Equity LifeStyle Properties, Inc.

Equity LifeStyle Properties, Inc. (NYSE: ELS) operates as a fully integrated owner and manager of lifestyle-oriented properties consisting of manufactured home communities, recreational vehicle parks, marinas, and membership-based campgrounds across the United States and British Columbia, Canada. The company maintains its website at www.equitylifestyleproperties.com.

As of December 31, 2025, ELS operates 453 properties including joint venture holdings, comprising approximately 173,371 developed sites distributed across 35 states and one Canadian province. The company's portfolio is geographically concentrated, with Florida representing approximately 38 percent of total sites and 46 percent of total property operating revenues, followed by the Northeast at 11.1 percent, California at 10.2 percent, and Arizona at 10.9 percent of revenues.

The company's business model centers on land ownership with long-term and short-term leasing arrangements to residents and guests who own or rent manufactured homes, cottages, recreational vehicles, or boats. ELS also operates a taxable REIT subsidiary, Realty Systems, Inc., which purchases, sells, and leases factory-built homes and provides home sale brokerage services. The company's properties typically feature clubhouses, recreational amenities including swimming pools and golf courses, and utility services.

ELS maintains an average workforce of approximately 3,700 full-time, part-time, and seasonal employees, supplemented by approximately 500 full-time employees in regional and home offices. The company was formed in December 1992 to continue operations of an entity that had owned and operated properties since 1969 and has elected REIT tax status since 1993.

The company's operating strategy emphasizes long-term property ownership in sought-after retirement and vacation destinations, with focus on cash flow generation, occupancy growth, competitive market rents, and expense management. ELS pursues selective acquisitions of properties offering value-add opportunities and expansion through development of adjacent land parcels. The company finances acquisitions through various capital sources including operating cash flows, debt financing, equity offerings through its at-the-market program, and OP Unit issuances.