Equity LifeStyle units 2026 steering and raises dividend

Investor Presentation REITWeek 2026 Clover Leaf Farms – Brooksville, FL

ELS at a Glance ELS owns and operates the very best high quality portfolio of manufactured residence (“MH”) communities, leisure automobile (“RV”) resorts, campgrounds and marinas in North America S&P 400 Member 92% Revenue from Annual Sources $15.8B Enterprise Value 120% Ten-Year Total Return(1) • 174% S&P 400 • 276% S&P 500 • 72% Dow Jones Equity ALL REIT Index 173,419 Sites 35 States 1 Canadian Province 453 Properties Notes: All information as of March 31, 2026, until in any other case specified. (1) Total return calculation assumes dividend reinvestment. Total returns via March 31, 2026. Source: S&P Global. 14% Annualized Total Return since IPO(1) MH RV MARINA 2

ELS owns and operates the very best high quality portfolio of manufactured residence (“MH”) communities, leisure automobile (“RV”) resorts, campgrounds and marinas in North America Notes: All information as of March 31, 2026, until in any other case specified. (1) The Core Portfolio might change from time-to-time relying on acquisitions, inclinations and important transactions or distinctive conditions. (2) Average quarterly progress from Q3 1998 via Q1 2026. (3) See Non-GAAP Financial Measures on pages 35-39 for definitions and reconciliations. (4) Adjusted for inventory splits. (5) Based on the inventory value as of March 31, 2026 and the annual dividend fee for 2026 at $2.17 per share of Common Stock. (6) Calculated utilizing trailing twelve months Adjusted EBITDAre. Strong Portfolio Performance REIT-Leading Balance Sheet 8.2% Normalized FFO/Share CAGR (2006 – 2025)(3)(4) 19% Dividend/Share CAGR (2006 – 2025)(4) 4.5% Avg Long-Term Core NOI Growth(1)(2)(3) 3.5% Dividend Yield(5) 17% % of Debt that’s Fully Amortizing 4.1% Weighted Avg Interest Rate 7 Avg Years to Maturity 20.9% Debt/EV 4.5x Debt/Adj. EBITDAre(3)(6) 5.6x Interest Coverage ELS at a Glance 3

Notes: (1) Full yr 2026 steering represents administration’s estimate of a variety of potential outcomes. The midpoint of the ranges displays administration’s estimate of the probably consequence. Actual outcomes may differ materially from administration’s estimates offered above if any of our assumptions, together with occupancy and fee adjustments, our potential to handle bills in an inflationary surroundings, our potential to combine and function current acquisitions and prices to revive property operations and potential income losses following storms or different unplanned occasions, are incorrect. See Forward-Looking Statements on web page 35 for added elements impacting our 2026 steering assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations on pages 35-39 for definitions of FFO and Normalized FFO and a reconciliation of Net revenue per Common Share – Fully Diluted to FFO per Common Share and OP Unit – Fully Diluted and Normalized FFO per Common Share and OP Unit – Fully Diluted. (2) Guidance assumptions don’t embrace acquisitions or inclinations exercise. (3) Represents the market cap weighted REIT common as of May 1, 2026. The residential cohort consists of 10 publicly traded REITs with market capitalizations of $3 billion or extra that supplied full yr 2026 Same Store NOI and Core FFO per share steering. (4) Core Portfolio is outlined based mostly on properties owned and operated since January 1, 2025. The Core Portfolio might change from time-to-time relying on acquisitions, inclinations, and important transactions or distinctive conditions. The Core Portfolio excludes three way partnership properties. 2026 Guidance 4 2026 Full Year Guidance(1)(2) Low High Mid Point Prior Full Year Guidance Mid Point Net Income per Common Share $2.02 $2.12 $2.07 $2.11 FFO per Common Share and OP Unit $3.11 $3.21 $3.16 $3.17 Normalized FFO per Common Share and OP Unit $3.12 $3.22 $3.17 $3.17 Core Portfolio(4) Property Operating Revenues 4.0% 5.0% 4.5% 4.6% Property Operating Expenses, Excluding Property Management 2.2% 3.2% 2.7% 3.2% Income from Property Operations, Excluding Property Management 5.2% 6.2% 5.7% 5.6% -2% 0% 2% 4% 6% 8% Core NOI Normalized FFO per share ELS Residential REIT Earnings Growth YOY(3)

5 Notes: (1) Compared to comparable interval in 2025. (2) Core Portfolio is outlined based mostly on properties owned and operated since January 1, 2025. The Core Portfolio might change from time-to-time relying on acquisitions, inclinations and important transactions or distinctive conditions. The Core Portfolio excludes three way partnership properties. Operations Update(1)(2) Performance Update • Core MH base rental revenue for the second quarter 2026 is in step with steering expectation of 5.6% progress. • Core RV and marina base rental revenue for the second quarter 2026 is in step with steering expectation of two.0%.

