Equity Lifestyle Properties, Inc. · NYSE:ELS
Equity Lifestyle Properties — Investor Presentation (September 2026)
36 slides from Equity Lifestyle Properties's investor presentation, Sep 10, 2026
Slide 1: Investor Presentation September 2026
Investor Presentation September 2026 Pine Lakes Country Club – North Fort Myers, FL
Slide 2: ELS at a Glance
2 ELS at a Glance ELS owns and operates the highest quality portfolio of manufactured home (“MH”) communities, recreational vehicle (“RV”) resorts, campgrounds and marinas in North America S&P 400 Member 92% Revenue from Annual Sources $16.3B Enterprise Value 107% Ten-Year Total Return(1) • 201% S&P
Slide 3: ELS at a Glance: Portfolio Performance and Balance Sheet
3 ELS owns and operates the highest quality portfolio of manufactured home (“MH”) communities, recreational vehicle (“RV”) resorts, campgrounds and marinas in North America Notes: All data as of June 30, 2026, unless otherwise specified. (1) The Core Portfolio may change from time-to-time depending
Slide 4: Full Year 2026 Guidance
4 Notes: (1) Full year 2026 guidance represents management’s estimate of a range of possible outcomes. The midpoint of the ranges reflects management’s estimate of the most likely outcome. Actual results could vary materially from management’s estimates presented above if any of our assumptions, inc
Slide 5: Operations Update
5 Notes: (1) Compared to comparable period in 2025. (2) Core Portfolio is defined based on properties owned and operated since January 1, 2025. The Core Portfolio may change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. The Core Portfoli
Slide 6: Delivering Outsized Value to Shareholders
6 Delivering Outsized Value to Shareholders Debt Strategy – Refinance Risk Mitigation Notes: All data as of December 31, 2025, unless otherwise specified. Source: Company filings, FactSet, and S&P Global. See Non-GAAP Financial Measures on pages 31-35 for definitions and reconciliations. Adjusted fo
Slide 7: Dividend and Normalized FFO Growth
7 $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividend / ShareNormalized FFO / Share Normalized FFO / Share CAGR 8% Dividend / Share CAGR 19% Dividend and Normalized FFO Growth Our Board of Directors
Slide 8: Investment Highlights
8 1. Business Model • Own the land and lease developed sites to owners of manufactured homes, vacation cottages, RVs and boats • Consistent results throughout the real estate cycle • Strong customer demand with minimal new supply • Innovative strategy driving external growth through new lines of bus
Slide 9: Total Return Since IPO
9 0% 1000% 2000% 3000% 4000% 5000% 6000% 7000% 8000% 9000% 2/25/93 6/30/94 6/30/96 6/30/98 6/30/00 6/30/02 6/30/04 6/30/06 6/30/08 6/30/10 6/30/12 6/30/14 6/30/16 6/30/18 6/30/20 6/30/22 6/30/24 6/30/26 ELS (+7,076%) S&P 500 (+3,087%) DOW JONES EQUITY ALL REIT (+1,993%) Notes: (1) See Non-GAAP Finan
Slide 10: Unique Business Model Drives Long-Term Outperformance
10 Notes: Source for Same Store NOI data: Citi Investment Research, August 2026. Earliest quarter collected by Citi is third quarter of 1998. Data through second quarter of 2026. “REIT Industry” includes an index of REITs across a variety of asset classes, including regional malls, shopping centers,
Slide 11: Best-in-class property operations platform
11 Best-in-class property operations platform Property Operations MH Annual Lease Composition: 25% CPI 25% Long-Term Agreements 50% Market Rate 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2021 2022 2023 2024 2025 Q2 2026 Core MH Base Rent Growth 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2021 2022 2023 2024 2025 Q2 2026 Core
Slide 12: Property Locations
12 Source: S&P Global California 11% of Total Properties Arizona 10% of Total Properties Florida 35% of Total Properties Property Locations ELS owns and operates 453 properties in North America with a focus on high-quality coastal and Sunbelt retirement and vacation destinations and urban areas Tota
Slide 13: Capital Expenditures
13 Continued investment in communities to support internal growth and enhance our resident and guest experience 202520242023 Expansions & Development Upgrades Sustainability $0 $40,000 $80,000 $120,000 $160,000 $200,000 2023 2024 2025 Asset Preservation Improvement & Renovations $0 $20,000 $40,000 $
Slide 14: Demographic Trends and Future Customers
14 • The population of people aged 55 and older in the U.S. is expected to grow 14% from 2025 to 2040 • Roughly 10,000 people will turn 65 every day for the foreseeable future • Over 70% of ELS MH properties are age qualified or have a resident base with an average age over 55 • Nearly 50% of ELS MH
Slide 15: Manufactured Housing Value vs Other Housing
15 U.S. housing shortage of nearly 4 million SFH creates demand for manufactured housing ELS renters pay approximately 20-25% less per sq ft than the average two-bedroom rental in ELS submarkets Whether buying or renting, manufactured homes provide greater value as compared to other housing options
Slide 16: Demand Drivers – Lifestyle and Amenities
16 ELS communities and resorts have the amenities to build a thriving community where our residents and guests create memories together Demand Drivers – Lifestyle and Amenities
Slide 17: Demand Drivers – Ways to Stay
17 We offer our residents and guests unique ways to stay at our communities and resorts Demand Drivers – Ways to Stay Vacation Homes Manufactured Homes RV Sites Tiny Homes Cabins & Cottages
Slide 18: Supply Constrained Asset Class
18 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 Year 0 20 40 60 80 N um be r o f M H D ev el op m en ts Manufactured Housing Developments in the U.S. Source: Datacomp. • There has been limited MH
