Equity Lifestyle (ELS) Form 4: Director acquires 384 shares at $50.60

Rhea-AI Filing Summary

Constance Freedman, a director of Equity Lifestyle Properties, Inc. (ELS), acquired 384 shares of ELS common stock through the company's Employee Stock Purchase Plan on 10/01/2025 at a reported price of $50.60 per share. After this purchase she beneficially owned 12,621 shares. The filing also itemizes outstanding non-qualified stock options that, if exercised, would cover an additional 45,895 shares in aggregate across multiple grant dates and strike prices ranging from $60.29 to $79.72. The Form 4 was submitted by Power of Attorney Jennifer Krebs on behalf of Ms. Freedman and includes the issuer-reported explanation that the purchase represents shares acquired through ELS' ESPP.

Positive

• Insider purchase of 384 shares via the Employee Stock Purchase Plan shows director participation and alignment with shareholders
• Clear disclosure of outstanding non-qualified stock options and exercisable/share counts enhances transparency

Negative

• None.

Insights

Financial Analyst

TL;DR: Small insider purchase via ESPP; modestly positive signal but immaterial to company valuation.

The director's purchase of 384 shares at $50.60 via the Employee Stock Purchase Plan is a routine insider acquisition that can be viewed as alignment with shareholder interests. The holding after the transaction (12,621 shares) and the detailed schedule of outstanding options (totaling 45,895 underlying shares) provide transparency on potential future dilution, but the absolute sizes reported here are likely immaterial relative to ELS' total shares outstanding. No disposals or unusual derivative activity are reported.

Corporate Governance Expert

TL;DR: Governance practices appear standard: timely Form 4, POA filing, and clear disclosure of equity holdings.

The Form 4 discloses an ESPP purchase and lists existing non-qualified options with exercise and expiration dates, which promotes transparency about insider incentives and potential dilution. The filing was executed by Power of Attorney and includes the issuer-provided explanation. There are no indications of unusual transactions, loans, or related-party transfers in this filing.

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

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

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 IL 60606

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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

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

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

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	10/01/2025		A(1)		384	A	$50.6	12,621	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. Represents shares acquired through ELS' Employee Stock Purchase Plan

Remarks:

	Jennifer Krebs by Power of Attorney for Constance Freedman	10/01/2025
	** 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.
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FAQ

What transaction did Constance Freedman report on Form 4 for ELS?

She reported acquiring 384 shares of Equity Lifestyle Properties common stock through the company's Employee Stock Purchase Plan on 10/01/2025.

At what price were the ELS shares purchased in the Form 4 filing?

The reported purchase price was $50.60 per share.

How many ELS shares did Constance Freedman beneficially own after the reported transaction?

Following the transaction she beneficially owned 12,621 shares.

Does the Form 4 list any outstanding options for Constance Freedman?

Yes. The filing lists multiple non-qualified stock options that together underlie 45,895 shares across various grants and expiration dates.

Who signed the Form 4 on behalf of Constance Freedman?

The filing was signed by Jennifer Krebs by Power of Attorney for Constance Freedman on 10/01/2025.