Group 1 - The iREIT®+HOYA Capital investment group focuses on various income-oriented alternatives including REITs, BDCs, MLPs, and Preferreds, supported by a team with over 100 years of combined experience [1] - The iREIT® Tracker provides comprehensive data on more than 250 tickers, including quality scores and buy/trimming targets [1] - Brad Thomas, a key figure in the investment group, has over 30 years of experience in real estate investing and has been involved in transactions exceeding $1 billion [2]

Group 1 - The article promotes iREIT on Alpha as a source for in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] - It highlights the satisfaction of investors with 438 testimonials, most of which are rated 5 stars, indicating a strong positive reception [1] - The quote from John D. Rockefeller emphasizes the pleasure derived from receiving dividends, aligning with the investment focus on income generation [1] Group 2 - The article includes a disclosure stating that past performance does not guarantee future results, which is a common disclaimer in investment discussions [2] - It clarifies that no specific investment recommendations are being made, and opinions expressed may not reflect the views of Seeking Alpha as a whole [2] - The article notes that the analysts contributing to the content may not be licensed or certified, indicating a diverse range of perspectives from both professional and individual investors [2]

Company Overview - Equity LifeStyle Properties, Inc. is a fully integrated owner of lifestyle-oriented properties, owning or having an interest in 455 properties predominantly located in the United States, consisting of 173,340 sites as of July 21, 2025 [5]. Dividend Announcement - The Board of Directors declared a third quarter 2025 dividend of $0.515 per common share, which annualizes to $2.06 per common share [1]. - The dividend is scheduled to be paid on October 10, 2025, to stockholders of record at the close of business on September 26, 2025 [1]. Forward-Looking Statements - The press release includes forward-looking statements that involve estimates, projections, and assumptions regarding future events and the expected effects of acquisitions [2]. - These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed [2][4]. Management and Operations - The company is a self-administered, self-managed real estate investment trust (REIT) headquartered in Chicago [5]. - Management's expectations and beliefs about future events are the basis for the forward-looking statements, which are inherently susceptible to uncertainty and changes in circumstances [4].

Part I - Financial Information [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited consolidated financial statements of Equity LifeStyle Properties, Inc. for the periods ended June 30, 2025, and December 31, 2024 (Balance Sheets), and for the quarters and six months ended June 30, 2025 and 2024 (Income, Equity, and Cash Flows), along with detailed notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Consolidated Balance Sheet Summary | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | % Change | | :----- | :----------------------------- | :------------------------------- | :-------------------- | :------- | | Total Assets | $5,720,883 | $5,645,652 | $75,231 | 1.33% | | Net investment in real estate | $5,290,851 | $5,276,152 | $14,699 | 0.28% | | Cash and restricted cash | $33,008 | $24,576 | $8,432 | 34.31% | | Notes receivable, net | $100,269 | $50,726 | $49,543 | 97.67% | Consolidated Liabilities and Equity Summary | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | % Change | | :----- | :----------------------------- | :------------------------------- | :-------------------- | :------- | | Total Liabilities | $3,907,931 | $3,821,866 | $86,065 | 2.25% | | Mortgage notes payable, net | $2,810,199 | $2,928,292 | $(118,093) | -4.03% | | Term loans, net | $347,046 | $199,344 | $147,702 | 74.09% | | Unsecured line of credit | $90,000 | $77,000 | $13,000 | 16.88% | | Total Equity | $1,812,952 | $1,823,786 | $(10,834) | -0.59% | [Consolidated Statements of Income and Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) This section details the company's financial performance, presenting revenues, expenses, and net income for the quarters and six months ended June 30, 2025 and 2024 Quarterly Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (in thousands) | % Change | | :----- | :--------------------- | :--------------------- | :-------------------- | :------- | | Total revenues | $376,866 | $380,019 | $(3,153) | -0.83% | | Total expenses | $292,643 | $298,471 | $(5,828) | -1.95% | | Consolidated net income | $83,493 | $82,127 | $1,366 | 1.66% | | Net income available for Common Stockholders | $79,708 | $78,297 | $1,411 | 1.80% | | Earnings per Common Share – Basic | $0.42 | $0.42 | $0.00 | 0.00% | | Earnings per Common Share – Fully Diluted | $0.42 | $0.42 | $0.00 | 0.00% | Six Months Performance (H1 2025 vs H1 2024) | Metric | H1 2025 (in thousands) | H1 2024 (in thousands) | Change (in thousands) | % Change | | :----- | :--------------------- | :--------------------- | :-------------------- | :------- | | Total revenues | $764,200 | $766,587 | $(2,387) | -0.31% | | Total