EQUITY LIFESTYLE PROPERTIES INC0000895417false00008954172024-10-212024-10-21

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): October 21, 2024


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 October 21, 2024, we issued a news release announcing our results of operations for the quarter and nine months ended September 30, 2024, our 2024 earnings guidance assumptions and our preliminary 2025 annual rent rate growth 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 October 21, 2024.

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,” “estimate,” “guidance,” “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, and certain growth rates 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) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of supply chain delays/shortages; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of, and our ability to remediate material weaknesses in our internal control over financial reporting.

    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 452 properties located predominantly in the United States consisting of 172,870 sites as of October 21, 2024. 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: October 22, 2024By: /s/ Paul Seavey
Paul Seavey
Executive Vice President and Chief Financial Officer






N E W S R E L E A S E
elslogoa34a.jpg
CONTACT: Paul SeaveyFOR IMMEDIATE RELEASE
(800) 247-5279October 21, 2024
                                    
ELS REPORTS THIRD QUARTER RESULTS
Continued Strong Performance
Preliminary 2025 Rent Rate Growth Assumptions

CHICAGO, IL – October 21, 2024 – Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as “we,” “us,” and “our”) today announced results for the quarter and nine months ended September 30, 2024. All per share results are reported on a fully diluted basis unless otherwise noted.
FINANCIAL RESULTS
($ in millions, except per share data)Quarters Ended September 30,
20242023$ Change
% Change (1)
Net Income per Common Share$0.44$0.41$0.037.5%
Funds from Operations (“FFO”) per Common Share and OP Unit$0.72$0.68$0.045.3%
Normalized Funds from Operations (“Normalized FFO”) per Common Share and OP Unit$0.72$0.68$0.044.9%
Nine Months Ended September 30,
20242023$ Change
% Change (1)
Net Income per Common Share$1.45$1.19$0.2621.8%
FFO per Common Share and OP Unit$2.27$2.01$0.2612.8%
Normalized FFO per Common Share and OP Unit$2.16$2.04$0.125.6%
_____________________
1.Calculations prepared using actual results without rounding.
Operations Update
Normalized FFO per Common Share and OP Unit for the quarter ended September 30, 2024 was $0.72, representing a 4.9% increase compared to the same period in 2023, performing at the midpoint of our guidance range of $0.72. Normalized FFO for the nine months ended September 30, 2024, was $2.16 per Common Share and OP Unit, representing a 5.6% increase compared to the same period in 2023. Core property operating revenues increased 4.4% and Core income from property operations, excluding property management increased 5.8% for the quarter ended September 30, 2024, compared to the same period in 2023. For the nine months ended September 30, 2024, Core property operating revenues increased 4.9% and Core income from property operations, excluding property management increased 6.2% compared to the same period in 2023.
MH
Core MH base rental income for the quarter ended September 30, 2024 increased 6.2% compared to the same period in 2023, which reflects 5.8% growth from rate increases and 0.4% from occupancy gains. Core MH homeowners increased by 111, and we sold 173 new homes during the quarter ended September 30, 2024. The average sales price of new homes sold was approximately $88,000. Core MH base rental income for the nine months ended September 30, 2024 increased 6.2% compared to the same period in 2023, which reflects 6.0% growth from rate increases and 0.2% from occupancy gains.
i


RV and Marina
Core RV and marina base rental income for the quarter ended September 30, 2024 increased 1.3% compared to the same period in 2023. Core RV and marina annual base rental income increased 6.2% for the quarter ended September 30, 2024, compared to the same period in 2023. Core RV and marina base rental income for the nine months ended September 30, 2024 increased 3.0% compared to the same period in 2023. Core RV and marina annual base rental income increased 6.9% for the nine months ended September 30, 2024, compared to the same period in 2023.
Property Operating Expenses
Core property operating expenses, excluding property management for the quarter ended September 30, 2024 increased 2.8% compared to the same period in 2023. For the nine months ended September 30, 2024, Core property operating expenses, excluding property management increased 3.4% compared to same period in 2023.

Balance Sheet Activity
In October 2024, we sold approximately 4.5 million shares of our common stock at a price of $70.00 from our at-the-market (“ATM”) offering program. The net proceeds of $314.2 million were used to repay our $300.0 million unsecured term loan (the “$300 million Term Loan”) and to terminate the interest rate swaps, which fixed the interest rate of the $300 million Term Loan at 6.05% until maturity in April 2026.

Storm Events

Following Hurricane Helene which made landfall on September 26, 2024 we accrued approximately $1.0 million of expenses related to debris removal and cleanup, which is reflected in Casualty-related charges/(recoveries), net on the consolidated income statement, and we recorded a $1.8 million reduction to the carrying value of certain assets, which is included in Loss on sale of real estate and impairment, net in the Consolidated Statements of Income on page 3.

