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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________ 
FORM 10-Q
_________________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission file number: 1-11718
_________________________________________________________ 
EQUITY LIFESTYLE PROPERTIES, INC.
(Exact Name of Registrant as Specified in Its Charter)
_________________________________________________________
Maryland36-3857664
(State or other jurisdiction of incorporation)(IRS Employer Identification Number)
Two North Riverside Plaza, Suite 800Chicago,Illinois60606
(Address of Principal Executive Offices)(Zip Code)

(312) 279-1400
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueELSNew York Stock Exchange
_________________________________________________________ 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 182,224,703 shares of Common Stock as of October 22, 2020.



Equity LifeStyle Properties, Inc.
Table of Contents
 
  Page
Item 1.Financial Statements (unaudited)
Index To Financial Statements
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


Part I – Financial Information

Item 1. Financial Statements

Equity LifeStyle Properties, Inc.
Consolidated Balance Sheets
(amounts in thousands, except share and per share data)
As ofAs of
September 30, 2020December 31, 2019
(unaudited)
Assets
Investment in real estate:
Land$1,531,313 $1,525,407 
Land improvements3,434,393 3,336,070 
Buildings and other depreciable property905,679 881,572 
5,871,385 5,743,049 
Accumulated depreciation(1,886,768)(1,776,224)
Net investment in real estate3,984,617 3,966,825 
Cash and restricted cash114,218 28,860 
Notes receivable, net36,230 37,558 
Investment in unconsolidated joint ventures19,933 20,074 
Deferred commission expense42,220 41,149 
Other assets, net63,195 56,809 
Total Assets$4,260,413 $4,151,275 
Liabilities and Equity
Liabilities:
Mortgage notes payable, net$2,450,783 $2,049,509 
Term loan, net 198,949 
Unsecured line of credit50,000 160,000 
Accounts payable and other liabilities148,034 124,665 
Deferred revenue – upfront payments from membership upgrade sales136,194 126,814 
Deferred revenue – annual membership subscriptions12,035 10,599 
Accrued interest payable8,055 8,639 
Rents and other customer payments received in advance and security deposits90,219 91,234 
Distributions payable66,001 58,978 
Total Liabilities2,961,321 2,829,387 
Equity:
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 2020 and December 31, 2019; none issued and outstanding.
  
Common stock, $0.01 par value, 600,000,000 and 400,000,000 shares authorized as of September 30, 2020 and December 31, 2019, respectively; 182,222,007 and 182,089,595 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively.
1,812 1,812 
Paid-in capital1,408,253 1,402,696 
Distributions in excess of accumulated earnings(181,754)(154,318)
Accumulated other comprehensive income (loss) (380)
Total Stockholders’ Equity1,228,311 1,249,810 
Non-controlling interests – Common OP Units70,781 72,078 
Total Equity1,299,092 1,321,888 
Total Liabilities and Equity$4,260,413 $4,151,275 









The accompanying notes are an integral part of the consolidated financial statements.
3


