EQUITY LIFESTYLE PROPERTIES INC

Equity LifeStyle Properties, Inc. is a fully integrated owner of lifestyle-oriented properties, primarily consisting of manufactured home and recreational vehicle communities and marinas. The company was formed in December 1992, continuing operations and acquisition strategies from an entity that began in 1969. Equity LifeStyle Properties, Inc. has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes since its taxable year ended December 31, 1993. The company's business model involves owning land which is leased to customers who own manufactured homes, cottages, RVs, and/or boats, either on a long-term or short-term basis. Customers can lease individual developed areas, known as Sites, or enter into right-to-use contracts (membership subscriptions) for limited stays at specific properties. This model is characterized by low maintenance costs and low customer turnover costs compared to other real estate companies. Equity LifeStyle Properties, Inc.'s portfolio is geographically diversified across desirable locations near retirement and vacation destinations and urban areas throughout the United States. These properties attract retirees, vacationing families, second homeowners, and first-time homebuyers by offering a community experience and a lower-cost home ownership alternative. As of December 31, 2025, the company is one of the nation's largest real estate networks, with a portfolio of 453 Properties (including joint venture Properties) comprising 173,371 Sites located across 35 states in the U.S. and British Columbia in Canada.