0000895417-23-000023.txt : 20230418 0000895417-23-000023.hdr.sgml : 20230418 20230418092104 ACCESSION NUMBER: 0000895417-23-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230417 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20230418 DATE AS OF CHANGE: 20230418 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQUITY LIFESTYLE PROPERTIES INC CENTRAL INDEX KEY: 0000895417 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 363857664 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11718 FILM NUMBER: 23825667 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 8-K 1 els-20230417.htm 8-K els-20230417
EQUITY LIFESTYLE PROPERTIES INC0000895417false00008954172023-04-172023-04-17

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 17, 2023


EQUITY LIFESTYLE PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
Maryland1-1171836-3857664
(State or other jurisdiction of incorporation)
(Commission File No.)(IRS Employer Identification Number)
Two North Riverside PlazaChicago,Illinois60606
(Address of Principal Executive Offices)(Zip Code)

(312) 279-1400
(Registrant's telephone number, including area code)

    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐



Item 2.02    Results of Operations and Financial Condition
On April 17, 2023, Equity LifeStyle Properties, Inc. (referred to herein as “we,” “us,” and “our”) issued a news release announcing our results of operations for the quarter ended March 31, 2023, and our second quarter and full year 2023 earnings guidance assumptions.

The news release is furnished as Exhibit 99.1 to this report on Form 8-K. The news release was also posted on our website, www.equitylifestyleproperties.com, on April 17, 2023.

In accordance with General Instruction B.2. of Form 8-K, the information included in Items 2.02 and 9.01 of this report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any registration statement filed by us under the Securities Act of 1933, as amended.

    This report 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,” “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. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to 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, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment; (ix) our ability to integrate and operate recent acquisitions in accordance with our estimates; (x) our ability to execute expansion/development opportunities in the face of supply chain delays/shortages; (xi) completion of pending transactions in their entirety and on assumed schedule; (xii) our ability to attract and retain property employees, particularly seasonal employees; (xiii) ongoing legal matters and related fees; and (xiv) costs to restore property operations and potential revenue losses following storms or other unplanned events.

    For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the “Risk Factors” and “Forward-Looking Statements” sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.

    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.

    We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 450 properties located predominantly in the United States consisting of 171,477 sites as of April 17, 2023. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago.

Item 9.01    Financial Statements and Exhibits

(d) Exhibits

The information contained in the attached exhibit is unaudited and should be read in conjunction with the Registrant's annual and quarterly reports filed with the Securities and Exchange Commission.


104 Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)





SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
EQUITY LIFESTYLE PROPERTIES, INC.
Date: April 18, 2023By: /s/ Paul Seavey
Paul Seavey
Executive Vice President and Chief Financial Officer





 EX-99.1 2 elsex9911q23.htm EX-99.1 Document

N E W S R E L E A S E
elslogoa34.jpg
CONTACT: Paul SeaveyFOR IMMEDIATE RELEASE
(800) 247-5279April 17, 2023
                                    
ELS REPORTS FIRST QUARTER RESULTS
Continued Strong Performance

CHICAGO, IL – April 17, 2023 – Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as “we,” “us,” and “our”) today announced results for the quarter ended March 31, 2023. All per share results are reported on a fully diluted basis unless otherwise noted.
($ in millions, except per share data)
Financial ResultsQ1 2023Q1 2022$ Change
Total Revenues$370.0 $360.2 $9.8 
Net Income available for Common Stockholders$82.4 $82.9 $(0.5)
Net Income per Common Share - Fully Diluted$0.44 $0.45 $(0.01)
Non-GAAP Financial MeasuresQ1 2023Q1 2022$ Change
Funds from Operations (“FFO”) per Common Share and OP Unit - Fully Diluted $0.74 $0.72 $0.02 
Normalized Funds from Operations (“Normalized FFO”) per Common Share and
OP Unit - Fully Diluted		$0.74 $0.72 $0.02 
Property operating revenues, excluding deferrals$339.3 $322.4 $16.9 
Income from property operations, excluding deferrals and property management$201.8 $192.6 $9.2 
Core Portfolio PerformanceQ1 2023Q1 2022% Change
Core property operating revenues, excluding deferrals$329.9 $310.2 6.4 %
Core Income from property operations, excluding deferrals and property management$195.7 $185.3 5.7 %
Operations Update
Normalized FFO for the quarter ended March 31, 2023 was $0.74 per share, representing a 2.0% increase compared to the same period in 2022, outperforming the midpoint of our guidance expectation by $0.8 million.

MH

Core MH base rental income for the quarter ended March 31, 2023 increased 6.5% compared to the same period in 2022, which reflects 6.6% growth from rate increases and a decline of 0.1% from occupancy losses. Core MH homeowners increased by 30 since December 31, 2022. We sold 176 new homes during the quarter ended March 31, 2023, with an average sales price of $104,000.

