Equity Lifestyle Properties, Inc. · NYSE:ELS
Equity Lifestyle Properties — Q2 2026 Earnings Presentation
40 slides from Equity Lifestyle Properties's earnings presentation, Jul 23, 2026
Slide 1: Investor Presentation REITWeek 2026
Investor Presentation REITWeek 2026 Clover Leaf Farms – Brooksville, 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 $ 15.8B 92 % Revenue from Enterprise Value Annual Sources 453 Properties S&P 400 14% 120% 173,419 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% 3.5% Avg Long-Term Normalized FFO/Share Dividend/Share Dividend Yield(
Slide 4: 2026 Guidance
2026 Guidance 2026 Full Year Guidance(1)(2) Earnings Growth YOY(3) Prior Full Year Guidance Low High Mid Point 8% Mid Point Net Income per Common Share $2.02 $2.12 $2.07 $2.11 6% FFO per Common Share and OP Unit $3.11 $3.21 $3.16 $3.17 Normalized FFO per Common Share and OP Unit $3.12 $3.22 $3.17 $3
Slide 5: Operations Update
Operations Update(1)(2) Performance Update • Core MH base rental income for the second quarter 2026 is in line with guidance expectation of 5.6% growth. • Core RV and marina base rental income for the second quarter 2026 is in line with guidance expectation of 2.0%. Notes: (1) Compared to comparable
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 2006-2025 CAGR(1) 9.0% 12% 11% 10% 10 % 9% 8.2% 8.0% Weighted Ave
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% Sites 12,312 173,371 8000% 7000% States 16 35 6000% Net Income Per Share - Fully Diluted $0.15 $2.01 5000% ELS (+6,792%) FFO Per Share - Fully Diluted
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 3.3% Apartments Average 3.1% 0% -5% -10% -15% 3Q98 4Q98 9 1Q99 2Q99 3Q99 4Q99 00 1Q00 2Q00 3Q00 4Q00 01 1Q01 2Q01 3Q01 4Q01 02 1Q02 2Q02 3Q02 4Q02
Slide 11: 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 12: 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 13: 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 14: Domestic Migration Patterns
Domestic Migration Patterns Migration of Population Aged 65 & Over Florida Arizona Texas North Carolina Georgia South Carolina Tennessee Nevada Oregon Idaho 0 20,000 40,000 60,000 80,000 100,000 120,000 Positive new domestic migration Source: “Domestic Migration of Older Americans: 2015–2019. Issued
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 (In thousands) U.S. hous
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: Property Operations
Property Operations Best-in-class property operations platform drives consistent rate and occupancy increases Core MH Occupancy % Core MH Base Rent Growth Core RV Annual Rate Growth 96% 9% 9% 95% 8% 8% 94% 7% 7% 93% 6% 6% 92% 5% 5% 91% 4% 4% 90% 3% 3% 89% 88% 2% 2% 87% 1% 1% 86% 0% 0% 2021 2022 2023
Slide 21: 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 22: Property Operations – Thousand Trails
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 23: 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 24: 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 25: Capital Structure
Capital Structure Balance sheet strategy supports long-term growth As of March 31, 2026, unless otherwise specified (in millions) 10-Year Debt Maturity • Total enterprise value is $15.8 billion(3) Secured Unsecured Line of Credit • $500 million line of credit $600 • Debt to enterprise value is 20.9%
Slide 26: 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 27: 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 27
Slide 28: 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 Delivered more than Invested more than Expected 7,100 $97 million 7%-10% expansion sit
Slide 29: 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 30: Digital Marketing Strategy – Social Media
Digital Marketing Strategy – Social Media Since January 2025, ELS had 21.5 million total engagements on social media channels Over 2.4 Million Total Followers across social media channels ELS has an engagement-focused social media strategy where we build meaningful interactions with existing and pot
Slide 31: Digital Marketing Strategy – Home Sales
Digital Marketing Strategy – Home Sales Interactive virtual tours allow residents to preview the community and their future home Home listings with virtual tours are 5.6x more likely to convert Sample Model Home Sample MH Property Virtual Tour Virtual Tour 31
Slide 32: Digital Marketing Strategy – Online Check-In
Digital Marketing Strategy – Online Check-In Implemented online check-in functionality to enhance the customer experience Benefits of Online Check-In for Customers: • Less wait time at the front desk • Reduced contact at check-in • Expedited entry and can go straight to assigned sites • Mobile frien
Slide 33: Digital Marketing Strategy – Online Travel Partners
Digital Marketing Strategy – Online Travel Partners Building brand awareness and expanding reach to new customers through strategic partnerships 2015 2016 2017 2018 2020 2021 2022 2023 2024 2025 55 Travelers’ 12 Properties Choice received award Thousand Trails Orlando in Clermont, FL has won Awards
Slide 34: 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 35: 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 economic risks and uncertainties described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K, as mod
Slide 36: 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 37: 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 38: 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 39: 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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