ELS Reports Fourth Quarter Results

Continued Strong Performance

Announces 2026 Guidance and 22nd Consecutive Annual Dividend Increase

CHICAGO, Jan. 28, 2026 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and year ended December 31, 2025. All per share results are reported on a fully diluted basis unless otherwise noted.

FINANCIAL RESULTS

($ in millions, except per share data)

Quarters Ended December 31,

2025

2024

$ Change

% Change (1)

Net Income per Common Share

$ 0.52

$ 0.50

$ 0.02

3.2 %

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

$ 0.78

$ 0.76

$ 0.02

2.4 %

Normalized Funds from Operations ("Normalized FFO") per

Common Share and OP Unit

$ 0.79

$ 0.76

$ 0.03

4.2 %

Years Ended December 31,

2025

2024

$ Change

% Change (1)

Net Income per Common Share

$ 2.01

$ 1.96

$ 0.05

2.6 %

FFO per Common Share and OP Unit

$ 3.08

$ 3.03

$ 0.05

1.5 %

Normalized FFO per Common Share and OP Unit

$ 3.06

$ 2.91

$ 0.15

5.0 %

_____________________

Calculations prepared using actual results without rounding.

2026 Dividends

Our Board of Directors has approved setting the annual dividend rate for 2026 at $2.17 per share of Common Stock, an increase of 5.3%, or $0.11, over the current $2.06 per share of Common Stock for 2025. Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.

Business Updates

Pages 1 and 2 of this Earnings Release and Supplemental Financial Information provide an update on operations and 2026 guidance.

About Equity LifeStyle Properties

We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of December 31, 2025, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,355 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, Thursday, January 29, 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

Operations and Financial Update

2025 Highlights

Core Portfolio

______________________

Includes all publicly traded single family home, multi-family home and manufactured housing U.S equity REITs, with a market capitalization of $3.0 billion or greater.

Average quarterly growth from Q3 1998 through Q3 2025.

2026 Guidance Update (1)

($ in millions, except per share data)

2026

First Quarter

Full Year

Net Income per Common Share

$0.54 to $0.60

$2.06 to $2.16

FFO per Common Share and OP Unit

$0.81 to $0.87

$3.12 to $3.22

Normalized FFO per Common Share and OP Unit

$0.81 to $0.87

$3.12 to $3.22

2025 Actual

2026 Growth Rates

Core Portfolio:

First Quarter

Full Year

First Quarter

Full Year

MH base rental income

$ 184.5

$ 748.6

5.5% to 6.1%

5.1% to 6.1%

RV and marina base rental income (2)

$ 116.1

$ 427.5

-1.8% to -1.2%

2.4% to 3.4%

Property operating revenues

$ 355.6

$ 1,405.6

3.5% to 4.1%

4.1% to 5.1%

Property operating expenses, excluding property

management

$ 141.6

$ 583.5

2.0% to 2.6%

2.7% to 3.7%

Income from property operations, excluding property

management

$ 214.0

$ 822.2

4.5% to 5.1%

5.1% to 6.1%

Non-Core Portfolio:

2026 Full Year

Income from property operations, excluding property

management

$4.6 to $8.6

Other Guidance Assumptions:

2026 Full Year

Property management and general administrative

$121.3 to $127.3

Interest and related amortization

$133.3 to $139.3

______________________

First quarter and full year 2026 guidance represent management's estimate of a range of possible outcomes. The midpoint of the ranges reflects

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 estimates if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for additional

factors impacting our 2026 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the supplemental

financial information for definitions of FFO and Normalized FFO and a reconciliation of Net income per Common Share - Fully Diluted to each of FFO

per Common Share and OP Unit - Fully Diluted and Normalized FFO per Common Share and OP Unit - Fully Diluted.

Core RV and marina annual revenue represents approximately 69.7% and 74.7% of first quarter 2026 and full year 2026 RV and marina base rental

income guidance, respectively. Core RV and marina annual revenue first quarter 2026 growth rate range is 4.2% to 4.8% and the full year 2026 growth

rate range is 4.7% to 5.7%.