Following Hurricane Milton which made landfall on October 9, 2024, we have continued cleanup efforts at impacted properties. We believe that we have adequate insurance, subject to deductibles, including business interruption coverage, and at this time, we do not believe that Hurricane Milton will have a significant adverse impact on our results of operations or our financial condition on a consolidated basis.













ii


Guidance Update (1)
Consistent with our historical practice at this time of year, we have updated and narrowed the full year guidance range. The full year guidance range of $0.06 per share is the same as the fourth quarter guidance range.

The updated guidance does not include assumptions related to debris removal and restoration costs, and possible business interruption losses, asset impairments or insurance recoveries related to Hurricane Milton. We believe we have adequate insurance coverage, subject to deductibles, for losses related to Hurricane Milton, but we are unable to predict the timing or amount of recovery. Furthermore, in accordance with GAAP, insurance reimbursement for business interruption losses is to be recognized as revenue only upon receipt.
($ in millions, except per share data)2024
Fourth quarterFull Year
Net Income per Common Share$0.44 to $0.50$1.89 to $1.95
FFO per Common Share and OP Unit$0.70 to $0.76$2.96 to $3.02
Normalized FFO per Common Share and OP Unit$0.73 to $0.79$2.89 to $2.95
2023 Actual2024 Growth Rates
Core Portfolio:Fourth quarterFull YearFourth quarterFull Year
MH base rental income$170.1 $668.5 5.5% to 6.1%5.8% to 6.4%
RV and marina base rental income (2)
$96.0 $413.5 2.7% to 3.3%2.7% to 3.3%
Property operating revenues$320.8 $1,297.7 4.2% to 4.8%4.5% to 5.1%
Property operating expenses, excluding property management$133.0 $562.3 1.1% to 1.7%2.6% to 3.2%
Income from property operations, excluding property management $187.8 $735.4 6.4% to 7.0%6.0% to 6.6%
Non-Core Portfolio:2024 Full Year
Income from property operations, excluding property management$13.9 to $17.9
Other Guidance Assumptions:2024 Full Year
Property management and general administrative$113.6 to $119.6
Debt assumptions:
Weighted average debt outstanding $3,350 to $3,550
Interest and related amortization$135.4 to $141.4
Preliminary 2025 Rent Rate Growth Assumptions (1)
•By October month-end, we anticipate sending 2025 rent increase notices to approximately 50% of our MH residents. The average expected rate increase of these notices is approximately 5.0%.
•We have set RV annual rates for 2025 for more than 95% of our annual sites. The average rate increase for these annual sites is approximately 5.5%.
______________________
1.    Fourth quarter and full year 2024 guidance represent management’s estimate of a range of possible outcomes. The midpoint of the ranges and the preliminary 2025 rent rate growth assumptions reflect management’s estimate of the most likely outcome based on our current view of existing market conditions and assumptions. Actual results could vary materially from management’s estimates 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, are incorrect. See Forward-Looking Statements in this press release for additional factors impacting our 2024 and 2025 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the supplemental financial information for definitions of FFO and Normalized FFO and a reconciliation of Net income per
iii


Common Share - Fully Diluted to FFO per Common Share and OP Unit - Fully Diluted and Normalized FFO per Common Share and OP Unit - Fully Diluted.
2.    Core RV and marina annual revenue represents approximately 77.8% and 70.4% of fourth quarter 2024 and full year 2024 RV and marina base rental income guidance, respectively. Core RV and marina annual revenue fourth quarter 2024 growth rate range is 5.8% to 6.4% and the full year 2024 growth rate range is 6.4% to 7.0%.
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of October 21, 2024, we own or have an interest in 452 properties in 35 states and British Columbia consisting of 172,870 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, October 22, 2024, 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,” “estimate,” “guidance,” “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, and certain growth rates, 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) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of supply chain delays/shortages; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of, and our ability to remediate, material weaknesses in our internal control over financial reporting. 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.
iv
















Supplemental Financial Information

Financial Highlights (1)(2)

(In millions, except Common Shares and OP Units outstanding and per share data, unaudited)
As of and for the Quarters Ended
Sep 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023
Operating Information
Total revenues$387.3 $380.0 $386.6 $360.6 $388.8 
Consolidated net income$86.9 $82.1 $115.3 $96.4 $80.7 
Net income available for Common Stockholders$82.8 $78.3 $109.9 $91.9 $77.0 
Adjusted EBITDAre$176.8 $164.3 $186.3 $171.1 $167.0 
FFO available for Common Stock and OP Unit holders$140.9 $134.7 $167.4 $148.5 $133.8 
Normalized FFO available for Common Stock and OP Unit holders$140.5 $128.5 $152.7 $138.2 $133.9 
Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders$120.7 $108.3 $136.9 $109.2 $107.8 
Common Shares and OP Units Outstanding (In thousands) and Per Share Data
Common Shares and OP Units, end of the period195,617 195,621 195,598 195,531 195,525 
Weighted average Common Shares and OP Units outstanding - Fully Diluted195,510 195,465 195,545 195,475 195,440 
Net income per Common Share - Fully Diluted (3)
$0.44 $0.42 $0.59 $0.49 $0.41 
FFO per Common Share and OP Unit - Fully Diluted$0.72 $0.69 $0.86 $0.76 $0.68 
Normalized FFO per Common Share and OP Unit - Fully Diluted$0.72 $0.66 $0.78 $0.71 $0.68 
Dividends per Common Share$0.4775 $0.4775 $0.4775 $0.4475 $0.4475 
Balance Sheet
Total assets$5,644 $5,645 $5,630 $5,614 $5,626 
Total liabilities$4,149 $4,135 $4,110 $4,115 $4,129 
Market Capitalization
Total debt (4)
$3,502 $3,499 $3,507 $3,548 $3,533 
Total market capitalization (5)
$17,457 $16,240 $16,104 $17,341 $15,990 
Ratios
Total debt / total market capitalization20.1 %21.5 %21.8 %20.5 %22.1 %
Total debt / Adjusted EBITDAre (6)
5.0 5.1 5.1 5.3 5.4 
Interest coverage (7)
5.1 5.1 5.2 5.2 5.3 
Fixed charges (8)
5.0 5.1 5.1 5.1 5.1 




