for our MH Rental Operations:
Quarters Ended September 30,
(amounts in thousands, except rental unit volumes)
20262025Variance%
Change
Rental operations revenue (1)
$10,263 $9,091 $1,172 12.9 %
Rental home operating and maintenance1,640 1,353 287 21.2 %
Depreciation on rental homes (2)
2,943 2,428 515 21.2 %
Gross investment in new manufactured home rental units$302,223 $239,937 $62,286 26.0 %
Gross investment in used manufactured home rental units$16,553 $13,622 $2,931 21.5 %
Net investment in new manufactured home rental units$256,130 $200,330 $55,800 27.9 %
Net investment in used manufactured home rental units$13,701 $10,441 $3,260 31.2 %
Number of occupied rentals – new, end of period2,085 1,905 180 9.4 %
Number of occupied rentals – used, end of period189 186 3 1.6 %
______________________
(1)Consists of Site rental income and home rental income. Approximately $6.3 million and $5.5 million of Site rental income is included in MH base rental income in the Core Portfolio Income from Property Operations table for the quarters ended September 30, 2026 and 2025, respectively. The remainder of home rental income is included in rental home income in our Core Portfolio Income from Property Operations table.
(2)Presented in Depreciation and amortization in the Consolidated Statements of Income and Comprehensive Income.

Rental operations revenues were $1.2 million, or 12.9%, higher during the quarter ended September 30, 2026 compared to the same period in 2025 primarily due to a 8.9% growth in occupancy and a 4.0% growth in rate.
29
Management’s Discussion and Analysis (continued)
Other Income and Expenses
The following table summarizes Other income and expenses, net:
Quarters Ended September 30,
(amounts in thousands, expenses shown as negative)
20262025Variance%
Change
Depreciation and amortization$(54,898)$(52,313)$(2,585)(4.9)%
Interest income1,335 2,770 (1,435)(51.8)%
Income from other investments, net1,904 1,972 (68)(3.4)%
General and administrative(9,573)(8,791)(782)(8.9)%
Other expenses (1)
(1,181)(1,229)48 3.9 %
Interest and related amortization(34,607)(33,659)(948)(2.8)%
Total other income and expenses, net$(97,020)$(91,250)$(5,770)(6.3)%
_____________________
(1)Prior period amounts have been reclassified to conform to the current period presentation.

Total Other income and expenses, net decreased $5.8 million, or 6.3%, for the quarter ended September 30, 2026 compared to the same period in 2025 primarily due to higher Depreciation and amortization, Interest and related amortization, General and administrative and lower Interest income.
Casualty-related charges/(recoveries), net
During the quarter ended September 30, 2026, we recognized expenses of approximately $0.4 million for debris removal and other costs related to hurricane events, with an insurance recovery revenue accrual of $0.2 million. During the quarter ended September 30, 2025 we recognized excess insurance recovery revenue of approximately $3.7 million, for reimbursement of capital expenditures related to Hurricane Ian. The debris removal, cleanup and other 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.
Income tax (expense)/benefit
During the quarter ended September 30, 2026, we recognized a full valuation allowance against deferred tax assets of our taxable REIT subsidiaries (TRSs) of $12.1 million.
Equity in income/(loss) of unconsolidated joint ventures
Equity in income/(loss) of unconsolidated joint ventures was $1.1 million lower during the quarter ended September 30, 2026 compared to the same period in 2025 primarily due to a distribution from an unconsolidated joint venture that refinanced a secured loan and distributed proceeds in 2025.

