ELS · Equity LifeStyle Properties, Inc.

Equity LifeStyle Properties, Inc. (ELS) released its May 2026 investor presentation via Item 7.01 Regulation FD Disclosure, furnishing forward-looking 2026 guidance that underscores continued operational momentum in its portfolio of manufactured home communities, RV resorts, campgrounds, and marinas. The guidance projects Net Income per share at $2.02-$2.12 (midpoint $2.07), FFO per share and OP Unit at $3.11-$3.21 (midpoint $3.16), and Normalized FFO at $3.12-$3.22 (midpoint $3.17), reflecting management's expectations for core property revenue growth of 4.0%-5.0% and expense growth of 2.2%-3.2%, yielding income from property operations growth of 5.2%-6.2%. These ranges exclude potential acquisitions or dispositions and are sensitive to factors like occupancy, rate changes, expense management amid inflation, acquisition integration, and storm-related disruptions, as detailed in the forward-looking statements. Complementing this, the Board approved a 2026 dividend of $2.17 per share, a 5.3% increase from 2025's $2.06, signaling confidence in cash flow generation with 92% of revenues from stable annual sources. As of March 31, 2026, ELS operates 453 properties with 173,419 sites, maintaining a REIT-leading balance sheet featuring a 4.1% weighted average interest rate, 7-year average maturity, and limited near-term refinancing risk with only line of credit exposure to floating rates. The presentation highlights historical outperformance, including 8.2% Normalized FFO/share CAGR (2006-2025) and 19% dividend/share CAGR, positioning ELS to deliver value through its land-leasing model, demographic tailwinds from aging populations, and focus on high-quality Sunbelt and coastal destinations.