Equity Lifestyle Properties Inc (ELS)

ELS Declares Second Quarter 2026 DividendApril 28, 2026 4:19 PM
PR Newswire (US)

CHICAGO, April 28, 2026 /PRNewswire/ -- On April 28, 2026, the Board of Directors (the "Board") of Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") declared a second quarter 2026 dividend of $0.5425 per common share, representing, on an annualized basis, a dividend of $2.17 per common share. The dividend will be paid on July 10, 2026 to stockholders of record at the close of business on June 26, 2026.This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, 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, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (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 changes impacting the supply chain or labor markets; (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 material weaknesses, if any, 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 453 properties located predominantly in the United States consisting of 173,419 sites as of March 31, 2026. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago.



View original content:https://www.prnewswire.com/news-releases/els-declares-second-quarter-2026-dividend-302756270.htmlSOURCE Equity Lifestyle Properties, Inc.

Original: ELS Declares Second Quarter 2026 Dividend

ELS Reports First Quarter ResultsApril 21, 2026 4:17 PM
PR Newswire (US)

Continued Strong PerformanceCHICAGO, April 21, 2026 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter ended March 31, 2026. All per share results are reported on a fully diluted basis unless otherwise noted.








FINANCIAL RESULTS






($ in millions, except per share data)Quarters Ended March 31,
2026
2025
$ Change
% Change (1)Net Income per Common Share$     0.56
$     0.57
$     (0.01)
(2.6) %Funds from Operations ("FFO") per Common Share and OP Unit$     0.83
$     0.83
$         —
(0.4) %Normalized Funds from Operations ("Normalized FFO") per
Common Share and OP Unit$     0.84
$     0.83
$       0.01
0.3 %

_____________________1.Calculations prepared using actual results without rounding.

Operations UpdateNormalized FFO per Common Share and OP Unit for the quarter ended March 31, 2026 was $0.84, representing a 0.3% increase compared to the same period in 2025, consistent with the midpoint of our previous guidance range of $0.81 to $0.87. Core property operating revenues increased 3.7%, Core property operating expenses, excluding property management, increased 1.8% and Core income from property operations, excluding property management, increased 4.9% for the quarter ended March 31, 2026, each as compared to the same period in 2025.MHCore MH base rental income for the quarter ended March 31, 2026 increased 5.7% compared to the same period in 2025. We sold 228 new and used homes during the quarter ended March 31, 2026.RV and MarinaCore RV and marina base rental income for the quarter ended March 31, 2026 decreased 1.4% compared to the same period in 2025. Core RV and marina annual base rental income increased 4.2% for the quarter ended March 31, 2026 compared to the same period in 2025.Property Operating ExpensesCore property operating expenses, excluding property management, for the quarter ended March 31, 2026 increased 1.8% compared to the same period in 2025. We completed our property and casualty insurance renewal as of April 1, 2026 with a premium decrease of approximately 18% compared to the prior year.Guidance UpdateSecond quarter and full year 2026 guidance presented below represent management's estimate of a range of possible outcomes. The midpoint of the ranges reflect management's estimate of the most likely outcome based on our current view of existing market conditions and assumptions. Actual results could vary materially from management's estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for factors impacting our 2026 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for additional information.($ in millions, except per share data)



2026




Second Quarter
Full YearNet Income per Common Share



$0.42 to $0.48
$2.02 to $2.12FFO per Common Share and OP Unit



$0.69 to $0.75
$3.11 to $3.21Normalized FFO per Common Share and OP Unit



$0.69 to $0.75
$3.12 to $3.22








2025 Actual
2026 Growth RatesCore Portfolio:Second Quarter
Full Year
Second Quarter
Full YearMH base rental income$            186.2
$         748.6
5.3% to 5.9%
5.1% to 6.1%RV and marina base rental income (1)$            101.6
$         427.5
1.7% to 2.3%
1.9% to 2.9%Property operating revenues$            344.0
$       1,405.6
4.5% to 5.1%
4.0% to 5.0%Property operating expenses, excluding property
management$            150.5
$         583.5
3.9% to 4.5%
2.2% to 3.2%Income from property operations, excluding
property management$            193.5
$         822.2
4.9% to 5.5%
5.2% to 6.2%












2026 Full YearNon-Core Income from property operations,
excluding property management



$5.7 to $9.7Property management and general administrative



$119.0 to $125.0Interest and related amortization



$133.9 to $139.9 2026 Updated Core Growth Rate Guidance Compared to Prior 2026 Core Growth Rate Guidance (2)



2026 Full Year Guidance
Updated Midpoint
2026 Prior Full Year
Guidance Midpoint (2)Core Portfolio:


MH base rental income5.6 %
5.6 %RV and marina base rental income (1)2.4 %
2.9 %Property operating revenues4.5 %
4.6 %Property operating expenses, excluding property management2.7 %
3.2 %Income from property operations, excluding property management5.7 %
5.6 %______________________ 1.Core RV and marina annual revenue represents approximately 78.4% and 74.7% of second quarter 2026 and full year 2026 RV and marina base rental income guidance, respectively. Core RV and marina annual revenue second quarter 2026 growth rate range is 4.8% to 5.4% and the full year 2026 growth rate range is 4.2% to 5.2%. Our guidance provided on January 28, 2026 factored in a Core RV and marina annual growth rate range of 4.7% to 5.7%. The change in full year 2026 Core RV and marina annual revenue guidance is attributed to the marina business which has been impacted primarily by a delay in slip restoration.2.Prior guidance issued on January 28, 2026.About Equity LifeStyle PropertiesWe are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of March 31, 2026, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,419 sites.For additional information, please contact our Investor Relations Department at (800) 247-5279 or at investor_relations@equitylifestyle.com. Conference CallA live audio webcast of our conference call discussing these results will take place tomorrow, Wednesday, April 22, 2026, 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 StatementsIn 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, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (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 changes impacting the supply chain or labor markets; (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 material weaknesses, if any, 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.Supplemental Financial InformationFinancial Highlights (1)(2)(In millions, except Common Shares and OP Units outstanding and per share and ratio data, unaudited)

As of and for the Quarters Ended
Mar 31,
2026Dec 31,
2025Sep 30,
2025June 30,
2025Mar 31,
2025Operating Information




Total revenues$  397.6$  373.9$  393.3$  376.9$  387.3Consolidated net income$  111.5$  103.8$  100.4$   83.5$  114.4Net income available for Common Stockholders$  107.9$  100.5$   97.1$   79.7$  109.2Adjusted EBITDAre$  201.1$  189.6$  183.3$  170.0$  197.6FFO available for Common Stock and OP Unit holders$  166.1$  156.7$  154.1$  138.3$  166.7Normalized FFO available for Common Stock and OP Unit holders$  167.3$  157.6$  150.5$  137.7$  166.7Funds Available for Distribution ("FAD") for Common Stock and OP Unit
holders$  149.1$  131.7$  124.2$  115.2$  150.5





Common Shares and OP Units Outstanding (In thousands) and Per Share
Data




Common Shares and OP Units, end of the period200,377200,284200,278200,272200,248Weighted average Common Shares and OP Units outstanding - Fully Diluted200,176200,162200,126200,095200,074Net Income per Common Share - Fully Diluted (3)$   0.56$   0.52$   0.50$   0.42$   0.57FFO per Common Share and OP Unit - Fully Diluted$   0.83$   0.78$   0.77$   0.69$   0.83Normalized FFO per Common Share and OP Unit - Fully Diluted$   0.84$   0.79$   0.75$   0.69$   0.83Dividends per Common Share$ 0.5425$ 0.5150$ 0.5150$ 0.5150$ 0.5150





Balance Sheet




Total assets$  5,749$  5,745$  5,747$  5,721$  5,642Total liabilities$  3,928$  3,931$  3,935$  3,908$  3,809





Market Capitalization




Total debt (4)$  3,314$  3,346$  3,302$  3,273$  3,199Total market capitalization (5)$ 15,822$ 15,485$ 15,459$ 15,624$ 16,556





Ratios




Total debt / total market capitalization20.9 %21.6 %21.4 %20.9 %19.3 %Total debt / Adjusted EBITDAre (6)4.54.54.54.54.4Interest coverage (7)5.65.75.85.65.4Fixed charges (8)5.65.75.75.55.3____________________ 1.See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for definitions of fixed charges, FFO, Normalized FFO, FAD, Income from property operations excluding property management, EBITDAre, Adjusted EBITDAre, and a reconciliation of Consolidated net income to Income from property operations.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, net of approximately $23.4 million as of March 31, 2026.5.See page 14 for the calculation of market capitalization as of March 31, 2026.6.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.Calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period. Consolidated Balance Sheets(In thousands, except share and per share data)