Delivering Outsized Value to Shareholders Debt Strategy – Refinance Risk Mitigation Notes: All information as of December 31, 2025, until in any other case specified. Source: Company filings, FactSet, and S&P Global. See Non-GAAP Financial Measures on pages 35-39 for definitions and reconciliations. Adjusted for inventory splits. (1) Includes all publicly traded U.S. Equity REITs, with a market cap better than or equal to $3 billion and have reported Core FFO since 2006. (2) Includes all publicly traded U.S. Equity REITs, with a market cap better than or equal to $3 billion, in S&P Global’s protection universe that declared common dividends in the course of the interval January 1, 2015 via December 31, 2025. (3) Includes all publicly traded U.S. Equity REITs in S&P Global’s protection universe that reported weighted common time period to maturity, weighted common rate of interest, and/or debt maturity schedule for his or her most up-to-date quarter as of May 1, 2026. (4) Represents REIT common weighted by market capitalization as of May 1, 2026. The residential cohort contains 10 publicly traded REITs with market capitalizations of $3 billion or extra on the time of study, whereas the REIT business benchmark encompasses all publicly traded U.S. fairness REITs. (5) Borrowings on our unsecured line of credit score signify our solely publicity to floating fee debt. ELS Residential REITs REIT Industry 8.2% 0 1% 2% 3% 4% 5% 6% 7% 8% 9% 4.4percent4.2% 0% 2% 4% 6% 10% 8% 12% ELS 3% Residential REITs 10% 11% REIT Industry 0% 10% 20% 30% 40% ELS 14% Residential REITs 26% 35% REIT Industry Normalized FFO / Share Growth by Subsector 2006-2025 CAGR(1) Residential REITs REIT Industry 0% 2% 4% 6% 8% 10% 12% 4.3% 6.2% ELS 10.6% Dividend Growth 10-Year CAGR(2) Debt Maturity via 2028(3) 0 2 4 6 8 10 12 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% W ei gh te d A ve ra ge In te re st R at e Weighted Average Term to Maturity ELS Term to Maturity vs Weighted Average Interest Rate(3) ELS’ minimal publicity to floating rates of interest and restricted refinancing wants within the close to time period are anticipated to mitigate any potential future earnings impression from elevated charges. Current Floating Rate Debt(4)(5) REIT Leading Results 6

$- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividend / ShareNormalized FFO / Share Normalized FFO / Share CAGR 8% Dividend / Share CAGR 19% Dividend and Normalized FFO Growth Our Board of Directors has permitted setting the annual dividend fee for 2026 at $2.17 per share of Common Stock, a rise of 5.3%, or $0.11, over the $2.06 per share of Common Stock for 2025. Notes: See Non-GAAP Financial Measures on pages 35-39 for the reconciliation and definition of Normalized FFO. Adjusted for inventory splits. Dividend and Normalized FFO Growth 7 Time-tested via actual property cycles

1. Business Model • Own the land and lease developed websites to house owners of manufactured houses, trip cottages, RVs and boats • Consistent outcomes all through the true property cycle • Strong buyer demand with minimal new provide • Innovative technique driving exterior progress via new traces of enterprise 2. Portfolio Composition • High-quality properties positioned in retirement and trip locations • Over 110 properties with lake, river, or ocean frontage • Over 70% of MH properties are age certified or have a resident base with a median age over 55 3. Operating Platform • Integrated working platform targeted on offering superior customer support to all residents and worth creation for shareholders • Focus on producing secure, predictable income 4. Balance Sheet • Long-term technique targeted on entry to a range of capital sources • Well laddered maturities with common years to maturity of seven years and weighted common rate of interest of 4.1% • Strong stability sheet with capability to fund progress with debt and/or fairness 5. Acquisitions / Development • Active acquisitions and improvement pipeline • Focus on accretive and/or worth add transactions • History of being first mover when getting into new asset courses that match the portfolio technique 6. Technology and Digital Marketing • Technology pushed • Digital advertising technique and buyer engagement 7. Management Team • Experienced government administration group with a observe report of delivering outcomes Notes: All information pertaining to debt as of March 31, 2026. Investment Thesis Track report of delivering superior complete returns and dividend progress 8