______________________
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 $27.2 million as of September 30, 2024.
5.See page 14 for the calculation of market capitalization as of September 30, 2024.
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.
3Q 2024 Supplemental Financial Information
1
Equity LifeStyle Properties, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)
September 30, 2024December 31, 2023
(unaudited)
Assets
Investment in real estate:
Land$2,088,682 $2,088,657 
Land improvements4,536,573 4,380,649 
Buildings and other depreciable property1,230,614 1,236,985 
7,855,869 7,706,291 
Accumulated depreciation(2,592,258)(2,448,876)
Net investment in real estate5,263,611 5,257,415 
Cash and restricted cash40,398 29,937 
Notes receivable, net55,037 49,937 
Investment in unconsolidated joint ventures84,834 85,304 
Deferred commission expense56,050 53,641 
Other assets, net144,189 137,499 
Total Assets$5,644,119 $5,613,733 
Liabilities and Equity
Liabilities:
Mortgage notes payable, net$2,943,999 $2,989,959 
Term loans, net497,873 497,648 
Unsecured line of credit32,500 31,000 
Accounts payable and other liabilities207,603 151,567 
Deferred membership revenue232,862 218,337 
Accrued interest payable11,991 12,657 
Rents and other customer payments received in advance and security deposits128,345 126,451 
Distributions payable93,407 87,493 
Total Liabilities$4,148,580 $4,115,112 
Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023; none issued and outstanding.
— — 
Common stock, $0.01 par value, 600,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 186,512,609 and 186,426,281 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.1,917 1,917 
Paid-in capital1,648,384 1,644,319 
Distributions in excess of accumulated earnings(219,724)(223,576)
Accumulated other comprehensive income(4,764)6,061 
Total Stockholders’ Equity1,425,813 1,428,721 
Non-controlling interests – Common OP Units69,726 69,900 
Total Equity1,495,539 1,498,621 
Total Liabilities and Equity$5,644,119 $5,613,733 

3Q 2024 Supplemental Financial Information
2
Equity LifeStyle Properties, Inc.

Consolidated Statements of Income

(In thousands, unaudited)
Quarters Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenues:
Rental income$314,468 $303,334 $931,854 $888,440 
Annual membership subscriptions16,714 16,673 49,298 48,832 
Membership upgrade sales (1)
4,173 3,744 12,170 10,863 
Other income16,440 15,658 48,186 51,283 
Gross revenues from home sales, brokered resales and ancillary services30,839 44,795 98,457 115,841 
Interest income2,430 2,276 7,018 6,623 
Income from other investments, net2,192 2,333 6,860 6,897 
Total revenues387,256 388,813 1,153,843 1,128,779 
Expenses:
Property operating and maintenance129,010 126,846 369,898 361,543 
Real estate taxes20,731 19,017 61,617 56,165 
Membership sales and marketing (2)
6,448 5,696 17,871 16,055 
Property management20,165 19,887 59,311 58,710 
Depreciation and amortization50,934 50,968 153,386 152,934 
Cost of home sales, brokered resales and ancillary services22,051 33,471 71,668 85,880 
Home selling expenses and ancillary operating expenses7,336 7,164 20,955 21,258 
General and administrative9,274 9,895 30,248 38,163 
Casualty-related charges/(recoveries), net (3)
591 — (20,422)— 
Other expenses1,402 1,338 4,120 4,187 
Early debt retirement30 68 30 68 
Interest and related amortization36,497 33,434 106,077 99,144 
Total expenses304,469 307,784 874,759 894,107 
Income before income taxes and other items82,787 81,029 279,084 234,672 
Gain/(Loss) on sale of real estate and impairment, net (4)
(1,798)(949)(1,798)(3,581)
Income tax benefit— — 239 — 
Equity in income of unconsolidated joint ventures5,874 661 6,736 2,158 
Consolidated net income86,863 80,741 284,261 233,249 
Income allocated to non-controlling interests – Common OP Units(4,042)(3,772)(13,230)(10,981)
Redeemable perpetual preferred stock dividends— — (8)(8)
Net income available for Common Stockholders$82,821 $76,969 $271,023 $222,260 