RV and Marina

Core RV and marina base rental income for the quarter ended March 31, 2023 increased 5.5% compared to the same period in 2022. Core RV and marina annual base rental income increased 8.4% for the quarter ended March 31, 2023, compared to the same period in 2022, which reflects 8.0% growth from rate increases and 0.4% from occupancy gains. Total nights camped during the quarter ended March 31, 2023 increased approximately 1.0% compared to the same period in 2022.
i



Property Operating Expenses
Core property operating expenses for the quarter ended March 31, 2023 increased 7.4% compared to the same period in 2022. See page 8 for details of the Core property operating expenses. Core repair and maintenance expenses for the quarter ended March 31, 2023 was $21.7 million, an increase of $2.5 million compared to the same period in 2022, which includes clean-up costs following weather events across the portfolio.

We completed our property and casualty insurance renewal as of April 1, 2023, and our premiums increased for the policy year April 2023 through March 2024 by approximately $12.0 million, or 58%. This increase has an unfavorable impact of approximately $2.6 million on our full year 2023 guidance.

Guidance (1)(2)
($ in millions, except per share data)2023
Second QuarterFull Year
Net Income/share$0.32 to $0.38$1.64 to $1.74
FFO/share$0.62 to $0.68$2.79 to $2.89
Normalized FFO/share$0.62 to $0.68$2.79 to $2.89
2022 Actual2023 Growth Rates
Core Portfolio:Second QuarterFull YearSecond QuarterFull Year
MH base rental income$155.8 $626.0 6.4% to 7.0%6.3% to 7.3%
RV and marina base rental income (3)
$94.6 $393.4 3.6% to 4.2%5.4% to 6.4%
Property operating revenues$305.8 $1,240.2 5.5% to 6.1%6.0% to 7.0%
Property operating expenses$136.1 $526.4 10.0% to 10.6%7.9% to 8.9%
Income from property operations, excluding deferrals and property management $169.7 $713.8 1.9% to 2.5%4.6% to 5.6%
Non-Core Portfolio:2023 Full Year
Income from property operations, excluding deferrals and property management$23.1 to $27.1
Other Guidance Assumptions:2023 Full Year
Property management and general administrative$115.9 to $121.9
Debt Assumptions:
Weighted average debt outstanding $3,300 to $3,500
Interest and related amortization$127.6 to $133.6

(1)    Second quarter and full year 2023 guidance ranges represent a range of possible outcomes and the midpoint reflects management's estimate of the most likely outcome. Actual growth rates and per share amounts could vary materially from growth rates and per share amounts presented above if any of our assumptions, including occupancy and rate changes, our ability to manage expenses in an inflationary environment, our ability to integrate and operate recent acquisitions and costs to restore property operations and potential revenue losses following storms or other unplanned events, is incorrect. See Forward-Looking Statements in this release for additional factors impacting our 2023 guidance assumptions.
(2)    Guidance assumptions do not include future capital events (financing transactions, acquisitions or dispositions) or the use of free cash flow.
(3)    Core RV and marina annual revenue represents approximately 70.6% and 67.0% of second quarter 2023 and full year 2023 RV and marina base rental income, respectively. Core RV and marina annual revenue second quarter 2023 growth rate range is 7.9% to 8.5% and the full year 2023 growth rate range is 7.9% to 8.9%.

Investment Activity
In March 2023, we completed the acquisition of Red Oak Shores Campground, a 223-site RV community located in Ocean View, New Jersey for a purchase price of $9.5 million.
ii



Balance Sheet Activity
In April 2023, we entered into an interest rate swap agreement with a notional amount of $200.0 million, allowing us to trade one month term SOFR indexed variable rate debt for fixed rate debt. The interest rate swap fixes the variable interest rate on our $200.0 million unsecured term loan at 4.88% per annum. As a result, our exposure to floating rate debt as a percentage of total debt is approximately 7.5%.
As of March 31, 2023, approximately 6% of our total secured and unsecured debt is maturing over the next three years.
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of April 17, 2023, we own or have an interest in 450 properties in 35 states and British Columbia consisting of 171,477 sites.
For additional information, please contact our Investor Relations Department at (800) 247-5279 or at investor_relations@equitylifestyle.com.
Conference Call
A live audio webcast of our conference call discussing these results will take place tomorrow, Tuesday, April 18, 2023, at 10:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.
Forward-Looking Statements
In addition to historical information, this press release 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,” “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. Forward-looking statements, including our guidance concerning Net Income, FFO and Normalized FFO per share data, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to 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, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment; (ix) our ability to integrate and operate recent acquisitions in accordance with our estimates; (x) our ability to execute expansion/development opportunities in the face of supply chain delays/shortages; (xi) completion of pending transactions in their entirety and on assumed schedule; (xii) our ability to attract and retain property employees, particularly seasonal employees; (xiii) ongoing legal matters and related fees; and (xiv) costs to restore property operations and potential revenue losses following storms or other unplanned events. For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the “Risk Factors” and “Forward-Looking Statements” sections in our most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q. 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.
iii
