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

Dec 31,

2025

Sep 30,

2025

June 30,

2025

Mar 31,

2025

Dec 31,

2024

Operating Information

Total revenues

$ 373.9

$ 393.3

$ 376.9

$ 387.3

$ 372.3

Consolidated net income

$ 103.8

$ 100.4

$ 83.5

$ 114.4

$ 100.6

Net income available for Common Stockholders

$ 100.5

$ 97.1

$ 79.7

$ 109.2

$ 96.0

Adjusted EBITDAre

$ 189.6

$ 183.3

$ 170.0

$ 197.6

$ 182.8

FFO available for Common Stock and OP Unit holders

$ 156.7

$ 154.1

$ 138.3

$ 166.7

$ 153.0

Normalized FFO available for Common Stock and OP Unit holders

$ 157.6

$ 150.5

$ 137.7

$ 166.7

$ 151.2

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

$ 131.7

$ 124.2

$ 115.2

$ 150.5

$ 122.6

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

Data

Common Shares and OP Units, end of the period

200,284

200,278

200,272

200,248

200,160

Weighted average Common Shares and OP Units outstanding - Fully Diluted

200,162

200,126

200,095

200,074

200,021

Net income per Common Share - Fully Diluted (3)

$ 0.52

$ 0.50

$ 0.42

$ 0.57

$ 0.50

FFO per Common Share and OP Unit - Fully Diluted

$ 0.78

$ 0.77

$ 0.69

$ 0.83

$ 0.76

Normalized FFO per Common Share and OP Unit - Fully Diluted

$ 0.79

$ 0.75

$ 0.69

$ 0.83

$ 0.76

Dividends per Common Share

$ 0.5150

$ 0.4775

Balance Sheet

Total assets

$ 5,745

$ 5,747

$ 5,721

$ 5,642

$ 5,646

Total liabilities

$ 3,931

$ 3,935

$ 3,908

$ 3,809

$ 3,822

Market Capitalization

Total debt (4)

$ 3,346

$ 3,302

$ 3,273

$ 3,199

$ 3,230

Total market capitalization (5)

$ 15,485

$ 15,459

$ 15,624

$ 16,556

$ 16,561

Ratios

Total debt / total market capitalization

21.6 %

21.4 %

20.9 %

19.3 %

19.5 %

Total debt / Adjusted EBITDAre (6)

4.5

4.4

4.5

Interest coverage (7)

5.7

5.8

5.6

5.4

5.2

Fixed charges (8)

5.7

5.5

5.3

5.2

____________________

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 8 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 $24.3 million as of December 31, 2025.

See page 16 for the calculation of market capitalization as of December 31, 2025.

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)

December 31, 2025

December 31, 2024

(unaudited)

Assets

Investment in real estate:

Land

$ 2,088,174

$ 2,088,682

Land improvements

4,784,223

4,582,815

Buildings and other depreciable property

1,306,317

1,244,193

8,178,714

7,915,690

Accumulated depreciation

(2,838,344)

(2,639,538)

Net investment in real estate

5,340,370

5,276,152

Cash and restricted cash

26,132

24,576

Notes receivable, net

93,358

50,726

Investment in unconsolidated joint ventures

85,041

83,772

Deferred commission expense

58,149

56,516

Other assets, net

142,343

153,910

Total Assets

$ 5,745,393

$ 5,645,652

Liabilities and Equity

Liabilities:

Mortgage notes payable, net

$ 2,779,158

$ 2,928,292

Term loans, net

437,455

199,344

Unsecured line of credit

105,000

77,000

Accounts payable and other liabilities

152,536

159,225

Deferred membership revenue

221,498

229,301

Accrued interest payable

11,333

10,679

Rents and other customer payments received in advance and security deposits

120,441

122,448

Distributions payable

103,146

95,577

Total Liabilities

$ 3,930,567

$ 3,821,866

Equity:

Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2025 and

December 31, 2024; none issued and outstanding

—

Common stock, $0.01 par value, 600,000,000 shares authorized as of December 31, 2025

and December 31, 2024; 193,835,561 and 191,056,527 shares issued and outstanding as of

December 31, 2025 and December 31, 2024, respectively

1,988

1,962

Paid-in capital

1,981,540

1,951,430

Distributions in excess of accumulated earnings

(225,045)

(214,979)

Accumulated other comprehensive income/(loss)

(2,208)

2,303

Total Stockholders' Equity

1,756,275

1,740,716

Non-controlling interests – Common OP Units

58,551

83,070

Total Equity

1,814,826

1,823,786

Total Liabilities and Equity

$ 5,745,393

$ 5,645,652

Consolidated Statements of Income

(In thousands, unaudited)

Quarters Ended

Years Ended

December 31,

2025

2024

2025

2024

Revenues:

Rental income

$ 314,602

$ 301,398

$ 1,282,532

$ 1,233,252

Annual membership subscriptions

18,154

16,585

69,266

65,883

Membership upgrade revenue

3,120

4,263

12,412

16,433

Other income

15,546

27,168

62,794

75,354

Gross revenues from home sales, brokered resales and ancillary services

17,386

19,275

86,034

117,732

Interest income

2,362

2,220

9,572

9,238

Income from other investments, net

2,698

1,414

8,772

8,274

Total revenues

373,868

372,323

1,531,382

1,526,166

Expenses:

Property operating and maintenance

113,758

110,540

493,412

480,438

Real estate taxes

21,075

20,349

85,148

81,966

Membership sales and marketing

3,877

4,192

16,069

22,063

Property management

19,354

18,803

80,784

78,114

Depreciation and amortization

52,991

50,493

208,895

203,879

Cost of home sales, brokered resales and ancillary services

12,693

13,103

60,335

84,771

Home selling expenses and ancillary operating expenses

6,170

6,689

26,512

27,644

General and administrative

9,025

8,235

37,510

38,483

Casualty-related charges/(recoveries), net (1)

(415)

(528)

(4,487)

(20,950)

Other expenses

1,192

1,413

4,850

5,533

Early debt retirement

—

5,803

—

5,833

Interest and related amortization

34,010

31,633

131,005

137,710

Total expenses

273,730

270,725

1,140,033

1,145,484

Income before other items

100,138

101,598

391,349

380,682

Gain/(Loss) on sale of real estate and impairment, net

1,571

(668)

919

(2,466)

Income tax benefit

2,145

115

3,273

354

Equity in income/(loss) of unconsolidated joint ventures

(42)

(488)

6,520

6,248

Consolidated net income

103,812

100,557

402,061

384,818

Income allocated to non-controlling interests – Common OP Units

(3,342)

(4,574)

(15,553)

(17,804)

Redeemable perpetual preferred stock dividends

(8)

(16)

Net income available for Common Stockholders

$ 100,462

$ 95,975

$ 386,492

$ 366,998

_____________________

Casualty-related charges/(recoveries), net for the quarter ended December 31, 2025 includes reversals for previously accrued debris removal and cleanup

costs related to hurricane events of $0.4 million. Casualty-related charges/(recoveries), net for the year ended December 31, 2025 includes debris removal

and cleanup costs related to hurricane events of $0.6 million and insurance recovery revenue of $5.1 million, including $4.3 million for reimbursement of

capital expenditures.

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 8 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 18-21

Selected Non-GAAP Financial Measures (1)

(In millions, except per share data, unaudited)

Quarter Ended

December 31, 2025

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

$ 210.8

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

1.9

Property management and general and administrative

(27.5)

Other income and expenses

6.4

Interest and related amortization

(34.0)

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

$ 157.6

Other items (4)

(0.9)

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

$ 156.7

FFO per Common Share and OP Unit

$ 0.78

Normalized FFO per Common Share and OP Unit

$ 0.79

Normalized FFO available for Common Stock and OP Unit holders

$ 157.6

Non-revenue producing improvements to real estate

(25.9)

FAD for Common Stock and OP Unit holders (3)

$ 131.7

Weighted average Common Shares and OP Units - Fully Diluted

200.2

______________________

See page 8 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 10-11 for details of the Core Income from Property Operations, excluding property management. See page 12 for details of the Non-Core Income

from Property Operations, excluding property management.