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1.Membership upgrade sales revenue is net of deferrals of $5.9 million and $7.0 million for the quarters ended September 30, 2024 and September 30, 2023, respectively. See page 13 for details of membership sales activity.
2.Membership sales and marketing expense is net of sales commission deferrals of $1.2 million for both quarters ended September 30, 2024 and September 30, 2023. See page 13 for details of membership sales activity.
3.Casualty-related charges/(recoveries), net for the quarter ended September 30, 2024 includes debris removal and cleanup costs related to Hurricane Ian of $1.3 million and Hurricane Helene of $1.0 million and insurance recovery revenue related to Hurricane Ian of $1.7 million, including $0.5 million for reimbursement of capital expenditures related to Hurricane Ian. Casualty-related charges/(recoveries), net for the nine months ended September 30, 2024 includes debris removal and cleanup costs related to Hurricane Ian of $2.5 million and Hurricane Helene of $1.0 million and insurance recovery revenue for Hurricane Ian of $24.0 million, including $21.5 million for reimbursement of capital expenditures related to Hurricane Ian.
4.Reflects a $1.8 million reduction to the carrying value of certain assets as a result of Hurricane Helene for both the quarter ended and nine months ended September 30, 2024.
3Q 2024 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 16-19.






3Q 2024 Supplemental Financial Information
4
Equity LifeStyle Properties, Inc.

Selected Non-GAAP Financial Measures (1)

(In millions, except per share data, unaudited)
Quarter Ended
September 30, 2024
Income from property operations, excluding property management - Core (2)
$193.5 
Income from property operations, excluding property management - Non-Core (2)
2.1 
Property management and general and administrative(29.4)
Other income and expenses10.8 
Interest and related amortization(36.5)
Normalized FFO available for Common Stock and OP Unit holders$140.5 
Insurance proceeds due to catastrophic weather event (3)
0.5 
FFO available for Common Stock and OP Unit holders (4)
$140.9 
FFO per Common Share and OP Unit$0.72 
Normalized FFO per Common Share and OP Unit$0.72 
Normalized FFO available for Common Stock and OP Unit holders$140.5 
Non-revenue producing improvements to real estate (19.8)
FAD for Common Stock and OP Unit holders$120.7 
Weighted average Common Shares and OP Units - Fully Diluted195.5 
























______________________
1.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.
2.See pages 8-9 for details of the Core Income from Property Operations, excluding property management. See page 10 for details of the Non-Core Income from Property Operations, excluding property management.
3.Represents insurance recovery revenue for reimbursement of capital expenditures related to Hurricane Ian.
4.Amounts may not foot due to rounding.
3Q 2024 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 September 30,Nine Months Ended September 30,
2024202320242023
Net income available for Common Stockholders$82,821 $76,969 $271,023 $222,260 
Income allocated to non-controlling interests – Common OP Units4,042 3,772 13,230 10,981 
Depreciation and amortization50,934 50,968 153,386 152,934 
Depreciation on unconsolidated joint ventures1,309 1,141 3,560 3,357 
(Gain)/Loss on unconsolidated joint ventures— — — (416)
(Gain)/Loss on sale of real estate and impairment, net1,798 949 1,798 3,581 
FFO available for Common Stock and OP Unit holders140,904 133,799 442,997 392,697 
Deferred income tax benefit— — (239)— 
Accelerated vesting of stock-based compensation expense— — — 6,320 
Early debt retirement30 68 30 68 
Transaction/pursuit costs and other (1)
— — 383 207 
Insurance proceeds due to catastrophic weather event (2)
(451)— (21,464)— 
Normalized FFO available for Common Stock and OP Unit holders140,483 133,867 421,707 399,292 
Non-revenue producing improvements to real estate(19,771)(26,065)(55,814)(70,751)
FAD for Common Stock and OP Unit holders$120,712 $107,802 $365,893 $328,541 
Net income per Common Share - Basic$0.44 $0.41 $1.45 $1.19 
Net income per Common Share - Fully Diluted (3)
$0.44 $0.41 $1.45 $1.19 
FFO per Common Share and OP Unit - Basic$0.72 $0.68 $2.27 $2.01 
FFO per Common Share and OP Unit - Fully Diluted$0.72 $0.68 $2.27 $2.01 
Normalized FFO per Common Share and OP Unit - Basic$0.72 $0.69 $2.16 $2.04 
Normalized FFO per Common Share and OP Unit - Fully Diluted$0.72 $0.68 $2.16 $2.04 
Weighted average Common Shares outstanding - Basic186,327 186,100 186,311 186,008 
Weighted average Common Shares and OP Units outstanding - Basic195,432 195,335 195,416 195,254 
Weighted average Common Shares and OP Units outstanding - Fully Diluted195,510 195,440 195,507 195,414 

















