# EDGAR Filing Document

**Accession Number:** 0000895417
**File Stem:** 0001628280-26-028003
**Filing Date:** 2026-4
**Character Count:** 134185
**Document Hash:** 47fff4b864d3917728a3b7273bdf41ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-028003.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001628280-26-028003

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EQUITY LIFESTYLE PROPERTIES INC
- **CENTRAL INDEX KEY:** 0000895417
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 363857664
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11718
- **FILM NUMBER:** 26909080

**BUSINESS ADDRESS:**
- **STREET 1:** TWO N RIVERSIDE PLZ
- **STREET 2:** STE 800
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3122791400

**MAIL ADDRESS:**
- **STREET 1:** TWO N RIVERSIDE PLAZE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANUFACTURED HOME COMMUNITIES INC
- **DATE OF NAME CHANGE:** 19940218

?xml version='1.0' encoding='ASCII'? els-20260331

**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 March 31, 2026**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Commission file number: 1-11718**

_________________________________________________________

**EQUITY LIFESTYLE PROPERTIES, INC.**

**(Exact Name of Registrant as Specified in Its Charter)**

_________________________________________________________

---

| | | | |
|:---|:---|:---|:---|
| **Maryland** | | | **36-3857664** |
| **(State or other jurisdiction of incorporation)** | | | **(IRS Employer Identification Number)** |
| **Two North Riverside Plaza, Suite 800** | **Chicago,** | **Illinois** | **60606** |
| **(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: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock, $0.01 Par Value** | **ELS** | **New 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.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;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).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;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).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 193,937,553 shares of Common Stock as of April 22, 2026.

------

**Equity LifeStyle Properties, Inc.**

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | Page |
| **<u>[Part I - Financial Information](#i17dd7a6b79e543d9bf529893143a80f4_10)</u>** | **<u>[Part I - Financial Information](#i17dd7a6b79e543d9bf529893143a80f4_10)</u>** | **<u>[Part I - Financial Information](#i17dd7a6b79e543d9bf529893143a80f4_10)</u>** |
| **Item 1.** | **Financial Statements (unaudited)** | |
| | **Index To Financial Statements** | |
| | <u>[Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#i17dd7a6b79e543d9bf529893143a80f4_16)</u> | <u>[3](#i17dd7a6b79e543d9bf529893143a80f4_16)</u> |
| | <u>[Consolidated Statements of Income and Comprehensive Income for the quarters ended March 31, 2026 and 2025](#i17dd7a6b79e543d9bf529893143a80f4_19)</u> | <u>[4](#i17dd7a6b79e543d9bf529893143a80f4_19)</u> |
| | <u>[Consolidated Statements of Changes in Equity for the quarters ended March 31, 2026 and 2025](#i17dd7a6b79e543d9bf529893143a80f4_22)</u> | <u>[5](#i17dd7a6b79e543d9bf529893143a80f4_22)</u> |
| | <u>[Consolidated Statements of Cash Flows for the quarters ended March 31, 2026 and 2025](#i17dd7a6b79e543d9bf529893143a80f4_28)</u> | <u>[6](#i17dd7a6b79e543d9bf529893143a80f4_28)</u> |
| | <u>[Notes to Consolidated Financial Statements](#i17dd7a6b79e543d9bf529893143a80f4_31)</u> | <u>[8](#i17dd7a6b79e543d9bf529893143a80f4_31)</u> |
| **Item 2.** | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i17dd7a6b79e543d9bf529893143a80f4_85)</u> | <u>[18](#i17dd7a6b79e543d9bf529893143a80f4_85)</u> |
| **Item 3.** | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i17dd7a6b79e543d9bf529893143a80f4_103)</u> | <u>[30](#i17dd7a6b79e543d9bf529893143a80f4_103)</u> |
| **Item 4.** | <u>[Controls and Procedures](#i17dd7a6b79e543d9bf529893143a80f4_106)</u> | <u>[30](#i17dd7a6b79e543d9bf529893143a80f4_106)</u> |
| **<u>[Part II - Other Information](#i17dd7a6b79e543d9bf529893143a80f4_109)</u>** | **<u>[Part II - Other Information](#i17dd7a6b79e543d9bf529893143a80f4_109)</u>** | **<u>[Part II - Other Information](#i17dd7a6b79e543d9bf529893143a80f4_109)</u>** |
| **Item 1.** | <u>[Legal Proceedings](#i17dd7a6b79e543d9bf529893143a80f4_112)</u> | <u>[31](#i17dd7a6b79e543d9bf529893143a80f4_112)</u> |
| **Item 1A.** | <u>[Risk Factors](#i17dd7a6b79e543d9bf529893143a80f4_115)</u> | <u>[31](#i17dd7a6b79e543d9bf529893143a80f4_115)</u> |
| **Item 2.** | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i17dd7a6b79e543d9bf529893143a80f4_118)</u> | <u>[31](#i17dd7a6b79e543d9bf529893143a80f4_118)</u> |
| **Item 3.** | <u>[Defaults Upon Senior Securities](#i17dd7a6b79e543d9bf529893143a80f4_121)</u> | <u>[31](#i17dd7a6b79e543d9bf529893143a80f4_121)</u> |
| **Item 4.** | <u>[Mine Safety Disclosures](#i17dd7a6b79e543d9bf529893143a80f4_124)</u> | <u>[31](#i17dd7a6b79e543d9bf529893143a80f4_124)</u> |
| **Item 5.** | <u>[Other Information](#i17dd7a6b79e543d9bf529893143a80f4_127)</u> | <u>[31](#i17dd7a6b79e543d9bf529893143a80f4_127)</u> |
| **Item 6.** | <u>[Exhibits](#i17dd7a6b79e543d9bf529893143a80f4_130)</u> | <u>[32](#i17dd7a6b79e543d9bf529893143a80f4_130)</u> |

---

------

**Part I – Financial Information**

**Item 1. Financial Statements**

 **Equity LifeStyle Properties, Inc.**

**Consolidated Balance Sheets**

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

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(unaudited)** | |
| **Assets** | | |
| Investment in real estate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $2088175 | $2088174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land improvements | 4825758 | 4784223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and other depreciable property | 1320369 | 1306317 |
|  | 8234302 | 8178714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (2889944) | (2838344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in real estate | 5344358 | 5340370 |
| Cash and restricted cash | 39236 | 26132 |
| Notes receivable, net | 90252 | 93358 |
| Investment in unconsolidated joint ventures | 83069 | 85041 |
| Deferred commission expense | 57689 | 58149 |
| Other assets, net | 134064 | 142343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $**5748668** | $**5745393** |
| **Liabilities and Equity** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes payable, net | $2763260 | $2779158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term loans, net | 437659 | 437455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured line of credit | 89500 | 105000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 169735 | 152536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred membership revenue | 220318 | 221498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 11076 | 11333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rents and other customer payments received in advance and security deposits | 128257 | 120441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | 108574 | 103146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **3928379** | **3930567** |
| Equity: |  |  |
| Stockholders' Equity: |  |  |
| Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025; none issued and outstanding.  |  |  |
| Common stock, $0.01 par value, 600,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 193,931,077 and 193,835,561 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively. | 1988 | 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 1982024 | 1981540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions in excess of accumulated earnings | (222349) | (225045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income/(loss) | (56) | (2208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity | 1761607 | 1756275 |
| Non-controlling interests – Common OP Units | 58682 | 58551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity** | **1820289** | **1814826** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Equity** | $**5748668** | $**5745393** |

