Core Viewpoint - Equity LifeStyle Properties, Inc. will participate in the Bank of America Securities 2025 Global Real Estate Conference, with a roundtable discussion scheduled for September 10, 2025 [1]. Company Overview - Equity LifeStyle Properties, Inc. is a fully integrated owner of lifestyle-oriented properties, owning or having an interest in 455 properties predominantly located in the United States, consisting of 173,340 sites as of July 21, 2025 [5]. Event Participation - The executive management team of Equity LifeStyle Properties will engage in a live roundtable discussion at the conference, which will be accessible via a webcast link on the company's Investor Relations website [1].

Group 1 - The article emphasizes that from a real estate perspective, investing in the United States is considered a strong bet regardless of political administration or leadership [1] - The article promotes a research service that provides in-depth analysis on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] Group 2 - There is a mention of a beneficial long position in the shares of REXR, indicating a positive outlook on this specific stock [2] - The article expresses that the opinions shared are personal and not influenced by any external compensation or business relationships [2]

Group 1 - The iREIT®+HOYA Capital investment group focuses on various income-oriented alternatives including REITs, BDCs, MLPs, and Preferreds, supported by a team with over 100 years of combined experience [1] - The iREIT® Tracker provides comprehensive data on more than 250 tickers, including quality scores and buy/trimming targets [1] - Brad Thomas, a key figure in the investment group, has over 30 years of experience in real estate investing and has been involved in transactions exceeding $1 billion [2]

Group 1 - The article promotes iREIT on Alpha as a source for in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] - It highlights the satisfaction of investors with 438 testimonials, most of which are rated 5 stars, indicating a strong positive reception [1] - The quote from John D. Rockefeller emphasizes the pleasure derived from receiving dividends, aligning with the investment focus on income generation [1] Group 2 - The article includes a disclosure stating that past performance does not guarantee future results, which is a common disclaimer in investment discussions [2] - It clarifies that no specific investment recommendations are being made, and opinions expressed may not reflect the views of Seeking Alpha as a whole [2] - The article notes that the analysts contributing to the content may not be licensed or certified, indicating a diverse range of perspectives from both professional and individual investors [2]

Company Overview - Equity LifeStyle Properties, Inc. is a fully integrated owner of lifestyle-oriented properties, owning or having an interest in 455 properties predominantly located in the United States, consisting of 173,340 sites as of July 21, 2025 [5]. Dividend Announcement - The Board of Directors declared a third quarter 2025 dividend of $0.515 per common share, which annualizes to $2.06 per common share [1]. - The dividend is scheduled to be paid on October 10, 2025, to stockholders of record at the close of business on September 26, 2025 [1]. Forward-Looking Statements - The press release includes forward-looking statements that involve estimates, projections, and assumptions regarding future events and the expected effects of acquisitions [2]. - These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed [2][4]. Management and Operations - The company is a self-administered, self-managed real estate investment trust (REIT) headquartered in Chicago [5]. - Management's expectations and beliefs about future events are the basis for the forward-looking statements, which are inherently susceptible to uncertainty and changes in circumstances [4].