____________________
1.Prior period amounts have been reclassified to conform to the current period presentation.
2.Represents insurance recovery revenue for reimbursement of capital expenditures related to Hurricane Ian.
3.Net income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
3Q 2024 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 September 30,Nine Months Ended September 30,
2024202320242023
MH base rental income (2)
$178.3 $167.9 $530.1 $498.9 
Rental home income (2)
3.4 3.6 10.3 11.1 
RV and marina base rental income (2)
113.4 112.8 336.9 326.3 
Annual membership subscriptions16.7 16.7 49.3 48.8 
Membership upgrade sales (3)
4.2 3.7 12.2 10.9 
Utility and other income (2)(4)
36.9 35.9 106.4 107.1 
Property operating revenues352.9 340.6 1,045.2 1,003.1 
Property operating, maintenance and real estate taxes (2)
150.8 147.0 435.2 421.3 
Membership sales and marketing (3)
6.4 5.7 17.9 16.1 
Property operating expenses, excluding property management (1)
157.2 152.7 453.1 437.4 
Income from property operations, excluding property management (1)
$195.7 $187.9 $592.1 $565.7 
Manufactured home site figures and occupancy averages:
Total sites (5)
73,002 72,736 73,006 72,727 
Occupied sites69,037 68,818 68,960 68,819 
Occupancy %94.6 %94.6 %94.5 %94.6 %
Monthly base rent per site$861 $813 $854 $806 
RV and marina base rental income:
Annual$77.5 $74.1 $229.6 $216.2 
Seasonal7.4 8.5 44.9 45.9 
Transient28.5 30.2 62.4 64.2 
Total RV and marina base rental income$113.4 $112.8 $336.9 $326.3 











______________________
1.Excludes property management expenses.
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.See page 13 for details of membership sales activity.
4.Includes approximately $2.1 million and $1.6 million of business interruption income from Hurricane Ian during the quarters ended September 30, 2024 and September 30, 2023, respectively and $5.9 million and $9.6 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.
5.For September 30, 2024, includes 273 MH expansion sites added during the quarter ended December 31, 2023.
3Q 2024 Supplemental Financial Information
7
Equity LifeStyle Properties, Inc.

Core Income from Property Operations (1)

(In millions, except occupancy figures, unaudited)
Quarters Ended September 30,Nine Months Ended September 30,
20242023
Change (2)
20242023
Change (2)
MH base rental income$178.1 $167.8 6.2%$529.6 $498.4 6.2 %
Rental home income3.4 3.5 (4.5)%10.3 11.1 (7.5)%
RV and marina base rental income110.9 109.5 1.3%327.1 317.4 3.0 %
Annual membership subscriptions16.6 16.7 (0.7)%49.2 48.7 1.1 %
Membership upgrade sales (3)
4.2 3.8 11.3%12.1 10.8 12.3 %
Utility and other income34.3 31.6 8.8%96.9 90.5 7.1 %
Property operating revenues347.5 332.9 4.4%1,025.2 976.9 4.9 %
Utility expense42.4 41.7 1.7%119.1 116.6 2.2 %
Payroll31.5 31.7 (0.7)%90.1 90.9 (0.9)%
Repair & maintenance25.4 25.2 0.7%72.8 73.5 (0.9)%
Insurance and other (4)
27.9 26.9 3.8%83.4 77.4 7.8 %
Real estate taxes20.4 18.7 9.4%60.5 54.9 10.1 %
Membership sales and marketing (3)
6.4 5.7 12.9%17.8 16.0 11.3 %
Property operating expenses, excluding property management (1)
154.0 149.9 2.8%443.7 429.3 3.4 %
Income from property operations, excluding property management (1)
$193.5 $183.0 5.8%$581.5 $547.6 6.2%
Occupied sites (5)
69,040 68,820 























_____________________
1.Excludes property management expenses.
2.Calculations prepared using actual results without rounding.
3.See page 13 for details of membership sales activity.
4.Includes bad debt expense for the periods presented.
5.Occupied sites are presented as of the end of the period.
3Q 2024 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 September 30,Nine Months Ended September 30,
2024202320242023
Core manufactured home site figures and occupancy averages:
Total sites72,590 72,475 72,592 72,466 
Occupied sites68,977 68,760 68,902 68,761 
Occupancy %95.0 %94.9 %94.9 %94.9 %
Monthly base rent per site$861 $813 $854 $805 
Quarters Ended September 30,Nine Months Ended September 30,
20242023
Change (1)
20242023
Change (1)
Core RV and marina base rental income:
Annual (2)
$75.4 $71.0 6.2%$222.8 $208.4 6.9%
Seasonal7.2 8.3 (13.3)%43.1 45.1 (4.4)%
Transient28.3 30.2 (6.1)%61.2 63.9 (4.3)%
Total Seasonal and Transient$35.5 $38.5 (7.7)%$104.3 $109.0 (4.3)%
Total RV and marina base rental income$110.9 $109.5 1.3%$327.1 $317.4 3.0%
Quarters Ended September 30,Nine Months Ended September 30,
20242023
Change (1)
20242023
Change (1)
Core utility information:
Income$20.0 $18.1 10.8%$55.6 $52.0 6.9%
Expense42.4 41.7 1.7%119.1 116.6 2.1%
Expense, net$22.4 $23.6 (5.1)%$63.5 $64.6 (1.7)%
Utility recovery rate (3)
47.2 %43.4 %46.7 %44.6 %















_____________________
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.
3Q 2024 Supplemental Financial Information
9
Equity LifeStyle Properties, Inc.