30
Management’s Discussion and Analysis (continued)
Comparison of the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025
Income from Property Operations
The following table summarizes certain financial and statistical data for the Core Portfolio and the total portfolio for the nine months ended September 30, 2026 and 2025:
Core PortfolioTotal Portfolio
Nine Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)20262025Variance%
Change		20262025Variance%
Change
MH base rental income (1)
$590,627 $558,678 $31,949 5.7 %$591,318 $559,245 $32,073 5.7 %
Rental home income (1)
11,610 10,508 1,102 10.5 %11,700 10,543 1,157 11.0 %
RV and marina base rental income (1)
331,071 328,495 2,576 0.8 %352,502 343,116 9,386 2.7 %
Annual membership subscriptions55,734 50,580 5,154 10.2 %56,627 51,112 5,515 10.8 %
Membership upgrade revenue (2)(3)
9,360 9,225 135 1.5 %9,360 9,292 68 0.7 %
Utility and other income (1)
105,829 100,977 4,852 4.8 %107,951 106,919 1,032 1.0 %
Property operating revenues1,104,231 1,058,463 45,768 4.3 %1,129,458 1,080,227 49,231 4.6 %
Utility expense126,141 122,411 3,730 3.0 %130,150 125,281 4,869 3.9 %
Payroll90,732 89,921 811 0.9 %94,560 92,588 1,972 2.1 %
Repairs and maintenance80,809 76,769 4,040 5.3 %83,462 79,094 4,368 5.5 %
Insurance and other (1)(4)
76,648 79,687 (3,039)(3.8)%80,613 83,521 (2,908)(3.5)%
Real estate taxes64,100 62,426 1,674 2.7 %66,001 64,073 1,928 3.0 %
Rental home operating and maintenance4,407 3,799 608 16.0 %4,424 3,815 609 16.0 %
Membership sales and marketing13,181 12,109 1,072 8.9 %13,205 12,192 1,013 8.3 %
Property operating expenses, excluding property management456,018 447,122 8,896 2.0 %472,415 460,564 11,851 2.6 %
Income from property operations, excluding property management (5)
648,213 611,341 36,872 6.0 %657,043 619,663 37,380 6.0 %
Property management61,871 61,430 441 0.7 %61,871 61,430 441 0.7 %
Income from property operations (5)
$586,342 $549,911 $36,431 6.6 %$595,172 $558,233 $36,939 6.6 %
__________________________
(1)Rental income consists of the following total portfolio income items in this table: 1) MH base rental income, 2) Rental home income, 3) RV and marina base rental income and 4) Utility income, which is calculated by subtracting Other income in the Consolidated Statements of Income and Comprehensive Income from Utility and other income in this table. The difference between the sum of the total portfolio income items and Rental income in the Consolidated Statements of Income and Comprehensive Income is bad debt expense, which is presented in Insurance and other in this table.
(2)Membership upgrade product offerings consist of two- to four-year term subscription products, which are recognized in Annual membership subscriptions. Prices for two-year products range between $4,000 to $8,000 and between approximately $7,000 to $14,000 for the four-year product, which results in approximately $2,500 to $3,000 of earned revenue on an annual basis.
(3)Membership upgrade revenue is net of deferrals of $0.2 million for the nine months ended September 30, 2025.
(4)Includes bad debt expense for all periods presented.
(5)See Non-GAAP Financial Measures section of the Management’s Discussion and Analysis for definitions and reconciliations of these Non-GAAP measures to Net Income available for Common Stockholders.

