Director at Equity LifeStyle (NYSE: ELS) gets 2,556-share stock grant

Rhea-AI Filing Summary

Equity LifeStyle Properties director Constance Freedman reported new equity awards, not open-market trades. She received two grants of common stock at $62.60 per share on April 28, 2026, totaling 2,556 shares as compensation.

One restricted stock grant covers 2,316 shares that vest on April 28, 2027. A second grant of 240 shares vests in three equal installments on October 28, 2026, April 28, 2027, and April 28, 2028. After these awards, she directly holds 16,026 common shares.

The filing also lists multiple outstanding non-qualified stock options giving her the right to buy additional common shares at exercise prices between $60.29 and $79.72, with expiration dates running from 2030 through 2034, indicating a continuing long-term equity position.

Insights

Equity compensation analyst

Routine director equity grants increase long-term share exposure.

Constance Freedman, a director of Equity LifeStyle Properties, received two restricted stock awards totaling 2,556 shares at $62.60 per share. These are compensation-related grants (code A), not market purchases, and therefore carry limited trading-signal value.

One award of 2,316 shares vests fully on April 28, 2027, while 240 shares vest in three steps from October 2026 through April 2028. This staggered vesting encourages continued board service and alignment with shareholders over several years.

The filing also shows multiple non-qualified stock options with exercise prices between $60.29 and $79.72 expiring from 2030 to 2034, underscoring a substantial remaining derivative position. Overall, this looks like standard director compensation rather than a change in investment stance.

Insider Trade Summary

12 transactions reported

Mixed 12 txns

Insider Freedman Constance

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $.01	2,316	$62.60	$145K
Grant/Award	Common Stock, par value $.01	240	$62.60	$15K
holding	Non-Qualified Stock Option (Right to Buy)	--	--	--
holding	Non-Qualified Stock Option (Right to Buy)	--	--	--
holding	Non-Qualified Stock Option (Right to Buy)	--	--	--
holding	Non-Qualified Stock Option (Right to Buy)	--	--	--
holding	Non-Qualified Stock Option (Right to Buy)	--	--	--
holding	Non-Qualified Stock Option (Right to Buy)	--	--	--
holding	Non-Qualified Stock Option (Right to Buy)	--	--	--
holding	Non-Qualified Stock Option (Right to Buy)	--	--	--
holding	Non-Qualified Stock Option (Right to Buy)	--	--	--
holding	Non-Qualified Stock Option (Right to Buy)	--	--	--

Holdings After Transaction: Common Stock, par value $.01 — 15,786 shares (Direct, null); Non-Qualified Stock Option (Right to Buy) — 7,485 shares (Direct, null)

Footnotes (1)

1. Grant of restricted stock subject to vesting as follows: 1/3 on 10/28/26, 1/3 on 4/28/27, and 1/3 on 4/28/28 Grant of restricted stock subject to vesting on 4/28/27

Key Figures

Restricted stock grant 1: 2,316 shares at $62.60 Restricted stock grant 2: 240 shares at $62.60 Total shares after grant: 16,026 shares +3 more

6 metrics

Restricted stock grant 1 2,316 shares at $62.60 Vests on April 28, 2027

Restricted stock grant 2 240 shares at $62.60 Vests in thirds 2026-2028

Total shares after grant 16,026 shares Direct common stock holding post-award

Option exercise price band $60.29–$79.72 per share Non-qualified stock options outstanding

Latest option expiration May 1, 2034 Non-qualified stock option term end

Earliest option expiration July 28, 2030 Non-qualified stock option term start

Key Terms

Restricted stock, Non-Qualified Stock Option (Right to Buy), vesting, grant/award acquisition

4 terms

Restricted stock financial

"Grant of restricted stock subject to vesting as follows"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

Non-Qualified Stock Option (Right to Buy) financial

"Non-Qualified Stock Option (Right to Buy)"

vesting financial

"subject to vesting as follows: 1/3 on 10/28/26"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

grant/award acquisition financial

"transaction_action": "grant/award acquisition""

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Freedman Constance

(Last) (First) (Middle)

C/O EQUITY LIFESTYLE PROPERTIES, INC.