expenses | $570,485 | $570,051 | $434 | 0.08% | | Consolidated net income | $197,886 | $197,398 | $488 | 0.25% | | Net income available for Common Stockholders | $188,900 | $188,202 | $698 | 0.37% | | Earnings per Common Share – Basic | $0.99 | $1.01 | $(0.02) | -1.98% | | Earnings per Common Share – Fully Diluted | $0.99 | $1.01 | $(0.02) | -1.98% | [Consolidated Statements of Changes in Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) This section outlines the changes in the company's equity, including total stockholders' equity and non-controlling interests, from December 31, 2024, to June 30, 2025 Equity Changes (December 31, 2024 to June 30, 2025) | Metric | December 31, 2024 (in thousands) | June 30, 2025 (in thousands) | Change (in thousands) | % Change | | :----- | :------------------------------- | :--------------------------- | :-------------------- | :------- | | Total Stockholders' Equity | $1,740,716 | $1,730,814 | $(9,902) | -0.57% | | Non-controlling interests – Common OP Units | $83,070 | $82,138 | $(932) | -1.12% | | Total Equity | $1,823,786 | $1,812,952 | $(10,834) | -0.59% | - Key activities impacting equity for the six months ended June 30, 2025, include consolidated net income of **$197,886 thousand**, distributions totaling **$(206,276) thousand**, and a negative adjustment for the fair market value of swaps of **$(4,313) thousand**[18](index=18&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section presents the cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Cash Flow Summary (Six Months Ended June 30) | Activity | H1 2025 (in thousands) | H1 2024 (in thousands) | Change (in thousands) | % Change | | :------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Net cash provided by operating activities | $324,677 | $341,877 | $(17,200) | -5.03% | | Net cash used in investing activities | $(156,873) | $(104,606) | $(52,267) | 50.00% | | Net cash used in financing activities | $(159,372) | $(231,550) | $72,178 | -31.17% | | Net increase in cash and restricted cash | $8,432 | $5,721 | $2,711 | 47.39% | - The increase in net cash used in investing activities was primarily driven by a **$56.1 million term loan** to RVC in the first half of 2025[174](index=174&type=chunk) - The decrease in net cash used in financing activities was primarily due to lower net debt repayments of **$92.5 million**, partially offset by increases in distributions to common stock and OP unit holders of **$17.8 million**[176](index=176&type=chunk) [Notes to Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the financial statements, covering the company's organization, significant accounting policies, lease information, earnings per share, equity transactions, investments, borrowing arrangements, derivative instruments, equity incentive awards, commitments, contingencies, and reportable segments [Note 1 – Organization and Basis of Presentation](index=14&type=section&id=Note%201%20%E2%80%93%20Organization%20and%20Basis%20of%20Presentation) This note describes Equity LifeStyle Properties, Inc.'s (ELS) structure as a self-administered and self-managed REIT, its property portfolio, and its ownership interest in MHC Operating Limited Partnership - Equity LifeStyle Properties, Inc. (ELS) is a self-administered and self-managed real estate investment trust (REIT) that owns and operates lifestyle-oriented properties, including manufactured home (MH) and recreational vehicle (RV) communities and marinas[28](index=28&type=chunk) - ELS is the sole general partner of MHC Operating Limited Partnership, holding a **95.5% interest** as of June 30, 2025, and consolidates the Operating Partnership[29](index=29&type=chunk) [Note 2 – Summary of Significant Accounting Policies](index=14&type=section&id=Note%202%20%E2%80%93%2

Core Viewpoint - Equity Lifestyle Properties (NYSE: ELS) has underperformed compared to both REIT indices (VNQ) and broader market indices (SPY) over the past one and five years [1] Performance Analysis - The share price performance of Equity Lifestyle Properties has lagged behind its peers in the REIT sector and the overall market [1]

Group 1 - Equity LifeStyle Properties (NYSE: ELS) has underperformed over the past year, with a 9% decline in share value [1] - The company's shares have not participated in the broader equity market rally and are currently near a 52-week low [1]

Financial Data and Key Metrics Changes - Year-to-date NOI increased by 5% compared to the previous year, with normalized per share FFO growth of 5.7% [5][6] - Second quarter normalized FFO was $0.69 per share, aligning with the midpoint of guidance [18] - Core NOI growth for the second quarter was 6.4%, exceeding guidance by 70 basis points [19] - Full year normalized FFO guidance maintained at $3.06 per share, representing an estimated 0.9% growth compared to 2024 [22][23] Business Line Data and Key Metrics Changes - The manufactured housing (MH) portfolio generated revenue growth of 5.5% in the quarter, with occupancy over 94% [7][12] - Annual RV revenue grew by 3.9% year-to-date, driven by retention across park models and RV accommodations [8][15] - Core RV and Marina annual base rental income increased by 3.7% in the second quarter [19] Market Data and Key Metrics Changes - Approximately 70% of annual revenue comes from Sunbelt locations, catering to active adults, primarily retirees [9] - The company reported a decline in seasonal rent by 5.6% and transient rent by 8.6% year-to-date [19] Company Strategy and Development Direction - The company focuses on maintaining high occupancy and revenue growth through strategic investments in new home inventory [12][13] - Continued development of MH and RV sites, with 1,500 MH sites and 2,900 RV sites delivered over the last five years [17] - Emphasis on community engagement and customer retention to support long-term value creation [8][10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the business model amid broader market uncertainties, supported by strong demographics [6] - The company expects to see consistent demand across the MH portfolio, with a focus on rate increases in the upcoming quarters [42] - Management acknowledged challenges in the RV segment due to higher turnover rates in specific regions but remains optimistic about future demand [36][44] Other Important Information - The company has no secured debt maturing before 2028, with a well-positioned balance sheet [26] - The company closed on an unsecured term loan of $240 million, enhancing liquidity [27] Q&A Session Summary Question: What caused the revised outlook for core RV Marina revenue? - Management noted that the annual customer base is split between winter and summer seasons, with occupancy impacting guidance for the remainder of the year [31][32] Question: How does the weakness in RV growth affect pricing power for 2026? - Management indicated consistent demand across the MH portfolio and expects to establish budget rates for 2026 in the upcoming months [41][42] Question: What is the impact of occupancy loss on future revenue? - Management clarified that the occupancy change was negligible, with low delinquency rates maintained [46][47] Question: What are the expectations for home sales moving forward? - Management acknowledged lower sales but indicated that this aligns with pre-COVID levels and is influenced by inventory mix [77][78] Question: How is the transient RV Marina business expected to stabilize? - Management stated that the transient business is volatile but remains a feeder for the annual business, with new properties being added [113][114] Question: What is driving the reduction in expense guidance? - The reduction is primarily due to compensation savings from open positions and expected savings from legal and administrative expenses [98][99]

Financial Data and Key Metrics Changes - Year-to-date NOI increased by 5% compared to the previous year, with normalized FFO growth per share at 5.7% [4][5] - Second quarter normalized FFO was $0.69 per share, aligning with the midpoint of guidance [17] - Core NOI growth for the second quarter was 6.4%, exceeding guidance by 70 basis points [18] - Year-to-date core property operating income growth is projected at 5% [22] Business Line Data and Key Metrics Changes - The manufactured housing (MH) portfolio generated revenue growth of 5.5% in the quarter, with occupancy over 94% [6][11] - Annual RV revenue grew by 3.9% year-to-date, driven by retention across various accommodations [7] - Core RV and Marina annual base rental income increased by 3.7% in the second quarter [19] Market Data and Key Metrics Changes - Approximately 70% of annual revenue comes from Sunbelt locations, catering primarily to active adults [8] - The company has seen a decline in seasonal and transient rental income, with decreases of 5.6% and 8.6% respectively [19] Company Strategy and Development Direction - The company maintains full-year guidance for FFO per share, supported by strong demographics for MH and RV portfolios [5] - Strategic investments are being made in communities to enhance long-term success, including adding new home inventory [11] - The company is focused on maintaining high occupancy rates and stable revenue streams through community engagement [6][10] Management Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the business model, particularly during periods of market uncertainty [5] - The company expects to see consistent demand across the MH portfolio, with rate increases planned for the upcoming year [40] - Management remains optimistic about the RV business, despite recent turnover and occupancy challenges [34][41] Other Important Information - The company has no secured debt maturing before 2028, with a well-positioned balance sheet [25] - The company closed on a $240 million unsecured term loan to enhance capital flexibility [26] Q&A Session Summary Question: What caused the revised outlook for core RV Marina revenue? - Management noted that occupancy was the primary driver of the miss, with higher attrition rates in the North and Northeast impacting results [34][35] Question: How does the weakness in RV growth affect pricing power for 2026? - Management indicated that consistent demand remains, and they will establish budget rates for 2026 in the upcoming months [40][41] Question: What is the impact of Canadian customers on demand? - Management observed a lower take rate on early bird reservations from Canadian customers but expects demand to pick up as the season