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What changed in EQUITY LIFESTYLE PROPERTIES INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of EQUITY LIFESTYLE PROPERTIES INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+243 added−252 removedSource: 10-K (2026-02-18) vs 10-K (2025-02-25)

Top changes in EQUITY LIFESTYLE PROPERTIES INC's 2025 10-K

243 paragraphs added · 252 removed · 207 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

47 edited+7 added−30 removed59 unchanged
Biggest changeLed by the sustainability team and overseen by our Executive Vice President and Chief Operating Officer, the Taskforce is comprised of a cross-functional team of employees from asset management, investor relations, compliance, communications, operations, marketing, risk management, financial reporting, legal, human resources, tax and IT that assists Company management and the Board in: • Setting general strategy and objectives relating to Sustainability matters; • Developing, implementing and monitoring initiatives and policies based on that strategy; • Overseeing communications with employees, investors and stakeholders with respect to Sustainability matters; and • Monitoring and assessing risks and opportunities relating to, and improving the Company's understanding of, Sustainability matters.
Biggest changeOverseen by our President and Chief Operating Officer, the sustainability team is comprised of a cross-functional team of employees from asset management, investor relations, compliance, communications, operations, marketing, risk management, financial reporting, legal, human resources, tax and IT.
We contributed the proceeds from our various equity offerings to the Operating Partnership. In exchange for these contributions, we received units of common interests in the partnership (“OP Units”) equal to the number of shares of common stock that have been issued in such equity offerings.
We contributed the proceeds from our various equity offerings to the Operating Partnership. In exchange for these contributions, we received units of common interests in the Operating Partnership (“OP Units”) equal to the number of shares of common stock that have been issued in such equity offerings.
We believe that the housing choices in our Properties are especially attractive to such individuals throughout this lifestyle cycle. Our Properties offer an appealing amenity package, close proximity to local services, social activities, 8 low maintenance and a secure environment. In fact, many of our Properties allow for this cycle to occur within a single Property.
We believe that the housing choices in our Properties are especially attractive to such individuals throughout this lifestyle cycle. Our Properties offer an appealing amenity package, close proximity to local services, social activities, low maintenance and a secure environment. In fact, many of our Properties allow for this cycle to occur within a single Property.
Risk Factors and our consolidated financial statements and related notes beginning on page F-1 of this Form 10-K for more detailed information. The Federal Housing Finance Agency (the “FHFA”), overseer of Fannie Mae, Freddie Mac (the “GSEs”) and the Federal Home Loan Banks, focuses on equitable access to affordable and sustainable housing.
Risk Factors and our consolidated financial statements and related notes beginning on page F-1 of this Form 10-K for more detailed information. 8 The Federal Housing Finance Agency (the “FHFA”), overseer of Fannie Mae, Freddie Mac (the “GSEs”) and the Federal Home Loan Banks, focuses on equitable access to affordable and sustainable housing.
While the FHFA and the current programs may have a positive impact on the ability of our customers to obtain chattel loan financing, the impact on us as well as the industry cannot be determined at this time. Available Information 10 We file reports electronically with the Securities and Exchange Commission (“SEC”).
While the FHFA and the current programs may have a positive impact on the ability of our customers to obtain chattel loan financing, the impact on us as well as the industry cannot be determined at this time. Available Information We file reports electronically with the Securities and Exchange Commission (“SEC”).
Acquisitions will be financed with the most efficient available sources of capital, which may include undistributed Funds from Operations (“FFO”), collateralized and uncollateralized borrowings, including our existing line of credit, issuance of additional equity securities, including under an at-the-market (“ATM”) equity offering program, and sales of investments.
Acquisitions will be financed with the most efficient available sources of capital, which may include undistributed Funds from Operations (“FFO”), collateralized and uncollateralized borrowings, including our existing line of credit, issuance of additional equity securities, including under our at-the-market (“ATM”) equity offering program, and sales of investments.
Samuel Zell served as Chairman of our Board of Directors from the Company’s initial public offering until his passing in May 2023. Mr. Zell is recognized as a founder of the modern real estate investment trust (“REIT”) industry.
Samuel Zell served as Chairman of our Board of Directors (the “Board”) from the Company’s initial public offering until his passing in May 2023. Mr. Zell is recognized as a founder of the modern real estate investment trust (“REIT”) industry.
At certain Properties, state and local rent control laws dictate the structure of rent increases and in some cases, outline the ability to recover the costs of capital improvements. Enactment of such laws has been considered at 7 various times in other jurisdictions.
At certain Properties, state and local rent control laws dictate the structure of rent increases and in some cases, outline the ability to recover the costs of capital improvements. Enactment of such laws has been considered at various times in other jurisdictions.
For most catastrophic events, there is an additional one-time aggregate deductible of $10.0 million, which is capped at $5.0 million per occurrence. We have separate insurance policies with respect to our marina Properties. Those casualty policies will expire on November 1, 2025 and the property insurance program, which we plan to renew, expires on April 1, 2025.
For most catastrophic events, there is an additional one-time aggregate deductible of $10.0 million, which is capped at $5.0 million per occurrence. We have separate insurance policies with respect to our marina Properties. Those casualty policies will expire on November 1, 2026, and the property insurance program, which we plan to renew, expires on April 1, 2026.
Generally, these residents and guests cannot live full time on these Properties for reasons including their seasonal nature. Many of them also leave deposits to reserve a Site for the following year. Properties operated under the Thousand Trails brand are primarily utilized to serve subscription members. Available Sites within these Properties may also be utilized by non-members.
Generally, these residents and guests cannot live full time on these Properties for reasons including their seasonal nature. Many of them also submit deposits to reserve a Site for the following year. Properties operated under the Thousand Trails brand are primarily utilized to serve subscription members. Available Sites within these Properties may also be utilized by non-members.
Census Bureau, 2024 and 2023 shipments of manufactured homes were closer to pre-pandemic levels. 2022 shipments of manufactured homes appeared to be the highest in over a decade, marking the first time that shipments exceeded over 100,000 for two consecutive years.
Census Bureau, 2025 and 2024 shipments of manufactured homes were closer to pre-pandemic levels. 2022 shipments of manufactured homes appeared to be the highest in over a decade, marking the first time that shipments exceeded over 100,000 for two consecutive years.
The relevant insurance policies contain deductible requirements, coverage limits and particular exclusions. Our current property and casualty insurance policies with respect to our MH and RV Properties, which we plan to renew, expire on April 1, 2025.
