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For Immediate ReleaseChicago, IL – August 26, 2026 – Today, Zacks Equity Essex Property Trust, Inc. (ESS - Free Report) , Equity LifeStyle Properties, Inc. (ELS - Free Report) and American Homes 4 Rent (AMH - Free Report) .

Industry: Residential REITs

Link: https://www.zacks.com/commentary/2979210/3-residential-reits-worth-considering-as-the-industry-recovers

The Zacks REIT and Equity Trust - Residential industry is entering a more favorable phase as slowing apartment development eases supply pressure. Strong occupancy and resident retention support dependable rental income, while fewer future deliveries should improve pricing power and market balance. These trends favor steadier revenues and growth for Essex Property Trust, Inc., Equity LifeStyle Properties, Inc. and American Homes 4 Rent.

Still, weak new-lease pricing and excess supply in Sunbelt markets could keep near-term earnings and NOI growth uneven. Landlords may continue prioritizing occupancy over aggressive rent increases, delaying a broader recovery despite improving fundamentals across the residential sector.

About the IndustryThe Zacks REIT and Equity Trust - Residential category includes companies that own, develop and manage various residential properties, such as apartment buildings, student housing, manufactured homes and single-family homes. These REITs generate revenues by renting spaces to tenants. While most residential REITs lease properties like apartments and single-family homes to a broad range of tenants, student housing is exclusively leased to students. 

As a result, student housing properties are typically located near colleges and universities to serve their target demographic. The demand for student housing is closely tied to enrollment growth at educational institutions, making it a key driver for this market segment. Some residential REITs may focus on specific regions or types of housing to better address local market dynamics or serve particular tenant demographics.

What's Shaping the REIT & Equity Trust - Residential Industry's Future?Falling New Supply Is Improving the Industry’s Setup: Residential REITs are expected to benefit from a more balanced supply environment as apartment development slows. In recent years, landlords faced strong competition from newly completed properties, which limited rent growth and increased the need for concessions. 

With financing and construction conditions making new projects more difficult to justify, future apartment supply is likely to grow at a slower pace. This is expected to gradually reduce competitive pressure on existing properties. While markets that experienced heavy development in recent times, such as the SunBelt markets, may need more time to absorb recently completed units, a smaller future pipeline could improve their long-term position. 

With renter demand remaining stable while supply growth moderates, landlords are likely to gain greater flexibility to maintain occupancy, reduce incentives and improve pricing power. For residential REITs, this creates a more favorable operating setup and could support stronger property-level performance as supply and demand move toward a healthier balance. Student housing pre-leasing remains healthy for Fall 2026, supported by steady demand.

Resident Retention Supports Stable Revenues: Strong occupancy and resident retention are providing residential REITs with an important source of stability. Keeping existing tenants is helping landlords maintain dependable rental income while reducing the costs associated with vacancies, apartment turnover, marketing and leasing incentives. 

This is especially valuable with pricing on new leases remaining relatively weak because renewals can help offset some of that pressure. High retention is also allowing operators to prioritize occupancy rather than pushing rents aggressively in uncertain markets. 

At the same time, management is focused on improving portfolio quality and financial flexibility through selective property sales, acquisitions, debt reduction and share repurchases. The combination of AvalonBay Communities and Equity Residential into Vivmark Residential (VMRK) highlights the industry's push toward greater scale, cost efficiencies, and stronger competitive positioning. 

New Lease Pricing and NOI Recovery Remain Uneven: Although apartment fundamentals are improving, the recovery in residential REIT earnings may take longer to develop. Higher occupancy is not immediately resulting in stronger revenues or property-level income, particularly when landlords are still facing weak pricing on new leases. Many landlords are preferring to protect occupancy rather than raise rents aggressively, which supports stability but is limiting near-term earnings growth. 

The continued difference between healthy renewal pricing and weaker new leases suggests tenants retain bargaining power where available units remain plentiful. As a result, the recovery is likely to unfold gradually rather than accelerate quickly. Coastal portfolios could remain better positioned because limited construction supports pricing, while Sunbelt and growth-oriented markets may require additional time to absorb excess supply. This creates an uneven operating environment across the sector.

Zacks Industry Rank Indicates Bright ProspectsThe REIT and Equity Trust - Residential industry is housed within the broader Finance sector. It carries a Zacks Industry Rank #96, which places it in the top 39% of around 250 Zacks industries.

The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates robust near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.

The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of the upward funds from operations (FFO) per share outlook for the constituent companies in aggregate. Looking at the aggregate FFO per share estimate revisions, it appears that analysts are gaining confidence in this group’s growth potential.  

Before we present a few stocks that you may want to consider for your portfolio, let us take a look at the industry’s recent stock market performance and valuation picture first.

Industry Underperforms Sector and S&P 500The Zacks REIT and Equity Trust - Residential industry has underperformed the broader Zacks Finance sector and the S&P 500 composite over the past year.

The industry has declined 5.1% during this period against the S&P 500’s rise of 21.3%. The broader Finance sector has risen 12.1%.

Industry's Current ValuationOn the basis of the forward 12-month price-to-FFO ratio, which is a commonly used multiple for valuing residential REITs, we see that the industry is currently trading at 15.50 compared with the S&P 500’s forward 12-month price-to-earnings (P/E) of 20.37. The industry is also trading below the Finance sector’s forward 12-month P/E of 16.83. 

