Continued Strong Performance

CHICAGO, April 21, 2025 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter ended March 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 March 31, 2025  2024  $ Change  % Change (1) Net Income per Common Share $        0.57  $        0.59  $        (0.02)  (3.0) % Funds from Operations ("FFO") per Common Share and OP Unit $        0.83  $        0.86  $        (0.03)  (2.7) % Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit $        0.83  $        0.78  $           0.05  6.7 %

_____________________ 1.     Calculations prepared using actual results without rounding.

Operations Update

Normalized FFO per Common Share and OP Unit for the quarter ended March 31, 2025 was $0.83, representing a 6.7% increase compared to the same period in 2024, performing at the midpoint of our previous guidance range of $0.80 to $0.86. Core property operating revenues increased 2.9%, Core property operating expense increased 1.5% and Core income from property operations, excluding property management increased 3.8% for the quarter ended March 31, 2025, each as compared to the same period in 2024.

MH

Core MH base rental income for the quarter ended March 31, 2025 increased 5.5% compared to the same period in 2024, which reflects 5.7% growth from rate increases and a 0.2% decline in occupancy, primarily due to resident homes damaged by storms in late 2024 in approximately six Florida communities. We sold 117 new homes during the quarter ended March 31, 2025. The average sales price of new homes sold during the quarter ended March 31, 2025, was approximately $81,000.

RV and Marina

Core RV and marina base rental income for the quarter ended March 31, 2025 was in line with previous guidance. Core RV and marina annual base rental income increased 4.1% for the quarter ended March 31, 2025, compared to the same period in 2024.

Property Operating Expenses

We completed our property and casualty insurance renewal as of April 1, 2025 with a premium decrease of approximately 6.1%, compared to the prior year.

Story Continues

Guidance Update (1)

($ in millions, except per share data)     2025 Second Quarter  Full Year Net Income per Common Share     $0.40 to $0.46  $1.97 to $2.07 FFO per Common Share and OP Unit     $0.66 to $0.72  $3.01 to $3.11 Normalized FFO per Common Share and OP Unit     $0.66 to $0.72  $3.01 to $3.11  2024 Actual  2025 Growth Rates Core Portfolio: Second Quarter  Full Year  Second Quarter  Full Year MH base rental income $               176.5  $               709.4  5.0% to 5.6%  4.8% to 5.8% RV and marina base rental income (2) $               100.8  $               426.9  2.2% to 2.8%  2.2% to 3.2% Property operating revenues $               332.5  $            1,361.8  3.7% to 4.3%  3.2% to 4.2% Property operating expenses, excluding property management $               150.6  $               577.6  1.6% to 2.2%  1.5% to 2.5% Income from property operations, excluding property management  $               181.9  $               784.2  5.4% to 6.0%  4.5% to 5.5%  Non-Core Portfolio:     2025 Full Year Income from property operations, excluding property management     $8.2 to $12.2  Other Guidance Assumptions:     2025 Full Year Property management and general administrative     $119.0 to $125.0 Other income and expenses     $29.0 to $35.0 Debt assumptions:  Weighted average debt outstanding      $3,170 to $3,370 Interest and related amortization     $129.1 to $135.1

______________________ 1. Second quarter and full year 2025 guidance 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 estimates if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for factors impacting our 2025 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. 2. Core RV and marina annual revenue represents approximately 75.4% and 71.8% of second quarter 2025 and full year 2025 RV and marina base rental income guidance, respectively. Core RV and marina annual revenue second quarter 2025 growth rate range is 4.3% to 4.9% and the full year 2025 growth rate range is 4.5% to 5.5%.

About Equity LifeStyle Properties

We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of April 21, 2025, we own or have an interest in 455 properties in 35 states and British Columbia consisting of 173,340 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, Tuesday, April 22, 2025, 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

