Gains in Occupied Sites Support Continued Strong Performance
Preliminary 2027 Rent Growth Assumptions
CHICAGO, IL – October 20, 2026 – Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as “we,” “us,” and “our”) today announced results for the quarter and nine months ended September 30, 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 September 30,
2026
2025
$ Change
% Change(1)
Net Income per Common Share (2)
$
0.45
$
0.50
$
(0.05)
(11.1)%
Funds from Operations (“FFO”) per Common Share and OP Unit (2)
$
0.72
$
0.77
$
(0.05)
(6.1)%
Normalized Funds from Operations (“Normalized FFO”) per Common Share and OP Unit
$
0.79
$
0.75
$
0.04
4.6%
Nine Months Ended September 30,
2026
2025
$ Change
% Change(1)
Net Income per Common Share (2)
$
1.50
$
1.49
$
0.01
0.6%
FFO per Common Share and OP Unit (2)
$
2.32
$
2.29
$
0.03
1.3%
Normalized FFO per Common Share and OP Unit
$
2.36
$
2.27
$
0.09
4.0%
_____________________
1.Calculations prepared using actual results without rounding.
2.Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.
Operations Update
Normalized FFO per Common Share and OP Unit for the quarter ended September 30, 2026 was $0.79, representing a 4.6% increase compared to the same period in 2025, consistent with the midpoint of our previous guidance range of $0.76 to $0.82. Core property operating revenues increased 4.4%, Core property operating expenses, excluding property management, increased 1.3% and Core income from property operations, excluding property management, increased 6.7% for the quarter ended September 30, 2026, each as compared to the same period in 2025. Normalized FFO for the nine months ended September 30, 2026 was $2.36 per Common Share and OP Unit, representing a 4.0% increase compared to the same period in 2025. For the nine months ended September 30, 2026, Core property operating revenues increased 4.3%, Core property operating expenses, excluding property management, increased 2.0% and Core income from property operations, excluding property management, increased 6.0%, each as compared to the same period in 2025.
i
MH
Core MH base rental income for the quarter ended September 30, 2026 increased 5.7% compared to the same period in 2025, which is 0.1% higher than the midpoint of our previous guidance range. Occupied sites increased by 99 and new and used home sales totaled 244 during the quarter ended September 30, 2026. Core MH base rental income for the nine months ended September 30, 2026 increased 5.7% compared to the same period in 2025. Occupied sites increased by 166 and new and used home sales totaled 707 during the nine months ended September 30, 2026.
RV and Marina
Core RV and marina base rental income for the quarter ended September 30, 2026 increased 2.1% compared to the same period in 2025, which is 0.4% higher than the midpoint of our previous guidance range. Core RV and marina annual base rental income increased 5.3% for the quarter ended September 30, 2026 compared to the same period in 2025. Core annual membership subscriptions for the quarter ended September 30, 2026 increased 8.4% compared to the same period in 2025.
Core RV and marina base rental income for the nine months ended September 30, 2026 increased 0.8% compared to the same period in 2025. Core RV and marina annual base rental income increased 5.0% for the nine months ended September 30, 2026 compared to the same period in 2025. Core annual membership subscriptions for the nine months ended September 30, 2026 increased 10.2% as compared to the same period in 2025.
In aggregate, Core RV and marina annual base rental income and annual membership subscriptions for the quarter and nine months ended September 30, 2026 increased by 5.8% and 5.9%, respectively, compared to the same periods in 2025.
Property Operating Expenses
Core property operating expenses, excluding property management, for the quarter ended September 30, 2026 increased 1.3% compared to the same period in 2025. For the nine months ended September 30, 2026, Core property operating expenses, excluding property management, increased 2.0% compared to the same period in 2025.
Preliminary 2027 Rent Growth Assumptions (1)
•Our preliminary 2027 Core MH base rent income growth assumption is approximately 5.1%.
•Our preliminary 2027 Core RV annual rent income growth assumption is approximately 4.7%.