The relevant insurance policies contain deductible requirements, coverage limits and particular exclusions. Our current property and casualty insurance policies with respect to our MH and RV Properties, which we plan to renew, expire on April 1, 2026.
The RVIA operates a safety standards and inspection program that requires member manufacturers of all recreation vehicles, including park model RVs, to certify that each unit built complies with the requirements of the applicable standards. • Comparability to Site-Built Homes: Since inception, the manufactured housing industry has experienced a trend toward multi-section homes.
The RV Industry Association (“RVIA”) operates a safety standards and inspection program that requires member manufacturers of all recreation vehicles, including park model RVs, to certify that each unit built complies with the requirements of the applicable standards. • Comparability to Site-Built Homes: Since inception, the manufactured housing industry has experienced a trend toward multi-section homes.
In Florida, which represents 38.3% of total sites and 45.3% of total property operating revenues, in connection with offering a Site in a MH community for rent, the MH community owner must deliver to the prospective resident a prospectus required by Florida Statutes Chapter 723.011, which must first be approved by the state's regulatory agency.
In Florida, which represents approximately 38% of total sites and 46% of total property operating revenues, in connection with offering a Site in a MH community for rent, the MH community owner must deliver to the prospective resident a prospectus required by Florida Statutes Chapter 723.011, which must first be approved by the state’s regulatory agency.
The average current manufactured homes are approximately 1,471 square feet. Many such homes have nine-foot or vaulted ceilings, fireplaces and as many as four bedrooms and closely resemble single-family ranch-style site-built homes at a fraction of the price. At our Properties, there is an active resale or rental market for these larger homes. According to the 2020 U.S.
The average manufactured homes are approximately 1,460 square feet. Many such homes have nine-foot or vaulted ceilings, fireplaces and as many as four bedrooms and closely resemble single-family ranch-style site-built homes at a fraction of the price. At our Properties, there is an active resale or rental market for these larger homes. According to the 2023 U.S.
We are one of the nation's largest real estate networks with a portfolio of 452 Properties (including joint venture Properties) consisting of 173,201 Sites located throughout 35 states in the U.S. and British Columbia in Canada as of December 31, 2024. 1 Our Properties are generally designed and improved for housing options of various sizes and layouts that are produced off-site by third-party manufacturers, installed and set on designated Sites within the Properties.
We are one of the nation’s largest real estate networks with a portfolio of 453 Properties (including joint venture Properties) consisting of 173,371 Sites located throughout 35 states in the U.S. and British Columbia in Canada as of December 31, 2025. 1 Our Properties are generally designed and improved for housing options of various sizes and layouts that are produced off-site by third-party manufacturers, installed and set on designated Sites within the Properties.
Two North Riverside Plaza Chicago, Illinois 60606 Phone: 1-800-247-5279 e-mail: investor_relations@equitylifestyle.com 11
Two North Riverside Plaza Chicago, Illinois 60606 Phone: 1-800-247-5279 e-mail: investor_relations@equitylifestyle.com 9
On a quarterly basis, the Taskforce reports on Sustainability matters to the Compensation, Nominating and Corporate Governance Committee (the "Compensation Committee") of the Board of Directors. The Compensation Committee is responsible for the review of our sustainability strategy and initiatives. The Strategic Planning Committee of the Board of Directors further assists the Board in assessing sustainability strategies.
On a quarterly basis, the sustainability team reports on Sustainability matters to the Compensation, Nominating and Corporate Governance Committee (the “Compensation Committee”) of the Board. The Compensation Committee is responsible for the review of our sustainability strategy and initiatives. The Strategic Planning Committee of the Board of Directors further assists the Board in assessing sustainability strategies.
Complementing the field management staff are approximately 500 full-time employees in our home and regional offices who assist in all functions related to the management of our Properties. We provide equal employment opportunities to all persons, in accordance with the principles and requirements of the Equal Employment Opportunities Commission and the principles and requirements of the Americans with Disabilities Act.
Complementing the on-site team are approximately 500 full-time employees in our home and regional offices who assist in all functions related to the management of our Properties. We provide equal employment opportunities to all persons, in accordance with the principles and requirements of the Equal Employment Opportunities Commission and the principles and requirements of the Americans with Disabilities Act.
Information on our sustainability practices can be found in our 2023-24 Sustainability Report published in November 2024, which references the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD) frameworks. The Sustainability Report also includes information on our environmental performance and methodology for energy, greenhouse gas emissions and water metrics.
Information on our sustainability practices can be found in our 2024-25 Sustainability Report published in December 2025, which references the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD) frameworks. The Sustainability Report also includes information on our environmental performance and methodology for energy, greenhouse gas emissions and water metrics.
RV ownership spans diverse demographics, including various age groups, with a shift towards younger, diverse families, including a growing number of RV intenders being in the 35-54 age group (46%) and more families with children under 18 joining the lifestyle. Additionally, camping remains a key driver of demand, with 81.1 million Americans camping in 2024 (The Dyrt’s 2025 Camping Report).
RV ownership spans diverse demographics, including various age groups, with a shift towards younger, diverse families, a growing number of RV intenders being in the 35-54 age group (46%) and more families with children under 18 joining the lifestyle. Additionally, camping remains a key driver of demand, with 82.4 million Americans camping in 2025 (The Dyrt’s 2026 Camping Report).
We believe it is likely that over the next decade we will continue to see high levels of second-home sales and that manufactured homes and cottages in our Properties will continue to provide a viable second-home alternative to site-built homes.
We believe it is likely that we will continue to see high levels of second-home sales and that manufactured homes and cottages in our Properties will continue to provide a viable second-home alternative to site-built homes.
As RV owners age and move beyond the more active RV lifestyle, they will often seek permanent retirement or vacation establishments. Manufactured homes and cottages have become an increasingly popular housing alternative. According to 2023 U.S. Census Bureau National Population Projections figures, the population of people ages 55 and older is expected to grow 15% within the next 14 years.
As RV owners age and move beyond the more active RV lifestyle, they will often seek permanent retirement or vacation establishments. Manufactured homes and cottages have become an increasingly popular housing alternative. According to 2023 U.S. Census Bureau National Population Projections figures, the population of people ages 55 and older is expected to grow 14% from 2025 to 2040.
According to the RVIA, wholesale shipments of RVs for 2024 ended with 333,733 shipments, a modest increase from 313,174 in 2023. 9 ——————————————————————————————————————————— 1. Source: RVIA 2. U.S. Census: Manufactured Homes Survey • Sales: We believe consumers view RVs as a safe way to enjoy an active outdoor lifestyle, travel and see the country.