Over the last five years, the industry has traded as high as 26.17 and as low as 13.02, with a median of 16.60.

3 Residential REITs to ConsiderAmerican Homes 4 Rent: This is a leading U.S. single-family rental REIT with an integrated model spanning development, leasing and property management. Its portfolio is concentrated in high-growth markets and totaled 60,482 homes as of June 30, 2026. AMH also has an in-house development platform, giving it greater control over product quality, community design and portfolio expansion.

AMH’s scale, occupancy and development capabilities support an attractive growth profile. Same-home occupancy was 96% in second-quarter 2026, reflecting demand, while the company delivered 651 built, energy-efficient homes during the quarter. Its pipeline included 5,738 owned or optioned lots, providing capacity for future growth.

With an integrated operating platform, disciplined expansion and exposure to markets benefiting from household formation and limited affordable housing supply, AMH is well positioned to compound rental income and portfolio value.

The Zacks Consensus Estimate for 2026 FFO per share of $1.95 indicates a 4.28% increase year over year. The consensus mark for 2027 FFO per share has been revised upward over the past month to $2.03, implying a 3.95% year-over-year rise. The company’s shares have risen 6.4% over the past three months. American Homes 4 Rent currently carries a Zacks Rank of 2 (Buy).  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Essex Property Trust, Inc.: This is a multifamily REIT focused exclusively on high-barrier West Coast markets, primarily Northern and Southern California and Seattle. Its portfolio spans eight markets, 258 apartment communities and more than 62,000 homes, with 85% of NOI generated from suburban assets. Essex combines scale, local market expertise and an integrated operating platform to own, develop and enhance well-located apartment communities.

ESS benefits from limited new housing supply, high homeownership costs and strong household incomes across its markets, supporting durable rental demand. The portfolio’s median household income is about $136,000, while buying a home costs 2.5 times renting.

Operationally, same-property occupancy remained strong at 96.3% in second-quarter 2026, with revenues and NOI up 2.7% and 2.6%, respectively. These fundamentals reinforce Essex’s long-term rent growth and cash flow potential.

Essex Property currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for its 2026 FFO per share suggests a year-over-year increase of 1.51%. The consensus mark for 2027 FFO per share calls for 3.11% year-over-year growth. The company’s shares have gained 4.4% over the past three months.

Equity LifeStyle Properties: This is a self-administered, self-managed REIT focused on manufactured home communities, RV resorts and marinas. As of June 30, 2026, ELS owned or held interests in 453 properties spanning 35 U.S. states and British Columbia, comprising 173,559 sites. Its diversified portfolio serves long-term residents and leisure customers, providing recurring rental and membership-based revenue streams.

ELS benefits from scale, attractive lifestyle-oriented real estate and resilient demand across housing and outdoor recreation. The company’s core portfolio delivered 6.5% growth in property operating income in second-quarter 2026, while manufactured-home base rental income increased 5.8%. Its balance sheet is supportive, with debt representing just 20.5% of total market capitalization and interest coverage of 5.6 times. These strengths position ELS to compound cash flows through rent growth, occupancy and disciplined portfolio investment.

The Zacks Consensus Estimate for 2026 FFO per share of $3.20 indicates a 4.58% increase year over year. The consensus mark for 2027 FFO per share of $3.37 implies a 5.47% year-over-year rise. The company’s shares have risen 3% over the past three months. Equity Lifestyle currently carries a Zacks Rank of 3.  

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance  for information about the performance numbers displayed in this press release.

, /PRNewswire/ -- On July 28, 2026, the Board of Directors of Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") declared a third quarter 2026 dividend of $0.5425 per common share, representing, on an annualized basis, a dividend of $2.17 per common share. The dividend will be paid on October 9, 2026 to stockholders of record at the close of business on September 25, 2026.

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," "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, 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.

We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 453 properties located predominantly in the United States consisting of 173,559 sites as of June 30, 2026. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago.

SOURCE Equity Lifestyle Properties, Inc.

Continued Strong Performance

, /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and six months ended June 30, 2026. All per share results are reported on a fully diluted basis unless otherwise noted.

FINANCIAL RESULTS

($ in millions, except per share data)

Quarters Ended June 30,

2026

2025

$ Change

% Change (1)

Net Income per Common Share

$     0.50

$     0.42

$       0.08

19.1 %

Funds from Operations ("FFO") per Common Share and OP Unit

$     0.77

$     0.69

$       0.08

11.7 %

Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit

$     0.74

$     0.69

$       0.05

7.7 %

Six Months Ended June 30,

2026

2025

$ Change

% Change (1)

Net Income per Common Share

$     1.05

$     0.99

$       0.06

6.6 %

FFO per Common Share and OP Unit

$     1.60

$     1.52

$       0.08

5.1 %

Normalized FFO per Common Share and OP Unit

$     1.58

$     1.52

$       0.06

3.6 %

_____________________

1.

Calculations prepared using actual results without rounding.

