0001628280-26-050244 | 10-Q | XBRL Viewer | Equity Lifestyle Properties INC

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Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	Jun. 30, 2026 USD ($)
Interest rate swaps \| Cash Flow Hedging
Derivative
Estimated accumulated other comprehensive income (loss) expected to be reclassified to expenses	$ 1.2

Earnings Per Common Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Common Share

Basic and fully diluted earnings per share are based on the weighted average shares outstanding during each period. The following table sets forth the computation of basic and diluted earnings per share of common stock (“Common Share”):


	For the Quarters Ended June 30,				For the Six Months Ended June 30,
(amounts in thousands, except per share data)	2026		2025		2026		2025
Numerators:
Net income available for Common Stockholders – Basic	$	96,316	$	79,708	$	204,220	$	188,900
Amounts allocated to non-controlling interests (dilutive securities)	3,194		3,777		6,781		8,978
Net income available for Common Stockholders – Fully Diluted	$	99,510	$	83,485	$	211,001	$	197,878
Denominators:
Weighted average Common Shares outstanding – Basic	193,727		190,992		193,702		190,958
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	6,437		9,068		6,442		9,086
Stock options and restricted stock	45		35		49		40
Weighted average Common Shares outstanding and OP Units – Fully Diluted	200,209		200,095		200,193		200,084

Earnings per Common Share – Basic	$	0.50	$	0.42	$	1.05	$	0.99

Earnings per Common Share – Fully Diluted	$	0.50	$	0.42	$	1.05	$	0.99

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(a) Revenue Recognition

Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Our MH Sites and annual RV and marina Sites are leased on an annual basis. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. Leases with our customers are accounted for as operating leases. Rental income is accounted for in accordance with Accounting Standards Codification (ASC) 842, Leases, and is recognized over the term of the respective lease or the length of a customer’s stay. We do not separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental revenue as we meet the practical expedient criteria to combine these lease and non-lease components. We account for and present rental revenue and utility recoveries as a single component under Rental income in the Consolidated Statements of Income and Comprehensive Income as the timing and pattern of transfer for rental revenue and the associated utility recoveries are the same. The change in allowance for credit losses related to the collectability of lease receivables is presented as a reduction to Rental income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.

Annual membership subscriptions and membership upgrades are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Upgraded memberships provide enhanced benefits for members in good standing, including longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties. Beginning in the first quarter of 2025, membership upgrade product offerings include two- to four-year term subscription products. Prior to the introduction of subscription-based upgrade products, membership upgrades required non-refundable upfront payments, with an option to finance the upfront payments. Beginning in the first quarter of 2025, upfront

payment upgrade products and related financing options are no longer being offered by the Company, but members in good standing are entitled to enhanced benefits for as long as they choose to remain in the program.

Membership subscriptions, including subscription-based membership upgrades, are presented within Annual membership subscriptions in the Consolidated Statements of Income and Comprehensive Income. Payments for membership subscriptions are deferred and recognized on a straight-line basis over the period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Non-refundable upfront payments on our legacy product offerings are recognized on a straight-line basis over 24 years and are presented within Membership upgrade revenue in the Consolidated Statements of Income and Comprehensive Income. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.

Revenue from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.

(b) Restricted Cash

As of June 30, 2026 and December 31, 2025, restricted cash consisted of $24.1 million and $18.2 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

We disclose the estimated fair value of our financial instruments according to a fair value hierarchy. The valuation hierarchy is based on the transparency of the lowest level of input that is significant to the valuation of an asset or a liability as of the measurement date. The three levels are defined as follows:

Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 - Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The carrying values of cash and restricted cash, accounts receivable and accounts payable approximate their fair market values due to the short-term nature of these instruments. The carrying value of notes receivable approximates the fair market value as the interest rates are generally comparable to current market rates. As of December 31, 2025, notes receivable included a $56.1 million term loan made to RVC Core, LLC, an equity method investment of the Company, which was secured by the underlying Properties within the joint venture. During the quarter ended June 30, 2026, the $56.1 million term loan was eliminated in consolidation upon the acquisition of the remaining 20% ownership interest in RVC Core, LLC. Refer to Note 5. Investment in Real Estate.

The fair market value of mortgage notes payable, term loans and interest rate derivatives are measured with Level 2 inputs using quoted prices and observable inputs from similar liabilities as disclosed in Note 7. Borrowing Arrangements and Note 8. Derivative Instruments and Hedging Activities.

We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions.

(d) Allowance for Credit Losses

We account for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for our financial assets, including receivables from tenants, receivables for annual membership subscriptions, notes receivable, contracts receivable and chattel loans, and present the net amount of the financial instrument expected to be collected. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument,

that considers forecasts of future economic conditions in addition to information about past events and current conditions. Our allowance for credit losses was as follows:


	For the Quarters Ended June 30,				For the Six Months Ended June 30,
(amounts in thousands):	2026		2025		2026		2025
Balance, beginning	$	19,432	$	22,697	$	20,064	$	23,576

Provision for losses	1,820		1,809		3,696		3,501
Write-offs	(2,423)		(2,613)		(4,931)		(5,184)
Balance, ending	$	18,829	$	21,893	$	18,829	$	21,893

(e) Insurance Recoveries

We carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business interruption claims on all of our Properties. We record the estimated amount of expected insurance proceeds for property damage, clean-up costs and other losses incurred as an asset (typically a receivable from our insurance carriers) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the losses incurred and any amount of insurance recovery related to business interruption are considered a gain contingency and are recognized in the period in which the insurance proceeds are received.

During the quarter ended June 30, 2025, we recognized debris removal and cleanup costs related to hurricane events of $0.3 million, with $0.2 million of insurance recovery revenue accruals related to the expenses. During the quarters and six months ended June 30, 2026 and 2025, we also recognized $7.1 million and $0.6 million, respectively, of insurance recovery revenue in excess of expenses related to hurricane events. During the six months ended June 30, 2026 and 2025, we recognized debris removal and cleanup costs related to hurricane events of $0.1 million and $1.1 million, respectively, with $0.8 million of insurance recovery revenue accruals related to the expenses during the six months ended June 30, 2025. The debris and cleanup costs and offsetting recovery accrual and reimbursement of capital expenditures are presented in Casualty-related charges/(recoveries), net in the Consolidated Statements of Income and Comprehensive Income.

During the quarters ended June 30, 2026 and 2025, we recognized business interruption recovery revenue of $3.8 million and $2.2 million, respectively, related to Hurricane Ian. During the six months ended June 30, 2026 and 2025, we recognized business interruption recovery revenue of $3.8 million and $4.0 million, respectively, related to Hurricane Ian. Business interruption recovery revenue is presented in Income from other investments, net for the quarter and six months ended June 30, 2026 and within Other income for the quarter and six months ended June 30, 2025 in the Consolidated Statements of Income and Comprehensive Income.

Deferred Revenue from Membership Upgrades and Deferred Commission Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Movement in Deferred Revenue
Deferred revenue, beginning	$ 221,498
Revenue recognized from membership upgrades	(7,456)	$ (6,572)
Net increase (decrease) in deferred revenue	3,377	5,346
Deferred revenue, ending	217,419
Movement in Deferred Costs
Deferred commission expense, beginning	58,149	56,516
Deferred commission expense	2,608	3,603
Commission expense recognized	(3,383)	(2,271)
Net increase (decrease) in deferred commission expense	(775)	1,332
Deferred commission expense, ending	57,374	57,848
Membership Subscription
Movement in Deferred Revenue
Deferred revenue, beginning	211,171	218,164
Deferred membership upgrade revenue	2,022	4,246
Revenue recognized from membership upgrades	(7,456)	(6,572)
Net increase (decrease) in deferred revenue	(5,434)	(2,326)
Deferred revenue, ending	$ 205,737	$ 215,838

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Cash Flow Hedges of Interest Rate Risk

We record all derivatives at fair value. Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate

swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The changes in the fair value of designated derivatives that qualify as a cash flow hedge are recorded in Accumulated other comprehensive income/(loss) on the Consolidated Balance Sheets and subsequently reclassified into earnings in the Consolidated Statements of Income and Comprehensive Income in the period that the hedged forecasted transaction affects earnings and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made. Proceeds or payments from premiums and periodic settlements of derivative instruments are classified in the same section of the Consolidated Statements of Cash Flows as the underlying hedged item.