Non-Core Income from Property Operations (1)

(In millions, unaudited)
Quarter EndedNine Months Ended
September 30, 2024September 30, 2024
MH base rental income$0.2 $0.5 
RV and marina base rental income2.4 9.8 
Annual membership subscriptions0.1 0.1 
Utility and other income2.6 9.5 
Property operating revenues5.3 19.9 
Property operating expenses, excluding property management (1)(2)
3.2 9.2 
Income from property operations, excluding property management (1)
$2.1 $10.7 




































______________________
1.Excludes property management expenses.
2.Includes bad debt expense for the periods presented.
3Q 2024 Supplemental Financial Information
10
Equity LifeStyle Properties, Inc.

Home Sales and Rental Home Operations

(In thousands, except home sale volumes and occupied rentals, unaudited)

Home Sales - Select DataQuarters Ended September 30,Nine Months Ended September 30,
2024202320242023
Total new home sales volume174 285 620 687 
New home sales gross revenues$15,500 $27,684 $55,906 $69,036 
Total used home sales volume60 84 173 252 
Used home sales gross revenues$883 $1,020 $2,961 $3,229 
Brokered home resales volume135 160 396 495 
Brokered home resales gross revenues$551 $704 $1,772 $2,255 

Rental Homes - Select DataQuarters Ended September 30,Nine Months Ended September 30,
2024202320242023
Rental operations revenues (1)
$8,515 $9,406 $26,170 $29,491 
Rental home operations expense (2)
1,387 1,762 4,313 3,879 
Depreciation on rental homes (3)
2,390 2,727 7,450 8,275 
Occupied rentals: (4)
New1,795 2,086 
Used217 259 
Total occupied rental sites2,012 2,345 

As of September 30, 2024As of September 30, 2023
Cost basis in rental homes: (5)
GrossNet of DepreciationGrossNet of Depreciation
New$220,134 $180,787 $249,568 $218,955 
Used11,197 6,972 12,606 8,906 
Total rental homes$231,331 $187,759 $262,174 $227,861 






______________________
1.For the quarters ended September 30, 2024 and 2023, approximately $5.1 million and $5.9 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 for the quarters ended September 30, 2024 and 2023 is included in Rental home income 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.Includes occupied rental sites as of the end of the period in our Core portfolio.
5.Includes both occupied and unoccupied rental homes in our Core portfolio.
3Q 2024 Supplemental Financial Information
11
Equity LifeStyle Properties, Inc.

Total Sites

(Unaudited)
Summary of Total Sites as of September 30, 2024
Sites (1)
MH sites73,000 
RV sites:
Annual34,400 
Seasonal11,800 
Transient17,000 
Marina slips6,900 
Membership (2)
26,000 
Joint Ventures (3)
3,800 
Total172,900 


































______________________
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 117,400 members. Includes approximately 5,900 sites rented on an annual basis.
3.Joint ventures have approximately 2,000 annual sites and 1,800 transient sites.
3Q 2024 Supplemental Financial Information
12
Equity LifeStyle Properties, Inc.

Membership Campgrounds - Select Data

Years Ended December 31,Nine Months Ended September 30,
Campground and Membership Revenue
($ in thousands, unaudited)
20202021202220232024
Annual membership subscriptions$53,085 $58,251 $63,215 $65,379 $49,298 
Annual RV base rental income$20,761 $23,127 $25,945 $27,842 $21,771 
Seasonal/Transient RV base rental income$18,126 $25,562 $24,316 $20,996 $17,956 
Membership upgrade sales$9,677 $11,191 $12,958 $14,719 $12,170 
Utility and other income$2,426 $2,735 $2,626 $2,544 $1,848 
Membership Count
Total Memberships (1)
116,169 125,149 128,439 121,002 117,426 
Paid Membership Origination20,587 23,923 23,237 20,758 16,109 
Promotional Membership Origination23,542 26,600 28,178 25,232 18,921 
Membership Upgrade Sales Volume (2)
3,373 4,863 4,068 3,858 2,920 
Campground Metrics
Membership Campground Count81 81 82 82 82 
Membership Campground RV Site Count24,800 25,100 25,800 26,000 26,000 
Annual Site Count (3)
5,986 6,320 6,390 6,154 5,933 


Membership Sales Activity
($ in thousands, unaudited)
Quarters Ended September 30,
20242023
Membership upgrade sales current period, gross$10,076 $10,788 
Membership upgrade sales upfront payments, deferred, net(5,903)(7,044)
Membership upgrade sales$4,173 $3,744 
Membership sales and marketing, gross$(7,615)$(6,874)
Membership sales commissions, deferred, net1,167 1,178 
Membership sales and marketing$(6,448)$(5,696)











______________________
1.Members who have entered into annual subscriptions with us that entitle them to use certain properties on a continuous basis for up to 21 days.
2.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.
3.Sites that have been rented by members for an entire year.
3Q 2024 Supplemental Financial Information
13
Equity LifeStyle Properties, Inc.

