ELS REPORTS FOURTH QUARTER RESULTS

Financial Performance - For the year ended December 31, 2024, net income per common share was $1.96, a 16.0% increase from $1.69 in 2023 [14] - Funds from Operations (FFO) per common share was $3.03 for 2024, up 9.5% from $2.77 in 2023 [14] - Normalized FFO per common share was $2.91 for 2024, reflecting a 5.9% increase from $2.75 in 2023 [14] - The company generated a 6.5% growth in income from property operations, excluding property management, for the year ended December 31, 2024 [14] Dividend Announcement - The Board of Directors approved an annual dividend rate of $2.06 per share for 2025, marking a 7.9% increase from the 2024 rate of $1.91 [3] 2025 Guidance - The company provided guidance for 2025, projecting net income per common share between $1.95 and $2.05 and FFO per common share between $3.01 and $3.11 [13] - Core portfolio MH base rental income is expected to grow by 5.2% to 6.2% for the full year 2025 [13] - Core property operating revenues are anticipated to increase by 3.4% to 4.4% for the full year 2025 [13] Business Updates - The company owns or has an interest in 452 properties across 35 states and British Columbia, comprising 173,201 sites as of January 27, 2025 [5] - The company added 736 expansion sites during the year ended December 31, 2024 [14] Operational Challenges - The company incurred approximately $3.6 million in expenses related to debris removal and cleanup from Hurricane Milton, with an insurance recovery accrual of $3.4 million to offset these expenses [12]