Equity Lifestyle Properties, Inc.

Good day, everyone, and thank you all for joining us to discuss Equity Lifestyle Properties second quarter 2026 results. Our featured speakers today are Marguerite Nader, our vice chairman and CEO, Patrick Waite, our president and CEO, and Paul Seavey, our executive vice president and CFO. In advance of today's call, Management Release Earnings, today's call will consist of opening remarks and questions and answers 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 federal security 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'll now 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 discuss our operating results. For the quarter, our NOI increased 6.5% 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 managed expenses throughout our portfolio. Our normalized per share FFO growth for the quarter is 7.7%. The strength of our portfolio allows us to raise our full year guidance for normalized FFO per share. Our MH and RV portfolio benefits from powerful long-term demographic tailwinds including the aging of the population and the fact that approximately 70% of our MH communities are senior lifestyle oriented. These demand drivers help support the stability of our business and position us well for continued outperformance even in an environment of broader market uncertainty. Our MH core portfolio represents approximately 60% of our total revenue with occupancy of 94%. We have increased our MH occupancy for two consecutive quarters and have raised guidance for the rest of the year for our largest revenue line item. Our properties are in demand and the teams are executing on our strategy to increase occupancy. The Manufactured Housing Community Model benefits from stability driven by long-term residency and high occupancy levels. Once communities achieve strong occupancy, they tend to remain highly occupied over time. Our portfolio is further differentiated by our resident base, with 97% of MH residents owning their home and choosing our communities as their retirement destination. Beyond housing, our communities foster a strong sense of connection and purpose through resident-led clubs and activities. The activities at our properties promote wellness, creativity, lifelong learning, and social engagement, creating neighborhoods where residents can build relationships and remain active and involved. Annual RV and marina revenue grew 4.8% year-to-date, driven by strong retention across our RV sites, park models, resort cottages, and other RV accommodations. We saw decreased attrition from our customer base as compared to last year and a strong level of engagement from new customers. Our annual RV customer base is split between winter and summer seasons. Approximately 70% of our annual revenue is generated from Sunbelt Properties, serving active adult customers. Like our MH residents, they value community, lifestyle, and quality amenities. The remaining 30% of revenue is generated from seasonal properties that primarily serve families who return year after year for recreation, traditions, and the unique community experience our properties offer. During the quarter, the Thousand Trails portfolio delivered strong performance with membership growth of approximately 800 members and subscription revenue increasing by 11%. The strength of our membership platform continues to resonate with customers as more guests recognize the value and flexibility it provides. I want to thank our team members for their commitment to our customers and communities. I will now turn the call over to Patrick to provide further details on our financial performance.

Thanks, Marguerite. Stable annual revenue streams from MH residents, RV and marina annual guests, and Thousand Trail members have always been the focus of our business, accounting for more than 90% of our core revenue. Over the last five years, our core MH revenue growth has averaged 5.8%, while our core RV revenue growth has averaged 5.7%, led by long-term annual RV revenue, which makes up more than 70% of total core RV revenue. I'm pleased with the buildback of annual customers in our northern markets over the last year. Occupancy across our MH portfolio remains strong at 94%. supported by demand from our 55-plus customer to purchase and rent homes in our communities. Year-to-date growth of our MH occupancy has come from both sales and rentals. We also typically see approximately 20% of our home sales are to existing renters who choose to become a long-term homeowner and current homeowners who want to upgrade or downsize from their existing home. Our Florida markets continue to support long-term occupancy growth. with our major submarkets of West Palm Beach, Fort Lauderdale, Tampa, St. Pete, and Ocala, Daytona, all meeting demand for the value that residents find at our active lifestyle 55 plus communities, particularly given the cost of alternative housing in those markets. We also continue to see steady demand across our highly occupied California and Arizona markets. While the northern U.S. submarkets in the Midwest, Northeast, and Mid-Atlantic are in the middle of the summer home selling season, We see demand contributing to 40% of new home sales in the quarter. Property expansions are key elements of our MH Occupancy Growth Strategy, as we recognize the substantial demand for affordable 55-plus communities. In Florida, we will add occupancy through sales and rentals across four recent development projects with close to 500 sites. At another H-qualified expansion project in the Phoenix market, we added more than 20 units of occupancy. Growing the Occupancy of the Property by 4% Year-over-Year The much-anticipated 21st Century Road to Housing Bill became law earlier this month. Over the last 10 years, through the work of the Manufactured Housing Institute and members of the industry, manufactured housing has been increasingly recognized at the federal and state levels as a source to address the need for more affordable housing in the U.S. And manufactured housing is specifically addressed in the road legislation. A few key points to mention. First, manufactured housing is exempt from the institutional investor provision in the Act, which preserves investment in the asset class. Second, HUD code homes will not be required to have a permanent chassis, which allows manufacturers greater flexibility in home design. They will expand the market for manufactured housing by offering homes that include designs similar to traditional site-built homes, as well as two-story configurations. and third, zoning and land use best practices encourage state and local governments to accommodate HUD code manufactured homes in more locations and developments. The practical implications for ELS will take some time to materialize, but they include more diversity in the homes we can place in our communities and some further support to secure entitlements as we pursue expansion projects. We completed the launch of our new Thousand Trails subscription memberships a little over a year ago. Since offering these memberships, we've seen strong demand, with more than 9,000 Thousand Trills memberships sold, including almost 7,000 over the last 12 months. Our 12th annual 100 Days of Camping campaign is in full swing across our RV portfolio. The social media campaign celebrates the roughly 100 days between Memorial Day and Labor Day, and has 33 million views across the social media channels so far this year. Campers across the country are using their hashtag and sharing photos posing with their campaign rally towel at 100daysofcamping.com. Now I'll turn it over to Paul.