---

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

------

**Equity LifeStyle Properties, Inc.**

**Consolidated Statements of Income and Comprehensive Income**

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

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| | **2026** | **2025** |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental income | $339046 | $327206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual membership subscriptions | 18299 | 16342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Membership upgrade revenue | 3120 | 3052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 14096 | 15555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross revenues from home sales, brokered resales and ancillary services | 19096 | 20923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 2191 | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from other investments, net | 1774 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 397622 | 387334 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property operating and maintenance | 121040 | 118566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | 22100 | 21643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Membership sales and marketing | 3837 | 3931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property management | 18671 | 20430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 53136 | 50942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of home sales, brokered resales and ancillary services | 13600 | 13692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home selling expenses and ancillary operating expenses | 6823 | 6168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 11101 | 9239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casualty-related charges/(recoveries), net | 68 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 1233 | 1878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and related amortization | 33645 | 31136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 285254 | 277842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before other items | 112368 | 109492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in income/(loss) of unconsolidated joint ventures | (877) | 4901 |
| Consolidated net income | 111491 | 114393 |
| Income allocated to non-controlling interests – Common OP Units | (3587) | (5201) |
| **Net income available for Common Stockholders** | $**107904** | $**109192** |
| Consolidated net income | $111491 | $114393 |
| Other comprehensive income/(loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for fair market value of swaps | 2152 | (1629) |
| Consolidated comprehensive income | 113643 | 112764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income allocated to non-controlling interests – Common OP Units | (3656) | (5127) |
| **Comprehensive income attributable to Common Stockholders** | $**109987** | $**107637** |
| **Earnings per Common Share – Basic** | $0.56 | $0.57 |
| **Earnings per Common Share – Fully Diluted** | $0.56 | $0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average Common Shares outstanding – Basic | 193676 | 190925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average Common Shares outstanding – Fully Diluted | 200176 | 200074 |

---

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

------

**Equity LifeStyle Properties, Inc.**

**Consolidated Statements of Changes in Equity**

**(amounts in thousands)**

**(unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Common Stock | Paid-in Capital | Redeemable Perpetual Preferred Stock | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interests – Common OP Units | Total Equity |
| **Balance as of December 31, 2025** | $**1988** | $**1981540** | $**—** | $**(225045)** | $**(2208)** | $**58551** | $**1814826** |
| 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 |  | 2148 |  |  |  |  | 2148 |
| Repurchase of Common Stock or Common OP Units |  | (1929) |  |  |  |  | (1929) |
| Adjustment for Common OP Unitholders in the Operating Partnership |  | (62) |  |  |  | 62 |  |
| Adjustment for fair market value of swaps |  |  |  |  | 2152 |  | 2152 |
| Consolidated net income |  |  |  | 107904 |  | 3587 | 111491 |
| Distributions |  |  |  | (105208) |  | (3496) | (108704) |
| Other |  | (70) |  |  |  |  | (70) |
| **Balance as of March 31, 2026** | $**1988** | $**1982024** | $**—** | $**(222349)** | $**(56)** | $**58682** | $**1820289** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Common Stock | Paid-in Capital | Redeemable Perpetual Preferred Stock | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interests – Common OP Units | Total Equity |
| **Balance as of December 31, 2024** | $**1962** | $**1951430** | $**—** | $**(214979)** | $**2303** | $**83070** | $**1823786** |
| Issuance of Common Stock through employee stock purchase plan |  | 391 |  |  |  |  | 391 |
| Compensation expenses related to restricted stock and stock options |  | 1771 |  |  |  |  | 1771 |
| Repurchase of Common Stock or Common OP Units |  | (2258) |  |  |  |  | (2258) |
| Adjustment for Common OP Unitholders in the Operating Partnership |  | 118 |  |  |  | (118) |  |
| Adjustment for fair market value of swaps |  |  |  |  | (1629) |  | (1629) |
| Consolidated net income |  |  |  | 109192 |  | 5201 | 114393 |
| Distributions |  |  |  | (98439) |  | (4689) | (103128) |
| Other |  | (61) |  |  |  |  | (61) |
| **Balance as of March 31, 2025** | $**1962** | $**1951391** | $**—** | $**(204226)** | $**674** | $**83464** | $**1833265** |

---

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

------

**Equity LifeStyle Properties, Inc.**

**Consolidated Statements of Cash Flows**

**(amounts in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| | **2026** | **2025** |
| **Cash Flows From Operating Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated net income | $111491 | $114393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile consolidated net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 54318 | 52176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan costs | 1329 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in (income)/loss of unconsolidated joint ventures | 877 | (4901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of income from unconsolidated joint ventures | 106 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from insurance claims, net | (36) | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation expense related to incentive plans | 2148 | 2334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue recognized from membership upgrade sales upfront payments | (3697) | (3220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission expense related to memberships sales | 1705 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manufactured homes, net | (14313) | (3074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable, net | 3106 | 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred commission expense | (1245) | (1599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets, net | 9279 | 19632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 18831 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred membership revenue | 2517 | 4372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rents and other customer payments received in advance and security deposits | 7816 | 6225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 194232 | 193390 |
| **Cash Flows From Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated joint ventures | (149) | (8690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of capital from unconsolidated joint ventures | 1138 | 7404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from insurance claims, net |  | 4167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital improvements | (45285) | (45202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (44296) | (42321) |

---

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

------

**Equity LifeStyle Properties, Inc.**

**Consolidated Statements of Cash Flows (continued)**

**(amounts in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| | **2026** | **2025** |
| **Cash Flows From Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from stock options and employee stock purchase plan | 375 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stockholders | (99825) | (91229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common OP Unitholders | (3321) | (4347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based award tax withholding payments | (1929) | (2258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments and mortgage debt repayment | (16562) | (16665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Line of credit repayment | (207000) | (199500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Line of credit proceeds | 191500 | 185500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (70) | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (136832) | (128169) |
| Net increase (decrease) in cash and restricted cash | 13104 | 22900 |
| Cash and restricted cash, beginning of period | 26132 | 24576 |
| **Cash and restricted cash, end of period** | $**39236** | $**47476** |

---

---

| | | |
|:---|:---|:---|
| | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| | **2026** | **2025** |
| **Supplemental Information:** |  |  |
| Cash paid for interest, net | $32572 | $31661 |
| Cash paid for the purchase of manufactured homes | $21962 | $11273 |

---

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

------

**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 March 31, 2026. The limited partners do not have substantive kick-out or participating rights. Our sole significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. Additionally, we have the power to direct the Operating Partnership's activities and the obligation to absorb its losses or the right to receive its benefits. Accordingly, we are the primary beneficiary, and we have continued to consolidate the Operating Partnership.

Equity method of accounting is applied to entities in which ELS does not have a controlling interest but with respect to which it can exercise significant influence over operations and major decisions. 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**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)&nbsp;&nbsp;&nbsp;&nbsp;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 and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. Leases with our customers are accounted for as operating leases. Rental income is accounted for in accordance with Accounting Standards Codification (ASC) 842, *Leases*, and is recognized over the term of the respective lease or the length of a customer's stay. We do not separate expenses reimbursed by our customers ("utility recoveries") from the associated rental revenue as we meet the practical expedient criteria to combine these lease and non-lease components. We account for and present rental revenue and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income as the timing and pattern of transfer for rental revenue and the associated utility recoveries are the same. The change in allowance for credit losses related to the collectability of lease receivables is presented as a reduction to Rental income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.

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-

------

**Equity LifeStyle Properties, Inc.**

**Notes to Consolidated Financial Statements**

**Note 2 – Summary of Significant Accounting Policies (continued)**

refundable upfront payments, with an option to finance the upfront payments. Beginning in the first quarter of 2025, upfront payment upgrade products and related financing options are no longer being offered by the Company, but members in good standing are entitled to enhanced benefits for as long as they choose to remain in the program.

Membership subscriptions, including subscription-based membership upgrades, are presented within Annual membership subscriptions on the Consolidated Statements of Income and Comprehensive Income. Payments for membership subscriptions are deferred and recognized on a straight-line basis over the period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Non-refundable upfront payments on our legacy product offerings are recognized on a straight-line basis over 24 years, and are presented within Membership upgrade revenue on the Consolidated Statements of Income and Comprehensive Income. 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.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)&nbsp;&nbsp;&nbsp;&nbsp;Restricted Cash*

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

&nbsp;&nbsp;&nbsp;&nbsp;*(c)&nbsp;&nbsp;&nbsp;&nbsp;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. Notes receivable includes a term loan made to an equity method investment of the Company, in the amount of $56.1 million, which is secured by the underlying Properties within the joint venture. Refer to *Note 5. Investment in Unconsolidated Joint Ventures.*

The fair market value of mortgage notes payable, term loans and interest rate derivatives are measured with Level 2 inputs using quoted prices and observable inputs from similar liabilities as disclosed in *Note 6. Borrowing Arrangements* and *Note 7. Derivative Instruments and Hedging Activities*.

