Equity LifeStyle Properties (ELS) is a REIT that owns and leases land sites across manufactured home (MH) communities, RV resorts and campgrounds, and marinas in the U.S. and Canada. ELS owns the land and leases individual sites to residents and guests who own or bring their own homes, RVs, or boats. As of year-end 2025, ELS operated 453 properties with roughly 173,400 sites across 35 states. MH is the core of the business, representing roughly 60% of total revenue; residents buy a factory-built home and pay monthly or annual site rent to ELS. MH communities primarily attract retirees and near-retirees seeking affordable housing in Sunbelt and coastal markets, with Florida alone representing ~38% of MH sites. RV and marina annual leases add another ~13% of revenue, while shorter-term seasonal and transient RV stays contribute ~6-7% but are the most volatile revenue stream. ELS also operates the Thousand Trails brand, a network of ~80 campgrounds serving ~108,000 subscription members. Because residents own their own structures, ELS bears minimal capex and low turnover costs relative to traditional apartment REITs. Earnings grow through annual rent increases to existing MH residents, mark-to-market rent resets on turnover, occupancy gains from new home sales and site expansions, and acquisitions in a fragmented market. ELS targets 500-1,000 new sites per year through expansion development at existing properties, leveraging in-place infrastructure and amenities.