Market Capitalization

(In millions, except share and OP Unit data, unaudited)
Capital Structure as of September 30, 2024
Total Common Shares/Units% of Total Common Shares/UnitsTotal% of Total% of Total Market Capitalization
Secured Debt$2,969 84.8 %
Unsecured Debt533 15.2 %
Total Debt (1)
$3,502 100.0 %20.1 %
Common Shares (2)
186,512,609 95.3 %
OP Units9,104,654 4.7 %
Total Common Shares and OP Units195,617,263 100.0 %
Common Stock price at September 30, 2024$71.34 
Fair Value of Common Shares and OP Units$13,955 100.0 %
Total Equity$13,955 100.0 %79.9 %
Total Market Capitalization$17,457 100.0 %






























______________________
1.    Excludes deferred financing costs of approximately $27.2 million.
2. Refer to the Balance Sheet activity section on page ii for details regarding a subsequent issuance of common shares in October 2024.
3Q 2024 Supplemental Financial Information
14
Equity LifeStyle Properties, Inc.

Debt Maturity Schedule

Debt Maturity Schedule as of September 30, 2024
(In thousands, unaudited)
 YearOutstanding DebtWeighted Average Interest Rate% of Total DebtWeighted Average Years to Maturity
Secured Debt
2024$— — %— %—
202588,349 3.45 %2.52 %0.5
2026— — %— %—
2027— — %— %—
2028197,720 4.19 %5.65 %3.9
2029271,829 4.92 %7.76 %4.9
2030275,385 2.69 %7.86 %5.5
2031244,389 2.46 %6.98 %6.6
2032202,000 2.47 %5.77 %8.0
2033344,391 4.83 %9.84 %9.0
Thereafter1,345,029 3.88 %38.41 %15.5
Total$2,969,092 3.77 %84.79 %9.3
Unsecured Term Loans
2024$— — %— %—
2025— — %— %—
2026300,000 6.05 %8.57 %1.6
2027200,000 4.88 %5.71 %2.3
2028— — %— %—
Thereafter— — %— %—
Total$500,000 5.58 %14.28 %2.0
Total Secured and Unsecured (1)
$3,469,092 4.03 %99.07 %8.2
Line of Credit Borrowing (2)
32,500 6.66 %0.93 %—
Note Premiums and Unamortized loan costs(27,221)
Total Debt, Net$3,474,371 
    4.22% (3)
100.00 %




_____________________
1.In October 2024 we repaid the $300.0 million Term Loan scheduled to mature in 2026. Excluding the $300.0 million Term Loan, our total secured and unsecured debt weighted average interest rate and years to maturity would have been approximately 3.85% and 9.0 years, respectively as of September 30, 2024.
2.The floating interest rate on the line of credit is SOFR plus 0.10% plus 1.25% to 1.65%. During the quarter ended September 30, 2024, the effective interest rate on the line of credit borrowings was 6.66%.
3.Reflects effective interest rate for the quarter ended September 30, 2024, including interest associated with the line of credit and amortization of deferred financing costs. Excluding the $300.0 million Term Loan and the associated unamortized loan costs repaid in October 2024, our total debt weighted average interest rate would have been approximately 4.05% as of September 30, 2024.
3Q 2024 Supplemental Financial Information
15
Equity LifeStyle Properties, Inc.

Non-GAAP Financial Measures Definitions and Reconciliations

The following Non-GAAP financial measures definitions have been revised and do not include adjustments in respect to membership upgrade sales: (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property operating revenues; (vi) Property operating expenses, excluding property management; and (vii) Income from property operations, excluding property management. For comparability, prior periods’ non-GAAP financial measures have also been updated.
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 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, defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.
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 PROPERTY MANAGEMENT. We define Income from property operations, excluding 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, membership sales and marketing expenses, excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within 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.
3Q 2024 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 September 30,Nine Months Ended September 30,
(amounts in thousands)
2024202320242023
Net income available for Common Stockholders$82,821 $76,969 $271,023 $222,260 
Redeemable perpetual preferred stock dividends— — 8 8 
Income allocated to non-controlling interests – Common OP Units4,042 3,772 13,230 10,981 
Consolidated net income86,863 80,741 284,261 233,249 
Equity in income of unconsolidated joint ventures(5,874)(661)(6,736)(2,158)
Income tax benefit
— — (239)— 
(Gain)/Loss on sale of real estate and impairment, net (1)
1,798 949 1,798 3,581 
Gross revenues from home sales, brokered resales and ancillary services(30,839)(44,795)(98,457)(115,841)
Interest income(2,430)(2,276)(7,018)(6,623)
Income from other investments, net(2,192)(2,333)(6,860)(6,897)
Property management20,165 19,887 59,311 58,710 
Depreciation and amortization50,934 50,968 153,386 152,934 
Cost of home sales, brokered resales and ancillary services22,051 33,471 71,668 85,880 
Home selling expenses and ancillary operating expenses7,336 7,164 20,955 21,258 
General and administrative9,274 9,895 30,248 38,163 
Casualty-related charges/(recoveries), net (2)
591 — (20,422)— 
Other expenses1,402 1,338 4,120 4,187 
Early debt retirement30 68 30 68 
Interest and related amortization36,497 33,434 106,077 99,144 
Income from property operations, excluding property management195,606 187,850 592,122 565,655 
Property management(20,165)(19,887)(59,311)(58,710)
Income from property operations$175,441 $167,963 $532,811 $506,945 