We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)&nbsp;&nbsp;&nbsp;&nbsp;Allowance for Credit Losses*

We account for allowance for credit losses under the current expected credit loss ("CECL") impairment model for our financial assets, including receivables from tenants, receivables for annual membership subscriptions, notes receivable, contracts receivable and chattel loans, and present the net amount of the financial instrument expected to be collected. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Our allowance for credit losses was as follows:

------

**Equity LifeStyle Properties, Inc.**

**Notes to Consolidated Financial Statements**

**Note 2 – Summary of Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
| | **For the Quarters Ended March 31,** | **For the Quarters Ended March 31,** |
| *(amounts in thousands):* | **2026** | **2025** |
| Balance, beginning | $20064 | $23576 |
| Provision for losses | 1876 | 1692 |
| Write-offs | (2508) | (2571) |
| Balance, ending | $19432 | $22697 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(e)&nbsp;&nbsp;&nbsp;&nbsp;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 quarters ended March 31, 2026 and 2025, we recognized debris removal and cleanup costs related to hurricane events of $0.1 million and $0.8 million, respectively, with $0.6 million of insurance recovery revenue accruals related to the expenses during the quarter ended March 31, 2025. The debris and cleanup costs and offsetting recovery accrual are reflected in Casualty-related charges/(recoveries), net on the Consolidated Statements of Income and Comprehensive Income. During the quarter ended March 31, 2025, we recognized business interruption recovery revenue of approximately $1.8 million related to Hurricane Ian.

**Note 3 – Earnings Per Common Share**

Basic and fully diluted earnings per share are based on the weighted average shares outstanding during each period. The following table sets forth the computation of basic and diluted earnings per share of common stock ("Common Share"):

---

| | | |
|:---|:---|:---|
| | **For the Quarters Ended March 31,** | **For the Quarters Ended March 31,** |
| *(amounts in thousands, except per share data)* | **2026** | **2025** |
| **Numerators:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income available for Common Stockholders – Basic | $107904 | $109192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts allocated to non-controlling interests (dilutive securities) | 3587 | 5201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income available for Common Stockholders – Fully Diluted | $111491 | $114393 |
| **Denominators:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average Common Shares outstanding – Basic | 193676 | 190925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of dilutive securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange of Common OP Units for Common Shares | 6448 | 9104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock options and restricted stock | 52 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average Common Shares outstanding and OP Units – Fully Diluted | 200176 | 200074 |
| **Earnings per Common Share – Basic** | $0.56 | $0.57 |
| **Earnings per Common Share – Fully Diluted** | $0.56 | $0.57 |

---

------

**Equity LifeStyle Properties, Inc.**

**Notes to Consolidated Financial Statements**

**Note 4 – Common Stock and Other Equity Related Transactions**

*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 Share** | **For the Quarter Ended** | **Stockholder Record Date** | **Payment Date** |
| $0.5150 | March 31, 2025 | March 28, 2025 | April 11, 2025 |
| $0.5150 | June 30, 2025 | June 27, 2025 | July 11, 2025 |
| $0.5150 | September 30, 2025 | September 26, 2025 | October 10, 2025 |
| $0.5150 | December 31, 2025 | December 26, 2025 | January 9, 2026 |
| $0.5425 | March 31, 2026 | March 27, 2026 | April 10, 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 2,406 OP units exchanged for an equal amount of common stock during the quarter ended March 31, 2026. No OP units were exchanged for Common Stock during the quarter ended March 31, 2025.

*Equity Offering Program*

On November 1, 2024, we entered into our current at-the-market ("ATM") equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $700.0 million. As of March 31, 2026, the full capacity of our ATM equity offering program remained available for issuance.

**Note 5 – Investment in Unconsolidated Joint Ventures**

The following table summarizes our investments in unconsolidated joint ventures (investment and income/(loss) amounts in thousands):

---

| | | |
|:---|:---|:---|
| | **Investment as of** | **Investment as of** |
|<br>**Investment** | **March 31, 2026** | **December 31, 2025** |
| RVC <sup>(a)</sup> | $55028 | $56638 |
| Other <sup>(b)</sup> | 28041 | 28403 |
|  | $83069 | $85041 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Income/(Loss) for the Quarters Ended** <sup>(d)</sup> | **Income/(Loss) for the Quarters Ended** <sup>(d)</sup> |
|<br>**Investment** |<br>**Location** |<br>**Number of Sites** |<br>**Economic <br>Interest** <sup>(c)</sup> | **March 31, 2026** | **March 31, 2025** |
| RVC <sup>(a)</sup> | Various | 1490 | 80% | $(1330) | $(1645) |
| Other <sup>(b)</sup> | Various | 2415 | 49% to 65% | 453 | 6546 |
|  |  | 3905 |  | $(877) | $4901 |

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_____________________

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

(b)Includes various other joint ventures.

(c)The percentages shown approximate our economic interest as of March 31, 2026. Our legal ownership interest may differ. We do not exercise control over these entities.

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

------

**Equity LifeStyle Properties, Inc.**

**Notes to Consolidated Financial Statements**

**Note 5 – Investment in Unconsolidated Joint Ventures (continued)**

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

During the quarter ended June 30, 2025, we made a $56.1 million term loan to RVC, which is presented within Notes receivable, net on the Consolidated Balance Sheets. The joint venture used the proceeds to repay its senior secured loan at maturity on June 17, 2025. The term loan has an interest rate of the Secured Overnight Financing Rate ("SOFR") plus 1.35% to 1.75%, matures on June 17, 2026 and has an option to extend the maturity date by one year subject to our approval. As of March 31, 2026, the note receivable balance from RVC is $56.1 million.

**Note 6 – Borrowing Arrangements**

*Mortgage Notes Payable*

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| |<br>**Stated Interest Rate** |<br>**Maturity Date** | **Carrying Value** | **Fair Value** | **Weighted Average Interest Rate** | **Carrying Value** | **Fair Value** | **Weighted Average Interest Rate** |
| Mortgage notes payable | 2.44% to 5.06% | 2028 to 2041 | $2784304 | $2384988 | 3.77% | $2800866 | $2404789 | 3.77% |
| Less: Deferred financing costs, net |  |  | $(21044) |  |  | $(21708) |  |  |
| &nbsp;&nbsp;&nbsp;**Mortgage notes payable, net** | &nbsp;&nbsp;&nbsp;**Mortgage notes payable, net** | &nbsp;&nbsp;&nbsp;**Mortgage notes payable, net** | $**2763260** |  |  | $**2779158** |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Number of Encumbered Properties** | **Gross Carrying Value** | **Number of Encumbered Properties** | **Gross Carrying Value** |
| Encumbered Properties | 112 | $3284343 | 112 | $3266579 |

---

*Unsecured Debt*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| |<br>**Stated Interest Rate** |<br>**Maturity Date** | **Carrying Value** <sup>(1)</sup> | **Effective Interest Rate** | **Carrying Value** <sup>(1)</sup> | **Effective Interest Rate** |
| $240.0 Million Term Loan <sup>(2)</sup> | SOFR + 1.20% to 1.70% | May 15, 2030 | $240000 | 4.74% | $240000 | 4.74% |
| $200.0 Million Term Loan | SOFR + 0.10% + 1.20% to 1.70% | January 21, 2027 | $200000 | 4.88% | $200000 | 4.88% |
| Line of Credit Borrowing <sup>(3)</sup> | SOFR + 0.10% + 1.25% to 1.65% | July 18, 2028 | $89500 | 4.98% | $105000 | 5.01% |
| Less: Deferred financing costs, net |  |  | $(2341) |  | $(2545) |  |
| &nbsp;&nbsp;&nbsp;**Total unsecured debt, net** | &nbsp;&nbsp;&nbsp;**Total unsecured debt, net** | &nbsp;&nbsp;&nbsp;**Total unsecured debt, net** | $**527159** |  | $**542455** |  |

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_____________________

<sup>(1)</sup> Carrying value approximates fair value.

