Equity Lifestyle Properties, Inc. · NYSE:ELS
Equity Lifestyle Properties — Investor Presentation (September 2026)
36 slides from Equity Lifestyle Properties's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation September 2026 Pine Lakes Country Club – North Fort Myers, FL
Slide 2: ELS at a Glance
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 MH RV MARINA $ 16.3B 92 % Revenue from Enterprise Value Annual Sources 453 Properties S&P 400 14% 107% 173,559 Si
Slide 3: ELS at a Glance
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 Strong Portfolio Performance 4.5% 8.2% 19% 3.4% Avg Long-Term Normalized FFO/Share Dividend/Share Dividend Yield(
Slide 4: 2026 Full Year Guidance
2026 Full Year Guidance(1)(2)(3) Earnings Growth YOY(5) Prior Full Year Guidance July 22, 2026 Full-Year Guidance 8% Mid Point Low High Mid Point Net Income per Common Share $2.07 $2.05 $2.15 $2.10 6% FFO per Common Share and OP Unit $3.16 $3.15 $3.25 $3.20 Normalized FFO per Common Share and OP Uni
Slide 5: Operations Update
Operations Update(1)(2)(3) Performance Update • Core MH base rental income growth for August YTD is 5.8% • Q3 2026 Core MH base rental income growth guidance: 5.6% at midpoint (range of 5.3% to 5.9%), issued July 22, 2026(4) • Core RV and marina annual base rental income growth for August YTD is 5.0
Slide 6: REIT Leading Results
REIT Leading Results Delivering Outsized Value Debt Strategy – Refinance Risk Mitigation to Shareholders Term to Maturity vs Weighted Average Interest Rate(3) Current Floating Rate Debt(4)(5) Normalized FFO / Share Growth by Subsector 12% 2006-2025 CAGR(1) 10% 10% 10% 8.2% 8% 9% 9% 8% Weighted Avera
Slide 7: Dividend and Normalized FFO Growth
Dividend and Normalized FFO Growth Time-tested through real estate cycles Dividend and Normalized FFO Growth 1 9% AGR $3.50 e C Sh a r R 8% d / CA G $3.00 d e n r e Div i / Sha e d FFO Our Board of Directors has approved liz rma $2.50 setting the annual dividend rate for No 2026 at $2.17 per share o
Slide 8: Investment Thesis
Investment Thesis Track record of delivering superior total returns and dividend growth 1. Business Model 4. Balance Sheet • Own the land and lease developed sites to owners of • Long-term strategy focused on access to a variety manufactured homes, vacation cottages, RVs and boats of capital sources
Slide 9: Track Record
Track Record Long-term total returns that outperform the market IPO Year: 1993 2025 Total Return Performance Since IPO (%)(5) Properties 41 453 9000% 8000% Sites 12,312 173,371 7000% States 16 35 6000% ELS (+7,076%) Net Income Per Share - Fully Diluted $0.15 $2.01 5000% S&P 500 (+3,087%) FFO Per Sha
Slide 10: Unique Business Model
Unique Business Model Drives sustained long-term outperformance 20% REIT Industry Same Store NOI Growth 15% ELS 10% Average 4.5% REIT Industry 5% Average 3.5% Apartments 0% Average 3.1% -5% -10% -15% 3Q98 4Q98 1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03
Slide 11: Property Operations
Property Operations Best-in-class property operations platform Core MH Base Rent Growth Core RV Annual Rate Growth 9% 9% MH Annual Lease Composition: 8% 8% 7% 7% 25% CPI 25% Long-Term Agreements 6% 6% 5% 5% 50% Market Rate 4% 4% 3% 3% 2% 2% 1% 1% 0% RV Annual Lease Composition: 0% 2021 2022 2023 202
Slide 12: Property Locations
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 Projected Population Growth % (2026-2031) 12.3% 14% 12% 10% 8.6% 8% 7.5% 7.4% 5.9% 6% 5.0 % 4% 2.6% California 0.1% 2% 11% of
Slide 13: Capital Expenditures
Capital Expenditures Continued investment in communities to support internal growth and enhance our resident and guest experience Recurring Capex Expansions, Upgrades & Sustainability Capex (in thousands) (in thousands) $120,000 $200,000 $100,000 $160,000 $80,000 $120,000 $60,000 $80,000 $40,000 $40
Slide 14: Demand Drivers – Unique Demographics
Demand Drivers – Unique Demographics Unique customer demographics driven by baby boomers and a strong tailwind from future generations • 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
Slide 15: Demand Drivers – Value Proposition
Demand Drivers – Value Proposition Whether buying or renting, manufactured homes provide greater value as compared to other housing options Avg Sales Price – New Single Family Home (“SFH”) vs New Manufactured Home(1) Buying a new MH vs Financing a new SFH (1) $600 Difference U.S. housing shortage MH
Slide 16: Demand Drivers – Lifestyle and Amenities
Demand Drivers – Lifestyle and Amenities ELS communities and resorts have the amenities to build a thriving community where our residents and guests create memories together 16
Slide 17: Demand Drivers – Ways to Stay
Demand Drivers – Ways to Stay We offer our residents and guests unique ways to stay at our communities and resorts Vacation Homes RV Sites Manufactured Homes Tiny Homes Cabins & Cottages 17
Slide 18: Supply Constrained Asset Class
Supply Constrained Asset Class • There has been limited MH development in the U.S. in the past 20 years • Growing demand coupled with almost no new supply is a strategic advantage for ELS Manufactured Housing Developments in the U.S. 80 60 Number of MH Developments Reasons for the Supply Constraint:
Slide 19: Steady, Predictable Revenue Streams from High-Quality Occupancy
