Equity Lifestyle Properties, Inc.

Good day, everyone, and thank you all for joining us to discuss Equity Lifestyle Properties' first quarter 2026 results. Our featured speakers today are Marguerite Nader, our Vice Chairman and 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 one question, 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 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 filings. At this time, I would like to turn the call over to Marguerite Nader, our Vice Chairman and CEO.

Good morning and thank you for joining us today. I am pleased to report the results for the first quarter of 2026. We continued our long term record of strong core operations and have maintained our full year normalized FFO guidance of $3.17 per share. Our manufactured housing portfolio represents approximately 60% of our total revenue and these properties are currently 94% occupied. Our communities distinguish themselves by their ability to sustain high occupancy levels over extended periods. This resilience is driven by the composition of our resident base, as homeowners represent 97% of our MH portfolio. Homeownership promotes long-term residency and supports our strong operating performance. The high concentration of homeowners is a key driver of our predictable recurring cash flow. Residents are invested in their communities, which encourages stability, long tenure, and strong neighborhood engagement. Within our RV portfolio, the increase in annual revenue reflects continued strength across our customer base. Our annual customers stay in park models, resort cottages, and RVs, with many families viewing our properties as an integral part of their traditions and family history. This loyalty supports sustained long-term revenue. Turning to demand, our offerings across our portfolio are unique. We offer great long-term experiences in sought-after locations at a fraction of the cost of alternatives. We are engaging with our customers through traditional email campaigns, social media outreach, and digital advertising. For the quarter, our websites attracted a combined 1.3 million unique visitors and generated 94,000 online leads, reflecting strong engagement. The drivers of the lead generation are from our RV annual lease campaign and trip planning lead generation. Our social media strategy seeks to engage both customers and prospects in a wide variety of platforms. We have over 2.4 million fans and followers across several social media networks. Over the past 10 years, we have grown our social media fans and followers by an average of 25% annually. During periods of uncertainty, it's important to recognize the stability of our business and the fundamentals that support continued growth. I will highlight three of the key components of our success. First, our unique business model drives sustained long-term outperformance. Over the past 25 years, ELS has outperformed the REIT industry NOI growth by 150 basis points. The stability through economic cycles is a hallmark of our success. Second, the demand drivers are the support for continued long-term outperformance. Our core customers are baby boomers, and 10,000 people per day turn 65 through 2030. Thereafter, the Gen X generation maintains the demographic tailwind for the 15-year period following the baby boomers. The runway remains long, supported by favorable migration patterns. And finally, our capital structure is an advantage for us. Our balance sheet is in terrific shape with an average term to maturity of more than seven years, 17% of our debt is fully amortizing and not subject to refinance risk, and our debt maturity schedule through 2028 shows only 14% of our debt coming due compared to the REIT average of 35%. We have delivered an 18% compounded annual dividend growth rate over a 20-year period. ELS offers a rare combination of strong income growth, stability, and demographic tailwinds backed by a well-managed balance sheet. I want to thank our team for a great start of the year. They've done an excellent job supporting our snowbird guests and will soon welcome our customers for the upcoming summer season. I will now turn it over to Patrick to provide more details about property operations.

Thanks, Marguerite. We're in the middle of our seasonal shift with our snowbird customers heading back to northern climates and our northern properties gearing up for the summer season. As we wrap up the busy season in the Sun Belt, I'd like to provide an update on our key Sun Belt MH markets and the value found in our communities. Florida is our largest market, accounting for about 50% of our core MH revenue. In our top markets of Tampa, St. Pete, and Fort Lauderdale, West Palm Beach, the average single family home price ranges from $350,000 to over $500,000. Our communities in these markets offer a compelling value, with average new home prices of $100,000 and resale home prices averaging about $50,000. We continue our strategy to expand existing communities in areas of high demand and have added more than 1,100 MH sites in Florida since 2020. In our core Arizona market of Phoenix Mesa, single family homes average more than $400,000, while new homes in our communities average $100,000 and resale homes average $70,000. We are actively selling homes in our expansion projects in Arizona, where new inventory is selling at prices typically ranging from $110,000 to $180,000. And we have 500 completed expansion sites to support further occupancy growth. In our Northern California markets around San Francisco and San Jose, homes average over $1.3 million, while the Southern California markets of Los Angeles and San Diego are about $900,000 to $1 million. Given high demand and the strong value proposition for our California properties, the portfolio is 99% occupied, and home sales are typically resales of resident homes in the range of $100,000 and higher. In each of these markets, residents receive an exceptional housing value, along with desirable amenities, including swimming pools, clubhouses, pickleball courts, and more. The active lifestyle and social engagement offered our communities is why homeowners stay with us for an average of 10 years. Leveraging feedback from our customers, our property operation team establishes comprehensive budget plans for each property. Our on-site team members prioritize occupancy and revenue growth while thoughtfully managing expenses such as seasonal staffing, overtime, and discretionary spending. We're able to adjust to changes in the business to meet high customer expectations while managing expenses scaled to property operations. At the same time, we are investing in new technology across our business. Customer touchpoints like online payments, customer surveys and follow-up, and operational efficiencies like online check-in, staffing plans, and expense management. This continued innovation allows us to increase operational capacity while improving the customer experience. Importantly, these efficiencies give our on-site team members more time to make connections with our customers and create memorable experiences. In our RV business, the long-term annual are the core of our stable occupancy. Through April, we have seen improvement in attrition trends compared to last year, and we are looking forward to the summer sales season. Annual sites account for 75% of our core RV revenue, and most of our annual RV customers own a park model or RV with site improvements and sell their unit in place when they choose to leave the campground. Annual marina revenues experienced occupancy headwinds year over year, from delays for permits and longer construction timelines for projects related to previous storms. We expect these construction projects to be completed late in 26 and into 27, which will then contribute to occupancy gains as we build back that business. We're looking forward to launching the 12th annual 100 Days of Camping social media campaign this summer. which runs from Memorial Day weekend through Labor Day weekend. We see strong engagement with this campaign year after year, earning over 45 million views across social media last summer. Our teams will be following along as customers post photos online, helping each guest make memories and reinforcing the legacy of our brand. Now I'll turn it over to Paul.