Equity Lifestyle Properties, Inc. BofA NY Global Real Estate Conference

Sure. Thank you very much, Jana. Thank you for the opportunity to present today. At this conference, we've been focused on a couple of highlights that are in our investor presentation. One on page 5, our performance update, which shows that we're tracking in line with our guidance for the quarter and for the year. Page 4 of our presentation shows our core NOI and normalized FFO, both significantly outpacing the REIT industry average. We think that's important to highlight and continue to show you that as it grows. Page 6 of our presentation shows that ELS significantly outpaces the REIT industry in normalized FFO growth, dividend growth, and exposure to floating rate debt. Those are some of the key items that we're talking about and making sure that investors are focused on during this conference.

Yeah. We've been talking about the baby boomers since we went public in February of 1993. We're at the tail end, next, I think, 5 years or so, of the baby boomers, 10,000 of them turning 65 every day. We get a question a lot about what comes after. What comes after is Gen X and the millennials. Just to put those in perspective, baby boomers are about 70 million, Gen X about 65 million, millennials are 75 million. So relatively consistent trend, and millennials are going to start retiring in about 20 or 25 years. As we see these cohorts age into our core demographic, this early mid-60s, they tend to behave very similarly. I like to put into context, not too long ago, we were talking about millennials always wanting to be in a 24-hour city, not moving into suburbs, not buying single family homes.

Well, the millennials are moving into suburbs. They are buying single family homes. You are seeing family formation, household formation. It's just that it was delayed a few years behind the cohorts that came before them. We feel very good about the long-term demographic trends and the tailwinds, with respect to our portfolio. And particularly with respect to where our portfolio is located, our high-quality locations predominantly in the Sun Belt and coastal locations, highly correlated with retirement destinations. The value proposition that we have, the lifestyle that we offer at our properties is really unmatched in each one of the sub-markets where we do business. I think if you look at the demographics and then the locations of our portfolio, we're very well positioned to deliver results for decades to come.

Yeah. If we think about the rental revenue streams, MH rents and RV and marina annual, they represent about 85% of our overall revenue. And the core MH rent year to date through August is showing 5.8% growth. The RV and marina annual is 5% growth. Both of those on a year to date basis are slightly ahead of our guidance for the third quarter. Everything's performing in line with our expectations in the quarter.

Yeah. Just broadly, when we provided our guidance update in July, we adjusted our expectations for seasonal transient based on the reservation pacing that we saw at that time. The season has developed as expected. So it's right in line with our expectations. No surprises from the seasonal transient business based on what we've seen.

Sure. Sure. Since the end of the winter season, kind of those that made their early bird reservations in this summer season, we haven't seen a lot of activity, and we didn't really expect a lot of activity. The customers over the summer months, they're not thinking yet about their reservations for the winter. What we've seen in the past is that booking window for that seasonal customer is about 60 days in advance. During this time, we have been contacting our customers. Our employees at the properties are reaching out to those that have visited the properties in the past, engaging with them. We have marketing campaigns that remind them of the memories that they made at the properties in past winter seasons. And anecdotally, the sentiment has been favorable. People remember the good times.

They want to come back to Florida and enjoy the time with their friends in the warmth and in the sunshine of the winter.