______________________
1. The preliminary 2027 rent growth assumptions reflect management’s best estimate of the most likely outcome based on our current view of existing market conditions and assumptions. See Forward-Looking Statements in this news release for factors impacting our preliminary 2027 rent growth assumptions. By October month-end, we anticipate sending 2027 rent increase notices to approximately 50% of our MH residents. We have set RV annual rates for more than 95% of our annual sites. These increases will take effect at the start of the 2026/27 winter season or the start of the 2027 summer season, as applicable. Our rent growth assumptions do not include contribution from incremental sites that may be occupied in 2027.
ii
Guidance Update
Fourth 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. Full year 2026 guidance ranges, including Core portfolio growth rate ranges, have been narrowed to reflect actual results for the nine months ended September 30, 2026, leaving only fourth quarter results subject to estimate. Actual results could vary materially from management’s estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this news 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.
Income from property operations, excluding property management
6.0%
6.0%
______________________
1. Core RV and marina annual base rental income represents approximately 82.8% and 75.8% of fourth quarter 2026 and full year 2026 RV and marina base rental income guidance, respectively. Core RV and marina annual base rental income fourth quarter 2026 growth rate range is 4.9% to 5.5% and the full year 2026 growth rate range is 4.7% to 5.3%. Our guidance provided on July 22, 2026 factored in a Core RV and marina annual base rental income growth rate range of 4.3% to 5.3% for full year 2026.
2. Prior guidance issued on July 22, 2026.
iii
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of September 30, 2026, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,623 sites.
For additional information, please contact our Investor Relations Department at (800) 247-5279 or at investor_relations@equitylifestyle.com.
Conference Call
A live audio webcast of our conference call discussing these results will take place tomorrow, Wednesday, October 21, 2026, at 11:00 a.m. Eastern 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 news 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,” “assumption,” “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.
iv
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
Sep 30, 2026
June 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Operating Information
Total revenues
$
409.9
$
397.8
$
397.6
$
373.9
$
393.3
Consolidated net income
$
89.3
$
99.5
$
111.5
$
103.8
$
100.4
Net income available for Common Stockholders
$
86.4
$
96.3
$
107.9
$
100.5
$
97.1
Adjusted EBITDAre
$
192.5
$
182.6
$
201.1
$
189.6
$
183.3
FFO available for Common Stock and OP Unit holders
$
144.7
$
154.5
$
166.1
$
156.7
$
154.1
Normalized FFO available for Common Stock and OP Unit holders
$
157.4
$
148.3
$
167.3
$
157.6
$
150.5
Funds Available for Distribution (“FAD”) for Common Stock and OP Unit holders
$
134.4
$
121.6
$
149.1
$
131.7
$
124.2
Common Shares and OP Units Outstanding (In thousands) and Per Share Data
Common Shares and OP Units, end of the period
200,411
200,405
200,377
200,284
200,278
Weighted average Common Shares and OP Units outstanding - Fully Diluted
200,250
200,209
200,176
200,162
200,126
Net Income per Common Share - Fully Diluted (3)
$
0.45
$
0.50
$
0.56
$
0.52
$
0.50
FFO per Common Share and OP Unit - Fully Diluted
$
0.72
$
0.77
$
0.83
$
0.78
$
0.77
Normalized FFO per Common Share and OP Unit - Fully Diluted
$
0.79
$
0.74
$
0.84
$
0.79
$
0.75
Dividends per Common Share
$
0.5425
$
0.5425
$
0.5425
$
0.5150
$
0.5150
Balance Sheet
Total assets
$
5,765
$
5,801
$
5,749
$
5,745
$
5,747
Total liabilities
$
3,959
$
3,984
$
3,928
$
3,931
$
3,935
Market Capitalization
Total debt (4)
$
3,329
$
3,336
$
3,314
$
3,346
$
3,302
Total market capitalization (5)
$
15,019
$
16,252
$
15,822
$
15,485
$
15,459
Ratios
Total debt / total market capitalization
22.2
%
20.5
%
20.9
%
21.6
%
21.4
%
Total debt / Adjusted EBITDAre (6)
4.3
4.4
4.5
4.5
4.5
Interest coverage (7)
5.7
5.6
5.6
5.7
5.8
Fixed charges (8)
5.6
5.6
5.6
5.7
5.7
____________________
1.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.
2.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.
3.Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
4.Excludes Deferred financing costs, net of approximately $21.7 million as of September 30, 2026.
5.See page 14 for the calculation of market capitalization as of September 30, 2026.
6.Calculated using trailing twelve months Adjusted EBITDAre.
7.Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.
8.Calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.
