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, totaling 173,559 sites and $16.3B in enterprise value.

• 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.

• Core MH base rental income growth YTD August 2026 is 5.8%; core RV and marina annual base rental income growth is 5.0%.

• Total return since IPO in 1993 is +7,076%, outperforming S&P 500 and Dow Jones Equity All REIT Index.

Financial guidance and capital structure

• 2026 full-year guidance: net income per share midpoint $2.10, normalized FFO per share midpoint $3.18.

• Core portfolio property operating revenues expected to grow 4.4%, with operating expenses up 2.1%.

• Debt to enterprise value is 20.5%, with 4.4x debt/adjusted EBITDAre and 4.1% weighted average interest rate.

• 96% of debt is long-term fixed rate, with average years to maturity of 7 and minimal floating rate exposure.

• $500 million line of credit and strong balance sheet support growth initiatives.

Growth strategy and demand drivers

• Business model focuses on owning land and leasing sites to owners of manufactured homes, RVs, and boats, with consistent results through real estate cycles.

• Active acquisition and development pipeline, with over $1.3B invested in new acquisitions since 2018 and $97M in land acquisitions over the past decade.

• Delivered over 7,100 expansion sites in the last decade, targeting stabilized yields of 7–10%.

• Demand driven by aging U.S. population (14% growth in 55+ age group by 2040), housing affordability, and limited new supply due to zoning and regulatory constraints.

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