Equity Lifestyle Properties (ELS): what its 10-K says it depends on

Suppliers

Manufactured home suppliers

depends onnamed as a risk

our ability to obtain an adequate supply of homes at reasonable costs from MH suppliers;Risk factors (Item 1A)

Partners and platforms

Fannie Mae and Freddie Mac

depends onnamed as a risk

Additionally, disruptions in capital and credit markets, as well as changes in government regulation, may lead to changes at Fannie Mae and Freddie Mac, that could impact both the capacity and liquidity of lenders, resulting in financing terms that are less attractive to us and/or the unavailability of certain types of debt financing.Risk factors (Item 1A)

Also named by ICE, JOE, RF, SOFI, WTM, WY

Other companies

Ground leases

depends on · 14 Propertiesnamed as a risk

As of December 31, 2025, we had 14 Properties in our portfolio subject to ground lease agreements for land.Risk factors (Item 1A)

Also named by CCI, VICI

Thousand Trails

earns from

Properties operated under the Thousand Trails brand are primarily utilized to serve subscription members.Business (Item 1)

Places

Florida

concentrated in · 45.7% of our total property operating revenuenamed as a risk

As we have a large concentration of Properties in certain markets, most notably Florida, Northeast, California and Arizona, which comprised 45.7%, 11.1%, 10.2% and 10.9%, respectively, of our total property operating revenue for the year ended December 31, 2025, adverse market and economic conditions in these areas could significantly affect factors, such as occupancy and rental rates and could have a significant impact on our financial condition, results of operations, cash flows and ability to make distributions.Risk factors (Item 1A)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

California

concentrated in · 10.2%named as a risk

As we have a large concentration of Properties in certain markets, most notably Florida, Northeast, California and Arizona, which comprised 45.7%, 11.1%, 10.2% and 10.9%, respectively, of our total property operating revenue for the year ended December 31, 2025, adverse market and economic conditions in these areas could significantly affect factors, such as occupancy and rental rates and could have a significant impact on our financial condition, results of operations, cash flows and ability to make distributions.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Arizona

concentrated in · 10.9%named as a risk

As we have a large concentration of Properties in certain markets, most notably Florida, Northeast, California and Arizona, which comprised 45.7%, 11.1%, 10.2% and 10.9%, respectively, of our total property operating revenue for the year ended December 31, 2025, adverse market and economic conditions in these areas could significantly affect factors, such as occupancy and rental rates and could have a significant impact on our financial condition, results of operations, cash flows and ability to make distributions.Risk factors (Item 1A)

Also named by ABR, AMKR, AXON, BBSI, BRK/B, DJCO, ENSG, GDDY and 5 more

Northeast United States

concentrated in · 11.1%named as a risk

As we have a large concentration of Properties in certain markets, most notably Florida, Northeast, California and Arizona, which comprised 45.7%, 11.1%, 10.2% and 10.9%, respectively, of our total property operating revenue for the year ended December 31, 2025, adverse market and economic conditions in these areas could significantly affect factors, such as occupancy and rental rates and could have a significant impact on our financial condition, results of operations, cash flows and ability to make distributions.Risk factors (Item 1A)

Also named by COF, MUSA, NEE, TRV

Delaware

subject tonamed as a risk

For example, Florida law requires that rental increases be reasonable and Delaware law requires rental increases greater than the changes in the CPI to be justified.Business (Item 1)

British Columbia

operates in

We are one of the nation’s largest real estate networks with a portfolio of 453 Properties (including joint venture Properties) consisting of 173,371 Sites located throughout 35 states in the U.S. and British Columbia in Canada as of December 31, 2025.Business (Item 1)

Also named by ET, MUR, SUN, SUNC

Hazards

Hurricanes

concentrated in · 139 Properties and 19 marinas located in Floridanamed as a risk

As of December 31, 2025, we owned or had an ownership interest in 453 Properties, including 139 Properties and 19 marinas located in Florida and 49 Properties located in California.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

California earthquakes

$25.0 million aggregate loss limitnamed as a risk

The loss limit is subject to additional sub-limits as set forth in the policy form, including, among others, a $25.0 million aggregate loss limit for earthquake(s) in California.Business (Item 1)

