ELS Reports First Quarter Results

Continued Strong Performance

CHICAGO, April 21, 2026 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter ended March 31, 2026. All per share results are reported on a fully diluted basis unless otherwise noted.

FINANCIAL RESULTS

($ in millions, except per share data)

Quarters Ended March 31,

2026

2025

$ Change

% Change (1)

Net Income per Common Share

$ 0.56

$ 0.57

$ (0.01)

(2.6) %

Funds from Operations ("FFO") per Common Share and OP Unit

$ 0.83

$ —

(0.4) %

Normalized Funds from Operations ("Normalized FFO") per

Common Share and OP Unit

$ 0.84

$ 0.83

$ 0.01

0.3 %

_____________________

Calculations prepared using actual results without rounding.

Operations Update

Normalized FFO per Common Share and OP Unit for the quarter ended March 31, 2026 was $0.84, representing a 0.3% increase compared to the same period in 2025, consistent with the midpoint of our previous guidance range of $0.81 to $0.87. Core property operating revenues increased 3.7%, Core property operating expenses, excluding property management, increased 1.8% and Core income from property operations, excluding property management, increased 4.9% for the quarter ended March 31, 2026, each as compared to the same period in 2025.

Core MH base rental income for the quarter ended March 31, 2026 increased 5.7% compared to the same period in 2025. We sold 228 new and used homes during the quarter ended March 31, 2026.

RV and Marina

Core RV and marina base rental income for the quarter ended March 31, 2026 decreased 1.4% compared to the same period in 2025. Core RV and marina annual base rental income increased 4.2% for the quarter ended March 31, 2026 compared to the same period in 2025.

Property Operating Expenses

Core property operating expenses, excluding property management, for the quarter ended March 31, 2026 increased 1.8% compared to the same period in 2025. We completed our property and casualty insurance renewal as of April 1, 2026 with a premium decrease of approximately 18% compared to the prior year.

Guidance Update

Second quarter and full year 2026 guidance presented below represent management's estimate of a range of possible outcomes. The midpoint of the ranges reflect management's estimate of the most likely outcome based on our current view of existing market conditions and assumptions. Actual results could vary materially from management's estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for factors impacting our 2026 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for additional information.

($ in millions, except per share data)

2026

Second Quarter

Full Year

Net Income per Common Share

$0.42 to $0.48

$2.02 to $2.12

FFO per Common Share and OP Unit

$0.69 to $0.75

$3.11 to $3.21

Normalized FFO per Common Share and OP Unit

$0.69 to $0.75

$3.12 to $3.22

2025 Actual

2026 Growth Rates

Core Portfolio:

Second Quarter

Full Year

Second Quarter

Full Year

MH base rental income

$ 186.2

$ 748.6

5.3% to 5.9%

5.1% to 6.1%

RV and marina base rental income (1)

$ 101.6

$ 427.5

1.7% to 2.3%

1.9% to 2.9%

Property operating revenues

$ 344.0

$ 1,405.6

4.5% to 5.1%

4.0% to 5.0%

Property operating expenses, excluding property

management

$ 150.5

$ 583.5

3.9% to 4.5%

2.2% to 3.2%

Income from property operations, excluding

property management

$ 193.5

$ 822.2

4.9% to 5.5%

5.2% to 6.2%

2026 Full Year

Non-Core Income from property operations,

excluding property management

$5.7 to $9.7

Property management and general administrative

$119.0 to $125.0

Interest and related amortization

$133.9 to $139.9

2026 Updated Core Growth Rate Guidance Compared to Prior 2026 Core Growth Rate Guidance (2)

2026 Full Year Guidance

Updated Midpoint

2026 Prior Full Year

Guidance Midpoint (2)

Core Portfolio:

MH base rental income

5.6 %

RV and marina base rental income (1)