The following table presents the terms of our derivative financial instruments (notional amounts in thousands):

As of June 30, 2026

Interest Rate Derivatives

Number of Instruments

Notional Amount

Weighted Average Interest Rate

Index

Weighted Average Remaining Term (Years)

Interest rate swaps

$440,000

4.81%

SOFR

2.4

As of December 31, 2025

Interest Rate Derivatives

Number of Instruments

Notional Amount

Weighted Average Interest Rate

Index

Weighted Average Remaining Term (Years)

Interest rate swaps

$440,000

4.81%

SOFR

2.9

Our derivative financial instruments are classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our derivative financial instruments:


		As of June 30,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2026		2025
Interest rate swaps	Other assets, net	$	2,900	$	—
Interest rate swaps	Accounts payable and other liabilities	$	—	$	2,208


The following table presents the amount of (gain)/loss recognized in Other comprehensive income/(loss) on derivatives in the Consolidated Statements of Income and Comprehensive Income (in thousands):

Derivatives in Cash Flow Hedging Relationship		For the Quarters Ended June 30,				For the Six Months Ended June 30,
		2026		2025		2026		2025
Interest rate swaps		$	(3,032)	$	1,874	$	(5,306)	$	2,782


The following table presents the amount of (gain)/loss reclassified from Accumulated other comprehensive income/(loss) into income in the Consolidated Statements of Income and Comprehensive Income (in thousands):

Derivatives in Cash Flow Hedging Relationship	Location of (gain)/ loss reclassified from Accumulated OCI into income	For the Quarters Ended June 30,				For the Six Months Ended June 30,
		2026		2025		2026		2025
Interest rate swaps	Interest Expense	$	(76)	$	(810)	$	(198)	$	(1,531)

During the next twelve months, we estimate that $1.2 million will be reclassified from Accumulated other comprehensive income/(loss) as a decrease to interest expense. This estimate may be subject to change as the underlying SOFR changes. As of June 30, 2026, we had not posted any collateral related to the interest rate swaps.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Investment in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Our Investment in Unconsolidated Joint Ventures

The following table summarizes our investments in unconsolidated joint ventures (investment and income/(loss) amounts in thousands):


	Investment as of
Investment	June 30, 2026		December 31, 2025
RVC (a)	$	12,873	$	56,638
Other (b)	27,431		28,403
	$	40,304	$	85,041


					Income/(Loss) for the Quarters Ended (d)				Income/(Loss) for the Six Months Ended (d)
Investment	Location	Number of Sites	Economic Interest (c)		June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
RVC (a)	Various	203	80	%	$	412	$	(163)	$	(918)	$	(1,809)
Other (b)	Various	2,415	49% to 65%		256		116		709		6,663
		2,618			$	668	$	(47)	$	(209)	$	4,854

_____________________

(a)As of June 30, 2026, our investment in RVC includes one joint venture that owns one RV community.

(b)Includes various other joint ventures.

(c)The percentages shown approximate our economic interest as of June 30, 2026. Our legal ownership interest may differ. We do not exercise control over these entities.

(d)Net of depreciation expense of $0.9 million and $1.5 million for the quarters ended June 30, 2026 and 2025, respectively, and $2.4 million and $2.8 million for the six months ended June 30, 2026 and 2025.

Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Financial Information

The following tables summarize our segment financial information:

Quarter Ended June 30, 2026


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	376,245	$	14,181	$	390,426
Operations expenses	(191,551)		(13,459)		(205,010)
NOI	184,694		722		185,416
Reconciliation to consolidated net income:
Depreciation and amortization					(53,637)
Gain/(Loss) on sale of real estate and impairment, net					(507)
Interest income					1,580
Income from other investments, net					5,809
General and administrative					(11,872)
Casualty-related (charges)/recoveries, net					7,094
Other expenses					(1,209)
Interest and related amortization					(33,824)

Equity in income/(loss) of unconsolidated joint ventures					668

Consolidated net income					$	99,518

Total assets	$	5,493,537	$	307,138	$	5,800,675
Capital improvements	$	55,911	$	8,263	$	64,174

Quarter Ended June 30, 2025


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	358,381	$	14,199	$	372,580
Operations expenses	(184,916)		(13,023)		(197,939)
NOI	173,465		1,176		174,641
Reconciliation to consolidated net income:
Depreciation and amortization					(52,649)
Gain/(Loss) on sale of real estate and impairment, net					(683)
Interest income					2,202
Income from other investments, net					2,084
General and administrative					(10,455)
Casualty-related (charges)/recoveries, net					541
Other expenses					59
Interest and related amortization					(32,200)

Equity in income/(loss) of unconsolidated joint ventures					(47)

Consolidated net income					$	83,493

Total assets	$	5,465,841	$	255,042	$	5,720,883
Capital improvements	$	55,983	$	3,475	$	59,458

Six Months Ended June 30, 2026



(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	757,191	$	26,892	$	784,083
Operations expenses	(365,327)		(25,754)		(391,081)
NOI	391,864		1,138		393,002
Reconciliation to consolidated net income:
Depreciation and amortization					(106,773)
Gain/(Loss) on sale of real estate and impairment, net					(507)
Interest income					3,771
Income from other investments, net					7,583
General and administrative					(22,973)
Casualty-related (charges)/recoveries, net					7,026
Other expenses					(2,442)
Interest and related amortization					(67,469)

Equity in income/(loss) of unconsolidated joint ventures					(209)

Consolidated net income					$	211,009

Total assets	$	5,493,537	$	307,138	$	5,800,675
Capital improvements	$	96,555	$	12,904	$	109,459

Six Months Ended June 30, 2025



(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	727,467	$	28,191	$	755,658
Operations expenses	(357,647)		(24,722)		(382,369)
NOI	369,820		3,469		373,289
Reconciliation to consolidated net income:
Depreciation and amortization					(103,591)
Gain/(Loss) on sale of real estate and impairment, net					(683)
Interest income					4,440
Income from other investments, net					4,102
General and administrative					(19,694)
Casualty-related (charges)/recoveries, net					324
Other expenses					(1,819)
Interest and related amortization					(63,336)

Equity in income/(loss) of unconsolidated joint ventures					4,854

Consolidated net income					$	197,886

Total assets	$	5,465,841	$	255,042	$	5,720,883
Capital improvements	$	99,513	$	5,146	$	104,659

Schedule of Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2026 and 2025:


	Quarters Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2026		2025		2026		2025
Revenues:
Rental income	$	326,533	$	309,747	$	661,785	$	633,560
Annual membership subscriptions	18,819		16,902		37,118		33,244
Membership upgrade revenue	3,120		3,120		6,240		6,172
Other income	15,252		16,473		29,348		32,028
Gross revenues from ancillary services	12,521		12,139		22,700		22,463
Total property operations revenues	376,245		358,381		757,191		727,467
Expenses:
Utility expense	41,681		39,182		82,864		79,451
Payroll	32,936		31,815		61,376		60,086
Repairs and maintenance	30,849		29,495		55,274		52,384
Insurance and other	25,373		26,050		51,012		52,039
Real estate taxes	21,826		21,845		43,926		43,488
Membership sales and marketing	4,551		4,062		8,388		7,993
Cost of ancillary services	6,718		6,177		10,946		10,622
Ancillary operating expenses	5,772		5,567		11,025		10,431
Property management	21,845		20,723		40,516		41,153
Total property operations expenses	191,551		184,916		365,327		357,647
NOI	$	184,694	$	173,465	$	391,864	$	369,820

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2026 and 2025:


	Quarters Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2026		2025		2026		2025
Revenues:
Rental income (1)	$	3,897	$	3,540	$	7,691	$	6,933
Gross revenues from home sales and brokered resales	10,284		10,659		19,201		21,258
Total revenues	14,181		14,199		26,892		28,191
Expenses:
Rental home operating and maintenance	1,428		1,303		2,781		2,451
Cost of home sales and brokered resales	10,185		10,299		19,557		19,546
Home selling expenses	1,846		1,421		3,416		2,725
Total expenses	13,459		13,023		25,754		24,722
NOI	$	722	$	1,176	$	1,138	$	3,469

______________________

(1)Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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+ Details

Borrowing Arrangements - Unsecured Debt (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	Jul. 31, 2025	May 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Debt Instrument
Line of credit proceeds			$ 423,500	$ 539,000
Weighted Average \| R V C
Debt Instrument
Effective Interest Rate			4.97%
Line of Credit
Debt Instrument
Line of credit remaining borrowing amount			$ 372,400
Line of Credit \| Revolving Credit Facility
Debt Instrument
Variable rate basis adjustment (percent)			0.10%
Carrying Value			$ 127,500		$ 105,000
Effective Interest Rate					5.01%
Line of Credit \| Revolving Credit Facility \| Minimum
Debt Instrument
Variable rate (percent)			1.25%
Line of Credit \| Revolving Credit Facility \| Maximum
Debt Instrument
Variable rate (percent)			1.65%
Unsecured Debt And Line Of Credit
Debt Instrument
Less: Deferred financing costs, net			$ (2,137)		$ (2,545)
Total unsecured debt, net			565,363		542,455
$240.0 Million Term Loan \| Unsecured Debt
Debt Instrument
Carrying Value			$ 240,000		$ 240,000
Effective Interest Rate			4.74%		4.74%
Face amount			$ 240,000		$ 240,000
Line of credit proceeds	$ 90,000	$ 150,000
$240.0 Million Term Loan \| Unsecured Debt \| Minimum
Debt Instrument
Variable rate (percent)			1.20%
$240.0 Million Term Loan \| Unsecured Debt \| Maximum
Debt Instrument
Variable rate (percent)			1.70%
$200.0 Million Term Loan \| Unsecured Debt
Debt Instrument
Variable rate basis adjustment (percent)			0.10%
Carrying Value			$ 200,000		$ 200,000
Effective Interest Rate			4.88%		4.88%
Face amount			$ 200,000
$200.0 Million Term Loan \| Unsecured Debt \| Minimum
Debt Instrument
Variable rate (percent)			1.20%
$200.0 Million Term Loan \| Unsecured Debt \| Maximum
Debt Instrument
Variable rate (percent)			1.70%

Common Stock and Other Equity Related Transactions -Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025
Equity [Abstract]
Distribution Amount Per Share (in dollars per share)	$ 0.5425	$ 0.5425	$ 0.5150	$ 0.5150	$ 0.5150	$ 0.5150

Investment in Unconsolidated Joint Ventures - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]
Distributions made to us exceeded our investment	$ 0.6	$ 0.5	$ 1.2	$ 7.3

Investment in Real Estate - Narrative (Details) $ in Thousands	Apr. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Apr. 30, 2026 property	Apr. 30, 2026 land	Dec. 31, 2025 USD ($)
Asset Acquisition [Line Items]
Notes receivable, net		$ 31,003			$ 93,358
R V C
Asset Acquisition [Line Items]
Asset acquisition, voting equity interest acquired, percentage	20.00%
Asset acquisition, consideration transferred	$ 4,400
Asset acquisition, consideration transferred, transaction cost	$ 100
Asset acquisition, ownership interest acquired, percentage	100.00%
Consideration transferred and preacquisition equity interest in acquiree	$ 103,300
Asset acquisition, consideration transferred, previously held equity interest	42,500
Asset acquisition, consideration transferred, cash and capitalized transaction costs	4,500
Term loan eliminated	$ 56,300
Number of properties acquired			7	1

Common Stock and Other Equity Related Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Nov. 01, 2024
Class of Stock [Line Items]
OP units were exchanged for an equal number of shares of common stock (in shares)	13,000	43,324	15,406	43,324
Common stock, par value (in usd per share)	$ 0.01		$ 0.01		$ 0.01
Private Placement
Class of Stock [Line Items]
Common stock, par value (in usd per share)						$ 0.01
Aggregate offering price						$ 700.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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- Definition

The number of shares issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit).

