Equity Lifestyle Properties, Inc.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On October 27, 2026, the Board of Directors (the “Board”) of Equity LifeStyle Properties, Inc. (referred to herein as the “Company,” “we,” “us,” and “our”), upon the recommendation of the Compensation, Nominating and Corporate Governance Committee of the Board (the “Compensation Committee”), approved a series of leadership changes as part of the Company’s multi-year succession plan, each of which is described below. (b) Departure of Officers Marguerite Nader will cease to serve as Vice Chairman of the Board and Chief Executive Officer effective as of the end of the day on December 31, 2026. Effective January 1, 2027, Ms. Nader will continue to serve as a member of the Board in the role of Executive Vice Chair of the Board. Ms. Nader’s transition is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. In connection with the leadership changes described in this Item 5.02, Patrick Waite will cease to serve as Chief Operating Officer effective as of the end of the day on December 31, 2026. Mr. Waite will continue to serve as President and, effective January 1, 2027, will succeed Ms. Nader as Chief Executive Officer, as described below. (c) Appointment of Officers The Board appointed, effective January 1, 2027, (i) Mr. Waite as President and Chief Executive Officer, in which capacity he will serve as our principal executive officer, and (ii) David Eldersveld, our Executive Vice President, Chief Legal Officer and Corporate Secretary, as Executive Vice President, Chief Operating Officer, Chief Legal Officer and Corporate Secretary, in which capacity he will serve as our principal operating officer. Paul Seavey, our Executive Vice President and Chief Financial Officer, will remain principal financial officer, and Caroline Karp, our Senior Vice President and Chief Accounting Officer, will remain principal accounting officer. Mr. Waite, 60, has served as our President since April 2025 and as our Chief Operating Officer since January 2015. Mr. Eldersveld, 52, has served as our Executive Vice President, Chief Legal Officer and Corporate Secretary since February 2021. Biographical information for Mr. Waite and Mr. Eldersveld is set forth in our proxy statement filed on March 17, 2026 and is incorporated herein by reference. There are no arrangements or understandings between Mr. Waite or Mr. Eldersveld and any other person pursuant to which either of them was selected as an officer. There are no family relationships between Mr. Waite or Mr. Eldersveld and any of our directors or executive officers. There are no relationships or related transactions between Mr. Waite or Mr. Eldersveld and us that would be required to be reported under Item 404(a) of Regulation S-K. The compensation arrangements approved for Mr. Waite and Mr. Eldersveld in connection with their appointments, including their participation in the 2027 Executive Bonus Plan, are described under “(e) Compensatory Arrangements of Certain Officers” below, which description is incorporated by reference into this Item 5.02(c). The components and terms of the 2027 Executive Bonus Plan and any 2027 restricted stock awards remain to be determined by the Compensation Committee. We will file an amendment to this Current Report on Form 8‑K within four business days after such terms are determined. (d) Election of Director On October 27, 2026, the Board increased the size of the Board by one director from nine to ten directors and elected Mr. Waite to fill the vacancy created by the increase in the number of directors, in each case effective January 1, 2027. Mr. Waite will serve until our 2027 Annual Meeting of Stockholders and until his successor is duly elected and qualifies. There are no arrangements or understandings between Mr. Waite and any other person pursuant to which he was elected as a director of the Board. Mr. Waite will not serve on a committee of the Board. The Board determined that Mr. Waite will not be independent in accordance with the New York Stock Exchange listing standards. Mr. Waite will not receive any additional compensation for his service as a director. As noted above, there are no relationships or related transactions between Mr. Waite and us that would be required to be reported under Item 404(a) of Regulation S-K. (e) Compensatory Arrangements of Certain Officers Executive Vice Chair Compensation In connection with her transition to the role of Executive Vice Chair of the Board, effective January 1, 2027, Ms. Nader will receive compensation consistent with the Company’s standard director compensation program, as described in the Company’s 2026 proxy statement, together with the additional compensation arrangements described below. Any 2027 restricted stock awards remain subject to determination and approval by the Compensation Committee as described below. Modification of Outstanding Restricted Stock Awards. The 29,592 unvested shares under Ms. Nader’s outstanding time-based and performance-based restricted stock awards that are scheduled to vest in 2028 and/or 2029 will vest in full on December 31, 2026, subject to her continued employment with us through such date, without regard to the satisfaction of any performance-based vesting conditions applicable to such shares. The 28,644 unvested shares under such awards that are scheduled to vest in 2027 will not be affected by this modification and will remain subject to their existing terms. 2026 Executive Bonus Plan. Ms. Nader will remain eligible to participate in, and to receive any bonus earned under, our 2026 Executive Bonus Plan, which bonus, if any, will be paid at the same time as bonuses are paid to our other executive officers under such plan. Restricted Stock Awards. Ms. Nader is expected to be granted an annual restricted stock award of shares of our common stock under our 2024 Equity Incentive Plan with an intended value of $500,000 for her service as Executive Vice Chair of the Board. The grant of this award, including its dollar value, number of shares, vesting and other terms and conditions, remains subject to further approval by the Compensation Committee at the time of grant. 2027 Compensation of Mr. Waite and Mr. Eldersveld In connection with their appointments described above, on October 27, 2026, the Board, upon the recommendation of the Compensation Committee, approved the following 2027 compensation for Mr. Waite and Mr. Eldersveld: Name Title (effective January 1, 2027) 2027 Base Salary 2027 Bonus Potential Patrick Waite President and Chief Executive Officer $614,935 290% of 2027 base salary David Eldersveld Executive Vice President, Chief Operating Officer, Chief Legal Officer and Corporate Secretary $476,558 220% of 2027 base salary ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── The components and terms of the 2027 Executive Bonus Plan, including the applicable performance targets and any additional bonus potential based on stretch goals, will be determined by the Compensation Committee. Any 2027 restricted stock awards, including the number of shares subject to each award and the other terms and conditions thereof will be determined and approved by the Compensation Committee at the time of grant. Mr. Waite will participate in our Change in Control Severance Plan as Chief Executive Officer.

Item 7.01 Regulation FD Disclosure On October 27, 2026, we issued a news release announcing the leadership changes described in Item 5.02 of this Current Report on Form 8‑K. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8‑K and is incorporated herein by reference. The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 8.01 Other Events On October 27, 2026, the Board declared a fourth quarter 2026 dividend of $0.5425 per common share, representing, on an annualized basis, a dividend of $2.17 per common share. The dividend will be paid on January 8, 2027 to stockholders of record at the close of business on December 24, 2026.