2.4 %

2.9 %

Property operating revenues

4.5 %

4.6 %

Property operating expenses, excluding property management

2.7 %

3.2 %

Income from property operations, excluding property management

5.7 %

5.6 %

______________________

Core RV and marina annual revenue represents approximately 78.4% and 74.7% of second quarter 2026 and full year 2026 RV and marina base rental income guidance, respectively. Core RV and marina annual revenue second quarter 2026 growth rate range is 4.8% to 5.4% and the full year 2026 growth rate range is 4.2% to 5.2%. Our guidance provided on January 28, 2026 factored in a Core RV and marina annual growth rate range of 4.7% to 5.7%. The change in full year 2026 Core RV and marina annual revenue guidance is attributed to the marina business which has been impacted primarily by a delay in slip restoration.

Prior guidance issued on January 28, 2026.

About Equity LifeStyle Properties

We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of March 31, 2026, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,419 sites.

For additional information, please contact our Investor Relations Department at (800) 247-5279 or at [email protected].

Conference Call

A live audio webcast of our conference call discussing these results will take place tomorrow, Wednesday, April 22, 2026, at 10:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.

Forward-Looking Statements

In addition to historical information, this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "estimate," "guidance," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, including our guidance concerning Net Income, FFO and Normalized FFO per share data, and certain growth rates, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting. For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.

Supplemental Financial Information

Financial Highlights (1)(2)

(In millions, except Common Shares and OP Units outstanding and per share and ratio data, unaudited)

As of and for the Quarters Ended

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

June 30,

2025

Mar 31,

2025

Operating Information

Total revenues

$ 397.6

$ 373.9

$ 393.3

$ 376.9

$ 387.3

Consolidated net income

$ 111.5

$ 103.8

$ 100.4

$ 83.5

$ 114.4

Net income available for Common Stockholders

$ 107.9

$ 100.5

$ 97.1

$ 79.7

$ 109.2

Adjusted EBITDAre

$ 201.1

$ 189.6

$ 183.3

$ 170.0

$ 197.6

FFO available for Common Stock and OP Unit holders

$ 166.1

$ 156.7

$ 154.1

$ 138.3

$ 166.7

Normalized FFO available for Common Stock and OP Unit holders

$ 167.3

$ 157.6

$ 150.5

$ 137.7

$ 166.7

Funds Available for Distribution ("FAD") for Common Stock and OP Unit

holders

$ 149.1

$ 131.7

$ 124.2

$ 115.2

$ 150.5

Common Shares and OP Units Outstanding (In thousands) and Per Share

Data

Common Shares and OP Units, end of the period

200,377

200,284

200,278

200,272

200,248

Weighted average Common Shares and OP Units outstanding - Fully Diluted

200,176

200,162

200,126

200,095

200,074

Net Income per Common Share - Fully Diluted (3)

$ 0.56

$ 0.52

$ 0.50

$ 0.42

$ 0.57

FFO per Common Share and OP Unit - Fully Diluted

$ 0.83

$ 0.78

$ 0.77

$ 0.69

$ 0.83

Normalized FFO per Common Share and OP Unit - Fully Diluted

$ 0.84

$ 0.79

$ 0.75

$ 0.69

$ 0.83

Dividends per Common Share

$ 0.5425

$ 0.5150

Balance Sheet

Total assets

$ 5,749

$ 5,745

$ 5,747

$ 5,721

$ 5,642

Total liabilities

$ 3,928

$ 3,931

$ 3,935

$ 3,908

$ 3,809

Market Capitalization

Total debt (4)

$ 3,314

$ 3,346

$ 3,302

$ 3,273

$ 3,199

Total market capitalization (5)

$ 15,822

$ 15,485

$ 15,459

$ 15,624

$ 16,556

Ratios

Total debt / total market capitalization

20.9 %

21.6 %

21.4 %

20.9 %

19.3 %

Total debt / Adjusted EBITDAre (6)

4.5

4.4

Interest coverage (7)

5.6

5.7

5.8

5.6

5.4

Fixed charges (8)

5.6

5.7

5.5

5.3

____________________

See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for definitions of fixed charges, FFO, Normalized FFO, FAD, Income from property operations excluding property management, EBITDAre, Adjusted EBITDAre, and a reconciliation of Consolidated net income to Income from property operations.

