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Colony Cove – Ellenton, FL Investor Presentation May 2025
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ELS at a Glance ELS owns and operates the highest quality portfolio of manufactured home (“MH”) communities, recreational vehicle (“RV”) resorts, campgrounds and marinas in North America Notes: All data as of March 31, 2025, unless otherwise specified. (1) Total return calculation assumes dividend reinvestment. Total returns through April 30, 2025. Source: S&P Global. S&P 400 Member 91% Revenue from Annual Sources $16.6B Enterprise Value 211% Ten-Year Total Return(1) • 123% S&P 400 • 220% S&P 500 • 81% Dow Jones Equity ALL REIT Index 14% Annualized Total Return since IPO(1) • Performance ranked in the top 85th percentile of REITs for the last ten years 173,340 Sites 35 States 1 Canadian Province 455 Properties MH RV MARINA 2
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Strong Portfolio Performance 8.4% Normalized FFO/Share CAGR (2006 - 2024)(3)(4) 20% Dividend/Share CAGR (2006 - 2024)(4) 4.4% Avg Long-Term Core NOI Growth(1)(2)(3) 3.2% Dividend Yield(5) ELS owns and operates the highest quality portfolio of manufactured home (“MH”) communities, recreational vehicle (“RV”) resorts, campgrounds and marinas in North America Notes: All data as of March 31, 2025, unless otherwise specified. (1) The Core Portfolio may change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. (2) Average quarterly growth from Q3 1998 through Q1 2025. (3) See Non-GAAP Financial Measures on pages 34-38 for definitions and reconciliations. (4) Adjusted for stock splits. (5) Based on the stock price as of April 30, 2025 and the annual dividend rate for 2025 at $2.06 per share of Common Stock. (6) Calculated using trailing twelve months Adjusted EBITDAre. REIT-Leading Balance Sheet 19% % of Debt that is Fully Amortizing 4.1% Weighted Avg Interest Rate 8 Avg Years to Maturity 19.3% Debt/EV 4.4x Debt/Adj. EBITDAre(3)(6) 5.4x Interest Coverage ELS at a Glance 3
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MH Performance Update • Core MH base rental income growth for April QTD is 5.5% • Core Occupancy of 94.3% as of April 30, 2025 Notes: (1) Compared to comparable period in 2024. (2) Core Portfolio is defined based on properties owned and operated since January 1, 2024. The Core Portfolio may change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. The Core Portfolio excludes joint venture properties. (3) The factors that affected our results for April QTD 2025 may not continue and therefore, our results for that period may not be indicative of our results for the full quarter or year. (4) The May period-to-date includes results from April combined with May performance through the Memorial Day weekend. Recent Highlights(1)(2)(3) 4 RV Performance Update • Core RV and marina base rental income growth for April QTD is 2.0% • Core RV Transient rental income comparison for May period to date is (7.5%) or approximately ($670K)(4)
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Delivering Outsized Value to Shareholders Debt Strategy – Refinance Risk Mitigation Notes: All data as of December 31, 2024, unless otherwise specified. Source: Company filings and S&P Global. See Non-GAAP Financial Measures on pages 34-38 for definitions and reconciliations. Adjusted for stock splits. (1) Includes all publicly traded REITs that are included in the RMZ index and have reported Core FFO since 2006. (2) Includes all publicly traded U.S. Equity REITs, with a market cap greater than or equal to $3 billion, in S&P Global’s coverage universe that declared regular dividends during the period January 1, 2014 through December 31, 2024. (3) Includes all publicly traded U.S. Equity REITs in S&P Global’s coverage universe that reported weighted average term to maturity, weighted average interest rate, and/or debt maturity schedule for their most recent quarter as of April 30, 2025. (4) Represents REIT average weighted by market capitalization as of April 30, 2025. Data considers 10 publicly traded residential REITs. (5) Borrowings on our unsecured line of credit represent our only exposure to floating rate debt. Residential REITs REIT Industry 0 1% 2% 3% 4% 5% 6% 7% 8% 9% 3.8% 5.0% ELS 8.4% Residential REITs 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 8% ELS 2% Normalized FFO / Share Growth by Subsector 2006-2024 CAGR (1) Residential REITs REIT Industry 0% 2% 4% 6% 8% 10% 12% 4.0% 5.6% ELS 11.4% 0% 5% 10% 15% 20% 25% 30% 35% 30% REIT Industry ELS 9% Dividend Growth 10-Year CAGR(2) Debt Maturity through 2027(3) 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 8.0% 7.0% 0 2 4 6 8 10 12 14 Weighted Average Interest Rate Weighted Average Term to Maturity ELS Term to Maturity vs Weighted Average Interest Rate(3) ELS’ minimal exposure to floating interest rates and limited refinancing needs in the near term are expected to mitigate any potential future earnings impact from elevated rates. Current Floating Rate Debt(4)(5) REIT Leading Results 5
