Equity LifeStyle Properties : Q226 Supplemental Package

About this update from Equity Lifestyle Properties, Inc.

Table of Contents Earnings Press Release i-iv Supplemental Financial Information Financial Highlights ................................................................................................. 1 Consolidated Balance Sheets ................................................................................... 2 Consolidated Income Statements ............................................................................. 3 Non-GAAP Financial Measures 4 Selected Non-GAAP Financial Measures .............................................................. 5 Reconciliation of Net Income to Non-GAAP Financial Measures ........................ 6 Income from Property Operations - Total Portfolio .............................................. 7 Income from Property Operations - Core Portfolio ............................................... 8-9 Income from Property Operations - Non-Core Portfolio ....................................... 10 Home Sales and Rental Home Operations ............................................................. 11 Total Sites .............................................................................................................. 12 Membership Campgrounds - Select Data ................................................................ 13 Market Capitalization ............................................................................................... 14 Debt Maturity Schedule ........................................................................................... 15 Non-GAAP Financial Measures Definitions and Reconciliations ........................... 16-19 N E W S R E L E A S E CONTACT: Paul Seavey FOR IMMEDIATE RELEASE (800) 247-5279 July 22, 2026 ELS REPORTS SECOND QUARTER RESULTS Continued Strong Performance CHICAGO, IL - July 22, 2026 - Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and six months ended June 30, 2026. All per share results are reported on a fully diluted basis unless otherwise noted. FINANCIAL RESULTS ($ in millions, except per share data) Quarters Ended June 30, 2026 2025 $ Change % Change (1) Net Income per Common Share $ 0.50 $ 0.42 $ 0.08 19.1% Funds from Operations ("FFO") per Common Share and OP Unit $ 0.77 $ 0.69 $ 0.08 11.7% Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit $ 0.74 $ 0.69 $ 0.05 7.7% Six Months Ended June 30, 2026 2025 $ Change % Change (1) Net Income per Common Share $ 1.05 $ 0.99 $ 0.06 6.6% FFO per Common Share and OP Unit $ 1.60 $ 1.52 $ 0.08 5.1% Normalized FFO per Common Share and OP Unit $ 1.58 $ 1.52 $ 0.06 3.6% 1. Calculations prepared using actual results without rounding. Operations Update Normalized FFO per Common Share and OP Unit for the quarter ended June 30, 2026 was $0.74, representing a 7.7% increase compared to the same period in 2025, performing above the midpoint of our previous guidance range of $0.69 to $0.75. Core Portfolio operations for the quarter ended June 30, 2026 generated 6.5% growth in income from property operations, excluding property management. These results reflect outperformance of our guidance for Core property operating revenues, Core property operating expenses, excluding property management, and Core income from property operations, excluding property management. Normalized FFO for the six months ended June 30, 2026 was $1.58 per Common Share and OP Unit, representing a 3.6% increase compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating revenues increased 4.3%, Core property operating expenses, excluding property management, increased 2.3% and Core income from property operations, excluding property management, increased 5.7%, each as compared to the same period in 2025. MH Core MH base rental income for the quarter ended June 30, 2026 increased 5.8% compared to the same period in 2025. Occupied sites increased by 13 sites and new and used home sales totaled 235 during the quarter ended June 30, 2026. Core MH base rental income for the six months ended June 30, 2026 increased 5.7% compared to the same period in 2025. Occupied sites increased by 67 sites and new and used home sales totaled 463 during the six months ended June 30, 2026. RV and Marina Core RV and marina base rental income for the quarter ended June 30, 2026 increased 1.8% compared to the same period in 2025. Core RV and marina annual base rental income increased 5.4% for the quarter ended June 30, 2026 compared to the same period in 2025. Core RV and marina base rental income for the six months ended June 30, 2026 increased 0.1% compared to the same period in 2025. Core RV and marina annual base rental income increased 4.8% for the six months ended June 30, 2026 compared to the same period in 2025. Property Operating Expenses Core property operating expenses, excluding property management, for the quarter ended June 30, 2026 increased 2.9% compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating expenses, excluding property management, increased 2.3% compared to the same period in 2025. Guidance Update Third quarter and full year 2026 guidance presented below represent management's estimate of a range of possible outcomes. The midpoint of the ranges reflect management's estimate of the most likely outcome based on our current view of existing market conditions and assumptions. Actual results could vary materially from management's estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for factors impacting our 2026 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for additional information. ($ in millions, except per share data) 2026 Third Quarter Full Year Net Income per Common Share $0.48 to $0.54 $2.05 to $2.15 FFO per Common Share and OP Unit $0.76 to $0.82 $3.15 to $3.25 Normalized FFO per Common Share and OP Unit $0.76 to $0.82 $3.13 to $3.23 2025 Actual 2026 Growth Rates Core Portfolio: Third Quarter Full Year Third Quarter Full Year MH base rental income $ 188.0 $ 748.6 5.3% to 5.9% 5.2% to 6.2% RV and marina base rental income (1) $ 110.8 $ 427.5 1.4% to 2.0% 1.1% to 2.1% Property operating revenues $ 358.8 $ 1,405.6 3.9% to 4.5% 3.9% to 4.9% Property operating expenses, excluding property management $ 155.0 $ 583.5 0.7% to 1.3% 1.6% to 2.6% Income from property operations, excluding property management $ 203.8 $ 822.2 6.3% to 6.9% 5.5% to 6.5% 2026 Full Year Non-Core Income from property operations, excluding property management $8.7 to $12.7 Property management and general administrative $119.8 to $125.8 Interest and related amortization $134.3 to $140.3 Full Year 2026 Guidance Update Compared to Prior 2026 Guidance (2) Prior Full Year 2026 Guidance Midpoint (2) Updated Full Year 2026 Guidance Midpoint Normalized FFO per Common Share and OP Unit $3.17 $3.18 Core Portfolio Growth Rates: MH base rental income 5.6% 5.7% RV and marina base rental income (1) 2.4% 1.6% Property operating revenues 4.5% 4.4% Property operating expenses, excluding property management 2.7% 2.1% Income from property operations, excluding property management 5.7% 6.0% Core RV and marina annual base rental income represents approximately 73.2% and 75.4% of third quarter 2026 and full year 2026 RV and marina base rental income guidance, respectively. Core RV and marina annual base rental income third quarter 2026 growth rate range is 4.6% to 5.2% and the full year 2026 growth rate range is 4.3% to 5.3%. Our guidance provided on April 21, 2026 factored in a Core RV and marina annual base rental income growth rate range of 4.2% to 5.2% for full year 2026. Prior guidance issued on April 21, 2026.

View stock analysis, news, and events for Equity Lifestyle Properties, Inc.