Equity LifeStyle Properties : Investor Presentation

Investor Presentation

May 2024

ELS at a Glance

ELS owns and operates the highest quality portfolio of manufactured home ("MH") communities, recreational vehicle ("RV") resorts, campgrounds and marinas in North America

1969	4,000	$16.1B	90%
Year Founded	Employees	Enterprise Value	Revenue from
			Annual Sources
	451	35 + 1	172,464
MH RV Marina	Properties	States Canadian	Sites
		Province

S&P 400		6,466%	(1)		278%	(1)
Member	Total Return since IPO	Ten-Year Total Return
	•	2,019% S&P 500		•	152% S&P 400
	•	1,478% Dow Jones Equity		•	228% S&P 500
		ALL REIT Index		•	78% Dow Jones Equity
					ALL REIT Index

14%

Annualized Total Return

since IPO(1)

• Performance ranked in the top 90th percentile of REITs for the last ten years

Notes: All data as of March 31, 2024, unless otherwise specified.

(1) Total return calculation assumes dividend reinvestment. Total returns through May 3, 2024. Source: S&P Global.

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ELS at a Glance

ELS owns and operates the highest quality portfolio of manufactured home ("MH") communities, recreational vehicle ("RV") resorts, campgrounds and marinas in North America

STRONG PORTFOLIO PERFORMANCE

$1.3B	$1.91	8.6%
Core Annual	Annualized Dividend	NFFO/Share CAGR
Revenue	per Common Share	(2006 - 2023)(2)(3)
(2023)(1)	(2024)

4.4%	3.0%	21%
Avg Long-Term	Dividend Yield(5)	Dividend/Share CAGR
Core NOI Growth(4)		(2006 - 2023)(3)

REIT-LEADING BALANCE SHEET

21.8%	5.1x	5.2x
Debt/EV	Debt/Adj.	Interest Coverage
	EBITDAre(6)

18%	3.7%	9
% of Debt that is	Weighted Avg	Avg Years
Fully Amortizing	Interest Rate	to Maturity

Notes: All data as of March 31, 2024, unless otherwise specified.

1. Core Portfolio is defined based on properties owned and operated during all of 2022 and 2023. The Core Portfolio may change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations.
2. See Non-GAAP Financial Measures on pages 41-43 for the reconciliation and definition of Normalized FFO.
3. Adjusted for stock splits.
4. Average quarterly growth from Q3 1998 through Q1 2024.
5. Based on the stock price as of May 3, 2024.
6. Calculated using trailing twelve months Adjusted EBITDAre. See Non-GAAP Financial Measures on pages 41-43 for the definition and reconciliation of Adjusted EBITDAre.

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Recent Highlights(1)(2)(3)(4)

MH Performance Update

• Core MH base rental income growth for April QTD is 6.2%
• Core Occupancy of 94.8% as of April 30, 2024

RV Performance Update

• Core RV and marina annual base rental income growth for April QTD is 6.9%
• Memorial Day Weekend 2024 - Transient base rental income year over year comparison is (5.9%) or approximately ($85K)

Notes: (1) Compared to comparable period in 2023.

1. The factors that affected our results for April QTD 2024 may not continue and therefore, our results for that period may not be indicative of our results for the full quarter or year.
2. Excludes joint venture properties.
3. Core Portfolio is defined based on properties owned and operated since January 1, 2023. The Core Portfolio may change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations.

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Investment Thesis

Track record of delivering superior total returns and dividend growth

1. Portfolio Composition

• High-qualityproperties located in retirement and vacation destinations
• Over 110 properties with lake, river, or ocean frontage
• Over 120 properties within 10 miles of coastal United States
• Over 70% of MH properties are age qualified or have a resident base with an average age over 55

4. Balance Sheet

• Long-termstrategy focused on access to a variety of capital sources
• Well laddered maturities with average years to maturity of 9 years and weighted average interest rate of 3.7%
• Strong balance sheet with capacity to fund growth with debt and/or equity

1. Business Model

• Own the land and lease developed sites to owners of manufactured homes, vacation cottages, RVs and boats
• Consistent results throughout the real estate cycle
• Strong customer demand with minimal new supply
• Innovative strategy driving external growth through new lines of business

1. Operating Platform

• Integrated operating platform focused on providing superior customer service to all residents and value creation for shareholders
• Focus on generating stable, predictable revenue
• Technology driven
• Digital marketing strategy

1. Acquisitions / Development

• Active acquisitions and development pipeline
• Focus on accretive and/or value add transactions
• History of being first mover when entering new asset classes that fit the portfolio strategy

1. ESG

• Sustainability is at the core of Our Nature through Uniting People, Places & Purpose
• Commitment to sustainability supports the business model, minimizes environmental impacts, maintains a safe and healthy workplace and upholds a high standard of business ethics and conduct

1. Management Team

• Experienced executive management team with a track record of delivering results

Notes: All data pertaining to debt as of March 31, 2024.