Amounts may not foot due to rounding.

Represents expenses of $0.9 million related to non-operating legal expenses during the quarter ended December 31, 2025.

Reconciliation of Net Income to Non-GAAP Financial Measures

(In thousands, except per share data, unaudited)

Quarters Ended

Years Ended

December 31,

2025

2024

2025

2024

Net income available for Common Stockholders

$ 100,462

$ 95,975

$ 386,492

$ 366,998

Income allocated to non-controlling interests – Common OP Units

3,342

4,574

15,553

17,804

Depreciation and amortization

52,991

50,493

208,895

203,879

Depreciation on unconsolidated joint ventures

1,472

1,266

5,722

4,826

(Gain)/Loss on sale of real estate and impairment, net

(1,571)

668

(919)

2,466

FFO available for Common Stock and OP Unit holders

156,696

152,976

615,743

595,973

Deferred income tax benefit

—

(115)

—

(354)

Early debt retirement

—

5,803

—

5,833

Transaction/pursuit costs and other

—

383

Insurance proceeds due to catastrophic weather events, net

(637)

(4,207)

(22,101)

Other items (1)

900

(6,800)

900

(6,800)

Normalized FFO available for Common Stock and OP Unit holders

157,614

151,227

612,436

572,934

Non-revenue producing improvements to real estate

(25,926)

(28,618)

(90,754)

(84,433)

FAD for Common Stock and OP Unit holders

$ 131,688

$ 122,609

$ 521,682

$ 488,501

Net income per Common Share - Basic

$ 0.52

$ 0.50

$ 2.01

$ 1.96

Net income per Common Share - Fully Diluted (2)

$ 0.52

$ 0.50

$ 2.01

$ 1.96

FFO per Common Share and OP Unit - Basic

$ 0.78

$ 0.77

$ 3.08

$ 3.03

FFO per Common Share and OP Unit - Fully Diluted

$ 0.78

$ 0.76

$ 3.08

$ 3.03

Normalized FFO per Common Share and OP Unit - Basic

$ 0.79

$ 0.76

$ 3.06

$ 2.92

Normalized FFO per Common Share and OP Unit - Fully Diluted

$ 0.79

$ 0.76

$ 3.06

$ 2.91

Weighted average Common Shares outstanding - Basic

193,629

190,822

192,137

187,439

Weighted average Common Shares and OP Units outstanding - Basic

200,079

199,926

200,059

196,544

Weighted average Common Shares and OP Units outstanding - Fully Diluted

200,162

200,021

200,114

196,636

____________________

Represents expenses of $0.9 million related to non-operating legal expenses during the quarter ended December 31, 2025 and other income of

$6.8 million related to aged prepaid balances that were determined to no longer be liabilities during the quarter ended December 31, 2024.

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

Years Ended

December 31,

2025

2024

2025

2024

MH base rental income (2)

$ 190.1

$ 180.0

$ 749.4

$ 710.1

Rental home income (2)

3.7

3.4

14.3

13.7

RV and marina base rental income (2)

103.2

101.6

446.3

438.4

Annual membership subscriptions

18.2

16.6

69.3

65.9

Membership upgrade revenue

3.1

4.3

12.4

16.4

Utility and other income (2)(3)

34.9

38.4

141.8

144.8

Property operating revenues

353.2

344.3

1,433.5

1,389.3

Utility expense

39.1

38.3

164.4

159.1

Payroll

28.1

120.7

120.2

Repairs & maintenance

20.1

19.4

99.2

94.0

Insurance and other (2)