Steady, Predictable Revenue Streams from High-Quality Occupancy 2025 ELS Existing Residents 72% Property Operating Revenue Buckets(1) Annual FICO score greater than 670 MH 63.4% The rental program is utilized strategically to introduce residents to our communities. Renters typically stay less than t
Slide 20: Affordable Housing
Affordable Housing(1) Our high-quality MH portfolio has driven outperformance of annual rate increases compared to Cost-of-Living Adjustment (COLA) over the long term 9.0% 8.0% Historical MH Growth Rate 7.0% Average spread of 6.0% +150 bps 5.0% 4.0% COLA averaged 2.6% 3.0% ELS averaged 4.1% 2.0% 1.0
Slide 21: Thousand Trails Property Operations
Property Operations Thousand Trails Annual Subscription Revenue Per Member 108,731 48 Growth % Since 2018 Thousand Trails Members 5.8% CAGR enrolled through 2025 $700 $600 $500 $400 25% $300 Thousand Trails Members $200 have been customers for at least 20 years $100 $0 2018 2019 2020 2021 2022 2023
Slide 22: Property Operating Expenses
Property Operating Expenses 2025 Core Property Operating Expense(1) Compare to Multi-Family (2) Approximately 64% 16% 40% 19% of Core Property 16% 19% 35% Operating Expenses 30% are from Utilities, Payroll and R&M 25% 1414 % 20% 20 % % 20% Utility Recovery Rate 15% is approximately 49% 4 % 10% 3% 5%
Slide 23: Stability Through Economic Cycles
Stability Through Economic Cycles Historical Core Portfolio Growth Rate Against CPI(1)(2) Core Portfolio NOI Growth % CPI Average Spread Between Same Store Housing Crisis Pandemic NOI Growth vs CPI 8% (2001-2025)(3) 6% 2.0% 4% 1.5% 2% 1.0% 0% 0.5% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 20
Slide 24: Capital Structure
Capital Structure Balance sheet strategy supports long-term growth As of June 30, 2026, unless otherwise specified (in millions) 10-Year Debt Maturity • Total enterprise value is $16.3 billion(3) Secured Unsecured Line of Credit • $500 million line of credit $600 • Debt to enterprise value is 20.5%
Slide 25: Dividend Total Return CAGR
Dividend 10-Year Dividend CAGR and Total Return CAGR 20% 15% Dividend Growth Total Return CAGR 10% ELS 10-year CAGR 5% • ELS 10.6%(1) 0% • REIT Average 4.3%(2) -5% -10% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% Dividend CAGR Notes: (1) Compound annual growth rate through 2025. (2) Source: S&P Global:
Slide 26: Acquisitions
Acquisitions ELS has a strong pipeline of external growth opportunities and a disciplined strategy focused on acquiring accretive properties Over $1.3 Billion Invested in New Acquisitions Since 2018 MH RV Marina 19 26
Slide 27: Expansion
Expansion Expansions maximize returns by increasing the number of sites at communities with high demand with minimal increase to operating costs Winds of St. Armands South – Sarasota, FL Expansion in Progress 2024 Invested more than Delivered more than Expected $97 million 7,100 7%-10% into land acq
Slide 28: Technology and Innovation
Technology and Innovation Utilizing the latest technology to drive operational efficiencies Thousand Trails Wilderness Lakes Menifee, CA Leveraging AI Digitizing Content Energy Conservation and Efficiency Encore Tranquility Lakes Cape Coral, FL Cashless Transactions Process Automation Renewable Ener
Slide 29: Driving digital engagement and building trust
Driving digital engagement and building trust How our guests connect with us every day Over 2.4 Million Total followers across social media channels 23 Travelers’ 6 Properties Choice received award Awards for five consecutive years Partnering with top travel sites to meet customers where they are 29
Slide 30: Experienced Executive Management Team
Experienced Executive Management Team Long-tenure leadership in the MH, RV, and marina industry Marguerite Nader Patrick Waite Paul Seavey David Eldersveld Dan Perlis Vice Chairman and CEO President and COO EVP and CFO EVP, CLO and Secretary EVP, Sales, Marketing, 32 Years 32 Years 32 Years 11 Years
Slide 31: Forward-Looking Statement
Forward-Looking Statement 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
Slide 32: Non-GAAP Financial Measures (Continued)
Non-GAAP Financial Measures (Continued) This presentation contains certain Non-GAAP measures that in management’s view of the business NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO are meaningful as they allow investors the ability to understand key operating details of
Slide 33: Non-GAAP Financial Measures (Continued)
Non-GAAP Financial Measures (Continued) INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT (NOI). Reconciliation of Net Income Available for Common Stockholders to Income We define Income from property operations, excluding property management as rental income, from Property Operations (
Slide 34: Non-GAAP Financial Measures (Continued)
Non-GAAP Financial Measures (Continued) EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR Consolidated Net Income to EBITDAre and Adjusted EBITDAre REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or Reconciliations (in millions) loss excluding interest i
Slide 35: Non-GAAP Financial Measures (Continued)
Non-GAAP Financial Measures (Continued) 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: (Unaud
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