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Track Record

Long-term total returns that outperform the market

ITEM	IPO Year: 1993	2023
Properties	41	451
Sites	12,312	172,465
States	16	35
Net Income Per Share - Fully Diluted	$0.15	$1.69
FFO Per Share - Fully Diluted(1)	$0.23	$2.77
Normalized FFO Per Share - Fully Diluted(1)	$0.23	$2.75
Common Stock Price(2)	$3.22	$70.54
Enterprise Value(3)	$296 million	$17.3 billion
Dividends Paid Cumulative(4)	-	$3.2 billion
Dividends Paid Cumulative Per Share(4)	-	$20.04

Notes: (1) See Non-GAAP Financial Measures on pages 41-43 for the reconciliation and definition of FFO and Normalized FFO. The 1993 amount was determined from amounts presented in the 1996 Form 10-K.

1. The 1993 stock price is adjusted for stock splits; the 2023 price is the closing price as of December 31, 2023.
2. The enterprise values are as of December 31, 1993 and December 31, 2023.
3. Source: S&P Global. Includes dividends paid from IPO date of February 25,1993 through December 31, 2023 and adjusted for stock splits.

Total Returns as of May 3, 2024

900%
800%
700%
600%
500%
400%
300%
200%
100%
0%	YTD	1 Yr	3 Yr	5 Yr	10 Yr	15 Yr
-100%
	ELS	S&P 400 INDEX	S&P 500 INDEX	DOW JONES EQUITY ALL REITS INDEX

9000%

Total Return Performance Since IPO (%)

8000%

7000%

6000%

5000%

4000%

3000%

2000%

1000%

0%

5/3/92

5/3/94

5/3/96

5/3/98

5/3/00

5/3/02

5/3/04

5/3/06

5/3/08

5/3/10

5/3/12

5/3/14

5/3/16

5/3/18

5/3/20

5/3/22

5/3/24

ELS (+6,466%)

S&P 500 (+2,019%)

DOW JONES EQUITY ALL REIT (+1,478%)

Source: S&P Global

Notes: (1) Total return calculation assumes dividend reinvestment.

(2) Total return through May 3, 2024.

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Dividend and NFFO Growth

Time-tested through real estate cycles

$3.00
$2.50							/
$2.00							/
$1.50
$1.00
$0.50
$-
2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023

	Dividend / Share		NFFO / Share

Notes: See Non-GAAP Financial Measures on pages 41-43 for the reconciliation and definition of Normalized FFO. Adjusted for stock splits.

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Compare to REIT Industry

	NFFO / Share Growth by Subsector
9%	2006-2023 CAGR(1)

8%
7%
6%
5%
4%
3%
2%
1%
0	Multi-Family	REIT Industry
ELS

Notes: See Non-GAAP Financial Measures on pages 41-43 for the reconciliation and definition of Normalized FFO. Adjusted for stock splits.

(1) Includes all publicly traded REITs that are included in the RMZ index and have reported Core FFO since 2006.

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Property Locations

ELS owns and operates 451 properties in North America with a focus on high-quality coastal and Sunbelt retirement and vacation destinations and urban areas

				Projected Population Growth %
					(2024-2029)
			12.0%
			10.0%	9.4%	6.0%		6.4%	6.4%
			8.0%
			6.0%	5.2%	3.5%
			4.0%				2.4%
California						1.1	%
Arizona		2.0%
Properties			FL	AZ		CA	USA
11% of Total		Florida	0.0%
	10% of Total			Total	Age 55+
	Properties	34% of Total
		Properties			Source: S&P Global

Notes: Property and site counts presented as of March 31, 2024.

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Property Locations

The MH portfolio focuses on age-qualified communities in retirement destinations where our residents can be part of an active lifestyle

203 MH COMMUNITIES

• 75,000 sites

MH

Notes: Property and site counts presented as of March 31, 2024.

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