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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________ 
FORM 10-Q
_________________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission file number: 1-11718
_________________________________________________________ 
EQUITY LIFESTYLE PROPERTIES, INC.
(Exact Name of Registrant as Specified in Its Charter)
_________________________________________________________
Maryland36-3857664
(State or other jurisdiction of incorporation)(IRS Employer Identification Number)
Two North Riverside Plaza, Suite 800Chicago,Illinois60606
(Address of Principal Executive Offices)(Zip Code)

(312) 279-1400
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueELSNew York Stock Exchange
_________________________________________________________ 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ☐    No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 186,111,005 shares of Common Stock as of October 18, 2022.




Equity LifeStyle Properties, Inc.
Table of Contents
 
  Page
Item 1.Financial Statements (unaudited)
Index To Financial Statements
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2



Part I – Financial Information

Item 1. Financial Statements

Equity LifeStyle Properties, Inc.
Consolidated Balance Sheets
(amounts in thousands, except share and per share data)
September 30, 2022December 31, 2021
(unaudited)
Assets
Investment in real estate:
Land$2,080,234 $2,019,787 
Land improvements4,050,685 3,912,062 
Buildings and other depreciable property1,137,297 1,057,215 
7,268,216 6,989,064 
Accumulated depreciation(2,211,405)(2,103,774)
Net investment in real estate5,056,811 4,885,290 
Cash and restricted cash30,510 123,398 
Notes receivable, net44,653 39,955 
Investment in unconsolidated joint ventures88,352 70,312 
Deferred commission expense50,029 47,349 
Other assets, net135,091 141,567 
Total Assets$5,405,446 $5,307,871 
Liabilities and Equity
Liabilities:
Mortgage notes payable, net$2,708,751 $2,627,783 
Term loan, net496,595 297,436 
Unsecured line of credit94,984 349,000 
Accounts payable and other liabilities184,771 172,285 
Deferred membership revenue195,290 176,439 
Accrued interest payable10,317 9,293 
Rents and other customer payments received in advance and security deposits115,035 118,696 
Distributions payable80,314 70,768 
Total Liabilities3,886,057 3,821,700 
Equity:
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 2022 and December 31, 2021; none issued and outstanding.
  
Common stock, $0.01 par value, 600,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 186,108,851 and 185,640,379 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively.
1,916 1,913 
Paid-in capital1,625,751 1,593,362 
Distributions in excess of accumulated earnings(200,969)(183,689)
Accumulated other comprehensive income20,476 3,524 
Total Stockholders’ Equity1,447,174 1,415,110 
Non-controlling interests – Common OP Units72,215 71,061 
Total Equity1,519,389 1,486,171 
Total Liabilities and Equity$5,405,446 $5,307,871 









The accompanying notes are an integral part of the consolidated financial statements.
3