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$- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dividend / Share Normalized FFO / Share Normalized FFO / Share CAGR 8% Dividend / Share CAGR 20% Dividend and Normalized FFO Growth Our Board of Directors has approved setting the annual dividend rate for 2025 at $2.06 per share of Common Stock, an increase of 7.9%, or $0.15, over the $1.91 per share of Common Stock for 2024. Notes: See Non-GAAP Financial Measures on pages 34-38 for the reconciliation and definition of Normalized FFO. Adjusted for stock splits. Dividend and Normalized FFO Growth 6 Time-tested through real estate cycles
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1. Business Model • Own the land and lease developed sites to owners of manufactured homes, vacation cottages, RVs and boats • Consistent results throughout the real estate cycle • Strong customer demand with minimal new supply • Innovative strategy driving external growth through new lines of business 2. Portfolio Composition • High-quality properties located in retirement and vacation destinations • Over 110 properties with lake, river, or ocean frontage • Over 70% of MH properties are age qualified or have a resident base with an average age over 55 3. Operating Platform • Integrated operating platform focused on providing superior customer service to all residents and value creation for shareholders • Focus on generating stable, predictable revenue 4. Balance Sheet • Long-term strategy focused on access to a variety of capital sources • Well laddered maturities with average years to maturity of 8 years and weighted average interest rate of 4.1% Strong balance sheet with capacity to fund growth with debt and/or equity 5. Acquisitions / Development • Active acquisitions and development pipeline • Focus on accretive and/or value add transactions • History of being first mover when entering new asset classes that fit the portfolio strategy 6. Technology and Digital Marketing • Technology driven • Digital marketing strategy and customer engagement 7. Management Team • Experienced executive management team with a track record of delivering results Notes: All data pertaining to debt as of March 31, 2025. Investment Thesis Track record of delivering superior total returns and dividend growth 7
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Notes: (1) See Non-GAAP Financial Measures on pages 34-38 for definitions and reconciliations. The 1993 amount was determined from amounts presented in the 1996 Form 10-K. (2) The 1993 stock price is adjusted for stock splits; the 2024 price is the closing price as of December 31, 2024. (3) The enterprise values are as of December 31, 1993 and December 31, 2024. (4) Source: S&P Global. Includes dividends paid from IPO date of February 25,1993 through December 31, 2024 and adjusted for stock splits. (5) Total return calculation assumes dividend reinvestment. (6) Total return through April 30, 2025. IPO Year: 1993 2024 Properties 41 452 Sites 12,312 173,201 States 16 35 Net Income Per Share - Fully Diluted $0.15 $1.96 FFO Per Share - Fully Diluted(1) $0.23 $3.03 Normalized FFO Per Share - Fully Diluted(1) $0.23 $2.91 Common Stock Price(2) $3.22 $66.60 Enterprise Value(3) $296 million $16.6 billion Dividends Paid Cumulative(4) – $3.6 billion Dividends Paid Cumulative Per Share(4) – $21.95 Source: S&P Global Total Return Performance Since IPO (%)(5)(6) Track Record Long-term total returns that outperform the market 8 0% 1000% 2000% 3000% 4000% 5000% 6000% 7000% 8000% 9000% 2/25/934/30/95 4/30/98 4/30/01 4/30/04 4/30/07 4/30/10 4/30/13 4/30/16 4/30/19 4/30/22 4/30/25 ELS (+6,813%) S&P 500 (+2,233%) DOW JONES EQUITY ALL REIT (+1,693%)
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Notes: Source for Same Store NOI data: Citi Investment Research, May 2025. Earliest quarter collected by Citi is third quarter of 1998. Data through first quarter of 2025. “REIT Industry” includes an index of REITs across a variety of asset classes, including regional malls, shopping centers, multi-family, student housing, manufactured homes, self storage, office, industrial, mixed office and specialty. REIT Industry Same Store NOI Growth Unique Business Model Drives sustained long-term outperformance 9