+ References

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-Section S45
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Common Stock and Other Equity Related Transactions

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Common Stock and Other Equity Related Transactions

Common Stockholder Distribution Activity

The following quarterly distributions have been declared and paid to Common Stockholders and the Operating Partnership unit (“OP Unit”) holders since January 1, 2025:

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$0.5150

March 31, 2025

March 28, 2025

April 11, 2025

$0.5150

June 30, 2025

June 27, 2025

July 11, 2025

$0.5150

September 30, 2025

September 26, 2025

October 10, 2025

$0.5150

December 31, 2025

December 26, 2025

January 9, 2026

$0.5425

March 31, 2026

March 27, 2026

April 10, 2026

$0.5425

June 30, 2026

June 26, 2026

July 10, 2026

Exchanges

Subject to certain limitations, OP Unit holders can request an exchange of any or all of their OP Units for shares of common stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of common stock, cause the Operating Partnership to pay cash. There were 13,000 OP units exchanged for an equal amount of common stock during the quarter ended June 30, 2026 and 15,406 OP units exchanged for an equal amount of common stock during the six months ended June 30, 2026. There were 43,324 OP units exchanged for an equal amount of common stock during the quarter and six months ended June 30, 2025.

Equity Offering Program

On November 1, 2024, we entered into our current at-the-market (“ATM”) equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $700.0 million. As of June 30, 2026, the full capacity of our ATM equity offering program remained available for issuance.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Apr. 30, 2026	Dec. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated membership upgrade contract term			24 years
Restricted cash	$ 24,100		$ 24,100			$ 18,200
Notes receivable, net	31,003		31,003			93,358
Expenses related to removal and cleanup		$ 300	100	$ 1,100
Insurance recovery revenue accruals		200		800
Insurance recoveries	7,100	600	7,100	600
Hurricane Ian
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Offsetting insurance recovery	3,800	$ 2,200	3,800	$ 4,000
R V C
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset acquisition, voting equity interest acquired, percentage					20.00%
R V C
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notes receivable, net	$ 56,100		$ 56,100			$ 56,100
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessor operating lease term	1 month		1 month
Product subscription, term			2 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessor operating lease term	6 months		6 months
Product subscription, term			4 years

Borrowing Arrangements - Schedule of Fair Value of Mortgage Debt (Details) - Mortgage notes payable - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument
Carrying Value	$ 2,767,759	$ 2,800,866
Weighted average interest rate (percent)	3.77%	3.77%
Less: Deferred financing costs, net	$ (20,381)	$ (21,708)
Long-term Debt	2,747,378	2,779,158
Fair Value, Inputs, Level 2 \| Fair Value
Debt Instrument
Fair Value	$ 2,354,587	$ 2,404,789
Minimum
Debt Instrument
Stated interest rate (percent)	2.44%
Maximum
Debt Instrument
Stated interest rate (percent)	5.06%

Derivative Instruments and Hedging Activities - Schedule of Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest rate swaps - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Derivative
Amount of (gain)/loss recognized in OCI on derivative	$ (3,032)	$ 1,874	$ (5,306)	$ 2,782
Cash Flow Hedging \| Location, Statement of Income, Balance [Axis]: us-gaap:InterestExpenseDebt
Derivative
Amount of (gain)/loss reclassified from accumulated OCI into income	$ (76)	$ (810)	$ (198)	$ (1,531)

Equity Incentive Awards (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Grant Date Fair Value

The table below presents shares issued by the Company (grant date fair value amounts in thousands):


Plan	Award Date	Time-Based Awards	Performance Based Awards	Total Awards	Grant Date Fair Value
2024 Equity Incentive Plan	February 4, 2025	49,881	49,884	99,765	$	4,372
2024 Equity Incentive Plan	April 29, 2025	18,227	—	18,227	$	1,163
2024 Equity Incentive Plan	February 3, 2026	58,739	58,741	117,480	$	5,418
2024 Equity Incentive Plan	April 28, 2026	18,569	—	18,569	$	1,162

Schedule of Share-Based Compensation

The table below provides the amount of stock-based compensation expense reported in General and administrative expense in the Consolidated Statements of Income and Comprehensive Income:


	For the Quarters Ended June 30,				For the Six Months Ended June 30,
(amount in thousands)	2026		2025		2026		2025
Stock-Based Compensation Expense	$	2,187	$	1,812	$	4,335	$	3,583

Investment in Real Estate (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Net Assets Acquired

The following table summarizes the net assets recorded as part of the acquisitions as of April 30, 2026:


	(in thousands)
Land	16,487
Land improvements	55,432
Buildings and other depreciable property	31,350
Investment in real estate	$	103,269

Other assets, net	32
Net assets acquired	$	103,301

Investment in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) site joint_venture	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) site joint_venture	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Schedule of Equity Method Investments
Investment in unconsolidated joint ventures	$ 40,304		$ 40,304		$ 85,041
Number of Sites \| site	2,618		2,618
Equity in income/(loss) of unconsolidated joint ventures	$ 668	$ (47)	$ (209)	$ 4,854
Adjustment depreciation	900	1,500	2,400	2,800
Various \| R V C
Schedule of Equity Method Investments
Investment in unconsolidated joint ventures	$ 12,873		$ 12,873		56,638
Number of Sites \| site	203		203
Economic interest (percent)	80.00%		80.00%
Equity in income/(loss) of unconsolidated joint ventures	$ 412	(163)	$ (918)	(1,809)
Various \| Other
Schedule of Equity Method Investments
Investment in unconsolidated joint ventures	$ 27,431		$ 27,431		$ 28,403
Number of Sites \| site	2,415		2,415
Equity in income/(loss) of unconsolidated joint ventures	$ 256	$ 116	$ 709	$ 6,663
Various \| Other \| Minimum
Schedule of Equity Method Investments
Economic interest (percent)	49.00%		49.00%
Various \| Other \| Maximum
Schedule of Equity Method Investments
Economic interest (percent)	65.00%		65.00%
Various \| One Joint Venture
Schedule of Equity Method Investments
Number of Sites \| joint_venture	1		1
Various \| RV Community
Schedule of Equity Method Investments
Number of Sites \| joint_venture	1		1

Equity Incentive Awards - Narrative (Details) - 2024 Equity Incentive Plan - USD ($) $ in Thousands					3 Months Ended
	Apr. 28, 2026	Feb. 03, 2026	Apr. 29, 2025	Feb. 04, 2025	Jun. 30, 2026
Share-based Compensation Arrangement by Share-based Payment Award
Total Awards (in shares)	18,569	117,480	18,227	99,765
Time-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total Awards (in shares)	18,569	58,739	18,227	49,881
Grant Date Fair Value		$ 3,800		$ 3,200
Time-Based Awards \| Tranche One \| Installment One
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)					33.33%
Time-Based Awards \| Tranche One \| Installment Two
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)					33.33%
Time-Based Awards \| Tranche One \| Installment Three
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)					33.33%
Time-Based Awards \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Vested in period (in shares)		9,364		2,378
Time-Based Awards \| Tranche Two \| Installment One
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)					66.67%
Time-Based Awards \| Tranche Two \| Installment Two
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)					33.33%
Time-Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Total Awards (in shares)		49,375		47,503
Vesting period (in years)		3 years		3 years
Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total Awards (in shares)	0	58,741	0	49,884
Grant Date Fair Value	$ 1,162	$ 5,418	$ 1,163	$ 4,372
Shares issued (in shares)		25,822		17,418
Fair value of shares issued		$ 1,700		$ 1,100
Performance Based Awards \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Total Awards (in shares)				47,506
Vesting period (in years)		3 years		3 years
Vested in period (in shares)		49,376
Performance Based Awards \| Tranche One \| Installment One
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)					33.33%
Performance Based Awards \| Tranche One \| Installment Two
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)					33.33%
Performance Based Awards \| Tranche One \| Installment Three
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)					33.33%
Performance Based Awards \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Vested in period (in shares)		9,365		2,378
Performance Based Awards \| Tranche Two \| Installment One
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)					66.67%
Performance Based Awards \| Tranche Two \| Installment Two
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)					33.33%

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are involved in various legal and regulatory proceedings (“Proceedings”) arising in the ordinary course of business. The Proceedings include, but are not limited to, legal claims made by employees, vendors and customers, and notices, consent decrees, information requests, additional permit requirements and other similar enforcement actions by governmental agencies relating to our utility infrastructure, including water and wastewater treatment plants and other waste treatment facilities and electrical systems. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these Proceedings taken together do not represent a material liability. In addition, to the extent any such Proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor. Beginning on August 31, 2023 through December 4, 2023, certain private party plaintiffs filed several putative class actions in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc. (“Datacomp”) and several owner/operators of manufactured housing communities, including ELS (the “Datacomp Litigation”), alleging that the community owner/operators used JLT Market Reports produced by Datacomp to conspire to raise manufactured home lot rents in violation of Section 1 of the Sherman Act. ELS purchased Datacomp in connection with the MHVillage/Datacomp acquisition during the year ended December 31, 2021. On December 15, 2023, the plaintiffs filed an amended consolidated complaint captioned, In re Manufactured Home Lot Rents Antitrust Litigation, No. 1:23-cv-6715. Plaintiffs seek both injunctive relief and monetary damages, including attorneys’ fees. The defendants filed a motion to dismiss on January 29, 2024. On December 4, 2025, the Court granted defendants’ motion to dismiss without prejudice. On January 26, 2026, plaintiffs filed an amended complaint, and defendants filed a motion to dismiss on March 31, 2026. We believe that the Datacomp Litigation is without merit, and we intend to vigorously defend our interests in this matter. As of June 30, 2026, we have not made an accrual, as we are unable to predict the outcome of this matter or reasonably estimate any possible loss.

