Equity LifeStyle Properties (ELS) investor relations material

Performance highlights and financial trends

• Core NOI and normalized FFO are significantly outpacing the REIT industry average, with strong dividend growth and limited floating rate debt exposure.

• Rental revenue streams from MH, RV, and marina annual leases represent 85% of overall revenue, with MH rents up 5.8% and RV/marina annual up 5% year-to-date, both ahead of guidance.

• Seasonal transient RV business performed in line with expectations, with no surprises in demand or revenue.

• Expense management remains a focus, with utilities, payroll, and repairs comprising two-thirds of costs, generally tracking with CPI.

• The marina segment, a small part of the business, is back online after hurricane repairs and will contribute modestly to revenue in Q3 and Q4.

Demographic and market outlook

• Long-term demand for manufactured housing is supported by demographic trends, with baby boomers, Gen X, and millennials providing a consistent pipeline of potential residents.

• Millennials are increasingly moving to suburbs and forming households, aligning with the portfolio's Sun Belt and coastal locations, which are highly correlated with retirement destinations.

• The asset class remains supply-constrained, with very few new manufactured home communities being built, supporting long-term value.

• Expansion opportunities are primarily on the RV side, but MH expansions are pursued where possible, leveraging existing amenities for cost efficiency.

• Regulatory changes at the national level (e.g., Road to Housing) are not yet impacting local zoning, but evolving home specs may improve acceptance of manufactured housing.

Strategic priorities and growth initiatives

• Strategic focus is on growing MH occupancy, with year-to-date increases and targeted expansions, especially in Florida.

• Rental programs are flexed as needed to drive occupancy, with a current rental load of about 3% and a strong conversion rate from renters to owners (about 30% turnover into sales).

• Rate increases for 2027 will be announced in October, with historical alignment to COLA/CPI.

• New land development is limited by the lack of large parcels in core markets, maintaining a competitive advantage due to supply constraints.

• Marinas are not expected to be a major growth area, with only small-scale acquisitions possible due to strict investment criteria.