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Source: S&P Global California 11% of Total Properties Arizona 10% of Total Properties Florida 35% of Total Properties Total Age 55+ FL AZ CA USA 6.0% 10.7% 4.4% -0.3% 8.2% 2.4% 7.3% 5.7% -2% 0% 2% 4% 6% 8% 10% 12% Property Locations ELS owns and operates 455 properties in North America with a focus on high-quality coastal and Sunbelt retirement and vacation destinations and urban areas Projected Population Growth % (2025-2030) 4 33 3 3 3 3 5 25 2 6 8 7 10 4 9 2 8 3 2 4 2 3 4 2 2 22 2 4 3 4 2 12 58 21 16 9 5 24 11 13 2 2 9 5 3 3 6 6 8 2 2 3 33 2 3 2 9 Notes: Property and site counts presented as of March 31, 2025. 10
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Continued investment in communities to support internal growth and enhance our resident and guest experience 202420232022 Expansions & Development Upgrades Sustainability $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 2022 2023 2024 Asset Preservation Improvement & Renovations $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 Expansions, Upgrades & Sustainability Capex (in thousands) Capital Expenditures Recurring Capex (in thousands) 11
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• The population of people aged 55 and older in the U.S. is expected to grow 14% from 2025 to 2040 • Roughly 10,000 people will turn 65 every day for the foreseeable future • Over 70% of ELS MH properties are age qualified or have a resident base with an average age over 55 • Nearly 50% of ELS MH residents are aged 70 or older • Installed base of over 8 million RV owners in the U.S. U.S. Population Over Age 55 (in millions) U.S. Population by Age and Generation 0 1 2 3 4 5 Population (in millions) Highest Interest in RV Camping Future Customers Core MH/RV/Thousand Trails Customer Base GEN A GEN Z MILLENNIALS GEN X BOOMERS SILENT GEN GREATEST GEN 1 – 11Age 12 – 27 28 – 43 44 – 59 60 – 78 79 – 96 97 – 102 100 102 104 106 108 110 112 114 116 118 120 2025 2040 Sources: U.S. Census, released November 2023, Alliance for Lifetime Income’s Retirement Income Institute, RVIA. Unique customer demographics driven by baby boomers and a strong tailwind from future generations Demand Drivers – Unique Demographics 14% Growth 12
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Migration of Population Aged 65 & Over Positive new domestic migration Negative new domestic migration Dot = 100 people Source: “Domestic Migration of Older Americans: 2015–2019. Issued September 2022”. U.S. Census Bureau, 2015–2019 America Community Survey, 5-year estimates. Domestic Migration Patterns 13 0 20,000 40,000 60,000 80,000 100,000 120,000 Idaho Oregon Nevada Tennessee South Carolina Georgia North Carolina Texas Arizona Florida
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Whether buying or renting, manufactured homes provide greater value as compared to other housing options Sources: U.S. Census Bureau, Federal Reserve Economic Data (FRED), Freddie Mac, Moody’s Analytics. Notes: (1) Data is as of FRED’s most recently published economic report as of April 30, 2025. (2) Assumes MH is paid in full and the SFH has a 20% down payment on a loan. At ELS, the majority of homeowners do not have debt on their homes. (3) Assumes SFH has a 30-year loan with a 6.8% interest rate. U.S. Housing shortage of nearly 4 million SFH creates demand for manufactured housing ELS renters pay approximately 20-25% less per sq ft than the average two-bedroom rental in ELS submarkets Demand Drivers – Value Proposition Avg Sales Price – New Single Family Home (“SFH”) vs New Manufactured Home(1) Buying a new MH vs Financing a new SFH(1) Manufactured Home Construction Advantage: • Controlled construction environment results in no weather delays • Economies of scale to purchase materials in bulk • Standardization of processes allows for efficient construction • Centralized labor force allows for faster workforce training 14 $0 $100 $200 $300 $400 $500 $600 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 (In thousands) Avg Sales Price – New SFH Avg Sales Price – New MH The cost to purchase a MH home is significantly less than a single-family home. SFH $503,992 $100,798 $2,631 Difference in cost -76% 22% -66% Cost of Home Upfront Cost(2) Monthly Cost(3) MH $122,950 $122,950 $895
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ELS communities and resorts have the amenities to build a thriving community where our residents and guests create memories together Demand Drivers – Lifestyle and Amenities 15
