Equity LifeStyle Properties (ELS) Investor presentation summary

Portfolio overview and performance

• Owns and operates 453 high-quality manufactured home, RV, campground, and marina properties across 35 U.S. states and 1 Canadian province, with 173,419 sites and a $15.8B enterprise value as of March 31, 2026.

• 92% of revenue is derived from stable, annual sources, with a focus on retirement and vacation destinations, especially in Florida, California, and Arizona.

• Average long-term core NOI growth is 4.5%, with normalized FFO/share CAGR of 8.2% and dividend/share CAGR of 19% from 2006–2025.

• Total return since IPO in 1993 is +6,792%, outperforming S&P 500 and Dow Jones Equity All REIT Index.

• Core MH occupancy has averaged 95% over the past five years, with 50% of communities at 98%+ occupancy.

Financial results and guidance

• 2026 full-year guidance projects net income per share of $2.02–$2.12 and normalized FFO per share of $3.12–$3.22.

• Core portfolio property operating revenues expected to grow 4.0–5.0%, with operating expenses rising 2.2–3.2%.

• Dividend for 2026 set at $2.17 per share, a 5.3% increase over 2025, with a 3.5% yield.

• Debt to enterprise value is 20.9%, with a weighted average interest rate of 4.1% and average years to maturity of 7.

• Minimal exposure to floating rate debt and limited refinancing needs through 2028.

Growth strategy and demand drivers

• Active acquisition and development pipeline, with over $1.3B invested in new acquisitions since 2018 and more than 7,100 expansion sites delivered in the past decade.

• Focus on accretive and value-add transactions, especially in supply-constrained markets due to restrictive zoning and limited new MH development.

• Demand driven by aging demographics: U.S. population aged 55+ expected to grow 14% from 2025 to 2040, with nearly 10,000 people turning 65 daily.

• Manufactured homes offer significant cost advantages over single-family homes, with ELS renters paying 20–25% less per sq ft than average two-bedroom rentals in submarkets.

• Amenities, lifestyle offerings, and multiple ways to stay (vacation homes, tiny homes, RV sites, cabins) enhance appeal.