Equity LifeStyle Properties, Inc.
Consolidated Statements of Income and Comprehensive Income
(amounts in thousands, except per share data)
(unaudited)
 Quarters Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenues:
Rental income$289,016 $269,573 $849,411 $774,293 
Annual membership subscriptions16,254 15,127 47,003 43,048 
Membership upgrade sales current period, gross11,085 10,122 27,771 29,343 
Membership upgrade sales upfront payments, deferred, net(7,777)(7,253)(18,228)(21,134)
Other income15,580 12,053 43,316 36,759 
Gross revenues from home sales, brokered resales and ancillary services52,547 44,570 144,937 110,048 
Interest income1,865 1,805 5,346 5,314 
Income from other investments, net2,399 1,238 6,920 3,396 
Total revenues380,969 347,235 1,106,476 981,067 
Expenses:
Property operating and maintenance123,181 109,164 341,480 300,700 
Real estate taxes17,734 18,408 56,373 54,154 
Sales and marketing, gross7,143 6,513 18,466 18,987 
Membership sales commissions, deferred, net(1,206)(1,468)(2,746)(4,405)
Property management19,003 17,015 55,973 48,955 
Depreciation and amortization52,547 44,414 152,737 138,127 
Cost of home sales, brokered resales and ancillary services40,224 34,830 111,894 85,541 
Home selling expenses and ancillary operating expenses7,080 6,558 21,146 17,588 
General and administrative11,086 10,401 35,078 31,141 
Other expenses1,627 797 6,636 2,295 
Early debt retirement  1,156 2,784 
Interest and related amortization29,759 27,361 85,276 80,767 
Total expenses308,178 273,993 883,469 776,634 
Loss on sale of real estate and impairment, net (3,747) (3,747)(59)
Income before equity in income of unconsolidated joint ventures69,044 73,242 219,260 204,374 
Equity in income of unconsolidated joint ventures1,465 851 2,889 2,786 
Consolidated net income70,509 74,093 222,149 207,160 
Income allocated to non-controlling interests – Common OP Units(3,346)(3,468)(10,563)(10,236)
Redeemable perpetual preferred stock dividends  (8)(8)
Net income available for Common Stockholders$67,163 $70,625 $211,578 $196,916 
Consolidated net income$70,509 $74,093 $222,149 $207,160 
Other comprehensive income (loss):
Adjustment for fair market value of swap4,235 86 16,952 325 
Consolidated comprehensive income74,744 74,179 239,101 207,485 
Comprehensive income allocated to non-controlling interests – Common OP Units(3,547)(3,472)(11,370)(10,253)
Redeemable perpetual preferred stock dividends  (8)(8)
Comprehensive income attributable to Common Stockholders$71,197 $70,707 $227,723 $197,224 
Earnings per Common Share – Basic$0.36 $0.38 $1.14 $1.08 
Earnings per Common Share – Fully Diluted$0.36 $0.38 $1.14 $1.08 
Weighted average Common Shares outstanding – Basic185,814 183,469 185,758 182,590 
Weighted average Common Shares outstanding – Fully Diluted195,269 192,736 195,248 192,689 
The accompanying notes are an integral part of the consolidated financial statements.
4


Equity LifeStyle Properties, Inc.
Consolidated Statements of Changes in Equity
(amounts in thousands)
(unaudited)
Common StockPaid-in CapitalRedeemable Perpetual Preferred StockDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling Interests – Common OP UnitsTotal Equity
Balance as of December 31, 2021$1,913 $1,593,362 $ $(183,689)$3,524 $71,061 $1,486,171 
Exchange of Common OP Units for Common Stock— 67 — — — (67) 
Issuance of Common Stock through employee stock purchase plan— 513 — — — — 513 
Issuance of Common Stock3 28,367 — — — 28,370 
Compensation expenses related to restricted stock and stock options— 2,590 — — — — 2,590 
Repurchase of Common Stock or Common OP Units— (3,449)— — — — (3,449)
Adjustment for Common OP Unitholders in the Operating Partnership— (1,641)— — — 1,641  
Adjustment for fair market value of swap— — — — 9,924 — 9,924 
Consolidated net income— — — 82,906 — 4,144 87,050 
Distributions— — — (76,375)— (3,812)(80,187)
Other— (645)— — — — (645)
Balance as of March 31, 20221,916 1,619,164  (177,158)13,448 72,967 1,530,337 
Issuance of Common Stock through employee stock purchase plan— 1,388 — — — — 1,388 
Compensation expenses related to restricted stock and stock options— 2,681 — — — — 2,681 
Adjustment for Common OP Unitholders in the Operating Partnership— (303)— — — 303  
Adjustment for fair market value of swap— — — — 2,793 — 2,793 
Consolidated net income— — 8 61,509 — 3,073 64,590 
Distributions— — (8)(76,179)— (3,812)(79,999)
Other— (54)— — — — (54)
Balance as of June 30, 20221,916 1,622,876  (191,828)16,241 72,531 1,521,736 
Exchange of Common OP Units for Common Stock 203 — — — (203) 
Issuance of Common Stock through employee stock purchase plan— 458 — — — — 458 
Compensation expenses related to restricted stock and stock options— 2,654 — — — — 2,654 
Adjustment for Common OP Unitholders in the Operating Partnership— (342)— — — 342  
Adjustment for fair market value of swap— — — — 4,235 — 4,235 
Consolidated net income— —  67,164  3,346 70,510 
Distributions— —  (76,305)— (3,801)(80,106)
Other— (98)— — — — (98)
Balance as of September 30, 2022$1,916 $1,625,751 $ $(200,969)$20,476 $72,215 $1,519,389 