According to the RVIA, wholesale shipments of RVs for 2025 ended with 342,121 shipments, a modest increase from 333,733 in 2024. ——————————————————————————————————————————— 1. Source: RVIA 2. U.S. Census: Manufactured Homes Survey • Sales: We believe consumers view RVs as a safe way to enjoy an active outdoor lifestyle, travel and see the country.
When evaluating potential dispositions, we consider, among others, the following factors: • Whether the Property meets our current investment criteria; • Our desire to exit certain non-core markets and reallocate the capital into core markets; and • Our ability to sell the Property at a price that we believe will provide an appropriate return for our stockholders. 3 When investing capital, we consider all potential uses of the capital, including returning capital to our stockholders.
When evaluating potential dispositions, we consider, among others, the following factors: • Whether the Property meets our current investment criteria; • Our desire to exit certain non-core markets and reallocate the capital into core markets; and • Our ability to sell the Property at a price that we believe will provide an appropriate return for our stockholders.
While 2024 retail sales of RVs were 321,573, down approximately 6.7% from 2023, the enduring appeal of the RV lifestyle has translated into continued strength in RV sales, as 2021 marked the highest sales year for the industry at 516,565. RV sales could continue to benefit from the increased demand from the baby boomers and Millennials.
While 2025 retail sales of RVs were 318,863, down approximately 0.8% from 2024, the enduring appeal of the RV lifestyle has translated into continued strength in RV sales, as 2021 marked the highest sales year for the industry at 516,565. RV sales could continue to benefit from the increased demand from the baby boomers and Millennials.
These leases are cancellable, depending on applicable law, for non-payment of rent, violation of Property rules and regulations or other specified defaults. Long-term leases are in effect at approximately 7,201 Sites in 21 of our MH Properties.
These leases are cancelable, depending on applicable law, for non-payment of rent, violation of Property rules and regulations or other specified defaults. Cancelable, long-term leases are in effect at approximately 11,932 Sites in 29 of our MH Properties.
The initial development of the infrastructure may take up to three years and once a property is ready for occupancy, it may be difficult to attract customers to an empty property. • Customer Base : We believe that our properties tend to achieve and maintain a stable rate of occupancy due to the following factors: (i) customers typically own their own homes and display pride of ownership in maintenance and upkeep of their homes, (ii) properties tend to foster a sense of community as a result of amenities, such as clubhouses and recreational and social activities, (iii) customers often sell their homes in-place (similar to site-built residential housing), resulting in no interruption of rental payments to us and (iv) moving a factory-built home from one property to another involves substantial cost and effort. • Lifestyle Choice : The RV industry is experiencing strong demand, outpacing available infrastructure and creating significant growth opportunities.
Further, the length of time between investment in a property’s development and the attainment of stabilized occupancy and the generation of profit is significant. • Customer Base : We believe that our Properties tend to achieve and maintain a stable rate of occupancy due to the following factors: (i) customers typically own their own homes and display pride of ownership in maintenance and 6 upkeep of their homes, (ii) properties tend to foster a sense of community as a result of amenities, such as clubhouses and recreational and social activities, (iii) customers often sell their homes in-place (similar to site-built residential housing), resulting in no interruption of rental payments to us and (iv) moving a factory-built home from one property to another involves substantial cost and effort. • Lifestyle Choice : The RV industry is experiencing strong demand, outpacing available infrastructure and creating significant growth opportunities.
(“RSI”) which, along with owning several Properties, is engaged in the business of purchasing, selling and leasing factory-built homes located in Properties owned and managed by us. RSI also offers home sale brokerage services to our residents who may choose to sell their homes rather than relocate them when moving from a Property.
(“RSI”) which, along with owning several Properties and other businesses, also purchases, sells and leases factory-built homes located in Properties owned and managed by us. RSI also offers home sale brokerage services to our residents who may choose to sell their homes rather than relocate them when moving from a Property.
All 4 employees are encouraged to report any conditions in their workplace that raise health or safety concerns without fear of retaliation, which can be done via our confidential hotline. We also have a confidential multi-lingual Alertline available for all employees to report Ethics and Compliance concerns. ELS is a place where talent is recognized and internal growth is promoted.
All employees are encouraged to report any conditions in their workplace that raise health, safety, ethics or compliance concerns without fear of retaliation, which can be done through our third-party confidential hotline. ELS is a place where talent is recognized and internal growth is promoted.
A membership subscription grants the member access to these Properties on a continuous basis of up to 14 days in exchange for an annual payment. In addition, members are eligible to upgrade their subscriptions, which increase usage rights during the membership term. Certain membership upgrades require a non-refundable upfront payment, for which we offer financing options to eligible members.
A membership subscription grants the member access to these Properties on a continuous basis of up to 21 days in exchange for an annual payment. In addition, members are eligible to upgrade their subscriptions, which increase usage rights during the membership term.
Over the last decade, we have continued to increase the number of Properties in our portfolio (including joint venture Properties), from approximately 384 Properties with over 143,000 Sites to 452 Properties with approximately 173,200 Sites as of December 31, 2024.
Over the last decade, we have continued to increase the number of Properties in our portfolio (including joint venture Properties), from approximately 387 Properties with over 143,900 Sites to 453 Properties with approximately 173,400 Sites as of December 31, 2025.
The information on our internet site is not part of, nor incorporated into, this annual report on Form 10-K. 6 Leases or Usage Rights At our Properties, a typical lease for the rental of a Site between us and the owner or renter of a home is month-to-month or for a one-year term, renewable upon the consent of both parties or, in some instances, as provided by statute.
Leases or Usage Rights At our Properties, a typical lease for the rental of a Site between us and the owner or renter of a home is month-to-month or for a one-year term, renewable upon the consent of both parties or, in some instances, as provided by statute.
We encourage our employees to take time away from work to focus on their physical and mental well-being and offer a comprehensive benefit package that includes five mental health and well-being days, paid parental and paid family leave programs that exceed minimum regulatory requirements, back up child care services, pet insurance, paw-ternity leave and paid volunteer time off.
We encourage our employees to take time away from work to focus on their physical and mental well-being and offer a comprehensive benefit package that includes paid mental health and well-being days and paid parental and paid family leave programs that exceed minimum regulatory requirements, amongst others.
We have an annual average of approximately 3,800 full-time, part-time and seasonal employees dedicated to carrying out our operating philosophy while focusing on delivering an exceptional customer experience for our residents and guests.
We have an annual average of approximately 3,700 full-time, part-time and seasonal employees dedicated to carrying out our operating philosophy while focusing on delivering a memorable customer experience for our residents and guests. Our property operations are managed internally by affiliates of the Operating Partnership and are coordinated by an on-site team of employees.
