Item 2.02 Results of Operations and Financial Condition On January 30, 2023, Equity LifeStyle Properties, Inc. (referred to herein as "we," "us," and "our") issued a news release announcing our results of operations for the quarter and year ended December 31, 2022, and our first quarter and full year 2023 earnings guidance assumptions.

The news release is furnished as Exhibit 99.1 to this report on Form 8-K. The news release was also posted on our website, www.equitylifestyleproperties.com, on January 30, 2023.

Item 8.01 Other Events On January 26, 2023, our Board of Directors approved setting the annual dividend rate for 2023 at $1.79 per share of common stock, an increase of $0.15 over the current $1.64 per share of common stock for 2022. Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.

On January 24, 2023 we issued a news release announcing the tax treatment of our 2022 common stock distributions, which was posted on our website, www.equitylifestyleproperties.com.

In accordance with General Instruction B.2. of Form 8-K, the information included in Items 2.02 and 9.01 of this report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any registration statement filed by us under the Securities Act of 1933, as amended.

This report includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:



•our ability to control costs and real estate market conditions, our ability to
retain customers, the actual use of sites by customers and our success in
acquiring new customers at our properties (including those that we may acquire);
•our ability to maintain historical or increase future rental rates and
occupancy with respect to properties currently owned or that we may acquire;
•our ability to attract and retain customers entering, renewing and upgrading
membership subscriptions;
•our assumptions about rental and home sales markets;
•our assumptions and guidance concerning Net Income, FFO and Normalized FFO per
share data;
•our ability to manage counterparty risk;
•our ability to renew our insurance policies at existing rates and on consistent
terms;
•home sales results could be impacted by the ability of potential homebuyers to
sell their existing residences as well as by financial, credit and capital
markets volatility;
•results from home sales and occupancy will continue to be impacted by local
economic conditions, including an adequate supply of homes at reasonable costs,
lack of affordable manufactured home financing and competition from alternative
housing options including site-built single-family housing;
•impact of government intervention to stabilize site-built single-family housing
and not manufactured housing;
•effective integration of recent acquisitions and our estimates regarding the
future performance of recent acquisitions;
•the completion of future transactions in their entirety, if any, and timing and
effective integration with respect thereto;
•unanticipated costs or unforeseen liabilities associated with recent
acquisitions;
•the effect of Hurricane Ian on our business including, but not limited to the
following: (i) the timing and cost of recovery, (ii) the impact of the condition
of properties and homes on occupancy demand and related rent revenue and (iii)
the timing and amount of insurance proceeds;
•our ability to obtain financing or refinance existing debt on favorable terms
or at all;
•the effect of inflation and interest rates;
•the effect from any breach of our, or any of our vendors', data management
systems;
•the dilutive effects of issuing additional securities;
•the outcome of pending or future lawsuits or actions brought by or against us,
including those disclosed in our filings with the Securities and Exchange
Commission; and
•other risks indicated from time to time in our filings with the Securities and
Exchange Commission.

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Our guidance acknowledges the existence of volatile economic conditions, which may impact our current guidance assumptions. Factors impacting 2023 guidance include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment; (ix) our ability to integrate and operate recent acquisitions in accordance with our estimates; (x) our ability to execute expansion/development opportunities in the face of supply chain delays/shortages; (xi) completion of pending transactions in their entirety and on assumed schedule; (xii) our ability to attract and retain property employees, particularly seasonal employees; (xiii) ongoing legal matters and related fees; and (xiv) costs to restore property operations and potential revenue losses following storms or other unplanned events. In addition, these forward-looking statements, including our 2023 guidance are subject to risks related to the COVID-19 pandemic, many of which are unknown, including the duration of the pandemic, the extent of the adverse health impact on the general population and on our residents, customers and employees in particular, its impact on the employment rate and the economy, the extent and impact of governmental responses and the impact of operational changes we have implemented and may implement in response to the pandemic.

For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" section in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.

These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.

We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 448 properties located predominantly in the United States consisting of 170,965 sites as of January 30, 2023. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The information contained in the attached exhibit is unaudited and should be read in conjunction with the Registrant's annual and quarterly reports filed with the Securities and Exchange Commission.

99.1 Equity LifeStyle Properties, Inc. press release dated January 30, 2023, "ELS Reports Fourth Quarter Results" 104 Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)

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