EQUITY LIFESTYLE PROPERTIES $ELS Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $409.9M (Est. $405M) 🟢; vs $393.3M LY 🔹 EPS: $0.45 (Est. $0.50) 🔴; -11.1% YoY 🔹 Normalized FFO/Share: $0.79; +4.6% YoY 🔹 FFO/Share: $0.72; -6.1% YoY FY26 Guide: 🔹 EPS: $2.00-$2.06 (Est. $2.03) 🟡 🔹 Normalized FFO/Share: $3.15-$3.21 🔹 Core Property Operating Revenues: 4.0%-4.6% 🔹 Core MH Base Rental Income: 5.4%-6.0% Q4 Guide: 🔹 EPS: $0.50-$0.56 (Est. $0.53) 🟡 🔹 Normalized FFO/Share: $0.78-$0.84 🔹 Core MH Base Rental Income: 5.4%-6.0% Core Portfolio (YoY): 🔹 Property Operating Revenues: +4.4% 🔹 Property Operating Expenses: +1.3% 🔹 Income from Property Operations: +6.7% 🔹 MH Base Rental Income: +5.7% 🔹 RV & Marina Base Rental Income: +2.1% 🔹 RV & Marina Annual Base Rental Income: +5.3% Other Q3 Metrics: 🔹 Adj. EBITDAre: $192.5M (Est. $191M) 🟢 🔹 Core MH Occupancy: 93.8%; vs 94.3% LY 🔹 New & Used Home Sales: 244 Key Updates: 🔹 Deferred tax valuation allowance: $12.1M 🔹 Insurance proceeds due to catastrophic weather events: $0.2M 🔹 Other items: $0.4M 🔹 2027 MH rent growth assumption: ~5.1% 🔹 2027 Core RV annual rent growth assumption: ~4.7%