<sup>(2)</sup> 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.

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

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

------

**Equity LifeStyle Properties, Inc.**

**Notes to Consolidated Financial Statements**

**Note 7 - Derivative Instruments and Hedging Activities**

*Cash Flow Hedges of Interest Rate Risk*

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 on the Consolidated Statements of Income and Comprehensive Income in the period that the hedged forecasted transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made. Proceeds or payments from premiums and periodic settlements of derivative instruments are classified in the same section of the Consolidated Statements of Cash Flows as the underlying hedged item.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|<br>**Interest Rate Derivatives** | **Number of Instruments** | **Notional Amount** | **Weighted Average Interest Rate** | **Index** | **Weighted Average Remaining Term (Years)** |
| Interest rate swaps | 7 | $440000 | 4.81% | SOFR | 2.6 |
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Interest Rate Derivatives** | **Number of Instruments** | **Notional Amount** | **Weighted Average Interest Rate** | **Index** | **Weighted Average Remaining Term (Years)** |
| Interest rate swaps | 7 | $440000 | 4.81% | SOFR | 2.9 |

---

Our derivative financial instruments are classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our derivative financial instruments:

---

| | | | |
|:---|:---|:---|:---|
| | | **As of March 31,** | **As of December 31,** |
|<br>*(amounts in thousands)* |<br>**Balance Sheet Location** | **2026** | **2025** |
| Interest rate swaps | Other assets, net | $134 | $— |
| Interest rate swaps | Accounts payable and other liabilities | $190 | $2208 |

---

---

| | | | |
|:---|:---|:---|:---|
| The following table presents the amount of (gain)/loss recognized in Other comprehensive income/(loss) on derivatives on the Consolidated Statements of Income and Comprehensive Income (in thousands): | The following table presents the amount of (gain)/loss recognized in Other comprehensive income/(loss) on derivatives on the Consolidated Statements of Income and Comprehensive Income (in thousands): | The following table presents the amount of (gain)/loss recognized in Other comprehensive income/(loss) on derivatives on the Consolidated Statements of Income and Comprehensive Income (in thousands): | The following table presents the amount of (gain)/loss recognized in Other comprehensive income/(loss) on derivatives on the Consolidated Statements of Income and Comprehensive Income (in thousands): |
| **Derivatives in Cash Flow Hedging Relationship** |  | **For the Quarters Ended March 31,** | **For the Quarters Ended March 31,** |
|  |  | **2026** | **2025** |
| Interest rate swaps |  | $(2274) | $909 |
| The following table presents the amount of (gain)/loss reclassified from Accumulated other comprehensive income/(loss) into income on the Consolidated Statements of Income and Comprehensive Income (in thousands): | The following table presents the amount of (gain)/loss reclassified from Accumulated other comprehensive income/(loss) into income on the Consolidated Statements of Income and Comprehensive Income (in thousands): | The following table presents the amount of (gain)/loss reclassified from Accumulated other comprehensive income/(loss) into income on the Consolidated Statements of Income and Comprehensive Income (in thousands): | The following table presents the amount of (gain)/loss reclassified from Accumulated other comprehensive income/(loss) into income on the Consolidated Statements of Income and Comprehensive Income (in thousands): |
| **Derivatives in Cash Flow Hedging Relationship** | **Location of (gain)/ loss reclassified from<br>Accumulated OCI into income** | **For the Quarters Ended March 31,** | **For the Quarters Ended March 31,** |
|  |  | **2026** | **2025** |
| Interest rate swaps | Interest Expense | $(122) | $(721) |

---

During the next twelve months, we estimate that $0.3 million will be reclassified from Accumulated other comprehensive income/(loss) as a decrease to interest expense. This estimate may be subject to change as the underlying SOFR changes. As of March 31, 2026, we had not posted any collateral related to the interest rate swaps.

------

**Equity LifeStyle Properties, Inc.**

**Notes to Consolidated Financial Statements**

**Note 8 – 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 March 31,** | **As of March 31,** |
| *(amounts in thousands)* | **2026** | **2025** |
| Deferred revenue, beginning | $211171 | $218164 |
| Deferred membership upgrade revenue | 985 | 2886 |
| Revenue recognized from membership upgrades | (3697) | (3220) |
| Net increase (decrease) in deferred revenue | (2712) | (334) |
| Deferred revenue, ending <sup>(1)</sup> | $208459 | $217830 |
| Deferred commission expense, beginning | $58149 | $56516 |
| Deferred commission expense | 1245 | 1599 |
| Commission expense recognized | (1705) | (971) |
| Net increase in deferred commission expense | (460) | 628 |
| Deferred commission expense, ending | $57689 | $57144 |

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_____________________

<sup>(1)</sup> Included in Deferred membership revenue on the Consolidated Balance Sheets.

**Note 9 – Equity Incentive Awards**

Our 2024 Equity Incentive Plan (the "2024 Plan") was adopted by the Board of Directors on February 6, 2024 and approved by our stockholders on April 30, 2024.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Plan** | **Award Date** | **Time-Based Awards** | **Performance Based Awards** | **Total Awards** | **Grant Date Fair Value** |
| 2024 Equity Incentive Plan | February 4, 2025 | 49881 | 49884 | 99765 | $4372 |
| 2024 Equity Incentive Plan | April 29, 2025 | 18227 |  | 18227 | $1163 |
| 2024 Equity Incentive Plan | February 3, 2026 | 58739 | 58741 | 117480 | $5418 |

---

For the shares awarded on February 4, 2025, 47,503 are time-based awards and vest in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, with the remaining 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027. These time-based awards have a grant date fair value of $3.2 million. The remaining 47,506 shares are performance-based awards and vest in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, subject to the achievement of performance goals, with the remaining 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027. The 17,418 shares of restricted stock subject to 2025 performance goals have a grant date fair value of $1.1 million.

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

For the shares awarded on February 3, 2026, 49,375 are time-based awards and vest in equal installments over a three-year period on February 2, 2027, February 1, 2028 and February 6, 2029, respectively, with a separate additional 9,364 shares vesting on February 2, 2027. These time-based awards have a grant date fair value of $3.8 million. The remaining 58,741 shares are performance based, with 49,376 of those shares vesting in equal installments over a three-year period on February 2, 2027, February 1, 2028 and February 6, 2029, respectively, subject to the achievement of performance goals, with a separate additional 9,365 shares vesting on February 2, 2027, subject to the achievement of performance goals. The 25,822 shares of restricted stock subject to 2026 performance goals have a grant date fair value of $1.7 million.

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

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| | | |
|:---|:---|:---|
| | **For the Quarters Ended March 31,** | **For the Quarters Ended March 31,** |
| *(amount in thousands)* | **2026** | **2025** |
| Stock-Based Compensation Expense | $2148 | $1771 |

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**Equity LifeStyle Properties, Inc.**

**Notes to Consolidated Financial Statements**

**Note 10 – 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 March 31, 2026, we have not made an accrual, as we are unable to predict the outcome of this matter or reasonably estimate any possible loss.

**Note 11 - Reportable Segments**

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 ended March 31, 2026 or 2025.

