Equity Lifestyle Properties, Inc.

Good day, everyone, and thank you all for joining us to discuss Equity Lifestyle Properties third 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 and 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 discuss our third quarter results and share early insights into the momentum we see building into 2027. For the quarter, We delivered strong normalized FFO growth of 4.6% in line with our expectations. Our full year guidance reflects continued strength. I will highlight the key demand drivers supporting our annual business as well as the ways we are reaching and engaging new customers. The strength of our business is reflected in continued occupancy gains. Our teams remain focused on increasing occupancy and we believe we have the right product and price point to continue this growth. Our communities have a long track record of sustaining high occupancy levels, with 50% of our communities more than 98% occupied for an extended period. Our customers are seeking a low maintenance lifestyle that offers privacy and control of their home, along with opportunities for connection and an active social life. Our communities meet these needs by offering an amenity-rich environment, strong sense of community, and a compelling value compared to other options. For many years, we have discussed the impact of baby boomers choosing our locations for the lifestyle, value, and sense of community they offer. We are now seeing Gen X customers make similar decisions, with many seeking a community setting that supports a more flexible, low-maintenance lifestyle. Over the next 20 years, approximately 10,000 people per day will turn 65, creating a steady source of demand that supports the long-term outlook for our communities. Our customer acquisition platform across both manufactured housing and RV provides a strong lead flow for our teams in the field. Our teams are well-versed at identifying prior guests and prospective customers who are interested in annual stays and using data and technology to nurture those relationships over time. For the RV customer, we have longstanding relationships with leading booking platforms that help us reach travelers as they are planning trips. Turning to our 2027 expectations, we expect continued growth across both our manufactured housing and RV portfolios. We continue to engage closely with our residents to identify and prioritize capital improvements across our communities, including investments in amenities, infrastructure, common areas, and other enhancements that support the residents' experience. These investments improve the quality and appeal of our communities while also supporting the long-term value of our assets. Our current performance and early outlook for 2027 underscores the durability of our platform. I want to thank our employees for their hard work and commitment to our residents and customers. Their efforts enhance the customer experience and contribute to our record of superior operating performance. I will now turn the call over to Patrick to provide an overview of property operations.

Thanks, Marguerite. We wrapped up a busy summer season in the third quarter, and soon we'll turn our focus to welcoming snowbirds in the Sun Belt. In the quarter, we increased MH occupancy by nearly 100 sites. We sold 97 new homes during the quarter, and we continue to meet demand from both buyers and renters. Florida was the primary driver of the occupancy gains. In particular, Fort Lauderdale and West Palm Beach markets, the Vero Beach Market, and the Fort Myers Punta Gorda markets on the Gulf Coast. Additional drivers were properties in California and throughout the northern U.S. We continue to fill expansion sites with properties in the Arizona markets of Phoenix and Mesa, contributing to MH occupancy growth year to date. During the quarter, we launched a redesigned website for our MH communities. The new website modernizes the customer experience with improved navigation, search functionality, mobile accessibility, and more robust content. Together, these enhancements improve lead generation. and make it easier for prospective residents to find the right home in the ideal community. Early results are encouraging with community and home tour requests up double digits year over year. Demographics continue to provide a tailwind for MH demand. The baby boomers continue to turn 65 at a rate of 10,000 per day and the oldest Gen Xers are now 61 and they are increasingly finding our communities to be an attractive option offering compelling value and an active lifestyle. While the average age of new residents remains stable around 65, the GenX cohort is following the Baby Boomers as an important core audience. The prospective residents differing in work status, life stage, and communication habits are prioritizing flexible tour options, clear cost information, and a balanced mix of marketing outreach. Boomer and Gen X residents at our 55 plus communities typically continue to work as the typical new resident in our communities comes to us during their working years and they transition to full-time retirement during their residency. 100 Days of Camping is our annual summer-long social media campaign in which we highlight the peak summer camping season between Memorial Day and Labor Day. This was our 12th annual campaign and was marked by record numbers. The hashtag received more than 100 million views across social channels. We doubled our 2025 views, largely driven by highly engaged social posts. This high level of engagement reflects the strong sense of community found at our RV properties across the country, largely based on the friendships and family connections among our annual campers. which leads to stable occupancy as these customers return season after season. Annual RV occupancy grew by 444 sites during the quarter, similarly driven by gains in our northern summer-focused RV campgrounds. Last month, MHI hosted the 2026 Homes on the Hill Showcase, of which ELS is a sponsor. The event showcased several homes on the National Mall in Washington, D.C., including a HUD home built without a chassis and a two-story HUD home built without a chassis on the second floor. The event coincided with the 50th anniversary of manufactured housing and came on the heels of the passage of the Road to Housing Act, which removes the permanent chassis requirement for manufactured housing and creates new opportunities for innovation and broader adoption of factory-built housing. Our communities offer great value and lifestyle to our residents, and innovation in home plans and options available to them further supports the value proposition. Now I'll turn the call over to Paul.