3Q 2026 Supplemental Financial Information
1
Equity LifeStyle Properties, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share data)
September 30, 2026
December 31, 2025
(unaudited)
Assets
Investment in real estate:
Land
$
2,104,661
$
2,088,174
Land improvements
4,970,718
4,784,223
Buildings and other depreciable property
1,408,004
1,306,317
8,483,383
8,178,714
Accumulated depreciation
(2,995,030)
(2,838,344)
Net investment in real estate
5,488,353
5,340,370
Cash and restricted cash
24,334
26,132
Notes receivable, net
28,403
93,358
Investment in unconsolidated joint ventures
40,202
85,041
Deferred commission expense
57,119
58,149
Other assets, net
126,595
142,343
Total Assets
$
5,765,006
$
5,745,393
Liabilities and Equity
Liabilities:
Mortgage notes payable, net
$
2,731,331
$
2,779,158
Term loans, net
438,067
437,455
Unsecured line of credit
138,000
105,000
Accounts payable and other liabilities
192,124
152,536
Deferred membership revenue
213,644
221,498
Accrued interest payable
10,971
11,333
Rents and other customer payments received in advance and security deposits
126,005
120,441
Distributions payable
108,723
103,146
Total Liabilities
3,958,865
3,930,567
Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 2026 and December 31, 2025; none issued and outstanding.
—
—
Common stock, $0.01 par value, 600,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 194,068,205 and 193,835,561 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively.
1,989
1,988
Paid-in capital
1,987,638
1,981,540
Distributions in excess of accumulated earnings
(250,120)
(225,045)
Accumulated other comprehensive income/(loss)
9,351
(2,208)
Total Stockholders’ Equity
1,748,858
1,756,275
Non-controlling interests – Common OP Units
57,283
58,551
Total Equity
1,806,141
1,814,826
Total Liabilities and Equity
$
5,765,006
$
5,745,393
3Q 2026 Supplemental Financial Information
2
Equity LifeStyle Properties, Inc.
Consolidated Statements of Income
(In thousands, unaudited)
Quarters Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Revenues:
Rental income
$
344,305
$
327,437
$
1,013,781
$
967,930
Annual membership subscriptions
19,509
17,868
56,627
51,112
Membership upgrade revenue
3,120
3,120
9,360
9,292
Other income
15,337
15,220
44,685
47,248
Gross revenues from home sales, brokered resales and ancillary services
24,393
24,927
66,294
68,648
Interest income
1,335
2,770
5,106
7,210
Income from other investments, net
1,904
1,972
9,487
6,074
Total revenues
409,903
393,314
1,205,340
1,157,514
Expenses:
Property operating and maintenance
134,897
133,243
388,204
379,654
Real estate taxes
22,075
20,585
66,001
64,073
Membership sales and marketing
4,817
4,199
13,205
12,192
Property management
21,355
20,277
61,871
61,430
Depreciation and amortization
54,898
52,313
161,671
155,904
Cost of home sales, brokered resales and ancillary services
18,016
17,474
48,519
47,642
Home selling expenses and ancillary operating expenses
7,578
7,186
22,019
20,342
General and administrative (1)
9,573
8,791
32,546
28,485
Casualty-related charges/(recoveries), net (2)
245
(3,748)
(6,781)
(4,072)
Other expenses (3)
1,181
1,229
3,623
3,674
Interest and related amortization
34,607
33,659
102,076
96,995
Total expenses
309,242
295,208
892,954
866,319
Income before other items
100,661
98,106
312,386
291,195
Gain/(Loss) on sale of real estate and impairment, net
—
31
(507)
(652)
Income tax (expense)/benefit (3)(4)
(12,065)
518
(12,065)
1,144
Equity in income/(loss) of unconsolidated joint ventures
654
1,708
445
6,562
Consolidated net income
89,250
100,363
300,259
298,249
Income allocated to non-controlling interests – Common OP Units
(2,825)
(3,233)
(9,606)
(12,211)
Redeemable perpetual preferred stock dividends
—
—
(8)
(8)
Net income available for Common Stockholders
$
86,425
$
97,130
$
290,645
$
286,030
______________________
1.Includes $0.4 million and $2.4 million related to non-operating legal expenses during the quarter and nine months ended September 30, 2026, respectively.
2.Casualty-related charges/(recoveries), net for the quarter ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.4 million and insurance recovery revenue of $0.2 million. Casualty-related charges/(recoveries), net for the nine months ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.5 million and insurance recovery revenue of $7.3 million, including $7.1 million for reimbursement of capital expenditures.