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Vacation Homes Manufactured Homes RV Sites Tiny Homes Cabins & Cottages We offer our residents and guests unique ways to stay at our communities and resorts Demand Drivers – Ways to Stay 16
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0 20 40 60 80 2001 Number of MH Developments Year 20022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024 Manufactured Housing Developments in the U.S. Source: Datacomp. • There has been limited MH development in the U.S. in the past 20 years • Growing demand coupled with almost no new supply is a strategic advantage for ELS Supply Constrained Asset Class Reasons for the Supply Constraint: • NIMBY (Not in my backyard) • Restricted zoning & regulations • Federal planning vs local planning 17
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Homeowner vs Renter % of Total MH Occupancy 2024 ELS New Home Sales Residents 72% FICO score greater than 680Annual MH 62.7% Annual RV & Marinas 22.2% Annual Membership 5.9% Transient 5.2% Seasonal 4.0% Approximately 91% of revenue is derived from stable, annual sources Property Operating Revenue Buckets(1) Notes: All data as of December 31, 2024, unless otherwise specified. (1) Property operating revenue buckets reflect trailing twelve months as of March 31, 2025. 8% 8% 7% 7% 6% 6% 6% 5% 4% 3% 3% 92% 92% 93% 93% 94% 94% 94% 95% 96% 97% 97% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 % of Total Occupancy Rental Homeowner Steady, Predictable Revenue Streams from High-Quality Occupancy The rental program is utilized strategically to introduce residents to our communities. Renters typically stay less than three years, while homeowners stay approximately ten years, contributing to a stable occupancy base. 18
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Best-in-class property operations platform drives consistent rate and occupancy increases Property Operations 49% of MH Communities are 98%+ Occupied 2020 2021 2022 2023 86% 87% 88% 89% 90% 91% 92% 93% 94% 95% 96% 2024 Q1 2025 Core MH Occupancy % 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2020 2021 2022 2023 2024 Q1 2025 MH Annual Lease Composition 25% CPI 25% Long-Term Agreements 50% Market Rate Core MH Base Rent Growth 5.3%Average Core MH Base Rent Rate Growth over the past 5 years 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2020 2021 2022 2023 2024 Q1 2025 RV Annual Lease Composition 100% Market Rate Core RV Annual Rate Growth 6.3%Average Core RV Annual Rate Growth over the past 5 years 19
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0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Core MH Rate Growth % COLA Growth % Historical MH Growth Rate Source: Social Security Administration, Company filings Notes: (1) Data reflects Core MH rate growth as of Q1 2025, as well as the COLA growth rate that went into effect that year. Our high-quality MH portfolio has driven outperformance of annual rate increases compared to Cost-of-Living adjustment (COLA) over the long term Affordable Housing(1) COLA averaged 2.6% ELS averaged 4.1% Average spread of +150 bps 20
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29% Thousand Trails Members have been customers for at least 20 years 113,553 Thousand Trails Members enrolled through 2024 Notes: All data as of December 31, 2024. $0 $100 $200 $300 $400 $500 $600 $700 2018 2019 2020 2021 2022 2023 2024 Thousand Trails Annual Subscription Revenue Per Member Property Operations Growth since 201835% 21
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2024 Core Property Operating Expense(1) Compare to Multi-Family(2) Notes: (1) Core property operating expense for the year ended December 31, 2024. (2) Data considers performance for five publicly traded multi-family REITs as of December 31, 2024. (3) Insurance expense accounts for approximately 41% of the Insurance, Admin, and Other line item. ELS Multi-Family 0% 5% 10% 15% 20% 25% 30% 35% 40% Payroll All OtherRE TaxesUtilities R&M 20% 27% 16% 19% 14% 4% Real Estate Taxes Sales and Marketing 19% 14% 4% 27% 20% 16% Utilities Expense Payroll R&M Insurance, Admin, & Other(3) Approximately 63% of Core Property Operating Expenses are from Utilities, Payroll and R&M Utility Recovery Rate is approximately 47% of Utility Expense 22 Property Operating Expenses