Operations Update

Normalized FFO per Common Share and OP Unit for the quarter ended June 30, 2026 was $0.74, representing a 7.7% increase compared to the same period in 2025, performing above the midpoint of our previous guidance range of $0.69 to $0.75. Core Portfolio operations for the quarter ended June 30, 2026 generated 6.5% growth in income from property operations, excluding property management. These results reflect outperformance of our guidance for Core property operating revenues, Core property operating expenses, excluding property management, and Core income from property operations, excluding property management. Normalized FFO for the six months ended June 30, 2026 was $1.58 per Common Share and OP Unit, representing a 3.6% increase compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating revenues increased 4.3%, Core property operating expenses, excluding property management, increased 2.3% and Core income from property operations, excluding property management, increased 5.7%, each as compared to the same period in 2025.

MH

Core MH base rental income for the quarter ended June 30, 2026 increased 5.8% compared to the same period in 2025. Occupied sites increased by 13 sites and new and used home sales totaled 235 during the quarter ended June 30, 2026. Core MH base rental income for the six months ended June 30, 2026 increased 5.7% compared to the same period in 2025. Occupied sites increased by 67 sites and new and used home sales totaled 463 during the six months ended June 30, 2026.

RV and Marina

Core RV and marina base rental income for the quarter ended June 30, 2026 increased 1.8% compared to the same period in 2025. Core RV and marina annual base rental income increased 5.4% for the quarter ended June 30, 2026 compared to the same period in 2025. Core RV and marina base rental income for the six months ended June 30, 2026 increased 0.1% compared to the same period in 2025. Core RV and marina annual base rental income increased 4.8% for the six months ended June 30, 2026 compared to the same period in 2025.

Property Operating Expenses

Core property operating expenses, excluding property management, for the quarter ended June 30, 2026 increased 2.9% compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating expenses, excluding property management, increased 2.3% compared to the same period in 2025.

Guidance Update

Third quarter and full year 2026 guidance presented below 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 estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for factors impacting our 2026 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for additional information.

($ in millions, except per share data)

2026

Third Quarter

Full Year

Net Income per Common Share

$0.48 to $0.54

$2.05 to $2.15

FFO per Common Share and OP Unit

$0.76 to $0.82

$3.15 to $3.25

Normalized FFO per Common Share and OP Unit

$0.76 to $0.82

$3.13 to $3.23

2025 Actual

2026 Growth Rates

Core Portfolio:

Third Quarter

Full Year

Third Quarter

Full Year

MH base rental income

$            188.0

$        748.6

5.3% to 5.9%

5.2% to 6.2%

RV and marina base rental income (1)

$            110.8

$        427.5

1.4% to 2.0%

1.1% to 2.1%

Property operating revenues

$            358.8

$      1,405.6

3.9% to 4.5%

3.9% to 4.9%

Property operating expenses, excluding property management

$            155.0

$        583.5

0.7% to 1.3%

1.6% to 2.6%

Income from property operations, excluding property management

$            203.8

$        822.2

6.3% to 6.9%

5.5% to 6.5%

2026 Full Year

Non-Core Income from property operations, excluding property management

$8.7 to $12.7

Property management and general administrative

$119.8 to $125.8

Interest and related amortization

$134.3 to $140.3

Full Year 2026 Guidance Update Compared to Prior 2026 Guidance (2)

Prior Full Year 2026
Guidance Midpoint (2)

Updated Full Year 2026
Guidance Midpoint

Normalized FFO per Common Share and OP Unit

$3.17

$3.18

Core Portfolio Growth Rates:

MH base rental income

5.6 %

5.7 %

RV and marina base rental income (1)

2.4 %

1.6 %

Property operating revenues

4.5 %

4.4 %

Property operating expenses, excluding property management

2.7 %

2.1 %

Income from property operations, excluding property management

5.7 %

6.0 %

______________________

1.

Core RV and marina annual base rental income represents approximately 73.2% and 75.4% of third quarter 2026 and full year 2026 RV and marina base rental income guidance, respectively. Core RV and marina annual base rental income third quarter 2026 growth rate range is 4.6% to 5.2% and the full year 2026 growth rate range is 4.3% to 5.3%. Our guidance provided on April 21, 2026 factored in a Core RV and marina annual base rental income growth rate range of 4.2% to 5.2% for full year 2026.

2.

Prior guidance issued on April 21, 2026.

About Equity LifeStyle Properties

We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of June 30, 2026, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,559 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, Thursday, July 23, 2026, at 11:00 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

June 30,
2026

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

June 30,
2025

Operating Information

Total revenues

$ 397.8

$ 397.6

$ 373.9

$ 393.3

$ 376.9

Consolidated net income

$   99.5

$ 111.5

$ 103.8

$ 100.4

$   83.5

Net income available for Common Stockholders

$   96.3

$ 107.9

$ 100.5

$   97.1

$   79.7

Adjusted EBITDAre

$ 182.6

$ 201.1

$ 189.6

$ 183.3

$ 170.0

FFO available for Common Stock and OP Unit holders

$ 154.5

$ 166.1

$ 156.7

$ 154.1

$ 138.3

Normalized FFO available for Common Stock and OP Unit holders

$ 148.3

$ 167.3

$ 157.6

$ 150.5

$ 137.7

Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders

$ 121.6

$ 149.1

$ 131.7

$ 124.2

$ 115.2

Common Shares and OP Units Outstanding (In thousands) and Per Share Data

Common Shares and OP Units, end of the period

200,405

200,377

200,284

200,278

200,272

Weighted average Common Shares and OP Units outstanding - Fully Diluted

200,209

200,176

200,162

200,126

200,095

Net Income per Common Share - Fully Diluted (3)

