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 173,419 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 high-quality, age-qualified communities in retirement and vacation destinations.

• 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.

• Maintains a REIT-leading balance sheet with 20.9% debt/EV, 4.5x debt/adjusted EBITDAre, and 4.1% weighted average interest rate.

• Outperformed major indices since IPO, with a total return of +6,792% compared to +2,667% for the S&P 500.

Financial guidance and capital allocation

• 2026 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%.

• Annual dividend rate for 2026 set at $2.17 per share, a 5.3% increase over 2025.

• Over $1.3B invested in new acquisitions since 2018, with more than 7,100 expansion sites delivered and $97M invested in land acquisitions over the past decade.

• Recurring and expansion capex continues to support internal growth and enhance resident experience.

Demand drivers and market positioning

• Unique demographics with 70%+ of MH properties age-qualified or with residents averaging 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 significant value proposition, with average costs 75% lower than new single-family homes and rental rates 20–25% below local two-bedroom averages.

• Supply constraints in MH development due to zoning and regulatory barriers provide a strategic advantage.

• Focus on high-growth Sunbelt and coastal markets, with 35% of properties in Florida and 11% in California.