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 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 June 30, 2024 Mar 31, 2024 Operating Information  Total revenues $   387.3 $   372.3 $   387.3 $   380.0 $   386.6 Consolidated net income $   114.4 $   100.6 $     86.9 $     82.1 $   115.3 Net income available for Common Stockholders $   109.2 $     96.0 $     82.8 $     78.3 $   109.9 Adjusted EBITDAre $   197.6 $   182.8 $   176.8 $   164.3 $   186.3 FFO available for Common Stock and OP Unit holders $   166.7 $   153.0 $   140.9 $   134.7 $   167.4 Normalized FFO available for Common Stock and OP Unit holders $   166.7 $   151.2 $   140.5 $   128.5 $   152.7 Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders $   150.5 $   122.6 $   120.7 $   108.3 $   136.9  Common Shares and OP Units Outstanding (In thousands) and Per Share Data  Common Shares and OP Units, end of the period 200,248 200,160 195,617 195,621 195,598 Weighted average Common Shares and OP Units outstanding - Fully Diluted 200,074 200,021 195,510 195,465 195,545 Net income per Common Share - Fully Diluted (3) $     0.57 $     0.50 $     0.44 $     0.42 $     0.59 FFO per Common Share and OP Unit - Fully Diluted $     0.83 $     0.76 $     0.72 $     0.69 $     0.86 Normalized FFO per Common Share and OP Unit - Fully Diluted $     0.83 $     0.76 $     0.72 $     0.66 $     0.78 Dividends per Common Share $ 0.5150 $ 0.4775 $ 0.4775 $ 0.4775 $ 0.4775  Balance Sheet  Total assets $   5,642 $   5,646 $   5,644 $   5,645 $   5,630 Total liabilities $   3,809 $   3,822 $   4,149 $   4,135 $   4,110  Market Capitalization  Total debt (4) $   3,199 $   3,230 $   3,502 $   3,499 $   3,507 Total market capitalization (5) $ 16,556 $ 16,561 $ 17,457 $ 16,240 $ 16,104  Ratios  Total debt / total market capitalization 19.3 % 19.5 % 20.1 % 21.5 % 21.8 % Total debt / Adjusted EBITDAre (6) 4.4 4.5 5.0 5.1 5.1 Interest coverage (7) 5.4 5.2 5.1 5.1 5.2 Fixed charges (8) 5.3 5.2 5.0 5.1 5.1

______________________ 1. 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. 2. See page 6 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. 3. Net income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units. 4. Excludes deferred financing costs of approximately $24.3 million as of March 31, 2025. 5. See page 14 for the calculation of market capitalization as of March 31, 2025. 6. Calculated using trailing twelve months Adjusted EBITDAre. 7. Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period. 8. 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) March 31, 2025  December 31, 2024 (unaudited)  Assets  Investment in real estate:  Land $                 2,088,682  $                 2,088,682 Land improvements 4,630,575  4,582,815 Buildings and other depreciable property 1,241,287  1,244,193 7,960,544  7,915,690 Accumulated depreciation (2,688,159)  (2,639,538) Net investment in real estate 5,272,385  5,276,152 Cash and restricted cash 47,476  24,576 Notes receivable, net 47,730  50,726 Investment in unconsolidated joint ventures 89,553  83,772 Deferred commission expense 57,144  56,516 Other assets, net 128,076  153,910 Total Assets $                 5,642,364  $                 5,645,652  Liabilities and Equity  Liabilities:  Mortgage notes payable, net $                 2,912,325  $                 2,928,292 Term loans, net 199,423  199,344 Unsecured line of credit 63,000  77,000 Accounts payable and other liabilities 161,751  159,225 Deferred membership revenue 230,455  229,301 Accrued interest payable 10,489  10,679 Rents and other customer payments received in advance and security deposits 128,673  122,448 Distributions payable 102,983  95,577 Total Liabilities $                 3,809,099  $                 3,821,866 Equity:  Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2025 
and December 31, 2024; none issued and outstanding —  — Common stock, $0.01 par value, 600,000,000 shares authorized as of March 31, 2025 
and December 31, 2024; 191,144,217 and 191,056,527 shares issued and outstanding 
as of March 31, 2025 and December 31, 2024, respectively 1,962  1,962 Paid-in capital 1,951,391  1,951,430 Distributions in excess of accumulated earnings (204,226)  (214,979) Accumulated other comprehensive income 674  2,303 Total Stockholders' Equity 1,749,801  1,740,716 Non-controlling interests – Common OP Units 83,464  83,070 Total Equity 1,833,265  1,823,786 Total Liabilities and Equity $                 5,642,364  $                 5,645,652