Investment evaluation consists of reviewing the following: local market conditions, demographic trends, zoning and entitlements, infrastructure requirements, financial feasibility, projected performance and property operations. When justified, development of land available for expansion (“Expansion Sites”) allows us to leverage existing facilities and amenities. We believe our ability to increase density translates to greater value creation and cash flows through operational efficiencies.
An integral part of our growth and investment strategy is to evaluate each Property for expansion opportunities. Investment evaluation consists of reviewing the following: local market conditions, demographic trends, zoning and entitlements, infrastructure requirements, financial feasibility, projected performance and property operations. When justified, development of land available for expansion (“Expansion Sites”) allows us to leverage existing facilities and amenities.
Our Board of Directors periodically reviews the conditions under which we may repurchase our stock. These conditions include, but are not limited to, market price, balance sheet flexibility, other opportunities and capital requirements. Property Expansions Development - Current Portfolio. An integral part of our growth and investment strategy is to evaluate each Property for expansion opportunities.
When investing capital, we consider all potential uses of the capital, including returning capital to our stockholders. Our Board of Directors periodically reviews the conditions under which we may repurchase our stock. These conditions include, but are not limited to, market price, balance sheet flexibility, other opportunities and capital requirements. 3 Property Expansions Development - Current Portfolio.
Additionally, the Audit Committee of the Board of Directors is responsible for the discussion and review of policies with respect to risk assessment and risk management, including, but not limited to, human capital, climate, cyber security and other sustainability risks. At ELS, sustainability is at the core of Our Nature through Uniting People, Places & Purpose.
Quarterly committee meetings with the Board include briefings from management regarding a wide variety of strategic initiatives, including Sustainability matters. Additionally, the Audit Committee of the Board of Directors is responsible for the discussion and review of policies with respect to risk assessment and risk management, including, but not limited to, human capital, climate, cyber security and other sustainability risks.
Overall, approximately 123 of our Properties have potential Expansion Sites, offering approximately 6,300 available acres. Refer to Item 2. Properties, which includes detail regarding the developable acres available at each property. Acquisition - Expanding Portfolio. In selecting acquisition targets, we focus on properties with existing operations in place and contiguous Expansion Sites.
We believe our ability to increase density translates to greater value creation and cash flows through operational efficiencies. Overall, approximately 117 of our Properties have potential Expansion Sites, offering approximately 6,300 available acres. Refer to Item 2. Properties, which includes detail regarding the developable acres available at each property. Acquisition - Expanding Portfolio.
Most of the subscription contracts provide for an annual dues increase, usually based on increases in the CPI. Regulations and Insurance General .
Most of the subscription contracts provide for dues increases following the initial term. 5 Regulations and Insurance General .
Underwriting a project with these features allows us to access the previously untapped potential of such properties. For example, over the past three years, we have acquired 7 Properties and 6 land parcels that contain approximately 146 acres for future expansion. Human Capital Management We recognize that our success is driven by our employees.
In selecting acquisition targets, we focus on properties with existing operations in place and contiguous Expansion Sites. Underwriting a project with these features allows us to access the previously untapped potential of such properties. For example, over the past three years, we have acquired four Properties and three land parcels.
The average age of our employees is 51, with ages spanning multiple generations, similar to our residents and guests. Our employees are fairly compensated, without regard to gender, race and ethnicity and routinely recognized for outstanding performance. Our compensation program is designed to attract and retain talent.
As of December 31, 2025, more than 50% of our workforce self-identified as female and more than 50% of our management positions are held by individuals self-identifying as female. Our employees are fairly compensated, without regard to gender, race and ethnicity and are routinely recognized for outstanding performance. Our compensation program is designed to attract and retain talent.
With a dedicated sustainability team, we are committed to incorporating sustainability principles into our business operations in collaboration with department heads. Our Sustainability Taskforce (the "Taskforce") supports our on-going commitment to environmental, social, governance and other public policy matters relevant to us (collectively “Sustainability matters”).
Our sustainability team supports our on-going commitment to environmental, social, governance and other public policy matters relevant to us (collectively, “Sustainability matters”) and assists Company management and the Board with setting strategies and objectives, implementing initiatives, overseeing stakeholder communications, and monitoring risks and opportunities.
All employees are supported with a strong training and development program and a well rounded benefits plan to help them maintain their health and financial well-being. Employees are offered flexibility to meet personal and family needs.
All employees are supported with a strong training and development program and a well rounded benefits plan, including medical, dental and vision insurance and life and disability insurance.
These reports and other sustainability policies and collaborations are available at www.equitylifestyleproperties.com/sustainability.
These reports and other sustainability policies and collaborations are available at www.equitylifestyleproperties.com/sustainability. The information on our internet site is not part of, nor incorporated into, this Annual Report on Form 10-K.
Bureau of Economic Analysis (“BEA”), demand for recreational marine purchases has continued in 2022, as boating and fishing represent the second largest outdoor recreation activities in the U.S., with $32.4 billion in current-dollar value added to the economy. • Construction Quality: The Department of Housing and Urban Development's (“HUD”) standards for manufactured housing construction quality are the only federal standards governing housing quality of any type in the United States.
The United States has approximately 12 million registered recreational boats, with ownership disproportionately concentrated among higher income households, which supports demand stability and resilience across economic cycles. • Construction Quality: The Department of Housing and Urban Development’s (“HUD”) standards for manufactured housing construction quality are the only federal standards governing housing quality of any type in the United States.
We conduct annual performance, career development and compensation reviews for all employees to reward our employees based on merit and their contributions. We continually assess and strive to enhance employee satisfaction and engagement. We solicit employee feedback and measure engagement through a variety of employee surveys.
We invest in our people and their continuous development by providing valuable professional experiences, tailored skill and leadership development programs and meaningful opportunities to learn from internal and external experts. We conduct annual performance, career development and compensation reviews for all employees to reward our employees based on merit and their contributions.
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We invest in our employees and are committed to developing our employees’ skills and leadership abilities. As a result, we believe our employees are dedicated to building strong, innovative and long-term relationships with each other and with our residents and guests.
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Human Capital Management We recognize that our success is driven by our employees. Through investment in their development and leadership, our employees build strong, innovative relationships that enhance the experience of our residents and guests and create lasting value.
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Our property operations are managed internally by affiliates of the Operating Partnership and are coordinated by an on-site team of employees that typically includes a manager, clerical staff and maintenance workers.