Total Portfolio income from property operations for the nine months ended September 30, 2026 increased $36.9 million, or 6.6%, from the same period in 2025 driven by an increase of $36.4 million, or 6.6%, from our Core Portfolio and an increase of $0.5 million from our Non-Core Portfolio.
Property Operating Revenues
MH base rental income in our Core Portfolio for the nine months ended September 30, 2026 increased $31.9 million, or 5.7%, from the same period in 2025, which reflects 5.8% growth from rate increases and a decline in occupancy of 0.1%. The average monthly MH base rental income per Site in our Core Portfolio increased to approximately $956 for the nine months ended September 30, 2026 from approximately $904 for the nine months ended September 30, 2025. Average occupancy for the Core Portfolio was 93.8% and 94.4% for the nine months ended September 30, 2026 and 2025, respectively.
31
Management’s Discussion and Analysis (continued)
RV and marina base rental income is comprised of the following:
Core PortfolioTotal Portfolio
Nine Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)
20262025Variance%
Change		20262025Variance%
Change
Annual$243,882 $232,317 $11,565 5.0 %$252,774 $239,438 $13,336 5.6 %
Seasonal35,079 40,128 (5,049)(12.6)%38,319 42,748 (4,429)(10.4)%
Transient52,110 56,050 (3,940)(7.0)%61,409 60,930 479 0.8 %
RV and marina base rental income$331,071 $328,495 $2,576 0.8 %$352,502 $343,116 $9,386 2.7 %
RV and marina base rental income in our Core Portfolio for the nine months ended September 30, 2026 increased $2.6 million, or 0.8%, from the same period in 2025 due to an increase in Core Annual RV and marina base rental income of 5.0%, partially offset by decreases in Core Seasonal and Transient RV and marina base rental income of 12.6% and 7.0%, respectively. The increase in Core Annual RV and marina base rental income was driven by an increase in rate of 5.1%, offset by a decline in occupancy of 0.1%. The decreases in Core Seasonal and Transient RV and marina base rental income were primarily due to lower occupancy in the South, West and Central regions.
Utility and other income in our Core Portfolio for the nine months ended September 30, 2026 increased $4.9 million, or 4.8%, from the same period in 2025. The increase was primarily due to an increase in utility income and pass-through income of $3.8 million and $0.9 million, respectively. The increase in utility income was driven by higher recovery rates and higher expenses driving additional recovery primarily in trash, sewer and electric income, and the increase in pass-through income was primarily driven by increases in real estate tax pass-throughs to customers in Florida. The utility recovery rate (utility income divided by utility expenses) for the nine months ended September 30, 2026 and 2025 was approximately 49.7% and 48.1%, respectively.
Property Operating Expenses
Property operating expenses, excluding property management, in our Core Portfolio for the nine months ended September 30, 2026 increased $8.9 million, or 2.0%, from the same period in 2025 driven by increases in Repairs and maintenance of $4.0 million, Utility expense of $3.7 million and Real estate taxes of $1.7 million, partially offset by a decrease in Insurance and other expenses of $3.0 million. The increase in Repairs and maintenance expense was driven by increases in extraordinary repairs and maintenance, lawn and common area maintenance and contract repairs, partially offset by a decrease in security guard expense. The increase in Utility expense was due to increases in trash, sewer and water expenses, partially offset by decreases in electric and gas expenses. The increase in Real estate taxes was primarily due to an increase in our Florida, Ohio, Rhode Island, Virginia and Wisconsin portfolios, partially offset by lower real estate tax assessments in our Texas portfolio. The decrease in Insurance and other expenses was due primarily to a decrease in insurance expense as a result of our property and casualty renewal on April 1, 2026.