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - Interest rate swaps $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) instrument	Dec. 31, 2025 USD ($) instrument
Derivative
Number of Instruments \| instrument	7	7
Notional Amount \| $	$ 440	$ 440
Weighted average interest rate (percent)	4.81%	4.81%
Weighted Average Remaining Term (Years)	2 years 4 months 24 days	2 years 10 months 24 days

Reportable Segments - Schedule of Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Rental income	$ 330,430	$ 313,287	$ 669,476	$ 640,493
Other income	15,252	16,473	29,348	32,028
Total revenues	397,815	376,866	795,437	764,200
Expenses:
Real estate taxes	21,826	21,845	43,926	43,488
Membership sales and marketing	4,551	4,062	8,388	7,993
Annual membership subscriptions
Revenues:
Contract revenue	18,819	16,902	37,118	33,244
Membership upgrade revenue
Revenues:
Contract revenue	3,120	3,120	6,240	6,172
Property management
Expenses:
Cost of ancillary services	21,845	20,723	40,516	41,153
Operating Segments
Revenues:
Total revenues	390,426	372,580	784,083	755,658
Expenses:
Total expenses	205,010	197,939	391,081	382,369
NOI	185,416	174,641	393,002	373,289
Operating Segments \| Property Operations
Revenues:
Rental income	326,533	309,747	661,785	633,560
Other income	15,252	16,473	29,348	32,028
Total revenues	376,245	358,381	757,191	727,467
Expenses:
Utility expense	41,681	39,182	82,864	79,451
Payroll	32,936	31,815	61,376	60,086
Repairs and maintenance	30,849	29,495	55,274	52,384
Insurance and other	25,373	26,050	51,012	52,039
Real estate taxes	21,826	21,845	43,926	43,488
Membership sales and marketing	4,551	4,062	8,388	7,993
Ancillary operating expenses	5,772	5,567	11,025	10,431
Total expenses	191,551	184,916	365,327	357,647
NOI	184,694	173,465	391,864	369,820
Operating Segments \| Property Operations \| Annual membership subscriptions
Revenues:
Contract revenue	18,819	16,902	37,118	33,244
Operating Segments \| Property Operations \| Membership upgrade revenue
Revenues:
Contract revenue	3,120	3,120	6,240	6,172
Operating Segments \| Property Operations \| Gross revenues from ancillary services
Revenues:
Contract revenue	12,521	12,139	22,700	22,463
Expenses:
Cost of ancillary services	6,718	6,177	10,946	10,622
Operating Segments \| Property Operations \| Property management
Expenses:
Cost of ancillary services	21,845	20,723	40,516	41,153
Operating Segments \| Home Sales and Rentals Operations
Revenues:
Rental income	3,897	3,540	7,691	6,933
Total revenues	14,181	14,199	26,892	28,191
Expenses:
Rental home operating and maintenance	1,428	1,303	2,781	2,451
Home selling expenses	1,846	1,421	3,416	2,725
Total expenses	13,459	13,023	25,754	24,722
NOI	722	1,176	1,138	3,469
Operating Segments \| Home Sales and Rentals Operations \| Home sales and brokered resales
Revenues:
Contract revenue	10,284	10,659	19,201	21,258
Expenses:
Cost of ancillary services	$ 10,185	$ 10,299	$ 19,557	$ 19,546

Reportable Segments - Narrative (Details)	6 Months Ended
Reportable Segments - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Equity Incentive Awards

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Awards

Our 2024 Equity Incentive Plan (the “2024 Plan”) was adopted by the Board of Directors on February 6, 2024 and approved by our stockholders on April 30, 2024.

The table below presents shares issued by the Company (grant date fair value amounts in thousands):


Plan	Award Date	Time-Based Awards	Performance Based Awards	Total Awards	Grant Date Fair Value
2024 Equity Incentive Plan	February 4, 2025	49,881	49,884	99,765	$	4,372
2024 Equity Incentive Plan	April 29, 2025	18,227	—	18,227	$	1,163
2024 Equity Incentive Plan	February 3, 2026	58,739	58,741	117,480	$	5,418
2024 Equity Incentive Plan	April 28, 2026	18,569	—	18,569	$	1,162

For the shares awarded on February 4, 2025, 47,503 are time-based awards and vest in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, with the remaining 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027. These time-based awards have a grant date fair value of $3.2 million. The remaining 47,506 shares are performance-based awards and vest in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, subject to the achievement of performance goals, with the remaining 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027, subject to the achievement of performance goals. The 17,418 shares of restricted stock subject to 2025 performance goals have a grant date fair value of $1.1 million.

Time-based awards for the shares under the 2024 Plan granted on April 29, 2025 are subject to various vesting dates between October 29, 2025 and April 28, 2028.

For the shares awarded on February 3, 2026, 49,375 are time-based awards and vest in equal installments over a three-year period on February 2, 2027, February 1, 2028 and February 6, 2029, respectively, with a separate additional 9,364 shares vesting on February 2, 2027. These time-based awards have a grant date fair value of $3.8 million. The remaining 58,741 shares are performance based, with 49,376 of those shares vesting in equal installments over a three-year period on February 2, 2027, February 1, 2028 and February 6, 2029, respectively, subject to the achievement of performance goals, with a separate additional 9,365 shares vesting on February 2, 2027, subject to the achievement of performance goals. The 25,822 shares of restricted stock subject to 2026 performance goals have a grant date fair value of $1.7 million.

Time-based awards for the shares under the 2024 Plan granted on April 28, 2026 are subject to various vesting dates between October 28, 2026 and April 27, 2029.

The table below provides the amount of stock-based compensation expense reported in General and administrative expense in the Consolidated Statements of Income and Comprehensive Income:


	For the Quarters Ended June 30,				For the Six Months Ended June 30,
(amount in thousands)	2026		2025		2026		2025
Stock-Based Compensation Expense	$	2,187	$	1,812	$	4,335	$	3,583

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Jul. 22, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Commission File Number	1-11718
Entity Registrant Name	EQUITY LIFESTYLE PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	36-3857664
Entity Address, Street Name	Two North Riverside Plaza
Entity Address, Suite Number	Suite 800
Entity Address, City	Chicago,
Entity Address, State	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	279-1400
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	ELS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		194,064,619
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000895417
Current Fiscal Year End Date	--12-31

Equity Incentive Awards - Schedule of Grant Date Fair Value (Details) - 2024 Equity Incentive Plan - USD ($) $ in Thousands	Apr. 28, 2026	Feb. 03, 2026	Apr. 29, 2025	Feb. 04, 2025
Share-based Compensation Arrangement by Share-based Payment Award
Total Awards (in shares)	18,569	117,480	18,227	99,765
Time-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total Awards (in shares)	18,569	58,739	18,227	49,881
Grant Date Fair Value		$ 3,800		$ 3,200
Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award
Total Awards (in shares)	0	58,741	0	49,884
Grant Date Fair Value	$ 1,162	$ 5,418	$ 1,163	$ 4,372

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Equity Incentive Awards - Schedule of Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	$ 2,187	$ 1,812	$ 4,335	$ 3,583

Common Stock and Other Equity Related Transactions (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Dividends Declared

The following quarterly distributions have been declared and paid to Common Stockholders and the Operating Partnership unit (“OP Unit”) holders since January 1, 2025:

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$0.5150

March 31, 2025

March 28, 2025

April 11, 2025

$0.5150

June 30, 2025

June 27, 2025

July 11, 2025

$0.5150

September 30, 2025

September 26, 2025

October 10, 2025

$0.5150

December 31, 2025

December 26, 2025

January 9, 2026

$0.5425

March 31, 2026

March 27, 2026

April 10, 2026

$0.5425

June 30, 2026

June 26, 2026

July 10, 2026

Borrowing Arrangements - Schedule of Encumbered Properties (Details) $ in Thousands	Jun. 30, 2026 USD ($) property	Dec. 31, 2025 USD ($) property
Debt Instrument
Gross Carrying Value	$ 5,471,037	$ 5,340,370
Asset Pledged as Collateral
Debt Instrument
Gross Carrying Value	$ 3,304,614	$ 3,266,579
Mortgage notes payable
Debt Instrument
Number of Encumbered Properties \| property	112	112