March 31, 2026
December 31, 2025
(unaudited)

Assets


Investment in real estate:


Land$           2,088,175
$           2,088,174Land improvements4,827,847
4,784,223Buildings and other depreciable property1,320,369
1,306,317
8,236,391
8,178,714Accumulated depreciation(2,889,944)
(2,838,344)Net investment in real estate5,346,447
5,340,370Cash and restricted cash39,236
26,132Notes receivable, net90,252
93,358Investment in unconsolidated joint ventures83,069
85,041Deferred commission expense57,689
58,149Other assets, net131,975
142,343Total Assets$           5,748,668
$           5,745,393



Liabilities and Equity


Liabilities:


Mortgage notes payable, net$           2,763,260
$           2,779,158Term loans, net437,659
437,455Unsecured line of credit89,500
105,000Accounts payable and other liabilities169,735
152,536Deferred membership revenue220,318
221,498Accrued interest payable11,076
11,333Rents and other customer payments received in advance and security deposits128,257
120,441Distributions payable108,574
103,146Total Liabilities3,928,379
3,930,567Equity:


Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2026 and
December 31, 2025; none issued and outstanding—
—Common stock, $0.01 par value, 600,000,000 shares authorized as of March 31, 2026 and
December 31, 2025; 193,931,077 and 193,835,561 shares issued and outstanding as of
March 31, 2026 and December 31, 2025, respectively1,988
1,988Paid-in capital1,982,024
1,981,540Distributions in excess of accumulated earnings(222,349)
(225,045)Accumulated other comprehensive income/(loss)(56)
(2,208)Total Stockholders' Equity1,761,607
1,756,275Non-controlling interests – Common OP Units58,682
58,551Total Equity1,820,289
1,814,826Total Liabilities and Equity$           5,748,668
$           5,745,393 Consolidated Statements of Income(In thousands, unaudited)
Quarters Ended
March 31,
2026
2025Revenues:


Rental income$    339,046
$     327,206Annual membership subscriptions18,299
16,342Membership upgrade revenue3,120
3,052Other income14,096
15,555Gross revenues from home sales, brokered resales and ancillary services19,096
20,923Interest income2,191
2,238Income from other investments, net1,774
2,018Total revenues397,622
387,334



Expenses:


Property operating and maintenance121,040
118,566Real estate taxes22,100
21,643Membership sales and marketing3,837
3,931Property management18,671
20,430Depreciation and amortization53,136
50,942Cost of home sales, brokered resales and ancillary services13,600
13,692Home selling expenses and ancillary operating expenses6,823
6,168General and administrative11,101
9,239Casualty-related charges/(recoveries), net68
217Other expenses1,233
1,878Interest and related amortization33,645
31,136Total expenses285,254
277,842Income before other items112,368
109,492Equity in income/(loss) of unconsolidated joint ventures(877)
4,901Consolidated net income111,491
114,393



Income allocated to non-controlling interests – Common OP Units(3,587)
(5,201)Net income available for Common Stockholders$    107,904
$     109,192Non-GAAP Financial MeasuresThis 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.Selected Non-GAAP Financial Measures (1)(In millions, except per share data, unaudited)
Quarter Ended
March 31, 2026Income from property operations, excluding property management - Core (2)$               224.6Income from property operations, excluding property management - Non-Core (2)3.0Property management and general and administrative(28.6)Other income and expenses2.0Interest and related amortization(33.6)Normalized FFO available for Common Stock and OP Unit holders (3)$               167.3Other items (4)(1.1)Insurance proceeds due to catastrophic weather events, net(0.1)FFO available for Common Stock and OP Unit holders (3)$               166.1

FFO per Common Share and OP Unit$                 0.83Normalized FFO per Common Share and OP Unit$                 0.84

Normalized FFO available for Common Stock and OP Unit holders$               167.3Non-revenue producing improvements to real estate(18.2)FAD for Common Stock and OP Unit holders (3)$               149.1

Weighted average Common Shares and OP Units - Fully Diluted200.2______________________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.Amounts may not foot due to rounding.4.Represents expenses of $1.1 million related to non-operating legal expenses during the quarter ended March 31, 2026. Reconciliation of Net Income to Non-GAAP Financial Measures(In thousands, except per share data, unaudited)
Quarters Ended
March 31,
2026
2025Net income available for Common Stockholders$    107,904
$    109,192Income allocated to non-controlling interests – Common OP Units3,587
5,201Depreciation and amortization53,136
50,942Depreciation on unconsolidated joint ventures1,477
1,331FFO available for Common Stock and OP Unit holders166,104
166,666Insurance proceeds due to catastrophic weather events, net67
—Other items (1)1,125
—Normalized FFO available for Common Stock and OP Unit holders167,296
166,666Non-revenue producing improvements to real estate(18,154)
(16,138)FAD for Common Stock and OP Unit holders$    149,142
$    150,528



Net Income per Common Share - Basic$       0.56
$        0.57Net Income per Common Share - Fully Diluted (2)$       0.56
$        0.57



FFO per Common Share and OP Unit - Basic$       0.83
$        0.83FFO per Common Share and OP Unit - Fully Diluted$       0.83
$        0.83



Normalized FFO per Common Share and OP Unit - Basic$       0.84
$        0.83Normalized FFO per Common Share and OP Unit - Fully Diluted$       0.84
$        0.83



Weighted average Common Shares outstanding - Basic193,676
190,925Weighted average Common Shares and OP Units outstanding - Basic200,124
200,029Weighted average Common Shares and OP Units outstanding - Fully Diluted200,176
200,074____________________1.Represents expenses of $1.1 million related to non-operating legal expenses during the quarter ended March 31, 2026.2.Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units. Consolidated Income from Property Operations (1)(In millions, except home site and occupancy figures, unaudited)
Quarters Ended
March 31,
2026
2025MH base rental income(2)$    195.3
$    184.7Rental home income (2)3.8
3.4RV and marina base rental income (2)121.3
121.6Annual membership subscriptions18.3
16.3Membership upgrade revenue3.1
3.1Utility and other income (2)(3)34.5
34.6Property operating revenues376.3
363.7



Utility expense41.2
40.3Payroll28.4
28.3Repairs and maintenance24.4
22.9Insurance and other (2)27.4
27.6Real estate taxes22.1
21.6Rental home operating and maintenance1.4
1.1Membership sales and marketing3.8
3.9Property operating expenses, excluding property management (1)148.7
145.7Income from property operations, excluding property management (1)$    227.6
$    218.0











Manufactured home site figures and occupancy:


Total sites, beginning73,585
73,216Total sites, ending73,586
73,219Occupied sites, beginning68,715
68,984Occupied sites, ending68,774
68,813Occupancy average %93.4 %
94.0 %Monthly base average rent per site$      948
$      895



RV and marina base rental income:


Annual$      82.3
$      78.4Seasonal25.3
28.6Transient13.7
14.6Total RV and marina base rental income$    121.3
$    121.6______________________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 Insurance and other in this table.3.Includes approximately $1.8 million of business interruption income from Hurricane Ian during the quarter ended March 31, 2025. Core Income from Property Operations (1)(In millions, unaudited)
Quarters Ended March 31,
2026
2025
Change(2)MH base rental income$    195.1
$    184.5
5.7 %Rental home income3.8
3.4
11.5 %RV and marina base rental income114.5
116.1
(1.4) %Annual membership subscriptions18.1
16.2
11.5 %Membership upgrade revenue3.1
3.0
4.5 %Utility and other income34.1
32.4
5.4 %Property operating revenues368.7
355.6
3.7 %





Utility expense40.1
39.5
1.7 %Payroll27.5
27.5
(0.1) %Repairs and maintenance23.7
22.3
6.4 %Insurance and other (3)26.1
26.2
(0.5) %Real estate taxes21.5
21.1
1.9 %Rental home operating and maintenance1.4
1.1
17.5 %Membership sales and marketing3.8
3.9
(1.3) %Property operating expenses, excluding property management (1)144.1
141.6
1.8 %Income from property operations, excluding property management (1)$    224.6
$    214.0
4.9 %





_____________________1.Excludes property management expenses.2.Calculations prepared using actual results without rounding.3.Includes bad debt expense for the periods presented. Core Income from Property Operations (continued)(In millions, except home site and occupancy figures, unaudited)
Quarters Ended


March 31,


2026
2025

Core manufactured home site figures and occupancy:




Total sites, beginning73,170
72,801

Expansion sites, net—
—

Total sites, ending73,170
72,801

Occupied sites, beginning68,644
68,923

Occupied sites, ending (1)68,698
68,752

Occupancy average %93.8 %
94.4 %

Monthly base average rent per site$      948
$        895




















Quarters Ended March 31,
2026
2025
Change(2)Core RV and marina base rental income:




