宜居生活资产信托 2025年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the Fiscal Year Ended December 31, 2025 or EQUITY LIFESTYLE PROPERTIES, INC. (Exact name of registrant as specified in its charter) Maryland Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the SecuritiesAct.Yes☒No☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section13 or Section15(d) of theAct.Yes☐No☒ Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (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☐ (§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 emerging growthcompany. See definitions of“large accelerated filer”,“accelerated filer”,“smaller reporting company”and“emerging growth company”in Rule 12b-2 of the Exchange Act. Large accelerated filerAcceleratedfiler☐Smallerreportingcompany☐Emerging Growth Company☐Non-accelerated filer☐ 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 financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act☐Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of voting stock held by non-affiliates was approximately $11,707.3 million as of June30, 2025 based upon the closing price of $61.67 on such dateusing beneficial ownership of stock rules adopted pursuant to Section13 of the Securities Exchange Act of 1934 to exclude voting stock owned by Directors and Officers, someof whom may not be held to be affiliates upon judicial determination. As of February13, 2026, 193,927,571 shares of the Registrant's common stock were outstanding. Part III incorporates by reference portions of the Registrant's Proxy Statement relating to the Annual Meeting of Stockholders to be held on April28, 2026. Item1.Business1Item 1A.Risk Factors10Item 1B.Unresolved Staff Comments24Item 1C.Cybersecurity25Item2.Properties27Item3.Legal Proceedings40Item4.Mine Safety Disclosures40 PART II. Item5.Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities41Item6.[Reserved]41Item7.Management's Discussion and Analysis of Financial Condition and Results of Operations42Item 7A.Quantitative and Qualitative Disclosures About Market Risk55Forward-Looking Statements57Item8.Financial Statements and Supplementary Data58Item9.Changes In and Disagreements with Accountants on Accounting and Financial Disclosure58Item 9A.Controls and Procedures58Item9B.Other Information58Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections59 PARTIII. Item10.Directors, Executive Officers and Corporate Governance60Item11.Executive Compensation60Item12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters60Item13.Certain Relationships and Related Transactions, and Director Independence60Item14.Principal Accounting Fees and Services60 PART IV. Item15.Exhibits, Financial Statement Schedules61Item16.Form 10-K Summary63 Equity LifeStyle Properties, Inc. General Equity LifeStyle Properties, Inc. (“ELS” or the “Company”), a Maryland corporation, together with MHC Operating LimitedPartnership (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 salesand rental opera