Equity LifeStyle Properties (ELS) Investor presentation summary

Portfolio overview and performance

• Operates 453 properties across manufactured home, RV, campground, and marina segments in North America, with 173,371 sites in 35 states and 1 Canadian province.

• 91% of revenue is derived from stable, annual sources, supporting predictable cash flow.

• 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.

• Ten-year total return of 214% outperformed S&P 400, S&P 500, and Dow Jones Equity All REIT Index.

• Portfolio is concentrated in high-growth, retirement, and vacation destinations, with 35% of properties in Florida and 11% in California.

Financial highlights and guidance

• 2026 guidance projects net income per share of $2.06–$2.16 and normalized FFO per share of $3.12–$3.22, implying 1.9–5.2% YOY growth.

• 2025 core MH base rental income grew 5.5% YOY; core annual RV and marina base rental income grew 4.1% YOY.

• Dividend per share increased 7.9% YOY in 2025, with a 10-year CAGR of 10.6%, well above the REIT average.

• Board approved a 2026 annual dividend rate of $2.17 per share, up 5.3% from 2025.

• Maintains a REIT-leading balance sheet with debt/EV at 19.6%, debt/Adjusted EBITDAre at 4.5x, and 8 years average debt maturity.

Business model and demand drivers

• Owns land and leases sites to owners of manufactured homes, vacation cottages, RVs, and boats, with minimal new supply and strong demand.

• Over 70% of MH properties are age-qualified or have a resident base with an average age over 55; nearly 50% of MH residents are 70+.

• U.S. population aged 55+ expected to grow 14% from 2025 to 2040, supporting long-term demand.

• Manufactured homes offer a 75% lower upfront cost and 64% lower monthly cost than new single-family homes, with renters paying 20–25% less per sq ft than local two-bedroom rentals.

• Limited new MH development due to zoning and regulatory constraints, creating a supply-constrained asset class.