26.8

25.1

110.4

106.7

Real estate taxes

21.1

20.3

85.1

82.0

Rental home operating and maintenance

1.4

1.3

5.2

5.7

Membership sales and marketing

3.9

4.2

16.1

22.1

Property operating expenses, excluding property management (1)

140.5

136.7

601.1

589.8

Income from property operations, excluding property management (1)

$ 212.7

$ 207.6

$ 832.4

$ 799.5

Manufactured home site figures and occupancy:

Total sites, beginning

73,220

73,005

73,216

73,009

Total sites, ending

73,585

73,216

73,585

73,216

Occupied sites, beginning

68,784

69,101

68,984

68,944

Occupied sites, ending

68,715

68,984

68,715

68,984

Occupancy average %

93.6 %

94.4 %

93.8 %

94.5 %

Monthly base average rent per site

$ 922

$ 870

$ 908

$ 858

RV and marina base rental income:

Annual

$ 82.9

$ 78.4

$ 322.3

$ 308.0

Seasonal

9.9

12.1

52.7

56.9

Transient

10.4

11.1

71.3

73.5

Total RV and marina base rental income

$ 103.2

$ 101.6

$ 446.3

$ 438.4

______________________

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 5. Bad debt expense is presented in Insurance and other in this table.

Includes approximately $1.6 million and $1.8 million of business interruption income from Hurricane Ian during the quarters ended December 31, 2025

and December 31, 2024, respectively, and $6.6 million and $7.6 million for the years ended December 31, 2025 and December 31, 2024, respectively.

Core Income from Property Operations (1)

(In millions, unaudited)

Quarters Ended December 31,

Years Ended December 31,

2025

2024

Change (2)

2025

2024

Change (2)

MH base rental income

$ 189.9

$ 179.9

5.6 %

$ 748.6

$ 709.4

5.5 %

Rental home income

3.7

3.4

9.5 %

14.2

13.7

4.2 %

RV and marina base rental income

99.0

98.9

0.1 %

427.5

426.9

0.2 %

Annual membership subscriptions

17.9

16.4

9.3 %

68.5

65.5

4.5 %

Membership upgrade revenue

3.2

4.2

(25.8) %

12.3

16.3

(24.6) %

Utility and other income

33.5

33.0

1.3 %

134.5

130.0

3.4 %

Property operating revenues

347.2

335.8

3.4 %

1,405.6

1,361.8

3.2 %

Utility expense

38.2

37.6

1.6 %

160.6

156.8

2.4 %

Payroll

27.2

27.4

(0.6) %

117.2

117.7

(0.4) %

Repair & maintenance

19.5

18.9

3.0 %

96.2

91.8

4.8 %

Insurance and other (3)

25.7

24.1

6.7 %

105.4

103.3

1.6 %

Real estate taxes

20.5

19.8

3.1 %

82.9

80.4

3.0 %

Rental home operating and maintenance

1.4

1.3

4.3 %

5.2

5.6

(8.1) %

Membership sales and marketing

3.9

4.2

(7.0) %

16.0

22.0

(27.4) %

Property operating expenses, excluding property management (1)

136.4

133.3

2.2 %

583.5

577.6

1.0 %

Income from property operations, excluding property

management (1)

$ 210.8

$ 202.5

4.1 %

$ 822.1

$ 784.2

4.8 %

_____________________

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

Years Ended

December 31,

2025

2024

2025

2024

Core manufactured home site figures and

occupancy:

Total sites, beginning

72,805

72,590

72,801

72,594

Expansion sites, net

365

211

369

207

Total sites, ending

73,170

72,801

73,170

72,801

Occupied sites, beginning

68,716

69,040

68,923

68,885

Occupied sites, ending (1)

68,644

68,923

68,644

68,923

Occupancy average %

94.0 %

94.9 %

94.3 %

94.9 %

Monthly base average rent per site

$ 922

$ 870

$ 908

$ 858

Quarters Ended December 31,

Years Ended December 31,

2025

2024

Change (2)

2025

2024

Change (2)

Core RV and marina base rental income:

Annual (3)