3.Prior period amounts have been reclassified to conform to the current period presentation.
4.Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.
3Q 2026 Supplemental Financial Information
3
Equity LifeStyle Properties, Inc.
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.
3Q 2026 Supplemental Financial Information
4
Equity LifeStyle Properties, Inc.
Selected Non-GAAP Financial Measures (1)
(In millions, except per share data, unaudited)
Quarter Ended
September 30, 2026
Income from property operations, excluding property management - Core Portfolio (2)
$
217.5
Income from property operations, excluding property management - Non-Core Portfolio (2)
3.0
Property management and general and administrative
(30.5)
Other income and expenses
2.1
Interest and related amortization
(34.6)
Normalized FFO available for Common Stock and OP Unit holders (3)
$
157.4
Other items (4)
(0.4)
Deferred tax valuation allowance (5)
(12.1)
Insurance proceeds due to catastrophic weather events, net
(0.2)
FFO available for Common Stock and OP Unit holders (3)
$
144.7
FFO per Common Share and OP Unit
$
0.72
Normalized FFO per Common Share and OP Unit
$
0.79
Normalized FFO available for Common Stock and OP Unit holders
$
157.4
Non-revenue producing improvements to real estate
(23.0)
FAD for Common Stock and OP Unit holders (3)
$
134.4
Weighted average Common Shares and OP Units - Fully Diluted
200.3
___________________
1.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.
2.See pages 8-9 for details of the Core Portfolio Income from Property Operations, excluding property management. See page 10 for details of the Non-Core Portfolio Income from Property Operations, excluding property management.
3.Amounts may not foot due to rounding.
4.Represents expenses of $0.4 million related to non-operating legal expenses during the quarter ended September 30, 2026.
5.Represents a $12.1 million deferred tax valuation allowance recorded during the quarter ended September 30, 2026.
3Q 2026 Supplemental Financial Information
5
Equity LifeStyle Properties, Inc.
Reconciliation of Net Income to Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)
Quarters Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net income available for Common Stockholders
$
86,425
$
97,130
$
290,645
$
286,030
Income allocated to non-controlling interests – Common OP Units
2,825
3,233
9,606
12,211
Depreciation and amortization
54,898
52,313
161,671
155,904
Depreciation on unconsolidated joint ventures
600
1,453
2,967
4,250
(Gain)/Loss on sale of real estate and impairment, net
—
(31)
507
652
FFO available for Common Stock and OP Unit holders
144,748
154,098
465,396
459,047
Deferred tax valuation allowance (1)
12,065
—
12,065
—
Insurance proceeds due to catastrophic weather events, net
245
(3,632)
(6,766)
(4,225)
Other items (2)
386
—
2,371
—
Normalized FFO available for Common Stock and OP Unit holders
157,444
150,466
473,066
454,822
Non-revenue producing improvements to real estate
(23,029)
(26,231)
(67,909)
(64,828)
FAD for Common Stock and OP Unit holders
$
134,415
$
124,235
$
405,157
$
389,994
Net Income per Common Share - Basic
$
0.45
$
0.50
$
1.50
$
1.49
Net Income per Common Share - Fully Diluted (3)
$
0.45
$
0.50
$
1.50
$
1.49
FFO per Common Share and OP Unit - Basic
$
0.72
$
0.77
$
2.33
$
2.29
FFO per Common Share and OP Unit - Fully Diluted
$
0.72
$
0.77
$
2.32
$
2.29
Normalized FFO per Common Share and OP Unit - Basic
$
0.79
$
0.75
$
2.36
$
2.27
Normalized FFO per Common Share and OP Unit - Fully Diluted
$
0.79
$
0.75
$
2.36
$
2.27
Weighted average Common Shares outstanding - Basic
193,825
193,004
193,743
191,640
Weighted average Common Shares and OP Units outstanding - Basic
200,173
200,069
200,154
200,052
Weighted average Common Shares and OP Units outstanding - Fully Diluted
200,250
200,126
200,212
200,098
____________________
1.Represents a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.
2.Represents expenses of $0.4 million and $2.4 million related to non-operating legal expenses during the quarter ended and nine months ended September 30, 2026, respectively.
3.Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
3Q 2026 Supplemental Financial Information
6
Equity LifeStyle Properties, Inc.