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We recognize the importance of experienced leadership and, as of December 31, 2025, the average tenure for the executive team was 20 years. The average age of our employees is 50, with ages spanning multiple generations, similar to our residents and guests.
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The on-site team at each Property is primarily responsible for providing maintenance and care to the property itself as well as customer service and, at times, coordinating lifestyle-oriented activities for our residents and guests.
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We continually evaluate employee satisfaction and engagement using employee surveys to measure progress against key engagement metrics and identify opportunities for program enhancement. 4 Sustainability Strategy We believe that sustainable practices are vital to our overall success and building long-term shareholder value.
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Direct supervision of on-site management is the responsibility of our regional vice presidents and regional and district managers, who have substantial experience addressing customer needs and creating innovative approaches to provide an exceptional experience for residents and guests, which we believe also creates value for our stockholders, through focused and effective property management.
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Mindful of the impact we have locally and nationally, we are committed to incorporating sustainability considerations into our business.
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As of December 31, 2024, more than 50% of our workforce self-identified as female and more than 50% of our management positions are held by individuals self-identifying as female. To enhance our external pool of talent, we partner with third parties and post openings to a wide variety of job boards.
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Beginning in the first quarter of 2025, we introduced subscription-based upgrade products with two- to four-year terms and higher annual dues. Prior to the introduction of subscription-based upgrade products, membership upgrades required non-refundable upfront payments and members in good standing are entitled to enhanced benefits for as long as they choose to remain in the program.
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We also have an annual internship program designed to, among other things, create a pipeline of qualified candidates prepared for entry-level positions within the Company. We recognize the importance of experienced leadership and as of December 31, 2024, the average tenure for the executive team was 19 years.
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The National Marine Manufacturers Association (“NMMA”) estimates that approximately 85 million Americans, or roughly one third of U.S. adults, participate in recreational boating annually, underscoring a broad and durable consumer demand base.
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In addition to foundational safety and compliance training, team members participate in virtual and in-person learning experiences including formal new employee and manager development programs, a formal mentorship program, a “Knowledge Power Day” program providing office-based employees an opportunity to be fully immersed in the day-to-day operations at our communities, customer experience training focused on varying elements that support our values for property team members and programs to support the sense of belonging, awareness and connection at ELS.
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Census American Housing Survey, manufactured homes represent 5.4% of single-family housing units. • Second-Home and Vacation Home Demographics: According to the National Association of Home Builders (“NAHB”) estimates of the 2023 American Community Survey, the U.S. had approximately 5.7 million second homes in 2023, representing approximately 4% of total housing stock, with a meaningful concentration in leisure-oriented 7 states such as Florida, Arizona, Michigan, North Carolina and coastal and mountain markets across the Northeast and West and a focus toward seasonal, retirement and life-style driven demand, which closely aligns with our core resident demographic and portfolio composition.
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We look forward to inviting employees to participate in additional pulse surveys annually with focus on engagement and the overall employee experience. Sustainability Strategy ELS’ commitment to sustainability embraces a holistic approach which aims to support our business model, minimize our environmental impact, maintain a safe and healthy workplace and uphold a high standard of business ethics and conduct.
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We understand the value of continuing to focus on sustainable practices and the highest standard of business ethics and practices, as they are critical to our overall success and building long-term stakeholder value.
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With approximately 10,200 forested acres and 5,600 acres of wetland in our portfolio, we are committed to maintaining biodiversity across our portfolio and operating assets that are connected to their local and natural environments. As a result, the consideration of environmental factors has always been part of our culture in the daily operation of our business.
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Quarterly committee meetings with the Board include briefings from management regarding a wide variety of strategic initiatives, including Sustainability matters. As Sustainability is a key strategic area at ELS, Sustainability achievements are included as a metric of consideration in the executive discretionary bonuses, of which payment is at the discretion of the Compensation Committee.
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Our Places: Environmental Sustainability Our Nature is reflected in Our Places that demonstrate our environmental commitment within and beyond our property boundaries. Our Journey at ELS encompasses a three-part strategy to manage our impact, while also focusing on how we can provide environmental benefit beyond our own operations. Underpinning Our Journey is a practice of continual innovation. 5 1.
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Reducing Operational Impact a. Resource Conservation and Efficiency Programs: We aim to reduce emissions from our operations through our investments in resource conservation and efficiency. b. Renewable Energy: We seek to utilize on-site renewable energy. 2. Enabling Customer Impact a.
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Customer Impact: We enable customer conservation and efficiency by providing recycling and composting offerings; promoting water reduction through education and technology; and pursuing community-level certifications and procuring ENERGY STAR® certified homes to save our residents money and energy. 3. Enhancing Positive Impact a.
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Protecting Biodiversity & Providing Outdoor Access: We are committed to preserving biodiversity within our portfolio and providing outdoor access to our guests and residents. Our People: Social Responsibility We are in the business of building community, and we understand the importance of extending those efforts beyond our individual property lines.
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Making a positive impact in the greater communities in which we operate not only helps us make a difference in the lives of others, but also enhances our knowledge of and connection to the people and places we serve. 1. Residents & Guests a.
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We work to create a comfortable and welcoming environment for everyone – residents, guests and team members. With a culture of recognition and reputation for excellence, our team members are empowered to take ownership in their jobs and help our customers create lasting memories.
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Our dedicated on-site management teams are encouraged to be ambassadors of their communities and are committed to consistently delivering an exceptional experience for our residents and guests. 2. Giving Back a. We believe in supporting the communities where we operate as well as the greater communities in which we live, work and play.
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To maximize our efforts at giving back, we leverage a multi-pronged approach to delivering on this commitment, which includes a focus on employee engagement, community giving, strategic sponsorship and nonprofit impact. 3. Team Members a. We recognize that our success is driven by our employees.
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Our full-time, part-time and seasonal team members are dedicated to carrying out our operating philosophy and focused on delivering an exceptional customer experience for our residents and guests. Our People and Culture (Human Resources) team plays an active role in guiding our team members to success, from the moment they apply and throughout their journey with the Company.
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Our Talent Acquisition team identifies top talent, guides prospective employees to the right career opportunity and ensures an equitable hiring process. Once employed, our Learning and Development and Talent Management teams continue to support and develop our employees within a professional and community-oriented culture.
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Our Purpose: Corporate Governance It is of the utmost importance to the Company that we maintain the highest level of ethical standards in our processes, customs, and policies. Whether we are working with customers or vendors, we guide our actions with a clear set of established principles, and we hold ourselves accountable for ethical business practices.
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We expect all employees, officers, members of management, and directors to act with honesty, integrity, fairness, and respect. Our Nature is to empower our teammates to take ownership in their jobs, to use good judgement and to do what is right for our customers and the Company.