Consolidated Statements of Income  (In thousands, unaudited) Quarters Ended March 31, 2025  2024 Revenues:  Rental income $       327,206  $       316,599 Annual membership subscriptions 16,342  16,215 Membership upgrade revenue 3,052  3,947 Other income 15,555  15,548 Gross revenues from home sales, brokered resales and ancillary services 20,923  30,053 Interest income 2,238  2,168 Income from other investments, net 2,018  2,038 Total revenues 387,334  386,568  Expenses:  Property operating and maintenance 118,566  114,783 Real estate taxes 21,643  20,787 Membership sales and marketing 3,931  5,297 Property management 20,430  19,710 Depreciation and amortization 50,942  51,108 Cost of home sales, brokered resales and ancillary services 13,692  21,967 Home selling expenses and ancillary operating expenses 6,168  6,147 General and administrative 9,239  11,989 Casualty-related charges/(recoveries), net (2) 217  (14,843) Other expenses (1) 1,878  1,092 Interest and related amortization 31,136  33,543 Total expenses 277,842  271,580 Income before other items 109,492  114,988 Equity in income of unconsolidated joint ventures 4,901  283 Consolidated net income 114,393  115,271  Income allocated to non-controlling interests – Common OP Units (5,201)  (5,366) Net income available for Common Stockholders $       109,192  $       109,905

_____________________ 1. Prior period amounts have been reclassified to conform to the current period presentation. 2. Casualty-related charges/(recoveries), net for the quarter ended March 31, 2025 includes debris removal and cleanup costs related to Hurricane Milton, Hurricane Helene and Hurricane Ian of $0.5 million, $0.2 million and $0.1 million, respectively, and insurance recovery revenue related to Hurricane Milton and Hurricane Ian of $0.5 million and $0.1 million, respectively.

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 6 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 16-19.

Selected Non-GAAP Financial Measures (1)  (In millions, except per share data, unaudited) Quarter Ended March 31, 2025 Income from property operations, excluding property management - Core (2) $                        214.0 Income from property operations, excluding property management - Non-Core (2) 4.0 Property management and general and administrative (29.7) Other income and expenses 9.5 Interest and related amortization (31.1) Normalized FFO and FFO available for Common Stock and OP Unit holders (3) $                        166.7  FFO per Common Share and OP Unit $                          0.83 Normalized FFO per Common Share and OP Unit $                          0.83  Normalized FFO available for Common Stock and OP Unit holders $                        166.7 Non-revenue producing improvements to real estate (16.1) FAD for Common Stock and OP Unit holders (3) $                        150.5  Weighted average Common Shares and OP Units - Fully Diluted 200.1

_____________________ 1. See page 6 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. 2. See pages 8-9 for details of the Core Income from Property Operations, excluding property management. See page 10 for details of the Non-Core Income from Property Operations, excluding property management. 3. Amounts may not foot due to rounding.

Reconciliation of Net Income to Non-GAAP Financial Measures  (In thousands, except per share data, unaudited) Quarters Ended March 31, 2025  2024 Net income available for Common Stockholders $         109,192  $         109,905 Income allocated to non-controlling interests – Common OP Units 5,201  5,366 Depreciation and amortization 50,942  51,108 Depreciation on unconsolidated joint ventures 1,331  1,051 FFO available for Common Stock and OP Unit holders 166,666  167,430 Deferred income tax benefit —  (239) Transaction/pursuit costs and other —  383 Insurance proceeds due to catastrophic weather events, net —  (14,843) Normalized FFO available for Common Stock and OP Unit holders 166,666  152,731 Non-revenue producing improvements to real estate (16,138)  (15,822) FAD for Common Stock and OP Unit holders $         150,528  $         136,909  Net income per Common Share - Basic $               0.57  $               0.59 Net income per Common Share - Fully Diluted (1) $               0.57  $               0.59  FFO per Common Share and OP Unit - Basic $               0.83  $               0.86 FFO per Common Share and OP Unit - Fully Diluted $               0.83  $               0.86  Normalized FFO per Common Share and OP Unit - Basic $               0.83  $               0.78 Normalized FFO per Common Share and OP Unit - Fully Diluted $               0.83  $               0.78  Weighted average Common Shares outstanding - Basic 190,925  186,287 Weighted average Common Shares and OP Units outstanding - Basic 200,029  195,392 Weighted average Common Shares and OP Units outstanding - Fully Diluted 200,074  195,545