------

**Equity LifeStyle Properties, Inc.**

**Notes to Consolidated Financial Statements**

**Note 11 – Reportable Segments (continued)**

The following tables summarize our segment financial information:

**<u>Quarter Ended March 31, 2026</u>**

---

| | | | |
|:---|:---|:---|:---|
| *(amounts in thousands)* | **Property<br>Operations** | **Home Sales<br>and Rentals<br>Operations** | **Consolidated** |
| Operations revenues | 380946 | 12711 | 393657 |
| Operations expenses | (173776) | (12295) | (186071) |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI | 207170 | 416 | 207586 |
| Reconciliation to consolidated net income: |  |  |  |
| Depreciation and amortization |  |  | (53136) |
| Interest income |  |  | 2191 |
| Income from other investments, net |  |  | 1774 |
| General and administrative |  |  | (11101) |
| Casualty-related charges/(recoveries), net |  |  | (68) |
| Other expenses |  |  | (1233) |
| Interest and related amortization |  |  | (33645) |
| Equity in income/(loss) of unconsolidated joint ventures |  |  | (877) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated net income |  |  | $111491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $5458404 | 290264 | $5748668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital improvements | $40645 | $4640 | 45285 |

---

**<u>Quarter Ended March 31, 2025</u>**

---

| | | | |
|:---|:---|:---|:---|
| *(amounts in thousands)* | **Property<br>Operations** | **Home Sales<br>and Rentals<br>Operations** | **Consolidated** |
| Operations revenues | 369086 | 13992 | 383078 |
| Operations expenses | (172731) | (11699) | (184430) |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI | 196355 | 2293 | 198648 |
| Reconciliation to consolidated net income: |  |  |  |
| Depreciation and amortization |  |  | (50942) |
| Interest income |  |  | 2238 |
| Income from other investments, net |  |  | 2018 |
| General and administrative |  |  | (9239) |
| Casualty-related charges/(recoveries), net |  |  | (217) |
| Other expenses |  |  | (1878) |
| Interest and related amortization |  |  | (31136) |
| Equity in income/(loss) of unconsolidated joint ventures |  |  | 4901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated net income |  |  | $114393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $5398043 | 244321 | $5642364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital improvements | $43531 | $1671 | 45202 |

---

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**Equity LifeStyle Properties, Inc.**

**Notes to Consolidated Financial Statements**

**Note 11 – Reportable Segments (continued)**

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

---

| | | |
|:---|:---|:---|
|  | **For the Quarters Ended March 31,** | **For the Quarters Ended March 31,** |
| *(amounts in thousands)* | **2026** | **2025** |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental income | $335252 | $323813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annual membership subscriptions | 18299 | 16342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Membership upgrade revenue | 3120 | 3052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 14096 | 15555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross revenues from ancillary services | 10179 | 10324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property operations revenues | 380946 | 369086 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility expense | 41183 | 40269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payroll | 28440 | 28271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 24425 | 22889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance and other | 25639 | 25989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | 22100 | 21643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Membership sales and marketing | 3837 | 3931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of ancillary services | 4228 | 4445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ancillary operating expenses | 5253 | 4864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management | 18671 | 20430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property operations expenses | 173776 | 172731 |
| **NOI** | $207170 | $196355 |

---

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

---

| | | |
|:---|:---|:---|
| | **For the Quarters Ended March 31,** | **For the Quarters Ended March 31,** |
| *(amounts in thousands)* | **2026** | **2025** |
| **Revenues:** |  |  |
| Rental income <sup>(1)</sup> | $3794 | $3393 |
| Gross revenues from home sales and brokered resales | 8917 | 10599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 12711 | 13992 |
| **Expenses:** |  |  |
| Rental home operating and maintenance | 1353 | 1148 |
| Cost of home sales and brokered resales | 9372 | 9247 |
| Home selling expenses | 1570 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 12295 | 11699 |
| **NOI** | $416 | $2293 |

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______________________

<sup>(1)</sup> 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.

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**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;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 March 31, 2026, we owned or had an ownership interest in a portfolio of 453 Properties located throughout the United States and Canada containing 173,419 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 and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. 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 on the Consolidated Statements of Income and Comprehensive Income.

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**Management's Discussion and Analysis (continued)**

The following table shows the breakdown of our Sites by type (amounts are approximate):

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| | |
|:---|:---|
| | **Total Sites as of**<br>**March 31, 2026** |
| MH Sites <sup>(1)</sup> | 75700 |
| RV Sites: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual <sup>(1)</sup> | 34600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seasonal | 9800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transient <sup>(1)</sup> | 20500 |
| Marina Slips | 6900 |
| Membership <sup>(2)</sup> | 26000 |
| **Total** <sup>(3)</sup> | 173400 |

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_________________________

<sup>(1)</sup> MH, Annual RV and Transient RV sites include approximately 2,100, 300 and 1,500 joint venture sites, respectively.

<sup>(2)</sup> Primarily utilized to service approximately 107,100 members. Includes approximately 6,000 Sites rented on an annual basis.

<sup>(3)</sup> 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***

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| | | | | |
|:---|:---|:---|:---|:---|
| *(amounts in thousands)* | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
|  | **2026** | **2025** | **$ Change** | **% Change** <sup>(1)</sup> |
| Net Income per fully diluted Common Share | $0.56 | $0.57 | $(0.01) | (2.6)% |
| FFO per fully diluted Common Share and OP Unit | $0.83 | $0.83 | $— | (0.4)% |
| Normalized FFO per fully diluted Common Share and OP Unit | $0.84 | $0.83 | $0.01 | 0.3% |

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*_____________________*

1. Calculations prepared using actual results without rounding.

For the quarter ended March 31, 2026, property operating revenues in our Core Portfolio increased 3.7% and property operating expenses in our Core Portfolio, excluding property management, increased 1.8% from the same period in 2025, resulting in increased Income from property operations, excluding property management, of 4.9%.

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**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 March 31, 2026, 94.4% for the quarter ended March 31, 2025 and 94.0% for the quarter ended December 31, 2025. The decline in average occupancy compared to the quarter ended March 31, 2025 was primarily driven by 362 expansion sites that were added since March 31, 2025. During the quarter ended March 31, 2026, our Core Portfolio occupancy increased by 54 sites, which included increases in rental occupancy of 24 sites and homeowner occupancy of 30 sites compared to December 31, 2025. As of March 31, 2026, we had 2,135 occupied rental homes in our Core MH communities.

RV and marina base rental income in our Core Portfolio decreased 1.4% for the quarter ended March 31, 2026, compared to the same period in 2025, due to an increase in Core Annual RV and marina rental income of 4.2%, offset by decreases in Core Seasonal and Transient RV and marina rental income of 14.8% and 6.9%, respectively. The increase in Core Annual RV and marina base rental income was driven by a 5.1% increase in rate, offset by a 0.9% decline in occupancy since the quarter ended March 31, 2025. The decreases in Core Seasonal and Transient RV and marina rental income were driven by a moderation in demand driven in part by the loss of Canadian guests.

We closed 87 new home sales during the quarter ended March 31, 2026 compared to 117 new home sales during the quarter ended March 31, 2025. The decrease in new home sales during the quarter ended March 31, 2026 was driven by timing of supply of new homes resulting in fewer homes being sold this quarter as compared to the quarter ended March 31, 2025.

Our gross investment in real estate increased $55.6 million to $8,234.3 million as of March 31, 2026 from $8,178.7 million as of December 31, 2025, primarily due to capital improvements during the quarter ended March 31, 2026.

The following chart lists the Properties acquired from January 1, 2025 through March 31, 2026 and Sites added through expansion opportunities at our existing Properties:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Location** | **Type of Property** | **Transaction Date** | **Sites** |
| **Total Sites as of January 1, 2025** <sup>(1)</sup> |  |  |  | **173200** |
| **Expansion Site Development:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sites added (reconfigured) in 2025 |  |  |  | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sites added (reconfigured) in 2026 |  |  |  | 48 |
| **Dispositions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Desert Vista | Salome, Arizona | RV | October 1, 2025 | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valley Vista | Benson, Arizona | RV | October 1, 2025 | (145) |
| **Total Sites as of March 31, 2026** <sup>(1)</sup>  |  |  |  | **173400** |

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______________________

<sup>(1)</sup> Sites are approximate.

**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.

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**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 and two Properties in California that were impacted by storm and flooding events.