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Good judgment based upon an understanding of the laws, regulations and principles of ethics is the best safeguard against improper or unethical conduct.
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Further, the length of time between investment in a property's development and the attainment of stabilized occupancy and the generation of profit is significant.
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The National Marine Manufacturers Association (“NMMA”) released its 2022 U.S. Recreational Boating Statistical Abstract in January 2024. Total recreational marine expenditures during 2022 reached a high of $59.3 billion, a 4.4% and 37.1% increase over 2021 and 2019, respectively. According to NMMA, an estimated 85 million Americans go boating each year. According to the U.S.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeAdditionally, Subtitle 8 of Title 3 of the MGCL permits our Board of Directors, without stockholder approval and regardless of what is currently provided in our charter or bylaws, to elect to be subject to certain provisions relating to corporate governance that may have the effect of delaying, deferring or preventing a transaction or a change of control of our company that might involve a premium to the market price of our common stock or otherwise be in our stockholders’ best interests. 20 These provisions include a classified board; two-thirds vote to remove a director; that the number of directors may only be fixed by the Board of Directors; that vacancies on the board as a result of an increase in the size of the board or due to death, resignation or removal can only be filled by the board and the director appointed to fill the vacancy serves for the remainder of the full term of the class of director in which the vacancy occurred and a majority requirement for the calling by stockholders of special meetings.
Biggest changeAdditionally, Subtitle 8 of Title 3 of the MGCL permits our Board of Directors, without stockholder approval and regardless of what is currently provided in our charter or bylaws, to elect to be subject to certain provisions relating to corporate governance that may have the effect of delaying, deferring or preventing a transaction or a change of control of our company that might involve a premium to the market price of our common stock or otherwise be in our stockholders’ best interests.
We currently and may continue to acquire properties through or make investments in joint ventures with other persons or entities.
We currently acquire, and may continue to acquire, properties through or make investments in joint ventures with other persons or entities.
Our substantial indebtedness and the cash flows associated with serving our indebtedness could have important consequences, including the risks that: • our cash flows could be insufficient to pay distributions at expected levels and meet required payments of principal and interest; • we might be required to use a substantial portion of our cash flows from operations to pay our indebtedness, thereby reducing the availability of our cash flows to fund the implementation of our business strategy, acquisitions, capital expenditures and other general corporate purposes; • our debt service obligations could limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; • terms of refinancing may not be as favorable as the terms of existing indebtedness, resulting in higher interest rates that could adversely affect net income, cash flows and our ability to service debt and make distributions to stockholders; • if principal payments due at maturity cannot be refinanced, extended or paid with proceeds of other capital transactions, such as new equity capital, our cash flows may not be sufficient in all years to repay all maturing debt; and • to the extent that any Property is cross-collateralized with any other Properties, any default under the mortgage note relating to one Property could result in a default under the financing arrangements relating to other Properties that also provide security for that mortgage note or are cross-collateralized with such mortgage note.
Our substantial indebtedness and the cash flows associated with serving our indebtedness could have important consequences, including the risks that: • our cash flows could be insufficient to pay distributions at expected levels and meet required payments of principal and interest; • we might be required to use a substantial portion of our cash flows from operations to pay our indebtedness, thereby reducing the availability of our cash flows to fund the implementation of our business strategy, acquisitions, capital expenditures and other general corporate purposes; • our debt service obligations could limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; • terms of refinancing may not be as favorable as the terms of existing indebtedness, resulting in higher interest rates that could adversely affect net income, cash flows and our ability to service debt and make distributions to stockholders; 17 • if principal payments due at maturity cannot be refinanced, extended or paid with proceeds of other capital transactions, such as new equity capital, our cash flows may not be sufficient in all years to repay all maturing debt; and • to the extent that any Property is cross-collateralized with any other Properties, any default under the mortgage note relating to one Property could result in a default under the financing arrangements relating to other Properties that also provide security for that mortgage note or are cross-collateralized with such mortgage note.
Certain provisions of the Maryland General Corporation Law (“MGCL”) prohibit “business combinations” (including certain issuances of equity securities) with any person who beneficially owns 10% or more of the voting power of our outstanding common stock, or with an affiliate of ours, who, at any time within the two-year period prior to the date in question, was the owner of 10% or more of the voting power of our outstanding voting stock (an “Interested Stockholder”), or with an affiliate of an Interested Stockholder.
Certain provisions of the Maryland General Corporation Law (“MGCL”) prohibit “business combinations” (including certain issuances of equity securities) with any person who beneficially owns 10% or more of the voting power of our outstanding common stock, or with an affiliate of ours, who, at any time within the two-year period prior to the date in question, 18 was the owner of 10% or more of the voting power of our outstanding voting stock (an “Interested Stockholder”), or with an affiliate of an Interested Stockholder.
Failure to comply with these requirements could subject us to significant liability, including governmental fines or private litigation. There can be no assurance that the application of laws, regulations or policies will not occur in a manner that could have a detrimental effect on our financial condition, results of operations and cash flows.
Failure to comply with these requirements could subject us to significant liability, including governmental fines or 14 private litigation. There can be no assurance that the application of laws, regulations or policies will not occur in a manner that could have a detrimental effect on our financial condition, results of operations and cash flows.
If tax authorities determine that amounts paid by our taxable REIT subsidiaries to us are greater than what would be paid under similar arrangements among unrelated parties, we could be subject 23 to a 100% penalty tax on the excess payments and ongoing intercompany arrangements could have to change, resulting in higher ongoing tax payments.
If tax authorities determine that amounts paid by our taxable REIT subsidiaries to us are greater than what would be paid under similar arrangements among unrelated parties, we could be subject to a 100% penalty tax on the excess payments and ongoing intercompany arrangements could have to change, resulting in higher ongoing tax payments.
The actual 21 amount of dilution cannot be determined at this time and would be dependent upon numerous factors which are not currently known to us. Our Share Price Could Be Volatile and Could Decline, Resulting in A Substantial or Complete Loss on Our Stockholders’ Investment.
The actual amount of dilution cannot be determined at this time and would be dependent upon numerous factors which are not currently known to us. Our Share Price Could Be Volatile and Could Decline, Resulting in A Substantial or Complete Loss on Our Stockholders’ Investment.
This can be costly and, if the lead infiltrates the groundwater or other water supply, further remediation may be necessary. Such laws typically impose clean-up responsibility and liability without regard to whether the owner or operator knew of or caused the presence of the contaminants.
