Equity LifeStyle Properties : Q126 Supplemental Package

Published: 2026-04-21 16:58:10 ET ELS

Published on 04/21/2026 at 04:58 pm EDT

Supplemental Financial Information

Earnings Release and

First Quarter 2026

The Winds of St. Armands - Sarasota, FL

Earnings Press Release i-iii

Supplemental Financial Information

Financial Highlights................................................................................................. 1

Consolidated Balance Sheets ................................................................................... 2

Consolidated Income Statements............................................................................. 3

Non-GAAP Financial Measures 4

Selected Non-GAAP Financial Measures.............................................................. 5

Reconciliation of Net Income to Non-GAAP Financial Measures........................ 6

Consolidated Income from Property Operations ................................................... 7

Core Income from Property Operations................................................................. 8-9

Non-Core Income from Property Operations ........................................................ 10

Home Sales and Rental Home Operations............................................................. 11

Total Sites .............................................................................................................. 12

Membership Campgrounds - Select Data ................................................................ 13

Market Capitalization............................................................................................... 14

Debt Maturity Schedule ........................................................................................... 15

Non-GAAP Financial Measures Definitions and Reconciliations........................... 16-19

CONTACT: Paul Seavey FOR IMMEDIATE RELEASE

(800) 247-5279 April 21, 2026

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

FINANCIAL RESULTS

($ in millions, except per share data) Quarters Ended March 31,

2026

2025

$ Change

% Change (1)

Net Income per Common Share

$ 0.56

$ 0.57

$ (0.01)

(2.6)%

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

$ 0.83

$ 0.83

$ -

(0.4)%

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

$

0.84

$

0.83

$

0.01

0.3%

1. Calculations prepared using actual results without rounding.

Operations Update

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

MH

Core MH base rental income for the quarter ended March 31, 2026 increased 5.7% compared to the same

period in 2025. We sold 228 new and used homes during the quarter ended March 31, 2026.

RV and Marina

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

Property Operating Expenses

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

Guidance Update

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

($ in millions, except per share data) 2026 Second Quarter Full Year

Net Income per Common Share $0.42 to $0.48 $2.02 to $2.12

FFO per Common Share and OP Unit $0.69 to $0.75 $3.11 to $3.21

Normalized FFO per Common Share and OP Unit $0.69 to $0.75 $3.12 to $3.22

2025 Actual 2026 Growth Rates

Core Portfolio:

Second Quarter

Full Year

Second Quarter

Full Year

MH base rental income

$ 186.2

$ 748.6

5.3% to 5.9%

5.1% to 6.1%

RV and marina base rental income (1)

$ 101.6

$ 427.5

1.7% to 2.3%

1.9% to 2.9%

Property operating revenues

$ 344.0

$ 1,405.6

4.5% to 5.1%

4.0% to 5.0%

Property operating expenses, excluding property

management

$ 150.5

$ 583.5

3.9% to 4.5%

2.2% to 3.2%

Income from property operations, excluding property management

$ 193.5

$ 822.2

4.9% to 5.5%

5.2% to 6.2%

2026 Full Year

Non-Core Income from property operations,

excluding property management $5.7 to $9.7

Property management and general administrative $119.0 to $125.0

Interest and related amortization $133.9 to $139.9

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

Core Portfolio:

2026 Full Year Guidance Updated Midpoint

2026 Prior Full Year Guidance Midpoint (2)

MH base rental income

5.6%

5.6%

RV and marina base rental income (1)

2.4%

2.9%

Property operating revenues

4.5%

4.6%

Property operating expenses, excluding property management

2.7%

3.2%

Income from property operations, excluding property management

5.7%

5.6%

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

slip restoration.

Prior guidance issued on January 28, 2026.

About Equity LifeStyle Properties

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

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

Conference Call

A live audio webcast of our conference call discussing these results will take place tomorrow, Wednesday, April 22, 2026, at 10:00 a.m. Central Time. Please visit the Investor Relations section at https://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.

Disclaimer

Equity Lifestyle Properties Inc. published this content on April 21, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 21, 2026 at 20:57 UTC.