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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 June 30, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission file number: 1-11718
_________________________________________________________ 
EQUITY LIFESTYLE PROPERTIES, INC.
(Exact Name of Registrant as Specified in Its Charter)
_________________________________________________________ 
Maryland36-3857664
(State or other jurisdiction of incorporation)(IRS Employer Identification Number)
Two North Riverside Plaza, Suite 800Chicago,Illinois60606
(Address of Principal Executive Offices)(Zip Code)

(312) 279-1400
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueELSNew York Stock Exchange
_________________________________________________________ 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 182,155,196 shares of Common Stock as of July 23, 2020.



Equity LifeStyle Properties, Inc.
Table of Contents
 
  Page
Item 1.Financial Statements (unaudited)
Index To Financial Statements
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


Part I – Financial Information

Item 1. Financial Statements

Equity LifeStyle Properties, Inc.
Consolidated Balance Sheets
(amounts in thousands, except share and per share data)
As ofAs of
June 30, 2020December 31, 2019
(unaudited)
Assets
Investment in real estate:
Land$1,528,929  $1,525,407  
Land improvements3,396,132  3,336,070  
Buildings and other depreciable property903,249  881,572  
5,828,310  5,743,049  
Accumulated depreciation(1,849,799) (1,776,224) 
Net investment in real estate3,978,511  3,966,825  
Cash and restricted cash119,993  28,860  
Notes receivable, net35,304  37,558  
Investment in unconsolidated joint ventures19,864  20,074  
Deferred commission expense41,622  41,149  
Other assets, net72,880  56,809  
Total Assets$4,268,174  $4,151,275  
Liabilities and Equity
Liabilities:
Mortgage notes payable, net$2,247,790  $2,049,509  
Term loan, net199,111  198,949  
Unsecured line of credit50,000  160,000  
Accounts payable and other liabilities142,269  124,665  
Deferred revenue – upfront payments from membership upgrade sales132,023  126,814  
Deferred revenue – annual membership subscriptions12,655  10,599  
Accrued interest payable8,485  8,639  
Rents and other customer payments received in advance and security deposits102,480  91,234  
Distributions payable65,978  58,978  
Total Liabilities2,960,791  2,829,387  
Equity:
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2020 and December 31, 2019; none issued and outstanding.
    
Common stock, $0.01 par value, 600,000,000 and 400,000,000 shares authorized as of June 30, 2020 and December 31, 2019, respectively; 182,153,754 and 182,089,595 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively.
1,812  1,812  
Paid-in capital1,405,764  1,402,696  
Distributions in excess of accumulated earnings(169,903) (154,318) 
Accumulated other comprehensive income (loss)(1,161) (380) 
Total Stockholders’ Equity1,236,512  1,249,810  
Non-controlling interests – Common OP Units70,871  72,078  
Total Equity1,307,383  1,321,888  
Total Liabilities and Equity$4,268,174  $4,151,275  