0% 1000% 2000% 3000% 4000% 5000% 6000% 7000% 8000% 9000% 2/25/93 3/31/96 3/31/99 3/31/02 3/31/05 3/31/08 3/31/11 3/31/14 3/31/17 3/31/20 3/31/23 3/31/26 ELS (+6,792%) S&P 500 (+2,667%) DOW JONES EQUITY ALL REIT (+1,791%) Notes: (1) See Non-GAAP Financial Measures on pages 35-39 for definitions and reconciliations. The 1993 quantity was decided from quantities offered within the 1996 Form 10-Ok. (2) The 1993 inventory value is adjusted for inventory splits; the 2025 value is the closing value as of December 31, 2025. (3) The enterprise values are as of December 31, 1993 and December 31, 2025. (4) Source: S&P Global. Includes dividends paid from IPO date of February 25,1993 via December 31, 2025 and adjusted for inventory splits. (5) Total return calculation assumes dividend reinvestment. Total returns via March 31, 2026. Source: S&P Global. IPO Year: 1993 2025 Properties 41 453 Sites 12,312 173,371 States 16 35 Net Income Per Share – Fully Diluted $0.15 $2.01 FFO Per Share – Fully Diluted(1) $0.23 $3.08 Normalized FFO Per Share – Fully Diluted(1) $0.23 $3.06 Common Stock Price(2) $3.22 $60.61 Enterprise Value(3) $296 million $15.5 billion Dividends Paid Cumulative(4) – $4.0 billion Dividends Paid Cumulative Per Share(4) – $24.01 Source: S&P Global Total Return Performance Since IPO (%)(5) Track Record Long-term complete returns that outperform the market 9

Notes: Source for Same Store NOI information: Citi Investment Research, May 2026. Earliest quarter collected by Citi is third quarter of 1998. Data via first quarter of 2026. “REIT Industry” consists of an index of REITs throughout a wide range of asset courses, together with regional malls, purchasing facilities, multi-family, scholar housing, manufactured houses, self storage, workplace, industrial, combined workplace and specialty. REIT Industry Same Store NOI Growth Unique Business Model Drives sustained long-term outperformance 10 ELS Average 4.5% Apartments Average 3.1% REIT Industry Average 3.3% -15% -10% -5% 0% 5% 10% 15% 20% 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 20 10 20 11 3Q 98 4Q 98 1Q 99 2Q 99 3Q 99 4Q 99 1Q 00 2Q 00 3Q 00 4Q 00 1Q 01 2Q 01 3Q 01 4Q 01 1Q 02 2Q 02 3Q 02 4Q 02 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 4Q 04 1Q 05 2Q 05 3Q 05 4Q 05 1Q 06 2Q 06 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26

Source: S&P Global California 11% of Total Properties Arizona 10% of Total Properties Florida 35% of Total Properties Property Locations ELS owns and operates 453 properties in North America with a give attention to high-quality coastal and Sunbelt retirement and trip locations and concrete areas Total Age 55+ FL AZ CA USA 7.5% 5.0% 0.1% 2.6% 0% 2% 4% 6% 8% 10% 12% 14% 12.3% 8.6% 5.9% 7.4% Projected Population Growth % (2026-2031) Notes: Property and website counts offered as of March 31, 2026. 11

Continued funding in communities to help inner progress and improve our resident and visitor expertise 202520242023 Expansions & Development Upgrades Sustainability $0 $40,000 $80,000 $120,000 $160,000 $200,000 2023 2024 2025 Asset Preservation Improvement & Renovations $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 Expansions, Upgrades & Sustainability Capex (in 1000’s) Capital Expenditures Recurring Capex (in 1000’s) 12

• The inhabitants of individuals aged 55 and older within the U.S. is predicted to develop 14% from 2025 to 2040 • Roughly 10,000 individuals will flip 65 daily for the foreseeable future • Over 70% of ELS MH properties are age certified or have a resident base with a median age over 55 • Nearly 50% of ELS MH residents are aged 70 or older • Installed base of over 8 million RV house owners within the U.S. U.S. Projected Population Over Age 55 (in thousands and thousands) U.S. Population by Age and Generation 0 1 2 3 4 5 Po pu la tio n (in m unwell io ns ) Highest Interest in RV Camping Future Customers Core MH/RV/Thousand Trails Customer Base GEN A GEN Z MILLENNIALS GEN X BOOMERS SILENT GEN GREATEST GEN 1 – 13Age 14– 29 30 – 45 46 – 61 62 – 80 80 – 98 99 – 104 100 102 104 106 108 110 112 114 116 118 120 2025 2040 Sources: U.S. Census, launched November 2023, Alliance for Lifetime Income’s Retirement Income Institute, RVIA. Unique buyer demographics pushed by child boomers and a powerful tailwind from future generations Demand Drivers – Unique Demographics 14% Expected Growth 13

Florida Arizona Texas North Carolina Georgia South Carolina Tennessee Nevada Oregon Idaho 0 20,000 40,000 60,000 80,000 100,000 120,000 Migration of Population Aged 65 & Over Positive new home migration Negative new home migration Dot = 100 individuals Source: “Domestic Migration of Older Americans: 2015–2019. Issued September 2022”. U.S. Census Bureau, 2015–2019 America Community Survey, 5-year estimates. Domestic Migration Patterns 14