Part I - Financial Information [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited consolidated financial statements of Equity LifeStyle Properties, Inc. for the periods ended June 30, 2025, and December 31, 2024 (Balance Sheets), and for the quarters and six months ended June 30, 2025 and 2024 (Income, Equity, and Cash Flows), along with detailed notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Consolidated Balance Sheet Summary | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | % Change | | :----- | :----------------------------- | :------------------------------- | :-------------------- | :------- | | Total Assets | $5,720,883 | $5,645,652 | $75,231 | 1.33% | | Net investment in real estate | $5,290,851 | $5,276,152 | $14,699 | 0.28% | | Cash and restricted cash | $33,008 | $24,576 | $8,432 | 34.31% | | Notes receivable, net | $100,269 | $50,726 | $49,543 | 97.67% | Consolidated Liabilities and Equity Summary | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | % Change | | :----- | :----------------------------- | :------------------------------- | :-------------------- | :------- | | Total Liabilities | $3,907,931 | $3,821,866 | $86,065 | 2.25% | | Mortgage notes payable, net | $2,810,199 | $2,928,292 | $(118,093) | -4.03% | | Term loans, net | $347,046 | $199,344 | $147,702 | 74.09% | | Unsecured line of credit | $90,000 | $77,000 | $13,000 | 16.88% | | Total Equity | $1,812,952 | $1,823,786 | $(10,834) | -0.59% | [Consolidated Statements of Income and Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) This section details the company's financial performance, presenting revenues, expenses, and net income for the quarters and six months ended June 30, 2025 and 2024 Quarterly Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (in thousands) | % Change | | :----- | :--------------------- | :--------------------- | :-------------------- | :------- | | Total revenues | $376,866 | $380,019 | $(3,153) | -0.83% | | Total expenses | $292,643 | $298,471 | $(5,828) | -1.95% | | Consolidated net income | $83,493 | $82,127 | $1,366 | 1.66% | | Net income available for Common Stockholders | $79,708 | $78,297 | $1,411 | 1.80% | | Earnings per Common Share – Basic | $0.42 | $0.42 | $0.00 | 0.00% | | Earnings per Common Share – Fully Diluted | $0.42 | $0.42 | $0.00 | 0.00% | Six Months Performance (H1 2025 vs H1 2024) | Metric | H1 2025 (in thousands) | H1 2024 (in thousands) | Change (in thousands) | % Change | | :----- | :--------------------- | :--------------------- | :-------------------- | :------- | | Total revenues | $764,200 | $766,587 | $(2,387) | -0.31% | | Total expenses | $570,485 | $570,051 | $434 | 0.08% | | Consolidated net income | $197,886 | $197,398 | $488 | 0.25% | | Net income available for Common Stockholders | $188,900 | $188,202 | $698 | 0.37% | | Earnings per Common Share – Basic | $0.99 | $1.01 | $(0.02) | -1.98% | | Earnings per Common Share – Fully Diluted | $0.99 | $1.01 | $(0.02) | -1.98% | [Consolidated Statements of Changes in Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) This section outlines the changes in the company's equity, including total stockholders' equity and non-controlling interests, from December 31, 2024, to June 30, 2025 Equity Changes (December 31, 2024 to June 30, 2025) | Metric | December 31, 2024 (in thousands) | June 30, 2025 (in thousands) | Change (in thousands) | % Change | | :----- | :------------------------------- | :--------------------------- | :-------------------- | :------- | | Total Stockholders' Equity | $1,740,716 | $1,730,814 | $(9,902) | -0.57% | | Non-controlling interests – Common OP Units | $83,070 | $82,138 | $(932) | -1.12% | | Total Equity | $1,823,786 | $1,812,952 | $(10,834) | -0.59% | - Key activities impacting equity for the six months ended June 30, 2025, include consolidated net income of **$197,886 thousand**, distributions totaling **$(206,276) thousand**, and a negative adjustment for the fair market value of swaps of **$(4,313) thousand**[18](index=18&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section presents the cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Cash Flow Summary (Six Months Ended June 30) | Activity | H1 2025 (in thousands) | H1 2024 (in thousands) | Change (in thousands) | % Change | | :------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Net cash provided by operating activities | $324,677 | $341,877 | $(17,200) | -5.03% | | Net cash used in investing activities | $(156,873) | $(104,606) | $(52,267) | 50.00% | | Net cash used in financing activities | $(159,372) | $(231,550) | $72,178 | -31.17% | | Net increase in cash and restricted cash | $8,432 | $5,721 | $2,711 | 47.39% | - The increase in net cash used in investing activities was primarily driven by a **$56.1 million term loan** to RVC in the first half of 2025[174](index=174&type=chunk) - The decrease in net cash used in financing activities was primarily due to lower net debt repayments of **$92.5 million**, partially offset by increases in distributions to common stock and OP unit holders of **$17.8 million**[176](index=176&type=chunk) [Notes to Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the financial statements, covering the company's organization, significant accounting policies, lease information, earnings per share, equity transactions, investments, borrowing arrangements, derivative instruments, equity incentive awards, commitments, contingencies, and reportable segments [Note 1 – Organization and Basis of Presentation](index=14&type=section&id=Note%201%20%E2%80%93%20Organization%20and%20Basis%20of%20Presentation) This note describes Equity LifeStyle Properties, Inc.'s (ELS) structure as a self-administered and self-managed REIT, its property portfolio, and its ownership interest in MHC Operating Limited Partnership - Equity LifeStyle Properties, Inc. (ELS) is a self-administered and self-managed real estate investment trust (REIT) that owns and operates lifestyle-oriented properties, including manufactured home (MH) and recreational vehicle (RV) communities and marinas[28](index=28&type=chunk) - ELS is the sole general partner of MHC Operating Limited Partnership, holding a **95.5% interest** as of June 30, 2025, and consolidates the Operating Partnership[29](index=29&type=chunk) [Note 2 – Summary of Significant Accounting Policies](index=14&type=section&id=Note%202%20%E2%80%93%2

Core Viewpoint - Equity Lifestyle Properties (NYSE: ELS) has underperformed compared to both REIT indices (VNQ) and broader market indices (SPY) over the past one and five years [1] Performance Analysis - The share price performance of Equity Lifestyle Properties has lagged behind its peers in the REIT sector and the overall market [1]

Group 1 - Equity LifeStyle Properties (NYSE: ELS) has underperformed over the past year, with a 9% decline in share value [1] - The company's shares have not participated in the broader equity market rally and are currently near a 52-week low [1]

