Equity Lifestyle Properties, Inc. · NYSE:ELS
Equity Lifestyle Properties — Investor Presentation (May 2025)
42 slides from Equity Lifestyle Properties's investor presentation, May 2025
Slide 1: Investor Presentation May 2025
Investor Presentation May 2025 Serendipity – Clearwater, 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 $ 16.6B 91 % Enterprise Value Revenue from Annual Sources 455 35 + 1 173,340 Properties States Canadian Sites Pro
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 REIT-LEADING BALANCE SHEET Avg Long-Term 4.4% 8.4% Normalized FFO/Share 19.3% 4.4x 5
Slide 4: Recent Highlights
Recent Highlights(1)(2) Q1 2025 Performance • Core property operating revenues increased 2.9% • Core MH base rental income increased 5.5%. • Core RV and marina annual base rental income increased 4.1%. • Core property operating expense increased 1.5%. • Core income from property operations, excludin
Slide 5: REIT Leading Results
REIT Leading Results Delivering Outsized Value to Shareholders Debt Strategy – Refinance Risk Mitigation Normalized FFO / Share Growth by Subsector Term to Maturity vs Weighted Average Interest Rate(3) Current Floating Rate Debt (4)(5) 2006-2024 CAGR (1) 8.0% 9.0% 9% 8% 8.0% 7.0% 7% 7.0% Weighted Av
Slide 6: 2025 Full-Year Guidance
2025 Full-Year Guidance Metric (1) Low High Net Income per Common Share $1.97 $2.07 Our Board of Directors has approved setting the annual dividend rate FFO per Common Share and OP Unit $3.01 $3.11 for 2025 at $2.06 per share of Common Stock, an increase of 7.9%, Normalized FFO per Common Share and
Slide 7: 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 8: Track Record
Track Record Long-term total returns that outperform the market ITEM IPO Year: 1993 2024 Total Return Performance Since IPO (%) (5)(6) Properties 41 452 9000% Sites 12,312 173,201 8000% ELS (+6,813%) States 16 35 7000% S&P 500 (+2,233%) Net Income Per Share - Fully Diluted $0.15 $1.96 6000% 5000% DO
Slide 9: Unique Business Model
Unique Business Model Drives sustained long-term outperformance 20.0% REIT Industry Same Store NOI Growth 15.0% ELS Average 10.0% 4.4% REIT Industry 5.0% Average 3.3% Apartments 0.0% Average 3.2% -5.0% -10.0% -15.0% 3Q98 4Q98 1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02
Slide 10: Property Locations
Property Locations ELS owns and operates 455 properties in North America with a focus on high-quality coastal and Sunbelt retirement and vacation destinations and urban areas Projected Population Growth % (2025-2030) 12% 10.7 % 10% 8.2% 8% 7.3% 6.0% 5.7 % 4.4% 6% 2.4% 4% 2% California 0% -0.3% Arizo
Slide 11: Property Locations - MH
Property Locations The MH portfolio focuses on age-qualified communities in retirement destinations where our residents can be part of an active lifestyle 206 MH COMMUNITIES • 75,300 sites MH Notes: Property and site counts presented as of March 31, 2025. 11
Slide 12: Property Locations - RV
Property Locations The RV portfolio has over 200 resorts and campgrounds spread along the coast and in vacation destinations packed with family-friendly amenities and activities 226 RV RESORTS • 91,100 sites – Annual 34,300 – Seasonal 11,200 – Transient 19,600 – Membership sites 26,000 RV Notes: Pro
Slide 13: Property Locations - Marinas
Property Locations High-quality marina portfolio located primarily along the southeast coast, ideal for year-round boating, which generates stable annual slip revenue 23 MARINAS • 6,900 slips MA Notes: Property and site counts presented as of March 31, 2025. 13
Slide 14: Capital Expenditures
Capital Expenditures Continued investment in communities to support internal growth and enhance our resident and guest experience $120,000 $200,000 $100,000 $180,000 $160,000 $80,000 $140,000 $120,000 $60,000 $100,000 $80,000 $40,000 $60,000 $40,000 $20,000 $20,000 $0 $0 2022 2023 2024 2022 2023 202
Slide 15: 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 16: 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 Negative new domestic migration Source: “Domestic Migration of Ol
Slide 17: 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) Difference MH SFH $600 (In thousands) in
Slide 18: 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 18
Slide 19: 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 19