Annual (3)$      79.6
$       76.3
4.2 %Seasonal22.8
26.8
(14.8) %Transient12.1
13.0
(6.9) %Total Seasonal and Transient$      34.9
$       39.8
(12.2) %Total RV and marina base rental income$    114.5
$      116.1
(1.4) %


















Quarters Ended March 31,
2026
2025
Change(2)Core utility information:




Income$      20.2
$       18.8
7.4 %Expense40.1
39.5
1.7 %Expense, net$      19.9
$       20.7
(3.4) %





Utility recovery rate (4)50.4 %
47.6 %

_____________________1.Occupied sites as of December 31, 2025 totaled 68,644 sites.2.Calculations prepared using actual results without rounding.3.Core Annual marina base rental income represents approximately 99% of the total Core marina base rental income for all periods presented.4.Calculated by dividing utility income by utility expense. Non-Core Income from Property Operations (1)(In millions, unaudited)
Quarter Ended
March 31, 2026MH base rental income$                  0.2RV and marina base rental income6.8Annual membership subscriptions0.2Utility and other income0.4Property operating revenues7.6

Property operating expenses, excluding property management (1)(2)4.6Income from property operations, excluding property management (1)$                  3.0



______________________ 1.Excludes property management expenses.2.Includes bad debt expense for the periods presented. Home Sales and Rental Home Operations(In thousands, except home sale volumes and occupied rentals, unaudited)
Home Sales - Select DataQuarters EndedMarch 31,
2026
2025Total new home sales volume87
117New home sales gross revenues$       7,708
$       9,429



Total used home sales volume142
57Used home sales gross revenues$         828
$         774



Brokered home resales volume113
98Brokered home resales gross revenues$         381
$         396Rental Homes - Select DataQuarters EndedMarch 31,
2026
2025



Rental operations revenues (1)$       9,721
$       8,395Rental home operations expense (2)1,347
1,146Depreciation on rental homes (3)2,642
2,245



Occupied rentals: (4)


New1,951
1,724Used184
194Total occupied rental sites2,135
1,918
As of March 31, 2026
As of March 31, 2025Cost basis in rental homes: (5)Gross
Net of
Depreciation
Gross
Net of
DepreciationNew$    265,369
$    222,842
$    214,484
$    175,858Used14,084
11,055
11,136
7,376Total rental homes$    279,453
$    233,897
$    225,620
$    183,234______________________ 1.For the quarters ended March 31, 2026 and 2025, approximately $6.0 million and $5.0 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 March 31, 2026 and 2025 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 Rental home operating and maintenance in the Consolidated Income from Property Operations on page 7. Rental home operations expense is included in Rental home operating and maintenance 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. Total Sites(Unaudited)Summary of Total Sites as of March 31, 2026

Sites (1)MH sites(2)75,700RV sites:
Annual (2)34,600Seasonal9,800Transient (2)20,500Marina slips6,900Membership (3)26,000Total (4)173,400______________________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 sites without an annual or seasonal reservation and are available to be leased to customers on a short-term basis.2.MH, Annual RV and Transient RV sites include approximately 2,100, 300 and 1,500 joint venture sites, respectively.3.Sites primarily utilized by approximately 107,100 members. Includes approximately 6,000 sites rented on an annual basis.4.Total does not foot due to rounding. Membership Campgrounds - Select Data


Years Ended December 31,
Quarter Ended
March 31,Campground and Membership Revenue (1)($ in thousands, unaudited)
2022
2023
2024
2025
2026Annual membership subscriptions
$     63,215
$     65,379
$     65,883
$     69,266
$        18,299Annual RV base rental income
$     25,945
$     27,842
$     29,282
$     30,546
$          7,888Seasonal/Transient RV base rental income
$     24,316
$     20,996
$     21,338
$     19,959
$          2,492Membership upgrade revenue
$     12,958
$     14,719
$     16,433
$     12,412
$          3,120Utility and other income
$       2,626
$       2,544
$       2,360
$       2,390
$             331










Membership Count









Total Memberships (2)
128,439
121,002
113,553
108,731
107,068Paid Membership Origination
23,237
20,758
19,539
17,150
3,459Promotional Membership Origination
28,178
25,232
23,552
23,002
4,527Membership Upgrade Volume (3)
4,068
3,858
4,086
5,945
1,227










Campground Metrics









Membership Campground Count
82
82
82
82
82Membership Campground RV Site Count
25,800
26,000
26,000
26,000
26,000Annual Site Count (4)
6,390
6,154
5,902
6,014
5,992______________________1.Membership upgrade product offerings include two- to four-year term subscription products with increased annual dues. The revenue associated with these subscription products is recognized as Annual membership subscriptions.2.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.3.Upgraded memberships provide 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.4.Sites that have been rented by members for an entire year. Market Capitalization(In millions, except share and OP Unit data, unaudited)Capital Structure as of March 31, 2026


















Total
Common
Shares/Units
% of Total
Common
Shares/Units
Total
% of Total
% of Total
Market
Capitalization









Secured Debt



$        2,784
84.0 %

Unsecured Debt



530
16.0 %

Total Debt (1)



$        3,314
100.0 %
20.9 %









Common Shares193,931,077
96.8 %





OP Units6,446,299
3.2 %





Total Common Shares and OP Units200,377,376
100.0 %





Common Stock price at March 31, 2026$        62.42







Fair Value of Common Shares and OP Units



$       12,508
100.0 %

Total Equity



$       12,508
100.0 %
79.1 %









Total Market Capitalization



$       15,822


100.0 %______________________1.  Excludes Deferred financing costs, net of approximately $23.4 million. Debt Maturity ScheduleDebt Maturity Schedule as of March 31, 2026(In thousands, unaudited)YearOutstanding
Debt
Weighted
Average
Interest Rate
% of Total
Debt
Weighted
Average
Years to
Maturity







Secured Debt






2026—
— %
— %
—2027—
— %
— %
—2028189,062
4.19 %
5.71 %
2.42029270,464
4.92 %
8.16 %
3.42030275,385
2.69 %
8.31 %
4.02031230,900
2.45 %
6.97 %
5.22032202,000
2.47 %
6.10 %
6.42033340,390
4.83 %
10.27 %
7.52034200,432
3.44 %
6.05 %
8.12035184,870
2.64 %
5.58 %
9.5Thereafter890,801
4.21 %
26.87 %
12.8Total$    2,784,304
3.77 %
84.02 %
8.0







Unsecured Term Loans






2026—
— %
— %
—2027200,000
4.88 %
6.04 %
0.82028—
— %
— %
—2029—
— %
— %
—2030240,000
4.74 %
7.24 %
4.2Thereafter—
— %
— %
—Total$      440,000
4.81 %
13.28 %
2.6







Total Secured and Unsecured$    3,224,304
3.91 %
97.30 %
7.3







Line of Credit Borrowing (1)89,500
5.01 %
2.70 %
—







Deferred financing costs, net(23,385)













Total Debt, Net$    3,290,419
4.14% (2)
100.00 %









_____________________1.The floating interest rate on the line of credit is SOFR plus 0.10% plus 1.25% to 1.65%. During the quarter ended March 31, 2026, the effective interest rate on the line of credit borrowings was 5.01%.2.Reflects effective interest rate for the quarter ended March 31, 2026, including interest associated with the line of credit and amortization of deferred financing costs.Non-GAAP Financial Measures Definitions and ReconciliationsThe following Non-GAAP financial measures definitions do not include adjustments in respect to membership upgrade revenue: (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.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 Insurance and other 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.The following table reconciles Net income available for Common Stockholders to Income from property operations:
Quarters Ended
March 31,(amounts in thousands)2026
2025Net income available for Common Stockholders$    107,904
$    109,192Income allocated to non-controlling interests – Common OP Units3,587
5,201Consolidated net income111,491
114,393Equity in (income)/loss of unconsolidated joint ventures877
(4,901)Gross revenues from home sales, brokered resales and ancillary services(19,096)
(20,923)Interest income(2,191)
(2,238)Income from other investments, net(1,774)
(2,018)Property management18,671
20,430Depreciation and amortization53,136
50,942Cost of home sales, brokered resales and ancillary services13,600
13,692Home selling expenses and ancillary operating expenses6,823
6,168General and administrative11,101
9,239Casualty-related charges/(recoveries), net68
217Other expenses1,233
1,878Interest and related amortization33,645
31,136Income from property operations, excluding property management227,584
218,015Property management(18,671)
(20,430)Income from property operations$    208,913
$    197,585EARNINGS 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, impairment 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.The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:
Quarters Ended
March 31,(amounts in thousands)2026
2025Consolidated net income$    111,491
$    114,393Interest income(2,191)
(2,238)Real estate depreciation and amortization53,136
50,942Other depreciation and amortization1,183
1,234Interest and related amortization33,645
31,136Adjustments to our share of EBITDAre of unconsolidated joint ventures2,693
2,107EBITDAre199,957
197,574Other items (1)1,125
—Insurance proceeds due to catastrophic weather events, net67
—Adjusted EBITDAre$    201,149
$    197,574CORE. The Core properties include properties we owned and operated during all of 2025 and 2026. 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 2026 include properties that were not owned and operated during all of 2025 and 2026, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events. The 2026 guidance reflects Non-Core properties in 2026, which includes properties not owned and operated during all of 2025 and 2026.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. The fixed charges ratio is calculated by dividing the trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.______________________1.Represents expenses of $1.1 million related to non-operating legal expenses during the quarter ended March 31, 2026.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)Second Quarter2026
Full Year2026Net Income per Common Share - Fully Diluted$0.42 to $0.48
$2.02 to $2.12Depreciation and amortization0.27
1.10Gain on sale of real estate and impairment, net—
—FFO per Common Share and OP Unit - Fully
Diluted(1)$0.69 to $0.75
$3.11 to $3.21Other—
0.01Normalized FFO per Common Share and OP Unit -
Fully Diluted(1)$0.69 to $0.75
$3.12 to $3.22______________________1.Amounts may not foot due to rounding.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. 