Supplemental Financial Information

Financial Highlights

(In millions, except Common Shares and OP Units outstanding and per share data, unaudited)
As of and for the Quarters Ended
Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022
Operating Information
Total revenues$370.0 $340.6 $381.0 $365.3 $360.2 
Net income$86.5 $76.7 $70.5 $64.6 $87.1 
Net income available for Common Stockholders$82.4 $73.0 $67.2 $61.5 $82.9 
Adjusted EBITDAre (1)
$176.7 $159.2 $166.4 $153.3 $168.4 
FFO available for Common Stock and OP Unit holders (1)(2)
$144.1 $126.6 $134.4 $121.6 $140.9 
Normalized FFO available for Common Stock and OP Unit holders (1)(2)
$144.3 $128.1 $136.8 $125.3 $141.4 
Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders (1)(2)
$126.2 $106.9 $115.4 $103.6 $125.1 
Common Shares and OP Units Outstanding (In thousands) and Per Share Data
Common Shares and OP Units, end of the period195,446 195,386 195,380 195,373 195,303 
Weighted average Common Shares and OP Units outstanding - Fully Diluted195,369 195,281 195,269 195,227 195,246 
Net income per Common Share - Fully Diluted (3)
$0.44 $0.39 $0.36 $0.33 $0.45 
FFO per Common Share and OP Unit - Fully Diluted$0.74 $0.65 $0.69 $0.62 $0.72 
Normalized FFO per Common Share and OP Unit - Fully Diluted$0.74 $0.66 $0.70 $0.64 $0.72 
Dividends per Common Share$0.4475 $0.4100 $0.4100 $0.4100 $0.4100 
Balance Sheet
Total assets$5,519 $5,493 $5,405 $5,400 $5,265 
Total liabilities$4,006 $3,975 $3,886 $3,878 $3,734 
Market Capitalization
Total debt (4)
$3,414 $3,416 $3,329 $3,298 $3,193 
Total market capitalization (5)
$16,534 $16,038 $15,607 $17,066 $18,130 
Ratios
Total debt / total market capitalization20.6 %21.3 %21.3 %19.3 %17.6 %
Total debt / Adjusted EBITDAre (6)
5.2 5.3 5.2 5.3 5.2 
Interest coverage (7)
5.5 5.6 5.7 5.7 5.7 
Fixed charges(8)
5.4 5.6 5.6 5.6 5.6 




______________________
1.See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the supplemental financial information for definitions of Adjusted EBITDAre, FFO, Normalized FFO and FAD and a reconciliation of Consolidated net income to Adjusted EBITDAre.
2.See page 6 for a reconciliation of Net income available for Common Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.
3.Net income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
4.Excludes deferred financing costs of approximately $27.3 million as of March 31, 2023.
5.See page 14 for the calculation of market capitalization as of March 31, 2023.
6.Calculated using trailing twelve months Adjusted EBITDAre.
7.Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.
8.See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the supplemental financial information for a definition of fixed charges. This ratio is calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.
1Q 2023 Supplemental Financial Information
1
Equity LifeStyle Properties, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)
March 31, 2023December 31, 2022
(unaudited)
Assets
Investment in real estate:
Land$2,086,725 $2,084,532 
Land improvements4,170,166 4,115,439 
Buildings and other depreciable property1,197,416 1,169,590 
7,454,307 7,369,561 
Accumulated depreciation(2,306,538)(2,258,540)
Net investment in real estate5,147,769 5,111,021 
Cash and restricted cash30,661 22,347 
Notes receivable, net46,655 45,356 
Investment in unconsolidated joint ventures81,135 81,404 
Deferred commission expense51,090 50,441 
Other assets, net162,003 181,950 
Total Assets$5,519,313 $5,492,519 
Liabilities and Equity
Liabilities:
Mortgage notes payable, net$2,677,318 $2,693,167 
Term loan, net497,039 496,817 
Unsecured line of credit212,000 198,000 
Accounts payable and other liabilities185,126 175,148 
Deferred membership revenue204,312 197,743 
Accrued interest payable12,090 11,739 
Rents and other customer payments received in advance and security deposits130,704 122,318 
Distributions payable87,338 80,102 
Total Liabilities4,005,927 3,975,034 
Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2023 and December 31, 2022; none issued and outstanding.
— — 
Common stock, $0.01 par value, 600,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 186,205,815 and 186,120,298 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.
1,916 1,916 
Paid-in capital1,629,866 1,628,618 
Distributions in excess of accumulated earnings(205,203)(204,248)
Accumulated other comprehensive income15,141 19,119 
Total Stockholders’ Equity1,441,720 1,445,405 
Non-controlling interests – Common OP Units71,666 72,080 
Total Equity1,513,386 1,517,485 
Total Liabilities and Equity$5,519,313 $5,492,519 

1Q 2023 Supplemental Financial Information
2
Equity LifeStyle Properties, Inc.