Whether shopping for or renting, manufactured houses present better worth as in comparison with different housing choices Sources: U.S. Census Bureau, Federal Reserve Economic Data (FRED), Freddie Mac, Moody’s Analytics. Notes: (1) Data is as of FRED’s most just lately printed financial report as of May 1, 2026. (2) Assumes MH is paid in full and the SFH has a 20% down cost on a mortgage. At ELS, nearly all of owners wouldn’t have debt on their houses. (3) Assumes SFH has a 30-year mortgage with a 6.3% rate of interest. MH SFH Difference in value Cost of Home $126,300 $512,208 -75% Upfront Cost(2) $126,300 $102,442 23% Monthly Cost(3) $948 $2,536 -63% U.S. housing scarcity of practically 4 million SFH creates demand for manufactured housing ELS renters pay roughly 20-25% much less per sq ft than the typical two-bedroom rental in ELS submarkets $0 $100 $200 $300 $400 $500 $600 N ov -1 5 Fe b- 16 M ay -1 6 A ug -1 6 N ov -1 6 Fe b- 17 M ay -1 7 A ug -1 7 N ov -1 7 Fe b- 18 M ay -1 8 A ug -1 8 N ov -1 8 Fe b- 19 M ay -1 9 A ug -1 9 N ov -1 9 Fe b- 20 M ay -2 0 A ug -2 0 N ov -2 0 Fe b- 21 M ay -2 1 A ug -2 1 N ov -2 1 Fe b- 22 M ay -2 2 A ug -2 2 N ov -2 2 Fe b- 23 M ay -2 3 A ug -2 3 N ov -2 3 Fe b- 24 M ay -2 4 A ug -2 4 N ov -2 4 Fe b- 25 M ay -2 5 A ug -2 5 N ov -2 5 (In 1000’s) Avg Sales Price – New Houses Avg Sales Price – New MH The value to buy a MH house is considerably much less than a single-family residence. Demand Drivers – Value Proposition Avg Sales Price – New Single Family Home (“SFH”) vs New Manufactured Home(1) Buying a brand new MH vs Financing a brand new SFH(1) Manufactured Home Construction Advantage: • Controlled building surroundings outcomes in no climate delays • Economies of scale to buy supplies in bulk • Standardization of processes permits for environment friendly building • Centralized labor pressure permits for quicker workforce coaching 15

ELS communities and resorts have the facilities to construct a thriving neighborhood the place our residents and visitors create recollections collectively Demand Drivers – Lifestyle and Amenities 16

We provide our residents and visitors distinctive methods to remain at our communities and resorts Demand Drivers – Ways to Stay 17 Vacation Homes Manufactured Homes RV Sites Tiny Homes Cabins & Cottages

20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 Year 0 20 40 60 80 N um be r o f M H D ev el op m en ts Manufactured Housing Developments within the U.S. Source: Datacomp. • There has been restricted MH improvement within the U.S. prior to now 20 years • Growing demand coupled with virtually no new provide is a strategic benefit for ELS Supply Constrained Asset Class Reasons for the Supply Constraint: • NIMBY (Not in my yard) • Restrictive zoning & rules • Federal planning vs native planning 18

Homeowner vs Renter % of Total MH Occupancy 2025 ELS Existing Residents 72% FICO rating better than 670Annual MH 63.4% Annual RV & Marinas 22.6% Annual Membership 5.8% Transient 4.9% Seasonal 3.4% Approximately 92% of income is derived from secure, annual sources Property Operating Revenue Buckets(1) Notes: All information as of December 31, 2025, until in any other case specified. (1) Property working income buckets mirror trailing twelve months as of March 31, 2026. 8% 8% 7% 7% 6% 6% 6% 5% 4% 3% 3% 92% 92% 93% 93% 94% 94% 94% 95% 96% 97% 97% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3% 97% 2025 % o f T ot al O cc up an cy Rental Homeowner Steady, Predictable Revenue Streams from High-Quality Occupancy The rental program is utilized strategically to introduce residents to our communities. Renters usually keep lower than three years, whereas owners keep roughly ten years, contributing to a secure occupancy base. 19