$ 80.1

$ 76.6

4.5 %

$ 312.4

$ 300.2

4.1 %

Seasonal

9.1

11.5

(20.5) %

49.3

54.8

(9.9) %

Transient

9.8

10.8

(9.2) %

65.8

71.9

(8.5) %

Total Seasonal and Transient

$ 18.9

$ 22.3

(15.1) %

$ 115.1

$ 126.7

(9.1) %

Total RV and marina base rental income

$ 99.0

$ 98.9

0.1 %

$ 427.5

$ 426.9

0.2 %

Quarters Ended December 31,

Years Ended December 31,

2025

2024

Change (2)

2025

2024

Change (2)

Core utility information:

Income

$ 19.2

$ 17.9

7.1 %

$ 78.2

$ 73.5

6.3 %

Expense

38.2

37.6

1.6 %

160.6

156.8

2.4 %

Expense, net

$ 19.0

$ 19.7

(3.5) %

$ 82.4

$ 83.3

(1.0) %

Utility recovery rate (4)

50.3 %

47.6 %

48.7 %

46.9 %

_____________________

Occupied sites as of September 30, 2025 totaled 68,716 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

Year Ended

December 31, 2025

MH base rental income

$ 0.2

$ 0.8

Rental home income

—

0.1

RV and marina base rental income

4.1

18.8

Annual membership subscriptions

0.3

0.8

Utility and other income

1.5

7.4

Membership upgrade revenue

—

0.1

Property operating revenues

6.1

28.0

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

4.2

17.6

Income from property operations, excluding property management (1)

$ 1.9

$ 10.4

______________________

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

Years Ended

December 31,

2025

2024

2025

2024

Total new home sales volume

136

439

756

New home sales gross revenues

$ 8,890

$ 10,526

$ 37,627

$ 66,432

Total used home sales volume

103

374

218

Used home sales gross revenues

$ 513

$ 851

$ 3,382

$ 3,812

Brokered home resales volume

109

429

505

Brokered home resales gross revenues

$ 383

$ 498

$ 1,657

$ 2,270

Rental Homes - Select Data

Quarters Ended

Years Ended

December 31,

2025

2024

2025

2024

Rental operations revenues (1)

$ 9,561

$ 8,490

$ 35,795

$ 34,660

Rental home operations expense (2)

1,390

1,334

5,189

5,647

Depreciation on rental homes (3)

2,540

2,282

10,091

9,732

Occupied rentals: (4)

New

1,919

1,716

Used

192

205

Total occupied rental sites

2,111

1,921

As of December 31, 2025

As of December 31, 2024

Cost basis in rental homes: (5)

Gross

Net of

Depreciation

Gross

Net of

Depreciation

New

$ 252,004

$ 211,274

$ 213,605

$ 175,098

Used

14,234

11,157

12,201

8,187

Total rental homes

$ 266,238

$ 222,431

$ 225,806

$ 183,285

______________________

For the quarters ended December 31, 2025 and 2024, approximately $5.8 million and $5.1 million, respectively, of the rental operations revenue is included

in the MH base rental income in the Core Income from Property Operations on pages 10-11. The remainder of the rental operations revenue for the quarters

ended December 31, 2025 and 2024 is included in Rental home income in the Core Income from Property Operations on pages 10-11.

Rental home operations expense is included in Rental home operating and maintenance in the Consolidated Income from Property Operations

on page 9. Rental home operations expense is included in Rental home operating and maintenance in the Core Income from Property Operations on pages 10-11.

Depreciation on rental homes in our Core portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 5.

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 December 31, 2025

Sites (1)

MH sites

73,600

RV sites:

Annual

34,400

Seasonal

11,200

Transient

17,500

Marina slips

6,900

Membership (2)

26,000

Joint Ventures (3)

3,900

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.

Sites primarily utilized by approximately 108,700 members. Includes approximately 6,000 sites rented on an annual basis.

Joint ventures have approximately 2,400 MH and RV annual sites and 1,500 transient sites.

Total does not foot due to rounding.