Home Sales and Other
The following table summarizes certain financial and statistical data for our Home Sales and Other Operations:
Nine Months Ended September 30,
(amounts in thousands, except home sales volumes)
20262025Variance%
Change
Gross revenues from new home sales$26,030 $28,737 $(2,707)(9.4)%
Cost of new home sales25,462 26,796 (1,334)(5.0)%
Gross revenues from used home sales2,376 2,869 (493)(17.2)%
Cost of used home sales4,333 2,995 1,338 44.7 %
Gross revenues from brokered resales and ancillary services37,888 37,042 846 2.3 %
Cost of brokered resales and ancillary services18,724 17,851 873 4.9 %
Home selling and ancillary operating expenses22,019 20,342 1,677 8.2 %
Home sales volumes
New home sales282 353 (71)(20.1)%
Used home sales427 271 156 57.6 %
Brokered home resales387 337 50 14.8 %
32
Management’s Discussion and Analysis (continued)
Gross revenues from new home sales decreased $2.7 million and Cost of new home sales decreased $1.3 million during the nine months ended September 30, 2026 compared to the same period in 2025 as a result of a change in overall sales mix.
Gross revenues from used homes sales decreased $0.5 million and Cost of used homes sales increased $1.3 million during the nine months ended September 30, 2026 compared to the same period in 2025 as a result of a change in overall sales mix.
Gross revenues from brokered resales and ancillary services and Cost of brokered resales and ancillary services increased by $0.8 million and $0.9 million, respectively, during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increases were the result of higher revenue and cost of sales related to ancillary services offered at our Properties.
Rental Operations
The following table summarizes certain financial and statistical data for our MH Rental Operations:
Nine Months Ended September 30,
(amounts in thousands, except rental unit volumes)
20262025Variance%
Change
Rental operations revenue (1)
$29,904 $26,234 $3,670 14.0 %
Rental home operating and maintenance4,407 3,799 608 16.0 %
Depreciation on rental homes (2)
8,384 7,551 833 11.0 %
Gross investment in new manufactured home rental units$302,223 $239,937 $62,286 26.0 %
Gross investment in used manufactured home rental units$16,553 $13,622 $2,931 21.5 %
Net investment in new manufactured home rental units$256,130 $200,330 $55,800 27.9 %
Net investment in used manufactured home rental units$13,701 $10,441 $3,260 31.2 %
Number of occupied rentals – new, end of period2,085 1,905 180 9.4 %
Number of occupied rentals – used, end of period189 186 3 1.6 %
______________________
(1)Consists of Site rental income and home rental income in our Core Portfolio. Approximately $18.3 million and $15.7 million of Site rental income for the nine months ended September 30, 2026 and 2025, respectively, are included in MH base rental income within the Core Portfolio Income from Property Operations table. The remainder of home rental income is included in rental home income in our Core Portfolio Income from Property Operations table.
(2)Presented in Depreciation and amortization in the Consolidated Statements of Income and Comprehensive Income.

