Equity LifeStyle Properties, Inc.

Second quarter normalized FFO was $0.74 per share. Core portfolio NOI increased 6.5% year over year in the quarter, with core property operating revenues up 4.9% and core property operating expenses up 2.9%. Core community-based rental income increased 5.8% in the quarter and 5.7% year to date; core RV and marina annual base rental income increased 5.4% in the quarter and 4.8% year to date. Membership business net contribution was $17.1 million in Q2 and $34.4 million year to date. Full-year 2026 normalized FFO guidance was raised to $3.01-$3.23 per share, midpoint $3.18; full-year core NOI growth guidance is 5.5%-6.5%, and third-quarter normalized FFO per share guidance is $0.76-$0.82.

Marguerite Nader emphasized the company’s stable annual revenue streams and the strength of its manufactured housing and RV portfolio, pointing to favorable demographics, 55-plus demand, and the long-term nature of resident relationships. She highlighted that MH occupancy rose for two consecutive quarters, that more than 50% of properties are already 98% occupied, and that management feels good about occupancy growth in the back half of the year. Her tone was confident but measured, with repeated references to stability, community quality, and long-term demand.

Paul Seavey said the quarter benefited from 6.5% NOI growth, expense performance that ran 120 basis points better than guidance in Q2, and core rent growth across MH and RV platforms. He guided to full-year normalized FFO of $3.01-$3.23 per share, core portfolio NOI growth of 5.5%-6.5%, and property management and G&A of $119.7 million-$125.7 million. He also noted leverage metrics of 4.4x debt-to-EBITDAre and 5.6x interest coverage, plus about $1.2 billion of capital access through the credit line and ATM programs.

Analysts focused on weaker transient RV/seasonal pacing, and management said June was hurt by weather and Canadian wildfire smoke, with fourth-quarter transient growth now assumed flat year over year. Questions also centered on MH occupancy recovery and expansion sites; management said the business is recovering from storm impacts, has added about 70 occupied units over two quarters, and expects favorable occupancy trends over the next few quarters. On membership, management said the strategy has intentionally favored higher dues and more value-added upgrades over pure member count, and on expenses it said CPI remains the main driver, with some offset from utility, tax, and insurance savings.