1) Financial Performance Overview
- Normalized FFO growth of 4.6% in Q3 2026, meeting expectations.
- Q3 normalized FFO per share was $0.79, consistent with guidance.
- NOI growth of 6.7% driven by strong performance in core portfolio.
- Core community-based rental income increased 5.7% YoY, exceeding guidance midpoint.
- Annual base rental income for RV and Marina increased 5.3% in Q3, outperforming guidance.

2) Occupancy and Demand Drivers
- Increased occupancy by nearly 100 sites in manufactured housing (MH) during Q3.
- Strong demand in Florida markets, particularly Fort Lauderdale and West Palm Beach.
- 50% of communities maintain occupancy levels above 98%.
- Baby boomers and Gen X customers are increasingly choosing ELS communities for lifestyle and value.
- The redesigned website for MH communities has improved lead generation, with tour requests up double digits YoY.

3) Operational and Product Initiatives
- Continued focus on capital improvements in communities, enhancing amenities and infrastructure.
- Successful 100 Days of Camping social media campaign generated over 100 million views, boosting engagement.
- New website launched to enhance customer experience, improving navigation and mobile accessibility.
- Ongoing engagement with residents to identify needs and prioritize enhancements.

4) Guidance and Future Outlook
- Full year 2026 normalized FFO guidance maintained at $3.18 per share (midpoint).
- Projected core portfolio property operating income growth of 6% for the full year.
- Anticipated MH rent growth for 2027 is 5.1%, with RV and Marina growth expected at 4.7%.
- Fourth quarter normalized FFO guidance remains at $0.78-$0.84 per share.
- No significant impact from recent hurricanes; adjustments made based on seasonal reservation pacing.

5) Challenges and Market Dynamics
- Seasonal and transient rent decreased by 4.4% and 5.8%, respectively, in Q3, indicating a shift as summer ends.
- The transient business is facing headwinds, with lower-than-expected reservation pacing for the winter season.
- The company is monitoring the impact of the Road to Housing Act, which may provide future opportunities for innovation in manufactured housing.

Bottom line: ELS demonstrates solid financial performance and occupancy growth, driven by strong demand from both baby boomers and Gen X customers. The company is well-positioned for continued growth in 2027, despite facing some challenges in the transient RV market. Shareholders can expect stable returns supported by a robust operational strategy and ongoing enhancements to community offerings.