This can be costly and, if 16 the lead infiltrates the groundwater or other water supply, further remediation may be necessary. Such laws typically impose clean-up responsibility and liability without regard to whether the owner or operator knew of or caused the presence of the contaminants.
We cannot predict whether, when or to what extent new U.S. federal tax laws, regulations, interpretations or rulings will be adopted. Any legislative action may prospectively or retroactively modify our tax treatment and therefore, may adversely affect our taxation or our Company's shareholders.
We cannot predict whether, when or to what extent new U.S. 22 federal tax laws, regulations, interpretations or rulings will be adopted. Any legislative action may prospectively or retroactively modify our tax treatment and therefore, may adversely affect our taxation or our Company’s shareholders.
Moreover, certain of our marinas are 18 located on waterways that are subject to federal laws, including the Clean Water Act and the Oil Pollution Act, as well as analogous state laws regulating navigable waters, oil pollution, adverse impacts to fish and wildlife, and other matters.
Moreover, certain of our marinas are located on waterways that are subject to federal laws, including the Clean Water Act and the Oil Pollution Act, as well as analogous state laws regulating navigable waters, oil pollution, adverse impacts to fish and wildlife, and other matters.
In the future, our internal controls may not be adequate to prevent or identify irregularities or errors or to facilitate the 24 fair presentation of our consolidated financial statements, and there is risk that a material misstatement of our annual or quarterly financial statements may not be prevented or detected.
In the future, our internal controls may not be adequate to prevent or identify irregularities or errors or to facilitate the fair presentation of our consolidated financial statements, and there is risk that a material misstatement of our annual or quarterly financial statements may not be prevented or detected.
There is a Risk of Accidents, Injuries or Disease Outbreaks Occurring at Our Properties Which May Negatively Impact Our Operations. While we maintain and promote safety at our Properties, there are inherent risks associated with certain features, assets and activities at our communities.
There is a Risk of Accidents, Injuries or Disease Outbreaks Occurring at Our Properties Which May Negatively Impact Our Operations. While we maintain and promote safety at our Properties, there are inherent risks associated with certain features, assets and activities at our Properties.
As part of our effort to realize the value of Properties subject to restrictive regulation, we have initiated lawsuits at various times against various municipalities imposing such regulations in an attempt to balance the interests 16 of our stockholders with the interests of our customers.
As part of our effort to realize the value of Properties subject to restrictive regulation, we have initiated lawsuits at various times against various municipalities imposing such regulations in an attempt to balance the interests of our stockholders with the interests of our customers.
If we had to pay U.S. federal income tax, the amount of money available to distribute to stockholders and pay indebtedness would be reduced for the year or years involved and we would no longer be required to distribute money to stockholders.
If we had to pay U.S. federal income tax, the amount of money available to 21 distribute to stockholders and pay indebtedness would be reduced for the year or years involved and we would no longer be required to distribute money to stockholders.
These factors include but are not limited to the following: • changes in the global, national, regional and/or local economies; • the attractiveness of our Properties to customers, competition from other MH and RV communities and lifestyle-oriented properties and marinas and alternative forms of housing (such as apartment buildings and site-built single-family homes); • the ability of MH, RV and boat manufacturers to adapt to changes in the economy and the availability of units from these manufacturers; • the ability of our potential customers to sell or lease their existing residences in order to purchase homes or cottages at our Properties, and heightened price sensitivity for seasonal and second homebuyers; • the ability of our potential customers to obtain financing on the purchase of manufactured homes and cottages, RVs and/or boats; • our ability to attract new customers and retain them for our membership subscriptions and upgrade sales business; • our ability to collect payments from customers and pay or control operating costs, including real estate taxes and insurance; • the ability of our assets to generate income sufficient to pay our expenses, service our debt and maintain our Properties; • our ability to diversify, reconfigure our portfolio promptly in response to changing economic or other conditions and sell our Properties timely due to the illiquid nature of real estate investments; • unfavorable weather conditions, especially on holiday weekends in the spring and summer months, which are peak business periods for our transient customers; • changes in weather patterns and the occurrence of natural disasters or catastrophic events, including acts of war and terrorist attacks; • fluctuations in the exchange rate of the U.S. dollar to other currencies, primarily the Canadian dollar due to Canadian customers, who frequently visit our southern Properties; • changes in U.S. social, economic and political conditions, laws and governmental regulations, including policies governing rent control, fair and equitable access to housing, property zoning, taxation, minimum wages, chattel financing, health care, foreign trade, tariffs, regulatory compliance, manufacturing, development and investment; • an inflationary environment in which the costs to operate and maintain our communities increase at a rate greater than our ability to increase rents; • a recession or economic downturn; • supply chain disruptions and tightening labor markets, which have affected and could affect our ability to obtain materials and skilled labor timely without incurring significant costs or delays for any development and expansion activities; • fiscal policies, instability or inaction at the U.S. federal government level, which may lead to federal government shutdowns or negative impacts on the U.S. economy; • adverse outcomes of litigation; • public health crises, such as highly infectious or contagious diseases, which have had and could in the future have an adverse effect on our business; and • the realization of any other risk factors included in this Annual Report on Form 10-K.
These factors include but are not limited to the following: • changes in the global, national, regional and/or local economies; • the attractiveness of our Properties to customers, competition from other MH and RV communities and lifestyle-oriented properties and marinas and alternative forms of housing (such as apartment buildings and site-built single-family homes); • the ability of MH, RV and boat manufacturers to adapt to changes in the economy and the availability of units from these manufacturers; • the ability of our potential customers to sell or lease their existing residences in order to purchase homes or cottages at our Properties, and heightened price sensitivity for seasonal and second homebuyers; • the ability of our potential customers to obtain financing on the purchase of manufactured homes and cottages, RVs and/or boats; • our ability to attract new customers and retain them for our membership subscriptions and upgrade sales business; • our ability to collect payments from customers and pay or control operating costs, including real estate taxes and insurance; • the ability of our assets to generate income sufficient to pay our expenses, service our debt and maintain our Properties; • our ability to diversify, reconfigure our portfolio promptly in response to changing economic or other conditions and sell our Properties timely due to the illiquid nature of real estate investments; • unfavorable weather conditions, especially on holiday weekends in the spring and summer months, which are peak business periods for our transient customers; • changes in weather patterns and the occurrence of natural disasters or catastrophic events, including acts of war and terrorist attacks; • fluctuations in the exchange rate of the U.S. dollar to other currencies, primarily the Canadian dollar due to Canadian customers, who frequently visit our southern Properties; • changes in U.S. social, economic and political conditions, laws and governmental regulations, including policies governing rent control, fair and equitable access to housing, property zoning, taxation, minimum wages, chattel financing, health care, foreign trade, tariffs, regulatory compliance, manufacturing, development and investment, as well as the impact of those on U.S. and Canadian relations and customer sentiment, which may influence decisions to visit our Properties or continue tenancy; • an inflationary environment in which the costs to operate and maintain our communities increase at a rate greater than our ability to increase rents; • a recession or economic downturn; • supply chain disruptions and tightening labor markets, which have affected and could affect our ability to obtain materials and skilled labor timely without incurring significant costs or delays for any development and expansion activities; • fiscal policies, instability or inaction at the U.S. federal government level, which may lead to federal government shutdowns or negative impacts on the U.S. economy; • adverse outcomes of litigation; • public health crises, such as highly infectious or contagious diseases, which have had and could in the future have an adverse effect on our business; and • the realization of any other risk factors included in this Annual Report on Form 10-K.