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


Equity LifeStyle Properties, Inc.
Consolidated Statements of Income and Comprehensive Income
(amounts in thousands, except per share data (adjusted for stock split))
(unaudited)
 Quarters Ended June 30,Six Months Ended June 30,
2020201920202019
Revenues:
Rental income$217,963  $212,007  $457,309  $435,573  
Annual membership subscriptions12,961  12,586  26,034  24,902  
Membership upgrade sales current period, gross5,048  5,041  9,891  8,879  
Membership upgrade sales upfront payments, deferred, net(2,666) (2,912) (5,208) (4,683) 
Other income9,680  10,265  20,739  20,635  
Gross revenues from home sales8,866  7,825  20,175  14,300  
Brokered resale and ancillary services revenues, net(575) 872  363  2,431  
Interest income1,791  1,803  3,598  3,554  
Income from other investments, net1,022  879  1,665  1,865  
Total revenues254,090  248,366  534,566  507,456  
Expenses:
Property operating and maintenance85,265  84,868  168,899  162,816  
Real estate taxes16,668  15,107  33,509  30,430  
Sales and marketing, gross4,276  4,214  8,254  7,623  
Membership sales commissions, deferred, net(481) (389) (697) (580) 
Property management14,813  14,385  29,817  28,070  
Depreciation and amortization38,332  37,776  77,356  75,753  
Cost of home sales8,850  8,164  20,761  14,796  
Home selling expenses1,081  1,102  2,294  2,185  
General and administrative10,609  9,225  21,464  19,134  
Other expenses639  540  1,227  967  
Early debt retirement  1,491  1,054  1,491  
Interest and related amortization26,249  26,024  52,322  52,417  
Total expenses206,301  202,507  416,260  395,102  
Gain on sale of real estate, net      52,507  
Income before equity in income of unconsolidated joint ventures47,789  45,859  118,306  164,861  
Equity in income of unconsolidated joint ventures1,064  3,226  1,271  4,759  
Consolidated net income48,853  49,085  119,577  169,620  
Income allocated to non-controlling interests – Common OP Units(2,658) (2,676) (6,507) (9,902) 
Redeemable perpetual preferred stock dividends(8) (8) (8) (8) 
Net income available for Common Stockholders$46,187  $46,401  $113,062  $159,710  
Consolidated net income$48,853  $49,085  $119,577  $169,620  
Other comprehensive income (loss):
Adjustment for fair market value of swap552  (1,610) (781) (2,541) 
Consolidated comprehensive income49,405  47,475  118,796  167,079  
Comprehensive income allocated to non-controlling interests – Common OP Units(2,689) (2,589) (6,465) (9,759) 
Redeemable perpetual preferred stock dividends(8) (8) (8) (8) 
Comprehensive income attributable to Common Stockholders$46,708  $44,878  $112,323  $157,312  
Earnings per Common Share – Basic$0.25  $0.26  $0.62  $0.89  
Earnings per Common Share – Fully Diluted$0.25  $0.26  $0.62  $0.89  
Weighted average Common Shares outstanding – Basic181,833  180,312  181,781  179,938  
Weighted average Common Shares outstanding – Fully Diluted192,542  191,860  192,538  191,546  



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


Equity LifeStyle Properties, Inc.
Consolidated Statements of Changes in Equity
(amounts in thousands; adjusted for stock split)
(unaudited)
Common StockPaid-in CapitalRedeemable Perpetual Preferred StockDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling Interests – Common OP UnitsTotal Equity
Balance as of December 31, 2019$1,812  $1,402,696  $  $(154,318) $(380) $72,078  $1,321,888  
Cumulative effect of change in accounting principle (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326))—  —  —  (3,875) —  —  (3,875) 
Balance as of January 1, 20201,812  1,402,696  —  (158,193) (380) 72,078  1,318,013  
Exchange of Common OP Units for Common Stock—  63  —  —  —  (63)   
Issuance of Common Stock through employee stock purchase plan—  619  —  —  —  —  619  
Compensation expenses related to restricted stock and stock options—  2,964  —  —  —  —  2,964  
Repurchase of Common Stock or Common OP Units—  (3,962) —  —  —  —  (3,962) 
Adjustment for Common OP Unitholders in the Operating Partnership—  277  —  —  —  (277)   
Adjustment for fair market value of swap—  —  —  —  (1,333) —  (1,333) 
Consolidated net income—  —  —  66,875  —  3,849  70,724  
Distributions—  —  —  (62,385) —  (3,590) (65,975) 
Other—  (143) —  —  —  —  (143) 
Balance as of March 31, 20201,812  1,402,514    (153,703) (1,713) 71,997  1,320,907  
Issuance of Common Stock through employee stock purchase plan—  531  —  —  —  —  531  
Compensation expenses related to restricted stock and stock options—  2,669  —  —  —  —  2,669  
Adjustment for Common OP Unitholders in the Operating Partnership—  193  —  —  —  (193)   
Adjustment for fair market value of swap—  —  —  —  552  —  552  
Consolidated net income  —  8  46,187    2,658  48,853  
Distributions—  —  (8) (62,387) —  (3,591) (65,986) 
Other—  (143) —  —  —  —  (143) 
Balance as of June 30, 2020$1,812  $1,405,764  $  $(169,903) $(1,161) $70,871  $1,307,383  
























