EQUITY LIFESTYLE PROPERTIES INC
For the period ended Apr 28, 2026. Filed Mar 17, 2026.
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Apr 28, 2026 · Filed Mar 17, 2026
Contents
About Equity LifeStyle Properties
Equity LifeStyle Properties is a fully integrated owner of lifestyle-oriented properties consisting of property operations and home sales and rental operations primarily within manufactured home ("MH") and recreational vehicle ("RV") communities and marinas. Mr. Samuel Zell served as Chairman of our Board from the Company’s initial public offering until his passing in May 2023. Mr. Zell is recognized as a founder of the modern REIT industry.
| Business Highlights | ELS | Peer Group Average (1) |
|---|---|---|
| 5-Year Net Income Per Common Share Growth | 60.8% | 44.3% |
| 5-Year FFO Per Common Share Annualized Growth (2) | 8.4% | 6.0% |
| 5-Year NFFO Per Common Share Annualized Growth (2) | 7.6% | 6.1% |
| 5-Year Annual Dividend Per Common Share Growth | 50.4% | 37.4% |
(1)See "Compensation Discussion and Analysis - Peer Group" for a list of the companies that comprise our peer group for the year ended December 31, 2025.
(2)Funds From Operations ("FFO") per share of common stock of the Company ("Common Share") and Normalized FFO ("NFFO") per Common Share are non-generally accepted accounting principle ("GAAP") measures. See Appendix A to this Proxy Statement for a discussion and reconciliation to the most directly comparable GAAP measure.
| 2025 Accomplishments (1) | l Net income per Common Share on a fully diluted basis was $2.01, 2.6% higher than 2024.l FFO per Common Share on a fully diluted basis was $3.08, 1.5% higher than 2024. l Normalized FFO per Common Share on a fully diluted basis was $3.06, 5.0% higher than 2024.l Core Portfolio generated growth of 4.8% in income from property operations, excluding property management, compared to 2024, exceeding our long-term quarterly average of 4.5%. (2)l Core MH base rental income increased by 5.5%, compared to 2024. l Core annual RV and marina base rental income increased by 4.1%, compared to 2024.l Core property operating expenses, excluding property management, increased by 1.0%, compared to 2024.l New home sales of 439 in 2025.l Added 362 expansion sites in 2025.l 7.9% dividend increase in 2025 contributes to 5-year compounded annual dividend growth of 8.5%. This compares to average growth of 5.2% across the residential REIT sector (3) over the same 5-year period.l Repaid $86.9 million of secured debt at maturity.l Entered into a $240.0 million unsecured term loan agreement with an effective fixed interest rate of 4.74% maturing on May 15, 2030. |
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(1)Capitalized terms not defined herein shall have the meaning ascribed to them in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K").
(2) Income from property operations, excluding property management is a non-generally accepted accounting principle ("GAAP") measure. See Appendix A to this Proxy Statement for a discussion and reconciliation to the most directly comparable GAAP measure. Average quarterly growth from September 30, 1998 through September 30, 2025.
(3)Includes all publicly traded single family home, multi-family home and manufactured housing U.S. equity REITs, with a market capitalization of $3.0 billion or greater as of January 28, 2026.
| Governance Highlights | |
|---|---|
| l 8 out of 9 Director Nominees are Independentl Independent Lead Directorl Separate Board Chairman and CEOl Independent Audit Committeel Independent Compensation, Nominating & Corporate Governance Committeel Independent Compensation Consultant to Advise the Compensation, Nominating & Corporate Governance Committeel Executive Sessions of Non-Management Directorsl Risk Oversight by Board and Committeesl Ongoing Succession Planningl All Directors Stand for Election Each Yearl Director Resignation Policyl Annual Board and Committee Evaluation Processl All Audit Committee Members are Financial Experts | l No Poison Pilll Ability of Stockholders to Amend Bylaws by a Majority Votel Proxy Accessl Business Ethics and Conduct Policy for Directors, Officers and Employeesl Vendor Code of Conductl Policy on Securities Tradingl Prohibition Against Hedging and Pledgingl Internal Disclosure Committee for Financial Controlsl Annual Advisory Vote on Executive Compensationl No Employment Agreements with Named Executive Officers ("NEOs")l Compensation Recovery Policyl Performance-Driven Executive Compensationl Meaningful Share Ownership Guidelines for Directors and Executives |
The Board believes that, as a group, the nominees bring a diverse range of thought and perspective to the Board's deliberations.
| Compensation Highlights | |
|---|---|
| l No Employment Agreements with NEOsl Three-Year Vesting of Restricted Stock Awardsl Performance and Time-Based Restricted Stock Awards | l Stock Ownership Guidelines for Board and NEOsl Performance-Based Cash Bonus Compensation |
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