On January 22, 2024, after market hours, Equity LifeStyle Properties filed with the U.S. Securities and Exchange Commission (“SEC”) a current report on Form 8-K in which it announced that “[f]ollowing receipt of a further Comment Letter in which the Staff of the SEC informed the Company it disagreed with the materiality conclusion, the Company and the Audit Committee … determined that the error was material to its previously issued financial statements, as included in the Annual Report on Form 10-K for the year ended December 31, 2022 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the ‘Prior Period Financial Statements’).” Equity LifeStyle Properties further stated that it “determined that the Prior Period Financial Statements, as well as, any reports, related earnings releases, investor presentations or similar communications of the Company’s Prior Period Financial Statements, should no longer be relied upon.”

On this news, Equity LifeStyle Properties’ stock fell $1.96 per share, or 2.84%, to close at $67.00 per share on January 23, 2024. The next day, it fell $1.45 per share, or 2.16%, to close at $65.55 per share on January 24, 2024.