N E W S R E L E A S E

                                    

CHICAGO, IL – October 22, 2025 – Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as “we,” “us,” and “our”) today announced results for the quarter and nine months ended September 30, 2025. All per share results are reported on a fully diluted basis unless otherwise noted.

1.Calculations prepared using actual results without rounding.

Normalized FFO per Common Share and OP Unit for the quarter ended September 30, 2025 was $0.75, representing a 4.6% increase compared to the same period in 2024, performing at the midpoint of our previous guidance range of $0.72 to $0.78. Normalized FFO for the nine months ended September 30, 2025 was $2.27 per Common Share and OP Unit, representing a 5.4% increase compared to the same period in 2024, performing at the midpoint of our previous guidance for each of the three quarterly periods ended this year. Core property operating revenues increased 3.1%, Core property operating expenses, excluding property management, increased 0.5% and Core income from property operations, excluding property management, increased 5.3% for the quarter ended September 30, 2025, each as compared to the same period in 2024. For the nine months ended September 30, 2025, Core property operating revenues increased 3.2%, Core property operating expenses, excluding property management, increased 0.6% and Core income from property operations, excluding property management, increased 5.1%, each as compared to the same period in 2024.

Core MH base rental income for the quarter and nine months ended September 30, 2025 increased 5.5% compared to the same periods in 2024. We sold 114 new homes during the quarter ended September 30, 2025 and 347 new homes during the nine months ended September 30, 2025.

Core RV and marina base rental income for the quarter ended September 30, 2025 decreased 0.4% compared to the same period in 2024. Core RV and marina annual base rental income increased 3.9% for the quarter ended September 30, 2025 compared to the same period in 2024. During the third quarter 2025, we filled approximately 475 annual sites. Core RV and marina base rental income for the nine months ended September 30, 2025 increased 0.2% compared to the same period in 2024. Core RV and marina annual base rental income increased 3.9% for the nine months ended September 30, 2025 compared to the same period in 2024.

Core property operating expenses, excluding property management, for the quarter ended September 30, 2025 increased 0.5% compared to the same period in 2024 and were lower compared to the previous guidance. For the nine months ended September 30, 2025, Core property operating expenses, excluding property management, increased 0.6% compared to the same period in 2024.

As previously disclosed, in July 2025, we drew the remaining $90.0 million from the $240.0 million unsecured term loan agreement entered into during the second quarter of 2025 and used the proceeds to repay amounts outstanding on our line of credit.

Guidance Update (1)

Preliminary 2026 Rent Rate Growth Assumptions (1)

•By October month-end, we anticipate sending 2026 rent increase notices to approximately 50% of our MH residents. The average expected rate increase of these notices is approximately 5.1%.

•We have set RV annual rates for more than 95% of our annual sites. The average rate increase for these annual sites is 5.1%. These increases will take effect at the start of the 2025/26 winter season or the start of the 2026 summer season, as applicable.

1.    Fourth quarter and full year 2025 guidance represent management’s estimate of a range of possible outcomes. The midpoint of the ranges and the preliminary 2026 annual rent growth assumptions 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 2025 and 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.

2.    Core RV and marina annual revenue represents approximately 80.6% and 73.0% of fourth quarter 2025 and full year 2025 RV and marina base rental income guidance, respectively. Core RV and marina annual revenue fourth quarter 2025 growth rate range is 4.3% to 4.9% and the full year 2025 growth rate range is 3.6% to 4.6%. Fourth quarter 2025 Core RV and marina seasonal and transient revenue assumptions were developed using our current, approximate reservation pacing. Core RV and marina seasonal and transient revenue fourth quarter 2025 growth rate range is -12.8% to -13.8% and the full year 2025 growth rate range is -8.3% to -9.3%. Our July 2025 guidance factored in a Core RV and marina seasonal and transient fourth quarter growth rate range of -1.0% to -2.0%. The change in seasonal and transient revenue guidance in the fourth quarter is primarily attributed to seasonal reservation pace from Canadian customers, which is currently -40%.

We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of September 30, 2025, we own or have an interest in 455 properties in 35 states and British Columbia consisting of 173,341 sites.

For additional information, please contact our Investor Relations Department at (800) 247-5279 or at investor_relations@equitylifestyle.com.

A live audio webcast of our conference call discussing these results will take place tomorrow, Thursday, October 23, 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.

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.

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, net of approximately $25.1 million as of September 30, 2025.

5.See page 14 for the calculation of market capitalization as of September 30, 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.

1.Casualty-related charges/(recoveries), net for the quarter ended September 30, 2025 includes $3.7 million for reimbursement of capital expenditures. Casualty-related charges/(recoveries), net for the nine months ended September 30, 2025 includes debris removal and cleanup costs related to hurricane events of $1.0 million and insurance recovery revenue of $5.1 million, including $4.3 million for reimbursement of capital expenditures.

2.Prior period amounts have been reclassified to conform to the current period presentation.

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.

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.