Slide 20: 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 Reasons for the Supply Constraint Number of MH Developments 60 • NI
Slide 21: Steady, Predictable Revenue Streams from High-Quality Occupancy
Steady, Predictable Revenue Streams from High-Quality Occupancy 72% Property Operating Revenue Buckets(1) 2024 ELS MH New Home Sales Residents with a FICO score greater than 680 Annual MH 62.7% The rental program is utilized strategically to introduce residents to our communities. Renters typically
Slide 22: Property Operations
Property Operations Best-in-class property operations platform drives consistent rate and occupancy increases Core MH Occupancy % Core MH Base Rent Rate 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% 2% 2% 88% 87% 1% 1% 86% 0% 0% 2020 2021
Slide 23: 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% 7.0% Historical MH Growth Rate Average spread of +150 bps 6.0% 5.0% 4.0% COLA averaged 2.6% ELS averaged 4.1% 3.0% 2.0% 1.0
Slide 24: Property Operations – Thousand Trails
Property Operations Thousand Trails Annual Subscription Revenue Per Member $700 35 % Growth 113,553 since 2018 Thousand Trails Members $600 enrolled through 2024 $500 $400 29 % $300 $200 Thousand Trails Members $100 have been customers $0 for at least 20 years 2018 2019 2020 2021 2022 2023 2024 Note
Slide 25: Property Operating Expenses
Property Operating Expenses 2024 Core Property Operating Expense(1) Compare to Multi-Family (2) 40% Approximately 63% of 35% Core Property Operating 16 % 19 % 30% Expenses are from 25% Utilities, Payroll and R&M 20% 14% 20% 15% 10% Utility Recovery Rate 4% 5% is approximately 0% Utilities Payroll R&
Slide 26: Stability Through Economic Cycles
Stability Through Economic Cycles Historical Core Portfolio Growth Rate Against CPI(1)(2) Average Spread Between Core Portfolio NOI Growth % CPI Same Store NOI Growth vs CPI (2001-2024)(3) Housing Crisis Pandemic 2.0% 10.0% 1.5% 8.0% 6.0% 1.0% 4.0% 0.5% 2.0% 0.0% 0.0% 2001 2002 2003 2004 2005 2006 2
Slide 27: Capital Structure
Capital Structure Balance sheet strategy supports long-term growth As of March 31, 2025, unless otherwise specified (in millions) 10-Year Debt Maturity • Total enterprise value is $16.6 billion Secured Unsecured Line of Credit • $500 million line of credit $500 • Debt to enterprise value is 19.3% Ou
Slide 28: Dividend
Dividend 10-Year Dividend CAGR and Total Return CAGR 20% Dividend Growth 15% ELS 10-year CAGR 10% Total Return CAGR • ELS 11.4% (1) • REIT Average 4.0% (2) 5% 0% -5% -10% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% Dividend CAGR Notes: (1) Compound annual growth rate through 2024. (2) Source:
Slide 29: 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 19 29
Slide 30: Expansion
Expansion Expansions maximize returns by increasing the number of sites at communities with high demand with minimal increase to operating costs 8 - 10 Buccaneer Estates – North Fort Myers, FL % % Expansion in Progress Expected Stabilized Yields(1) Expansion Sites Added 1,400 1,200 1,000 800 600 202
Slide 31: 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 32: Digital Marketing Strategy – Social Media
Digital Marketing Strategy – Social Media Since January 2024, ELS had 13.6 Million total engagements on social media channels Over 2.2 1.6 Million Total Followers across social media channels ELS has ELS has an an engagement-focused engagement-focusedsocial socialmedia media strategy where strategy
Slide 33: 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 Model Home MH Property 5.6x more likely to convert Virtual Tour Virtual Tour 33
Slide 34: 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 35: 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 2019 2020 2021 2022 2023 50 TRAVELERS' 15 PROPERTIES CHOICE AWARDS RECEIVED AWARD Thousand Trails Orlando in Clermont, FL has won FOR F
Slide 36: 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, 31 Years 31 Years 31 Years 9 Years
Slide 37: 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 38: 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 39: 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 40: 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 41: 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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