Consolidated Statements of Income

(In thousands, unaudited)
Quarters Ended March 31,
20232022
Revenues:
Rental income$296,451 $285,065 
Annual membership subscriptions15,970 15,157 
Membership upgrade sales current period, gross7,975 7,151 
Membership upgrade sales upfront payments, deferred, net(4,470)(4,084)
Other income17,714 13,542 
Gross revenues from home sales, brokered resales and ancillary services32,133 39,695 
Interest income2,088 1,759 
Income from other investments, net2,091 1,904 
Total revenues369,952 360,189 
Expenses:
Property operating and maintenance112,483 103,992 
Real estate taxes18,316 19,457 
Sales and marketing, gross5,517 4,914 
Membership sales commissions, deferred, net(679)(583)
Property management19,464 17,871 
Depreciation and amortization50,502 49,394 
Cost of home sales, brokered resales and ancillary services23,141 30,684 
Home selling expenses and ancillary operating expenses6,924 6,481 
General and administrative (1)
11,661 12,072 
Casualty-related charges/(recoveries), net (2)
— — 
Other expenses (1)
1,468 1,048 
Early debt retirement— 516 
Interest and related amortization32,588 27,464 
Total expenses281,385 273,310 
Loss on sale of real estate and impairment, net(2,632)— 
Income before equity in income of unconsolidated joint ventures85,935 86,879 
Equity in income of unconsolidated joint ventures524 171 
Consolidated net income86,459 87,050 
Income allocated to non-controlling interests – Common OP Units(4,088)(4,144)
Net income available for Common Stockholders$82,371 $82,906 






______________________
1.Prior period amounts have been reclassified to conform to the current period presentation.
2.Casualty-related charges/(recoveries), net includes debris removal and cleanup costs related to Hurricane Ian of $8.5 million and insurance recovery revenue of $8.5 million for the quarter ended March 31, 2023.

1Q 2023 Supplemental Financial Information
3
Equity LifeStyle Properties, Inc.

Non-GAAP Financial Measures

This document contains certain non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT’s operating performance. 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 are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 6 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 16-18.






1Q 2023 Supplemental Financial Information
4
Equity LifeStyle Properties, Inc.

Selected Non-GAAP Financial Measures

(In millions, except per share data, unaudited)
Quarter Ended
March 31, 2023
Income from property operations, excluding deferrals and property management - 2023 Core (1)
$195.7 
Income from property operations, excluding deferrals and property management - Non-Core (1)
6.1 
Property management and general and administrative(31.1)
Other income and expenses (excluding transaction/pursuit costs)6.6 
Interest and related amortization(32.6)
Gain on unconsolidated joint ventures(0.4)
Normalized FFO available for Common Stock and OP Unit holders (2)
$144.3 
Transaction/pursuit costs(0.1)
Lease termination expenses(0.1)
FFO available for Common Stock and OP Unit holders (2)
$144.1 
FFO per Common Share and OP Unit - Fully Diluted$0.74
Normalized FFO per Common Share and OP Unit - Fully Diluted$0.74
Normalized FFO available for Common Stock and OP Unit holders (2)
$144.3 
Non-revenue producing improvements to real estate (18.1)
FAD for Common Stock and OP Unit holders (2)
$126.2 
Weighted average Common Shares and OP Units - Fully Diluted195.4 




















______________________
1.See pages 8-9 for details of the Core Income from Property Operations, excluding deferrals and property management. See page 10 for details of the Non-Core Income from Property Operations, excluding deferrals and property management.
2.See page 6 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.

1Q 2023 Supplemental Financial Information
5
Equity LifeStyle Properties, Inc.

Reconciliation of Net Income to Non-GAAP Financial Measures

(In thousands, except per share data, unaudited)
Quarters Ended March 31,
20232022
Net income available for Common Stockholders$82,371 $82,906 
Income allocated to non-controlling interests – Common OP Units4,088 4,144 
Membership upgrade sales upfront payments, deferred, net4,470 4,084 
Membership sales commissions, deferred, net(679)(583)
Depreciation and amortization50,502 49,394 
Depreciation on unconsolidated joint ventures1,135 941 
Gain on unconsolidated joint ventures(416)— 
Loss on sale of real estate and impairment, net2,632 — 
FFO available for Common Stock and OP Unit holders144,103 140,886 
Early debt retirement— 516 
Transaction/pursuit costs116 — 
Lease termination expenses
90 — 
Normalized FFO available for Common Stock and OP Unit holders144,309 141,402 
Non-revenue producing improvements to real estate(18,112)(16,337)
FAD for Common Stock and OP Unit holders$126,197 $125,065 
Net income available per Common Share - Basic$0.44 $0.45 
Net income available per Common Share - Fully Diluted (1)
$0.44 $0.45 
FFO per Common Share and OP Unit - Basic$0.74 $0.72 
FFO per Common Share and OP Unit - Fully Diluted$0.74 $0.72 
Normalized FFO per Common Share and OP Unit - Basic$0.74 $0.73 
Normalized FFO per Common Share and OP Unit - Fully Diluted$0.74 $0.72 
Weighted average Common Shares outstanding - Basic185,900 185,690 
Weighted average Common Shares and OP Units outstanding - Basic195,162 194,991 
Weighted average Common Shares and OP Units outstanding - Fully Diluted195,369 195,246 