See page 6 for a reconciliation of Net income available for Common Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.

Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.

Excludes Deferred financing costs, net of approximately $23.4 million as of March 31, 2026.

See page 14 for the calculation of market capitalization as of March 31, 2026.

Calculated using trailing twelve months Adjusted EBITDAre.

Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.

Calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.

Consolidated Balance Sheets

(In thousands, except share and per share data)

March 31, 2026

December 31, 2025

(unaudited)

Assets

Investment in real estate:

Land

$ 2,088,175

$ 2,088,174

Land improvements

4,827,847

4,784,223

Buildings and other depreciable property

1,320,369

1,306,317

8,236,391

8,178,714

Accumulated depreciation

(2,889,944)

(2,838,344)

Net investment in real estate

5,346,447

5,340,370

Cash and restricted cash

39,236

26,132

Notes receivable, net

90,252

93,358

Investment in unconsolidated joint ventures

83,069

85,041

Deferred commission expense

57,689

58,149

Other assets, net

131,975

142,343

Total Assets

$ 5,748,668

$ 5,745,393

Liabilities and Equity

Liabilities:

Mortgage notes payable, net

$ 2,763,260

$ 2,779,158

Term loans, net

437,659

437,455

Unsecured line of credit

89,500

105,000

Accounts payable and other liabilities

169,735

152,536

Deferred membership revenue

220,318

221,498

Accrued interest payable

11,076

11,333

Rents and other customer payments received in advance and security deposits

128,257

120,441

Distributions payable

108,574

103,146

Total Liabilities

3,928,379

3,930,567

Equity:

Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2026 and

December 31, 2025; none issued and outstanding

—

Common stock, $0.01 par value, 600,000,000 shares authorized as of March 31, 2026 and

December 31, 2025; 193,931,077 and 193,835,561 shares issued and outstanding as of

March 31, 2026 and December 31, 2025, respectively

1,988

Paid-in capital

1,982,024

1,981,540

Distributions in excess of accumulated earnings

(222,349)

(225,045)

Accumulated other comprehensive income/(loss)

(56)

(2,208)

Total Stockholders' Equity

1,761,607

1,756,275

Non-controlling interests – Common OP Units

58,682

58,551

Total Equity

1,820,289

1,814,826

Total Liabilities and Equity

$ 5,748,668

$ 5,745,393

Consolidated Statements of Income

(In thousands, unaudited)

Quarters Ended

March 31,

2026

2025

Revenues:

Rental income

$ 339,046

$ 327,206

Annual membership subscriptions

18,299

16,342

Membership upgrade revenue

3,120

3,052

Other income

14,096

15,555

Gross revenues from home sales, brokered resales and ancillary services

19,096

20,923

Interest income

2,191

2,238

Income from other investments, net

1,774

2,018

Total revenues

397,622

387,334

Expenses:

Property operating and maintenance

121,040

118,566

Real estate taxes

22,100

21,643

Membership sales and marketing

3,837

3,931

Property management

18,671

20,430

Depreciation and amortization

53,136

50,942

Cost of home sales, brokered resales and ancillary services

13,600

13,692

Home selling expenses and ancillary operating expenses

6,823

6,168

General and administrative

11,101

9,239

Casualty-related charges/(recoveries), net

217

Other expenses

1,233

1,878

Interest and related amortization

33,645

31,136

Total expenses

285,254

277,842

Income before other items

112,368

109,492

Equity in income/(loss) of unconsolidated joint ventures

(877)

4,901

Consolidated net income

111,491

114,393

Income allocated to non-controlling interests – Common OP Units

(3,587)

(5,201)

Net income available for Common Stockholders

$ 107,904

$ 109,192

Non-GAAP Financial Measures

This document contains certain Non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these Non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance. Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of Non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 6 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 16-19.