***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, 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.

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**Management's Discussion and Analysis (continued)**

The following table reconciles Net income available for Common Stockholders to Income from property operations:

---

| | | |
|:---|:---|:---|
| | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| *(amounts in thousands)* | **2026** | **2025** |
| **Computation of Income from Property Operations:** |  |  |
| Net income available for Common Stockholders | $107904 | $109192 |
| &nbsp;&nbsp;&nbsp;Income allocated to non-controlling interests – Common OP Units | 3587 | 5201 |
| Consolidated net income | 111491 | 114393 |
| &nbsp;&nbsp;&nbsp;Equity in (income)/loss of unconsolidated joint ventures | 877 | (4901) |
| &nbsp;&nbsp;Gross revenues from home sales, brokered resales and ancillary services | (19096) | (20923) |
| &nbsp;&nbsp;&nbsp;Interest income | (2191) | (2238) |
| &nbsp;&nbsp;&nbsp;Income from other investments, net | (1774) | (2018) |
| &nbsp;&nbsp;&nbsp;Property management | 18671 | 20430 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 53136 | 50942 |
| &nbsp;&nbsp;Cost of home sales, brokered resales and ancillary services | 13600 | 13692 |
| &nbsp;&nbsp;&nbsp;Home selling expenses and ancillary operating expenses | 6823 | 6168 |
| &nbsp;&nbsp;&nbsp;General and administrative | 11101 | 9239 |
| &nbsp;&nbsp;&nbsp;Casualty-related charges/(recoveries), net | 68 | 217 |
| &nbsp;&nbsp;&nbsp;Other expenses | 1233 | 1878 |
| &nbsp;&nbsp;&nbsp;Interest and related amortization | 33645 | 31136 |
| Income from property operations, excluding property management | 227584 | 218015 |
| &nbsp;&nbsp;&nbsp;Property management | (18671) | (20430) |
| Income from property operations | $208913 | $197585 |

---

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 March 31,** | **Quarters Ended March 31,** |
| *(amounts in thousands)* | **2026** | **2025** |
| **Computation of FFO and Normalized FFO:** |  |  |
| Net income available for Common Stockholders | $107904 | $109192 |
| Income allocated to non-controlling interests – Common OP Units | 3587 | 5201 |
| Depreciation and amortization | 53136 | 50942 |
| Depreciation on unconsolidated joint ventures | 1477 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFO available for Common Stock and OP Unit holders | 166104 | 166666 |
| Insurance proceeds due to catastrophic weather event | 67 |  |
| Other items <sup>(1)</sup> | 1125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Normalized FFO available for Common Stock and OP Unit holders | $167296 | $166666 |
| Weighted average Common Shares outstanding – Fully Diluted | 200176 | 200074 |

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_____________________

<sup>(1)</sup> Represents expenses of $1.1 million related to non-operating legal expenses during the quarter ended March 31, 2026.

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**Management's Discussion and Analysis (continued)**

**Results of Operations**

This section discusses the comparison of our results of operations for the quarters ended March 31, 2026 and 2025. Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio consists of our Properties owned and operated during all of 2025 and 2026. 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 and two Properties in California that were impacted by storm and flooding events. For the comparison of our results of operations for the quarters ended March 31, 2025 and March 31, 2024 and discussion of our operating activities, investing activities and financing activities for the quarters ended March 31, 2025 and March 31, 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 March 31, 2025, filed with the SEC on April 30, 2025.

**Comparison of the Quarter Ended March 31, 2026 to the Quarter Ended March 31, 2025**

***Income from Property Operations***

The following table summarizes certain financial and statistical data for our Core Portfolio and total portfolio:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Core Portfolio** | **Core Portfolio** | **Core Portfolio** | **Core Portfolio** | **Total Portfolio** | **Total Portfolio** | **Total Portfolio** | **Total Portfolio** |
| | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| *(amounts in thousands)* | **2026** | **2025** | **Variance** | **%<br>Change** | **2026** | **2025** | **Variance** | **%<br>Change** |
| MH base rental income <sup>(1)</sup> | $195077 | $184521 | $10556 | 5.7% | $195296 | $184704 | $10592 | 5.7% |
| Rental home income <sup>(1)</sup> | 3771 | 3382 | 389 | 11.5% | 3794 | 3393 | 401 | 11.8% |
| RV and marina base rental income <sup>(1)</sup> | 114484 | 116111 | (1627) | (1.4)% | 121258 | 121565 | (307) | (0.3)% |
| Annual membership subscriptions | 18066 | 16204 | 1862 | 11.5% | 18299 | 16342 | 1957 | 12.0% |
| Membership upgrade revenue <sup>(2)(3)</sup> | 3120 | 2985 | 135 | 4.5% | 3120 | 3052 | 68 | 2.2% |
| Utility and other income <sup>(1)</sup> | 34152 | 32387 | 1765 | 5.4% | 34515 | 34649 | (134) | (0.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating revenues | 368670 | 355590 | 13080 | 3.7% | 376282 | 363705 | 12577 | 3.5% |
| Utility expense | 40147 | 39461 | 686 | 1.7% | 41183 | 40269 | 914 | 2.3% |
| Payroll | 27459 | 27483 | (24) | (0.1)% | 28440 | 28271 | 169 | 0.6% |
| Repairs and maintenance | 23695 | 22264 | 1431 | 6.4% | 24425 | 22889 | 1536 | 6.7% |
| Insurance and other <sup>(1)(4)</sup> | 26116 | 26253 | (137) | (0.5)% | 27360 | 27539 | (179) | (0.6)% |
| Real estate taxes | 21476 | 21068 | 408 | 1.9% | 22100 | 21643 | 457 | 2.1% |
| Rental home operating and maintenance | 1347 | 1146 | 201 | 17.5% | 1353 | 1148 | 205 | 17.9% |
| Membership sales and marketing <sup>(5)</sup> | 3822 | 3874 | (52) | (1.3)% | 3837 | 3931 | (94) | (2.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating expenses, excluding property management | 144062 | 141549 | 2513 | 1.8% | 148698 | 145690 | 3008 | 2.1% |
| Income from property operations, excluding property management <sup>(6)</sup> | 224608 | 214041 | 10567 | 4.9% | 227584 | 218015 | 9569 | 4.4% |
| Property management | 18671 | 20430 | (1759) | (8.6)% | 18671 | 20430 | (1759) | (8.6)% |
| Income from property operations<sup>(6)</sup> | $205937 | $193611 | $12326 | 6.4% | $208913 | $197585 | $11328 | 5.7% |

---

_____________________

<sup>(1)</sup> 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 on 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 on the Consolidated Statements of Income and Comprehensive Income is bad debt expense, which is presented in Insurance and other in this table.

<sup>(2)</sup> 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.

<sup>(3)</sup> Membership upgrade revenue is net of deferrals of $0.9 million for the quarter ended March 31, 2025.

<sup>(4)</sup> Includes bad debt expense for all periods presented.

<sup>(5)</sup> Membership sales and marketing expense is net of sales commission deferrals of $0.9 million and $0.3 million for the quarters ended March 31, 2026 and 2025, respectively.

<sup>(6)</sup> 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 March 31, 2026 increased $11.3 million, or 5.7%, from the same period in 2025 driven by an increase of $12.3 million, or 6.4%, from our Core Portfolio, offset by a decrease of $1.0 million from our Non-Core Portfolio.

------

**Management's Discussion and Analysis (continued)**

*<u>Property Operating Revenues</u>*

MH base rental income in our Core Portfolio for the quarter ended March 31, 2026 increased $10.6 million, or 5.7%, from the same period in 2025, which reflects 5.9% growth from rate increases. The average monthly MH base rental income per Site in our Core Portfolio increased to approximately $948 for the quarter ended March 31, 2026 from approximately $895 for the quarter ended March 31, 2025.

RV and marina base rental income is comprised of the following:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Core Portfolio** | **Core Portfolio** | **Core Portfolio** | **Core Portfolio** | **Total Portfolio** | **Total Portfolio** | **Total Portfolio** | **Total Portfolio** |
| | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| *(amounts in thousands)* | **2026** | **2025** | **Variance** | **%<br>Change** | **2026** | **2025** | **Variance** | **%<br>Change** |
| Annual | $79574 | $76334 | $3240 | 4.2% | $82300 | $78353 | $3947 | 5.0% |
| Seasonal | 22806 | 26776 | (3970) | (14.8)% | 25343 | 28623 | (3280) | (11.5)% |
| Transient | 12104 | 13001 | (897) | (6.9)% | 13615 | 14589 | (974) | (6.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RV and marina base rental income | $114484 | $116111 | $(1627) | (1.4)% | $121258 | $121565 | $(307) | (0.3)% |

---

RV and marina base rental income in our Core Portfolio for the quarter ended March 31, 2026 decreased $1.6 million, or 1.4%, from the same period in 2025 due to an increase in Core Annual RV and marina base rental income of 4.2%, offset by decreases in Core Seasonal and Transient RV and marina base rental income of 14.8% and 6.9%, respectively. The decreases in Core Seasonal and Transient RV and marina base rental income were primarily due to softer demand driven in part by a loss of Canadian customers.

