Equity LifeStyle Properties : Q422 Supplemental Package

Fourth Quarter 2022

Earnings Release and

Supplemental Financial Information

Lake Conroe RV & Camping Resort - Willis, TX

The Oaks at Colony Cove - Ellenton, FL

Monte Vista Village Resort - Mesa, AZ

Sedona Shadows - Sedona, AZ

Table of Contents

Earnings Press Release	i-iv
Supplemental Financial Information
Operations and Financial Update…..………………………………………..…………..	1
2023 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……………………….……………………….	11-12
Non-Core Income from Property Operations…………………………………..………	13
Income from Rental Home Operations……………………………..………………….	14
Total Sites and Home Sales……………………………………………..……….…….	15
Memberships - Select Data………………………………………….…	16
Market Capitalization…………………………………………………………………....	17
Debt Maturity Schedule…………………………………………………………………	18
Non-GAAP Financial Measures Definitions and Reconciliations………………………	19-21

N E W S R E L E A S E

CONTACT: Paul Seavey	FOR IMMEDIATE RELEASE
[phone]	January 30, 2023

ELS REPORTS FOURTH QUARTER RESULTS

Continued Strong Performance;

Provides 2023 Guidance and Increases Annual Dividend

CHICAGO, IL - January 30, 2023 - 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, 2022. All per share results are reported on a fully diluted basis unless otherwise noted.

Financial Results for the Quarter and Year Ended December 31, 2022

For the quarter ended December 31, 2022, total revenues increased $5.3 million, or 1.6%, to $340.6 million, compared to $335.3 million for the same period in 2021. For the quarter ended December 31, 2022, net income available for Common Stockholders increased $7.5 million, to $73.0 million, or $0.39 per Common Share, compared to $65.5 million, or $0.36 per Common Share, for the same period in 2021.

For the year ended December 31, 2022, total revenues increased $130.7 million, or 9.9%, to $1,447.1 million, compared to $1,316.4 million for the same period in 2021. For the year ended December 31, 2022, net income available for Common Stockholders increased $22.1 million, or $0.10 per Common Share, to $284.6 million, or $1.53 per Common Share, compared to $262.5 million, or $1.43 per Common Share, for the same period in 2021.

Non-GAAP Financial Measures and Portfolio Performance

For the quarter ended December 31, 2022, Funds from Operations ("FFO") available for Common Stock and OP Unit holders increased $3.6 million, or $0.01 per Common Share, to $126.6 million, or $0.65 per Common Share, compared to $123.0 million, or $0.64 per Common Share, for the same period in 2021. For the year ended December 31, 2022, FFO available for Common Stock and OP Unit holders increased $38.0 million, or $0.16 per Common Share, to $523.6 million, or $2.68 per Common Share, compared to $485.6 million, or $2.52 per Common Share, for the same period in 2021.

For the quarter ended December 31, 2022, Normalized Funds from Operations ("Normalized FFO") available for Common Stock and OP Unit holders increased $4.6 million, or $0.02 per Common Share, to $128.1 million, or $0.66 per Common Share, compared to $123.6 million, or $0.64 per Common Share, for the same period in 2021. For the year ended December 31, 2022, Normalized FFO available for Common Stock and OP Unit holders increased $42.7 million, or $0.19 per Common Share, to $531.6 million, or $2.72 per Common Share, compared to $489.0 million, or $2.53 per Common Share, for the same period in 2021.

For the quarter ended December 31, 2022, property operating revenues, excluding deferrals, increased $9.8 million to $306.4 million, compared to $296.6 million for the same period in 2021. For the year ended December 31, 2022, property operating revenues, excluding deferrals, increased $91.9 million to $1,277.5 million, compared to $1,185.6 million for the same period in 2021. For the quarter ended December 31, 2022, income from property operations, excluding deferrals and property management, increased $8.2 million to $180.6 million, compared to $172.4 million for the same period in 2021. For the year ended December 31, 2022, income from property operations, excluding deferrals and property management, increased $49.9 million to $731.9 million, compared to $682.0 million for the same period in 2021.

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For the quarter ended December 31, 2022, Core property operating revenues, excluding deferrals, increased approximately 5.1% and Core income from property operations, excluding deferrals and property management, increased approximately 7.3%, compared to the same period in 2021. For the year ended December 31, 2022, Core property operating revenues, excluding deferrals, increased approximately 6.1% and Core income from property operations, excluding deferrals and property management, increased approximately 5.7%, compared to the same period in 2021.

Business Updates

Pages 1 and 2 of this Earnings Release and Supplemental Financial Information provide an update on operations and 2023 guidance.

Investment Activity

In November 2022, we acquired an 80% interest in a joint venture with RVC Outdoor Destinations for a total purchase price of $2.4 million. The joint venture owns one Recreational Vehicle ("RV") property under construction located in Sandusky, Ohio.

In November 2022, we acquired a 50% interest in a joint venture with Kampgrounds of America for a total purchase price of $5.1 million. The joint venture owns and operates, through its wholly owned subsidiary, Bald Mountain RV, LLC, a 283-site RV community located in Hiawassee, Georgia.

In December 2022, we completed the acquisition of Whippoorwill, a 288-site RV community located in Marmora, New Jersey for a purchase price of $21.8 million.

2023 Dividends

Our Board of Directors has approved setting the annual dividend rate for 2023 at $1.79 per share of Common Stock, an increase of 9.1%, or $0.15, over the current $1.64 per share of Common Stock for 2022. Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.

About Equity LifeStyle Properties

We are a self-administered,self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of January 30, 2023, we own or have an interest in 448 properties in 35 states and British Columbia consisting of 170,965 sites.

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

Conference Call

A live audio webcast of our conference call discussing these results will take place tomorrow, Tuesday, January 31, 2023, 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:

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• 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 Net Income, FFO 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;
• home sales results could be impacted by the ability of potential homebuyers 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;
• the effect of Hurricane Ian on our business including, but not limited to the following: (i) the timing and cost of recovery, (ii) the impact of the condition of properties and homes on occupancy demand and related rent revenue and (iii) the timing and amount of insurance proceeds;
• 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;
• the outcome of pending or future lawsuits or actions brought by or against us, including those disclosed in our filings with the Securities and Exchange Commission; and
• other risks indicated from time to time in our filings with the Securities and Exchange Commission.

Our guidance acknowledges the existence of volatile economic conditions, which may impact our current guidance assumptions. Factors impacting 2023 guidance include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment; (ix) our ability to integrate and operate recent acquisitions in accordance with our estimates; (x) our ability to execute expansion/development opportunities in the face of supply chain delays/shortages; (xi) completion of pending transactions in their entirety and on assumed schedule; (xii) our ability to attract and retain property employees, particularly seasonal employees; (xiii) ongoing legal matters and related fees; and (xiv) costs to restore property operations and potential revenue losses following storms or other unplanned events. In addition, these forward-looking statements, including our 2023 guidance are subject to risks related to the COVID-19 pandemic, many of which are unknown, including the duration of the pandemic, the extent of the adverse health impact on the general population and on our residents, customers and employees in particular, its impact on the employment rate and the economy, the extent and impact of governmental responses and the impact of operational changes we have implemented and may implement in response to the pandemic.

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