Equity Lifestyle revises Q4 of 2022 FFO to 64c from 66c

In a regulatory filing, the company stated: “Equity LifeStyle Properties, Inc. (the “Company,” “we,” “us,” and “our”) received from the Securities and Exchange Commission (“SEC”) a comment letter (“Comment Letter”) issued in the ordinary course of their review of our disclosures. In the Comment Letter the SEC inquired about adjustments made in respect to membership upgrade sales in certain of our non-GAAP financial measures. Since 2008, these measures have consistently included adjustments related to membership upgrade sales. As a result of our review following the question from the SEC, when reporting our non-GAAP financial measures we will no longer make adjustments in respect to membership upgrade sales. The following non-GAAP financial measures will be impacted by the exclusion of the accrual to cash adjustment: (i) Funds from Operations (“FFO”); (ii) Normalized Funds from Operations (“Normalized FFO”); (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property operating revenues; (vi) Property operating expenses; and (vii) Income from property operations, excluding property management.”