Rental operations revenues were $3.7 million, or 14.0%, higher during the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to a 9.9% growth in occupancy and a 4.1% growth in rate.
Other Income and Expenses
The following table summarizes Other income and expenses, net:
Nine Months Ended September 30,
(amounts in thousands, expenses shown as negative)
20262025Variance%
Change
Depreciation and amortization$(161,671)$(155,904)$(5,767)(3.7)%
Interest income5,106 7,210 (2,104)(29.2)%
Income from other investments, net9,487 6,074 3,413 56.2 %
General and administrative(32,546)(28,485)(4,061)(14.3)%
Other expenses (1)
(3,623)(3,674)51 1.4 %
Interest and related amortization(102,076)(96,995)(5,081)(5.2)%
Total other income and expenses, net$(285,323)$(271,774)$(13,549)(5.0)%
_____________________
(1)Prior period amounts have been reclassified to conform to the current period presentation.

Total Other income and expenses, net decreased $13.5 million during the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to higher Depreciation and amortization, Interest and related amortization, General and administrative expenses and Income from other investments, net, partially offset by lower Interest income.


33
Management’s Discussion and Analysis (continued)
Casualty-related charges/(recoveries), net
During the nine months ended September 30, 2026 and 2025, we recognized debris removal, cleanup and other costs related to hurricane events of approximately $0.5 million and $1.0 million, respectively, with an insurance recovery revenue accrual of $0.2 million and $0.8 million, respectively. During the nine months ended September 30, 2026 and 2025, we also recognized insurance recovery revenue in excess of expenses for Hurricane Ian of $7.1 million and $4.3 million, respectively. The debris removal, cleanup and other 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.
Gain/(Loss) on sale of real estate and impairment, net
During the nine months ended September 30, 2026, we recognized an impairment of $0.5 million related to home fixed assets. During the nine months ended September 30, 2025, we recognized an impairment of $0.7 million related to the discontinuation of certain capital projects.
Income tax (expense)/benefit
During the nine months ended September 30, 2026, we recognized a full valuation allowance against deferred tax assets of our TRSs of $12.1 million.
Equity in income/(loss) of unconsolidated joint ventures
Equity in income/(loss) of unconsolidated joint ventures was $6.1 million lower during the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to a distribution from an unconsolidated joint venture that refinanced a secured loan and distributed proceeds in 2025.
34
Management’s Discussion and Analysis (continued)
Liquidity and Capital Resources
Liquidity
Our primary demands for liquidity include payment of operating expenses, dividend distributions, debt service, including principal and interest, capital improvements on Properties, home purchases and property acquisitions. We expect similar demand for liquidity will continue for the short-term and long-term. Our primary sources of cash include operating cash flows, proceeds from financings, borrowings under our unsecured Line of Credit (“LOC”) and proceeds from issuance of equity and debt securities, including issuances under our at-the-market (“ATM”) equity offering program.
One of our stated objectives is to maintain financial flexibility. Achieving this objective allows us to take advantage of strategic opportunities that may arise. When investing capital, we consider all potential uses, including returning capital to our stockholders or the conditions under which we may repurchase our stock. These conditions include, but are not limited to, market price, balance sheet flexibility, alternative opportunistic capital uses and capital requirements. We believe effective management of our balance sheet, including maintaining various access points to raise capital, managing future debt maturities and borrowing at competitive rates, enables us to meet this objective. Accessing long-term, low-cost secured debt continues to be our focus.
As of September 30, 2026 and December 31, 2025, secured debt encumbered a total of 112 of our Properties, and the gross carrying value of such Properties was approximately $3,320.7 million and $3,266.6 million, respectively.
On November 1, 2024, we entered into our current 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, 2026, the full capacity of our current ATM equity offering program remained available for issuance.
As of September 30, 2026, we had available liquidity in the form of approximately 405.9 million shares of authorized and unissued common stock, par value $0.01 per share, and 10.0 million shares of authorized and unissued preferred stock registered for sale under the Securities Act of 1933, as amended.