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Original: ELS Reports First Quarter Results

Equity LifeStyle Properties, Inc. Announces First Quarter 2026 Earnings Release and Conference CallApril 10, 2026 6:05 PM
PR Newswire (US)

CHICAGO, April 10, 2026 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as the "Company," "we," "us," and "our") announced today that the Company's first quarter 2026 earnings will be released on Tuesday, April 21, 2026 after market close. The Company's executive management team will host a conference call and audio webcast on Wednesday, April 22, 2026 at 11:00 a.m. Eastern Time to discuss the Company's operating and financial results.The live audio webcast and replay of the conference call will be available on our website at www.equitylifestyleproperties.com in the Investor Relations section under Events.Research analysts and other interested parties who wish to participate in the conference call must register through this link at least fifteen minutes prior to the scheduled start of the call to receive the dial-in details.This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, 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, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (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 changes impacting the supply chain or labor markets; (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 material weaknesses, if any, 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 453 properties located predominantly in the United States consisting of 173,371 sites as of December 31, 2025. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago.



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Original: Equity LifeStyle Properties, Inc. Announces First Quarter 2026 Earnings Release and Conference Call

ELS To Participate At Citi CEO ConferenceFebruary 27, 2026 4:15 PM
PR Newswire (US)

CHICAGO, Feb. 27, 2026 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced that we will participate at the Citi 2026 Global Property CEO Conference. Members of our executive management team, including our Vice Chairman and CEO Marguerite Nader, will participate in a roundtable discussion followed by a question and answer session on Tuesday, March 3, 2026 at 9:35 AM Eastern Time. The session will be broadcast live and a link to the webcast will be accessible in the Investor Relations section of our website at https://equitylifestyle.gcs-web.com/events-calendar.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, 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, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (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 changes impacting the supply chain or labor markets; (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 material weaknesses, if any, 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 453 properties located predominantly in the United States, consisting of 173,371 sites as of December 31, 2025. We are a self-administered, self-managed real estate investment trust with headquarters in Chicago.



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Original: ELS To Participate At Citi CEO Conference

ELS Declares First Quarter 2026 DividendFebruary 4, 2026 4:36 PM
PR Newswire (US)

CHICAGO, Feb. 4, 2026 /PRNewswire/ -- On February 3, 2026, the Board of Directors (the "Board") of Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") declared a first quarter 2026 dividend of $0.5425 per common share, representing, on an annualized basis, a dividend of $2.17 per common share. The dividend will be paid on April 10, 2026 to stockholders of record at the close of business on March 27, 2026.This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, 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, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (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 changes impacting the supply chain or labor markets; (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 material weaknesses, if any, 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 453 properties located predominantly in the United States consisting of 173,355 sites as of December 31, 2025. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago.



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Original: ELS Declares First Quarter 2026 Dividend

ELS Reports Fourth Quarter ResultsJanuary 28, 2026 6:23 PM
PR Newswire (US)

Continued Strong Performance Announces 2026 Guidance and 22nd Consecutive Annual Dividend IncreaseCHICAGO, Jan. 28, 2026 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and year ended December 31, 2025. All per share results are reported on a fully diluted basis unless otherwise noted.








FINANCIAL RESULTS






($ in millions, except per share data)Quarters Ended December 31,
2025
2024
$ Change
% Change (1)Net Income per Common Share$          0.52
$          0.50
$          0.02
3.2 %Funds from Operations ("FFO") per Common Share and OP Unit$          0.78
$          0.76
$          0.02
2.4 %Normalized Funds from Operations ("Normalized FFO") per
Common Share and OP Unit$          0.79
$          0.76
$          0.03
4.2 %








Years Ended December 31,
2025
2024
$ Change
% Change (1)Net Income per Common Share$          2.01
$          1.96
$          0.05
2.6 %FFO per Common Share and OP Unit$          3.08
$          3.03
$          0.05
1.5 %Normalized FFO per Common Share and OP Unit$          3.06
$          2.91
$          0.15
5.0 %_____________________1.Calculations prepared using actual results without rounding.2026 Dividends
Our Board of Directors has approved setting the annual dividend rate for 2026 at $2.17 per share of Common Stock, an increase of 5.3%, or $0.11, over the current $2.06 per share of Common Stock for 2025. Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.Business Updates
Pages 1 and 2 of this Earnings Release and Supplemental Financial Information provide an update on operations and 2026 guidance.About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of December 31, 2025, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,355 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, Thursday, January 29, 2026, 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, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (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 changes impacting the supply chain or labor markets; (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 material weaknesses, if any, 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.Supplemental Financial InformationOperations and Financial Update2025 HighlightsNet income per Common Share was $2.01 for the year ended December 31, 2025, 2.6% higher than the year ended December 31, 2024.FFO per Common Share was $3.08 for the year ended December 31, 2025, 1.5% higher than the year ended December 31, 2024.Normalized FFO per Common Share was $3.06 for the year ended December 31, 2025, 5.0% higher than the year ended December 31, 2024, and in line with previous guidance.7.9% dividend increase in 2025 contributes to 5-year compounded annual dividend growth of 8.5%. This compares to average growth of 5.2% across the residential REIT sector (1) over the same 5-year period.Added 362 expansion sites during the year ended December 31, 2025.New home sales of 439 for the year ended December 31, 2025.During the year ended December 31, 2025, we repaid $86.9 million of secured debt at maturity.During the year ended December 31, 2025, we entered into a $240.0 million unsecured term loan agreement with an effective fixed interest rate of 4.74% maturing on May 15, 2030.Core PortfolioCore portfolio generated growth of 4.8% in income from property operations, excluding property management, for the year ended December 31, 2025, compared to the year ended December 31, 2024, exceeding our long-term quarterly average of 4.5%.(2)Core MH base rental income for the year ended December 31, 2025 increased by $39.2 million, or 5.5%, compared to the year ended December 31, 2024.Core Annual RV and marina base rental income for the year ended December 31, 2025 increased by $12.2 million, or 4.1%, compared to the year ended December 31, 2024. During the second half of 2025, we increased Annual RV occupancy by 506 sites on a net basis.Core property operating expenses, excluding property management, for the year ended December 31, 2025 increased by $5.8 million, or 1.0%, compared to the year ended December 31, 2024.______________________ 1.Includes all publicly traded single family home, multi-family home and manufactured housing U.S equity REITs, with a market capitalization of $3.0 billion or greater. 2.Average quarterly growth from Q3 1998 through Q3 2025. 2026 Guidance Update (1)
($ in millions, except per share data)



2026




First Quarter
Full YearNet Income per Common Share



$0.54 to $0.60
$2.06 to $2.16FFO per Common Share and OP Unit



$0.81 to $0.87
$3.12 to $3.22Normalized FFO per Common Share and OP Unit



$0.81 to $0.87
$3.12 to $3.22








2025 Actual
2026 Growth RatesCore Portfolio:First Quarter
Full Year
First Quarter
Full YearMH base rental income$            184.5
$           748.6
5.5% to 6.1%
5.1% to 6.1%RV and marina base rental income (2)$            116.1
$           427.5
-1.8% to -1.2%
2.4% to 3.4%Property operating revenues$            355.6
$        1,405.6
3.5% to 4.1%
4.1% to 5.1%Property operating expenses, excluding property
management$            141.6
$           583.5
2.0% to 2.6%
2.7% to 3.7%Income from property operations, excluding property
management$            214.0
$           822.2
4.5% to 5.1%
5.1% to 6.1%







