Equity Lifestyle Properties, Inc.

Our forward-looking statements are subject to certain economic risks and uncertainty. The company assumes no obligation to update or supplement any statement that becomes 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 Marguerite Nader, our CEO.

Good morning, and thank you for joining us today. I am pleased to report the final results for 2025. We continued our record of strong core operations and FFO growth with full year growth in NOI of 4.8% and a 5% increase in normalized FFO per share. Our year-end report is a good time to reflect on our business and our industry. Our business model is consistent and durable during all economic cycles. I'd like to focus on our annual rental streams, which comprise over 90% of our revenue. We offer prospective customers the opportunities to join a community where they can build their social connections in an active environment. The strength of our activity offerings continues to be a leading factor in resident retention at our communities. The average age of a new resident is 60 years old, and many are motivated by a desire to escape colder climates and avoid the isolation and inactivity found during northern winters. Resident engagement is a strength of our platform. Across our portfolio, hundreds of resident clubs promote social interaction, contributing to high occupancy levels and extended average lengths of stay. Affordability in our sector remain a competitive advantage. Our communities provide a well-maintained living environment at a lower cost than surrounding housing alternatives. The value proposition is further enhanced by the structural advantages of manufactured housing. The homes have changed meaningfully over the last 20 years, with today's homes generally featuring three bedrooms, two bath layouts, modern open floor plans, energy-efficient systems, and contemporary kitchens and bathrooms. These home enhancements have wide demographic appeal and have strengthened the quality of our communities. Our MH portfolio has produced impressive growth rates over the last 30 years. These growth rates reflect an operating model in which residents choose to make our communities their long-term home, and ELS has reinforced that decision by consistent investment in the community to support growth. Our RV portfolio finished the year strong with an increase in annual occupancy of over 500 sites over the last six months. Our annual RV customers generally stay with us approximately 10 years and appreciate the ability to use our properties as a second home or weekend getaway. Last night, we issued initial guidance for 2026. Our guidance is built based on the operating environment at each one of our 450 communities, including a robust market survey process. Our teams communicate with our residents to understand their views around capital projects and property operations. The results show strength in both top-line revenue and NOI, For the full year 2026, we anticipate normalized FFO growth of 3.7%. Next, I would like to update you on our 2026 dividend policy. The Board has approved setting the annual dividend rate at $2.17 per share, a 5.3% increase. Our decision to increase the dividend is driven by stable cash flow, a solid balance sheet, and strong underlying business trends. In 2026, we expect to have approximately $100 million of discretionary capital after meeting our obligations for dividend payments, recurring capital expenditures, and principal payments. Over the past 10 years, we have increased our dividend by an average of 10% per year, and this year's dividend marks the 22nd consecutive year of annual dividend growth. I want to thank our team members for all their efforts in 2025, and I'm looking forward to continued operating success in 2026. I will now turn it over to Patrick to provide more details about property operations.

Thanks, Marguerite. I'll start with some color on our MH business and then address our long-term RV business. In 2025, these revenue streams totaled more than $1 billion. Over the last five years, their combined revenue CAGR was 5.9%, continuing to support our history of consistent property NOI growth since our IPO in 1993. Approximately half of our MH revenue is Florida. Another 20% is California and Arizona, and the rest is mostly the north central and northeast U.S. Over the last five years, we've sold 3,800 new homes, which improved our quality of occupancy. Florida has been a driver of growth with migration patterns supporting economic growth and demand. The rest of the Sunbelt, coastal, and northern markets have contributed to consistent growth as well. given the desirable locations of our properties and the great value that our MH communities offer in their submarkets. Focusing on Florida first, our largest submarkets, Tampa, St. Pete, and Fort Lauderdale, West Palm Beach, are supported by tourism, finance and technology, favorable tax structures, business relocations, and in-migration. Demand for MH communities has been consistently strong. And over the last five years, we sold nearly 2,000 homes and reduced our floor rental load to 2.5% of our occupied sites. Looking next to Arizona, our largest market is Phoenix, Mesa, which experienced strong population growth and GDP growth and has supported demand for our MH properties. We sold more than 400 homes over the last five years. The last of the big three is California. Our MH communities offer great value in high-cost markets. Given the high demand, our California properties have an average occupancy of 96%. Before I move on to our RV business, I would note that our portfolio and locations are well positioned to benefit from the demographic trends in the U.S. Our recent investor presentation highlights these demand drivers. There are 70 million baby boomers in the U.S., and every day 10,000 baby boomers turn 65. Right behind the baby boomers are 65 million Gen X, all aging towards our core demographic. After Gen X is the millennial cohort of 75 million, they will start retiring in about 20 years. As these generations age, they behave similarly, although the timing may differ. As an example, Gen X and millennials entered household formation stages and buying homes later than baby boomers. But the direction is consistent through midlife years and into retirement. They seek what we offer, great value, active lifestyles, and social engagement. On the RV annual business, long-term stays and low turnover provide a stable revenue stream similar to our MH business. Most of our annuals own a park model or RV with fixed site improvements, and when they choose to leave, they resell their unit in place to the next long-term guest, resulting in uninterrupted revenue stream, very similar to our MH business. Over the last five years, the average RV annual rate growth of more than 6% contributes to our durable long-term revenue. Over the last two quarters, we added more than 500 annuals and we continue to see consistent demand throughout the Sunbelt and northern markets. Attrition that we experienced early in 2025 appears to have subsided and both current and new RV annual customers are enthusiastic about staying with us. Our RV properties are in desirable locations and a customer can buy one of our resort homes for a fraction of what a lake house or similar accommodation will cost in those markets. The value we offer across our long-term revenue business lines supports consistent demand. As we head into 2026, we see demand for our MH and RV annual offerings, which supports consistent growth in these long-term revenue streams. I'll now turn the call over to Paul.