ELS · 10-Q · 2026Q1 · Full report

Occupancy and Leasing Activity

EQUITY LIFESTYLE PROPERTIES INC · 2026-04-28 · Importance 25 · Surprise 32

Core Portfolio average occupancy (including homeowners and renters) was 93.8% for Q1 2026 versus 94.4% in Q1 2025 and 94.0% in Q4 2025; the YoY decline was primarily driven by 362 expansion sites added since March 31, 2025. During Q1 2026 Core Portfolio occupancy increased by 54 sites sequentially, including a rental occupancy increase of 24 sites and homeowner occupancy increase of 30 sites versus December 31, 2025. As of March 31, 2026 the company had 2,135 occupied rental homes in its Core MH communities, reflecting management’s continued focus on converting rental occupancy to homeowner occupancy. The company attributes fluctuations in sources of occupancy gains to local market conditions, vacant site availability and conversion success.

Key facts

• Core Portfolio average occupancy was 93.8% for the quarter ended March 31, 2026
• The occupancy increase of 54 sites during the quarter ended March 31, 2026 included increases in rental occupancy of 24 sites and homeowner occupancy of 30 sites
• As of March 31, 2026, ELP had 2,135 occupied rental homes in its Core MH communities
• During the quarter ended March 31, 2026 Core Portfolio occupancy increased by 54 sites compared to December 31, 2025
• Core Portfolio average occupancy was 94.4% for the quarter ended March 31, 2025
• Core Portfolio average occupancy was 94.0% for the quarter ended December 31, 2025