Non-Core Portfolio:



2026 Full YearIncome from property operations, excluding property
management



$4.6 to $8.6







Other Guidance Assumptions:



2026 Full YearProperty management and general administrative



$121.3 to $127.3Interest and related amortization



$133.3 to $139.3______________________ 1.First quarter and full year 2026 guidance represent management's estimate of a range of possible outcomes. The midpoint of the ranges reflects
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 if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for additional
factors impacting our 2026 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 Common Share - Fully Diluted to each of 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 69.7% and 74.7% of first quarter 2026 and full year 2026 RV and marina base rental
income guidance, respectively. Core RV and marina annual revenue first quarter 2026 growth rate range is 4.2% to 4.8% and the full year 2026 growth
rate range is 4.7% to 5.7%. Financial Highlights (1)(2)
(In millions, except Common Shares and OP Units outstanding and per share and ratio data, unaudited)
As of and for the Quarters Ended
Dec 31,
2025Sep 30,
2025June 30,
2025Mar 31,
2025Dec 31,
2024Operating Information




Total revenues$   373.9$   393.3$   376.9$   387.3$   372.3Consolidated net income$   103.8$   100.4$     83.5$   114.4$   100.6Net income available for Common Stockholders$   100.5$     97.1$     79.7$   109.2$     96.0Adjusted EBITDAre$   189.6$   183.3$   170.0$   197.6$   182.8FFO available for Common Stock and OP Unit holders$   156.7$   154.1$   138.3$   166.7$   153.0Normalized FFO available for Common Stock and OP Unit holders$   157.6$   150.5$   137.7$   166.7$   151.2Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders$   131.7$   124.2$   115.2$   150.5$   122.6





Common Shares and OP Units Outstanding (In thousands) and Per Share
Data




Common Shares and OP Units, end of the period200,284200,278200,272200,248200,160Weighted average Common Shares and OP Units outstanding - Fully Diluted200,162200,126200,095200,074200,021Net income per Common Share - Fully Diluted (3)$     0.52$     0.50$     0.42$     0.57$     0.50FFO per Common Share and OP Unit - Fully Diluted$     0.78$     0.77$     0.69$     0.83$     0.76Normalized FFO per Common Share and OP Unit - Fully Diluted$     0.79$     0.75$     0.69$     0.83$     0.76Dividends per Common Share$ 0.5150$ 0.5150$ 0.5150$ 0.5150$ 0.4775





Balance Sheet




Total assets$   5,745$   5,747$   5,721$   5,642$   5,646Total liabilities$   3,931$   3,935$   3,908$   3,809$   3,822





Market Capitalization




Total debt (4)$   3,346$   3,302$   3,273$   3,199$   3,230Total market capitalization (5)$ 15,485$ 15,459$ 15,624$ 16,556$ 16,561





Ratios




Total debt / total market capitalization21.6 %21.4 %20.9 %19.3 %19.5 %Total debt / Adjusted EBITDAre (6)4.54.54.54.44.5Interest coverage (7)5.75.85.65.45.2Fixed charges (8)5.75.75.55.35.2____________________ 1.See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for definitions of fixed charges, 
FFO, Normalized FFO, FAD, Income from property operations excluding property management, EBITDAre, Adjusted EBITDAre, and a reconciliation of
Consolidated net income to Income from property operations.2.See page 8 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, net of approximately $24.3 million as of December 31, 2025.5.See page 16 for the calculation of market capitalization as of December 31, 2025.6.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.Calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same
period. Consolidated Balance Sheets
(In thousands, except share and per share data)
December 31, 2025
December 31, 2024
(unaudited)

Assets


Investment in real estate:


Land$                 2,088,174
$                 2,088,682Land improvements4,784,223
4,582,815Buildings and other depreciable property1,306,317
1,244,193
8,178,714
7,915,690Accumulated depreciation(2,838,344)
(2,639,538)Net investment in real estate5,340,370
5,276,152Cash and restricted cash26,132
24,576Notes receivable, net93,358
50,726Investment in unconsolidated joint ventures85,041
83,772Deferred commission expense58,149
56,516Other assets, net142,343
153,910Total Assets$                 5,745,393
$                 5,645,652



Liabilities and Equity


Liabilities:


Mortgage notes payable, net$                 2,779,158
$                 2,928,292Term loans, net437,455
199,344Unsecured line of credit105,000
77,000Accounts payable and other liabilities152,536
159,225Deferred membership revenue221,498
229,301Accrued interest payable11,333
10,679Rents and other customer payments received in advance and security deposits120,441
122,448Distributions payable103,146
95,577Total Liabilities$                 3,930,567
$                 3,821,866Equity:


Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2025 and
December 31, 2024; none issued and outstanding—
—Common stock, $0.01 par value, 600,000,000 shares authorized as of December 31, 2025
and December 31, 2024; 193,835,561 and 191,056,527 shares issued and outstanding as of
December 31, 2025 and December 31, 2024, respectively1,988
1,962Paid-in capital1,981,540
1,951,430Distributions in excess of accumulated earnings(225,045)
(214,979)Accumulated other comprehensive income/(loss)(2,208)
2,303Total Stockholders' Equity1,756,275
1,740,716Non-controlling interests – Common OP Units58,551
83,070Total Equity1,814,826
1,823,786Total Liabilities and Equity$                 5,745,393
$                 5,645,652 Consolidated Statements of Income(In thousands, unaudited)

Quarters Ended
Years Ended
December 31,
December 31,
2025
2024
2025
2024Revenues:






Rental income$      314,602
$   301,398
$   1,282,532
$   1,233,252Annual membership subscriptions18,154
16,585
69,266
65,883Membership upgrade revenue3,120
4,263
12,412
16,433Other income15,546
27,168
62,794
75,354Gross revenues from home sales, brokered resales and ancillary services17,386
19,275
86,034
117,732Interest income2,362
2,220
9,572
9,238Income from other investments, net2,698
1,414
8,772
8,274Total revenues373,868
372,323
1,531,382
1,526,166







Expenses:






Property operating and maintenance113,758
110,540
493,412
480,438Real estate taxes21,075
20,349
85,148
81,966Membership sales and marketing3,877
4,192
16,069
22,063Property management19,354
18,803
80,784
78,114Depreciation and amortization52,991
50,493
208,895
203,879Cost of home sales, brokered resales and ancillary services12,693
13,103
60,335
84,771Home selling expenses and ancillary operating expenses6,170
6,689
26,512
27,644General and administrative9,025
8,235
37,510
38,483Casualty-related charges/(recoveries), net (1)(415)
(528)
(4,487)
(20,950)Other expenses1,192
1,413
4,850
5,533Early debt retirement—
5,803
—
5,833Interest and related amortization34,010
31,633
131,005
137,710Total expenses273,730
270,725
1,140,033
1,145,484Income before other items100,138
101,598
391,349
380,682Gain/(Loss) on sale of real estate and impairment, net1,571
(668)
919
(2,466)Income tax benefit2,145
115
3,273
354Equity in income/(loss) of unconsolidated joint ventures(42)
(488)
6,520
6,248Consolidated net income103,812
100,557
402,061
384,818







Income allocated to non-controlling interests – Common OP Units(3,342)
(4,574)
(15,553)
(17,804)Redeemable perpetual preferred stock dividends(8)
(8)
(16)
(16)Net income available for Common Stockholders$      100,462
$     95,975
$      386,492
$      366,998_____________________1.Casualty-related charges/(recoveries), net for the quarter ended December 31, 2025 includes reversals for previously accrued debris removal and cleanup
costs related to hurricane events of $0.4 million. Casualty-related charges/(recoveries), net for the year ended December 31, 2025 includes debris removal
and cleanup costs related to hurricane events of $0.6 million and insurance recovery revenue of $5.1 million, including $4.3 million for reimbursement of
capital expenditures.Non-GAAP Financial MeasuresThis document contains certain Non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these Non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance. Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of Non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 8 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 18-21Selected Non-GAAP Financial Measures (1)
(In millions, except per share data, unaudited)
Quarter Ended
December 31, 2025Income from property operations, excluding property management - Core (2)$                        210.8Income from property operations, excluding property management - Non-Core (2)1.9Property management and general and administrative(27.5)Other income and expenses6.4Interest and related amortization(34.0)Normalized FFO available for Common Stock and OP Unit holders (3)$                        157.6Other items (4)(0.9)FFO available for Common Stock and OP Unit holders (3)$                        156.7

FFO per Common Share and OP Unit$                          0.78Normalized FFO per Common Share and OP Unit$                          0.79

