Equity LifeStyle Properties (ELS) Citi’s Miami Global Property CEO Conference 2026 summary

Historical performance and business model

• Delivered 14% annualized total return since IPO, with 4.5% average same-store NOI growth over 25+ years, outperforming REIT sector averages.

• Dividend has grown 19% since 2006, supported by consistent operational strength.

• Consistently ranks among leaders in FFO growth, dividend growth, and balance sheet metrics compared to broader and residential REITs.

• 91% of revenue comes from stable, recurring, and annual sources, with properties in premier retirement and vacation destinations.

• Portfolio benefits from favorable supply dynamics and minimal new competing supply.

Current trends, guidance, and demand drivers

• 2026 guidance reaffirms strong revenue and NOI expectations, supported by high-quality locations and favorable demographics.

• RV annual business shows consistent demand, with 500 annuals added in the first half of 2025 and positive trends into 2026.

• Early bird reservations for 2027 are pacing ahead for both Canadian and American customers.

• Transient RV bookings are favorable, with major holiday weekends expected to boost revenue.

• Membership revenue increased due to a new upgrade program offering additional benefits and flexibility.

Expense management and macro factors

• Utilities represent 25%-30% of expenses, with about 50% of energy costs recaptured from customers.

• Expense assumptions for 2026 include a premium over CPI, with close monitoring of global trends affecting utility costs.

• Rising oil and gas prices have not historically impacted transient or membership business, as most customers travel short distances.