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Equity LifeStyle Properties, Inc. (“ELS” or the “Company”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our”. We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. We provide our customers the opportunity to place manufactured homes and cottages, RVs and/or boats on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas (“Sites”) or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership. The Operating Partnership meets the criteria as a VIE, where we are the general partner and controlling owner of 96.8% as of June 30, 2026. The limited partners do not have substantive kick-out or participating rights. Our sole significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. Additionally, we have the power to direct the Operating Partnership’s activities and the obligation to absorb its losses or the right to receive its benefits. Accordingly, we are the primary beneficiary, and we have continued to consolidate the Operating Partnership.
Consolidation	Equity method of accounting is applied to entities in which ELS does not have a controlling interest but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings.
Revenue Recognition	Revenue Recognition Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Our MH Sites and annual RV and marina Sites are leased on an annual basis. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. Leases with our customers are accounted for as operating leases. Rental income is accounted for in accordance with Accounting Standards Codification (ASC) 842, Leases, and is recognized over the term of the respective lease or the length of a customer’s stay. We do not separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental revenue as we meet the practical expedient criteria to combine these lease and non-lease components. We account for and present rental revenue and utility recoveries as a single component under Rental income in the Consolidated Statements of Income and Comprehensive Income as the timing and pattern of transfer for rental revenue and the associated utility recoveries are the same. The change in allowance for credit losses related to the collectability of lease receivables is presented as a reduction to Rental income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Annual membership subscriptions and membership upgrades are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Upgraded memberships provide enhanced benefits for members in good standing, including longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties. Beginning in the first quarter of 2025, membership upgrade product offerings include two- to four-year term subscription products. Prior to the introduction of subscription-based upgrade products, membership upgrades required non-refundable upfront payments, with an option to finance the upfront payments. Beginning in the first quarter of 2025, upfront payment upgrade products and related financing options are no longer being offered by the Company, but members in good standing are entitled to enhanced benefits for as long as they choose to remain in the program. Membership subscriptions, including subscription-based membership upgrades, are presented within Annual membership subscriptions in the Consolidated Statements of Income and Comprehensive Income. Payments for membership subscriptions are deferred and recognized on a straight-line basis over the period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Non-refundable upfront payments on our legacy product offerings are recognized on a straight-line basis over 24 years and are presented within Membership upgrade revenue in the Consolidated Statements of Income and Comprehensive Income. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Revenue from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.
Restricted Cash	Restricted Cash As of June 30, 2026 and December 31, 2025, restricted cash consisted of $24.1 million and $18.2 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.
Fair Value of Financial Instruments	Fair Value of Financial Instruments We disclose the estimated fair value of our financial instruments according to a fair value hierarchy. The valuation hierarchy is based on the transparency of the lowest level of input that is significant to the valuation of an asset or a liability as of the measurement date. The three levels are defined as follows: Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying values of cash and restricted cash, accounts receivable and accounts payable approximate their fair market values due to the short-term nature of these instruments. The carrying value of notes receivable approximates the fair market value as the interest rates are generally comparable to current market rates. As of December 31, 2025, notes receivable included a $56.1 million term loan made to RVC Core, LLC, an equity method investment of the Company, which was secured by the underlying Properties within the joint venture. During the quarter ended June 30, 2026, the $56.1 million term loan was eliminated in consolidation upon the acquisition of the remaining 20% ownership interest in RVC Core, LLC. Refer to Note 5. Investment in Real Estate. The fair market value of mortgage notes payable, term loans and interest rate derivatives are measured with Level 2 inputs using quoted prices and observable inputs from similar liabilities as disclosed in Note 7. Borrowing Arrangements and Note 8. Derivative Instruments and Hedging Activities. We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions.
Allowance for Credit Losses	Allowance for Credit Losses We account for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for our financial assets, including receivables from tenants, receivables for annual membership subscriptions, notes receivable, contracts receivable and chattel loans, and present the net amount of the financial instrument expected to be collected. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions.
Insurance Recoveries	Insurance RecoveriesWe carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business interruption claims on all of our Properties. We record the estimated amount of expected insurance proceeds for property damage, clean-up costs and other losses incurred as an asset (typically a receivable from our insurance carriers) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the losses incurred and any amount of insurance recovery related to business interruption are considered a gain contingency and are recognized in the period in which the insurance proceeds are received.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

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+ Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Organization and Basis of Presentation (Details)	Jun. 30, 2026
Operating Partnership
Other Ownership Interests [Line Items]
Ownership interest (percent)	96.80%

Investment in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures

The following table summarizes our investments in unconsolidated joint ventures (investment and income/(loss) amounts in thousands):


	Investment as of
Investment	June 30, 2026		December 31, 2025
RVC (a)	$	12,873	$	56,638
Other (b)	27,431		28,403
	$	40,304	$	85,041


					Income/(Loss) for the Quarters Ended (d)				Income/(Loss) for the Six Months Ended (d)
Investment	Location	Number of Sites	Economic Interest (c)		June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
RVC (a)	Various	203	80	%	$	412	$	(163)	$	(918)	$	(1,809)
Other (b)	Various	2,415	49% to 65%		256		116		709		6,663
		2,618			$	668	$	(47)	$	(209)	$	4,854

_____________________

(a)As of June 30, 2026, our investment in RVC includes one joint venture that owns one RV community.

(b)Includes various other joint ventures.

(c)The percentages shown approximate our economic interest as of June 30, 2026. Our legal ownership interest may differ. We do not exercise control over these entities.

Approximately $0.6 million and $0.5 million of the distributions made to us exceeded our investment basis in joint ventures for the quarters ended June 30, 2026 and 2025, respectively, and as such, were recorded as income from unconsolidated joint ventures for the quarters ended June 30, 2026 and 2025.

Approximately $1.2 million and $7.3 million of the distributions made to us exceeded our investment basis in joint venture for the six months ended June 30, 2026 and 2025, respectively, and as such, were recorded as equity in income/(loss) of unconsolidated joint ventures for the six months ended June 30, 2026 and 2025.

Reportable Segments - Schedule of Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Segment Reporting
Operations revenues	$ 397,815	$ 376,866	$ 795,437	$ 764,200
Reconciliation to consolidated net income:
Depreciation and amortization	(53,637)	(52,649)	(106,773)	(103,591)
Income from other investments, net	15,252	16,473	29,348	32,028
General and administrative	(11,872)	(10,455)	(22,973)	(19,694)
Casualty-related charges/(recoveries), net	7,094	541	7,026	324
Interest and related amortization	(33,824)	(32,200)	(67,469)	(63,336)
Equity in income/(loss) of unconsolidated joint ventures	668	(47)	(209)	4,854
Consolidated net income	99,518	83,493	211,009	197,886
Total assets	5,800,675	5,720,883	5,800,675	5,720,883	$ 5,745,393
Capital improvements	64,174	59,458	109,459	104,659
Property Operations
Reconciliation to consolidated net income:
Total assets	5,493,537	5,465,841	5,493,537	5,465,841
Capital improvements	55,911	55,983	96,555	99,513
Home Sales and Rentals Operations
Reconciliation to consolidated net income:
Total assets	307,138	255,042	307,138	255,042
Capital improvements	8,263	3,475	12,904	5,146
Operating Segments
Segment Reporting
Operations revenues	390,426	372,580	784,083	755,658
Operations expenses	(205,010)	(197,939)	(391,081)	(382,369)
NOI	185,416	174,641	393,002	373,289
Reconciliation to consolidated net income:
Depreciation and amortization	(53,637)	(52,649)	(106,773)	(103,591)
Gain/(Loss) on sale of real estate and impairment, net	(507)	(683)	(507)	(683)
Operating Segments \| Property Operations
Segment Reporting
Operations revenues	376,245	358,381	757,191	727,467
Operations expenses	(191,551)	(184,916)	(365,327)	(357,647)
NOI	184,694	173,465	391,864	369,820
Reconciliation to consolidated net income:
Income from other investments, net	15,252	16,473	29,348	32,028
Operating Segments \| Home Sales and Rentals Operations
Segment Reporting
Operations revenues	14,181	14,199	26,892	28,191
Operations expenses	(13,459)	(13,023)	(25,754)	(24,722)
NOI	722	1,176	1,138	3,469
Segment Reconciling Items
Reconciliation to consolidated net income:
Interest income	1,580	2,202	3,771	4,440
Income from other investments, net	5,809	2,084	7,583	4,102
General and administrative	(11,872)	(10,455)	(22,973)	(19,694)
Casualty-related charges/(recoveries), net	7,094	541	7,026	324
Other expenses	(1,209)	59	(2,442)	(1,819)
Interest and related amortization	(33,824)	(32,200)	(67,469)	(63,336)
Equity in income/(loss) of unconsolidated joint ventures	$ 668	$ (47)	$ (209)	$ 4,854

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investment in real estate:
Land	$ 2,104,661	$ 2,088,174
Land improvements	4,927,773	4,784,223
Buildings and other depreciable property	1,380,544	1,306,317
Investment in real estate	8,412,978	8,178,714
Accumulated depreciation	(2,941,941)	(2,838,344)
Net investment in real estate	5,471,037	5,340,370
Cash and restricted cash	35,629	26,132
Notes receivable, net	31,003	93,358
Investment in unconsolidated joint ventures	40,304	85,041
Deferred commission expense	57,374	58,149
Other assets, net	165,328	142,343
Total Assets	5,800,675	5,745,393
Liabilities:
Mortgage notes payable, net	2,747,378	2,779,158
Term loans, net	437,863	437,455
Unsecured line of credit	127,500	105,000
Accounts payable and other liabilities	182,135	152,536
Deferred membership revenue	217,419	221,498
Accrued interest payable	10,889	11,333
Rents and other customer payments received in advance and security deposits	152,166	120,441
Distributions payable	108,720	103,146
Total Liabilities	3,984,070	3,930,567
Stockholders’ Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 193,972,195 and 193,835,561 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	1,988	1,988
Paid-in capital	1,984,545	1,981,540
Distributions in excess of accumulated earnings	(231,263)	(225,045)
Accumulated other comprehensive income/(loss)	2,900	(2,208)
Total Stockholders’ Equity	1,758,170	1,756,275
Non-controlling interests – Common OP Units	58,435	58,551
Total Equity	1,816,605	1,814,826
Total Liabilities and Equity	$ 5,800,675	$ 5,745,393