$   0.50

$   0.56

$   0.52

$   0.50

$   0.42

FFO per Common Share and OP Unit - Fully Diluted

$   0.77

$   0.83

$   0.78

$   0.77

$   0.69

Normalized FFO per Common Share and OP Unit - Fully Diluted

$   0.74

$   0.84

$   0.79

$   0.75

$   0.69

Dividends per Common Share

$ 0.5425

$ 0.5425

$ 0.5150

$ 0.5150

$ 0.5150

Balance Sheet

Total assets

$ 5,801

$ 5,749

$ 5,745

$ 5,747

$ 5,721

Total liabilities

$ 3,984

$ 3,928

$ 3,931

$ 3,935

$ 3,908

Market Capitalization

Total debt (4)

$ 3,336

$ 3,314

$ 3,346

$ 3,302

$ 3,273

Total market capitalization (5)

$ 16,252

$ 15,822

$ 15,485

$ 15,459

$ 15,624

Ratios

Total debt / total market capitalization

20.5 %

20.9 %

21.6 %

21.4 %

20.9 %

Total debt / Adjusted EBITDAre (6)

4.4

4.5

4.5

4.5

4.5

Interest coverage (7)

5.6

5.6

5.7

5.8

5.6

Fixed charges (8)

5.6

5.6

5.7

5.7

5.5

____________________

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 $22.5 million as of June 30, 2026.

5.

See page 14 for the calculation of market capitalization as of June 30, 2026.

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)

June 30, 2026

December 31, 2025

(unaudited)

Assets

Investment in real estate:

Land 

$          2,104,661

$          2,088,174

Land improvements 

4,927,773

4,784,223

Buildings and other depreciable property 

1,380,544

1,306,317

8,412,978

8,178,714

Accumulated depreciation

(2,941,941)

(2,838,344)

Net investment in real estate (1)

5,471,037

5,340,370

Cash and restricted cash

35,629

26,132

Notes receivable, net (1)

31,003

93,358

Investment in unconsolidated joint ventures (1)

40,304

85,041

Deferred commission expense

57,374

58,149

Other assets, net

165,328

142,343

Total Assets

$          5,800,675

$          5,745,393

Liabilities and Equity

Liabilities:

Mortgage notes payable, net

$          2,747,378

$          2,779,158

Term loans, net

437,863

437,455

Unsecured line of credit

127,500

105,000

Accounts payable and other liabilities

182,135

152,536

Deferred membership revenue

217,419

221,498

Accrued interest payable

10,889

11,333

Rents and other customer payments received in advance and security deposits

152,166

120,441

Distributions payable

108,720

103,146

Total Liabilities

3,984,070

3,930,567

Equity:

Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; none issued and outstanding

—

—

Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 193,972,195 and 193,835,561 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

1,988

1,988

Paid-in capital

1,984,545

1,981,540

Distributions in excess of accumulated earnings

(231,263)

(225,045)

Accumulated other comprehensive income/(loss)

2,900

(2,208)

Total Stockholders' Equity

1,758,170

1,756,275

Non-controlling interests – Common OP Units

58,435

58,551

Total Equity

1,816,605

1,814,826

Total Liabilities and Equity

$          5,800,675

$          5,745,393

______________________

1.

On April 30, 2026, we acquired the remaining 20% ownership interests in certain RVC joint ventures for cash consideration of $4.4 million, which resulted in the consolidation of seven RV properties and one land parcel. As of June 30, 2026, the impact of consolidation resulted in an increase of $102.9 million in Net investment in real estate and decreases of $56.1 million in Notes receivable, net and $42.5 million in Investment in unconsolidated joint ventures, as compared to December 31, 2025.

Consolidated Statements of Income

(In thousands, unaudited)

Quarters Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Revenues:

Rental income

$    330,430

$    313,287

$    669,476

$    640,493

Annual membership subscriptions

18,819

16,902

37,118

33,244

Membership upgrade revenue

3,120

3,120

6,240

6,172

Other income

15,252

16,473

29,348

32,028

Gross revenues from home sales, brokered resales and ancillary services

22,805

22,798

41,901

43,721

Interest income

1,580

2,202

3,771

4,440

Income from other investments, net

5,809

2,084

7,583

4,102

Total revenues

397,815

376,866

795,437

764,200

Expenses:

Property operating and maintenance

132,267

127,845

253,307

246,411

Real estate taxes

21,826

21,845

43,926

43,488

Membership sales and marketing

4,551

4,062

8,388

7,993

Property management

21,845

20,723

40,516

41,153

Depreciation and amortization

53,637

52,649

106,773

103,591

Cost of home sales, brokered resales and ancillary services

16,903

16,476

30,503

30,168

Home selling expenses and ancillary operating expenses

7,618

6,988

14,441

13,156

General and administrative (1)

11,872

10,455

22,973

19,694

Casualty-related charges/(recoveries), net (2)