Also named by AMD, DXCM, KLAC, ONTO, SNPS

Named windstorms

approximately $75.0 million of coverage per occurrencenamed as a risk

We have a $125.0 million per occurrence limit with respect to our MH and RV all-risk property insurance program, which includes approximately $75.0 million of coverage per occurrence for named windstorms, which include, for example, hurricanes.Business (Item 1)

Commodities and inputs

SOFR

exposed to its price · $105.0 million, or 3.14%named as a risk

Our line of credit bears interest at a rate of SOFR plus 0.10% plus 1.25% to 1.65%.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Canadian dollar

exposed to its pricenamed as a risk

fluctuations in the exchange rate of the U.S. dollar to other currencies, primarily the Canadian dollar due to Canadian customers, who frequently visit our southern Properties;Risk factors (Item 1A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

Regulators

Federal Housing Finance Agency (FHFA)

subject to

While the FHFA and the current programs may have a positive impact on the ability of our customers to obtain chattel loan financing, the impact on us as well as the industry cannot be determined at this time.Business (Item 1)

Also named by ABR, AGNC, DHI, DX, FICO, NLY, RITM, RKT and 1 more

Laws and programs

Florida Statutes Chapter 723

subject to · approximately 38% of total sites and 46% of total property operating revenues

In Florida, which represents approximately 38% of total sites and 46% of total property operating revenues, in connection with offering a Site in a MH community for rent, the MH community owner must deliver to the prospective resident a prospectus required by Florida Statutes Chapter 723.011, which must first be approved by the state’s regulatory agency.Business (Item 1)

Americans with Disabilities Act

subject tonamed as a risk

We may incur costs to make our websites ADA compliant or face litigation if they are not compliant.Risk factors (Item 1A)

Also named by AMT, CMG, DRI, HHH, HLT, LLYVA, LYV, PLD and 3 more

Clean Water Act

subject tonamed as a risk

Moreover, certain of our marinas are located on waterways that are subject to federal laws, including the Clean Water Act and the Oil Pollution Act, as well as analogous state laws regulating navigable waters, oil pollution, adverse impacts to fish and wildlife, and other matters.Risk factors (Item 1A)

Also named by CLH, CNX, CTAS, DC, EQT, HL, STLD, WTTR and 2 more

Dodd-Frank Wall Street Reform and Consumer Protection Act

subject tonamed as a risk

These requirements make it more difficult for homeowners to obtain affordable financing to obtain loans to purchase manufactured homes or RVs.Risk factors (Item 1A)

Also named by BAM, CAT, CME, FISV, FNF, LEN, SPGI, TROW and 1 more

REIT qualification under the Internal Revenue Code

subject tonamed as a risk

In particular, the proper U.S. federal income tax treatment of right-to-use membership contracts and rental income from certain short-term stays at RV communities is uncertain and there is no assurance that the IRS will agree with our treatment of such contracts or rental income.Risk factors (Item 1A)

Also named by ARE, DX, UDR, VICI

Oil Pollution Act

subject tonamed as a risk

For example, under the Oil Pollution Act, owners and operators of vessels and onshore facilities may be subject to liability for removal costs and damages arising from an oil spill in waters of the United States.Risk factors (Item 1A)

Also named by MUR

State and local rent control laws

subject tonamed as a risk

Certain of our Properties are subject to state and local rent control regulations that dictate rent increases and our ability to recover increases in operating expenses and the costs of capital improvements.Risk factors (Item 1A)

Campground membership laws

subject tonamed as a risk

In some states, including California, Oregon and Washington, laws place limitations on the ability of the owner of a campground property to close the property unless the customers at the property receive access to a comparable property.Risk factors (Item 1A)

SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act)

subject tonamed as a risk

The Secure and Fair Enforcement for Mortgage Licensing Act requires community owners interested in providing financing for customer purchases of manufactured homes to register as mortgage loan originators in states where they engage in such financing.Risk factors (Item 1A)

HUD manufactured housing construction standards

subject to

The Department of Housing and Urban Development’s (“HUD”) standards for manufactured housing construction quality are the only federal standards governing housing quality of any type in the United States.Business (Item 1)