Equity LifeStyle Properties, Inc.
Consolidated Statements of Income and Comprehensive Income
(amounts in thousands, except per share data)
(unaudited)
 Quarters Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues:
Rental income$238,869 $225,116 $696,178 $660,689 
Annual membership subscriptions13,442 13,150 39,476 38,052 
Membership upgrade sales current period, gross6,631 5,730 16,522 14,609 
Membership upgrade sales upfront payments, deferred, net(4,171)(3,530)(9,379)(8,213)
Other income12,268 11,263 33,007 31,898 
Gross revenues from home sales13,070 8,438 33,245 22,738 
Brokered resale and ancillary services revenues, net1,648 2,133 2,011 4,564 
Interest income1,801 1,831 5,399 5,385 
Income from other investments, net1,428 7,029 3,093 8,894 
Total revenues284,986 271,160 819,552 778,616 
Expenses:
Property operating and maintenance99,566 90,765 268,465 253,581 
Real estate taxes15,981 15,166 49,490 45,596 
Sales and marketing, gross5,054 4,063 13,308 11,686 
Membership sales commissions, deferred, net(630)(313)(1,327)(893)
Property management14,527 14,605 44,344 42,675 
Depreciation and amortization38,581 37,032 115,937 112,785 
Cost of home sales12,866 8,434 33,627 23,230 
Home selling expenses1,241 1,033 3,535 3,218 
General and administrative9,692 8,710 31,156 27,844 
Other expenses658 1,460 1,885 2,427 
Early debt retirement9,732  10,786 1,491 
Interest and related amortization25,218 25,547 77,540 77,964 
Total expenses232,486 206,502 648,746 601,604 
Gain on sale of real estate, net   52,507 
Income before equity in income of unconsolidated joint ventures52,500 64,658 170,806 229,519 
Equity in income of unconsolidated joint ventures968 3,518 2,239 8,277 
Consolidated net income53,468 68,176 173,045 237,796 
Income allocated to non-controlling interests – Common OP Units(2,908)(3,715)(9,415)(13,617)
Redeemable perpetual preferred stock dividends  (8)(8)
Net income available for Common Stockholders$50,560 $64,461 $163,622 $224,171 
Consolidated net income$53,468 $68,176 $173,045 $237,796 
Other comprehensive income (loss):
Adjustment for fair market value of swap1,161 (257)380 (2,798)
Consolidated comprehensive income54,629 67,919 173,425 234,998 
Comprehensive income allocated to non-controlling interests – Common OP Units(2,971)(3,701)(9,436)(13,460)
Redeemable perpetual preferred stock dividends  (8)(8)
Comprehensive income attributable to Common Stockholders$51,658 $64,218 $163,981 $221,530 
Earnings per Common Share – Basic$0.28 $0.35 $0.90 $1.24 
Earnings per Common Share – Fully Diluted$0.28 $0.35 $0.90 $1.24 
Weighted average Common Shares outstanding – Basic181,869 181,649 181,811 180,515 
Weighted average Common Shares outstanding – Fully Diluted192,537 192,400 192,548 191,840 



The accompanying notes are an integral part of the consolidated financial statements.
4


Equity LifeStyle Properties, Inc.
Consolidated Statements of Changes in Equity
(amounts in thousands; adjusted for stock split)
(unaudited)
Common StockPaid-in CapitalRedeemable Perpetual Preferred StockDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling Interests – Common OP UnitsTotal Equity
Balance as of December 31, 2019$1,812 $1,402,696 $ $(154,318)$(380)$72,078 $1,321,888 
Cumulative effect of change in accounting principle (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326))
— — — (3,875)— — (3,875)
Balance as of January 1, 20201,812 1,402,696  (158,193)(380)72,078 1,318,013 
Exchange of Common OP Units for Common Stock— 63 — — — (63) 
Issuance of Common Stock through employee stock purchase plan— 619 — — — — 619 
Compensation expenses related to restricted stock and stock options— 2,964 — — — — 2,964 
Repurchase of Common Stock or Common OP Units— (3,962)— — — — (3,962)
Adjustment for Common OP Unitholders in the Operating Partnership— 277 — — — (277) 
Adjustment for fair market value of swap— — — — (1,333)— (1,333)
Consolidated net income— — — 66,875 — 3,849 70,724 
Distributions— — — (62,385)— (3,590)(65,975)
Other— (143)— — — — (143)
Balance as of March 31, 20201,812 1,402,514  (153,703)(1,713)71,997 1,320,907 
Issuance of Common Stock through employee stock purchase plan— 531 — — — — 531 
Compensation expenses related to restricted stock and stock options— 2,669 — — — — 2,669 
Adjustment for Common OP Unitholders in the Operating Partnership— 193 — — — (193) 
Adjustment for fair market value of swap— — — — 552 — 552 
Consolidated net income — 8 46,187  2,658 48,853 
Distributions— — (8)(62,387)— (3,591)(65,986)
Other— (143)— — — — (143)
Balance as of June 30, 20201,812 1,405,764  (169,903)(1,161)70,871 1,307,383 
Issuance of Common Stock through employee stock purchase plan— 528 — — — — 528 
Compensation expenses related to restricted stock and stock options— 2,878 — — — — 2,878 
Adjustment for Common OP Unitholders in the Operating Partnership— (592)— — — 592  
Adjustment for fair market value of swap— — — — 1,161 — 1,161 
Consolidated net income —  50,560  2,908 53,468 
Distributions— —  (62,411)— (3,590)(66,001)
Other— (325)— — — — (325)
Balance as of September 30, 2020$1,812 $1,408,253 $ $(181,754)$ $70,781 $1,299,092 