5


Equity LifeStyle Properties, Inc.
Consolidated Statements of Changes in Equity
(amounts in thousands)
(unaudited)
Common StockPaid-in CapitalRedeemable Perpetual Preferred StockDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling interests – Common OP UnitsTotal Equity
Balance as of December 31, 2020$1,813 $1,411,397 $ $(179,523)$ $71,068 $1,304,755 
Exchange of Common OP Units for Common Stock— 58 — — — (58) 
Issuance of Common Stock through employee stock purchase plan— 732 — — — — 732 
Compensation expenses related to restricted stock and stock options— 2,556 — — — — 2,556 
Repurchase of Common Stock or Common OP Units— (2,814)— — — — (2,814)
Adjustment for fair market value of swap— — — — 129 — 129 
Consolidated net income— — — 65,240 — 3,747 68,987 
Distributions— — — (66,087)— (3,796)(69,883)
Other— (116)— — — — (116)
Balance as of March 31, 20211,813 1,411,813  (180,370)129 70,961 1,304,346 
Exchange of Common OP Units for Common Stock14 9,310 — — — (9,324) 
Issuance of Common Stock through employee stock purchase plan— 605 — — — — 605 
Compensation expenses related to restricted stock and stock options— 2,821 — — — — 2,821 
Adjustment for Common OP Unitholders in the Operating Partnership— (143)— — — 143  
Adjustment for fair market value of swap— — — — 110 — 110 
Consolidated net income— — 8 61,051 — 3,021 64,080 
Distributions— — (8)(66,611)— (3,296)(69,915)
Other— (56)— — — — (56)
Balance as of June 30, 20211,827 1,424,350  (185,930)239 61,505 1,301,991 
Exchange of Common OP Units for Common Stock1 438 — — — (439) 
Issuance of Common Stock through employee stock purchase plan— 379 — — — — 379 
Compensation expenses related to restricted stock and stock options— 2,774 — — — — 2,774 
Adjustment for Common OP Unitholders in the Operating Partnership— (142)— — — 142  
Adjustment for fair market value of swap— — — — 86 — 86 
Consolidated net income— — — 70,625 — 3,468 74,093 
Distributions— — — (66,636)— (3,272)(69,908)
Other— (193)— — — — (193)
Balance as of September 30, 2021$1,828 $1,427,606 $ $(181,941)$325 $61,404 $1,309,222 
.










The accompanying notes are an integral part of the consolidated financial statements.
6


Equity LifeStyle Properties, Inc.
Consolidated Statements of Cash Flows
(amounts in thousands)
(unaudited)
Nine Months Ended September 30,
20222021
Cash Flows From Operating Activities:
Consolidated net income$222,149 $207,160 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Loss on sale of real estate and impairment, net3,747 59 
Early debt retirement1,156 2,784 
Depreciation and amortization156,074 140,336 
Amortization of loan costs3,631 3,505 
Debt premium amortization(145)(243)
Equity in income of unconsolidated joint ventures(2,889)(2,786)
Distributions of income from unconsolidated joint ventures340 52 
Proceeds from insurance claims, net(457)589 
Compensation expense related to incentive plans5,367 9,434 
Revenue recognized from membership upgrade sales upfront payments(9,544)(8,208)
Commission expense recognized related to membership sales3,089 2,843 
Changes in assets and liabilities:
Notes receivable, net(3,954)(4,129)
Deferred commission expense(5,769)(7,119)
Other assets, net75,428 24,616 
Accounts payable and other liabilities15,475 47,520 
Deferred membership revenue28,080 30,738 
Rents and other customer payments received in advance and security deposits(3,957)6,456 
Net cash provided by operating activities487,821 453,607 
Cash Flows From Investing Activities:
Real estate acquisitions, net(119,255)(477,785)
Proceeds from disposition of properties, net (7)
Investment in unconsolidated joint ventures(16,022)(493)
Distributions of capital from unconsolidated joint ventures3,602 2,320 
Proceeds from insurance claims1,405 2,048 
Capital improvements(268,614)(204,037)
Net cash used in investing activities(398,884)(677,954)
























