40 slides from Equity Lifestyle Properties's conference presentation, May 27, 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 S&P 400 Member 92% Revenue from Annual Sources $15.8B Enterprise Value 120% Ten-Year Total Return(1) • 174% S&P 4
Slide 3: ELS at a Glance: Portfolio Performance and Balance Sheet
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 March 31, 2026, unless otherwise specified. (1) The Core Portfolio may change from time-to-time depending o
Slide 4: 2026 Guidance
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, inclu
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: Debt Strategy
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 35-39 for definitions and reconciliations. Adjusted for
Slide 7: Dividend and Normalized FFO Growth
$- $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 h
Slide 8: Business Model, Portfolio, Platform, Balance Sheet
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 busin
Slide 9: Total Return Since IPO
0% 1000% 2000% 3000% 4000% 5000% 6000% 7000% 8000% 9000% 2/25/93 3/31/96 3/31/99 3/31/02 3/31/05 3/31/08 3/31/11 3/31/14 3/31/17 3/31/20 3/31/23 3/31/26 ELS (+6,792%) S&P 500 (+2,667%) DOW JONES EQUITY ALL REIT (+1,791%) Notes: (1) See Non-GAAP Financial Measures on pages 35-39 for definitions and r
Slide 10: Unique Business Model Drives Long-Term Outperformance
Notes: Source for Same Store NOI data: Citi Investment Research, May 2026. Earliest quarter collected by Citi is third quarter of 1998. Data through first quarter of 2026. “REIT Industry” includes an index of REITs across a variety of asset classes, including regional malls, shopping centers, multi-
Slide 11: Property Locations
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 Total A
Slide 12: Capital Expenditures
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 $60,
Slide 13: Demographic Demand: Aging Population
• 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 re
Slide 14: Domestic Migration Patterns
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 Migration of Population Aged 65 & Over Positive new domestic migration Negative new domestic migration Dot = 100 people Source: “Domestic Migration of Older America
Slide 15: Manufactured Homes Provide Greater Value
Whether buying or renting, manufactured homes provide greater value as compared to other housing options Sources: U.S. Census Bureau, Federal Reserve Economic Data (FRED), Freddie Mac, Moody’s Analytics. Notes: (1) Data is as of FRED’s most recently published economic report as of May 1, 2026. (2) A
Slide 16: 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 Demand Drivers – Lifestyle and Amenities 16
Slide 17: Demand Drivers – Ways to Stay
We offer our residents and guests unique ways to stay at our communities and resorts Demand Drivers – Ways to Stay 17 Vacation Homes Manufactured Homes RV Sites Tiny Homes Cabins & Cottages
Slide 18: Supply Constrained Asset Class
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 de
Slide 19: Steady, Predictable Revenue Streams
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 5.8% Transient 4.9% Seasonal 3.4% Approximately 92% of revenue is derived from stable, annual sources Property Operating Revenue Buckets(
Slide 20: Property Operations
Best-in-class property operations platform drives consistent rate and occupancy increases Property Operations 50% of MH Communities are 98%+ Occupied 2021 2022 2023 86% 87% 88% 89% 90% 91% 92% 93% 94% 95% 96% 2024 2025 Q1 2026 Core MH Occupancy % 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2021 2022 2023 2024 202
Slide 21: Historical MH Growth Rate vs COLA
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 No
Slide 22: Thousand Trails Members and Subscription Revenue
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 Pr
Slide 23: Property Operating Expenses
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 same
Slide 24: Historical Core Portfolio Performance
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 35-39 for definitions and
Slide 25: Capital Structure
Balance sheet strategy supports long-term growth As of March 31, 2026, unless otherwise specified (in millions) Mortgage Debt $2,784 17.6% OPUs(3) $402 2.5% Line of Credit $90 0.6% Term Loan $440 2.8% Common Stock(3) $12,105 76.5% • Total enterprise value is $15.8 billion(3) • $500 million line of c
Slide 26: 10-Year Dividend CAGR and Total Return CAGR
-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 Gl
Slide 27: Acquisitions
ELS has a strong pipeline of external growth opportunities and a disciplined strategy focused on acquiring accretive properties Acquisitions 19 27 MH RV Marina Over $1.3 Billion Invested in New Acquisitions Since 2018
Slide 28: Expansion
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 si
Slide 29: Technology and Innovation
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 Innovati
Slide 30: Digital Marketing Strategy – Social Media
Since January 2025, ELS had 21.5 million total engagements on social media channels Digital Marketing Strategy – Social Media 30 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
Slide 31: Digital Marketing Strategy – Home Sales
Sample Model Home Virtual Tour Sample MH Property Virtual Tour Interactive virtual tours allow residents to preview the community and their future home Digital Marketing Strategy – Home Sales 31 Home listings with virtual tours are 5.6x more likely to convert
Slide 32: Digital Marketing Strategy – Online Check-In
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 friendly Benefits of Online Check-In for Property Teams: • Receive full visibility of customer reservation details prior to arr
Slide 33: Digital Marketing Strategy – Online Travel Partners
12 Properties received award for five consecutive years 55 Travelers’ Choice AwardsThousand Trails Orlando in Clermont, FL has won the Tripadvisor Travelers’ Choice Award for 11 consecutive years. Building brand awareness and expanding reach to new customers through strategic partnerships Digital Ma
Slide 34: Experienced Executive Management Team
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 Exp
Slide 35: Forward-Looking Statements and Non-GAAP Measures
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 modified or supplemented by s
Slide 36: Non-GAAP Financial Measures
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 and
Slide 37: Reconciliation of Net Income to Income from Property Operations
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 subscriptions a
Slide 38: Net Income to EBITDAre and Adjusted EBITDAre Reconciliations
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, depreci
Slide 39: Forward-Looking Non-GAAP Measures
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-loo
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