Equity Lifestyle Properties, Inc.

Good day, everyone, and thank you all for joining us to discuss Equity Lifestyle Properties third quarter 2025 results. Our featured speakers today are Marguerite Nader, our CEO, Patrick Waite, our president and COO, and Paul Seavey, our executive vice president and CFO. In advance of today's call, management released 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 security laws. Our forward-looking statements are subject to certain economic risk 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 filing. At this time, I would like to turn the call over to Marguerite Nader, our President and CEO. Please go ahead.

Good morning and thank you for joining us today. I am pleased to discuss our third quarter results and will provide some insights into the strengths we see in 2026. Turning to the results for the third quarter, we delivered strong normalized FFO growth in line with our expectations of 4.6%. Our full year guidance shows continued strength in property operations and FFO. I would like to highlight some of the key demand drivers for our annual business and the access points for our new customers. There are approximately 7 million manufactured homes across the country, housing over 18 million people, accounting for about 6% of all U.S. housing. Outside of metro areas, this share increases significantly to 14%. New manufactured homes in our communities are designed to meet the needs of our core demographic, offering value both in terms of cost and quality of life. Construction and safety standards for manufactured housing have been meaningfully enhanced over time. making today's homes more durable and cost 60% less than that of a comparable site-built home in the surrounding area. As important as affordability, our residents benefit from amenitized communities that foster a strong sense of belonging, security, and connection. We serve a large and expanding market, which includes nearly 70 million baby boomers and 65 million members of Gen X within our target demographics. These individuals are increasingly seeking housing options that combine desirable locations, high-quality homes at attractive price points, and a welcoming community environment. Our properties deliver on all three fronts, offering a value proposition that resonates with this growing segment of the population. Our marketing efforts focus on leveraging technology and insights into our customers' travel patterns and lifestyles to reach the nation's 8 million RV owners. We listen closely to feedback and adapt to evolving preferences. Our seasonal guests increasingly seek flexibility to book stays and visit multiple locations, while Thousand Trails members value our new subscription-based memberships with tiered benefits that they can purchase online. Manufactured homebuyers increasingly research and communicate with us online and via text. Our digital tools offer detailed information, virtual tours, online applications, and text messaging with local sales agents. Alongside technology, our teams focus on personal outreach. Property managers build relationships with their customers, invite guests to return next season, and share new home opportunities that meet their needs. Turning to 2026 expectations, within our manufactured housing portfolio, we expect to have issued 2026 rent increase notices to 50% of our MH residents by the end of October, with an average rate increase of 5.1%. In our RV portfolio, Annual rates have already been set for over 95% of our annual sites, with an average rate increase of 5.1%. We continue to engage with our residents to identify and prioritize capital improvements within our communities. These efforts not only enhance the resident experience, but also support the long-term value of our assets. The anticipated rent increases position us to extend our long-standing track record of REIT-leading revenue growth. Our ability to share strong current results and provide early visibility into 2026 reflects the strength and dedication of our team. Their ongoing commitment to supporting our residents and customers is fundamental to our success. Through their focus on service quality and community, we have been able to consistently deliver superior operating performance over the past two decades. I will now turn the call over to Patrick to provide an overview of property operations.

Thanks, Marguerite. As we wind down the summer season in the north, our Sunbelt properties are gearing up for their winter season. Our MH and RB properties in Florida, Arizona, and South Texas are preparing for the inflow of customers and increase in activities. On-site teams have begun welcoming residents and guests to our properties. Our manufactured homes and communities continue to experience consistent demand and offer desirable features and amenities at prices that provide value in their respective markets. In the quarter, we continue to experience a consistent pace of new home sales. Our Florida MH portfolio reached 94% occupancy. Florida continues to be one of the top states for net in-migration, which supports demand for our key sub-markets like Tampa, St. Pete, and Fort Lauderdale, West Palm Beach. To meet that demand, we developed more than 900 sites in Florida over the last five years. Florida is also supporting strong rent growth, reflected in mark-to-market rent increases of 13% to new homebuyers. Arizona and California are our next largest markets, which are 95% occupied. Homebuyers in our western markets are attracted to these communities due to their desirable locations, quality amenities, and the substantial value they offer in their respective markets, particularly the coastal markets in California. We continue to execute on our expansion strategy providing opportunities for more customers to enjoy our product offerings. This strategy leverages in-place utility infrastructure, operational efficiencies, zoning, and the brand recognition of existing properties. As we started the fourth quarter, we completed a 103-site expansion at Cloverleaf Farms, an MH community on the Gulf Coast of Florida. This was the second and final phase of development which added a total of 170 sites plus an amenity core. The first phase of 67 sites is approaching 100% occupancy. We also continue to see growth on the RV side of our business. Our RV annual sites provide an affordable second home, whether it's lakeside retreat in the summer or a warm weather destination in the winter. In the quarter, we increased annual RV occupancy by 476 sites. With respect to our Canadian customers, many of whom return year after year to their site in one of our properties for the winter season, we're engaging with them through personal outreach as well as our traditional marketing channels. The regional weather outlook for the winter season looks favorable. The NOAA Climate Prediction Center forecasts a La Nina pattern this winter. This season's forecast calls for warmer, drier conditions in the south, along with cooler, wetter conditions in the north. making the Sunbelt particularly attractive for winter getaways. Our operations team has prioritized occupancy and revenue growth while thoughtfully budgeting and executing on expenses. Our on-site teams are focused on providing excellent customer service, and we are leveraging technology to increase efficiency for these staff members. Tools like electronic lease agreements and SMS text customer service platforms have been well received by our customers. and help ensure that our teams have more time to focus on delivering memorable experiences. Finally, the third quarter wrapped up our 11th annual 100 Days of Camping campaign, which saw record engagement among our social media fans and followers. The campaign had over 46 million impressions on social media, and we received nearly 1,100 photo entries of our viewers with our signature rally towels, which reflects a strong and active customer base that wants to engage with our properties and brains. Now I'll turn the call over to Paul.