Normalized FFO available for Common Stock and OP Unit holders$                        157.6Non-revenue producing improvements to real estate(25.9)FAD for Common Stock and OP Unit holders (3)$                        131.7

Weighted average Common Shares and OP Units - Fully Diluted200.2______________________1.See page 8 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 10-11 for details of the Core Income from Property Operations, excluding property management. See page 12 for details of the Non-Core Income
from Property Operations, excluding property management.3.Amounts may not foot due to rounding.4.Represents expenses of $0.9 million related to non-operating legal expenses during the quarter ended December 31, 2025. Reconciliation of Net Income to Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)
Quarters Ended
Years Ended
December 31,
December 31,
2025
2024
2025
2024Net income available for Common Stockholders$      100,462
$        95,975
$      386,492
$      366,998Income allocated to non-controlling interests – Common OP Units3,342
4,574
15,553
17,804Depreciation and amortization52,991
50,493
208,895
203,879Depreciation on unconsolidated joint ventures1,472
1,266
5,722
4,826(Gain)/Loss on sale of real estate and impairment, net(1,571)
668
(919)
2,466FFO available for Common Stock and OP Unit holders156,696
152,976
615,743
595,973Deferred income tax benefit—
(115)
—
(354)Early debt retirement—
5,803
—
5,833Transaction/pursuit costs and other—
—
—
383Insurance proceeds due to catastrophic weather events, net18
(637)
(4,207)
(22,101)Other items (1)900
(6,800)
900
(6,800)Normalized FFO available for Common Stock and OP Unit holders157,614
151,227
612,436
572,934Non-revenue producing improvements to real estate(25,926)
(28,618)
(90,754)
(84,433)FAD for Common Stock and OP Unit holders$      131,688
$      122,609
$      521,682
$      488,501







Net income per Common Share - Basic$            0.52
$            0.50
$            2.01
$            1.96Net income per Common Share - Fully Diluted (2)$            0.52
$            0.50
$            2.01
$            1.96







FFO per Common Share and OP Unit - Basic$            0.78
$            0.77
$            3.08
$            3.03FFO per Common Share and OP Unit - Fully Diluted$            0.78
$            0.76
$            3.08
$            3.03







Normalized FFO per Common Share and OP Unit - Basic$            0.79
$            0.76
$            3.06
$            2.92Normalized FFO per Common Share and OP Unit - Fully Diluted$            0.79
$            0.76
$            3.06
$            2.91







Weighted average Common Shares outstanding - Basic193,629
190,822
192,137
187,439Weighted average Common Shares and OP Units outstanding - Basic200,079
199,926
200,059
196,544Weighted average Common Shares and OP Units outstanding - Fully Diluted200,162
200,021
200,114
196,636____________________1.Represents expenses of $0.9 million related to non-operating legal expenses during the quarter ended December 31, 2025 and other income of
$6.8 million related to aged prepaid balances that were determined to no longer be liabilities during the quarter ended December 31, 2024.2.Net income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units. Consolidated Income from Property Operations (1)
(In millions, except home site and occupancy figures, unaudited)
Quarters Ended
Years Ended
December 31,
December 31,
2025
2024
2025
2024MH base rental income (2)$       190.1
$       180.0
$       749.4
$       710.1Rental home income (2)3.7
3.4
14.3
13.7RV and marina base rental income (2)103.2
101.6
446.3
438.4Annual membership subscriptions18.2
16.6
69.3
65.9Membership upgrade revenue3.1
4.3
12.4
16.4Utility and other income (2)(3)34.9
38.4
141.8
144.8Property operating revenues353.2
344.3
1,433.5
1,389.3







Utility expense39.1
38.3
164.4
159.1Payroll28.1
28.1
120.7
120.2Repairs & maintenance20.1
19.4
99.2
94.0Insurance and other (2)26.8
25.1
110.4
106.7Real estate taxes21.1
20.3
85.1
82.0Rental home operating and maintenance1.4
1.3
5.2
5.7Membership sales and marketing3.9
4.2
16.1
22.1Property operating expenses, excluding property management (1)140.5
136.7
601.1
589.8Income from property operations, excluding property management (1)$       212.7
$       207.6
$       832.4
$       799.5























Manufactured home site figures and occupancy:






Total sites, beginning73,220
73,005
73,216
73,009Total sites, ending73,585
73,216
73,585
73,216Occupied sites, beginning68,784
69,101
68,984
68,944Occupied sites, ending68,715
68,984
68,715
68,984Occupancy average %93.6 %
94.4 %
93.8 %
94.5 %Monthly base average rent per site$          922
$          870
$          908
$          858







RV and marina base rental income:






Annual$         82.9
$         78.4
$       322.3
$       308.0Seasonal9.9
12.1
52.7
56.9Transient10.4
11.1
71.3
73.5Total RV and marina base rental income$       103.2
$       101.6
$       446.3
$       438.4______________________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 5. Bad debt expense is presented in Insurance and other in this table.3.Includes approximately $1.6 million and $1.8 million of business interruption income from Hurricane Ian during the quarters ended December 31, 2025
and December 31, 2024, respectively, and $6.6 million and $7.6 million for the years ended December 31, 2025 and December 31, 2024, respectively. Core Income from Property Operations (1)
(In millions, unaudited)
Quarters Ended December 31,
Years Ended December 31,
2025
2024
Change (2)
2025
2024
Change (2)MH base rental income$      189.9
$      179.9
5.6 %
$      748.6
$      709.4
5.5 %Rental home income3.7
3.4
9.5 %
14.2
13.7
4.2 %RV and marina base rental income99.0
98.9
0.1 %
427.5
426.9
0.2 %Annual membership subscriptions17.9
16.4
9.3 %
68.5
65.5
4.5 %Membership upgrade revenue3.2
4.2
(25.8) %
12.3
16.3
(24.6) %Utility and other income33.5
33.0
1.3 %
134.5
130.0
3.4 %Property operating revenues347.2
335.8
3.4 %
1,405.6
1,361.8
3.2 %











Utility expense38.2
37.6
1.6 %
160.6
156.8
2.4 %Payroll27.2
27.4
(0.6) %
117.2
117.7
(0.4) %Repair & maintenance19.5
18.9
3.0 %
96.2
91.8
4.8 %Insurance and other (3)25.7
24.1
6.7 %
105.4
103.3
1.6 %Real estate taxes20.5
19.8
3.1 %
82.9
80.4
3.0 %Rental home operating and maintenance1.4
1.3
4.3 %
5.2
5.6
(8.1) %Membership sales and marketing3.9
4.2
(7.0) %
16.0
22.0
(27.4) %Property operating expenses, excluding property management (1)136.4
133.3
2.2 %
583.5
577.6
1.0 %Income from property operations, excluding property
management (1)$      210.8
$      202.5
4.1 %
$      822.1
$      784.2
4.8 %











_____________________1.Excludes property management expenses.2.Calculations prepared using actual results without rounding.3.Includes bad debt expense for the periods presented. Core Income from Property Operations (continued)
(In millions, except home site and occupancy figures, unaudited)
Quarters Ended


Years Ended


December 31,


December 31,


2025
2024


2025
2024

Core manufactured home site figures and
occupancy:










Total sites, beginning72,805
72,590


72,801
72,594

Expansion sites, net365
211


369
207

Total sites, ending 73,170
72,801


73,170
72,801

Occupied sites, beginning 68,716
69,040


68,923
68,885

Occupied sites, ending (1)68,644
68,923


68,644
68,923

Occupancy average %94.0 %
94.9 %


94.3 %
94.9 %

Monthly base average rent per site$          922
$            870


$          908
$          858






































Quarters Ended December 31,
Years Ended December 31,
2025
2024
Change (2)
2025
2024
Change (2)Core RV and marina base rental income:










Annual (3)$         80.1
$           76.6
4.5 %
$       312.4
$       300.2
4.1 %Seasonal9.1
11.5
(20.5) %
49.3
54.8
(9.9) %Transient9.8
10.8
(9.2) %
65.8
71.9
(8.5) %Total Seasonal and Transient$         18.9
$           22.3
(15.1) %
$       115.1
$       126.7
(9.1) %Total RV and marina base rental income$         99.0
$           98.9
0.1 %
$       427.5
$       426.9
0.2 %




































Quarters Ended December 31,
Years Ended December 31,
2025
2024
Change (2)
2025
2024
Change (2)Core utility information:










Income$         19.2
$           17.9
7.1 %
$         78.2
$         73.5
6.3 %Expense38.2
37.6
1.6 %
160.6
156.8
2.4 %Expense, net$         19.0
$           19.7
(3.5) %
$         82.4
$         83.3
(1.0) %