Utility and other income in our Core Portfolio for the quarter ended March 31, 2026 increased $1.8 million, or 5.4%, from the same period in 2025. The increase was primarily due to increases of $1.4 million and $0.3 million in utility income and pass-through income, respectively. The increase in utility income was driven by higher expenses driving additional recovery primarily in sewer, trash, water and cable recovery income. The utility recovery rate (utility income divided by utility expenses) for the quarters ended March 31, 2026 and 2025 were approximately 50% and 48%, respectively. The increase in pass-through income was primarily driven by increases in real estate tax pass-throughs to customers in Florida.

*<u>Property Operating Expenses</u>*

Property operating expenses, excluding property management, in our Core Portfolio for the quarter ended March 31, 2026 increased $2.5 million, or 1.8%, from the same period in 2025, driven by increases in Repairs and maintenance of $1.4 million, Utility expense of $0.7 million and Real estate taxes of $0.4 million. The increase in Repairs and maintenance was primarily driven by higher extraordinary repair and maintenance, lawn and common area maintenance expenses and contract repairs, partially offset by lower security guard expenses. The increase in Utility expense was due to increases in trash, water and sewer expense, partially offset by a decrease in electric expense. The increase in Real estate taxes was primarily due to an increase in real estate taxes in our Florida portfolio.

------

**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 March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| *(amounts in thousands, except home sales volumes)* | **2026** | **2025** | **Variance** | **%<br>Change** |
| Gross revenues from new home sales | $7708 | $9429 | $(1721) | (18.3)% |
| Cost of new home sales | 8014 | 8582 | (568) | (6.6)% |
| Gross revenues from used home sales | 828 | 774 | 54 | 7.0% |
| Cost of used home sales | 1235 | 530 | 705 | 133.0% |
| Gross revenues from brokered resales and ancillary services | 10560 | 10720 | (160) | (1.5)% |
| Cost of brokered resales and ancillary services | 4351 | 4580 | (229) | (5.0)% |
| Home selling and ancillary operating expenses | 6823 | 6168 | 655 | 10.6% |
| **Home sales volumes:** |  |  |  |  |
| New home sales | 87 | 117 | (30) | (25.6)% |
| Used home sales | 142 | 57 | 85 | 149.1% |
| Brokered home resales | 113 | 98 | 15 | 15.3% |

---

Gross revenues from new home sales decreased $1.7 million and Cost of new home sales decreased $0.6 million during the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025 as a result of a change in overall sales mix, resulting in a higher percentage of lower priced homes being sold during the quarter ended March 31, 2026 as compared to the same period in 2025.

***Rental Operations***

The following table summarizes certain financial and statistical data for our MH Rental Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| *(amounts in thousands, except rental unit volumes)* | **2026** | **2025** | **Variance** | **%<br>Change** |
| Rental operations revenue <sup>(1)</sup> | $9721 | $8395 | $1326 | 15.8% |
| Rental home operating and maintenance | 1347 | 1146 | 201 | 17.5% |
| Depreciation on rental homes <sup>(2)</sup> | 2642 | 2245 | 397 | 17.7% |
| Gross investment in new manufactured home rental units | $265369 | $214484 | $50885 | 23.7% |
| Gross investment in used manufactured home rental units | $14084 | $11136 | $2948 | 26.5% |
| Net investment in new manufactured home rental units | $222842 | $175858 | $46984 | 26.7% |
| Net investment in used manufactured home rental units | $11055 | $7376 | $3679 | 49.9% |
| Number of occupied rentals – new, end of period | 1951 | 1724 | 227 | 13.2% |
| Number of occupied rentals – used, end of period | 184 | 194 | (10) | (5.2)% |

---

______________________

<sup>(1)</sup> Consists of Site rental income and home rental income. Approximately $6.0 million and $5.0 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 March 31, 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.

<sup>(2)</sup> Presented in Depreciation and amortization in the Consolidated Statements of Income and Comprehensive Income.

Rental operations revenues were $1.3 million, or 15.8%, higher during the quarter ended March 31, 2026 compared to the same period in 2025 primarily due to a 12.1% growth in occupancy and a 3.7% growth in rate.

------

**Management's Discussion and Analysis (continued)**

***Other Income and Expenses***

The following table summarizes Other income and expenses, net:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** | **Quarters Ended March 31,** |
| *(amounts in thousands, expenses shown as negative)* | **2026** | **2025** | **Variance** | **%<br>Change** |
| Depreciation and amortization | $(53136) | $(50942) | $(2194) | (4.3)% |
| Interest income | 2191 | 2238 | (47) | (2.1)% |
| Income from other investments, net | 1774 | 2018 | (244) | (12.1)% |
| General and administrative | (11101) | (9239) | (1862) | (20.2)% |
| Other expenses | (1233) | (1878) | 645 | 34.3% |
| Interest and related amortization | (33645) | (31136) | (2509) | (8.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and expenses, net | $(95150) | $(88939) | $(6211) | (7.0)% |

---

Total other income and expenses, net decreased $6.2 million, or 7.0%, for the quarter ended March 31, 2026 compared to the same period in 2025 primarily due to higher Interest and related amortization, Depreciation and amortization and General and administrative expense.

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

Equity in income/(loss) of unconsolidated joint ventures was $5.8 million lower during the quarter ended March 31, 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.

**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 March 31, 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 $3,284.3 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 March 31, 2026, the full capacity of our current ATM equity offering program remained available for issuance.

As of March 31, 2026, we had available liquidity in the form of approximately 406.1 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.

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 subsequently reclassified into earnings on the Consolidated Statements of Income and Comprehensive Income in the period that the hedged forecasted transaction affects earnings. For additional information

------

**Management's Discussion and Analysis (continued)**

regarding our interest rate swaps, see *Part I. Item 1. Financial Statements—Note 7. 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 March 31, 2026, our LOC had a remaining borrowing capacity of $410.4 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%.

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 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 quarters ended March 31,** | **For the quarters ended March 31,** |
| *(amounts in thousands)* | **2026** | **2025** |
| Net cash provided by operating activities | $194232 | $193390 |
| Net cash used in investing activities | (44296) | (42321) |
| Net cash used in financing activities | (136832) | (128169) |
| Net increase (decrease) in cash and restricted cash | $13104 | $22900 |

---

**Operating Activities**

Net cash provided by operating activities increased $0.8 million to $194.2 million for the quarter ended March 31, 2026 from $193.4 million for the quarter ended March 31, 2025. The increase in net cash provided by operating activities was primarily due to an increase in cash inflows related to accounts payable and other liabilities, partially offset by an increase in cash outflows related to manufactured homes, net, a decrease in cash inflows in other assets, net and a decrease in net income.

The following table summarizes our purchase and sale activity of manufactured homes:

---

| | | |
|:---|:---|:---|
| | **For the quarters ended March 31,** | **For the quarters ended March 31,** |
| *(amounts in thousands)* | **2026** | **2025** |
| Purchase of manufactured homes | $(21962) | $(11273) |
| Sale of manufactured homes | 7649 | 8199 |
| Manufactured homes, net | $(14313) | $(3074) |

---

**Investing Activities**

Net cash used in investing activities increased $2.0 million to $44.3 million for the quarter ended March 31, 2026 from $42.3 million for the quarter ended March 31, 2025. The increase was primarily driven by cash outflows related to capital improvements and decreases in distributions of capital from unconsolidated joint ventures and proceeds from insurance claims, net, offset by a decrease in investment in unconsolidated joint ventures.