changes [49][50] Question: Can you explain the turnover in the annual RV segment? - Management confirmed that turnover was elevated in specific properties, primarily due to storm damage and seasonal factors [60][61] Question: What is the outlook for home sales for the rest of the year? - Management noted that home sales are currently lower than pre-COVID levels but are in line with historical averages [76][78] Question: What is the expected timeline for backfilling lost occupancy in the annual RV segment? - Management indicated that lost occupancy would be targeted for recovery in the next year through marketing efforts [94] Question: What is driving the reduction in property management and G&A guidance? - The reduction is primarily due to compensation savings from open positions and expected savings from legal and administrative expenses [96]

[Executive Summary & Financial Highlights](index=1&type=section&id=ELS%20REPORTS%20SECOND%20QUARTER%20RESULTS) The company reports solid Q2 and H1 2025 results, driven by Normalized FFO growth and strong operational performance [Financial Performance Overview](index=1&type=section&id=FINANCIAL%20RESULTS) The company achieved Normalized FFO per share growth of 4.7% for Q2 and 5.7% for H1 2025, meeting guidance Key Financial Results (Per Common Share and OP Unit) | Metric | Quarters Ended June 30, 2025 | Quarters Ended June 30, 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Income per Common Share | $0.42 | $0.42 | $— | (0.7)% | | FFO per Common Share and OP Unit | $0.69 | $0.69 | $— | 0.3% | | Normalized FFO per Common Share and OP Unit | $0.69 | $0.66 | $0.03 | 4.7% | | **Six Months Ended June 30,** | **2025** | **2024** | **$ Change** | **% Change** | | Net Income per Common Share | $0.99 | $1.01 | $(0.02) | (2.0)% | | FFO per Common Share and OP Unit | $1.52 | $1.55 | $(0.03) | (1.4)% | | Normalized FFO per Common Share and OP Unit | $1.52 | $1.44 | $0.08 | 5.7% | - **Normalized FFO per Common Share and OP Unit increased 4.7%** for the quarter and **5.7% for the six months** ended June 30, 2025, meeting the midpoint of previous guidance[4](index=4&type=chunk) [Operational Performance Update](index=1&type=section&id=Operations%20Update) Core property operating revenues and income grew, driven by strong rental income and controlled expense growth - Core property operating revenues **increased 3.5% for the quarter** and **3.2% for the six months** ended June 30, 2025, compared to the same periods in 2024[4](index=4&type=chunk) - Core property operating expenses were **flat for the quarter** and **increased 0.7% for the six months** ended June 30, 2025, compared to the same periods in 2024[4](index=4&type=chunk)[8](index=8&type=chunk) - Core income from property operations, excluding property management, **increased 6.4% for the quarter** and **5.0% for the six months** ended June 30, 2025, compared to the same periods in 2024[4](index=4&type=chunk) [Manufactured Home (MH) Operations](index=1&type=section&id=MH) Core MH base rental income grew consistently by 5.5%, complemented by new home sales activity - Core MH base rental income **increased 5.5%** for both the quarter and six months ended June 30, 2025, compared to the same periods in 2024[5](index=5&type=chunk) - The company sold **116 new homes** during the quarter and **233 new homes** during the six months ended June 30, 2025[5](index=5&type=chunk) [RV and Marina Operations](index=2&type=section&id=RV%20and%20Marina) Core RV and marina base rental income showed modest growth, with stronger performance in annual rentals - Core RV and marina base rental income **increased 0.7% for the quarter** and **0.4% for the six months** ended June 30, 2025, compared to the same periods in 2024[7](index=7&type=chunk) - Core RV and marina annual base rental income **increased 3.7% for the quarter** and **3.9% for the six months** ended June 30, 2025, compared to the same periods in 2024[7](index=7&type=chunk) [Property Operating Expenses](index=2&type=section&id=Property%20Operating%20Expenses) Core property operating expenses remained flat for the quarter and saw a slight increase for the six-month period - Core property operating expenses, excluding property management, were **flat for the quarter** ended June 30, 2025, compared to the same period in 2024, and **increased 0.7% for the six months**[8](index=8&type=chunk) [Balance Sheet and Financing Activities](index=2&type=section&id=Balance%20Sheet%20Activity) The company secured a new term loan, repaid maturing mortgage debt, and executed several swap agreements - Entered into a **$240.0 million unsecured term loan agreement**, drawing $150.0 million in May 2025 and $90.0 million in July 2025, with the loan maturing on May 15, 2030[9](index=9&type=chunk) - Repaid **$86.9 million of principal** on eight mortgage loans with a weighted average interest rate of 3.45%, covering all debt maturing in 2025[9](index=9&type=chunk) - Entered into six swap agreements with an aggregate notional value of **$240.0 million** and a weighted average fixed interest rate of **4.74% per annum**, maturing on May 15, 2030[10](index=10&type=chunk) [Financial Guidance](index=4&type=section&id=Guidance%20Update) The company provides its financial outlook