EQUITY LIFESTYLE PROPERTIES INCELS

EQUITY LIFESTYLE PROPERTIES INC Debt Disclosure

10-KFiled Feb 18, 20263 min read
Borrowing Arrangements
Mortgage Notes Payable
The following table presents the carrying value, fair value and weighted average interest rates for our mortgage notes payable (amounts in thousands except percentages):
As of December 31, 2025As of December 31, 2024
Stated Interest RateMaturity DateCarrying ValueFair ValueWeighted Average Interest RateCarrying ValueFair ValueWeighted Average Interest Rate
Mortgage notes payable
2.40% to 5.10%
2028 to 2041$2,800,866 $2,404,789 3.77 %$2,952,689 $2,329,253 3.77 %
Less: Deferred financing costs, net$(21,708)$(24,396)
Mortgage notes payable, net$2,779,158 $2,928,293 
The following table presents the number of encumbered Properties and the gross carrying value of such Properties (gross carrying value in thousands):
As of December 31, 2025As of December 31, 2024
Number of Encumbered PropertiesGross Carrying ValueNumber of Encumbered PropertiesGross Carrying Value
Encumbered Properties112 $3,266,579 120 $3,268,521 
During the year ended December 31, 2025, we repaid $86.9 million of principal on eight mortgage loans using our line of credit (“LOC”). These mortgage loans had a weighted average interest rate of 3.45% per annum and were secured by four RV communities and four MH communities.
Unsecured Debt
The following table presents the carrying value, fair value and weighted average interest rates for our unsecured debt (amounts in thousands):
As of December 31, 2025As of December 31, 2024
Stated Interest RateMaturity Date
Carrying Value (1)
Effective Interest Rate
Carrying Value (1)
Effective Interest Rate
$240.0 Million Term Loan (2)
SOFR + 1.20% to 1.70%
May 15, 2030$240,000 4.74 %$— — %
$200.0 Million Term Loan
SOFR + 0.10% + 1.20% to 1.70%
January 21, 2027$200,000 4.88 %$200,000 4.88 %
Line of Credit Borrowing (3)
SOFR + 0.10% + 1.25% to 1.65%
July 18, 2028$105,000 5.01 %$77,000 5.65 %
Less: Deferred Financing Costs, net$(2,545)$(656)
Total unsecured debt, net$542,455 $276,344 
_____________________
(1)Carrying value approximates fair value.
(2)During the year ended December 31, 2025, we entered into a $240.0 million unsecured term loan agreement (the “$240 million Term Loan”) and drew $150.0 million and $90.0 million in May 2025 and July 2025, respectively.
(3)As of December 31, 2025, our LOC had a remaining borrowing capacity of $394.9 million.
We previously entered into a Third Amended and Restated Credit Agreement (“Credit Agreement”), pursuant to which we have access to a $500.0 million LOC and a $300.0 million senior unsecured term loan (the “$300 million Term Loan”). We have the option to increase the borrowing capacity by $200.0 million, subject to certain conditions. On March 1, 2023, we amended the Credit Agreement to transition the LIBOR rate borrowings to SOFR borrowings. The LOC bears interest at a rate of SOFR plus 0.10% plus 1.25% to 1.65% and requires an annual facility fee of 0.20% to 0.35%. For both the LOC and the $300 million Term Loan, the spread over SOFR is variable based on leverage throughout the respective loan terms. On July 18, 2024, we entered into a Second Amendment to the Third Amended and Restated Credit Agreement (the “Second Amendment”). Pursuant to the Second Amendment, the LOC maturity date was extended to July 18, 2028, and this term can be extended for two additional six-month terms, subject to certain conditions. All other material terms, including interest rate terms, remain the same. On October 3, 2024, we repaid the $300 million Term Loan in conjunction with the sale of shares under our prior ATM (see Note 5. Common Stock and Other Equity Related Transactions).
Future Maturities of Debt
The following table presents the aggregate scheduled payments of principal on long-term borrowings for each of the next five years and thereafter as of December 31, 2025:
(amounts in thousands)Amount
2026$66,784 
2027269,482 
2028348,977 
2029335,060 
2030585,423 
Thereafter1,740,140 
Total$3,345,866 

As of December 31, 2025, we were in compliance in all material respects with the covenants in our borrowing arrangements.
Free Sentinel

Want the next EQUITY LIFESTYLE PROPERTIES INC debt disclosure the moment it drops?

Set a Sentinel and we'll alert you the moment EQUITY LIFESTYLE PROPERTIES INC's next filing hits EDGAR. No credit card, your email never gets sold.

Track for free

Historical Timeline

Fiscal YearFiled
2025Feb 18, 2026Showing above
2024Feb 25, 2025
2023Feb 22, 2024
2022Feb 21, 2023
2021Feb 22, 2022
2020Feb 23, 2021
2019Feb 24, 2020
2018Feb 26, 2019
2017Feb 28, 2018
2016Feb 22, 2017
2015Feb 23, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

Other Available Disclosures

RevenueLeasesSegmentsCommitmentsStock CompensationNew StandardsPay vs Performance