Slide 19: Steady, Predictable Revenue Streams
19 Homeowner vs Renter % of Total MH Occupancy 2025 ELS Existing Residents 72% FICO score greater than 670Annual MH 63.4% Annual RV & Marinas 22.6% Annual Membership 5.9% Transient 4.8% Seasonal 3.3% Approximately 92% of revenue is derived from stable, annual sources Property Operating Revenue Bucke
Slide 20: Historical MH Growth Rate vs COLA
20 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Core MH Rate Growth % COLA Growth % Historical MH Growth Rate Source: Social Security Administration, Company filings
Slide 21: Thousand Trails Members
21 25% Thousand Trails Members have been customers for at least 20 years 108,731 Thousand Trails Members enrolled through 2025 Notes: All data as of December 31, 2025. $0 $100 $200 $300 $400 $500 $600 $700 2018 2019 2020 2021 2022 2023 2024 2025 Thousand Trails Annual Subscription Revenue Per Member
Slide 22: Property Operating Expenses
22 2025 Core Property Operating Expense(1) Compare to Multi-Family(2) Notes: (1) Core property operating expense, excluding property management for the year ended December 31, 2025. (2) Data considers the performance of five publicly traded multi-family REITs as of December 31, 2025, that disclose s
Slide 23: Core NOI Growth Above CPI
23 Notes: (1) Historical performance is based on the Core Portfolio as of the reported year. The Core Portfolio may change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. (2) See Non-GAAP Financial Measures on pages 31-35 for definitions a
Slide 24: Balance sheet strategy supports long-term growth
24 Balance sheet strategy supports long-term growth As of June 30, 2026, unless otherwise specified (in millions) Mortgage Debt $2,768 17.0% OPUs(3) $415 2.6% Line of Credit $128 0.8% Term Loan $440 2.7% Common Stock(3) $12,502 76.9% • Total enterprise value is $16.3 billion(3) • $500 million line o
Slide 25: 10-Year Dividend CAGR and Total Return CAGR
25 -10% -5% 0% 5% 10% 15% 20% -20% To ta l R et ur n CA G R -15% -10% -5% 0% 5% 10% 15% 20% 25% Dividend CAGR ELS Notes: (1) Compound annual growth rate through 2025. (2) Source: S&P Global: Includes all publicly traded U.S. Equity REITs, with a market cap greater than or equal to $3 billion, in S&P
Slide 26: Acquisitions
26 ELS has a strong pipeline of external growth opportunities and a disciplined strategy focused on acquiring accretive properties Acquisitions 19MH RV Marina Over $1.3 Billion Invested in New Acquisitions Since 2018
Slide 27: Expansions
27 Notes: (1) As of December 31, 2025. (2) This represents management’s estimate based on facts known to management as of the date hereof. There is no guarantee that such yields will be realized at all, in these amounts or over what time table. Expansions maximize returns by increasing the number of
Slide 28: Technology and Innovation
28 Thousand Trails Wilderness Lakes Menifee, CA Encore Tranquility Lakes Cape Coral, FL Leveraging AI Cashless Transactions Digitizing Content Process Automation Renewable Energy Energy Conservation and Efficiency Utilizing the latest technology to drive operational efficiencies Technology and Innov
Slide 29: Driving digital engagement and building trust
29 Over 2.4 Million Total followers across social media channels 6 Properties received award for five consecutive years 23 Travelers’ Choice Awards How our guests connect with us every day Partnering with top travel sites to meet customers where they are Driving digital engagement and building trust
Slide 30: Experienced Executive Management Team
30 Marguerite Nader Vice Chairman and CEO 32 Years Paul Seavey EVP and CFO 32 Years Patrick Waite President and COO 32 Years David Eldersveld EVP, CLO and Secretary 11 Years Dan Perlis EVP, Sales, Marketing, and Business Development 19 Years Long-tenure leadership in the MH, RV, and marina industry
Slide 31: Forward-Looking Statements and Non-GAAP Financial Measures
31 Under the Private Securities Litigation Reform Act of 1995: The forward-looking statements contained in this presentation are subject to certain assumptions, economic risks and uncertainties described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K, as modified or s
Slide 32: Non-GAAP Financial Measures
32 This presentation contains certain Non-GAAP measures that in management’s view of the business are meaningful as they allow investors the ability to understand key operating details of our business that may not always be indicative of recurring annual cash flow of the portfolio. Our definitions a
Slide 33: Reconciliation of Net Income to Income from Property Operations
33 Reconciliation of Net Income Available for Common Stockholders to Income from Property Operations (in thousands) INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT (NOI). We define Income from property operations, excluding property management as rental income, membership subscription
Slide 34: Net Income to EBITDAre and Adjusted EBITDAre Reconciliations
34 Consolidated Net Income to EBITDAre and Adjusted EBITDAre Reconciliations (in millions) EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depr
Slide 35: Forward-Looking Non-GAAP Measures
35 FORWARD-LOOKING NON-GAAP MEASURES. The following table reconciles Net Income per Common Share – Fully Diluted guidance to FFO per Common Share and OP Unit – Fully Diluted guidance and Normalized FFO per Common Share and OP Unit – Fully diluted guidance: This presentation includes certain forward-
Slide 36: Slide 36
Equity LifeStyle Properties — Investor Presentation (September 2026) on 6ix