On October 27, 2026, our Board of Directors (the “Board”) approved a stock repurchase program for the repurchase of up to $500.0 million of our outstanding common stock, par value $0.01 per share (the “2026 Stock Repurchase Program”). Repurchases under the 2026 Stock Repurchase Program may be made from time to time, on the open market, through privately negotiated transactions or otherwise, in each case in accordance with Rule 10b-18 and 10b5-1 promulgated under the Securities Exchange Act of 1934 and other applicable legal requirements. Under the 2026 Stock Repurchase Program, the Chief Executive Officer and Chief Financial Officer may cause the Company to repurchase outstanding common stock until the earliest of October 31, 2027, the repurchase of the aggregate value of the common stock authorized or a determination by the Board to discontinue such repurchases. The timing and actual number of common stock repurchased will depend on a variety of factors including, price, corporate and regulatory requirements and other business and market conditions. The 2026 Stock Repurchase Program does not obligate us to repurchase any specific number of common stock, and we may initiate, suspend or discontinue purchases under the 2026 Stock Repurchase Program at any time.
We also utilize interest rate swaps to add stability to our interest expense and to manage our exposure to interest rate movements. 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 the designated derivative are recorded in Accumulated other comprehensive income/(loss) on the Consolidated Balance Sheets and are subsequently reclassified into earnings in the Consolidated Statements of Income and Comprehensive Income in the period that the hedged forecasted transaction affects earnings. For additional information regarding our interest rate swaps, see Part I. Item 1. Financial Statements—Note 8. Derivative Instruments and Hedging Activities.
We expect to meet our short-term liquidity requirements, including principal payments, capital improvements and dividend distributions for the next twelve months, generally through available cash, net cash provided by operating activities, issuances of equity under our ATM equity offering program and our LOC. As of September 30, 2026, our LOC had a remaining borrowing capacity of $352.9 million with the option to increase the borrowing capacity by $200.0 million, subject to certain conditions. 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%. The LOC is net of a standby letter of credit of $9.0 million provided to one of our insurers as collateral for workers’ compensation and automobile claims.
We expect to meet certain long-term liquidity requirements, such as scheduled debt maturities, property acquisitions and capital improvements, using long-term collateralized and uncollateralized borrowings, including the existing LOC and the
35
Management’s Discussion and Analysis (continued)
issuance of debt securities or the issuance of equity including under our ATM equity offering program.
The following table summarizes our cash flows activity:
For the nine months ended September 30,
(amounts in thousands)20262025
Net cash provided by operating activities$493,983 $471,687 
Net cash used in investing activities(157,493)(223,720)
Net cash used in financing activities(338,288)(233,252)
Net increase (decrease) in cash and restricted cash$(1,798)$14,715 
Operating Activities
Net cash provided by operating activities increased $22.3 million to $494.0 million for the nine months ended September 30, 2026 from $471.7 million for the nine months ended September 30, 2025. The increase in net cash provided by operating activities was primarily due to an increase in accounts payable and other liabilities and other assets, net, partially offset by an increase in cash outflows related to manufactured homes, net.
The following table summarizes our purchase and sale activity of manufactured homes:
For the nine months ended September 30,
(amounts in thousands)
20262025
Purchase of manufactured homes$(76,062)$(55,034)
Sale of manufactured homes25,358 25,411 
Manufactured homes, net$(50,704)$(29,623)
Investing Activities
Net cash used in investing activities decreased $66.2 million to $157.5 million for the nine months ended September 30, 2026 from $223.7 million for the nine months ended September 30, 2025. The decrease was primarily driven by decreases in cash outflows related to issuance of notes receivable and capital improvements and a decrease in cash inflows related to proceeds from insurance claims, net.
Capital Improvements
The following table summarizes capital improvements:
For the nine months ended September 30,
(amounts in thousands)20262025
Asset preservation (1)
$39,268 $36,977 
Improvements and renovations(2)
28,641 27,851 
Property upgrades and development (3)
62,396 95,459 
Site development (4)
21,677 10,348 
Total property improvements151,982 170,635 
Corporate8,210 5,298 
Total capital improvements$160,192 $175,933 
______________________
(1)Includes upkeep of property infrastructure including utilities and streets and replacement of community equipment and vehicles.
(2)Includes enhancements to amenities such as buildings, common areas, swimming pools and replacement of furniture and site amenities.
(3)Includes $13.3 million and $19.0 million of restoration and improvement capital expenditures related to hurricane events for the nine months ended September 30, 2026 and 2025, respectively.
(4)Includes capital expenditures to improve the infrastructure required to set manufactured homes.