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Rental income	$ 330,430	$ 313,287	$ 669,476	$ 640,493
Other income	15,252	16,473	29,348	32,028
Interest income	1,580	2,202	3,771	4,440
Income from other investments, net	5,809	2,084	7,583	4,102
Total revenues	397,815	376,866	795,437	764,200
Expenses:
Property operating and maintenance	132,267	127,845	253,307	246,411
Real estate taxes	21,826	21,845	43,926	43,488
Membership sales and marketing	4,551	4,062	8,388	7,993
Depreciation and amortization	53,637	52,649	106,773	103,591
Home selling expenses and ancillary operating expenses	7,618	6,988	14,441	13,156
General and administrative	11,872	10,455	22,973	19,694
Casualty-related charges/(recoveries), net	(7,094)	(541)	(7,026)	(324)
Other expenses	1,209	(59)	2,442	1,819
Interest and related amortization	33,824	32,200	67,469	63,336
Total expenses	298,458	292,643	583,712	570,485
Income before other items	99,357	84,223	211,725	193,715
Gain /(Loss) on sale of real estate and impairment, net	(507)	(683)	(507)	(683)
Equity in income/(loss) of unconsolidated joint ventures	668	(47)	(209)	4,854
Consolidated net income	99,518	83,493	211,009	197,886
Income allocated to non-controlling interests – Common OP Units	(3,194)	(3,777)	(6,781)	(8,978)
Redeemable perpetual preferred stock dividends	(8)	(8)	(8)	(8)
Net income available for Common Stockholders	96,316	79,708	204,220	188,900
Consolidated net income	99,518	83,493	211,009	197,886
Other comprehensive income/(loss):
Adjustment for fair market value of swaps	2,956	(2,684)	5,108	(4,313)
Consolidated comprehensive income	102,474	80,809	216,117	193,573
Comprehensive income allocated to non-controlling interests – Common OP Units	(3,290)	(3,656)	(6,946)	(8,783)
Comprehensive income attributable to Common Stockholders	$ 99,176	$ 77,145	$ 209,163	$ 184,782
Earnings per Common Share – Basic (in usd per share)	$ 0.50	$ 0.42	$ 1.05	$ 0.99
Earnings per Common Share – Fully Diluted (in usd per share)	$ 0.50	$ 0.42	$ 1.05	$ 0.99
Weighted average Common Shares outstanding – Basic (in shares)	193,727	190,992	193,702	190,958
Weighted average Common Shares outstanding – Fully Diluted (in shares)	200,209	200,095	200,193	200,084
Annual membership subscriptions
Revenues:
Contract revenue	$ 18,819	$ 16,902	$ 37,118	$ 33,244
Membership upgrade revenue
Revenues:
Contract revenue	3,120	3,120	6,240	6,172
Gross revenues from home sales, brokered resales and ancillary services
Revenues:
Contract revenue	22,805	22,798	41,901	43,721
Expenses:
Cost of services	16,903	16,476	30,503	30,168
Property management
Expenses:
Cost of services	$ 21,845	$ 20,723	$ 40,516	$ 41,153

Deferred Revenue from Membership Upgrades and Deferred Commission Expense

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Deferred Revenue from Membership Upgrades and Deferred Commission Expense

The components of the change in Deferred revenue from membership upgrades and Deferred commission expense were as follows:


	As of June 30,
(amounts in thousands)	2026		2025
Deferred revenue, beginning	$	211,171	$	218,164
Deferred membership upgrade revenue	2,022		4,246
Revenue recognized from membership upgrades	(7,456)		(6,572)
Net increase (decrease) in deferred revenue	(5,434)		(2,326)
Deferred revenue, ending (1)	$	205,737	$	215,838

Deferred commission expense, beginning	$	58,149	$	56,516
Deferred commission expense	2,608		3,603
Commission expense recognized	(3,383)		(2,271)
Net increase (decrease) in deferred commission expense	(775)		1,332
Deferred commission expense, ending	$	57,374	$	57,848

_____________________

(1)Included in Deferred membership revenue on the Consolidated Balance Sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Borrowing Arrangements

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Borrowing Arrangements

Mortgage Notes Payable

The following table presents the carrying value, fair value and weighted average interest rates for our mortgage notes payable (amounts in thousands except percentages):


			As of June 30, 2026						As of December 31, 2025
	Stated Interest Rate	Maturity Date	Carrying Value		Fair Value		Weighted Average Interest Rate		Carrying Value		Fair Value		Weighted Average Interest Rate
Mortgage notes payable	2.44% to 5.06%	2028 to 2041	$	2,767,759	$	2,354,587	3.77	%	$	2,800,866	$	2,404,789	3.77	%
Less: Deferred financing costs, net			$	(20,381)					$	(21,708)
Mortgage notes payable, net			$	2,747,378					$	2,779,158

The following table presents the number of encumbered Properties and the gross carrying value of such Properties (gross carrying value in thousands):


	As of June 30, 2026			As of December 31, 2025
	Number of Encumbered Properties	Gross Carrying Value		Number of Encumbered Properties	Gross Carrying Value
Encumbered Properties	112	$	3,304,614	112	$	3,266,579

Unsecured Debt

The following table presents the carrying value, fair value and weighted average interest rates for our unsecured debt (amounts in thousands):


			As of June 30, 2026				As of December 31, 2025
	Stated Interest Rate	Maturity Date	Carrying Value (1)		Effective Interest Rate		Carrying Value (1)		Effective Interest Rate
$240.0 Million Term Loan (2)	SOFR + 1.20% to 1.70%	May 15, 2030	$	240,000	4.74	%	$	240,000	4.74	%
$200.0 Million Term Loan	SOFR + 0.10% + 1.20% to 1.70%	January 21, 2027	$	200,000	4.88	%	$	200,000	4.88	%
Line of Credit Borrowing (3)	SOFR + 0.10% + 1.25% to 1.65%	July 18, 2028	$	127,500	4.97	%	$	105,000	5.01	%
Less: Deferred financing costs, net			$	(2,137)			$	(2,545)
Total unsecured debt, net			$	565,363			$	542,455

_____________________

(1)Carrying value approximates fair value.

(2)During the year ended December 31, 2025, we entered into a $240.0 million unsecured term loan agreement (the “$240 million Term Loan”) and drew $150.0 million and $90.0 million in May 2025 and July 2025, respectively.

(3)As of June 30, 2026, our LOC had a remaining borrowing capacity of $372.4 million.

As of June 30, 2026, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share of common stock (“Common Share”):


	For the Quarters Ended June 30,				For the Six Months Ended June 30,
(amounts in thousands, except per share data)	2026		2025		2026		2025
Numerators:
Net income available for Common Stockholders – Basic	$	96,316	$	79,708	$	204,220	$	188,900
Amounts allocated to non-controlling interests (dilutive securities)	3,194		3,777		6,781		8,978
Net income available for Common Stockholders – Fully Diluted	$	99,510	$	83,485	$	211,001	$	197,878
Denominators:
Weighted average Common Shares outstanding – Basic	193,727		190,992		193,702		190,958
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	6,437		9,068		6,442		9,086
Stock options and restricted stock	45		35		49		40
Weighted average Common Shares outstanding and OP Units – Fully Diluted	200,209		200,095		200,193		200,084

Earnings per Common Share – Basic	$	0.50	$	0.42	$	1.05	$	0.99

Earnings per Common Share – Fully Diluted	$	0.50	$	0.42	$	1.05	$	0.99

Investment in Real Estate - Schedule of Net Assets Acquired (Details) - R V C $ in Thousands	Apr. 30, 2026 USD ($)
Asset Acquisition [Line Items]
Land	$ 16,487
Land improvements	55,432
Buildings and other depreciable property	31,350
Investment in real estate	103,269
Other assets, net	32
Net assets acquired	$ 103,301

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerators:
Net income available for Common Stockholders – Basic	$ 96,316	$ 79,708	$ 204,220	$ 188,900
Amounts allocated to non-controlling interests (dilutive securities)	3,194	3,777	6,781	8,978
Net income available for Common Stockholders – Fully Diluted	$ 99,510	$ 83,485	$ 211,001	$ 197,878
Denominators:
Weighted average Common Shares outstanding – Basic (in shares)	193,727	190,992	193,702	190,958
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares (in shares)	6,437	9,068	6,442	9,086
Stock options and restricted stock (in shares)	45	35	49	40
Weighted average Common Shares outstanding and OP Units – Fully Diluted (in shares)	200,209	200,095	200,193	200,084
Earnings per Common Share – Basic (in usd per share)	$ 0.50	$ 0.42	$ 1.05	$ 0.99
Earnings per Common Share – Fully Diluted (in usd per share)	$ 0.50	$ 0.42	$ 1.05	$ 0.99

Investment in Real Estate

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Investment in Real Estate

Acquisitions

On April 30, 2026, we acquired the remaining 20% ownership interests in certain RVC joint ventures for a purchase price of $4.4 million and capitalized transaction costs of $0.1 million. Following the acquisition, we own 100% of the ownership interests, and accordingly, consolidate the results of these joint ventures in the consolidated financial statements.