Selected Non-GAAP Financial Measures (1)

(In millions, except per share data, unaudited)

Quarter Ended

March 31, 2026

Income from property operations, excluding property management - Core (2)

$ 224.6

Income from property operations, excluding property management - Non-Core (2)

3.0

Property management and general and administrative

(28.6)

Other income and expenses

2.0

Interest and related amortization

(33.6)

Normalized FFO available for Common Stock and OP Unit holders (3)

$ 167.3

Other items (4)

(1.1)

Insurance proceeds due to catastrophic weather events, net

(0.1)

FFO available for Common Stock and OP Unit holders (3)

$ 166.1

FFO per Common Share and OP Unit

$ 0.83

Normalized FFO per Common Share and OP Unit

$ 0.84

Normalized FFO available for Common Stock and OP Unit holders

$ 167.3

Non-revenue producing improvements to real estate

(18.2)

FAD for Common Stock and OP Unit holders (3)

$ 149.1

Weighted average Common Shares and OP Units - Fully Diluted

200.2

______________________

See page 6 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.

See pages 8-9 for details of the Core Income from Property Operations, excluding property management. See page 10 for details of the Non-Core Income from Property Operations, excluding property management.

Amounts may not foot due to rounding.

Represents expenses of $1.1 million related to non-operating legal expenses during the quarter ended March 31, 2026.

Reconciliation of Net Income to Non-GAAP Financial Measures

(In thousands, except per share data, unaudited)

Quarters Ended

March 31,

2026

2025

Net income available for Common Stockholders

$ 107,904

$ 109,192

Income allocated to non-controlling interests – Common OP Units

3,587

5,201

Depreciation and amortization

53,136

50,942

Depreciation on unconsolidated joint ventures

1,477

1,331

FFO available for Common Stock and OP Unit holders

166,104

166,666

Insurance proceeds due to catastrophic weather events, net

—

Other items (1)

1,125

—

Normalized FFO available for Common Stock and OP Unit holders

167,296

166,666

Non-revenue producing improvements to real estate

(18,154)

(16,138)

FAD for Common Stock and OP Unit holders

$ 149,142

$ 150,528

Net Income per Common Share - Basic

$ 0.56

$ 0.57

Net Income per Common Share - Fully Diluted (2)

$ 0.56

$ 0.57

FFO per Common Share and OP Unit - Basic

$ 0.83

FFO per Common Share and OP Unit - Fully Diluted

$ 0.83

Normalized FFO per Common Share and OP Unit - Basic

$ 0.84

$ 0.83

Normalized FFO per Common Share and OP Unit - Fully Diluted

$ 0.84

$ 0.83

Weighted average Common Shares outstanding - Basic

193,676

190,925

Weighted average Common Shares and OP Units outstanding - Basic

200,124

200,029

Weighted average Common Shares and OP Units outstanding - Fully Diluted

200,176

200,074

____________________

Represents expenses of $1.1 million related to non-operating legal expenses during the quarter ended March 31, 2026.

Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.

Consolidated Income from Property Operations (1)

(In millions, except home site and occupancy figures, unaudited)

Quarters Ended

March 31,

2026

2025

MH base rental income (2)

$ 195.3

$ 184.7

Rental home income (2)

3.8

3.4

RV and marina base rental income (2)

121.3

121.6

Annual membership subscriptions

18.3

16.3

Membership upgrade revenue

3.1

Utility and other income (2)(3)

34.5

34.6

Property operating revenues

376.3

363.7

Utility expense

41.2

40.3

Payroll

28.4

28.3

Repairs and maintenance

24.4

22.9

Insurance and other (2)

27.4

27.6

Real estate taxes

22.1

21.6

Rental home operating and maintenance

1.4

1.1

Membership sales and marketing

3.8

3.9

Property operating expenses, excluding property management (1)