Financing Activities
Net cash used in financing activities increased $105.0 million to $338.3 million for the nine months ended September 30, 2026 from $233.3 million for the nine months ended September 30, 2025. The increase was primarily due to an increase in distributions to common stockholders and OP unit holders of $18.7 million and decrease in term loan proceeds of
36
Management’s Discussion and Analysis (continued)
$240.0 million, partially offset by a decrease in cash outflows related to principal payments and mortgage debt repayment of $85.7 million, an increase in net line of credit borrowings of $65.0 million and a decrease in cash outflows related to debt issuance and defeasance costs of $2.5 million.
Contractual Obligations
Significant ongoing contractual obligations consist primarily of long-term borrowings, interest expense, operating leases, LOC maintenance fees and ground leases. For a summary and complete presentation and description of our ongoing commitments and contractual obligations, see Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Contractual Obligations in our 2025 Form 10-K.
Critical Accounting Policies and Estimates
Refer to Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Form 10-K for a discussion of our critical accounting policies. There have been no significant changes to our critical accounting policies and estimates during the quarter ended September 30, 2026.
Forward-Looking Statements
This Quarterly Report on Form 10-Q includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as “anticipate,” “expect,” “believe,” “project,” “estimate,” “intend,” “may be” and “will be” and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, including, but not limited to:
•our ability to control costs, and real estate market conditions, our ability to retain customers, the actual use of Sites by customers and our success in acquiring new customers at our Properties (including those that we may acquire);
•our ability to maintain historical or increase future rental rates and occupancy with respect to properties currently owned or that we may acquire;
•our ability to attract and retain customers entering, renewing and upgrading membership subscriptions;
•our assumptions about rental and home sales markets;
•our ability to manage counterparty risk;
•our ability to renew our insurance policies at existing rates and on consistent terms;
•home sales results could be impacted by the ability of potential homebuyers to sell their existing residences as well as by financial, credit and capital markets volatility;
•results from home sales and occupancy will continue to be impacted by local economic conditions, including an adequate supply of homes at reasonable costs, lack of affordable manufactured home financing and competition from alternative housing options including site-built single-family housing;
•impact of government intervention to stabilize site-built single-family housing and not manufactured housing;
•impact of public health crises, such as highly infectious or contagious diseases on our business operations, our residents, our customers, our employees and the economy generally;
•effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions;
•our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets;
•the completion of future transactions in their entirety, if any, and timing and effective integration with respect thereto;
•unanticipated costs or unforeseen liabilities associated with recent acquisitions;
•the effect of potential damage from natural disasters, including hurricanes and other weather-related events, which could result in substantial costs to our business;
•our ability to obtain financing or refinance existing debt on favorable terms or at all;
•the effect of inflation and interest rates, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions;
•the effect from any breach of our, or any of our vendors’, data management systems;
•repurchases by us of our securities or the dilutive effects of issuing additional securities;
•the potential impact of material weaknesses, if any, in our internal control over financial reporting;
•the outcome of pending or future lawsuits or actions brought by or against us, including those disclosed in our filings with the Securities and Exchange Commission; and
•other risks indicated from time to time in our filings with the Securities and Exchange Commission.
For further information on these and other factors that could impact us and the statements contained herein, refer to Part I. Item 1A. Risk Factors in the 2025 Form 10-K and Part II. Item 1A. Risk Factors herein.
37
Management’s Discussion and Analysis (continued)
These forward-looking statements are based on management’s present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
38