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Notes: (1) Historical performance is based on the core portfolio as of the reported year. The Core Portfolio may change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. (2) See Non-GAAP Financial Measures on pages 34-38 for definitions and reconciliations. (3) Represents average spread between ELS Core Portfolio NOI growth and CPI growth from each year. Includes all publicly traded residential REITs (multi-family, single-family rental, student housing) in S&P Global’s coverage universe that had an enterprise value greater than $4 billion and had same store NOI growth tracked by S&P Global as of April 30, 2025. Average Spread Between Same Store NOI Growth vs CPI (2001-2024)(3) 0.0% 0.5% 1.0% 1.5% 2.0% ELS Residential REITs Avg. ELS Core Rev Growth Avg. ELS Core Exp Growth Avg. ELS Core NOI Growth ELS NOI Growth Above CPI 2001-2007 4.1% 4.7% 3.8% 1.1% 2008-2012 2.8% 1.3% 4.1% 2.3% 2013-2024 4.9% 4.7% 5.1% 2.4% Stability Through Economic Cycles 23 Historical Core Portfolio Growth Rate Against CPI(1)(2 Core Portfolio NOI Growth % CPI Housing Crisis Pandemic 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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Balance sheet strategy supports long-term growth As of March 31, 2025, unless otherwise specified (in millions) Mortgage Debt $2,936 17.7% OPUs(3) $607 3.7% Line of Credit $63 0.4% Term Loan $200 1.2% Common Stock(3) $12,749 77.0% • Total enterprise value is $16.6 billion • $500 million line of credit • Debt to enterprise value is 19.3% • Total Debt/Adjusted EBITDAre is 4.4x(1)(2) Notes: (1) As of March 31, 2025. See Non-GAAP Financial Measures on pages 34-38 for the definition and reconciliation of Adjusted EBITDAre. (2) Calculated using trailing twelve months Adjusted EBITDAre. (3) Based on the stock price as of March 31, 2025. (4) In April 2025, we completed the repayment of our 2025 maturities, leaving only 6% of our total debt scheduled to mature through 2027. Year Outstanding Balance (in millions) $0 $100 $200 $300 $400 $500 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Capital Structure 24 10-Year Debt Maturity Secured Unsecured Line of Credit 8 Average Years to Maturity 19% % of Debt that is Fully Amortizing 98% Long-Term Fixed Rate Debt 4.1% Weighted Average Interest Rate 9% % of Debt that is Due through 2027(4)
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Total Return CAGR -10% -5% 0% 5% 10% 15% 20% -25% Dividend CAGR -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% ELS Notes: (1) Compound annual growth rate through 2024. (2) Source: S&P Global: Includes all publicly traded U.S. Equity REITs, with a market cap greater than or equal to $3 billion, in S&P Global’s coverage universe that declared regular dividends during the period January 1, 2014 through December 31, 2024. 10-Year Dividend CAGR and Total Return CAGR 25 • ELS 11.4%(1) • REIT Average 4.0%(2) Dividend Growth 10-year CAGR Dividend
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ELS has a strong pipeline of external growth opportunities and a disciplined strategy focused on acquiring accretive properties Acquisitions 19 26 MH RV Marina Over $1.3 Billion Invested in New Acquisitions Since 2018
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Voyager Dolce Vita Sandusky Scenic Topsail Sound White Oak Shores Lake Texoma Clover Leaf Sherwood Forest Coquina Crossing Sunshine Travel Ft. Myers Beach Tranquility Lakes Winds of St. Armands Terra Ceia Buccaneer Estates Notes: (1) This represents management’s estimate based on facts known to management as of the date hereof. There is no guarantee that such yields will be realized at all, in these amounts or over what time table. 2025 2022 Buccaneer Estates – North Fort Myers, FL Expansion in Progress 2019 2020 2021 2022 2023 2024 0 200 400 600 800 1,000 1,200 1,400 Over $93 Million Invested in Land Acquisitions since 2019 Expansion Sites Added Expansions maximize returns by increasing the number of sites at communities with high demand with minimal increase to operating costs Expansion 27 7%-10% Expected Stabilized Yields(1)
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Thousand Trails Wilderness Lakes Menifee, CA Encore Tranquility Lakes Cape Coral, FL Leveraging AI Cashless Transactions Digitizing Content Process Automation Renewable Energy Energy Conservation and Efficiency Utilizing the latest technology to drive operational efficiencies Technology and Innovation 28
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Since January 2024, ELS had 13.6 million total engagements on social media channels Digital Marketing Strategy – Social Media 29 Over 2.2 Million Total Followers across social media channels ELS has an engagement-focused social media strategy where we build meaningful interactions with existing and potential customers. These engagements build brand awareness and help drive sales and reservations.