			Quarters Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net income available for Common Stockholders			$	97,130					$	82,821					$	286,030					$	271,023
Income allocated to non-controlling interests – Common OP Units			3,233						4,042						12,211						13,230
Depreciation and amortization			52,313						50,934						155,904						153,386
Depreciation on unconsolidated joint ventures			1,453						1,309						4,250						3,560
(Gain)/Loss on sale of real estate and impairment, net			(31)						1,798						652						1,798
FFO available for Common Stock and OP Unit holders			154,098						140,904						459,047						442,997
Deferred income tax benefit			—						—						—						(239)
Early debt retirement			—						30						—						30
Transaction/pursuit costs and other			—						—						—						383
Insurance proceeds due to catastrophic weather events, net			(3,632)						(451)						(4,225)						(21,464)
Normalized FFO available for Common Stock and OP Unit holders			150,466						140,483						454,822						421,707
Non-revenue producing improvements to real estate			(26,231)						(19,771)						(64,828)						(55,814)
FAD for Common Stock and OP Unit holders			$	124,235					$	120,712					$	389,994					$	365,893
Net income per Common Share - Basic			$	0.50					$	0.44					$	1.49					$	1.45
Net income per Common Share - Fully Diluted (1)			$	0.50					$	0.44					$	1.49					$	1.45
FFO per Common Share and OP Unit - Basic			$	0.77					$	0.72					$	2.29					$	2.27
FFO per Common Share and OP Unit - Fully Diluted			$	0.77					$	0.72					$	2.29					$	2.27
Normalized FFO per Common Share and OP Unit - Basic			$	0.75					$	0.72					$	2.27					$	2.16
Normalized FFO per Common Share and OP Unit - Fully Diluted			$	0.75					$	0.72					$	2.27					$	2.16
Weighted average Common Shares outstanding - Basic			193,004						186,327						191,640						186,311
Weighted average Common Shares and OP Units outstanding - Basic			200,069						195,432						200,052						195,416
Weighted average Common Shares and OP Units outstanding - Fully Diluted			200,126						195,510						200,098						195,507

1.Net income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.

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 $0.9 million and $2.1 million of business interruption income from Hurricane Ian during the quarters ended September 30, 2025 and September 30, 2024, respectively, and $4.9 million and $5.9 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.

			Quarters Ended September 30,																		Nine Months Ended September 30,
			2025						2024						Change (2)						2025						2024						Change (2)
MH base rental income			$	188.0					$	178.1					5.5%						$	558.7					$	529.6					5.5		%
Rental home income			3.6						3.4						6.3%						10.5						10.3						2.4		%
RV and marina base rental income			110.8						111.2						(0.4)%						328.5						327.9						0.2		%
Annual membership subscriptions			17.7						16.6						6.3%						50.6						49.2						2.9		%
Membership upgrade revenue			3.1						4.2						(25.3)%						9.2						12.2						(24.1)		%
Utility and other income			35.6						34.4						3.8%						101.0						96.9						4.2		%
Property operating revenues			358.8						347.9						3.1%						1,058.5						1,026.1						3.2		%
Utility expense			44.8						42.5						5.4%						122.4						119.2						2.7		%
Payroll			31.5						31.6						(0.2)%						89.9						90.2						(0.4)		%
Repair & maintenance			25.9						25.5						1.8%						76.8						73.0						5.2		%
Insurance and other (3)			28.4						27.9						2.0%						83.5						83.4						0.1		%
Real estate taxes			20.2						20.4						(1.2)%						62.4						60.6						3.0		%
Membership sales and marketing			4.2						6.4						(34.8)%						12.1						17.8						(32.1)		%
Property operating expenses, excluding property management (1)			155.0						154.3						0.5%						447.1						444.2						0.6		%
Income from property operations, excluding property management (1)			$	203.8					$	193.6					5.3%						$	611.4					$	581.9					5.1		%
Occupied sites (4)			68,716						69,040

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.

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.

1.Excludes property management expenses.

2.Includes bad debt expense for the periods presented.

1.For the quarters ended September 30, 2025 and 2024, approximately $5.5 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 8-9. The remainder of the rental operations revenue for the quarters ended September 30, 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.

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 111,900 members. Includes approximately 6,000 sites rented on an annual basis.

3.Joint ventures have approximately 2,100 MH and RV annual sites and 1,800 transient sites.

4.Total does not foot due to rounding.

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.

1.    Excludes deferred financing costs, net of approximately $25.1 million.

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 September 30, 2025, the effective interest rate on the line of credit borrowings was 5.69%.

2.Reflects effective interest rate for the quarter ended September 30, 2025, including interest associated with the line of credit and amortization of deferred financing costs.

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:

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.Casualty-related charges/(recoveries), net for the quarter ended September 30, 2025 includes $3.7 million for reimbursement of capital expenditures. Casualty-related charges/(recoveries), net for the nine months ended September 30, 2025 includes debris removal and cleanup costs related to hurricane events of $1.0 million and insurance recovery revenue of $5.1 million, including $4.3 million for reimbursement of capital expenditures.

2.Prior period amounts have been reclassified to conform to the current period presentation.

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

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:

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.