148.7

145.7

Income from property operations, excluding property management (1)

$ 227.6

$ 218.0

Manufactured home site figures and occupancy:

Total sites, beginning

73,585

73,216

Total sites, ending

73,586

73,219

Occupied sites, beginning

68,715

68,984

Occupied sites, ending

68,774

68,813

Occupancy average %

93.4 %

94.0 %

Monthly base average rent per site

$ 948

$ 895

RV and marina base rental income:

Annual

$ 82.3

$ 78.4

Seasonal

25.3

28.6

Transient

13.7

14.6

Total RV and marina base rental income

$ 121.3

$ 121.6

______________________

Excludes property management expenses.

MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Statements of Income on page 3. Bad debt expense is presented in Insurance and other in this table.

Includes approximately $1.8 million of business interruption income from Hurricane Ian during the quarter ended March 31, 2025.

Core Income from Property Operations (1)

(In millions, unaudited)

Quarters Ended March 31,

2026

2025

Change (2)

MH base rental income

$ 195.1

$ 184.5

5.7 %

Rental home income

3.8

3.4

11.5 %

RV and marina base rental income

114.5

116.1

(1.4) %

Annual membership subscriptions

18.1

16.2

11.5 %

Membership upgrade revenue

3.1

3.0

4.5 %

Utility and other income

34.1

32.4

5.4 %

Property operating revenues

368.7

355.6

3.7 %

Utility expense

40.1

39.5

1.7 %

Payroll

27.5

(0.1) %

Repairs and maintenance

23.7

22.3

6.4 %

Insurance and other (3)

26.1

26.2

(0.5) %

Real estate taxes

21.5

21.1

1.9 %

Rental home operating and maintenance

1.4

1.1

17.5 %

Membership sales and marketing

3.8

3.9

(1.3) %

Property operating expenses, excluding property management (1)

144.1

141.6

1.8 %

Income from property operations, excluding property management (1)

$ 224.6

$ 214.0

4.9 %

_____________________

Excludes property management expenses.

Calculations prepared using actual results without rounding.

Includes bad debt expense for the periods presented.

Core Income from Property Operations (continued)

(In millions, except home site and occupancy figures, unaudited)

Quarters Ended

March 31,

2026

2025

Core manufactured home site figures and occupancy:

Total sites, beginning

73,170

72,801

Expansion sites, net

—

Total sites, ending

73,170

72,801

Occupied sites, beginning

68,644

68,923

Occupied sites, ending (1)

68,698

68,752

Occupancy average %

93.8 %

94.4 %

Monthly base average rent per site

$ 948

$ 895

Quarters Ended March 31,

2026

2025

Change (2)

Core RV and marina base rental income:

Annual (3)

$ 79.6

$ 76.3

4.2 %

Seasonal

22.8

26.8

(14.8) %

Transient

12.1

13.0

(6.9) %

Total Seasonal and Transient

$ 34.9

$ 39.8

(12.2) %

Total RV and marina base rental income

$ 114.5

$ 116.1

(1.4) %

Quarters Ended March 31,

2026

2025

Change (2)

Core utility information:

Income

$ 20.2

$ 18.8

7.4 %

Expense

40.1

39.5

1.7 %

Expense, net

$ 19.9

$ 20.7

(3.4) %

Utility recovery rate (4)

50.4 %

47.6 %

_____________________

Occupied sites as of December 31, 2025 totaled 68,644 sites.

Calculations prepared using actual results without rounding.

Core Annual marina base rental income represents approximately 99% of the total Core marina base rental income for all periods presented.

Calculated by dividing utility income by utility expense.

Non-Core Income from Property Operations (1)

(In millions, unaudited)

Quarter Ended

March 31, 2026

MH base rental income

$ 0.2

RV and marina base rental income

6.8

Annual membership subscriptions

0.2

Utility and other income

0.4

Property operating revenues

7.6

Property operating expenses, excluding property management (1)(2)

4.6

Income from property operations, excluding property management (1)

$ 3.0

______________________

Excludes property management expenses.