***Capital Improvements***

The following table summarizes capital improvements:

---

| | | |
|:---|:---|:---|
| | **For the quarters ended March 31,** | **For the quarters ended March 31,** |
| *(amounts in thousands)* | **2026** | **2025** |
| Asset preservation <sup>(1)</sup> | $9989 | $9755 |
| Improvements and renovations<sup>(2)</sup> | 8165 | 6383 |
| Property upgrades and development <sup>(3)</sup> | 20012 | 25461 |
| Site development <sup>(4)</sup> | 4640 | 1671 |
| Total property improvements | 42806 | 43270 |
| Corporate | 2479 | 1932 |
| Total capital improvements | $45285 | $45202 |

---

______________________

------

**Management's Discussion and Analysis (continued)**

<sup>(1)</sup> Includes upkeep of property infrastructure including utilities and streets and replacement of community equipment and vehicles.

<sup>(2)</sup> Includes enhancements to amenities such as buildings, common areas, swimming pools and replacement of furniture and site amenities.

<sup>(3)</sup> Includes $3.2 million and $7.4 million of restoration and improvement capital expenditures related to hurricane events for the quarters ended March 31, 2026 and 2025, respectively.

<sup>(4)</sup> Includes capital expenditures to improve the infrastructure required to set manufactured homes.

**Financing Activities**

Net cash used in financing activities increased $8.6 million to $136.8 million for the quarter ended March 31, 2026 from $128.2 million for the quarter ended March 31, 2025. The increase was primarily due to an increase in distributions to common stock holders of $8.6 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.

***Off-Balance Sheet Arrangements***

As of March 31, 2026, we have no off-balance sheet arrangements.

***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 March 31, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain historical or increase future rental rates and occupancy with respect to properties currently owned or that we may acquire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract and retain customers entering, renewing and upgrading membership subscriptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our assumptions about rental and home sales markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage counterparty risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to renew our insurance policies at existing rates and on consistent terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact of government intervention to stabilize site-built single-family housing and not manufactured housing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the completion of future transactions in their entirety, if any, and timing and effective integration with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated costs or unforeseen liabilities associated with recent acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of potential damage from natural disasters, including hurricanes and other weather-related events, which could result in substantial costs to our business;

------

**Management's Discussion and Analysis (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain financing or refinance existing debt on favorable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of inflation and interest rates, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect from any breach of our, or any of our vendors' data management systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dilutive effects of issuing additional securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential impact of material weaknesses, if any, in our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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*.*

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.

------

**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 March 31, 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 and Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations promulgated thereunder as of March 31, 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 March 31, 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.

------

**Part II – Other Information**

**Item 1. Legal Proceedings**

See *Part I. Item 1. Financial Statements—Note 10. 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. On April 1, 2026, we renewed our property and casualty insurance policies. We have updated our risk factors disclosed in Part I*. Item 1A. Risk Factors* in our 2025 Form 10-K with the risk factor described below.

*Some Potential Losses Are Not Covered by Insurance* 

We carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business interruption claims on all of our Properties. In addition, we carry liability coverage for other activities not specifically related to property operations. These coverages include, but are not limited to, Directors & Officers liability, Employment Practices liability, Fiduciary liability and Cyber liability. We believe that the policy specifications and coverage limits of these policies should be adequate and appropriate given the relative risk of loss, the cost of insurance and industry practice. There are, however, certain types of losses, such as punitive damages, lease and other contract claims that generally are not insured. Should an uninsured loss or a loss in excess of coverage limits occur, we could lose all or a portion of the capital we have invested in a Property or the anticipated future revenue from a Property. In such an event, we might nevertheless remain obligated for any mortgage debt or other financial obligations related to the Property.

Our current property and casualty insurance policies with respect to our MH and RV Properties, which we plan to renew, expire on April 1, 2027. We have a $125.0 million per occurrence limit with respect to our MH and RV all-risk property insurance program, which includes $75.0 million of coverage per occurrence for named windstorms, which include, for example, hurricanes. The loss limit is subject to additional sub-limits as set forth in the policy form, including, among others, a $25.0 million aggregate loss limit for earthquake(s) in California. The deductibles for this policy primarily range from $500,000 minimum to 5.0% per unit of insurance for most catastrophic events. For most catastrophic events, there is an additional $5.0 million aggregate deductible. We have separate insurance policies with respect to our marina Properties. Those casualty policies expire on November 1, 2026, and the property insurance program renewed on April 1, 2026. The marina property insurance program has a $30.0 million per occurrence limit, subject to self-insurance and a minimum deductible of $100,000 plus, for named windstorms, 5.0% per unit of insurance subject to a $500,000 minimum. A deductible indicates our maximum exposure, subject to policy limits and sub-limits, in the event of a loss.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

None.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

None.

**Item 5. Other Information**

During the quarter ended March 31, 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).

------

**Item 6. Exhibits**

---

| | |
|:---|:---|
| 31.1 | <u>[Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](exhibit311-certificationof.htm)</u> |
| 31.2 | <u>[Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](exhibit312-certificationof.htm)</u> |
| 32.1 | <u>[Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350.](exhibit321-certificationof.htm)</u> |
| 32.2 | <u>[Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350.](exhibit322-certificationof.htm)</u> |
| 101.INS | XBRL 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.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document) |

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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.** | **EQUITY LIFESTYLE PROPERTIES, INC.** |
| Date: April 28, 2026 | By: | /s/ Marguerite Nader |
|  |  | Marguerite Nader |
|  |  | Vice Chairman and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: April 28, 2026 | By: | /s/ Paul Seavey |
|  |  | Paul Seavey |
|  |  | Executive Vice President and Chief Financial Officer |
|  |  | (Principal Financial Officer) |
| Date: April 28, 2026 | By: | /s/ Caroline Karp |
|  |  | Caroline Karp |
|  |  | Senior Vice President and Chief Accounting Officer |
|  |  | (Principal Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF**

**THE SARBANES-OXLEY ACT OF 2002**

I, Paul Seavey certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of Equity LifeStyle Properties, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: April 28, 2026 | By: | /s/ Paul Seavey |
|  |  | Paul Seavey |
|  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF**

**THE SARBANES-OXLEY ACT OF 2002**

I, Marguerite Nader, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of Equity LifeStyle Properties, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: April 28, 2026 | By: | /s/ Marguerite Nader |
|  |  | Marguerite Nader |
|  |  | Vice Chairman and Chief Executive Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350**

In connection with the accompanying Quarterly Report on Form 10-Q of Equity LifeStyle Properties, Inc. for the quarter ended March 31, 2026 (the "Form 10-Q"), I, Paul Seavey, Executive Vice President and Chief Financial Officer of Equity LifeStyle Properties, Inc., hereby certify pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1.&nbsp;&nbsp;&nbsp;&nbsp;the Form 10-Q fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.&nbsp;&nbsp;&nbsp;&nbsp;the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Equity LifeStyle Properties, Inc.

---

| | | |
|:---|:---|:---|
| Date: April 28, 2026 | By: | /s/ Paul Seavey&nbsp;&nbsp;&nbsp;&nbsp; |
|  |  | Paul Seavey |
|  |  | Executive Vice President and Chief Financial Officer |

---

**A signed original of this written statement required by Section 906 has been provided to**

**Equity LifeStyle Properties, Inc. and will be retained by Equity LifeStyle Properties, Inc. and furnished to the Securities and Exchange Commission or its staff**

**upon request.**

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350**

In connection with the accompanying Quarterly Report on Form 10-Q of Equity LifeStyle Properties, Inc. for the quarter ended March 31, 2026 (the "Form 10-Q"), I, Marguerite Nader, Vice Chairman and Chief Executive Officer of Equity LifeStyle Properties, Inc., hereby certify pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1.&nbsp;&nbsp;&nbsp;&nbsp;the Form 10-Q fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.&nbsp;&nbsp;&nbsp;&nbsp;the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Equity LifeStyle Properties, Inc.

---

| | | |
|:---|:---|:---|
| Date: April 28, 2026 | By: | /s/ Marguerite Nader&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  |  | Marguerite Nader |
|  |  | Vice Chairman and Chief Executive Officer |

---

**A signed original of this written statement required by Section 906 has been provided to**

**Equity LifeStyle Properties, Inc. and will be retained by Equity LifeStyle Properties, Inc. and furnished to the Securities and Exchange Commission or its staff**

**upon request.**

<br>