(7,094)

(541)

(7,026)

(324)

Other expenses

1,209

(59)

2,442

1,819

Interest and related amortization

33,824

32,200

67,469

63,336

Total expenses

298,458

292,643

583,712

570,485

Income before other items

99,357

84,223

211,725

193,715

Gain/(Loss) on sale of real estate and impairment, net

(507)

(683)

(507)

(683)

Equity in income/(loss) of unconsolidated joint ventures

668

(47)

(209)

4,854

Consolidated net income

99,518

83,493

211,009

197,886

Income allocated to non-controlling interests – Common OP Units

(3,194)

(3,777)

(6,781)

(8,978)

Redeemable perpetual preferred stock dividends

(8)

(8)

(8)

(8)

Net income available for Common Stockholders

$     96,316

$     79,708

$    204,220

$    188,900

______________________

1.

Includes $0.9 million and $2.0 million related to non-operating legal expenses during the quarter and six months ended June 30, 2026, respectively.

2.

Casualty-related charges/(recoveries), net for the quarter and six months ended June 30, 2026 includes insurance recovery revenue of $7.1 million for reimbursement of capital expenditures.

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

June 30, 2026

Income from property operations, excluding property management - Core Portfolio (2)

$               206.1

Income from property operations, excluding property management - Non-Core Portfolio (2)

2.9

Property management and general and administrative

(32.9)

Other income and expenses

6.0

Interest and related amortization

(33.8)

Normalized FFO available for Common Stock and OP Unit holders (3)

$               148.3

Other items (4)

(0.9)

Insurance proceeds due to catastrophic weather events, net

7.1

FFO available for Common Stock and OP Unit holders (3)

$               154.5

FFO per Common Share and OP Unit

$                0.77

Normalized FFO per Common Share and OP Unit

$                0.74

Normalized FFO available for Common Stock and OP Unit holders

$               148.3

Non-revenue producing improvements to real estate

(26.7)

FAD for Common Stock and OP Unit holders (3)

$               121.6

Weighted average Common Shares and OP Units - Fully Diluted

200.2

______________________

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 Portfolio Income from Property Operations, excluding property management. See page 10 for details of the Non-Core Portfolio Income from Property Operations, excluding property management.

3.

Amounts may not foot due to rounding.

4.

Represents expenses of $0.9 million related to non-operating legal expenses during the quarter ended June 30, 2026.

Reconciliation of Net Income to Non-GAAP Financial Measures

(In thousands, except per share data, unaudited)

Quarters Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income available for Common Stockholders

$    96,316

$     79,708

$   204,220

$   188,900

Income allocated to non-controlling interests – Common OP Units

3,194

3,777

6,781

8,978

Depreciation and amortization

53,637

52,649

106,773

103,591

Depreciation on unconsolidated joint ventures

890

1,466

2,367

2,797

(Gain)/Loss on sale of real estate and impairment, net

507

683

507

683

FFO available for Common Stock and OP Unit holders

154,544

138,283

320,648

304,949

Insurance proceeds due to catastrophic weather events, net

(7,078)

(593)

(7,011)

(593)

Other items (1)

860

—

1,985

—

Normalized FFO available for Common Stock and OP Unit holders

148,326

137,690

315,622

304,356

Non-revenue producing improvements to real estate

(26,726)

(22,460)

(44,880)

(38,598)

FAD for Common Stock and OP Unit holders

$   121,600

$   115,230

$   270,742

$   265,758

Net Income per Common Share - Basic

$       0.50

$       0.42

$       1.05

$       0.99

Net Income per Common Share - Fully Diluted (2)

$       0.50

$       0.42

$       1.05

$       0.99

FFO per Common Share and OP Unit - Basic

$       0.77

$       0.69

$       1.60

$       1.52

FFO per Common Share and OP Unit - Fully Diluted

$       0.77

$       0.69

$       1.60

$       1.52

Normalized FFO per Common Share and OP Unit - Basic

$       0.74

$       0.69

$       1.58

$       1.52

Normalized FFO per Common Share and OP Unit - Fully Diluted

$       0.74

$       0.69

$       1.58

$       1.52

Weighted average Common Shares outstanding - Basic

193,727

190,992

193,702

190,958

Weighted average Common Shares and OP Units outstanding - Basic

200,164

200,060

200,144

200,044

Weighted average Common Shares and OP Units outstanding - Fully Diluted

200,209

200,095

200,193

200,084

____________________

1.

Represents expenses of $0.9 million and $2.0 million related to non-operating legal expenses during the quarter ended and six months ended June 30, 2026, respectively.

2.