Utility recovery rate (4)50.3 %
47.6 %


48.7 %
46.9 %

_____________________1.Occupied sites as of September 30, 2025 totaled 68,716 sites. 2.Calculations prepared using actual results without rounding.3.Core Annual marina base rental income represents approximately 99% of the total Core marina base rental income for all periods presented.4.Calculated by dividing utility income by utility expense. Non-Core Income from Property Operations (1)
(In millions, unaudited)
Quarter Ended
Year Ended
December 31, 2025
December 31, 2025MH base rental income$                            0.2
$                            0.8Rental home income—
0.1RV and marina base rental income4.1
18.8Annual membership subscriptions0.3
0.8Utility and other income1.5
7.4Membership upgrade revenue—
0.1Property operating revenues6.1
28.0



Property operating expenses, excluding property management (1)(2)4.2
17.6Income from property operations, excluding property management (1)$                            1.9
$                          10.4







______________________ 1.Excludes property management expenses.2.Includes bad debt expense for the periods presented. Home Sales and Rental Home Operations
(In thousands, except home sale volumes and occupied rentals, unaudited)Home Sales - Select DataQuarters Ended
Years EndedDecember 31,
December 31,
2025
2024
2025
2024Total new home sales volume86
136
439
756New home sales gross revenues$           8,890
$         10,526
$        37,627
$         66,432







Total used home sales volume103
45
374
218Used home sales gross revenues$              513
$              851
$          3,382
$           3,812







Brokered home resales volume92
109
429
505Brokered home resales gross revenues$              383
$              498
$          1,657
$           2,270Rental Homes - Select DataQuarters Ended
Years EndedDecember 31,
December 31,
2025
2024
2025
2024







Rental operations revenues (1)$             9,561
$             8,490
$           35,795
$           34,660Rental home operations expense (2)1,390
1,334
5,189
5,647Depreciation on rental homes (3)2,540
2,282
10,091
9,732







Occupied rentals: (4)






New1,919
1,716



Used192
205



Total occupied rental sites2,111
1,921




As of December 31, 2025
As of December 31, 2024Cost basis in rental homes: (5)Gross
Net of
Depreciation
Gross
Net of
DepreciationNew$       252,004
$       211,274
$       213,605
$       175,098Used14,234
11,157
12,201
8,187Total rental homes$       266,238
$       222,431
$       225,806
$       183,285______________________ 1.For the quarters ended December 31, 2025 and 2024, approximately $5.8 million and $5.1 million, respectively, of the rental operations revenue is included
in the MH base rental income in the Core Income from Property Operations on pages 10-11. The remainder of the rental operations revenue for the quarters
ended December 31, 2025 and 2024 is included in Rental home income in the Core Income from Property Operations on pages 10-11.2.Rental home operations expense is included in Rental home operating and maintenance in the Consolidated Income from Property Operations
on page 9. Rental home operations expense is included in Rental home operating and maintenance in the Core Income from Property Operations on pages 10-11.3.Depreciation on rental homes in our Core portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 5.4.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. Total Sites
(Unaudited)Summary of Total Sites as of December 31, 2025

Sites (1)MH sites73,600RV sites:
Annual34,400Seasonal11,200Transient17,500Marina slips6,900Membership (2)26,000Joint Ventures (3)3,900Total (4)173,400______________________ 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 sites without an annual or seasonal reservation and are available to be leased to customers on a short-term basis.2.Sites primarily utilized by approximately 108,700 members. Includes approximately 6,000 sites rented on an annual basis.3.Joint ventures have approximately 2,400 MH and RV annual sites and 1,500 transient sites.4.Total does not foot due to rounding. Membership Campgrounds - Select Data



Years Ended December 31,Campground and Membership Revenue (1)($ in thousands, unaudited)
2021
2022
2023
2024
2025Annual membership subscriptions
$      58,251
$      63,215
$      65,379
$       65,883
$       69,266Annual RV base rental income
$      23,127
$      25,945
$      27,842
$       29,282
$       30,546Seasonal/Transient RV base rental income
$      25,562
$      24,316
$      20,996
$       21,338
$       19,959Membership upgrade revenue
$      11,191
$      12,958
$      14,719
$       16,433
$       12,412Utility and other income
$        2,735
$        2,626
$        2,544
$         2,360
$         2,390










Membership Count









Total Memberships (2)
125,149
128,439
121,002
113,553
108,731Paid Membership Origination
23,923
23,237
20,758
19,539
17,150Promotional Membership Origination
26,600
28,178
25,232
23,552
23,002Membership Upgrade Volume (3)
4,863
4,068
3,858
4,086
5,945










Campground Metrics









Membership Campground Count
81
82
82
82
82Membership Campground RV Site Count
25,100
25,800
26,000
26,000
26,000Annual Site Count (4)
6,320
6,390
6,154
5,902
5,951______________________ 1.Beginning in 2025, membership upgrade product offerings include two- to four-year term subscription products with increased annual dues. The revenue
associated with these subscription products is recognized as Annual membership subscriptions.2.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.3.Upgraded memberships provide 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.4.Sites that have been rented by members for an entire year. Market Capitalization






 (In millions, except share and OP Unit data, unaudited)


Capital Structure as of December 31, 2025


















Total
Common
Shares/Units
% of Total
Common
Shares/Units
Total
% of Total
% of Total
Market
Capitalization









Secured Debt



$             2,801
83.7 %

Unsecured Debt



545
16.3 %

Total Debt (1)



$             3,346
100.0 %
21.6 %









Common Shares193,835,561
96.8 %





OP Units6,448,705
3.2 %





Total Common Shares and OP Units200,284,266
100.0 %





Common Stock price at December 31, 2025$             60.61







Fair Value of Common Shares and OP Units



$           12,139
100.0 %

Total Equity



$           12,139
100.0 %
78.4 %









Total Market Capitalization



$           15,485


100.0 %______________________ 1.Excludes Deferred financing costs, net of approximately $24.3 million. Debt Maturity ScheduleDebt Maturity Schedule as of December 31, 2025(In thousands, unaudited)
YearOutstanding
Debt
Weighted
Average
Interest Rate
% of Total
Debt
Weighted
Average
Years to Maturity







Secured Debt






2026—
— %
— %
—2027—
— %
— %
—2028190,555
4.19 %
5.70 %
2.72029270,697
4.92 %
8.09 %
3.72030275,385
2.69 %
8.23 %
4.22031233,198
2.45 %
6.97 %
5.42032202,000
2.47 %
6.04 %
6.72033341,089
4.83 %
10.19 %
7.82034201,929
3.44 %
6.04 %
8.4Thereafter1,086,013
3.94 %
32.45 %
12.5Total$      2,800,866
3.77 %
83.71 %
8.3







Unsecured Term Loans






2026—
— %
— %
—2027200,000
4.88 %
5.98 %
1.12028—
— %
— %
—2029—
— %
— %
—2030240,000
4.74 %
7.17 %
4.4Thereafter—
— %
— %
—Total$         440,000
4.81 %
13.15 %
2.9







Total Secured and Unsecured$      3,240,866
3.91 %
96.86 %
7.5







Line of Credit Borrowing (1)105,000
5.36 %
3.14 %
—







Deferred financing costs, net(24,253)