______________________
1.Net income per fully diluted Common Share is calculated before Income allocated to non-controlling interest - Common OP Units.
1Q 2023 Supplemental Financial Information
6
Equity LifeStyle Properties, Inc.

Consolidated Income from Property Operations (1)

(In millions, except home site and occupancy figures, unaudited)
Quarters Ended March 31,
20232022
MH base rental income (2)
$164.6 $157.3 
Rental home income (2)
3.9 4.0 
RV and marina base rental income (2)
111.6 108.8 
Annual membership subscriptions16.0 15.2 
Membership upgrade sales current period, gross8.0 7.2 
Utility and other income (2)(3)
35.2 29.9 
Property operating revenues339.3 322.4 
Property operating, maintenance and real estate taxes (2)
132.0 124.9 
Sales and marketing, gross5.5 4.9 
Property operating expenses137.5 129.8 
Income from property operations, excluding deferrals and property management (1)
$201.8 $192.6 
Manufactured home site figures and occupancy averages:
Total sites72,717 73,463 
Occupied sites68,847 69,646 
Occupancy %94.7 %94.8 %
Monthly base rent per site$797 $753 
RV and marina base rental income:
Annual$69.4 $64.4 
Seasonal28.0 26.6 
Transient14.2 17.8 
Total RV and marina base rental income$111.6 $108.8 













______________________
1.Excludes property management and the GAAP deferral of membership upgrade sales upfront payments and membership sales commissions, net.
2.MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Statements of Income on page 3. Bad debt expense is presented in Property operating, maintenance and real estate taxes in this table.
3.Includes approximately $4.0 million of business interruption income from Hurricane Ian during the quarter ended March 31, 2023.
1Q 2023 Supplemental Financial Information
7
Equity LifeStyle Properties, Inc.

Core Income from Property Operations (1)

(In millions, except home site and occupancy figures, unaudited)
Quarters Ended March 31,
20232022
Change (2)
MH base rental income$164.4 $154.4 6.5%
Rental home income3.9 4.0 (2.4)%
RV and marina base rental income108.4 102.7 5.5%
Annual membership subscriptions15.8 15.1 4.7%
Membership upgrade sales current period, gross8.0 7.0 13.7%
Utility and other income29.4 27.0 9.4%
Property operating revenues329.9 310.2 6.4%
Utility expense38.3 34.2 11.8%
Payroll28.0 25.6 9.2%
Repair & Maintenance21.7 19.2 12.9%
Insurance and other (3)
23.0 23.0 —%
Real estate taxes17.7 18.0 (1.8)%
Sales and marketing, gross5.5 4.9 13.3%
Property operating expenses 134.2 124.9 7.4%
Income from property operations, excluding deferrals and property management (1)
$195.7 $185.3 5.7%
Occupied sites (4)
68,801 68,617 
























_____________________
1.Excludes property management and the GAAP deferral of membership upgrades sales upfront payments and membership sales commissions, net.
2.Calculations prepared using actual results without rounding.
3.Includes bad debt expense for the periods presented.
4.Occupied sites are presented as of the end of the period. Occupied sites have decreased by 79 from 68,880 at December 31, 2022.

1Q 2023 Supplemental Financial Information
8
Equity LifeStyle Properties, Inc.

Core Income from Property Operations (continued)

(In millions, except home site and occupancy figures, unaudited)
Quarters Ended March 31,
20232022
Core manufactured home site figures and occupancy averages:
Total sites72,456 72,479 
Occupied sites68,790 68,876 
Occupancy %94.9 %95.0 %
Monthly base rent per site$797 $747 
Quarters Ended March 31,
20232022
Change (1)
Core RV and marina base rental income:
Annual (2)
$67.1 $61.8 8.4%
Seasonal27.4 24.5 11.9%
Transient13.9 16.4 (14.9)%
Total Seasonal and Transient$41.3 $40.9 1.1%
Total RV and marina base rental income$108.4 $102.7 5.5%
Quarters Ended March 31,
20232022
Change (1)
Core utility information:
Income$17.6 $15.6 12.4%
Expense38.3 34.2 11.8%
Expense, net$20.7 $18.6 11.3%
Utility Recovery Rate (3)
45.8 %45.6 %















_____________________
1.Calculations prepared using actual results without rounding.
2.Core Annual marina base rental income represents approximately 99% of the total Core marina base rental income for all periods presented.
3.Calculated by dividing the utility income by utility expense.
1Q 2023 Supplemental Financial Information
9
Equity LifeStyle Properties, Inc.