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

Income from Property Operations - Total Portfolio (1)

(In millions, unaudited)

Quarters Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

MH base rental income (2)

$      197.2

$      186.4

$      392.5

$      371.1

Rental home income (2)

3.9

3.5

7.7

6.9

RV and marina base rental income (2)

110.5

106.1

231.7

227.7

Annual membership subscriptions

18.8

16.9

37.1

33.2

Membership upgrade revenue

3.1

3.1

6.2

6.2

Utility and other income (2)(3)

35.8

35.4

70.4

70.0

Property operating revenues

369.3

351.4

745.6

715.1

Utility expense

41.8

39.2

82.8

79.4

Payroll

32.9

31.8

61.4

60.1

Repairs and maintenance

30.8

29.5

55.3

52.4

Insurance and other (2)

27.0

27.7

54.4

55.2

Real estate taxes

21.8

21.8

43.9

43.5

Rental home operating and maintenance

1.4

1.3

2.8

2.5

Membership sales and marketing

4.6

4.1

8.4

8.0

Property operating expenses, excluding property management

160.3

155.4

309.0

301.1

Income from property operations, excluding property management

$      209.0

$      196.0

$      436.6

$      414.0

RV and marina base rental income:

Annual

$       84.5

$       79.8

$      166.8

$      158.2

Seasonal

6.9

7.7

32.2

36.3

Transient

19.1

18.6

32.7

33.2

Total RV and marina base rental income

$      110.5

$      106.1

$      231.7

$      227.7

______________________

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 Insurance and other in this table.

3.

Includes approximately $2.2 million and $4.0 million of business interruption income from Hurricane Ian during the quarter and six months ended June 30, 2025, respectively.

Income from Property Operations - Core Portfolio (1)

(In millions, unaudited)

Quarters Ended June 30,

Six Months Ended June 30,

2026

2025

Change(2)

2026

2025

Change(2)

MH base rental income

$    196.9

$    186.2

5.8 %

$    392.0

$    370.7

5.7 %

Rental home income

3.9

3.5

9.6 %

7.6

6.9

10.5 %

RV and marina base rental income

103.4

101.6

1.8 %

217.9

217.7

0.1 %

Annual membership subscriptions

18.5

16.7

10.8 %

36.6

32.9

11.2 %

Membership upgrade revenue

3.1

3.1

— %

6.2

6.1

2.2 %

Utility and other income

35.1

32.9

6.6 %

69.3

65.3

6.0 %

Property operating revenues

360.9

344.0

4.9 %

729.6

699.6

4.3 %

Utility expense

40.4

38.1

5.7 %

80.5

77.6

3.7 %

Payroll

31.6

30.9

2.2 %

59.1

58.4

1.1 %

Repairs and maintenance

29.9

28.6

4.7 %

53.6

50.9

5.5 %

Insurance and other (3)

25.8

26.3

(2.0) %

51.9

52.6

(1.2) %

Real estate taxes

21.2

21.3

— %

42.6

42.3

1.0 %

Rental home operating and maintenance

1.4

1.3

9.2 %

2.8

2.4

13.1 %

Membership sales and marketing

4.5

4.0

12.4 %

8.4

7.9

5.7 %

Property operating expenses, excluding property management 

154.8

150.5

2.9 %

298.9

292.1

2.3 %

Income from property operations, excluding property management 

$   206.1

$   193.5

6.5 %

$   430.7

$   407.5

5.7 %

_____________________

1.

Excludes property management expenses.

2.

Calculations prepared using actual results without rounding.

3.

Includes bad debt expense for the periods presented.

Income from Property Operations - Core Portfolio (continued)

(In millions, except home site and occupancy figures, unaudited)

Quarters Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Core manufactured home site figures and occupancy:

Total sites, beginning

73,170

72,801

73,170

72,801

Expansion sites, net

141

—

141

—

Total sites, ending

73,311

72,801

73,311

72,801

Occupied sites, beginning

68,698

68,752

68,644

68,923

Occupied sites, ending

68,711

68,712

68,711

68,712

Occupancy average %

93.8 %

94.3 %

93.8 %

94.4 %

Monthly base average rent per site

$    956

$    904

$    952

$    899

Quarters Ended June 30,

Six Months Ended June 30,

2026

2025

Change(1)

2026

2025

Change(1)

Core RV and marina base rental income:

Annual (2)

$    81.5

$    77.3

5.4 %

$   161.1

$   153.7

4.8 %

Seasonal

6.4

7.2

(11.2) %

29.2

34.0

(14.1) %

Transient

15.5

17.1

(8.9) %

27.6

30.0

(8.1) %

Total Seasonal and Transient

$    21.9

$    24.3

(9.6) %

$    56.8

$    64.0

(11.2) %

Total RV and marina base rental income

$  103.4

$  101.6

1.8 %

$  217.9

$  217.7

0.1 %

Quarters Ended June 30,

Six Months Ended June 30,

2026

2025

Change(1)

2026

2025

Change(1)

Core utility information:

Income

$    20.4

$    18.6

9.8 %

$    40.6

$    37.4

8.6 %

Expense

40.4

38.1

5.7 %

80.5

77.6

3.7 %

Expense, net

$    20.0

$    19.5

1.9 %

$    39.9

$    40.2

(0.8) %

Utility recovery rate (3)

50.5 %

48.8 %

50.4 %

48.2 %

_____________________

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 utility income by utility expense.