Financial Data and Key Metrics Changes - Year-to-date NOI increased by 5% compared to the previous year, with normalized per share FFO growth of 5.7% [5][6] - Second quarter normalized FFO was $0.69 per share, aligning with the midpoint of guidance [18] - Core NOI growth for the second quarter was 6.4%, exceeding guidance by 70 basis points [19] - Full year normalized FFO guidance maintained at $3.06 per share, representing an estimated 0.9% growth compared to 2024 [22][23] Business Line Data and Key Metrics Changes - The manufactured housing (MH) portfolio generated revenue growth of 5.5% in the quarter, with occupancy over 94% [7][12] - Annual RV revenue grew by 3.9% year-to-date, driven by retention across park models and RV accommodations [8][15] - Core RV and Marina annual base rental income increased by 3.7% in the second quarter [19] Market Data and Key Metrics Changes - Approximately 70% of annual revenue comes from Sunbelt locations, catering to active adults, primarily retirees [9] - The company reported a decline in seasonal rent by 5.6% and transient rent by 8.6% year-to-date [19] Company Strategy and Development Direction - The company focuses on maintaining high occupancy and revenue growth through strategic investments in new home inventory [12][13] - Continued development of MH and RV sites, with 1,500 MH sites and 2,900 RV sites delivered over the last five years [17] - Emphasis on community engagement and customer retention to support long-term value creation [8][10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the business model amid broader market uncertainties, supported by strong demographics [6] - The company expects to see consistent demand across the MH portfolio, with a focus on rate increases in the upcoming quarters [42] - Management acknowledged challenges in the RV segment due to higher turnover rates in specific regions but remains optimistic about future demand [36][44] Other Important Information - The company has no secured debt maturing before 2028, with a well-positioned balance sheet [26] - The company closed on an unsecured term loan of $240 million, enhancing liquidity [27] Q&A Session Summary Question: What caused the revised outlook for core RV Marina revenue? - Management noted that the annual customer base is split between winter and summer seasons, with occupancy impacting guidance for the remainder of the year [31][32] Question: How does the weakness in RV growth affect pricing power for 2026? - Management indicated consistent demand across the MH portfolio and expects to establish budget rates for 2026 in the upcoming months [41][42] Question: What is the impact of occupancy loss on future revenue? - Management clarified that the occupancy change was negligible, with low delinquency rates maintained [46][47] Question: What are the expectations for home sales moving forward? - Management acknowledged lower sales but indicated that this aligns with pre-COVID levels and is influenced by inventory mix [77][78] Question: How is the transient RV Marina business expected to stabilize? - Management stated that the transient business is volatile but remains a feeder for the annual business, with new properties being added [113][114] Question: What is driving the reduction in expense guidance? - The reduction is primarily due to compensation savings from open positions and expected savings from legal and administrative expenses [98][99]

Financial Data and Key Metrics Changes - Year-to-date NOI increased by 5% compared to the previous year, with normalized FFO growth per share at 5.7% [4][5] - Second quarter normalized FFO was $0.69 per share, aligning with the midpoint of guidance [17] - Core NOI growth for the second quarter was 6.4%, exceeding guidance by 70 basis points [18] - Year-to-date core property operating income growth is projected at 5% [22] Business Line Data and Key Metrics Changes - The manufactured housing (MH) portfolio generated revenue growth of 5.5% in the quarter, with occupancy over 94% [6][11] - Annual RV revenue grew by 3.9% year-to-date, driven by retention across various accommodations [7] - Core RV and Marina annual base rental income increased by 3.7% in the second quarter [19] Market Data and Key Metrics Changes - Approximately 70% of annual revenue comes from Sunbelt locations, catering primarily to active adults [8] - The company has seen a decline in seasonal and transient rental income, with decreases of 5.6% and 8.6% respectively [19] Company Strategy and Development Direction - The company maintains full-year guidance for FFO per share, supported by strong demographics for MH and RV portfolios [5] - Strategic investments are being made in communities to enhance long-term success, including adding new home inventory [11] - The company is focused on maintaining high occupancy rates and stable revenue streams through community engagement [6][10] Management Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the business model, particularly during periods of market uncertainty [5] - The company expects to see consistent demand across the MH portfolio, with rate increases planned for the upcoming year [40] - Management remains optimistic about the RV business, despite recent turnover and occupancy challenges [34][41] Other Important Information - The company has no secured debt maturing before 2028, with a well-positioned balance sheet [25] - The company closed on a $240 million unsecured term loan to enhance capital flexibility [26] Q&A Session Summary Question: What caused the revised outlook for core RV Marina revenue? - Management noted that occupancy was the primary driver of the miss, with higher attrition rates in the North and Northeast impacting results [34][35] Question: How does the weakness in RV growth affect pricing power for 2026? - Management indicated that consistent demand remains, and they will establish budget rates for 2026 in the upcoming months [40][41] Question: What is the impact of Canadian customers on demand? - Management observed a lower take rate on early bird reservations from Canadian customers but expects demand to pick up as the season changes [49][50] Question: Can you explain the turnover in the annual RV segment? - Management confirmed that turnover was elevated in specific properties, primarily due to storm damage and seasonal factors [60][61] Question: What is the outlook for home sales for the rest of the year? - Management noted that home sales are currently lower than pre-COVID levels but are in line with historical averages [76][78] Question: What is the expected timeline for backfilling lost occupancy in the annual RV segment? - Management indicated that lost occupancy would be targeted for recovery in the next year through marketing efforts [94] Question: What is driving the reduction in property management and G&A guidance? - The reduction is primarily due to compensation savings from open positions and expected savings from legal and administrative expenses [96]