Includes bad debt expense for the periods presented.

Home Sales and Rental Home Operations

(In thousands, except home sale volumes and occupied rentals, unaudited)

Home Sales - Select Data

Quarters Ended

March 31,

2026

2025

Total new home sales volume

117

New home sales gross revenues

$ 7,708

$ 9,429

Total used home sales volume

142

Used home sales gross revenues

$ 828

$ 774

Brokered home resales volume

113

Brokered home resales gross revenues

$ 381

$ 396

Rental Homes - Select Data

Quarters Ended

March 31,

2026

2025

Rental operations revenues (1)

$ 9,721

$ 8,395

Rental home operations expense (2)

1,347

1,146

Depreciation on rental homes (3)

2,642

2,245

Occupied rentals: (4)

New

1,951

1,724

Used

184

194

Total occupied rental sites

2,135

1,918

As of March 31, 2026

As of March 31, 2025

Cost basis in rental homes: (5)

Gross

Net of

Depreciation

Gross

Net of

Depreciation

New

$ 265,369

$ 222,842

$ 214,484

$ 175,858

Used

14,084

11,055

11,136

7,376

Total rental homes

$ 279,453

$ 233,897

$ 225,620

$ 183,234

______________________

For the quarters ended March 31, 2026 and 2025, approximately $6.0 million and $5.0 million, respectively, of the rental operations revenue is included in the MH base rental income in the Core Income from Property Operations on pages 8-9. The remainder of the rental operations revenue for the quarters ended March 31, 2026 and 2025 is included in Rental home income in the Core Income from Property Operations on pages 8-9.

Rental home operations expense is included in Rental home operating and maintenance in the Consolidated Income from Property Operations on page 7. Rental home operations expense is included in Rental home operating and maintenance in the Core Income from Property Operations on pages 8-9.

Depreciation on rental homes in our Core portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 3.

Includes occupied rental sites as of the end of the period in our Core portfolio.

Includes both occupied and unoccupied rental homes in our Core portfolio.

Total Sites

(Unaudited)

Summary of Total Sites as of March 31, 2026

Sites (1)

MH sites (2)

75,700

RV sites:

Annual (2)

34,600

Seasonal

9,800

Transient (2)

20,500

Marina slips

6,900

Membership (3)

26,000

Total (4)

173,400

______________________

MH sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina sites are leased to customers generally for one to six months. Transient RV and marina sites are sites without an annual or seasonal reservation and are available to be leased to customers on a short-term basis.

MH, Annual RV and Transient RV sites include approximately 2,100, 300 and 1,500 joint venture sites, respectively.

Sites primarily utilized by approximately 107,100 members. Includes approximately 6,000 sites rented on an annual basis.

Total does not foot due to rounding.

Membership Campgrounds - Select Data

Years Ended December 31,

Quarter Ended

March 31,

Campground and Membership Revenue (1)

($ in thousands, unaudited)

2022

2023

2024

2025

2026

Annual membership subscriptions

$ 63,215

$ 65,379

$ 65,883

$ 69,266

$ 18,299

Annual RV base rental income

$ 25,945

$ 27,842

$ 29,282

$ 30,546

$ 7,888

Seasonal/Transient RV base rental income

$ 24,316

$ 20,996

$ 21,338

$ 19,959

$ 2,492

Membership upgrade revenue

$ 12,958

$ 14,719

$ 16,433

$ 12,412

$ 3,120

Utility and other income

$ 2,626

$ 2,544

$ 2,360

$ 2,390

$ 331

Membership Count

Total Memberships (2)

128,439

121,002

113,553

108,731

107,068

Paid Membership Origination

23,237

20,758

19,539

17,150

3,459

Promotional Membership Origination

28,178

25,232

23,552

23,002

4,527

Membership Upgrade Volume (3)

4,068

3,858

4,086

5,945

1,227

Campground Metrics

Membership Campground Count

Membership Campground RV Site Count

25,800

26,000

Annual Site Count (4)

6,390

6,154

5,902

6,014

5,992

______________________

Membership upgrade product offerings include two- to four-year term subscription products with increased annual dues. The revenue associated with these subscription products is recognized as Annual membership subscriptions.