Non-Core Income from Property Operations (1)

(In millions, unaudited)
Quarter Ended
March 31, 2023
MH base rental income$0.1 
RV and marina base rental income3.2 
Annual membership subscriptions0.2 
Utility and other income5.9 
Property operating revenues9.4 
Property operating expenses (2)
3.3 
Income from property operations, excluding deferrals and property management (1)
$6.1 



































______________________
1.Excludes property management and the GAAP deferral of membership upgrade sales upfront payments and membership sales commissions, net.
2.Includes bad debt expense for the periods presented.
1Q 2023 Supplemental Financial Information
10
Equity LifeStyle Properties, Inc.

Income from Rental Home Operations

(In millions, except occupied rentals, unaudited)
Quarters Ended March 31,
20232022
Manufactured homes:
Rental operations revenues (1)
$10.3 $11.3 
Rental home operations expense (2)
1.0 1.4 
Income from rental home operations9.3 9.9 
Depreciation on rental homes (3)
2.7 2.5 
Income from rental operations, net of depreciation$6.6 $7.4 
Occupied rentals: (4)
New2,389 2,908 
Used313 402 
Total occupied rental sites2,702 3,310 

As of March 31, 2023As of March 31, 2022
Cost basis in rental homes: (5)
GrossNet of DepreciationGrossNet of Depreciation
New$252.2 $209.7 $226.9 $192.8 
Used14.1 8.1 15.0 9.8 
Total rental homes$266.3 $217.8 $241.9 $202.6 

















______________________
1.For the quarters ended March 31, 2023 and 2022, approximately $6.4 million and $7.4 million, respectively, of the rental operations revenue is included in the MH base rental income in the Core Income from Property Operations on pages 8-9. The remainder of the rental operations revenue is included in Rental home income for the quarters ended March 31, 2023 and 2022 in the Core Income from Property Operations on pages 8-9.
2.Rental home operations expense is included in Property operating, maintenance and real estate taxes in the Consolidated Income from Property Operations on page 7. Rental home operations expense is included in Insurance and other in the Core Income from Property Operations on pages 8-9.
3.Depreciation on rental homes in our Core portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 3.
4.Occupied rentals as of the end of the period in our Core portfolio. Included in occupied rentals as of March 31, 2022 were 210 homes rented through ECHO Financing LLC ("ECHO joint venture"). On December 22, 2022, we completed the purchase of all homes held by the ECHO joint venture.
5.Includes both occupied and unoccupied rental homes in our Core portfolio. New home cost basis does not include the costs associated with our ECHO joint venture for 2022.
1Q 2023 Supplemental Financial Information
11
Equity LifeStyle Properties, Inc.

Total Sites and Home Sales

(In thousands, except sites and home sale volumes, unaudited)
Summary of Total Sites as of March 31, 2023
Sites (1)
MH sites72,700 
RV sites:
Annual34,900 
Seasonal12,500 
Transient15,000 
Marina slips6,900 
Membership (2)
25,800 
Joint Ventures (3)
3,600 
Total171,400 


Home Sales - Select Data
Quarters Ended March 31,
20232022
Total New Home Sales Volume (4)
176 261 
New Home Sales Gross Revenues (4)
$18,314 $25,530 
Total Used Home Sales Volume 102 72 
Used Home Sales Gross Revenues$1,175 $998 
Brokered Home Resales Volume134 188 
Brokered Home Resales Gross Revenues$675 $611 














______________________
1.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.
2.Sites primarily utilized by approximately 127,700 members. Includes approximately 6,300 sites rented on an annual basis.
3.Joint ventures have approximately 2,000 annual sites and 1,600 transient sites.
4.For 2022, total new home sales volume includes 22 home sales from our ECHO joint venture. New home sales gross revenues does not include the revenues associated with the ECHO joint venture.
1Q 2023 Supplemental Financial Information
12
Equity LifeStyle Properties, Inc.