for Q3 and the full year 2025, including key performance metrics [Third Quarter and Full Year 2025 Guidance](index=4&type=section&id=2025%20Guidance%20Table) The company projects Net Income, FFO, and Normalized FFO per share for the third quarter and full year 2025 2025 Financial Guidance (Per Common Share and OP Unit) | Metric | Third Quarter 2025 | Full Year 2025 | | :--- | :--- | :--- | | Net Income per Common Share | $0.46 to $0.52 | $1.94 to $2.04 | | FFO per Common Share and OP Unit | $0.72 to $0.78 | $3.01 to $3.11 | | Normalized FFO per Common Share and OP Unit | $0.72 to $0.78 | $3.01 to $3.11 | [Core Portfolio Growth Rate Guidance](index=4&type=section&id=Core%20Portfolio%3A%20Third%20Quarter%20Full%20Year%20Third%20Quarter%20Full%20Year) Guidance indicates continued growth in MH rental income and property operating revenues for Q3 and full year 2025 Core Portfolio 2025 Growth Rate Guidance | Metric | Third Quarter 2025 Growth Rate | Full Year 2025 Growth Rate | | :--- | :--- | :--- | | MH base rental income | 5.0% to 5.6% | 4.9% to 5.9% | | RV and marina base rental income | -0.1% to 0.5% | 0.6% to 1.6% | | Property operating revenues | 2.8% to 3.4% | 2.8% to 3.8% | | Property operating expenses, excluding property management | 0.6% to 1.2% | 0.7% to 1.7% | | Income from property operations, excluding property management | 4.6% to 5.2% | 4.5% to 5.5% | - Core RV and marina annual revenue is projected to grow **4.0% to 4.6% in Q3 2025** and **3.8% to 4.8% for the full year 2025**[12](index=12&type=chunk) [Other Guidance Assumptions](index=4&type=section&id=Other%20Guidance%20Assumptions%3A) Additional guidance assumptions for full year 2025 cover non-core operations, administrative expenses, and debt metrics Other Full Year 2025 Guidance Assumptions | Metric | Full Year 2025 Range | | :--- | :--- | | Non-Core Income from property operations, excluding property management | $7.6 to $11.6 | | Property management and general administrative | $115.8 to $121.8 | | Other income and expenses | $26.5 to $32.5 | | Weighted average debt outstanding | $3,170 to $3,370 | | Interest and related amortization | $129.0 to $135.0 | [Company Information & Forward-Looking Statements](index=5&type=section&id=About%20Equity%20LifeStyle%20Properties) This section outlines the company's profile, conference call details, and important forward-looking statement disclaimers [About Equity LifeStyle Properties](index=5&type=section&id=About%20Equity%20LifeStyle%20Properties) Equity LifeStyle Properties is a self-managed REIT with a large portfolio of properties across North America - Equity LifeStyle Properties is a self-administered, self-managed REIT with **455 properties** in 35 states and British Columbia, totaling **173,340 sites** as of July 21, 2025[14](index=14&type=chunk) [Conference Call Information](index=5&type=section&id=Conference%20Call) A conference call was scheduled to discuss the quarterly results, with a replay available online - A live audio webcast of the conference call was scheduled for Tuesday, July 22, 2025, at 10:00 a.m. Central Time, with a replay available for two weeks on the company's investor relations website[15](index=15&type=chunk) [Forward-Looking Statements Disclaimer](index=5&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements subject to various risks that could affect actual results - The press release includes forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially, such as changes in site usage, occupancy, and interest rates[16](index=16&type=chunk) [Supplemental Financial Information](index=6&type=section&id=Supplemental%20Financial%20Information) This section presents detailed financial statements, operational data, and capital structure information [Financial Highlights](index=7&type=section&id=Financial%20Highlights) This section provides a snapshot of key financial metrics and ratios for the past five quarters Financial Highlights (Quarterly Trends) | Metric | June 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Operating Information** | | | | | | | Total revenues ($M) | 376.9 | 387.3 | 372.3 | 387.3 | 380.0 | | Consolidated net income ($M) | 83.5 | 114.4 | 100.6 | 86.9 | 82.1 | | Normalized FFO available for Common Stock and OP Unit holders ($M) | 137.7 | 166.7 | 151.2 | 140.5 | 128.5 | | **Per Share Data** | | | | | | | Net income per Common Share - Fully Diluted ($) | 0.42 | 0.57 | 0.50 | 0.44 | 0.42 | | Normalized FFO per Common Share and OP Unit - Fully Diluted ($) | 0.69 | 0.83 | 0.76 | 0.72 | 0.66 | | Dividends per Common Share ($) | 0.5150 | 0.5150 | 0.4775 | 0.4775 | 0.4775 | | **Balance Sheet** | | | | | | | Total assets ($M) | 5,721 | 5,642 | 5,646 | 5,644 | 5,645 | | Total liabilities ($M) | 3,908 | 3,809 | 3,822 | 4,149 | 4,135 | | Total debt ($M) | 3,273 | 3,199 | 3,230 | 3,502 | 3,499 | | **Ratios** | | | | | | | Total debt / total market capitalization (%) | 20.9 % | 19.3 % | 19.5 % | 20.1 % | 21.5 % | | Total debt / Adjusted EBITDAre | 4.5 | 4.4 | 4.5 | 5.0 | 5.1 | | Interest coverage | 5.6 | 5.4 | 5.2 | 5.1 | 5.1 | [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's detailed consolidated balance sheets and statements of income [Consolidated Balance Sheets](index=8&type=section&id=Assets) Total