Members who have entered into annual subscriptions with us that entitle them to use certain properties on a continuous basis for up to 21 days.

Upgraded memberships provide enhanced benefits, including but not limited to longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties.

Sites that have been rented by members for an entire year.

Market Capitalization

(In millions, except share and OP Unit data, unaudited)

Capital Structure as of March 31, 2026

Total

Common

Shares/Units

% of Total

Common

Shares/Units

Total

% of Total

Market

Capitalization

Secured Debt

$ 2,784

84.0 %

Unsecured Debt

530

16.0 %

Total Debt (1)

$ 3,314

100.0 %

20.9 %

Common Shares

193,931,077

96.8 %

OP Units

6,446,299

3.2 %

Total Common Shares and OP Units

200,377,376

100.0 %

Common Stock price at March 31, 2026

$ 62.42

Fair Value of Common Shares and OP Units

$ 12,508

100.0 %

Total Equity

$ 12,508

100.0 %

79.1 %

Total Market Capitalization

$ 15,822

100.0 %

______________________

Excludes Deferred financing costs, net of approximately $23.4 million.

Debt Maturity Schedule

Debt Maturity Schedule as of March 31, 2026

(In thousands, unaudited)

Year

Outstanding

Debt

Weighted

Average

Interest Rate

% of Total

Debt

Weighted

Average

Years to

Maturity

Secured Debt

2026

—

— %

—

2027

—

— %

—

2028

189,062

4.19 %

5.71 %

2.4

2029

270,464

4.92 %

8.16 %

3.4

2030

275,385

2.69 %

8.31 %

4.0

2031

230,900

2.45 %

6.97 %

5.2

2032

202,000

2.47 %

6.10 %

6.4

2033

340,390

4.83 %

10.27 %

7.5

2034

200,432

3.44 %

6.05 %

8.1

2035

184,870

2.64 %

5.58 %

9.5

Thereafter

890,801

4.21 %

26.87 %

12.8

Total

$ 2,784,304

3.77 %

84.02 %

8.0

Unsecured Term Loans

2026

—

— %

—

2027

200,000

4.88 %

6.04 %

0.8

2028

—

— %

—

2029

—

— %

—

2030

240,000

4.74 %

7.24 %

4.2

Thereafter

—

— %

—

Total

$ 440,000

4.81 %

13.28 %

2.6

Total Secured and Unsecured

$ 3,224,304

3.91 %

97.30 %

7.3

Line of Credit Borrowing (1)

89,500

5.01 %

2.70 %

—

Deferred financing costs, net

(23,385)

Total Debt, Net

$ 3,290,419

4.14% (2)

100.00 %

_____________________

The floating interest rate on the line of credit is SOFR plus 0.10% plus 1.25% to 1.65%. During the quarter ended March 31, 2026, the effective interest rate on the line of credit borrowings was 5.01%.

Reflects effective interest rate for the quarter ended March 31, 2026, including interest associated with the line of credit and amortization of deferred financing costs.

Non-GAAP Financial Measures Definitions and Reconciliations

The following Non-GAAP financial measures definitions do not include adjustments in respect to membership upgrade revenue: (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property operating revenues; (vi) Property operating expenses, excluding property management; and (vii) Income from property operations, excluding property management.

FUNDS FROM OPERATIONS (FFO). We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.

We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.

NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.

FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures.

We believe that FFO, Normalized FFO and FAD are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our normal operations. For example, we believe that excluding the early extinguishment of debt and other miscellaneous non-comparable items from FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.

INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT. We define Income from property operations, excluding property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses, excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within Insurance and other in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties.