Memberships - Select Data

(Unaudited)
Years Ended December 31,
2019202020212022Q1 2023
Member Count (1)
115,680 116,169 125,149 128,439 127,707 
Thousand Trails Camping Pass (TTC) Origination41,484 44,129 50,523 51,415 10,231 
TTC Sales19,267 20,587 23,923 23,237 4,456 
RV Dealer TTC Activations22,217 23,542 26,600 28,178 5,775 
Number of annuals (2)
5,938 5,986 6,320 6,390 6,274 
Number of upgrade sales (3)
2,919 3,373 4,863 4,068 882 
(In thousands, unaudited)
Annual membership subscriptions $51,015 $53,085 $58,251 $63,215 $15,970 
RV base rental income from annuals$19,634 $20,761 $23,127 $25,945 $6,687 
RV base rental income from seasonals/transients$20,181 $18,126 $25,562 $24,316 $2,730 
Membership upgrade sales current period, gross$19,111 $21,739 $36,270 $34,661 $7,975 
Utility and other income$2,422 $2,426 $2,735 $2,626 $459 






























______________________
1.Members have entered into annual subscriptions with us that entitle them to use certain properties on a continuous basis for up to 21 days.
2.Members who rent a specific site for an entire year in connection with their membership subscriptions.
3.Existing members who have upgraded memberships are eligible for enhanced benefits, including but not limited to longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties. Upgrades require a non-refundable upfront payment.
1Q 2023 Supplemental Financial Information
13
Equity LifeStyle Properties, Inc.

Market Capitalization

(In millions, except share and OP Unit data, unaudited)
Capital Structure as of March 31, 2023
Total Common Shares/Units% of Total Common Shares/UnitsTotal% of Total% of Total Market Capitalization
Secured Debt$2,702 79.1 %
Unsecured Debt712 20.9 %
Total Debt (1)
$3,414 100.0 %20.6 %
Common Shares186,205,815 95.3 %
OP Units9,240,069 4.7 %
Total Common Shares and OP Units195,445,884 100.0 %
Common Stock price at March 31, 2023$67.13 
Fair Value of Common Shares and OP Units$13,120 100.0 %
Total Equity$13,120 100.0 %79.4 %
Total Market Capitalization$16,534 100.0 %






























______________________
1.    Excludes deferred financing costs of approximately $27.3 million.
1Q 2023 Supplemental Financial Information
14
Equity LifeStyle Properties, Inc.

Debt Maturity Schedule

Debt Maturity Schedule as of March 31, 2023
(In thousands, unaudited)
 YearOutstanding DebtWeighted Average Interest Rate% of Total DebtWeighted Average Years to Maturity
Secured Debt
2023$91,550 4.90 %2.68 %0.27
20249,944 5.49 %0.29 %1.20
202592,517 3.45 %2.71 %2.04
2026— — %— %—
2027— — %— %—
2028205,798 4.19 %6.03 %5.47
202939,114 4.10 %1.15 %6.26
2030275,385 2.69 %8.07 %7.02
2031257,325 2.46 %7.54 %8.16
2032202,000 2.47 %5.92 %9.48
Thereafter1,527,901 3.93 %44.76 %14.42
Total$2,701,534 3.71 %79.14 %10.9
Unsecured Term Loans
2023$— — %— %—
2024— — %— %—
2025— — %— %—
2026300,000 1.80 %8.79 %3.09
2027200,000 5.82 %5.86 %3.87
Thereafter— — %— %—
Total$500,000 3.43 %14.65 %3.4
Total Secured and Unsecured$3,201,534 3.57 %93.79 %9.8
Line of Credit Borrowing (1)
212,000 5.77 %6.21 %—
Note Premiums and Unamortized loan costs(27,179)
Total Debt, Net$3,386,355 
3.83% (2)
100%






_____________________
1.Following the interest rate swap executed in April 2023, our floating interest rate exposure is limited to line of credit borrowing.
2.Reflects effective interest rate for the quarter ended March 31, 2023, including interest associated with the line of credit and amortization of note premiums and deferred financing costs.
1Q 2023 Supplemental Financial Information
15
Equity LifeStyle Properties, Inc.

Non-GAAP Financial Measures Definitions and Reconciliations

FUNDS FROM OPERATIONS (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 receive non-refundable upfront payments from membership upgrade contracts. In accordance with GAAP, the non-refundable upfront payments and related commissions are deferred and amortized over the estimated membership upgrade contract term. Although the NAREIT definition of FFO does not address the treatment of non-refundable upfront payments, we believe that it is appropriate to adjust for the impact of the deferral activity in our calculation of FFO.
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.
NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). 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 and defeasance costs, transaction/pursuit costs, 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.
FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures.
We believe that FFO, Normalized FFO and FAD 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.
INCOME FROM PROPERTY OPERATIONS, EXCLUDING DEFERRALS AND PROPERTY MANAGEMENT. We define Income from property operations, excluding deferrals and property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, sales and marketing expenses, excluding property management expenses and the impact of GAAP deferrals of membership upgrade sales upfront payments and membership sales commissions, net. For comparative purposes, we present bad debt expense within Property operating, maintenance and real estate taxes 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.
1Q 2023 Supplemental Financial Information
16
Equity LifeStyle Properties, Inc.