The accompanying notes are an integral part of the consolidated financial statements.
7



Equity LifeStyle Properties, Inc.
Consolidated Statements of Cash Flows (continued)
(amounts in thousands)
(unaudited)
Nine Months Ended September 30,
20222021
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan2,359 1,717 
Gross proceeds from the issuance of common stock28,370  
Distributions:
Common Stockholders(219,854)(195,112)
Common OP Unitholders(10,997)(10,681)
Preferred Stockholders(8)(8)
Share based award tax withholding payments(3,449)(2,814)
Principal payments and mortgage debt repayment(119,608)(108,968)
Mortgage notes payable financing proceeds200,000 270,016 
Term loan repayment (300,000)
Term loan proceeds200,000 600,000 
Line of Credit repayment(495,016)(379,500)
Line of Credit proceeds241,000 377,500 
Debt issuance and defeasance costs(3,826)(11,225)
Other(796)(366)
Net cash (used in) provided by financing activities(181,825)240,559 
Net (decrease) increase in cash and restricted cash(92,888)16,212 
Cash and restricted cash, beginning of year123,398 24,060 
Cash and restricted cash, end of period$30,510 $40,272 

Nine Months Ended September 30,
20222021
Supplemental Information:
Cash paid for interest, net$82,368 $77,377 
Net investment in real estate – reclassification of rental homes$75,726 $55,355 
Other assets, net – reclassification of rental homes$(75,726)$(55,355)
Real estate acquisitions:
Investment in real estate$(119,796)$(494,342)
Notes receivable, net(772) 
Other assets, net (2,815)
Deferred revenue - sale of right-to-use contracts315  
Accrued expenses and accounts payable 8,432 
Other liabilities702  
Rents and other customer payments received in advance and security deposits296 10,940 
Real estate acquisitions, net$(119,255)$(477,785)
Real estate dispositions:
Investment in real estate$ $52 
Loss on sale of real estate, net (59)
Real estate dispositions, net$ $(7)












The accompanying notes are an integral part of the consolidated financial statements.
8


Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 1 – Organization and Basis of Presentation
Equity LifeStyle Properties, Inc. (“ELS”), 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 have a unique business model where we own the land which we lease to customers who own manufactured homes and cottages, RVs and/or boats 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, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 95.3% interest as of September 30, 2022. As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership.
Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, 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, 2021.
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. Certain prior period amounts have been reclassified on our unaudited interim consolidated financial statements to conform with current year presentation.

Note 2 – Summary of Significant Accounting Policies
(a)    Revenue Recognition
Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Leases with customers renting our Sites are accounted for as operating leases. The rental income associated with these leases is accounted for in accordance with the Accounting Standards Codification (“ASC”) 842, Leases, and is recognized over the term of the respective lease or the length of a customer’s stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. RV and marina Sites are leased to those who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those customers renting marina dry storage slips. Annual Sites are leased on an annual basis, including those Northern Properties that are open for the summer season. Seasonal Sites are leased to customers generally for one to six months. Transient Sites are leased to customers on a short-term basis. We do not separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental income as we meet the practical expedient criteria to combine the lease and non-lease components. We assessed the criteria and concluded that the timing and pattern of transfer for rental income and the associated utility recoveries are the same and, as our leases qualify as operating leases, we account for and present rental income and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income. In addition, customers may lease homes that are located in our communities. These leases are accounted for as operating leases. Rental income derived from customers leasing homes is also accounted for in accordance with ASC 842, Leases and is recognized over the term of the respective lease. The 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. The estimate for credit losses is a result of our ongoing assessments and evaluations of collectability, including historical loss experience, current market conditions and future expectations in forecasting credit losses.
9


Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 2 – Summary of Significant Accounting Policies (continued)
Annual membership subscriptions and membership upgrade sales 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. Payments are deferred and recognized on a straight-line basis over the one-year 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. Membership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. 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.
Income 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 September 30, 2022 and December 31, 2021, restricted cash consisted of $23.2 million and $29.3 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