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 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, 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.Reflects a $1.8 million reduction to the carrying value of certain assets as a result of Hurricane Helene for both the quarter ended and nine months ended September 30, 2024.
2.Casualty-related charges/(recoveries), net for the quarter ended September 30, 2024 includes debris removal and cleanup costs related to Hurricane Ian of $1.3 million and Hurricane Helene of $1.0 million and insurance recovery revenue related to Hurricane Ian of $1.7 million, including $0.5 million for reimbursement of capital expenditures related to Hurricane Ian. Casualty-related charges/(recoveries), net for the nine months ended September 30, 2024 includes debris removal and cleanup costs related to Hurricane Ian of $2.5 million and Hurricane Helene of $1.0 million and insurance recovery revenue for Hurricane Ian of $24.0 million, including $21.5 million for reimbursement of capital expenditures related to Hurricane Ian.
3Q 2024 Supplemental Financial Information
17
Equity LifeStyle Properties, Inc.

The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:
Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2024202320242023
Consolidated net income$86,863 $80,741 $284,261 $233,249 
Interest income(2,430)(2,276)(7,018)(6,623)
Real estate depreciation and amortization50,934 50,968 153,386 152,934 
Other depreciation and amortization1,402 1,338 4,107 4,028 
Interest and related amortization 36,497 33,434 106,077 99,144 
Income tax benefit
— — (239)— 
Loss on sale of real estate and impairment, net1,798 949 1,798 3,581 
Adjustments to our share of EBITDAre of unconsolidated joint ventures2,113 1,378 6,020 4,785 
EBITDAre177,177 166,532 548,392 491,098 
Stock-based compensation expense— — — 6,320 
Early debt retirement30 68 30 68 
Transaction/pursuit costs and other (1)
— — 383 207 
Insurance proceeds due to catastrophic weather event (2)
(451)— (21,464)— 
Adjusted EBITDAre$176,756 $166,600 $527,341 $497,693 

CORE. The Core properties include properties we owned and operated during all of 2023 and 2024. 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 in 2024 include properties that were not owned and operated during all of 2023 and 2024, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events. The 2024 guidance reflects Non-Core properties in 2024, which includes properties not owned and operated during all of 2023 and 2024.
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.










______________________
1.Prior period amounts have been reclassified to conform to the current period presentation.
2.Represents insurance recovery revenue for reimbursement of capital expenditures related to Hurricane Ian.
3Q 2024 Supplemental Financial Information
18
Equity LifeStyle Properties, Inc.

FORWARD-LOOKING NON-GAAP MEASURES. The following table reconciles Net Income per Common Share - Fully Diluted guidance to FFO per Common Share and OP Unit - Fully Diluted guidance and Normalized FFO per Common Share and OP Unit - Fully diluted guidance:
(Unaudited)Fourth Quarter
2024		Full Year
2024
Net income per Common Share$0.44 to $0.50$1.89 to $1.95
Depreciation and amortization0.261.08
Loss on sale of real estate and impairment, net—(0.01)
FFO per Common Share and OP Unit - Fully Diluted$0.70 to $0.76$2.96 to $3.02
Other0.03(0.07)
Normalized FFO per Common Share and OP Unit - Fully Diluted$0.73 to $0.79$2.89 to $2.95
This press release includes certain forward-looking information, including Core and Non-Core Income from property operations, excluding property management, that is not presented in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-K, we do not provide a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP, where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This includes, for example, (i) scheduled or implemented rate increases on community, resort and marina sites; (ii) scheduled or implemented rate increases in annual payments under membership subscriptions; (iii) occupancy changes; (iv) costs to restore property operations and potential revenue losses following storms or other unplanned events; and (v) other nonrecurring/unplanned income or expense items, which may not be within our control, may vary between periods and cannot be reasonably predicted. These unavailable reconciling items could significantly impact our future financial results.










3Q 2024 Supplemental Financial Information
19
Equity LifeStyle Properties, Inc.
v3.24.3
Cover Document
Oct. 21, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 21, 2024
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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