Equity LifeStyle Properties, Inc. Q4 FY2025 earnings call

• Core Operations: Continued strong core operations with 4.8% NOI growth and 5% normalized FFO per share growth in 2025. Annual rental streams comprise over 90% of revenue, resident engagement through clubs supports high occupancy. - Business Segments: MH revenue over $1B in 2025, CAGR 5.9% over 5 years. RV annual business has stable revenue stream, added 500 annuals in last two quarters. - Dividend Policy: Board approved $2.17 per share dividend, 5.3% increase, 22nd consecutive year of dividend growth.

MH (Manufactured Housing): In 2025, revenue streams totaled over $1 billion. Over the last five years, combined revenue CAGR was 5.9%. Approximately half of MH revenue is in Florida, 20% in California and Arizona, rest in North Central and Northeast US. Florida has strong demand due to migration, tourism, etc., with nearly 2,000 homes sold in last five years and rental load reduced to 2.5% of occupied sites. Arizona's Phoenix Mesa market has strong population and GDP growth. California MH communities have 96% average occupancy. RV (Recreational Vehicle): RV portfolio finished strong with over 500 sites added in last six months. Annual RV customers stay ~10 years, average annual rate growth over 6% in last five years. Durable long-term revenue stream similar to MH, with consistent demand in Sunbelt and Northern markets.

• 2026 full year normalized FFO growth anticipated at 3.7%. - 2026 first quarter normalized FFO per share range $0.81 to $0.87. - Core property operating income growth projected 5.6% midpoint for full year, 4.5%-5.1% for Q1. - MH rent growth 5.1%-6.1%, RV and marina rent growth 2.4%-3.4%. - Interest expense range $133.3M-$139.3M for full year.

• Weather impact on seasonal and transient RV business. - Transaction activity constrained due to fragmented ownership and homeowners' reluctance to sell. - Timing issues with repairs of storm-damaged marinas.

Q: About seasonal and transient business expectations A: Paul and Patrick discussed reservation pacing, holiday effects (like June 10 and July 4 being on weekends), early booking pace influenced by warm weather and friend time, and positive sentiment from surveys of seasonal guests Q: About Canadian customers A: Paul noted 10% of RV revenue is from Canadians, 50% from annual customers with strong demand, remaining 50% split between seasonal and transient; Marguerite mentioned positive sentiment from survey work on Canadian travelers to Florida Q: About MH occupied sites A: Patrick explained it was due to home inventory depletion in the quarter and mix of move-ins/move-outs, with positive long-term demand outlook despite quarter-to-quarter fluctuation