Best-in-class property operations platform drives constant fee and occupancy will increase Property Operations 50% of MH Communities are 98%+ Occupied 2021 2022 2023 86% 87% 88% 89% 90% 91% 92% 93% 94% 95% 96% 2024 2025 Q1 2026 Core MH Occupancy % 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2021 2022 2023 2024 2025 Q1 2026 MH Annual Lease Composition 25% CPI 25% Long-Term Agreements 50% Market Rate Core MH Base Rent Growth 5.7%Average Core MH Base Rent Rate Growth over the previous 5 years 95%Average Core MH Occupancy over the previous 5 years 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2021 2022 2023 2024 2025 Q1 2026 RV Annual Lease Composition 100% Market Rate Core RV Annual Rate Growth 6.8%Average Core RV Annual Rate Growth over the previous 5 years 20

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Core MH Rate Growth % COLA Growth % Historical MH Growth Rate Source: Social Security Administration, Company filings Notes: (1) Data displays Core MH fee progress as of full yr 2025, in addition to the COLA progress fee that went into impact that yr. Our high-quality MH portfolio has pushed outperformance of annual fee will increase in comparison with Cost-of-Living adjustment (COLA) over the long run Affordable Housing(1) COLA averaged 2.6% ELS averaged 4.1% Average unfold of +150 bps 21

25% Thousand Trails Members have been clients for at the very least 20 years 108,731 Thousand Trails Members enrolled via 2025 Notes: All information as of December 31, 2025. $0 $100 $200 $300 $400 $500 $600 $700 2018 2019 2020 2021 2022 2023 2024 2025 Thousand Trails Annual Subscription Revenue Per Member Property Operations 5.8% CAGR Since 2018 48% Growth 22

2025 Core Property Operating Expense(1) Compare to Multi-Family(2) Notes: (1) Core property working expense, excluding property administration for the yr ended December 31, 2025. (2) Data considers the efficiency of 5 publicly traded multi-family REITs as of December 31, 2025, that disclose same-store working expense particulars. (3) Insurance expense accounts for roughly 41% of the Insurance, Admin, and Other line merchandise. ELS Multi-Family Utilities Payroll R&M RE Taxes All Other 0% 5% 10% 15% 20% 25% 30% 35% 40% 20% 27% 16% 19% 14% 4% Real Estate Taxes Sales and Marketing 19% 14% 3% 28% 20% 16% Utilities Expense Payroll R&M Insurance, Admin, & Other(3) Approximately 64% of Core Property Operating Expenses are from Utilities, Payroll and R&M Utility Recovery Rate is roughly 49% of Utility Expense 23 Property Operating Expenses

Notes: (1) Historical efficiency relies on the core portfolio as of the reported yr. The Core Portfolio might change from time-to-time relying on acquisitions, inclinations and important transactions or distinctive conditions. (2) See Non-GAAP Financial Measures on pages 35-39 for definitions and reconciliations. (3) Represents common unfold between ELS Core Portfolio NOI progress and CPI progress from every year. Includes all publicly traded multi-family REITs in S&P Global’s protection universe that had an enterprise worth better than $3 billion and had identical retailer NOI progress tracked by S&P Global as of December 31, 2025. Housing Crisis Pandemic 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0% 2% 4% 6% 8% Avg. ELS Core Rev Growth Avg. ELS Core Exp Growth Avg. ELS Core NOI Growth ELS NOI Growth Above CPI 2001-2007 4.1% 4.7% 3.8% 1.1% 2008-2012 2.8% 1.3% 4.1% 2.3% 2013-2025 4.8% 4.4% 5.0% 2.3% Stability Through Economic Cycles 24 Historical Core Portfolio Growth Rate Against CPI(1)(2) Core Portfolio NOI Growth % CPI Average Spread Between Same Store NOI Growth vs CPI (2001-2025)(3) 0.0% 0.5% 1.0% 1.5% 2.0% ELS Multi-Family

Balance sheet technique helps long-term progress As of March 31, 2026, until in any other case specified (in thousands and thousands) Mortgage Debt $2,784 17.6% OPUs(3) $402 2.5% Line of Credit $90 0.6% Term Loan $440 2.8% Common Stock(3) $12,105 76.5% • Total enterprise worth is $15.8 billion(3) • $500 million line of credit score • Debt to enterprise worth is 20.9%(3) • Total Debt/Adjusted EBITDAre is 4.5x(1)(2) Notes: (1) As of March 31, 2026. See Non-GAAP Financial Measures on pages 35-39 for the definition and reconciliation of Adjusted EBITDAre. (2) Calculated utilizing trailing twelve months Adjusted EBITDAre. (3) Based on the inventory value as of March 31, 2026 Capital Structure 25 10-Year Debt Maturity Secured Unsecured Line of Credit 7 Average Years to Maturity 17% % of Debt that’s Fully Amortizing 97% Long-Term Fixed Rate Debt 4.1% Weighted Average Interest Rate 14% % of Debt that’s Due via 2028 $0 $100 $200 $300 $400 $500 $600 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 O ut st an di ng B al an ce (in M unwell io ns ) Year