assets increased to $5.72 billion as of June 30, 2025, driven by growth in real estate investments Consolidated Balance Sheet (Selected Items) | Metric | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | | :--- | :--- | :--- | | Net investment in real estate | 5,290,851 | 5,276,152 | | Cash and restricted cash | 33,008 | 24,576 | | Notes receivable, net | 100,269 | 50,726 | | Total Assets | 5,720,883 | 5,645,652 | | Mortgage notes payable, net | 2,810,199 | 2,928,292 | | Term loans, net | 347,046 | 199,344 | | Unsecured line of credit | 90,000 | 77,000 | | Total Liabilities | 3,907,931 | 3,821,866 | | Total Stockholders' Equity | 1,730,814 | 1,740,716 | | Total Liabilities and Equity | 5,720,883 | 5,645,652 | [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated net income for Q2 2025 was $83.5 million, a slight increase from the prior year Consolidated Statements of Income (Selected Items) | Metric | Quarters Ended June 30, 2025 ($ thousands) | Quarters Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | Total revenues | 376,866 | 380,019 | 764,200 | 766,587 | | Property operating and maintenance | 127,845 | 126,105 | 246,411 | 240,888 | | Real estate taxes | 21,845 | 20,099 | 43,488 | 40,886 | | Depreciation and amortization | 52,649 | 51,344 | 103,591 | 102,452 | | Interest and related amortization | 32,200 | 36,037 | 63,336 | 69,580 | | Total expenses | 292,643 | 298,471 | 570,485 | 570,051 | | Consolidated net income | 83,493 | 82,127 | 197,886 | 197,398 | | Net income available for Common Stockholders | 79,708 | 78,297 | 188,900 | 188,202 | [Income from Property Operations](index=14&type=section&id=Consolidated%20Income%20from%20Property%20Operations) This section details income from property operations, segmented by consolidated, core, and non-core properties [Consolidated Income from Property Operations](index=14&type=section&id=Consolidated%20Income%20from%20Property%20Operations) Consolidated income from property operations grew to $196.0 million for the quarter and $414.0 million for H1 2025 Consolidated Income from Property Operations (Selected Items) | Metric | Quarters Ended June 30, 2025 ($M) | Quarters Ended June 30, 2024 ($M) | Six Months Ended June 30, 2025 ($M) | Six Months Ended June 30, 2024 ($M) | | :--- | :--- | :--- | :--- | :--- | | MH base rental income | 186.4 | 176.7 | 371.1 | 351.8 | | RV and marina base rental income | 106.1 | 103.4 | 227.7 | 223.5 | | Property operating revenues | 351.4 | 338.6 | 715.1 | 692.3 | | Property operating expenses, excluding property management | 155.4 | 153.5 | 301.1 | 295.8 | | Income from property operations, excluding property management | 196.0 | 185.1 | 414.0 | 396.5 | | MH Occupancy % | 93.9 % | 94.4 % | 93.9 % | 94.4 % | | Monthly base rent per site (MH) | $904 | $854 | $899 | $851 | [Core Income from Property Operations](index=15&type=section&id=Core%20Income%20from%20Property%20Operations) Core income from property operations grew 6.4% for the quarter and 5.0% for the six months ended June 30, 2025 Core Income from Property Operations (Selected Items) | Metric | Quarters Ended June 30, 2025 ($M) | Quarters Ended June 30, 2024 ($M) | Change (%) | Six Months Ended June 30, 2025 ($M) | Six Months Ended June 30, 2024 ($M) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | MH base rental income | 186.2 | 176.5 | 5.5% | 370.7 | 351.5 | 5.5 % | | RV and marina base rental income | 101.6 | 100.8 | 0.7% | 217.7 | 216.7 | 0.4 % | | Property operating revenues | 344.0 | 332.5 | 3.5% | 699.6 | 678.2 | 3.2 % | | Property operating expenses, excluding property management | 150.5 | 150.6 | 0.0% | 292.1 | 290.0 | 0.7 % | | Income from property operations, excluding property management | 193.5 | 181.9 | 6.4% | 407.5 | 388.2 | 5.0 % | | Core MH Occupancy % | 94.3 % | 94.9 % | | 94.4 % | 94.9 % | | | Core RV and marina annual base rental income | 77.3 | 74.6 | 3.7% | 153.7 | 147.9 | 3.9% | | Core utility recovery rate | 48.8 % | 46.3 % | | 48.2 % | 46.4 % | | [Non-Core Income from Property Operations](index=17&type=section&id=Non-Core%20Income%20from%20Property%20Operations) Non-Core properties generated $2.5 million in income from property operations for the quarter Non-Core Income from Property Operations (Selected Items) | Metric | Quarter Ended June 30, 2025 ($M) | Six Months Ended June 30, 2025 ($M) | | :--- | :--- | :--- | | MH base rental income | 0.2 | 0.4 | | RV and marina base rental income | 4.5 | 10.0 | | Property operating revenues | 7.3 | 15.5 | | Property operating expenses, excluding property management | 4.8 | 9.0 | | Income from property operations, excluding property management | 2.5 | 6.5 | [Sales and Rental Operations Data](index=19&type=section&id=Home%20Sales%20-%20Select%20Data) This section provides key data on the company's home sales and rental home operations [Home Sales - Select Data](index=19&type=section&id=Home%20Sales%20-%20Select%20Data) New home sales volume decreased significantly compared to the prior year, while used home sales volume increased Home Sales - Select Data | Metric | Quarters Ended June 30, 2025 | Quarters Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total new home sales volume | 117 | 255 | 234 | 446 | | New home sales gross revenues ($ thousands) | 