Membership Campgrounds - Select Data

Years Ended December 31,

Campground and Membership Revenue (1)

($ in thousands, unaudited)

2021

2022

2023

2024

2025

Annual membership subscriptions

$ 58,251

$ 63,215

$ 65,379

$ 65,883

$ 69,266

Annual RV base rental income

$ 23,127

$ 25,945

$ 27,842

$ 29,282

$ 30,546

Seasonal/Transient RV base rental income

$ 25,562

$ 24,316

$ 20,996

$ 21,338

$ 19,959

Membership upgrade revenue

$ 11,191

$ 12,958

$ 14,719

$ 16,433

$ 12,412

Utility and other income

$ 2,735

$ 2,626

$ 2,544

$ 2,360

$ 2,390

Membership Count

Total Memberships (2)

125,149

128,439

121,002

113,553

108,731

Paid Membership Origination

23,923

23,237

20,758

19,539

17,150

Promotional Membership Origination

26,600

28,178

25,232

23,552

23,002

Membership Upgrade Volume (3)

4,863

4,068

3,858

4,086

5,945

Campground Metrics

Membership Campground Count

Membership Campground RV Site Count

25,100

25,800

26,000

Annual Site Count (4)

6,320

6,390

6,154

5,902

5,951

______________________

Beginning in 2025, 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 December 31, 2025

Total

Common

Shares/Units

% of Total

Common

Shares/Units

Total

% of Total

Market

Capitalization

Secured Debt

$ 2,801

83.7 %

Unsecured Debt

545

16.3 %

Total Debt (1)

$ 3,346

100.0 %

21.6 %

Common Shares

193,835,561

96.8 %

OP Units

6,448,705

3.2 %

Total Common Shares and OP Units

200,284,266

100.0 %

Common Stock price at December 31, 2025

$ 60.61

Fair Value of Common Shares and OP Units

$ 12,139

100.0 %

Total Equity

$ 12,139

100.0 %

78.4 %

Total Market Capitalization

$ 15,485

100.0 %

______________________

Excludes Deferred financing costs, net of approximately $24.3 million.

Debt Maturity Schedule

Debt Maturity Schedule as of December 31, 2025

(In thousands, unaudited)

Year

Outstanding

Debt

Weighted

Average

Interest Rate

% of Total

Debt

Weighted

Average

Years to Maturity

Secured Debt

2026

—

— %

—

2027

—

— %

—

2028

190,555

4.19 %

5.70 %

2.7

2029

270,697

4.92 %

8.09 %

3.7

2030

275,385

2.69 %

8.23 %

4.2

2031

233,198

2.45 %

6.97 %

5.4

2032

202,000

2.47 %

6.04 %

6.7

2033

341,089

4.83 %

10.19 %

7.8

2034

201,929

3.44 %

6.04 %

8.4

Thereafter

1,086,013

3.94 %

32.45 %

12.5

Total

$ 2,800,866

3.77 %

83.71 %

8.3

Unsecured Term Loans

2026

—

— %

—

2027

200,000

4.88 %

5.98 %

1.1

2028

—

— %

—

2029

—

— %

—

2030

240,000

4.74 %

7.17 %

4.4

Thereafter

—

— %

—

Total

$ 440,000

4.81 %

13.15 %

2.9

Total Secured and Unsecured

$ 3,240,866

3.91 %

96.86 %

7.5

Line of Credit Borrowing (1)

105,000

5.36 %

3.14 %

—

Deferred financing costs, net

(24,253)

Total Debt, Net

$ 3,321,613

4.11% (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 December 31, 2025, the effective interest

rate on the line of credit borrowings was 5.36%.