The following table reconciles Net income available for Common Stockholders to Income from property operations:
Quarters Ended March 31,
(amounts in thousands)
20232022
Net income available for Common Stockholders$82,371 $82,906 
Income allocated to non-controlling interests – Common OP Units4,088 4,144 
Equity in income of unconsolidated joint ventures(524)(171)
Income before equity in income of unconsolidated joint ventures85,935 86,879 
Loss on sale of real estate and impairment, net2,632 — 
Membership upgrade sales upfront payments, deferred, net4,470 4,084 
Gross revenues from home sales, brokered resales and ancillary services(32,133)(39,695)
Interest income(2,088)(1,759)
Income from other investments, net(2,091)(1,904)
Membership sales commissions, deferred, net(679)(583)
Property management19,464 17,871 
Depreciation and amortization50,502 49,394 
Cost of home sales, brokered resales and ancillary services23,141 30,684 
Home selling expenses and ancillary operating expenses6,924 6,481 
General and administrative (1)
11,661 12,072 
Casualty-related charges/(recoveries), net (2)
— — 
Other expenses (1)
1,468 1,048 
Early debt retirement— 516 
Interest and related amortization32,588 27,464 
Income from property operations, excluding deferrals and property management
201,794 192,552 
Membership upgrade sales upfront payments, and membership sales commissions, deferred, net(3,791)(3,501)
Property management(19,464)(17,871)
Income from property operations$178,539 $171,180 
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairments charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre 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 receive non-refundable upfront payments from membership upgrade contracts. In accordance with GAAP, the non-refundable upfront payments and related commissions are deferred and amortized over the estimated customer life. Although the NAREIT definition of EBITDAre does not address the treatment of non-refundable upfront payments, we believe that it is appropriate to adjust for the impact of the deferral activity in our calculation of EBITDAre.
We define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, transaction/pursuit costs and other miscellaneous non-comparable items.
We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT.


_____________________
1.Prior period amounts have been reclassified to conform to the current period presentation.
2.Casualty-related charges/(recoveries), net includes debris removal and cleanup costs related to Hurricane Ian of $8.5 million and insurance recovery revenue of $8.5 million for the quarter ended March 31, 2023.

1Q 2023 Supplemental Financial Information
17
Equity LifeStyle Properties, Inc.



The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:
Quarters Ended March 31,
(amounts in thousands)20232022
Consolidated net income$86,459 $87,050 
Interest income(2,088)(1,759)
Membership upgrade sales upfront payments, deferred, net 4,470 4,084 
Membership sales commissions, deferred, net(679)(583)
Real estate depreciation and amortization50,502 49,394 
Other depreciation and amortization1,351 827 
Interest and related amortization 32,588 27,464 
Loss on sale of real estate and impairment, net2,632 — 
Adjustments to our share of EBITDAre of unconsolidated joint ventures1,307 1,456 
EBITDAre176,542 167,933 
Early debt retirement— 516 
Transaction/pursuit costs116 — 
Lease termination expenses90 — 
Adjusted EBITDAre$176,748 $168,449 

CORE. The Core properties include properties we owned and operated during all of 2022 and 2023. We believe Core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.
NON-CORE. The Non-Core properties include properties that were not owned and operated during all of 2022 and 2023. This includes, but is not limited to, three RV communities and one membership RV community acquired during 2022 and one RV community acquired during 2023. The Non-Core properties also include Fish Tale Marina, Fort Myers Beach, Gulf Air, Palm Harbour Marina, Pine Island, and Ramblers Rest.
INCOME FROM RENTAL OPERATIONS, NET OF DEPRECIATION. We use Income from rental operations, net of depreciation as an alternative measure to evaluate the operating results of our home rental program. Income from rental operations, net of depreciation, represents income from rental operations less depreciation expense on rental homes. We believe this measure is meaningful for investors as it provides a complete picture of the home rental program operating results, including the impact of depreciation, which affects our home rental program investment decisions.
NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that do not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture and mechanical improvements.
FIXED CHARGES. Fixed charges consist of interest expense, amortization of note premiums and debt issuance costs.











1Q 2023 Supplemental Financial Information
18
Equity LifeStyle Properties, Inc.
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Cover Document
Apr. 17, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Apr. 17, 2023
Entity Registrant Name EQUITY LIFESTYLE PROPERTIES INC
Entity Incorporation, State or Country Code MD
Entity File Number 1-11718
Entity Tax Identification Number 36-3857664
Entity Address, Street Two North Riverside Plaza
City Chicago,
Entity Address, State IL
Entity Address, Postal Zip Code 60606
City Area Code 312
Local Phone Number 279-1400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of each class Common Stock, $0.01 Par Value
Trading Symbol ELS
Name of each exchange on which registered NYSE
Entity Central Index Key 0000895417
Amendment Flag false
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