-10% -5% 0% 5% 10% 15% 20% -20% To ta l R et ur n CA G R -15% -10% -5% 0% 5% 10% 15% 20% 25% Dividend CAGR ELS Notes: (1) Compound annual progress fee via 2025. (2) Source: S&P Global: Includes all publicly traded U.S. Equity REITs, with a market cap better than or equal to $3 billion, in S&P Global’s protection universe that declared common dividends in the course of the interval January 1, 2015 via December 31, 2025. 10-Year Dividend CAGR and Total Return CAGR 26 • ELS 10.6%(1) • REIT Average 4.3%(2) Dividend Growth 10-year CAGR Dividend

ELS has a powerful pipeline of exterior progress alternatives and a disciplined technique targeted on buying accretive properties Acquisitions 19 27 MH RV Marina Over $1.3 Billion Invested in New Acquisitions Since 2018

Notes: (1) As of December 31, 2025. (2) This represents administration’s estimate based mostly on details recognized to administration as of the date hereof. There is not any assure that such yields can be realized in any respect, in these quantities or over what schedule. Expansions maximize returns by rising the variety of websites at communities with excessive demand with minimal improve to working prices Expansion 28 Delivered greater than 7,100 growth websites over the previous decade(1) Invested greater than $97 million into land acquisitions over the previous decade(1) Expected 7%-10% Stabilized Yields(2) 2024 2025 Winds of St. Armands South – Sarasota, FL Expansion in Progress

Thousand Trails Wilderness Lakes Menifee, CA Encore Tranquility Lakes Cape Coral, FL Leveraging AI Cashless Transactions Digitizing Content Process Automation Renewable Energy Energy Conservation and Efficiency Utilizing the newest know-how to drive operational efficiencies Technology and Innovation 29

Since January 2025, ELS had 21.5 million complete engagements on social media channels Digital Marketing Strategy – Social Media 30 Over 2.4 Million Total Followers throughout social media channels ELS has an engagement-focused social media technique the place we construct significant interactions with present and potential clients. These engagements construct model consciousness and assist drive gross sales and reservations.

Sample Model Home Virtual Tour Sample MH Property Virtual Tour Interactive digital excursions permit residents to preview the neighborhood and their future residence Digital Marketing Strategy – Home Sales 31 Home listings with digital excursions are 5.6x extra more likely to convert

Benefits of Online Check-In for Customers: • Less wait time on the entrance desk • Reduced contact at check-in • Expedited entry and might go straight to assigned websites • Mobile pleasant Benefits of Online Check-In for Property Teams: • Receive full visibility of buyer reservation particulars previous to arrival • Reduced processing time at entrance desk • Allows for extra time to focus on constructing relationships with clients • Shorter traces and wait instances at entrances Play video to view the web check-in course of Implemented on-line check-in performance to boost the shopper expertise Digital Marketing Strategy – Online Check-In 32

12 Properties obtained award for 5 consecutive years 55 Travelers’ Choice AwardsThousand Trails Orlando in Clermont, FL has received the Tripadvisor Travelers’ Choice Award for 11 consecutive years. Building model consciousness and increasing attain to new clients via strategic partnerships Digital Marketing Strategy – Online Travel Partners 33 2015 2016 2017 2018 2020 2021 2022 2023 2024 2025

Marguerite Nader Vice Chairman and CEO 32 Years Paul Seavey EVP and CFO 32 Years Patrick Waite President and COO 32 Years David Eldersveld EVP, CLO and Secretary 11 Years Dan Perlis EVP, Sales, Marketing, and Business Development 19 Years Long-tenure management within the MH, RV, and marina business Experienced Executive Management Team 34

Under the Private Securities Litigation Reform Act of 1995: The forward-looking statements contained on this presentation are topic to sure financial dangers and uncertainties described underneath the heading “Risk Factors” in our most up-to-date Annual Report on Form 10-Ok, as modified or supplemented by subsequently filed Quarterly Reports on Form 10-Q. See our 2025 Annual Report for the total textual content of our forward-looking statements. We assume no obligation to replace or complement forward-looking statements that grow to be unfaithful due to subsequent occasions. Non-GAAP Financial Measures Net Income to FFO and Normalized FFO Reconciliation (in thousands and thousands) 2021 2022 2023 2024 2025 Net revenue out there for Common Stockholders $262.5 $284.6 $314.2 $367.0 $386.5 Income allotted to non-controlling pursuits – Common OP Units 13.5 14.2 15.5 17.8 15.6 Depreciation and amortization 189.5 206.2 208.3 208.7 214.6 Gain on unconsolidated joint ventures – – (0.4) – – (Gain)/loss on sale of actual property and impairment, internet 0.1 – 3.6 2.5 (0.9) FFO out there for Common Stock and OP Unit holders 465.6 505.1 541.2 596.0 615.7 Deferred revenue tax profit – – (10.5) (0.4) – Accelerated vesting of stock-based compensation expense – – 6.3 – – Transaction/pursuit prices and different 0.6 6.9 0.5 0.4 – Early debt retirement 2.8 1.2 0.0 5.8 – Insurance proceeds because of catastrophic climate occasion and different, internet – – – (22.1) (4.2) Other gadgets – – – (6.8) 0.9 Normalized FFO out there for Common Stock and OP Unit holders $469.0 $513.1 $537.5 $572.9 $612.4 Forward-Looking Statement 35