Income from Property Operations - Total Portfolio (1)
Income from property operations, excluding property management
$
220.5
$
205.6
$
657.1
$
619.6
RV and marina base rental income:
Annual
$
86.0
$
81.3
$
252.8
$
239.4
Seasonal
6.1
6.4
38.3
42.8
Transient
28.7
27.7
61.4
60.9
Total RV and marina base rental income
$
120.8
$
115.4
$
352.5
$
343.1
______________________
1.Excludes property management expenses.
2.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.
3.Includes approximately $0.9 million and $4.9 million of business interruption income from Hurricane Ian during the quarter and nine months ended September 30, 2025, respectively.
3Q 2026 Supplemental Financial Information
7
Equity LifeStyle Properties, Inc.
Income from Property Operations - Core Portfolio (1)
Income from property operations, excluding property management
$
3.0
$
8.8
______________________
1.Excludes property management expenses.
2.Includes bad debt expense for the periods presented.
3Q 2026 Supplemental Financial Information
10
Equity LifeStyle Properties, Inc.
Home Sales and Rental Home Operations
(In thousands, except home sale volumes and occupied rentals, unaudited)
Home Sales - Select Data (1)
Quarters Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Total new home sales volume
97
119
282
353
New home sales gross revenues
$
9,294
$
9,864
$
26,030
$
28,737
Total used home sales volume
148
129
427
271
Used home sales gross revenues
$
850
$
1,334
$
2,376
$
2,869
Brokered home resales volume
131
113
387
337
Brokered home resales gross revenues
$
511
$
424
$
1,450
$
1,274
Rental Homes - Select Data
Quarters Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Rental operations revenues (2)
$
10,263
$
9,091
$
29,904
$
26,234
Rental home operations expense (3)
1,640
1,353
4,407
3,799
Depreciation on rental homes (4)
2,943
2,428
8,384
7,551
Occupied rentals: (5)
New
2,085
1,905
Used
189
186
Total occupied rental sites
2,274
2,091
As of September 30, 2026
As of September 30, 2025
Cost basis in rental homes: (6)
Gross
Net of Depreciation
Gross
Net of Depreciation
New
$
302,223
$
256,130
$
239,937
$
200,330
Used
16,553
13,701
13,622
10,441
Total rental homes
$
318,776
$
269,831
$
253,559
$
210,771
______________________
1.Represents Total Portfolio home sales data.
2.For the quarters ended September 30, 2026 and 2025, approximately $6.3 million and $5.5 million, respectively, of the rental operations revenue is included in the MH base rental income in the Income from Property Operations - Core Portfolio on pages 8-9. The remainder of the rental operations revenue for the quarters ended September 30, 2026 and 2025 is included in Rental home income in the Income from Property Operations - Core Portfolio on pages 8-9.
3.Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Core Portfolio on pages 8-9.
4.Depreciation on rental homes in our Core Portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 3.
5.Includes occupied rental sites as of the end of the period in our Core Portfolio.
6.Includes both occupied and unoccupied rental homes in our Core Portfolio.
3Q 2026 Supplemental Financial Information
11
Equity LifeStyle Properties, Inc.
Total Sites
(Unaudited)
Summary of Total Sites as of September 30, 2026
Sites (1)
MH sites (2)
75,900
RV sites:
Annual (2)
34,800
Seasonal
9,800
Transient (2)
20,400
Marina slips
6,900
Membership (3)
26,000
Total (4)
173,600
______________________
1.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 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.
2.MH, Annual RV and Transient RV sites include approximately 2,100, 200 and 300 joint venture sites, respectively.
3.Sites primarily utilized by approximately 107,400 members. Includes approximately 6,200 sites rented on an annual basis.
4.Total does not foot due to rounding.
3Q 2026 Supplemental Financial Information
12
Equity LifeStyle Properties, Inc.
