Equity LifeStyle Properties : Q421 Supplemental Package

Fourth Quarter 2021

Earnings Release and

Supplemental Financial Information

Lake Conroe - Montgomery, TX

The Oaks at Colony Cove - Ellenton, FL

Dolce Vita - Apache Junction, AZ

Hope Valley - Turner, OR

Table of Contents

Earnings Press Release	i-iv
Supplemental Financial Information
Operations Update…..………………………………………..…………………………	1
2022 Guidance…..………………………………………..…………………………	2
Investor Information ..………………………………………..…………………………	3
Financial Information
Financial Highlights…………………………………………..……………..……….….	4
Consolidated Balance Sheets…………….………………..………………………..…...	5
Consolidated Income Statements...…………………..…………………………….…....	6
Non-GAAP Financial Measures	7
Selected Non-GAAP Financial Measures……………………………………………...	8
Reconciliation of Net Income to Non-GAAP Financial Measures ………………...….	9
Consolidated Income from Property Operations…………………………………….....	10
Core Income from Property Operations……………………….……………………….	11
Non-Core Income from Property Operations…………………………………..………	12
Income from Rental Home Operations……………………………..………………….	13
Total Sites and Home Sales……………………………………………..……….…….	14
Memberships - Select Data………………………………………….…..........................	15
Market Capitalization…………………………………………………………………....	16
Debt Maturity Schedule…………………………………………………………………	17
Non-GAAP Financial Measures Definitions and Reconciliations………………………	18-20

N E W S R E L E A S E

CONTACT: Paul Seavey	FOR IMMEDIATE RELEASE
[phone]	January 24, 2022

ELS REPORTS FOURTH QUARTER RESULTS

Continued Strong Performance;

Provides 2022 Guidance and Increases Annual Dividend

CHICAGO, IL - January 24, 2022 - Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and year ended December 31, 2021. All per share results are reported on a fully diluted basis unless otherwise noted.

Financial Results for the Quarter and Year Ended December 31, 2021

For the quarter ended December 31, 2021, total revenues increased $53.4 million, or 19.6 percent, to $325.3 million compared to $271.9 million for the same period in 2020. For the quarter ended December 31, 2021, net income available for Common Stockholders increased $0.9 million, or $0.01 per Common Share, to $65.5 million, or $0.36 per Common Share, compared to $64.6 million, or $0.35 per Common Share, for the same period in 2020.

For the year ended December 31, 2021, total revenues increased $180.3 million, or 16.5 percent, to $1,271.7 million compared to $1,091.4 million for the same period in 2020. For the year ended December 31, 2021, net income available for Common Stockholders increased $34.2 million, or $0.18 per Common Share, to $262.5 million, or $1.43 per Common Share, compared to $228.3 million, or $1.25 per Common Share, for the same period in 2020.

Non-GAAP Financial Measures and Portfolio Performance

For the quarter ended December 31, 2021, Funds from Operations ("FFO") available for Common Stock and OP Unit holders increased $14.1 million, or $0.07 per Common Share, to $123.0 million, or $0.64 per Common Share, compared to $108.9 million, or $0.57 per Common Share, for the same period in 2020. For the year ended December 31, 2021, FFO available for Common Stock and OP Unit holders increased $79.2 million, or $0.41 per Common Share, to $485.6 million, or $2.52 per Common Share, compared to $406.4 million, or $2.11 per Common Share, for the same period in 2020.

For the quarter ended December 31, 2021, Normalized Funds from Operations ("Normalized FFO") available for Common Stock and OP Unit holders increased $14.7 million, or $0.07 per Common Share, to $123.6 million, or $0.64 per Common Share, compared to $108.9 million, or $0.57 per Common Share, for the same period in 2020. For the year ended December 31, 2021, Normalized FFO available for Common Stock and OP Unit holders increased $70.3 million, or $0.36 per Common Share, to $489.0 million, or $2.53 per Common Share, compared to $418.7 million, or $2.17 per Common Share, for the same period in 2020.

For the quarter ended December 31, 2021, property operating revenues, excluding deferrals, increased $34.7 million to $296.6 million, compared to $261.9 million for the same period in 2020. For the year ended December 31, 2021, property operating revenues, excluding deferrals, increased $134.2 million to $1,185.6 million, compared to $1,051.4 million for the same period in 2020. For the quarter ended December 31, 2021, income from property operations, excluding deferrals and property management, increased $19.5 million to $172.4 million, compared to $152.9 million for the same period in 2020. For the year ended December 31, 2021, income from property operations, excluding deferrals and property management, increased $75.2 million to $682.0 million, compared to $606.8 million for the same period in 2020.