Income from Property Operations - Non-Core Portfolio (1)

(In millions, unaudited)

Quarter Ended

Six Months Ended

June 30, 2026

June 30, 2026

MH base rental income

$                  0.2

$                  0.5

Rental home income

—

0.1

RV and marina base rental income

7.0

13.8

Annual membership subscriptions

0.3

0.5

Utility and other income

0.8

1.1

Property operating revenues

8.3

16.0

Property operating expenses, excluding property management (2)

5.4

10.1

Income from property operations, excluding property management

$                 2.9

$                 5.9

______________________

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

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Total new home sales volume

98

117

185

234

New home sales gross revenues

$     9,028

$     9,444

$    16,736

$    18,873

Total used home sales volume

137

85

279

142

Used home sales gross revenues

$        698

$        761

$      1,526

$      1,535

Brokered home resales volume

143

126

256

224

Brokered home resales gross revenues

$        558

$        454

$        939

$        850

Rental Homes - Select Data

Quarters Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Rental operations revenues (1)

$      9,921

$      8,749

$       19,641

$       17,143

Rental home operations expense (2)

1,420

1,300

2,767

2,446

Depreciation on rental homes (3)

2,799

2,878

5,441

5,123

Occupied rentals: (4)

New

1,962

1,816

Used

184

189

Total occupied rental sites

2,146

2,005

As of June 30, 2026

As of June 30, 2025

Cost basis in rental homes: (5)

Gross

Net of
Depreciation

Gross

Net of
Depreciation

New

$    281,885

$    237,937

$    227,739

$    188,686

Used

16,464

13,408

10,010

6,513

Total rental homes

$    298,349

$    251,345

$    237,749

$    195,199

______________________

1.

For the quarters ended June 30, 2026 and 2025, approximately $6.0 million and $5.2 million, respectively, of the rental operations revenue is included in the MH base rental income in the Income from Property Operations - Core Portfolio on pages 8-9. The remainder of the rental operations revenue for the quarters ended June 30, 2026 and 2025 is included in Rental home income in the Income from Property Operations - Core Portfolio on pages 8-9.

2.

Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Total Portfolio on page 7. Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Core Portfolio 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 June 30, 2026

Sites (1)

MH sites (2)

75,900

RV sites:

Annual (2)

34,300

Seasonal

9,800

Transient (2)

20,700

Marina slips

6,900

Membership (3)

26,000

Total

173,600

______________________

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 sites without an annual or seasonal reservation and are available to be leased to customers on a short-term basis.

2.

MH, Annual RV and Transient RV sites include approximately 2,100, 200 and 300 joint venture sites, respectively.

3.

Sites primarily utilized by approximately 107,900 members. Includes approximately 6,000 sites rented on an annual basis.

Membership Campgrounds - Select Data

Years Ended December 31,

Six Months
Ended June 30,

Campground and Membership Revenue (1)

($ in thousands, unaudited)

2022

2023

2024

2025

2026

Annual membership subscriptions

$   63,215

$   65,379

$    65,883

$    69,266

$         37,118

Annual RV base rental income

$   25,945

$   27,842

$    29,282

$    30,546

$         16,079

Seasonal/Transient RV base rental income

$   24,316

$   20,996

$    21,338

$    19,959

$           7,930

Membership upgrade revenue

$   12,958

$   14,719

$    16,433

$    12,412

$           6,240

Utility and other income

$     2,626

$     2,544

$     2,360

$     2,390

$           1,019

Membership Count

Total Memberships (2)

128,439

121,002

113,553

108,731

107,857

Paid Membership Origination

23,237

20,758

19,539

17,150

8,768

Promotional Membership Origination

28,178

25,232

23,552

23,002

10,838

Membership Upgrade Volume (3)

4,068

3,858

4,086

5,945

2,587

Campground Metrics

Membership Campground Count

82

82

82

82

82

Membership Campground RV Site Count

25,800

26,000

26,000

26,000

26,000

Annual Site Count (4)

6,390

6,154

5,902

6,014

6,017

______________________

1.

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 June 30, 2026

Total
Common
Shares/Units

% of Total
Common
Shares/Units

Total

% of Total

% of Total
Market
Capitalization

Secured Debt

$        2,768

83.0 %

Unsecured Debt

568

17.0 %

Total Debt (1)

$        3,336

100.0 %

20.5 %

Common Shares

193,972,195

96.8 %

OP Units

6,433,299

3.2 %

Total Common Shares and OP Units

200,405,494

100.0 %

Common Stock price at June 30, 2026

$        64.45

Fair Value of Common Shares and OP Units

$       12,916

100.0 %

Total Equity

$       12,916

100.0 %

79.5 %

Total Market Capitalization

$       16,252

100.0 %

______________________

1.

Excludes Deferred financing costs, net of approximately $22.5 million.

Debt Maturity Schedule

Debt Maturity Schedule as of June 30, 2026

(In thousands, unaudited)

Year

Outstanding
Debt

Weighted
Average
Interest Rate

% of Total
Debt

Weighted
Average
Years to
Maturity

Secured Debt

2026

—

— %

— %

—

2027

—

— %

— %

—

2028

187,577

4.19 %

5.62 %

2.2

2029

270,228

4.92 %

8.10 %

3.2

2030

275,385

2.69 %

8.26 %

3.7

2031

228,619

2.45 %

6.85 %

4.9

2032

202,000

2.47 %

6.06 %

6.2

2033

339,710

4.83 %

10.19 %

7.3

2034

198,956

3.44 %

5.97 %

7.9

2035

184,870

2.64 %

5.54 %

9.2

Thereafter

880,414

4.21 %

26.39 %

12.6

Total

$   2,767,759

3.77 %

82.98 %

7.8

Unsecured Term Loans

2026

—

— %

— %

—

2027

200,000

4.88 %

6.00 %

0.6

2028

—

— %

— %

—

2029

—

— %

— %

—

2030

240,000

4.74 %

7.20 %

3.9

Thereafter

—

— %

— %

—

Total

$     440,000

4.81 %

13.20 %

2.4

Total Secured and Unsecured

$   3,207,759

3.91 %

96.18 %

7.0

Line of Credit Borrowing (1)