____________________ 1. 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 March 31, 2025  2024 MH base rental income (2) $         184.7  $         175.1 Rental home income (2) 3.4  3.5 RV and marina base rental income (2) 121.6  120.2 Annual membership subscriptions 16.3  16.2 Membership upgrade revenue 3.1  3.9 Utility and other income (2)(3) 34.6  34.8 Property operating revenues 363.7  353.7  Property operating, maintenance and real estate taxes (2) 141.8  137.0 Membership sales and marketing 3.9  5.3 Property operating expenses, excluding property management (1) 145.7  142.3 Income from property operations, excluding property management (1) $         218.0  $         211.4    Manufactured home site figures and occupancy averages:  Total sites 73,220  73,008 Occupied sites 68,821  68,916 Occupancy % 94.0 %  94.4 % Monthly base rent per site $            895  $            847  RV and marina base rental income:  Annual $           78.4  $           75.6 Seasonal 28.6  29.5 Transient 14.6  15.1 Total RV and marina base rental income $         121.6  $         120.2

______________________ 1. Excludes property management expenses. 2. 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 3. Bad debt expense is presented in Property operating, maintenance and real estate taxes in this table. 3. Includes approximately $1.8 million and $1.9 million of business interruption income from Hurricane Ian during the quarters ended March 31, 2025 and March 31, 2024, respectively.

Core Income from Property Operations (1)  (In millions, except occupancy figures, unaudited) Quarters Ended March 31, 2025  2024  Change (2) MH base rental income $      184.5  $      174.9  5.5 % Rental home income 3.4  3.5  (3.5) % RV and marina base rental income 116.1  115.9  0.2 % Annual membership subscriptions 16.2  16.2  (0.1) % Membership upgrade revenue 3.0  3.9  (24.4) % Utility and other income 32.4  31.2  3.9 % Property operating revenues 355.6  345.6  2.9 %  Utility expense 39.5  38.7  2.0 % Payroll 27.5  27.7  (0.9) % Repair & maintenance 22.3  20.9  6.7 % Insurance and other (3) 27.3  26.4  3.8 % Real estate taxes 21.1  20.5  3.0 % Membership sales and marketing 3.9  5.3  (26.9) % Property operating expenses, excluding property management (1) 141.6  139.5  1.5 % Income from property operations, excluding property management (1) $      214.0  $      206.1  3.8 %  Occupied sites (4) 68,752  68,904

_____________________ 1.     Excludes property management expenses. 2.     Calculations prepared using actual results without rounding. 3.     Includes bad debt expense for the periods presented. 4.     Occupied sites are presented as of the end of the period.

Core Income from Property Operations (continued)  (In millions, except home site and occupancy figures, unaudited) Quarters Ended March 31,  2025  2024  Core manufactured home site figures and occupancy averages:  Total sites 72,805  72,593  Occupied sites 68,760  68,858  Occupancy % 94.4 %  94.9 %  Monthly base rent per site $            895  $            847     Quarters Ended March 31, 2025  2024  Change (1) Core RV and marina base rental income:  Annual (2) $           76.3  $           73.3  4.1 % Seasonal 26.8  28.3  (5.3) % Transient 13.0  14.3  (9.1) % Total Seasonal and Transient $           39.8  $           42.6  (6.6) % Total RV and marina base rental income $         116.1  $         115.9  0.2 %    Quarters Ended March 31, 2025  2024  Change (1) Core utility information:  Income $           18.8  $           18.0  4.9 % Expense 39.5  38.7  2.0 % Expense, net $           20.7  $           20.7  — %  Utility recovery rate (3) 47.6 %  46.5 %

_____________________ 1. Calculations prepared using actual results without rounding. 2. Core Annual marina base rental income represents approximately 99% of the total Core marina base rental income for all periods presented. 3. Calculated by dividing the utility income by utility expense.

