Equity LifeStyle Properties (ELS) Citi’s 30th Annual Global Property CEO Conference 2025 summary

Historical performance and competitive positioning

• Achieved 14% annualized total return since IPO, with 4.4% average NOI growth over 25 years, outperforming REIT averages.

• FFO growth averaged 8% since 2006, and dividends grew 19% annually.

• Current guidance places NOI and normalized FFO growth in the top quartile among peers.

• High-quality, geographically diverse properties in supply-constrained markets support continued success.

Portfolio strategy and asset mix

• Portfolio is 70% age-qualified and 30% all-age, with age-qualified assets showing greater stability.

• All-age properties are selected for their similarity to age-qualified customer profiles, often serving as seasonal or vacation homes.

• Strategic asset trades have shifted exposure from the Midwest to high-demand markets like Florida, Arizona, and California.

Expansion, development, and supply constraints

• Ongoing pipeline of 3,000 expansion sites, with 6,000 vacant adjacent acres, mostly near RV parks.

• Expansion projects leverage existing amenities and customer referrals, with 20% of new customers from referrals.

• Entitlement and zoning challenges, especially NIMBYism, limit new manufactured housing supply.

• Federal policy changes could impact supply, but no current proposals exist.