9,444 | 22,706 | 18,873 | 40,406 | | Total used home sales volume | 85 | 59 | 142 | 113 | | Used home sales gross revenues ($ thousands) | 761 | 1,240 | 1,535 | 2,078 | | Brokered home resales volume | 126 | 152 | 224 | 261 | | Brokered home resales gross revenues ($ thousands) | 454 | 649 | 850 | 1,221 | [Rental Homes - Select Data](index=19&type=section&id=Rental%20Homes%20-%20Select%20Data) Rental operations revenues remained stable, with a slight decrease in occupied rental sites year-over-year Rental Homes - Select Data | Metric | Quarters Ended June 30, 2025 | Quarters Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Rental operations revenues ($ thousands) | 8,749 | 8,597 | 17,143 | 17,655 | | Rental home operations expense ($ thousands) | 1,300 | 1,557 | 2,446 | 2,926 | | Depreciation on rental homes ($ thousands) | 2,878 | 2,492 | 5,123 | 5,060 | | Total occupied rental sites | 2,005 | 2,016 | | | [Property and Site Information](index=20&type=section&id=Summary%20of%20Total%20Sites%20as%20of%20June%2030%2C%202025) This section provides an overview of the company's property portfolio by site type [Summary of Total Sites](index=20&type=section&id=Summary%20of%20Total%20Sites%20as%20of%20June%2030%2C%202025) The company's portfolio comprised 173,300 sites as of June 30, 2025, primarily MH and RV sites Summary of Total Sites as of June 30, 2025 | Site Type | Number of Sites | | :--- | :--- | | MH sites | 73,200 | | RV sites: | | | Annual | 34,000 | | Seasonal | 11,200 | | Transient | 18,100 | | Marina slips | 6,900 | | Membership | 26,000 | | Joint Ventures | 3,900 | | **Total** | **173,300** | [Membership Campgrounds - Select Data](index=22&type=section&id=Membership%20Campgrounds%20-%20Select%20Data) Total memberships decreased slightly to 112,494 as of June 30, 2025 Membership Campgrounds - Select Data (Six Months Ended June 30, 2025) | Metric | Six Months Ended June 30, 2025 ($ thousands) | | :--- | :--- | | Annual membership subscriptions | 33,244 | | Annual RV base rental income | 14,821 | | Seasonal/Transient RV base rental income | 8,440 | | Membership upgrade revenue | 6,172 | | Utility and other income | 991 | | Total Memberships | 112,494 | | Paid Membership Origination | 9,320 | | Promotional Membership Origination | 12,338 | | Membership Upgrade Volume | 2,959 | | Membership Campground Count | 82 | | Membership Campground RV Site Count | 26,000 | | Annual Site Count | 5,769 | [Capital Structure and Debt](index=23&type=section&id=Capital%20Structure%20as%20of%20June%2030%2C%202025) This section details the company's capital structure and debt maturity schedule [Capital Structure](index=23&type=section&id=Capital%20Structure%20as%20of%20June%2030%2C%202025) Total debt was $3.3 billion as of June 30, 2025, representing 20.9% of total market capitalization Capital Structure as of June 30, 2025 | Metric | Amount ($M) | % of Total Debt | % of Total Market Capitalization | | :--- | :--- | :--- | :--- | | Secured Debt | 2,833 | 86.6 % | | | Unsecured Debt | 440 | 13.4 % | | | **Total Debt** | **3,273** | **100.0 %** | **20.9 %** | | Fair Value of Common Shares and OP Units | 12,351 | | | | **Total Equity** | **12,351** | | **79.1 %** | | **Total Market Capitalization** | **15,624** | | **100.0 %** | [Debt Maturity Schedule](index=25&type=section&id=Debt%20Maturity%20Schedule%20as%20of%20June%2030%2C%202025) The company has no significant debt maturities until 2027, with a well-laddered maturity profile Debt Maturity Schedule as of June 30, 2025 (Selected Years) | Year | Outstanding Debt ($ thousands) | Weighted Average Interest Rate | % of Total Debt | Weighted Average Years to Maturity | | :--- | :--- | :--- | :--- | :--- | | **Secured Debt** | | | | | | 2025 | — | — % | — % | — | | 2026 | — | — % | — % | — | | 2027 | — | — % | — % | — | | 2028 | 193,459 | 4.19 % | 5.91 % | 3.2 | | 2030 | 275,385 | 2.69 % | 8.41 % | 4.7 | | Thereafter | 1,106,273 | 3.95 % | 33.81 % | 13.0 | | **Unsecured Term Loans** | | | | | | 2027 | 200,000 | 4.88 % | 6.11 % | 1.6 | | 2030 | 150,000 | 4.76 % | 4.58 % | 4.9 | | **Total Debt, Net** | **3,247,245** | **4.00%** | **100.00 %** | | [Non-GAAP Financial Measures](index=10&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles Non-GAAP measures used by management to evaluate performance [Non-GAAP Measures Introduction](index=10&type=section&id=Non-GAAP%20Financial%20Measures%20Introduction) Management uses Non-GAAP measures as supplemental tools to evaluate operating performance - Non-GAAP measures are used by management to understand the business and are helpful for investors to evaluate operating performance, but they do not represent GAAP cash flows or net income[30](index=30&type=chunk) [Reconciliation of Net Income to Non-GAAP Financial Measures (FFO, Normalized FFO, FAD)](index=11&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Non-GAAP%20Financial%20Measures) This section reconciles Net Income to FFO, Normalized FFO, and FAD for quarterly and six-month periods Reconciliation of Net Income to FFO, Normalized FFO, FAD | Metric | Quarters Ended June 30, 2025 ($ thousands) | Quarters Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | Net income available for Common Stockholders | 79,708 | 78,297 | 188,900 | 188,202 | | Depreciation and amortization | 52,649 | 51,344 | 103,591 | 102,452 | | FFO available for Common Stock and OP Unit holders | 138,283 | 134,663 | 304,949 | 302,093 | | Normalized FFO available for Common Stock and OP Unit holders | 137,690 | 128,493 | 304,356 | 281,224 | | Non-revenue producing improvements to real estate | (22,460) | (20,220) | (38,598) | (36,042) | | FAD for Common Stock and OP Unit holders | 115,230 | 108,273 | 265,758 | 245,182 | [Reconciliation of Consolidated Net Income to EBITDAre and Adjusted EBITDAre](index=27&type=section&id=Reconciliation%20of%20Consolidated%20net%20income%20to%20EBITDAre%20and%20Adjusted%20EBITDAre) This section reconciles Consolidated Net Income to EBITDAre and Adjusted EBITDAre to evaluate operating performance Reconciliation of Consolidated Net Income to EBITDAre and Adjusted EBITDAre | Metric | Quarters Ended June 30, 2025 ($ thousands) | Quarters Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | Consolidated net income | 83,493 | 82,127 | 197,886 | 197,398 | | Real estate depreciation and amortization | 52,649 | 51,344 | 103,591 | 102,452 | | Interest and related amortization | 32,200 | 36,037 | 63,336 | 69,580 | | EBITDAre | 170,544 | 170,502 | 368,118 | 371,215 | | Insurance proceeds due to catastrophic weather events, net | (593) | (6,170) | (593) | (21,013) | | Adjusted EBITDAre | 169,951 | 164,332 | 367,525 | 350,585 | [Definitions of Non-GAAP Measures](index=26&type=section&id=Non-GAAP%20Financial%20Measures%20Definitions%20and%20Reconciliations) This section provides detailed definitions for various Non-GAAP financial measures used by the company - **FFO (Funds From Operations)** is defined as net income excluding gains/losses from property sales, real estate depreciation/amortization, and impairment charges, in accordance with NAREIT standards[70](index=70&type=chunk) - **Normalized FFO** is FFO excluding non-operating items like gains/losses from early debt extinguishment and transaction costs, to provide a consistent basis for comparing operating performance[72](index=72&type=chunk) - **FAD (Funds Available for Distribution)** is defined as Normalized FFO less non-revenue producing capital expenditures[73](index=73&type=chunk) - **EBITDAre** is net income excluding interest, taxes, depreciation, amortization, gains/losses from property sales, and impairment charges[77](index=77&type=chunk) - **Adjusted EBITDAre** is EBITDAre excluding non-operating income and expense items such as gains/losses from early debt extinguishment and transaction/pursuit costs[78](index=78&type=chunk) - **Core properties** include those owned and operated during all of 2024 and 2025, used for annual comparisons by removing fluctuations from acquisitions and dispositions[81](index=81&type=chunk) - **Non-Core properties** in 2025 include those not owned and operated during all of 2024 and 2025, such as properties impacted by Hurricane Ian and other storm events[82](index=82&type=chunk) [Forward-Looking Non-GAAP Measures](index=29&type=section&id=FORWARD-LOOKING%20NON-GAAP%20MEASURES) This section reconciles forward-looking Net Income guidance to FFO and Normalized FFO guidance for 2025 Forward-Looking Non-GAAP Measures Reconciliation (2025 Guidance) | Metric | Third Quarter 2025 | Full Year 2025 | | :--- | :--- | :--- | | Net income per Common Share | $0.46 to $0.52 | $1.94 to $2.04 | | Depreciation and amortization | 0.27 | 1.06 | | FFO per Common Share and OP Unit - Fully Diluted | $0.72 to $0.78 | $3.01 to $3.11 | | Normalized FFO per Common Share and OP Unit - Fully Diluted | $0.72 to $0.78 | $3.01 to $3.11 | - A quantitative reconciliation of certain forward-looking Non-GAAP information to GAAP is not provided due to the inability to accurately predict reconciling items without unreasonable effort[84](index=84&type=chunk)

Core Insights - Equity Lifestyle Properties (ELS) reported a revenue of $376.87 million for the quarter ended June 2025, reflecting a year-over-year decline of 0.8% and a surprise of -2.89% compared to the Zacks Consensus Estimate of $388.1 million [1] - The earnings per share (EPS) for the same period was $0.69, which is an increase from $0.42 a year ago, aligning with the consensus EPS estimate [1] Revenue Breakdown - Interest income was reported at $2.2 million, below the estimated $2.33 million, representing a year-over-year decline of 9% [4] - Annual membership subscriptions generated $16.9 million, exceeding the average estimate of $16.47 million [4] - Income from other investments, net, was $2.08 million, lower than the estimated $2.47 million, showing a year-over-year decrease of 20.8% [4] - Rental income amounted to $313.29 million, slightly above the estimated $311.95 million, with a year-over-year increase of 4.2% [4] - Other income was reported at $16.47 million, close to the average estimate of $16.59 million, reflecting a year-over-year increase of 1.7% [4] - Membership upgrade sales for the current period grossed $3.12 million, below the average estimate of $4.11 million [4] Stock Performance - Shares of Equity Lifestyle Properties have returned -1.3% over the past month, contrasting with the Zacks S&P 500 composite's +5.4% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]