The accompanying notes are an integral part of the consolidated financial statements.
5


Equity LifeStyle Properties, Inc.
Consolidated Statements of Changes in Equity
(amounts in thousands; adjusted for stock split)
(unaudited)
Common StockPaid-in CapitalRedeemable Perpetual Preferred StockDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling interests – Common OP UnitsTotal Equity
Balance as of January 1, 2019$1,792 $1,328,495 $ $(211,034)$2,299 $71,792 $1,193,344 
Exchange of Common OP Units for Common Stock— 66 — — — (66) 
Issuance of Common Stock through exercise of options— 53 — — — — 53 
Issuance of Common Stock through employee stock purchase plan— 652 — — — — 652 
Compensation expenses related to restricted stock and stock options— 2,420 — — — — 2,420 
Repurchase of Common Stock or Common OP Units— (53)— — — — (53)
Adjustment for Common OP Unitholders in the Operating Partnership— (56)— — — 56  
Adjustment for fair market value of swap— — — — (931)— (931)
Consolidated net income— — — 113,309 — 7,226 120,535 
Distributions— — — (55,123)— (3,516)(58,639)
Other— (63)— — — — (63)
Balance as of March 31, 20191,792 1,331,514  (152,848)1,368 75,492 1,257,318 
Exchange of Common OP Units for Common Stock10 6,425 — — — (6,435) 
Issuance of Common Stock through employee stock purchase plan— 587 — — — — 587 
Issuance of Common Stock through our ATM equity offering program10 59,309 — — — — 59,319 
Compensation expenses related to restricted stock and stock options— 2,625 — — — — 2,625 
Adjustment for Common OP Unitholders in the Operating Partnership— (2,883)— — — 2,883  
Adjustment for fair market value of swap— — — — (1,610)— (1,610)
Consolidated net income— — 8 46,401 — 2,676 49,085 
Distributions— — (8)(55,757) (3,215)(58,980)
Other— (870)— — — — (870)
Balance as of June 30, 20191,812 1,396,707  (162,204)(242)71,401 1,307,474 
Exchange of Common OP Units for Common Stock— 33 — — — (33) 
Issuance of Common Stock through employee stock purchase plan— 698 — — — — 698 
Compensation expenses related to restricted stock and stock options— 2,734 — — — — 2,734 
Adjustment for Common OP Unitholders in the Operating Partnership— (165)— — — 165  
Adjustment for fair market value of swap— — — — (257)— (257)
Consolidated net income— — — 64,461 — 3,715 68,176 
Distributions— — — (55,762)— (3,214)(58,976)
Other— (56)— — — — (56)
Balance as of September 30, 2019$1,812 $1,399,951 $ $(153,505)$(499)$72,034 $1,319,793 










The accompanying notes are an integral part of the consolidated financial statements.
6


Equity LifeStyle Properties, Inc.
Consolidated Statements of Cash Flows
(amounts in thousands)
(unaudited)
Nine Months Ended September 30,
20202019
Cash Flows From Operating Activities:
Consolidated net income$173,045 $237,796 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Gain on sale of real estate, net (52,507)
Early debt retirement10,786 1,491 
Depreciation and amortization117,870 114,160 
Amortization of loan costs2,636 2,623 
Debt premium amortization(304)(359)
Equity in income of unconsolidated joint ventures(2,239)(8,277)
Distributions of income from unconsolidated joint ventures84 5,010 
Proceeds from insurance claims, net(1,453)(1,742)
Compensation expense related to restricted stock and stock options8,511 7,779 
Revenue recognized from membership upgrade sales upfront payments(7,143)(6,394)
Commission expense recognized related to membership sales2,774