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Sample Model Home Virtual Tour Sample MH Property Virtual Tour Interactive virtual tours allow residents to preview the community and their future home Digital Marketing Strategy – Home Sales 30 Home listings with virtual tours are 5.6x more likely to convert
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Benefits of Online Check-In for Customers: • Less wait time at the front desk • Reduced contact at check-in • Expedited entry and can go straight to assigned sites • Mobile friendly Benefits of Online Check-In for Property Teams: • Receive full visibility of customer reservation details prior to arrival • Reduced processing time at front desk • Allows for more time to focus on building relationships with customers • Shorter lines and wait times at entrances Implemented online check-in functionality to enhance the customer experience Digital Marketing Strategy – Online Check-In 31 Play video to view the online check-in process
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12 Properties received award for five consecutive years 55 Travelers’ Choice Awards Thousand Trails Orlando in Clermont, FL has won the Tripadvisor Travelers’ Choice Award for 11 consecutive years. Building brand awareness and expanding reach to new customers through strategic partnerships Digital Marketing Strategy – Online Travel Partners 32 2015 2016 2017 2018 2020 2021 2022 2023 2024 2025
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Marguerite Nader Vice Chairman and CEO 31 Years Paul Seavey EVP and CFO 31 Years Patrick Waite President and COO 31 Years David Eldersveld EVP , CLO and Secretary 9 Years Dan Perlis EVP , Sales, Marketing, and Business Development 18 Years Long-tenure leadership in the MH, RV, and marina industry Experienced Executive Management Team 33
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Under the Private Securities Litigation Reform Act of 1995: The forward-looking statements contained in this presentation are subject to certain economic risks and uncertainties described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K, as modified or supplemented by subsequently filed Quarterly Reports on Form 10-Q. See our 2024 Annual Report for the full text of our forward-looking statements. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. Non-GAAP Financial Measures Net Income to FFO and Normalized FFO Reconciliation (in millions) 2020 2021 2022 2023 2024 Net income available for Common Stockholders $228.3 $262.5 $284.6 $314.2 $367.0 Income allocated to non-controlling interests – Common OP Units 13.1 13.5 14.2 15.5 17.8 Depreciation and amortization 155.9 189.5 206.2 208.3 208.7 Gain on unconsolidated joint ventures (1.2) – – (0.4) – (Gain)/loss on sale of real estate and impairment, net – 0.1 – 3.6 2.5 FFO available for Common Stock and OP Unit holders 396.0 465.6 505.1 541.2 596.0 Deferred income tax benefit – – – (10.5) (0.4) Accelerated vesting of stock-based compensation expense – – – 6.3 – Transaction/pursuit costs and other – 0.6 6.9 0.5 0.4 Early debt retirement 10.8 2.8 1.2 0.0 5.8 Insurance proceeds due to catastrophic weather event and other, net – – – – (22.1) COVID-19 expenses 1.4 – – – – Other items – – – – (6.8) Normalized FFO available for Common Stock and OP Unit holders $408.3 $469.0 $513.1 $537.5 $572.9 Forward-Looking Statement 34
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This presentation contains certain Non-GAAP measures that in management’s view of the business are meaningful as they allow investors the ability to understand key operating details of our business that may not always be indicative of recurring annual cash flow of the portfolio. Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions. The following Non-GAAP financial measures definitions have been revised and do not include adjustments in respect to membership upgrade sales: (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property operating revenues; (vi) Property operating expenses; and (vii) Income from property operations, excluding property management. For comparability, prior periods’ non-GAAP financial measures have also been updated. FUNDS FROM OPERATIONS (FFO). We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance. NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount. We believe that FFO and Normalized FFO are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our normal operations. For example, we believe that excluding the early extinguishment of debt, and other miscellaneous non-comparable items from FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items. Non-GAAP Financial Measures (Continued) 35