Note 3 – Leases
Lessor
The leases entered into between the customer and us for rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:
(amounts in thousands)
As of September 30, 2022
2022$42,224 
2023170,732 
2024105,054 
202540,852 
202621,909 
Thereafter67,992 
Total$448,763 

Lessee
We lease land under non-cancelable operating leases at 10 Properties expiring at various dates between 2028 and 2054. The Westwinds ground leases expired August 31, 2022, for additional information see Part I. Item 1. Financial Statements —Note 11. Commitments and Contingencies. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space, expiring at various dates through 2032. For the quarters ended September 30, 2022 and 2021, total operating lease payments were $2.7 million and $2.9 million, respectively. For the nine months ended September 30, 2022 and 2021, total operating lease payments were $8.2 million and $8.0 million, respectively.



10


Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 3 – Leases (continued)
The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of September 30, 2022:
As of September 30, 2022
(amounts in thousands)
Ground LeasesOffice and Other LeasesTotal
2022$145 $1,728 $1,873 
2023626 3,523 4,149 
2024632 3,097 3,729 
2025637 2,763 3,400 
2026615 2,543 3,158 
Thereafter4,325 13,140 17,465 
Total undiscounted rental payments6,980 26,794 33,774 
Less imputed interest(1,705)(4,137)(5,842)
Total lease liabilities$5,275 $22,657 $27,932 

Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $25.9 million and $27.9 million, respectively, as of September 30, 2022. The weighted average remaining lease term for our operating leases was nine years and the weighted average incremental borrowing rate was 3.7% at September 30, 2022.
ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $30.3 million and $30.7 million, respectively, as of December 31, 2021. The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 3.8% at December 31, 2021.

Note 4 – Earnings Per Common Share
The following table sets forth the computation of basic and diluted earnings per share of common stock for the quarters and nine months ended September 30, 2022 and 2021:
Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands, except per share data)2022202120222021
Numerators:
Net income available for Common Stockholders – Basic$67,163 $70,625 $211,578 $196,916 
Amounts allocated to non controlling interest (dilutive securities)3,346 3,468 10,563 10,236 
Net income available for Common Stockholders – Fully Diluted$70,509 $74,093 $222,141 $207,152 
Denominators:
Weighted average Common Shares outstanding – Basic185,814 183,469 185,758 182,590 
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares9,288 9,056 9,295 9,888 
Stock options and restricted stock167 211 195 211 
Weighted average Common Shares outstanding – Fully Diluted195,269 192,736 195,248 192,689 
Earnings per Common Share – Basic$0.36 $0.38 $1.14 $1.08 
Earnings per Common Share – Fully Diluted$0.36 $0.38 $1.14 $1.08 
Note 5 – 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, 2021.
11


Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 5 – Common Stock and Other Equity Related Transactions (continued)
Distribution Amount Per ShareFor the Quarter EndedStockholder Record DatePayment Date
$0.3625March 31, 2021March 26, 2021April 9, 2021
$0.3625June 30, 2021June 25, 2021July 9, 2021
$0.3625September 30, 2021September 24, 2021October 8, 2021
$0.3625December 31, 2021December 31, 2021January 14, 2022
$0.4100March 31, 2022March 25, 2022April 8, 2022
$0.4100June 30, 2022June 24, 2022July 8, 2022
$0.4100September 30, 2022September 30, 2022October 14, 2022

Equity Offering Program
On February 24, 2022, 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 $500.0 million. Prior to the new program, the aggregate offering price was up to $200.0 million.
The following table presents the shares that were issued under our prior ATM equity offering program during the quarter ended March 31, 2022.
(amounts in thousands, except share data)
Shares of common stock sold328,123 
Weighted average price$86.46 
Total gross proceeds$28,370 
Commissions paid to sales agents$389 
There has been no ATM activity under the current ATM equity offering program during the nine months ended September 30, 2022 and as of September 30, 2022, the full capacity remained available for issuance. There was no ATM equity activity during the nine months ended September 30, 2021.
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. During the nine months ended September 30, 2022 and 2021, 34,680 and 1,451,710 OP Units, respectively, were exchanged for an equal number of shares of Common Stock.

Note 6 – Investment in Real Estate