This presentation comprises sure Non-GAAP measures that in administration’s view of the enterprise are significant as they permit traders the flexibility to know key working particulars of our enterprise that won’t at all times be indicative of recurring annual money move of the portfolio. Our definitions and calculations of those Non-GAAP monetary and working measures and different phrases might differ from the definitions and methodologies utilized by different REITs and, accordingly, will not be comparable. These Non-GAAP monetary and working measures don’t signify money generated from working actions in accordance with GAAP, nor do they signify money out there to pay distributions and shouldn’t be thought of as an alternative choice to internet revenue, decided in accordance with GAAP, as a sign of our monetary efficiency, or to money flows from working actions, decided in accordance with GAAP, as a measure of our liquidity, neither is it indicative of funds out there to fund our money wants, together with our potential to make money distributions. The following Non-GAAP monetary measures definitions don’t embrace changes in respect to membership improve income; (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property working revenues; (vi) Property working bills, excluding property administration; and (vii) Income from property operations, excluding property administration. FUNDS FROM OPERATIONS (FFO). We outline FFO as internet revenue, computed in accordance with GAAP, excluding beneficial properties or losses from gross sales of properties, depreciation and amortization associated to actual property, impairment prices and changes to mirror our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to mirror FFO on the identical foundation. We compute FFO in accordance with our interpretation of requirements established by the National Association of Real Estate Investment Trusts (“NAREIT”), which will not be similar to FFO reported by different REITs that don’t outline the time period in accordance with the present NAREIT definition or that interpret the present NAREIT definition in a different way than we do. We imagine FFO, as outlined by the Board of Governors of NAREIT, is usually a measure of efficiency for an fairness REIT. While FFO is a related and extensively used measure of working efficiency for fairness REITs, it does not signify money move from operations or internet revenue as outlined by GAAP, and it shouldn’t be thought of as an alternative choice to these indicators in evaluating liquidity or working efficiency. NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We outline Normalized FFO as FFO excluding non-operating revenue and expense gadgets, equivalent to beneficial properties and losses from early debt extinguishment, together with prepayment penalties, defeasance prices, transaction/pursuit prices and different, and different miscellaneous non-comparable gadgets. Normalized FFO offered herein is just not essentially similar to Normalized FFO offered by different actual property corporations because of the truth that not all actual property corporations use the identical methodology for computing this quantity. We imagine that FFO and Normalized FFO are useful to traders as supplemental measures of the efficiency of an fairness REIT. We imagine that by excluding the impact of beneficial properties or losses from gross sales of properties, depreciation and amortization associated to actual property and impairment prices, that are based mostly on historic prices and could also be of restricted relevance in evaluating present efficiency, FFO can facilitate comparisons of working efficiency between intervals and amongst different fairness REITs. We additional imagine that Normalized FFO gives helpful data to traders, analysts and our administration as a result of it permits them to match our working efficiency to the working efficiency of different actual property corporations and between intervals on a constant foundation with out having to account for variations not associated to our regular operations. For instance, we imagine that excluding the early extinguishment of debt, and different miscellaneous non-comparable gadgets from FFO permits traders, analysts and our administration to evaluate the sustainability of working efficiency in future intervals as a result of these prices don’t have an effect on the longer term operations of the properties. In some circumstances, we offer details about recognized non-cash elements of FFO and Normalized FFO as a result of it permits traders, analysts and our administration to evaluate the impression of these gadgets. Non-GAAP Financial Measures (Continued) 36