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


Equity LifeStyle Properties, Inc.
Consolidated Statements of Changes in Equity
(amounts in thousands; adjusted for stock split)
(unaudited)
Common StockPaid-in CapitalRedeemable Perpetual Preferred StockDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling interests – Common OP UnitsTotal Equity
Balance as of January 1, 2019$1,792  $1,328,495  $  $(211,034) $2,299  $71,792  $1,193,344  
Exchange of Common OP Units for Common Stock—  66  —  —  —  (66)   
Issuance of Common Stock through exercise of options—  53  —  —  —  —  53  
Issuance of Common Stock through employee stock purchase plan—  652  —  —  —  —  652  
Compensation expenses related to restricted stock and stock options—  2,420  —  —  —  —  2,420  
Repurchase of Common Stock or Common OP Units—  (53) —  —  —  —  (53) 
Adjustment for Common OP Unitholders in the Operating Partnership—  (56) —  —  —  56    
Adjustment for fair market value of swap—  —  —  —  (931) —  (931) 
Consolidated net income—  —  —  113,309  —  7,226  120,535  
Distributions—  —  —  (55,123) —  (3,516) (58,639) 
Other—  (63) —  —  —  —  (63) 
Balance as of March 31, 20191,792  1,331,514    (152,848) 1,368  75,492  1,257,318  
Exchange of Common OP Units for Common Stock10  6,425  —  —  —  (6,435)   
Issuance of Common Stock through employee stock purchase plan—  587  —  —  —  —  587  
Issuance of Common Stock through our ATM equity offering program10  59,309  —  —  —  —  59,319  
Compensation expenses related to restricted stock and stock options—  2,625  —  —  —  —  2,625  
Adjustment for Common OP Unitholders in the Operating Partnership—  (2,883) —  —  —  2,883    
Adjustment for fair market value of swap—  —  —  —  (1,610) —  (1,610) 
Consolidated net income—  —  8  46,401  —  2,676  49,085  
Distributions—  —  (8) (55,757)   (3,215) (58,980) 
Other—  (870) —  —  —  —  (870) 
Balance as of June 30, 2019$1,812  $1,396,707  $  $(162,204) $(242) $71,401  $1,307,474  























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


Equity LifeStyle Properties, Inc.
Consolidated Statements of Cash Flows
(amounts in thousands)
(unaudited)
Six Months Ended June 30,
20202019
Cash Flows From Operating Activities:
Consolidated net income$119,577  $169,620  
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Gain on sale of real estate, net  (52,507) 
Early debt retirement1,054  1,491  
Depreciation and amortization78,616  76,648  
Amortization of loan costs1,777  1,768  
Debt premium amortization(211) (232) 
Equity in income of unconsolidated joint ventures(1,271) (4,759) 
Distributions of income from unconsolidated joint ventures81  2,008  
Proceeds from insurance claims, net1,288  4,422  
Compensation expense related to restricted stock and stock options5,633  5,045  
Revenue recognized from membership upgrade sales upfront payments(4,683) (4,195) 
Commission expense recognized related to membership sales1,866  1,867  
Long-term incentive plan compensation765  (3,608) 
Changes in assets and liabilities:
Notes receivable, net(484) (1,079) 
Deferred commission expense(2,338) (2,269) 
Other assets, net(1,857) (8,275) 
Accounts payable and other liabilities15,918  25,962  
Deferred revenue – upfront payments from membership upgrade sales9,891  8,879  
Deferred revenue – annual membership subscriptions2,056  2,967  
Rents and other customer payments received in advance and security deposits11,067  20,932  
Net cash provided by operating activities238,745  244,685  
Cash Flows From Investing Activities:
Real estate acquisitions, net(4,056) (38,463) 
Proceeds from disposition of properties, net  77,746  
Distributions of capital from unconsolidated joint ventures1,399  5,169  
Proceeds from insurance claims  1,111  
Capital improvements(103,147) (121,444) 
Net cash provided by (used in) investing activities(105,804) (75,881) 

























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



Equity LifeStyle Properties, Inc.
Consolidated Statements of Cash Flows (continued)
(amounts in thousands)
(unaudited)
Six Months Ended June 30,
20202019
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan1,150  1,237  
Gross proceeds from the issuance of common stock  59,319