Item 2.02 Results of Operations and Financial Condition

On April 20, 2020, Equity LifeStyle Properties, Inc. (referred to herein as "we," "us," and "our") issued a news release announcing our results of operations for the three months ended March 31, 2020.

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 April 20, 2020.

Item 7.01 Regulation FD Disclosure

Given the uncertainty surrounding the economic impact of the COVID-19 pandemic and the impact of operational changes we have and may implement in response to the pandemic, we are withdrawing our full year 2020 guidance, which was included in our January 27, 2020 earnings release.

In accordance with General Instruction B.2. of Form 8-K, the information included in Items 2.02, 7.01 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 Equity Lifestyle Properties, Inc. 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 ability to manage counterparty risk;




•         our ability to renew our insurance policies at existing rates and on
          consistent terms;


•         in the age-qualified properties, home sales results could be impacted
          by the ability of potential home buyers 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, 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;


•         ability to obtain financing or refinance existing debt on favorable
          terms or at all;

• the effect of 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 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.

In addition, these forward-looking statements 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 may implement in response to the pandemic.

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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 "Risk Factors" 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 and operator of lifestyle-oriented properties and own or have an interest in 413 quality properties in 33 states and British Columbia consisting of 156,655 sites. 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 April 20, 2020, "ELS Reports First Quarter Results" 104 Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)

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