The acquired interests were accounted for as an asset acquisition, and we did not remeasure our previously held equity interests as of April 30, 2026. Total acquisition costs allocated of $103.3 million include our existing basis in the acquired RVC joint ventures of $42.5 million, cash consideration and capitalized transaction costs of $4.5 million and the $56.3 million term loan, inclusive of interest receivable, with RVC Core, LLC, which was eliminated upon consolidation. The acquired RVC joint ventures include seven RV properties and one land parcel.

The following table summarizes the net assets recorded as part of the acquisitions as of April 30, 2026:


	(in thousands)
Land	16,487
Land improvements	55,432
Buildings and other depreciable property	31,350
Investment in real estate	$	103,269

Other assets, net	32
Net assets acquired	$	103,301

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Equity LifeStyle Properties, Inc. (“ELS” or the “Company”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our”. We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. We provide our customers the opportunity to place manufactured homes and cottages, RVs and/or boats on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas (“Sites”) or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership. The Operating Partnership meets the criteria as a VIE, where we are the general partner and controlling owner of 96.8% as of June 30, 2026. The limited partners do not have substantive kick-out or participating rights. Our sole significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. Additionally, we have the power to direct the Operating Partnership’s activities and the obligation to absorb its losses or the right to receive its benefits. Accordingly, we are the primary beneficiary, and we have continued to consolidate the Operating Partnership. Equity method of accounting is applied to entities in which ELS does not have a controlling interest but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations for Quarterly Reports on Form 10-Q. Accordingly, they do not include all of the information and note disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025. Intercompany balances and transactions have been eliminated. All adjustments to the unaudited interim consolidated financial statements are of a normal, recurring nature and, in the opinion of management, are necessary for a fair presentation of results for these interim periods. Revenues and expenses are subject to seasonal fluctuations, and accordingly, quarterly interim results may not be indicative of full year results.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Consolidated net income	$ 211,009	$ 197,886
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
(Gain)/Loss on sale of real estate and impairment, net	507	683
Depreciation and amortization	109,092	106,044
Amortization of loan costs	2,659	2,481
Equity in (income)/loss of unconsolidated joint ventures	209	(4,854)
Distributions of income from unconsolidated joint ventures	211	147
Proceeds from insurance claims, net	(9,190)	(405)
Compensation expense related to incentive plans	4,335	5,009
Revenue recognized from membership upgrade sales upfront payments	(7,456)	(6,572)
Commission expense related to memberships sales	3,383	2,271
Changes in assets and liabilities:
Manufactured homes, net	(30,543)	(17,055)
Notes receivable, net	5,949	6,498
Deferred commission expense	(2,608)	(3,603)
Other assets, net	(8,469)	(2,880)
Accounts payable and other liabilities	30,772	8,123
Deferred membership revenue	3,377	5,346
Rents and other customer payments received in advance and security deposits	28,933	25,558
Net cash provided by operating activities	342,170	324,677
Cash Flows From Investing Activities:
Real estate acquisitions, net of cash acquired	(1,344)	0
Investment in unconsolidated joint ventures	(292)	(8,904)
Distributions of capital from unconsolidated joint ventures	2,127	8,389
Proceeds from insurance claims, net	0	4,411
Issuance of notes receivable	0	(56,110)
Capital improvements	(109,459)	(104,659)
Net cash used in investing activities	(108,968)	(156,873)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	978	747
Distributions:
Common Stockholders	(205,033)	(189,669)
Common OP Unitholders	(6,818)	(9,036)
Preferred Stockholders	(8)	(8)
Share based award tax withholding payments	(1,929)	(2,258)
Principal payments and mortgage debt repayment	(33,107)	(119,455)
Term loan proceeds	0	150,000
Line of credit repayment	(401,000)	(526,000)
Line of credit proceeds	423,500	539,000
Debt issuance and defeasance costs	0	(2,494)
Other	(288)	(199)
Net cash used in financing activities	(223,705)	(159,372)
Net increase (decrease) in cash and restricted cash	9,497	8,432
Cash and restricted cash, beginning of period	26,132	24,576
Cash and restricted cash, end of period	35,629	33,008
Supplemental Information:
Cash paid for interest, net	65,253	63,598
Cash paid for the purchase of manufactured homes	$ 46,945	$ 33,655

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	193,972,195	193,835,561
Common stock, shares outstanding (in shares)	193,972,195	193,835,561

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
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+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

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+ Details

Deferred Revenue from Membership Upgrades and Deferred Commission Expense (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Change in Deferred Revenue and Deferred Commissions

The components of the change in Deferred revenue from membership upgrades and Deferred commission expense were as follows:


	As of June 30,
(amounts in thousands)	2026		2025
Deferred revenue, beginning	$	211,171	$	218,164
Deferred membership upgrade revenue	2,022		4,246
Revenue recognized from membership upgrades	(7,456)		(6,572)
Net increase (decrease) in deferred revenue	(5,434)		(2,326)
Deferred revenue, ending (1)	$	205,737	$	215,838

Deferred commission expense, beginning	$	58,149	$	56,516
Deferred commission expense	2,608		3,603
Commission expense recognized	(3,383)		(2,271)
Net increase (decrease) in deferred commission expense	(775)		1,332
Deferred commission expense, ending	$	57,374	$	57,848

_____________________

(1)Included in Deferred membership revenue on the Consolidated Balance Sheets.

Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Fair Value of Mortgage Debt

The following table presents the carrying value, fair value and weighted average interest rates for our mortgage notes payable (amounts in thousands except percentages):


			As of June 30, 2026						As of December 31, 2025
	Stated Interest Rate	Maturity Date	Carrying Value		Fair Value		Weighted Average Interest Rate		Carrying Value		Fair Value		Weighted Average Interest Rate
Mortgage notes payable	2.44% to 5.06%	2028 to 2041	$	2,767,759	$	2,354,587	3.77	%	$	2,800,866	$	2,404,789	3.77	%
Less: Deferred financing costs, net			$	(20,381)					$	(21,708)
Mortgage notes payable, net			$	2,747,378					$	2,779,158

Schedule of Unsecured Debt

The following table presents the number of encumbered Properties and the gross carrying value of such Properties (gross carrying value in thousands):


	As of June 30, 2026			As of December 31, 2025
	Number of Encumbered Properties	Gross Carrying Value		Number of Encumbered Properties	Gross Carrying Value
Encumbered Properties	112	$	3,304,614	112	$	3,266,579

The following table presents the carrying value, fair value and weighted average interest rates for our unsecured debt (amounts in thousands):


			As of June 30, 2026				As of December 31, 2025
	Stated Interest Rate	Maturity Date	Carrying Value (1)		Effective Interest Rate		Carrying Value (1)		Effective Interest Rate
$240.0 Million Term Loan (2)	SOFR + 1.20% to 1.70%	May 15, 2030	$	240,000	4.74	%	$	240,000	4.74	%
$200.0 Million Term Loan	SOFR + 0.10% + 1.20% to 1.70%	January 21, 2027	$	200,000	4.88	%	$	200,000	4.88	%
Line of Credit Borrowing (3)	SOFR + 0.10% + 1.25% to 1.65%	July 18, 2028	$	127,500	4.97	%	$	105,000	5.01	%
Less: Deferred financing costs, net			$	(2,137)			$	(2,545)
Total unsecured debt, net			$	565,363			$	542,455

_____________________

(1)Carrying value approximates fair value.

(3)As of June 30, 2026, our LOC had a remaining borrowing capacity of $372.4 million.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Reportable Segments

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Reportable Segments

We have identified two reportable segments: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. Each segment is primarily evaluated based on Net Operating Income (“NOI”), which is defined as total operating revenues less total operating expenses. Segments are assessed before interest income and depreciation and amortization. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the total portfolio from regional economic influences.

All revenues were from external customers, and there is no customer who contributed 10% or more of our total revenues during the quarters or six months ended June 30, 2026 or 2025.

The following tables summarize our segment financial information:

Quarter Ended June 30, 2026


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	376,245	$	14,181	$	390,426
Operations expenses	(191,551)		(13,459)		(205,010)
NOI	184,694		722		185,416
Reconciliation to consolidated net income:
Depreciation and amortization					(53,637)
Gain/(Loss) on sale of real estate and impairment, net					(507)
Interest income					1,580
Income from other investments, net					5,809
General and administrative					(11,872)
Casualty-related (charges)/recoveries, net					7,094
Other expenses					(1,209)
Interest and related amortization					(33,824)

Equity in income/(loss) of unconsolidated joint ventures					668

Consolidated net income					$	99,518

Total assets	$	5,493,537	$	307,138	$	5,800,675
Capital improvements	$	55,911	$	8,263	$	64,174

Quarter Ended June 30, 2025


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	358,381	$	14,199	$	372,580
Operations expenses	(184,916)		(13,023)		(197,939)
NOI	173,465		1,176		174,641
Reconciliation to consolidated net income:
Depreciation and amortization					(52,649)
Gain/(Loss) on sale of real estate and impairment, net					(683)
Interest income					2,202
Income from other investments, net					2,084
General and administrative					(10,455)
Casualty-related (charges)/recoveries, net					541
Other expenses					59
Interest and related amortization					(32,200)

Equity in income/(loss) of unconsolidated joint ventures					(47)

Consolidated net income					$	83,493

Total assets	$	5,465,841	$	255,042	$	5,720,883
Capital improvements	$	55,983	$	3,475	$	59,458