127,500

4.97 %

3.82 %

—

Deferred financing costs, net

(22,518)

Total Debt, Net

$   3,312,741

4.12% (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 June 30, 2026, the effective interest rate on the line of credit borrowings was 4.97%.

2.

Reflects effective interest rate for the quarter ended June 30, 2026, 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 Insurance and other 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

Six Months Ended

June 30,

June 30,

(amounts in thousands)

2026

2025

2026

2025

Net income available for Common Stockholders

$     96,316

$     79,708

$    204,220

$   188,900

Redeemable perpetual preferred stock dividends

8

8

8

8

Income allocated to non-controlling interests – Common OP Units

3,194

3,777

6,781

8,978

Consolidated net income

99,518

83,493

211,009

197,886

Equity in (income)/loss of unconsolidated joint ventures

(668)

47

209

(4,854)

(Gain)/Loss on sale of real estate and impairment, net

507

683

507

683

Gross revenues from home sales, brokered resales and ancillary services

(22,805)

(22,798)

(41,901)

(43,721)

Interest income

(1,580)

(2,202)

(3,771)

(4,440)

Income from other investments, net

(5,809)

(2,084)

(7,583)

(4,102)

Property management

21,845

20,723

40,516

41,153

Depreciation and amortization

53,637

52,649

106,773

103,591

Cost of home sales, brokered resales and ancillary services

16,903

16,476

30,503

30,168

Home selling expenses and ancillary operating expenses

7,618

6,988

14,441

13,156

General and administrative (1)

11,872

10,455

22,973

19,694

Casualty-related charges/(recoveries), net (2)

(7,094)

(541)

(7,026)

(324)

Other expenses

1,209

(59)

2,442

1,819

Interest and related amortization

33,824

32,200

67,469

63,336

Income from property operations, excluding property management

208,977

196,030

436,561

414,045

Property management

(21,845)

(20,723)

(40,516)

(41,153)

Income from property operations

$    187,132

$    175,307

$    396,045

$   372,892

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, impairment 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.

Includes $0.9 million and $2.0 million related to non-operating legal expenses during the quarter and six months ended June 30, 2026, respectively.

2.

Casualty-related charges/(recoveries), net for the quarter and six months ended June 30, 2026 includes insurance recovery revenue of $7.1 million for reimbursement of capital expenditures.

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

Quarters Ended

Six Months Ended

June 30,

June 30,

(amounts in thousands)

2026

2025

2026

2025

Consolidated net income

$     99,518

$     83,493

$    211,009

$    197,886

Interest income

(1,580)

(2,202)

(3,771)

(4,440)

Real estate depreciation and amortization

53,637

52,649

106,773

103,591

Other depreciation and amortization

1,138

1,220

2,321

2,454

Interest and related amortization

33,824

32,200

67,469

63,336

(Gain)/Loss on sale of real estate and impairment, net

507

683

507

683

Adjustments to our share of EBITDAre of unconsolidated joint ventures

1,736

2,501

4,429

4,608

EBITDAre

188,780

170,544

388,737

368,118

Other items (1)

860

—

1,985

—

Insurance proceeds due to catastrophic weather events, net

(7,078)

(593)

(7,011)

(593)

Adjusted EBITDAre

$    182,562

$    169,951

$    383,711

$    367,525

CORE PORTFOLIO or CORE. The Core properties include properties we owned and operated during all of 2025 and 2026. 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 PORTFOLIO or NON-CORE. The Non-Core properties in 2026 include properties that were not owned and operated during all of 2025 and 2026, including six properties in Florida impacted by Hurricane Ian, two properties in California that were impacted by storm and flooding events and seven acquired RVC properties. The 2026 guidance reflects Non-Core properties in 2026, which includes properties not owned and operated during all of 2025 and 2026.

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. The fixed charges ratio is calculated by dividing the trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.

______________________

1.

Represents expenses of $0.9 million and $2.0 million related to non-operating legal expenses during the quarter ended and six months ended June 30, 2026, respectively.

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)

Third Quarter

2026

Full Year

2026

Net Income per Common Share - Fully Diluted

$0.48 to $0.54

$2.05 to $2.15

Depreciation and amortization

0.28

1.10

Gain on sale of real estate and impairment, net

—

—

FFO per Common Share and OP Unit - Fully Diluted (1)

$0.76 to $0.82

$3.15 to $3.25

Other

—

(0.03)

Normalized FFO per Common Share and OP Unit - Fully Diluted (1)

$0.76 to $0.82

$3.13 to $3.23

______________________

1.

Amounts may not foot due to rounding.

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.

SOURCE Equity Lifestyle Properties, Inc.