Equity Lifestyle Properties, Inc.

Good day, everyone, and thank you all for joining us to discuss Equity Lifestyle Properties second quarter 2025 results. Our featured speakers today are Marguerite Nader, our CEO, Patrick Waite, our president and COO, Paul Sebe, our executive vice president and CFO. In advance of today's call of management release earnings, today's call will consist of opening remarks and a question and answer session with management relating to the company's earnings release. For those who would like to participate in the question and answer session, management asks that you limit yourself to two questions, so everyone who would like to participate has ample opportunity. As a reminder, this call is being recorded. Certain matters discussed during this conference call may contain forward-looking statements in the meanings of the federal securities laws. Our forward-looking statements are subject to certain economic risks and uncertainty. The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events. In addition, during today's call, we will discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release, our supplemental information, and our historical SEC filings. At this time, I would like to turn the call over to Margaret Nader, our CEO.

Good morning, and thank you for joining us today. I am pleased to report year-to-date and second quarter results. For the first six months of 2025, our NOI increased 5% as compared to last year. We focus on translating NOI growth to normalized FFO growth driven by continued strength in our annual revenue streams and reduced expenses throughout our portfolio. Our normalized per share FFO growth year-to-date is 5.7%. The strength of our portfolio results in our balance sheet allow us to maintain our full year guidance for FFO per share. The demographics of the U.S. population support the demand for our MH and RV portfolio, with 70% of our MH portfolio catering to seniors and a strong interest in RV travel among older adults. During periods of broader market uncertainty, it's important to highlight the core strengths that drive the stability of our business and our outlook for continued performance. Our MH portfolio represents approximately 60% of total revenue, with portfolio-wide occupancy over 94%. These metrics reflect not only strong operational execution, but also the resilience of our asset base. A key driver of this stability is the unique composition of our resident base, as 97% of our residents in our MH portfolio are homeowners. This high proportion of owner-occupied units contributes meaningfully to reduced turnover and increased length of stay. The result is a more consistent cash flow and lower operating volatility. Our communities foster a sense of belonging and engagement. This engagement reinforces retention, promotes neighborhood stability, and supports long-term value creation. Our communities offer our residents the chance to build connections that directly contribute to their quality of life. Within our RV footprint, annual RV revenue grew 3.9% year-to-date, driven by retention across our park models, resort cottages, and RV accommodations. Our RV annual customer base is split between winter and summer seasons. Approximately 70% of our annual revenue comes from Sunbelt locations. These customers are typically active adults who are retired or semi-retired. These customers closely resemble our manufactured housing customers, seeking a warm, community-oriented destination during the colder months. The remaining 30% of our annual revenue is generated for summer-focused properties representing families with children. They value seasonal recreation and return to us for the activities, amenities, and sense of community our properties provide. This seasonal balance allows us to serve a diverse range of long-term annual customers and support stable, recurring revenue throughout the year. We are proud to share that 55 of our RV resorts and campgrounds have received the recently announced 2025 TripAdvisor Traveler's Choice Awards. Each year, this award is given to approximately 10% of businesses listed on TripAdvisor. Our property teams provide guests with positive experiences when they stay with us, and referrals from our guests are a top source of new customers. I want to thank our team members for their outstanding efforts for this quarter. Their dedication to our customers is the foundation of our success, and their work is greatly appreciated. I will now turn the call over to Patrick to provide further details on our financial performance.

Thanks, Marguerite. Our core MH portfolio continues to see high occupancy and generated revenue growth of 5.5% in the quarter. Constrained supply of new MH sites supports the value of our communities and their product offerings. We are strategically investing our communities to ensure their continued success for the long term. We are actively adding new home inventory in key markets, an investment that improves the quality of our communities over time. The new inventory revitalizes the communities encourages other homeowners to invest in their own homes, and helps maintain property values for all. As homeowners in our communities stay with us an average of 10 years, this new inventory brings stable occupancy and a steady revenue stream. I'd like to highlight our MH communities in Florida, California, and Arizona, which together represent approximately two-thirds of our MH revenue. In Florida, we are focused on bringing new home inventory to meet strong demand. In the Tampa-St. Pete submarket, for example, we've sold nearly 700 new homes over the last five years, as Florida continues to be a hub of in-migration. Our California communities continue to be highly occupied and in demand, as they provide outstanding value within their respective markets, where alternative housing costs are among the highest in the country. In Arizona's Phoenix and Mesa submarkets, we have sold 800 homes over the last five years. Like Florida, Arizona benefits from demographics as the aging population looks for affordable, low maintenance housing options in a warm climate. To leverage this demand, we have added 700 development sites in Arizona over the last five years. Our home offerings are attractive in any economy, and they are well positioned with new homes that are appreciated by customers seeking value in a challenging economic environment. Plus, with approximately 90% of our customers in communities, paying cash for their homes, our homebuyers are less sensitive to interest rates. Shifting over to the RV business, annual sites account for more than 70% of our core RV revenue, providing a stable base of revenue and occupancy. Our annual site offerings continue to provide outstanding value for customers who want affordable second homes or a lake house or those who want a home away from home in the Sunbelt. An annual RV site puts this luxury within reach for these customers. For the transient business, we continue to experience a short booking window, and for the second quarter, the weather was cool to start the camping season, and rain impacted weekend weather, particularly in the northern and south central U.S. Throughout the second quarter, our teams focused on their operations playbook, which includes growing revenue and strategically planning and executing on expenses. Our teams carefully manage their expenses as they maintain high levels of services to continue to meet customer service or customer expectations. One of the ways this is accomplished is through the use of technology. For example, using a scheduling platform to manage our team members schedules on site to reduce overtime. As I touched on in my discussion about the Arizona market, we continue to develop sites in our MH and RV portfolios. Over the last five years, we've delivered 1500 MH sites, and 2,900 RV sites across the portfolio. While we've seen an increase in the cost of development over time, we are also seeing an increase in revenue from developed sites over time. I'd now like to turn it over to Paul.