Membership Campgrounds - Select Data
Years Ended December 31,
Nine Months Ended September 30,
Campground and Membership Revenue (1)
($ in thousands, unaudited)
2022
2023
2024
2025
2026
Annual membership subscriptions
$
63,215
$
65,379
$
65,883
$
69,266
$
56,627
Annual RV base rental income
$
25,945
$
27,842
$
29,282
$
30,546
$
24,620
Seasonal/Transient RV base rental income
$
24,316
$
20,996
$
21,338
$
19,959
$
15,979
Membership upgrade revenue
$
12,958
$
14,719
$
16,433
$
12,412
$
9,360
Utility and other income
$
2,626
$
2,544
$
2,360
$
2,390
$
1,964
Membership Count
Total Memberships (2)
128,439
121,002
113,553
108,731
107,387
Paid Membership Origination
23,237
20,758
19,539
17,150
13,319
Promotional Membership Origination
28,178
25,232
23,552
23,002
16,879
Membership Upgrade Volume (3)
4,068
3,858
4,086
5,945
4,284
Campground Metrics
Membership Campground Count
82
82
82
82
82
Membership Campground RV Site Count
25,800
26,000
26,000
26,000
26,000
Annual Site Count (4)
6,390
6,154
5,902
6,014
6,226
______________________
1.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.
2.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.
3.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.
4.Sites that have been rented by members for an entire year.
3Q 2026 Supplemental Financial Information
13
Equity LifeStyle Properties, Inc.
Market Capitalization
(In millions, except share and OP Unit data, unaudited)
Capital Structure as of September 30, 2026
Total Common Shares/Units
% of Total Common Shares/Units
Total
% of Total
% of Total Market Capitalization
Secured Debt
$
2,751
82.6
%
Unsecured Debt
578
17.4
%
Total Debt (1)
$
3,329
100.0
%
22.2
%
Common Shares
194,068,205
96.8
%
OP Units
6,342,760
3.2
%
Total Common Shares and OP Units
200,410,965
100.0
%
Common Stock price at September 30, 2026
$
58.33
Fair Value of Common Shares and OP Units
$
11,690
100.0
%
Total Equity
$
11,690
100.0
%
77.8
%
Total Market Capitalization
$
15,019
100.0
%
______________________
1. Excludes Deferred financing costs, net of approximately $21.7 million.
3Q 2026 Supplemental Financial Information
14
Equity LifeStyle Properties, Inc.
Debt Maturity Schedule
Debt Maturity Schedule as of September 30, 2026
(In thousands, unaudited)
Year
Outstanding Debt
Weighted Average Interest Rate
% of Total Debt
Weighted Average Years to Maturity
Secured Debt
2026
—
—
%
—
%
—
2027
—
—
%
—
%
—
2028
186,077
4.19
%
5.59
%
1.9
2029
269,989
4.92
%
8.11
%
2.9
2030
275,385
2.69
%
8.27
%
3.5
2031
226,323
2.45
%
6.80
%
4.7
2032
202,000
2.47
%
6.07
%
5.9
2033
339,023
4.84
%
10.18
%
7.0
2034
197,466
3.44
%
5.93
%
7.6
2035
184,870
2.64
%
5.55
%
9.0
Thereafter
869,915
4.21
%
26.13
%
12.3
Total
$
2,751,048
3.77
%
82.63
%
7.5
Unsecured Term Loans
2026
—
—
%
—
%
—
2027
200,000
4.88
%
6.01
%
0.3
2028
—
—
%
—
%
—
2029
—
—
%
—
%
—
2030
240,000
4.74
%
7.21
%
3.7
Thereafter
—
—
%
—
%
—
Total
$
440,000
4.81
%
13.22
%
2.1
Total Secured and Unsecured
$
3,191,048
3.91
%
95.85
%
6.7
Line of Credit Borrowing (1)
138,000
5.00
%
4.15
%
—
Deferred financing costs, net
(21,650)
Total Debt, Net
$
3,307,398
4.12% (2)
100.00
%
_____________________
1.The floating interest rate on the line of credit is SOFR plus 0.10% plus 1.25% to 1.65%. During the quarter ended September 30, 2026, the effective interest rate on the line of credit borrowings was 5.00%.
2.Reflects effective interest rate for the quarter ended September 30, 2026, including interest associated with the line of credit and amortization of deferred financing costs.
3Q 2026 Supplemental Financial Information
15
Equity LifeStyle Properties, Inc.
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, expenses and benefits related to deferred tax valuation allowances and reversals, 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.
3Q 2026 Supplemental Financial Information
16
Equity LifeStyle Properties, Inc.