Non-Core Income from Property Operations (1)  (In millions, unaudited) Quarter Ended March 31, 2025 MH base rental income $                            0.2 RV and marina base rental income 5.4 Annual membership subscriptions 0.1 Utility and other income 2.3 Membership upgrade revenue 0.1 Property operating revenues 8.1  Property operating expenses, excluding property management (1)(2) 4.1 Income from property operations, excluding property management (1) $                            4.0

______________________  1.     Excludes property management expenses. 2.     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 March 31, 2025  2024 Total new home sales volume 117  191 New home sales gross revenues $             9,429  $           17,700  Total used home sales volume 57  54 Used home sales gross revenues $                774  $                838  Brokered home resales volume 98  109 Brokered home resales gross revenues $                396  $                572 Rental Homes - Select Data Quarters Ended March 31, 2025  2024  Rental operations revenues (1) $             8,395  $             9,058 Rental home operations expense (2) 1,146  1,369 Depreciation on rental homes (3) 2,245  2,568  Occupied rentals: (4)  New 1,724  1,922 Used 194  236 Total occupied rental sites 1,918  2,158

As of March 31, 2025  As of March 31, 2024 Cost basis in rental homes: (5) Gross  Net of Depreciation  Gross  Net of Depreciation New $       214,484  $       175,858  $       238,963  $       197,641 Used 11,136  7,376  11,744  7,118 Total rental homes $       225,620  $       183,234  $       250,707  $       204,759

______________________  1. For the quarters ended March 31, 2025 and 2024, approximately $5.0 million and $5.6 million, respectively, of the rental operations revenue is included in the MH base rental income in the Core Income from Property Operations on pages 8-9. The remainder of the rental operations revenue for the quarters ended March 31, 2025 and 2024 is included in Rental home income in the Core Income from Property Operations on pages 8-9. 2. Rental home operations expense is included in Property operating, maintenance and real estate taxes in the Consolidated Income from Property Operations on page 7. Rental home operations expense is included in Insurance and other in the Core Income from Property Operations on pages 8-9. 3. Depreciation on rental homes in our Core portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 3. 4. Includes occupied rental sites as of the end of the period in our Core portfolio. 5. Includes both occupied and unoccupied rental homes in our Core portfolio.

Total Sites  (Unaudited) Summary of Total Sites as of March 31, 2025  Sites (1) MH sites 73,200 RV sites:  Annual 34,300 Seasonal 11,200 Transient 17,800 Marina slips 6,900 Membership (2) 26,000 Joint Ventures (3) 3,900 Total 173,300

______________________  1. 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 leased to customers on a short-term basis. 2. Sites primarily utilized by approximately 112,400 members. Includes approximately 5,800 sites rented on an annual basis. 3. Joint ventures have approximately 2,100 MH/RV annual sites and 1,800 transient sites.

Membership Campgrounds - Select Data  Years Ended December 31,  Quarter Ended 
March 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  $              16,342 Annual RV base rental income  $      23,127  $      25,945  $      27,842  $       29,282  $                7,329 Seasonal/Transient RV base rental income  $      25,562  $      24,316  $      20,996  $       21,338  $                2,707 Membership upgrade revenue  $      11,191  $      12,958  $      14,719  $       16,433  $                3,052 Utility and other income  $        2,735  $        2,626  $        2,544  $         2,360  $                   367  Membership Count  Total Memberships (2)  125,149  128,439  121,002  113,553  112,362 Paid Membership Origination  23,923  23,237  20,758  19,539  3,667 Promotional Membership Origination  26,600  28,178  25,232  23,552  5,523 Membership Upgrade Volume (3)  4,863  4,068  3,858  4,086  1,402  Campground Metrics  Membership Campground Count  81  81  82  82  82 Membership Campground RV Site Count  24,000  24,000  24,000  26,000  26,000 Annual Site Count (4)  6,320  6,390  6,154  5,902  5,844

______________________  1. 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. 2. 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. 3. 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. 4. 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 March 31, 2025   Total 
Common 
Shares/Units  % of Total 
Common 
Shares/Units  Total  % of Total  % of Total 
Market 
Capitalization  Secured Debt     $             2,936  91.8 %  Unsecured Debt     263  8.2 %  Total Debt (1)     $             3,199  100.0 %  19.3 %  Common Shares 191,144,217  95.5 %  OP Units 9,103,904  4.5 %  Total Common Shares and OP Units 200,248,121  100.0 %  Common Stock price at March 31, 2025 $             66.70  Fair Value of Common Shares and OP Units     $           13,357  100.0 %  Total Equity     $           13,357  100.0 %  80.7 %  Total Market Capitalization     $           16,556    100.0 %