Item 3.Quantitative and Qualitative Disclosures About Market Risk
We disclosed a quantitative and qualitative analysis regarding market risk in Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our 2025 Form 10-K. There have been no material changes in the assumptions used or results obtained regarding market risk since December 31, 2025.

Item 4.Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), has evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2026. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective to give reasonable assurances to the timely collection, evaluation and disclosure of information relating to us that would potentially be subject to disclosure under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations promulgated thereunder as of September 30, 2026. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Changes in Internal Control Over Financial Reporting
During the quarter ended September 30, 2026, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


39

Part II – Other Information

Item 1.Legal Proceedings
See Part I. Item 1. Financial Statements—Note 12. Commitments and Contingencies accompanying the Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

Item 1A.Risk Factors
A description of the risk factors associated with our business are discussed in Item 1A. Risk Factors in our 2025 Form 10-K and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. We have updated our risk factors disclosed in Part I. Item 1A. Risk Factors in our 2025 Form 10-K with the risk factor description below.
Our Share Price Could Be Volatile and Could Decline, Resulting in A Substantial or Complete Loss on Our Stockholders’ Investment.
We list our common stock on the New York Stock Exchange (the “NYSE”) and our common stock could experience significant price and volume fluctuations. Investors in our common stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects. The price of our common stock could be subject to wide fluctuations in response to a number of factors, including:
•issuances of other equity securities in the future, including new series or classes of preferred stock;
•our operating performance and the performance of other similar companies;
•our ability to maintain compliance with covenants contained in our debt facilities;
•actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity;
•changes in expectations of future financial performance or changes in our earnings estimates or those of analysts;
•changes in our distribution policy;
•publication of research reports about us or the real estate industry generally;
•increases in market interest rates that lead purchasers of our common stock to demand a higher dividend yield;
•changes in market valuations of similar companies;
•adverse market reaction to the amount of our debt outstanding at any time, the amount of our debt maturing in the near-term and medium-term and our ability to refinance our debt, or our plans to incur additional debt in the future;
•additions or departures of key employees, management, Directors and other key personnel;
•speculation in the press or investment community;
•equity issuances by us, or share resales by our stockholders or the perception that such issuances or resales may occur;
•equity repurchases by us, or the perception that such repurchases may occur, through the Company’s stock repurchase program, including the funding sources for those repurchases;
•addition to, or removal from, market indexes used by investors to make investment decisions;
•actions by institutional stockholders; and
•general market and economic conditions.
Many of the factors listed above are beyond our control. Those factors may cause the market price of our common stock to decline significantly, regardless of our financial condition, results of operations and prospects. It is impossible to provide any assurance that the market price of our common stock will not fall in the future, and it may be difficult for holders to resell shares of our common stock at prices they find attractive, or at all. In the past, securities class action litigation has often been instituted against companies following periods of volatility in their stock price. This type of litigation could result in substantial costs and divert our management’s attention and resources.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
None.

Item 3.Defaults Upon Senior Securities
None.
40


Item 4.Mine Safety Disclosures
None.

Item 5.Other Information
During the quarter ended September 30, 2026, none of the Company’s directors or officers adopted, terminated or modified any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).
On October 27, 2026, our Board of Directors (the “Board”) approved a stock repurchase program for the repurchase of up to $500.0 million of our outstanding common stock, par value $0.01 per share (the “2026 Stock Repurchase Program”). Repurchases under the 2026 Stock Repurchase Program may be made from time to time, on the open market, through privately negotiated transactions or otherwise, in each case in accordance with Rule 10b-18 and 10b5-1 promulgated under the Securities Exchange Act of 1934 and other applicable legal requirements. Under the 2026 Stock Repurchase Program, the Chief Executive Officer and Chief Financial Officer may cause the Company to repurchase outstanding common stock until the earliest of October 31, 2027, the repurchase of the aggregate value of the common stock authorized or a determination by the Board to discontinue such repurchases. The timing and actual number of common stock repurchased will depend on a variety of factors including, price, corporate and regulatory requirements and other business and market conditions. The 2026 Stock Repurchase Program does not obligate us to repurchase any specific number of common stock, and we may initiate, suspend or discontinue purchases under the 2026 Stock Repurchase Program at any time.

Item 6.Exhibits
 
10.1(a)
31.1
31.2
32.1
32.2
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
104Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)

The following documents are incorporated by reference.

(a)Included as an exhibit to our Report on Form 10-Q for the quarter ended June 30, 2026
41

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
 
EQUITY LIFESTYLE PROPERTIES, INC.
Date: October 27, 2026
By:/s/ Marguerite Nader
Marguerite Nader
Vice Chairman and Chief Executive Officer
(Principal Executive Officer)
Date: October 27, 2026
By:/s/ Paul Seavey
Paul Seavey
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date: October 27, 2026
By:/s/ Caroline Karp
Caroline Karp
Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)

42

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

DISCLAIMER

CompaniesMarketCap is not associated in any way with CoinMarketCap.com
Stock prices are delayed, the delay can range from a few minutes to several hours.
Company logos are from the CompaniesLogo.com logo database and belong to their respective copyright holders. Companies Marketcap displays them for editorial purposes only.

Contact

For inquiries or if you want to report a problem write to hello@8marketcap.com

Links

- Privacy policy

- Terms and conditions

© 2025 CompaniesMarketcap.com