The following table reconciles Net income available for Common Stockholders to Income from property operations:
Quarters Ended
Nine Months Ended
September 30,
September 30,
(amounts in thousands)
2026
2025
2026
2025
Net income available for Common Stockholders
$
86,425
$
97,130
$
290,645
$
286,030
Redeemable perpetual preferred stock dividends
—
—
8
8
Income allocated to non-controlling interests – Common OP Units
2,825
3,233
9,606
12,211
Consolidated net income
89,250
100,363
300,259
298,249
Equity in (income)/loss of unconsolidated joint ventures
(654)
(1,708)
(445)
(6,562)
Income tax expense/(benefit) (1)(2)
12,065
(518)
12,065
(1,144)
(Gain)/Loss on sale of real estate and impairment, net
—
(31)
507
652
Gross revenues from home sales, brokered resales and ancillary services
(24,393)
(24,927)
(66,294)
(68,648)
Interest income
(1,335)
(2,770)
(5,106)
(7,210)
Income from other investments, net
(1,904)
(1,972)
(9,487)
(6,074)
Property management
21,355
20,277
61,871
61,430
Depreciation and amortization
54,898
52,313
161,671
155,904
Cost of home sales, brokered resales and ancillary services
18,016
17,474
48,519
47,642
Home selling expenses and ancillary operating expenses
7,578
7,186
22,019
20,342
General and administrative (3)
9,573
8,791
32,546
28,485
Casualty-related charges/(recoveries), net (4)
245
(3,748)
(6,781)
(4,072)
Other expenses (1)
1,181
1,229
3,623
3,674
Interest and related amortization
34,607
33,659
102,076
96,995
Income from property operations, excluding property management
220,482
205,618
657,043
619,663
Property management
(21,355)
(20,277)
(61,871)
(61,430)
Income from property operations
$
199,127
$
185,341
$
595,172
$
558,233
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.
______________________
1.Prior period amounts have been reclassified to conform to the current period presentation.
2.Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.
3.Includes $0.4 million and $2.4 million related to non-operating legal expenses during the quarter and nine months ended September 30, 2026, respectively.
4.Casualty-related charges/(recoveries), net for the quarter ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.4 million and insurance recovery revenue of $0.2 million. Casualty-related charges/(recoveries), net for the nine months ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.5 million and insurance recovery revenue of $7.3 million, including $7.1 million for reimbursement of capital expenditures.
3Q 2026 Supplemental Financial Information
17
Equity LifeStyle Properties, Inc.
The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:
Quarters Ended
Nine Months Ended
September 30,
September 30,
(amounts in thousands)
2026
2025
2026
2025
Consolidated net income
$
89,250
$
100,363
$
300,259
$
298,249
Interest income
(1,335)
(2,770)
(5,106)
(7,210)
Real estate depreciation and amortization
54,898
52,313
161,671
155,904
Other depreciation and amortization
1,097
1,204
3,418
3,658
Interest and related amortization
34,607
33,659
102,076
96,995
Income tax expense/(benefit) (1)
12,065
(518)
12,065
(1,144)
(Gain)/Loss on sale of real estate and impairment, net
—
(31)
507
652
Adjustments to our share of EBITDAre of unconsolidated joint ventures
1,264
2,677
5,693
7,285
EBITDAre
191,846
186,897
580,583
554,389
Other items (2)
386
—
2,371
—
Insurance proceeds due to catastrophic weather events, net
245
(3,632)
(6,766)
(4,225)
Adjusted EBITDAre
$
192,477
$
183,265
$
576,188
$
550,164
CORE PORTFOLIO or 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 PORTFOLIO or 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, two properties in California that were impacted by storm and flooding events and seven acquired RVC properties. 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.
______________________
1.Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.
2.Represents expenses of $0.4 million and $2.4 million related to non-operating legal expenses during the quarter and nine months ended September 30, 2026, respectively.
3Q 2026 Supplemental Financial Information
18
Equity LifeStyle Properties, Inc.
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)
Fourth Quarter
2026
Full Year 2026
Net Income per Common Share - Fully Diluted
$0.50 to $0.56
$2.00 to $2.06
Depreciation and amortization
0.28
1.10
FFO per Common Share and OP Unit - Fully Diluted (1)
$0.78 to $0.84
$3.11 to $3.17
Other
—
0.04
Normalized FFO per Common Share and OP Unit - Fully Diluted (1)
$0.78 to $0.84
$3.15 to $3.21
______________________
1.Amounts may not foot due to rounding.
This news 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.