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For the quarter ended December 31, 2021, Core property operating revenues, excluding deferrals, increased approximately 7.8 percent and Core income from property operations, excluding deferrals and property management, increased approximately 8.2 percent compared to the same period in 2020. For the year ended December 31, 2021, Core property operating revenues, excluding deferrals, increased approximately 8.3 percent and Core income from property operations, excluding deferrals and property management, increased approximately 8.8 percent compared to the same period in 2020.

Business Updates

Pages 1 and 2 of this Earnings Release and Supplemental Financial Information provide an update on operations and 2022 guidance.

Investment Activity

In November and December 2021, we completed the acquisitions of Hope Valley, a 164-site RV community located in Turner, Oregon, and Lake Conroe, a 261-site RV community in Montgomery, Texas, for an aggregate purchase price of $31.9 million.

In November 2021, we acquired an 80% equity interest in RVC Outdoor Destinations, an entity owning six operating RV communities containing 988 sites with a total value of $105.0 million.

As part of our strategy to expand owned communities with additional developed sites, during the quarter ended December 31, 2021, we completed the acquisitions of two parcels of land adjacent to two of our properties for an aggregate purchase price of $27.2 million.

In December 2021, we completed the acquisition of MHVillage/Datacomp for a purchase price of $43 million. MHVillage is the premier online marketplace dedicated to manufactured home buying and selling. Datacomp provides independent, market-based valuations for manufactured homes in land lease communities.

These acquisitions were funded with available cash, proceeds from our line of credit, and net proceeds from sales of common stock under our at-the-market ("ATM") equity offering program as discussed further below.

2022 Dividends

Our Board of Directors has approved setting the annual dividend rate for 2022 at $1.64 per share of common stock, an increase of 13.1%, or $0.19, over the current $1.45 per share of common stock for 2021. Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.

Balance Sheet Activity

During the quarter ended December 31, 2021 and through January 4, 2022, we sold approximately 2.0 million shares of our common stock under our ATM equity offering program with a weighted average price of $84.80 per share for net proceeds of $166.4 million.

In January 2022, we entered into a $200.0 million unsecured term loan agreement. The term of the loan is five years and bears interest at a rate of Secured Overnight Financing Rate ("SOFR") plus approximately 1.30% to 1.80%, depending on leverage levels.

Proceeds generated from the ATM equity offering and the unsecured term loan were used to fund fourth quarter 2021 acquisition activity and repay a portion of the outstanding balance on the line of credit. As of January 24, 2022, the line of credit has an outstanding balance of $69.0 million.

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About Equity LifeStyle Properties

We are a self-administered,self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of January 24, 2022, we own or have an interest in 444 quality properties in 35 states and British Columbia consisting of 169,296 sites.

For additional information, please contact our Investor Relations Department at [phone] or at [e-mail].

Conference Call

A live webcast of our conference call discussing these results will take place tomorrow, Tuesday, January 25, 2022, at 10:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.

Forward-Looking Statements

In addition to historical information, this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:

• our ability to control costs and real estate market conditions, our ability to retain customers, the actual use of sites by customers and our success in acquiring new customers at our properties (including those that we may acquire);
• our ability to maintain historical or increase future rental rates and occupancy with respect to properties currently owned or that we may acquire;
• our ability to attract and retain customers entering, renewing and upgrading membership subscriptions;
• our assumptions about rental and home sales markets;
• our assumptions and guidance concerning 2022 growth rates and Net Income and Normalized FFO per share data;
• our ability to manage counterparty risk;
• our ability to renew our insurance policies at existing rates and on consistent terms;
• in the age-qualified properties, home sales results could be impacted by the ability of potential home buyers to sell their existing residences as well as by financial, credit and capital markets volatility;
• results from home sales and occupancy will continue to be impacted by local economic conditions, including an adequate supply of homes at reasonable costs, lack of affordable manufactured home financing and competition from alternative housing options including site-builtsingle-family housing;
• impact of government intervention to stabilize site-builtsingle-family housing and not manufactured housing;
• effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions;
• the completion of future transactions in their entirety, if any, and timing and effective integration with respect thereto;
• unanticipated costs or unforeseen liabilities associated with recent acquisitions;
• our ability to obtain financing or refinance existing debt on favorable terms or at all;
• the effect of inflation and interest rates;
• the effect from any breach of our, or any of our vendors', data management systems;
• the dilutive effects of issuing additional securities;

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