Reconciliation of Net Income Available for Common Stockholders to Income from Property Operations (in 1000’s) INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT (NOI). We outline Income from property operations, excluding property administration as rental revenue, membership subscriptions and improve gross sales, utility and different revenue much less property and rental residence working and upkeep bills, actual property taxes, membership gross sales and advertising bills, excluding property administration bills. Property administration represents the bills related to oblique prices equivalent to off-site payroll and sure administrative {and professional} bills. We imagine exclusion of property administration bills is useful to traders and analysts as a measure of the working outcomes of our properties, excluding gadgets that aren’t instantly associated to the operation of the properties. For comparative functions, we current unhealthy debt expense inside Insurance and different within the present and prior intervals. We imagine that this Non-GAAP monetary measure is useful to traders and analysts as a measure of the working outcomes of our properties. Quarters Ended March 31, 2025 2026 Net revenue out there for Common Stockholders $109,192 $107,904 Income allotted to non-controlling pursuits – Common OP Units 5,201 3,587 Consolidated internet revenue 114,393 111,491 Equity in (revenue)/lack of unconsolidated joint ventures (4,901) 877 Gross revenues from residence gross sales, brokered resales and ancillary companies (20,923) (19,096) Interest revenue (2,238) (2,191) Income from different investments, internet (2,018) (1,774) Property administration 20,430 18,671 Depreciation and amortization 50,942 53,136 Cost of residence gross sales, brokered resales and ancillary companies 13,692 13,600 Home promoting bills and ancillary working bills 6,168 6,823 General and administrative 9,239 11,101 Casualty-related prices/(recoveries), internet 217 68 Other bills 1,878 1,233 Interest and associated amortization 31,136 33,645 Income from property operations, excluding property administration 218,015 227,584 Property administration (20,430) (18,671) Income from property operations 197,585 208,913 Non-GAAP Financial Measures (Continued) 37

Consolidated Net Income to EBITDAre and Adjusted EBITDAre Reconciliations (in thousands and thousands) EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We outline EBITDAre as internet revenue or loss excluding curiosity revenue and expense, revenue taxes, depreciation and amortization, beneficial properties or losses from gross sales of properties, impairments prices, and changes to mirror our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the requirements established by NAREIT, which will not be similar to EBITDAre reported by different REITs that don’t outline the time period in accordance with the present NAREIT definition or that interpret the present NAREIT definition in a different way than we do. We outline Adjusted EBITDAre as EBITDAre excluding non-operating revenue and expense gadgets, equivalent to beneficial properties and losses from early debt extinguishment, together with prepayment penalties and defeasance prices, transaction/pursuit prices and different, and different miscellaneous non-comparable gadgets. We imagine that EBITDAre and Adjusted EBITDAre could also be helpful to an investor in evaluating our working efficiency and liquidity as a result of the measures are extensively used to measure the working efficiency of an fairness REIT. 38 Non-GAAP Financial Measures (Continued) Trailing Twelve Months as of March 31, 2026 Consolidated internet revenue $399.2 Interest revenue (9.5) Real property depreciation and amortization 211.1 Other depreciation and amortization 4.8 Interest and associated amortization 133.5 Income tax profit (3.9) (Gain) loss on sale of actual property and impairment, internet (0.9) Adjustments to our share of EBITDAre of unconsolidated joint ventures 10.6 EBITDAre 744.9 Other gadgets 2.0 Early debt retirement – Transaction/pursuit prices and different – Insurance proceeds because of catastrophic climate occasion (4.1) Adjusted EBITDAre 742.8

FORWARD-LOOKING NON-GAAP MEASURES. The following desk reconciles Net Income per Common Share – Fully Diluted steering to FFO per Common Share and OP Unit – Fully Diluted steering and Normalized FFO per Common Share and OP Unit – Fully diluted steering: This presentation consists of sure forward-looking data, together with Core and Non-Core Income from property operations, excluding property administration, that’s not offered in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-Ok, we don’t present a quantitative reconciliation of such forward-looking data to probably the most instantly comparable monetary measure calculated and offered in accordance with GAAP, the place we’re unable to offer a significant or correct calculation or estimation of reconciling gadgets and the knowledge is just not out there with out unreasonable effort. This consists of, for instance, (i) scheduled or carried out fee will increase on neighborhood, resort and marina websites; (ii) scheduled or carried out fee will increase in annual funds underneath membership subscriptions; (iii) occupancy adjustments; (iv) prices to revive property operations and potential income losses following storms or different unplanned occasions; and (v) different nonrecurring/ unplanned revenue or expense gadgets, which will not be inside our management, might differ between intervals and can’t be fairly predicted. These unavailable reconciling gadgets may considerably impression our future monetary outcomes. (Unaudited) Q2 2026 Full Year 2026 Net revenue per Common Share – Fully Diluted $0.42 to $0.48 $2.02 to $2.12 Depreciation and amortization 0.27 1.10 Gain on sale of actual property and impairment, internet — — FFO per Common Share and OP Unit – Fully Diluted1 $0.69 to $0.75 $3.11 to $3.21 Other — 0.01 Normalized FFO per Common Share and OP Unit – Fully Diluted1 $0.69 to $0.75 $3.12 to $3.22 39 Non-GAAP Financial Measures (Continued) Note: (1) Amounts might not foot because of rounding.