Six Months Ended June 30, 2026



(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	757,191	$	26,892	$	784,083
Operations expenses	(365,327)		(25,754)		(391,081)
NOI	391,864		1,138		393,002
Reconciliation to consolidated net income:
Depreciation and amortization					(106,773)
Gain/(Loss) on sale of real estate and impairment, net					(507)
Interest income					3,771
Income from other investments, net					7,583
General and administrative					(22,973)
Casualty-related (charges)/recoveries, net					7,026
Other expenses					(2,442)
Interest and related amortization					(67,469)

Equity in income/(loss) of unconsolidated joint ventures					(209)

Consolidated net income					$	211,009

Total assets	$	5,493,537	$	307,138	$	5,800,675
Capital improvements	$	96,555	$	12,904	$	109,459

Six Months Ended June 30, 2025



(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	727,467	$	28,191	$	755,658
Operations expenses	(357,647)		(24,722)		(382,369)
NOI	369,820		3,469		373,289
Reconciliation to consolidated net income:
Depreciation and amortization					(103,591)
Gain/(Loss) on sale of real estate and impairment, net					(683)
Interest income					4,440
Income from other investments, net					4,102
General and administrative					(19,694)
Casualty-related (charges)/recoveries, net					324
Other expenses					(1,819)
Interest and related amortization					(63,336)

Equity in income/(loss) of unconsolidated joint ventures					4,854

Consolidated net income					$	197,886

Total assets	$	5,465,841	$	255,042	$	5,720,883
Capital improvements	$	99,513	$	5,146	$	104,659

The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2026 and 2025:


	Quarters Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2026		2025		2026		2025
Revenues:
Rental income	$	326,533	$	309,747	$	661,785	$	633,560
Annual membership subscriptions	18,819		16,902		37,118		33,244
Membership upgrade revenue	3,120		3,120		6,240		6,172
Other income	15,252		16,473		29,348		32,028
Gross revenues from ancillary services	12,521		12,139		22,700		22,463
Total property operations revenues	376,245		358,381		757,191		727,467
Expenses:
Utility expense	41,681		39,182		82,864		79,451
Payroll	32,936		31,815		61,376		60,086
Repairs and maintenance	30,849		29,495		55,274		52,384
Insurance and other	25,373		26,050		51,012		52,039
Real estate taxes	21,826		21,845		43,926		43,488
Membership sales and marketing	4,551		4,062		8,388		7,993
Cost of ancillary services	6,718		6,177		10,946		10,622
Ancillary operating expenses	5,772		5,567		11,025		10,431
Property management	21,845		20,723		40,516		41,153
Total property operations expenses	191,551		184,916		365,327		357,647
NOI	$	184,694	$	173,465	$	391,864	$	369,820

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2026 and 2025:


	Quarters Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2026		2025		2026		2025
Revenues:
Rental income (1)	$	3,897	$	3,540	$	7,691	$	6,933
Gross revenues from home sales and brokered resales	10,284		10,659		19,201		21,258
Total revenues	14,181		14,199		26,892		28,191
Expenses:
Rental home operating and maintenance	1,428		1,303		2,781		2,451
Cost of home sales and brokered resales	10,185		10,299		19,557		19,546
Home selling expenses	1,846		1,421		3,416		2,725
Total expenses	13,459		13,023		25,754		24,722
NOI	$	722	$	1,176	$	1,138	$	3,469

______________________

(1)Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations.

- Definition

The entire disclosure for segment reporting.

+ References

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-Topic 280
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+ Details

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents the terms of our derivative financial instruments (notional amounts in thousands):

As of June 30, 2026

Interest Rate Derivatives

Number of Instruments

Notional Amount

Weighted Average Interest Rate

Index

Weighted Average Remaining Term (Years)

Interest rate swaps

$440,000

4.81%

SOFR

2.4

As of December 31, 2025

Interest Rate Derivatives

Number of Instruments

Notional Amount

Weighted Average Interest Rate

Index

Weighted Average Remaining Term (Years)

Interest rate swaps

$440,000

4.81%

SOFR

2.9

Schedule of Fair Value of Derivative Financial Instruments

Our derivative financial instruments are classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our derivative financial instruments:


		As of June 30,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2026		2025
Interest rate swaps	Other assets, net	$	2,900	$	—
Interest rate swaps	Accounts payable and other liabilities	$	—	$	2,208

Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations


The following table presents the amount of (gain)/loss recognized in Other comprehensive income/(loss) on derivatives in the Consolidated Statements of Income and Comprehensive Income (in thousands):

Derivatives in Cash Flow Hedging Relationship		For the Quarters Ended June 30,				For the Six Months Ended June 30,
		2026		2025		2026		2025
Interest rate swaps		$	(3,032)	$	1,874	$	(5,306)	$	2,782


The following table presents the amount of (gain)/loss reclassified from Accumulated other comprehensive income/(loss) into income in the Consolidated Statements of Income and Comprehensive Income (in thousands):

Derivatives in Cash Flow Hedging Relationship	Location of (gain)/ loss reclassified from Accumulated OCI into income	For the Quarters Ended June 30,				For the Six Months Ended June 30,
		2026		2025		2026		2025
Interest rate swaps	Interest Expense	$	(76)	$	(810)	$	(198)	$	(1,531)

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Redeemable Perpetual Preferred Stock	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests – Common OP Units
Beginning balance at Dec. 31, 2024	$ 1,823,786	$ 1,962	$ 1,951,430	$ 0	$ (214,979)	$ 2,303	$ 83,070
Increase (Decrease) in Stockholders' Equity
Issuance of Common Stock through employee stock purchase plan	391		391
Compensation expenses related to restricted stock and stock options	1,771		1,771
Repurchase of Common Stock or Common OP Units	(2,258)		(2,258)
Adjustment for Common OP Unitholders in the Operating Partnership	0		118				(118)
Adjustment for fair market value of swaps	(1,629)					(1,629)
Consolidated net income	114,393				109,192		5,201
Distributions	(103,128)				(98,439)		(4,689)
Other	(61)		(61)
Ending balance at Mar. 31, 2025	1,833,265	1,962	1,951,391	0	(204,226)	674	83,464
Beginning balance at Dec. 31, 2024	1,823,786	1,962	1,951,430	0	(214,979)	2,303	83,070
Increase (Decrease) in Stockholders' Equity
Adjustment for fair market value of swaps	(4,313)
Ending balance at Jun. 30, 2025	1,812,952	1,962	1,953,854	0	(222,992)	(2,010)	82,138
Beginning balance at Mar. 31, 2025	1,833,265	1,962	1,951,391	0	(204,226)	674	83,464
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	(1)		396				(397)
Issuance of Common Stock through employee stock purchase plan	355		355
Compensation expenses related to restricted stock and stock options	1,812		1,812
Adjustment for Common OP Unitholders in the Operating Partnership	0		40				(40)
Adjustment for fair market value of swaps	(2,684)					(2,684)
Consolidated net income	83,493			8	79,708		3,777
Distributions	(103,148)			(8)	(98,474)		(4,666)
Other	(140)		(140)
Ending balance at Jun. 30, 2025	1,812,952	1,962	1,953,854	0	(222,992)	(2,010)	82,138
Beginning balance at Dec. 31, 2025	1,814,826	1,988	1,981,540	0	(225,045)	(2,208)	58,551
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0		22				(22)
Issuance of Common Stock through employee stock purchase plan	375		375
Compensation expenses related to restricted stock and stock options	2,148		2,148
Repurchase of Common Stock or Common OP Units	(1,929)		(1,929)
Adjustment for Common OP Unitholders in the Operating Partnership	0		(62)				62
Adjustment for fair market value of swaps	2,152					2,152
Consolidated net income	111,491				107,904		3,587
Distributions	(108,704)				(105,208)		(3,496)
Other	(70)		(70)
Ending balance at Mar. 31, 2026	1,820,289	1,988	1,982,024	0	(222,349)	(56)	58,682
Beginning balance at Dec. 31, 2025	1,814,826	1,988	1,981,540	0	(225,045)	(2,208)	58,551
Increase (Decrease) in Stockholders' Equity
Adjustment for fair market value of swaps	5,108
Ending balance at Jun. 30, 2026	1,816,605	1,988	1,984,545	0	(231,263)	2,900	58,435
Beginning balance at Mar. 31, 2026	1,820,289	1,988	1,982,024	0	(222,349)	(56)	58,682
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0		118				(118)
Issuance of Common Stock through employee stock purchase plan	602		602
Compensation expenses related to restricted stock and stock options	2,187		2,187
Adjustment for Common OP Unitholders in the Operating Partnership	0		(168)				168
Adjustment for fair market value of swaps	2,956					2,956
Consolidated net income	99,518			8	96,316		3,194
Distributions	(108,729)			(8)	(105,230)		(3,491)
Other	(218)		(218)
Ending balance at Jun. 30, 2026	$ 1,816,605	$ 1,988	$ 1,984,545	$ 0	$ (231,263)	$ 2,900	$ 58,435

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning	$ 19,432	$ 22,697	$ 20,064	$ 23,576
Provision for losses	1,820	1,809	3,696	3,501
Write-offs	(2,423)	(2,613)	(4,931)	(5,184)
Balance, ending	$ 18,829	$ 21,893	$ 18,829	$ 21,893

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Allowance for Credit Loss

Our allowance for credit losses was as follows:


	For the Quarters Ended June 30,				For the Six Months Ended June 30,
(amounts in thousands):	2026		2025		2026		2025
Balance, beginning	$	19,432	$	22,697	$	20,064	$	23,576

Provision for losses	1,820		1,809		3,696		3,501
Write-offs	(2,423)		(2,613)		(4,931)		(5,184)
Balance, ending	$	18,829	$	21,893	$	18,829	$	21,893