Equity LifeStyle Properties(ELS) - 2025 Q2 - Quarterly Report

Part I - Financial Information Item 1. Financial Statements (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 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 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 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] Consolidated Statements of Cash Flows 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] - 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] Notes to Consolidated Financial Statements 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 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] - 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] [Note 2 – Summary of Significant Accounting Policies](index=14&type=section&id=Note%202%20%E2%80%93%2