______________________  1.   Excludes deferred financing costs of approximately $24.3 million.

Debt Maturity Schedule  Debt Maturity Schedule as of March 31, 2025 (In thousands, unaudited) Year Outstanding 
Debt  Weighted 
Average 
Interest Rate  % of Total 
Debt  Weighted 
Average 
Years to 
Maturity  Secured Debt  2025 86,890  3.45 %  2.72 %  — 2026 —  — %  — %  — 2027 —  — %  — %  — 2028 194,882  4.19 %  6.09 %  3.4 2029 271,383  4.92 %  8.48 %  4.5 2030 275,385  2.69 %  8.61 %  5.0 2031 239,929  2.45 %  7.50 %  6.2 2032 202,000  2.47 %  6.31 %  7.4 2033 343,073  6.45 %  10.72 %  8.6 2034 206,253  3.45 %  6.45 %  9.2 Thereafter 1,116,228  3.95 %  34.90 %  13.3 Total $      2,936,023  3.77 %  91.78 %  8.8  Unsecured Term Loans  2025 —  — %  — %  — 2026 —  — %  — %  — 2027 200,000  4.88 %  6.25 %  1.8 Thereafter —  — %  — %  — Total $         200,000  4.88 %  6.25 %  1.8  Total Secured and Unsecured $      3,136,023  3.84 %  98.03 %  8.4  Line of Credit Borrowing (1) 63,000  5.68 %  1.97 %  —  Note Premiums and Unamortized loan costs (24,275)   Total Debt, Net $      3,174,748  4.06% (2)  100.00 %

_____________________  1. The floating interest rate on the line of credit is SOFR plus 0.10% plus 1.25% to 1.65%. During the quarter ended March 31, 2025, the effective interest rate on the line of credit borrowings was 5.68%. 2. Reflects effective interest rate for the quarter ended March 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 Property operating, maintenance and real estate taxes 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 March 31, (amounts in thousands) 2025  2024 Net income available for Common Stockholders $         109,192  $         109,905 Income allocated to non-controlling interests – Common OP Units 5,201  5,366 Consolidated net income 114,393  115,271 Equity in income of unconsolidated joint ventures (4,901)  (283) Gross revenues from home sales, brokered resales and ancillary services (20,923)  (30,053) Interest income (2,238)  (2,168) Income from other investments, net (2,018)  (2,038) Property management 20,430  19,710 Depreciation and amortization 50,942  51,108 Cost of home sales, brokered resales and ancillary services 13,692  21,967 Home selling expenses and ancillary operating expenses 6,168  6,147 General and administrative 9,239  11,989 Casualty-related charges/(recoveries), net (2) 217  (14,843) Other expenses (1) 1,878  1,092 Interest and related amortization 31,136  33,543 Income from property operations, excluding property management 218,015  211,442 Property management (20,430)  (19,710) Income from property operations $         197,585  $         191,732

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.

____________________ 1. Prior period amounts have been reclassified to conform to the current period presentation. 2. Casualty-related charges/(recoveries), net for the quarter ended March 31, 2025 includes debris removal and cleanup costs related to Hurricane Milton, Hurricane Helene and Hurricane Ian of $0.5 million and $0.2 million and $0.1 million, respectively, and insurance recovery revenue related to Hurricane Milton and Hurricane Ian of $0.5 million and  $0.1 million, respectively.

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

Quarters Ended March 31, (amounts in thousands) 2025  2024 Consolidated net income $         114,393  $         115,271 Interest income (2,238)  (2,168) Real estate depreciation and amortization 50,942  51,108 Other depreciation and amortization 1,234  1,318 Interest and related amortization 31,136  33,543 Income tax benefit —  (239) Adjustments to our share of EBITDAre of unconsolidated joint ventures 2,107  1,880 EBITDAre 197,574  200,713 Transaction/pursuit costs and other —  383 Insurance proceeds due to catastrophic weather events, net —  (14,843) Adjusted EBITDAre $         197,574  $         186,253

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 2025 guidance reflects Non-Core properties in 2025, which includes properties not owned and operated during all of 2024 and 2025.

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.

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) Second Quarter

2025  Full Year

2025 Net income per Common Share $0.40 to $0.46  $1.97 to $2.07 Depreciation and amortization 0.26  1.04 FFO per Common Share and OP Unit - Fully Diluted $0.66 to $0.72  $3.01 to $3.11 Normalized FFO per Common Share and OP Unit - Fully Diluted $0.66 to $0.72  $3.01 to $3.11

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.Cision

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SOURCE Equity Lifestyle Properties, Inc.