Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Rental income	$ 327,437	$ 314,468	$ 967,930	$ 931,854
Other income	15,220	16,440	47,248	48,186
Interest income	2,770	2,430	7,210	7,018
Income from other investments, net	1,972	2,192	6,074	6,860
Total revenues	393,314	387,256	1,157,514	1,153,843
Expenses:
Property operating and maintenance	133,243	129,010	379,654	369,898
Real estate taxes	20,585	20,731	64,073	61,617
Membership sales and marketing	4,199	6,448	12,192	17,871
Depreciation and amortization	52,313	50,934	155,904	153,386
Home selling expenses and ancillary operating expenses	7,186	7,336	20,342	20,955
General and administrative	8,791	9,274	28,485	30,248
Casualty-related charges/(recoveries), net	(3,748)	591	(4,072)	(20,422)
Other expenses	711	1,402	2,530	3,881
Early debt retirement	0	30	0	30
Interest and related amortization	33,659	36,497	96,995	106,077
Total expenses	294,690	304,469	865,175	874,520
Income before other items	98,624	82,787	292,339	279,323
Gain /(Loss) on sale of real estate and impairment, net	31	(1,798)	(652)	(1,798)
Equity in income/(loss) of unconsolidated joint ventures	1,708	5,874	6,562	6,736
Consolidated net income	100,363	86,863	298,249	284,261
Income allocated to non-controlling interests – Common OP Units	(3,233)	(4,042)	(12,211)	(13,230)
Redeemable perpetual preferred stock dividends	0	0	(8)	(8)
Net income available for Common Stockholders	97,130	82,821	286,030	271,023
Consolidated net income	100,363	86,863	298,249	284,261
Other comprehensive income/(loss):
Adjustment for fair market value of swap	(584)	(10,056)	(4,897)	(10,825)
Consolidated comprehensive income	99,779	76,807	293,352	273,436
Comprehensive income allocated to non-controlling interests – Common OP Units	(3,215)	(3,575)	(11,998)	(12,727)
Redeemable perpetual preferred stock dividends	0	0	8	8
Comprehensive income attributable to Common Stockholders	$ 96,564	$ 73,232	$ 281,346	$ 260,701
Earnings per Common Share – Basic (in usd per share)	$ 0.50	$ 0.44	$ 1.49	$ 1.45
Earnings per Common Share – Fully Diluted (in usd per share)	$ 0.50	$ 0.44	$ 1.49	$ 1.45
Weighted average Common Shares outstanding – Basic (in shares)	193,004	186,327	191,640	186,311
Weighted average Common Shares outstanding – Fully Diluted (in shares)	200,126	195,510	200,098	195,507
Annual membership subscriptions
Revenues:
Contract revenue	$ 17,868	$ 16,714	$ 51,112	$ 49,298
Membership upgrade revenue
Revenues:
Contract revenue	3,120	4,173	9,292	12,170
Gross revenues from home sales, brokered resales and ancillary services
Revenues:
Contract revenue	24,927	30,839	68,648	98,457
Expenses:
Cost of services	17,474	22,051	47,642	71,668
Property management
Expenses:
Cost of services	$ 20,277	$ 20,165	$ 61,430	$ 59,311

EQUITY LIFESTYLE PROPERTIES INC 10-Q