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Reconciliation of Net Income Available for Common Stockholders to Income from Property Operations (in thousands) INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT (NOI). We define Income from property operations, excluding property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses, excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within Property operating, maintenance and real estate taxes in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties. 2023 2024 Net income available for Common Stockholders $314,191 $366,998 Redeemable preferred stock dividends 16 16 Income allocated to non-controlling interests – Common OP Units 15,470 17,804 Consolidated net income 329,677 384,818 Equity in income of unconsolidated joint ventures (2,713) (6,248) Income Tax Benefit (10,488) (354) (Gain)/Loss on sale of real estate and impairment, net 3,581 2,466 Gross revenues from home sales, brokered resales and ancillary services (145,219) (117,732) Interest income (9,037) (9,238) Income from other investments, net (8,703) (8,274) Property management 76,170 78,114 Depreciation and amortization 203,738 203,879 Cost of home sales, brokered resales and ancillary services 107,668 84,771 Home selling expenses and ancillary operating expenses 27,453 27,644 General and administrative 47,280 38,483 Casualty-related charges/(recoveries), net – (20,950) Other expenses 5,768 5,533 Other items, net – (6,800) Early debt retirement 68 5,833 Interest and related amortization 132,342 137,710 Income from property operations, excluding property management 757,585 799,655 Property management (76,170) (78,114) Income from property operations 681,415 721,541 Non-GAAP Financial Measures (Continued) 36
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Reconciliation of Net Income Available for Common Stockholders to Income from Property Operations (in thousands) INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT (NOI). We define Income from property operations, excluding property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses, excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within Property operating, maintenance and real estate taxes in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties. Quarters Ended March 31 2024 2025 Net income available for Common Stockholders $109,905 $109,192 Income allocated to non-controlling interests – Common OP Units 5,366 5,201 Consolidated net income 115,271 114,393 Equity in income of unconsolidated joint ventures (283) (4,901) Gross revenues from home sales, brokered resales and ancillary services (30,053) (20,923) Interest income (2,168) (2,238) Income from other investments, net (2,038) (2,018) Property management 19,710 20,430 Depreciation and amortization 51,108 50,942 Cost of home sales, brokered resales and ancillary services 21,967 13,692 Home selling expenses and ancillary operating expenses 6,147 6,168 General and administrative 11,989 9,239 Casualty-related charges/(recoveries), net (14,813) 217 Other expenses 1,092 1,878 Interest and related amortization 33,543 31,136 Income from property operations, excluding property management 211,442 218,015 Property management (19,710) (20,430) Income from property operations 191,732 197,585 Non-GAAP Financial Measures (Continued) 37
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Consolidated Net Income to EBITDAre and Adjusted EBITDAre Reconciliations (in millions) EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairments charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. We define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT. Trailing Twelve Months as of March 31, 2025 Consolidated net income $383.9 Interest income (9.3) Real estate depreciation and amortization 203.7 Other depreciation and amortization 5.4 Interest and related amortization 135.3 Loss on sale of real estate and impairment, net 2.5 Income tax benefit (0.1) Adjustments to our share of EBITDAre of unconsolidated joint ventures 8.2 EBITDAre 729.6 Other items, net (6.8) Early debt retirement 5.8 Insurance proceeds due to catastrophic weather event (7.3) Adjusted EBITDAre $721.3 Non-GAAP Financial Measures (Continued) 38