Total Debt, Net$      3,321,613
4.11% (2)
100.00 %









_____________________ 1.The floating interest rate on the line of credit is SOFR plus 0.10% plus 1.25% to 1.65%. During the quarter ended December 31, 2025, the effective interest
rate on the line of credit borrowings was 5.36%.2.Reflects effective interest rate for the quarter ended December 31, 2025, including interest associated with the line of credit and amortization of deferred
financing costs. Non-GAAP Financial Measures Definitions and ReconciliationsThe following Non-GAAP financial measures definitions do not include adjustments in respect to membership upgrade revenue: (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.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 Insurance and other 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.The following table reconciles Net income available for Common Stockholders to Income from property operations:
Quarters Ended
Year Ended
December 31,
December 31,(amounts in thousands)2025
2024
2025
2024Net income available for Common Stockholders$      100,462
$        95,975
$      386,492
$      366,998Redeemable perpetual preferred stock dividends8
8
16
16Income allocated to non-controlling interests – Common OP Units3,342
4,574
15,553
17,804Consolidated net income103,812
100,557
402,061
384,818Equity in income of unconsolidated joint ventures42
488
(6,520)
(6,248)Income tax benefit(2,145)
(115)
(3,273)
(354)(Gain)/Loss on sale of real estate and impairment, net(1,571)
668
(919)
2,466Gross revenues from home sales, brokered resales and ancillary services(17,386)
(19,275)
(86,034)
(117,732)Interest income(2,362)
(2,220)
(9,572)
(9,238)Income from other investments, net(2,698)
(1,414)
(8,772)
(8,274)Property management19,354
18,803
80,784
78,114Depreciation and amortization52,991
50,493
208,895
203,879Cost of home sales, brokered resales and ancillary services12,693
13,103
60,335
84,771Home selling expenses and ancillary operating expenses6,170
6,689
26,512
27,644General and administrative9,025
8,235
37,510
38,483Casualty-related charges/(recoveries), net (1)(415)
(528)
(4,487)
(20,950)Other expenses1,192
1,413
4,850
5,533Early debt retirement—
5,803
—
5,833Other items—
(6,800)
—
(6,800)Interest and related amortization34,010
31,633
131,005
137,710Income from property operations, excluding property management212,712
207,533
832,375
799,655Property management(19,354)
(18,803)
(80,784)
(78,114)Income from property operations$      193,358
$      188,730
$      751,591
$      721,541 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.Casualty-related charges/(recoveries), net for the quarter ended December 31, 2025 includes reversals for previously accrued debris removal and cleanup
costs related to hurricane events of $0.4 million. Casualty-related charges/(recoveries), net for the year ended December 31, 2025 includes debris removal
and cleanup costs related to hurricane events of $0.6 million and insurance recovery revenue of $5.1 million, including $4.3 million for reimbursement of
capital expenditures. The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:
Quarters Ended
Years Ended
December 31,
December 31,(amounts in thousands)2025
2024
2025
2024Consolidated net income$      103,812
$      100,557
$      402,061
$      384,818Interest income(2,362)
(2,220)
(9,572)
(9,238)Real estate depreciation and amortization52,991
50,493
208,895
203,879Other depreciation and amortization1,192
1,413
4,850
5,520Interest and related amortization34,010
31,633
131,005
137,710Income tax benefit(2,145)
(115)
(3,273)
(354)(Gain)/Loss on sale of real estate and impairment, net(1,571)
668
(919)
2,466Adjustments to our share of EBITDAre of unconsolidated joint ventures2,743
1,992
10,028
8,013EBITDAre188,670
184,421
743,075
732,814Other items (1)900
(6,800)
900
(6,800)Early debt retirement—
5,803
—
5,833Transaction/pursuit costs and other—
—
—
383Insurance proceeds due to catastrophic weather events, net18
(637)
(4,207)
(22,101)Adjusted EBITDAre$      189,588
$      182,787
$      739,768
$      710,129 CORE. The Core properties include properties we owned and operated during all of 2024 and 2025. 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 2025 include properties that were not owned and operated during all of 2024 and 2025, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events. The 2026 guidance reflects Non-Core properties in 2026, which includes properties not owned and operated during all of 2025 and 2026.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. The fixed charges ratio is calculated by dividing the trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.______________________1.Represents expenses of $0.9 million related to non-operating legal expenses during the quarter ended December 31, 2025 and other income of $6.8 million
related to aged prepaid balances that were determined to no longer be liabilities during the quarter ended December 31, 2024. 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)First Quarter2026
Full Year2026Net income per Common Share$0.54 to $0.60
$2.06 to $2.16Depreciation and amortization0.27
1.07Gain on sale of real estate and impairment, net—
—FFO per Common Share and OP Unit - Fully Diluted(1)$0.81 to $0.87
$3.12 to $3.22Other—
—Normalized FFO per Common Share and OP Unit - Fully Diluted(1)$0.81 to $0.87
$3.12 to $3.22______________________ 1.Amounts may not foot due to rounding. 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. 



View original content:https://www.prnewswire.com/news-releases/els-reports-fourth-quarter-results-302673266.htmlSOURCE Equity Lifestyle Properties, Inc.

Original: ELS Reports Fourth Quarter Results

News: $ELS ELS Announces Tax Treatment of 2018 Distributions

Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as “we,” “us” and “our”) today announced the tax treatment of our 2018 common stock distributions. The following table summarizes the income tax treatment of our 2018 distributions. ...

In case you are interested https://marketwirenews.com/news-releases/els-announces-tax-treatment-of-2018-distributions-7505454.html

Little margin of safety for Equity LifeStyle prior to earnings today: Fair Value

Stayin away from this one...

El Tigre Silver Corp. Announces Closing of First Tranche of Private Placement


El Tigre Silver Corp. ("El Tigre" or the "Company") (TSX
VENTURE:ELS)(OTCQX:EGRTF)(FRANKFURT:5RT) is pleased to announce that it has
closed the first tranche of its previously announced non-brokered private
placement (the "Private Placement") of 3,908,000 units of the Company ("Units")
at a price of $0.25 per Unit for aggregate cash proceeds of $977,000. Each Unit
will be comprised of one common share and one-half of a common share purchase
warrant (each whole warrant, a "Warrant"). Each whole Warrant will entitle the
holder to acquire an additional common share of the Company for a period of 24
months from the date of issue at a price of $0.38, provided that, if over a
period of 20 consecutive trading days after the expiry of the hold period on the
warrants, the daily volume weighted average trading price of the common shares
of the Company on the TSX Venture Exchange (or such other stock exchange on
which such shares are listed) is greater than $0.50, then at the Company's
discretion, it may, within 10 days of such 20 day period, accelerate the expiry
date of the Warrants to a date 30 days after the date of the notice. An 8% cash
finders' fee and warrants equal to 8% of the Units issued was payable on a
certain portion of the offering.


The Company will be continuing with the second tranche of the Private Placement
on the same terms and conditions announced in its September 17, 2012 news
release, subject to regulatory approval. The Company anticipates closing the
second tranche of the Private Placement within the allowable time frame provide
by the policies of the TSX Venture Exchange.


The proceeds will be used to continue exploration on the El Tigre Property
(defined below) and for general working capital purposes.


This Private Placement is subject to regulatory approval, and the common shares,
together with the shares issued on the exercise of the Warrants, will be
restricted from trading for a period of four months and a day from the date of
issuance of the Units, being February 20, 2013, in compliance with securities
legislation and TSX Venture Exchange policies.


This news release does not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities, in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state
securities laws and may not be offered or sold within the United States or to,
or for the account or benefit of, "U.S. persons," as such term is defined in
Regulation S under the U.S. Securities Act, unless an exemption from such
registration is available.


About El Tigre

The Company, through its subsidiaries, holds the rights to 100% of nine mineral
concessions, eight comprising 431 square kilometres located in north-eastern
Sonora, Mexico (the "El Tigre Property"). El Tigre also holds one additional 32
hectare claim separate from the El Tigre Property. El Tigre is developing a plan
for near term silver and gold production from a tailings recovery project. The
tailings are a result of 35 years of production at the original El Tigre mine.
The company's objective from this project would be to provide revenue for future
drilling programs, develop infrastructure for future mining and develop in-house
production experience. A technical report has been prepared for the El Tigre
Property and can be found on the Company's profile on SEDAR at www.sedar.com and
on the Company's website at www.eltigresilvercorp.com.

~ Monday! $ELS ~ Q2 Earnings alerted as posted, pending or coming soon! In Charts and Links Below!

~ $ELS ~ Earnings expected on Monday *
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One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








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~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=ELS#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=ELS+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=ELS
Finviz: http://finviz.com/quote.ashx?t=ELS
~ Marketwatch: http://www.marketwatch.com/investing/stock/ELS/insideractions


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=ELS >>>>>>



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*If the earnings date is in error please ignore error. I do my best.

Equity Lifestyle Properties Inc Appoints Mrs. Nader As President
Reuters Key Development - May 10, 2012

http://stocks.us.reuters.com/stocks/keyDevelopments.asp?rpc=66&symbol=ELS×tamp=20120510220600

~ Monday! $ELS ~ Q1 Earnings posted, pending or coming soon! In Charts and Links Below!

~ $ELS ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=ELS&p=D&b=3&g=0&id=p88783918276&a=237480049




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~ Google Finance: http://www.google.com/finance?q=ELS
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~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=ELS+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=ELS
Finviz: http://finviz.com/quote.ashx?t=ELS
~ BusyStock: http://busystock.com/i.php?s=ELS&v=2


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=ELS >>>>>>



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*If the earnings date is in error please ignore error. I do my best.

Equity LifeStyle Properties, Inc. (ELS) is a real estate investment trust (REIT). The Company is an integrated owner and operator of lifestyle-oriented properties (Properties). The operations of the Company are conducted primarily through MHC Operating Limited Partnership (the Operating Partnership). ELS leases individual developed areas (sites) with access to utilities for placement of factory built homes, cottages, cabins or recreational vehicles (RVs). The Company operates in two segments: the Property Operations and Home Sales and Rental Operations segments. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rental Operations segment purchases, sells and leases homes at the Properties. During the year ended December 31, 2011, the Company acquired 75 Properties with over 30,000 sites.

http://www.google.com/finance?q=ELS