Reflects effective interest rate for the quarter ended December 31, 2025, 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

Year Ended

December 31,

(amounts in thousands)

2025

2024

2025

2024

Net income available for Common Stockholders

$ 100,462

$ 95,975

$ 386,492

$ 366,998

Redeemable perpetual preferred stock dividends

Income allocated to non-controlling interests – Common OP Units

3,342

4,574

15,553

17,804

Consolidated net income

103,812

100,557

402,061

384,818

Equity in income of unconsolidated joint ventures

488

(6,520)

(6,248)

Income tax benefit

(2,145)

(115)

(3,273)

(354)

(Gain)/Loss on sale of real estate and impairment, net

(1,571)

668

(919)

2,466

Gross revenues from home sales, brokered resales and ancillary services

(17,386)

(19,275)

(86,034)

(117,732)

Interest income

(2,362)

(2,220)

(9,572)

(9,238)

Income from other investments, net

(2,698)

(1,414)

(8,772)

(8,274)

Property management

19,354

18,803

80,784

78,114

Depreciation and amortization

52,991

50,493

208,895

203,879

Cost of home sales, brokered resales and ancillary services

12,693

13,103

60,335

84,771

Home selling expenses and ancillary operating expenses

6,170

6,689

26,512

27,644

General and administrative

9,025

8,235

37,510

38,483

Casualty-related charges/(recoveries), net (1)

(415)

(528)

(4,487)

(20,950)

Other expenses

1,192

1,413

4,850

5,533

Early debt retirement

—

5,803

—

5,833

Other items

—

(6,800)

—

(6,800)

Interest and related amortization

34,010

31,633

131,005

137,710

Income from property operations, excluding property management

212,712

207,533

832,375

799,655

Property management

(19,354)

(18,803)

(80,784)

(78,114)

Income from property operations

$ 193,358

$ 188,730

$ 751,591

$ 721,541

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, impairments 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.

____________________

Casualty-related charges/(recoveries), net for the quarter ended December 31, 2025 includes reversals for previously accrued debris removal and cleanup

costs related to hurricane events of $0.4 million. Casualty-related charges/(recoveries), net for the year ended December 31, 2025 includes debris removal

and cleanup costs related to hurricane events of $0.6 million and insurance recovery revenue of $5.1 million, including $4.3 million for reimbursement of

capital expenditures.

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

Quarters Ended

Years Ended

December 31,

(amounts in thousands)

2025

2024

2025

2024

Consolidated net income

$ 103,812

$ 100,557

$ 402,061

$ 384,818

Interest income

(2,362)

(2,220)

(9,572)

(9,238)

Real estate depreciation and amortization

52,991

50,493

208,895

203,879

Other depreciation and amortization

1,192

1,413

4,850

5,520

Interest and related amortization

34,010

31,633

131,005

137,710

Income tax benefit

(2,145)

(115)

(3,273)

(354)

(Gain)/Loss on sale of real estate and impairment, net

(1,571)

668

(919)

2,466

Adjustments to our share of EBITDAre of unconsolidated joint ventures

2,743

1,992

10,028

8,013

EBITDAre

188,670

184,421

743,075

732,814

Other items (1)

900

(6,800)

900

(6,800)

Early debt retirement

—

5,803

—

5,833

Transaction/pursuit costs and other

—

383

Insurance proceeds due to catastrophic weather events, net

(637)

(4,207)

(22,101)

Adjusted EBITDAre

$ 189,588

$ 182,787

$ 739,768

$ 710,129

CORE. The Core properties include properties we owned and operated during all of 2024 and 2025. 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 2025 include properties that were not owned and operated during all of 2024 and 2025, 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 $0.9 million related to non-operating legal expenses during the quarter ended December 31, 2025 and other income of $6.8 million

related to aged prepaid balances that were determined to no longer be liabilities during the quarter ended December 31, 2024.

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)

First Quarter

2026

Full Year

2026

Net income per Common Share

$0.54 to $0.60

$2.06 to $2.16

Depreciation and amortization

0.27

1.07

Gain on sale of real estate and impairment, net

—

FFO per Common Share and OP Unit - Fully Diluted (1)

$0.81 to $0.87

$3.12 to $3.22

Other

—

Normalized FFO per Common Share and OP Unit - Fully Diluted (1)

$0.81 to $0.87

$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.