TWO NORTH RIVERSIDE PLAZA, SUITE 800

(Street)

CHICAGO ILLINOIS 60606

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
EQUITY LIFESTYLE PROPERTIES INC [ ELS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/28/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $.01	04/28/2026		A		2,316(1)	A	$62.6	15,786	D
Common Stock, par value $.01	04/28/2026		A		240(2)	A	$62.6	16,026	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Qualified Stock Option (Right to Buy)	$66.81							01/28/2021	07/28/2030	Common Stock, par value $.01	7,485		7,485	D
Non-Qualified Stock Option (Right to Buy)	$66.81							07/28/2021	07/28/2030	Common Stock, par value $.01	1,120		8,605	D
Non-Qualified Stock Option (Right to Buy)	$68.74							10/27/2021	04/27/2031	Common Stock, par value $.01	7,275		15,880	D
Non-Qualified Stock Option (Right to Buy)	$68.74							04/27/2022	04/27/2031	Common Stock, par value $.01	1,090		16,970	D
Non-Qualified Stock Option (Right to Buy)	$79.72							10/26/2022	04/26/2032	Common Stock, par value $.01	6,270		23,240	D
Non-Qualified Stock Option (Right to Buy)	$79.72							04/26/2023	04/26/2032	Common Stock, par value $.01	940		24,180	D
Non-Qualified Stock Option (Right to Buy)	$68.01							10/25/2023	04/25/2033	Common Stock, par value $.01	7,350		31,530	D
Non-Qualified Stock Option (Right to Buy)	$68.01							04/25/2024	04/25/2033	Common Stock, par value $.01	1,100		32,630	D
Non-Qualified Stock Option (Right to Buy)	$60.29							11/01/2024	05/01/2034	Common Stock, par value $.01	12,025		44,655	D
Non-Qualified Stock Option (Right to Buy)	$60.29							05/01/2025	05/01/2034	Common Stock, par value $.01	1,240		45,895	D

Explanation of Responses:

1. Grant of restricted stock subject to vesting as follows: 1/3 on 10/28/26, 1/3 on 4/28/27, and 1/3 on 4/28/28

2. Grant of restricted stock subject to vesting on 4/28/27

Remarks:

	Jennifer Krebs by Power of Attorney for Constance Freedman	04/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Constance Freedman report in this ELS Form 4 filing?

She reported receiving equity compensation in Equity LifeStyle Properties common stock. The filing shows two restricted stock grants totaling 2,556 shares at $62.60 per share, plus updated disclosure of her outstanding non-qualified stock options and resulting direct share ownership.

How many Equity LifeStyle (ELS) shares did the director receive?

Constance Freedman received 2,556 shares of Equity LifeStyle Properties common stock as grants. One award covers 2,316 shares that vest on April 28, 2027, and another covers 240 shares that vest in three equal installments from October 2026 through April 2028.

What is the vesting schedule for the new ELS restricted stock grants?

One grant of 2,316 shares vests entirely on April 28, 2027. A separate 240-share grant vests in three equal tranches: one-third on October 28, 2026, one-third on April 28, 2027, and one-third on April 28, 2028, encouraging ongoing board service.

How many Equity LifeStyle (ELS) shares does Constance Freedman hold after these grants?

After the reported grants, Constance Freedman directly holds 16,026 shares of Equity LifeStyle Properties common stock. This total reflects the addition of the 2,556 restricted shares reported in this Form 4 filing, assuming no other concurrent transactions are involved.

Are these ELS Form 4 transactions open-market buys or routine grants?

They are routine grants, not open-market buys. The Form 4 uses transaction code A, indicating grants or awards of stock as compensation. Prices of $62.60 per share are reporting values, not necessarily amounts paid in a market purchase.

What stock options for ELS does Constance Freedman still hold?

She holds several non-qualified stock options to purchase Equity LifeStyle Properties common stock. Exercise prices range from $60.29 to $79.72 per share, with expiration dates between 2030 and 2034, indicating long-dated incentives tied to the company’s share performance.