The following table reconciles Net income available for Common Stockholders to Income from property operations:

Quarters Ended

March 31,

(amounts in thousands)

2026

2025

Net income available for Common Stockholders

$ 107,904

$ 109,192

Income allocated to non-controlling interests – Common OP Units

3,587

5,201

Consolidated net income

111,491

114,393

Equity in (income)/loss of unconsolidated joint ventures

877

(4,901)

Gross revenues from home sales, brokered resales and ancillary services

(19,096)

(20,923)

Interest income

(2,191)

(2,238)

Income from other investments, net

(1,774)

(2,018)

Property management

18,671

20,430

Depreciation and amortization

53,136

50,942

Cost of home sales, brokered resales and ancillary services

13,600

13,692

Home selling expenses and ancillary operating expenses

6,823

6,168

General and administrative

11,101

9,239

Casualty-related charges/(recoveries), net

217

Other expenses

1,233

1,878

Interest and related amortization

33,645

31,136

Income from property operations, excluding property management

227,584

218,015

Property management

(18,671)

(20,430)

Income from property operations

$ 208,913

$ 197,585

EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairment charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.

We define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items.

We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT.

The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:

Quarters Ended

March 31,

(amounts in thousands)

2026

2025

Consolidated net income

$ 111,491

$ 114,393

Interest income

(2,191)

(2,238)

Real estate depreciation and amortization

53,136

50,942

Other depreciation and amortization

1,183

1,234

Interest and related amortization

33,645

31,136

Adjustments to our share of EBITDAre of unconsolidated joint ventures

2,693

2,107

EBITDAre

199,957

197,574

Other items (1)

1,125

—

Insurance proceeds due to catastrophic weather events, net

—

Adjusted EBITDAre

$ 201,149

$ 197,574

CORE. The Core properties include properties we owned and operated during all of 2025 and 2026. We believe Core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.

NON-CORE. The Non-Core properties in 2026 include properties that were not owned and operated during all of 2025 and 2026, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events. The 2026 guidance reflects Non-Core properties in 2026, which includes properties not owned and operated during all of 2025 and 2026.

NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that do not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture and mechanical improvements.

FIXED CHARGES. Fixed charges consist of interest expense, amortization of note premiums and debt issuance costs. The fixed charges ratio is calculated by dividing the trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.

______________________

Represents expenses of $1.1 million related to non-operating legal expenses during the quarter ended March 31, 2026.

FORWARD-LOOKING NON-GAAP MEASURES. The following table reconciles Net Income per Common Share - Fully Diluted guidance to FFO per Common Share and OP Unit - Fully Diluted guidance and Normalized FFO per Common Share and OP Unit - Fully diluted guidance:

(Unaudited)

Second Quarter

2026

Full Year

2026

Net Income per Common Share - Fully Diluted

$0.42 to $0.48

$2.02 to $2.12

Depreciation and amortization

0.27

1.10

Gain on sale of real estate and impairment, net

—

FFO per Common Share and OP Unit - Fully

Diluted (1)

$0.69 to $0.75

$3.11 to $3.21

Other

—

0.01

Normalized FFO per Common Share and OP Unit -

Fully Diluted (1)

$0.69 to $0.75

$3.12 to $3.22

______________________

Amounts may not foot due to rounding.

This press release includes certain forward-looking information, including Core and Non-Core Income from property operations, excluding property management, that is not presented in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-K, we do not provide a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP, where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This includes, for example, (i) scheduled or implemented rate increases on community, resort and marina sites; (ii) scheduled or implemented rate increases in annual payments under membership subscriptions; (iii) occupancy changes; (iv) costs to restore property operations and potential revenue losses following storms or other unplanned events; and (v) other nonrecurring/unplanned income or expense items, which may not be within our control, may vary between periods and cannot be reasonably predicted. These unavailable reconciling items could significantly impact our future financial results.

SOURCE Equity Lifestyle Properties, Inc.