For most catastrophic events, there is an additional one-time aggregate deductible of $10.0 million, which is capped at $5.0 million per occurrence. We have separate insurance policies with respect to our marina Properties. Those casualty policies will expire on November 1, 2025, and the property insurance program, which we plan to renew, expires on April 1, 2025.
For most catastrophic events, there is an additional one-time aggregate deductible of $10.0 million, which is capped at $5.0 million per occurrence. We have separate insurance policies with respect to our marina Properties. Those casualty policies will expire on November 1, 2026, and the property insurance program, which we plan to renew, expires on April 1, 2026.
Changes in or the occurrence of any of these factors could adversely affect our financial condition, results of operations, market price of our common stock and our ability to make expected distributions to our stockholders or result in claims, including, but not limited to, foreclosure by a lender in the event of our inability to service our debt. 12 Significant Inflation Could Negatively Impact Our Business.
Changes in or the occurrence of any of these factors could adversely affect our financial condition, results of operations, market price of our common stock and our ability to make expected distributions to our stockholders or result in claims, including, but not limited to, foreclosure by a lender in the event of our inability to service our debt. 10 Significant Inflation Could Negatively Impact Our Business.
To the extent we are unable to effectively compete or acquire properties on favorable terms, our ability to expand our business could be adversely affected. 13 New Acquisitions May Fail to Perform as Expected and the Intended Benefits May Not Be Realized, Which Could Have a Negative Impact on Our Operations and the Market Price of Our Common Stock.
To the extent we are unable to effectively compete or acquire properties on favorable terms, our ability to expand our business could be adversely affected. 11 New Acquisitions May Fail to Perform as Expected and the Intended Benefits May Not Be Realized, Which Could Have a Negative Impact on Our Operations and the Market Price of Our Common Stock.
We do not control investment in that infrastructure and the condition of the infrastructure and supply of the utilities may not be sufficient to handle impact resulting from changes in weather patterns. Over time, these conditions could result in increased incidents of physical damage to our Properties, declining demand for our Properties and increased difficulties operating them.
We do not control investment in that infrastructure and the condition of the infrastructure and supply of the utilities may not be sufficient to handle impacts resulting from changes in weather patterns. Over time, these conditions could result in increased incidents of physical damage to our Properties, declining demand for our Properties and increased difficulties operating them.
An accident, injury or disease outbreak at any of our communities, particularly an accident, injury or disease outbreak involving the safety of our residents, guests and employees, may be associated with claims against us involving higher assertions of damages and/or higher public visibility.
An accident, injury or disease outbreak at any of our Properties, particularly an accident, injury or disease outbreak involving the safety of our residents, guests and employees, may be associated with claims against us involving higher assertions of damages and/or higher public visibility.
While we continue to improve our cybersecurity and take measures to protect our business, it may not always be possible to anticipate, detect, or recognize threats to our systems, to implement effective preventive measures, nor to ensure that our financial results will not be negatively impacted by such an incident.
While we continue to improve our cybersecurity and take measures to protect our business, it may not always be possible to anticipate, detect, or recognize threats to our systems, to implement effective preventive measures, nor to ensure that our business strategy, results of operation or financial results will not be negatively impacted by such an incident.
Under the Tax Cuts and Jobs Act, or the TCJA, however, U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning after December 31, 2017 and before January 1, 2026.
Under the Tax Cuts and Jobs Act, or the TCJA, however, U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning after December 31, 2017.
The occurrence of an accident, injury or disease outbreak 15 at any of our communities could also cause damage to our brand or reputation, lead to loss of consumer confidence in us, reduce occupancy at our communities and negatively impact our results of operations. Our Success Depends on Our Talented Employees, Management, Directors and Key Personnel.
The occurrence of an accident, injury or disease outbreak 13 at any of our Properties could also cause damage to our brand or reputation, lead to loss of consumer confidence in us, reduce occupancy at our Properties and negatively impact our results of operations. Our Success Depends on Our Talented Employees, Management, Directors and Key Personnel.
As of December 31, 2024, we had 10 Properties in our portfolio subject to ground lease agreements for land. 14 Our Ability to Sell or Rent Manufactured Homes Could Be Impaired, Resulting in Reduced Cash Flows. Selling and renting homes is a part of our business.
As of December 31, 2025, we had 14 Properties in our portfolio subject to ground lease agreements for land. 12 Our Ability to Sell or Rent Manufactured Homes Could Be Impaired, Resulting in Reduced Cash Flows. Selling and renting manufactured homes is a part of our business.
Such risks could include viruses, malware, ransomware, denial-of-service attacks, and cybersecurity attacks, attempts to gain unauthorized access to our data and computer systems or steal confidential information, including credit card information from our customers, or they could include breaches due to error, phishing scams, malfeasance or other disruptions of employees, independent contractors or consultants, that could have a materially adverse impact on business strategy, results 25 of operations, or financial condition.
Such risks could include viruses, malware, ransomware, denial-of-service attacks, and cybersecurity attacks, attempts to gain unauthorized access to our data (directly or through third-party vendors) and computer systems or steal confidential information, including credit card information from our customers, or they could include breaches due to error, phishing scams, malfeasance or other disruptions of employees, independent contractors or consultants, that could have a materially adverse impact on our business strategy, results of operations, or financial condition.
As we have a large concentration of Properties in certain markets, most notably Florida, Northeast, California and Arizona, which comprised 45.3%, 11.3%, 10.7% and 10.6%, respectively, of our total property operating revenue for the year ended December 31, 2024, adverse market and economic conditions in these areas could significantly affect factors, such as occupancy and rental rates and could have a significant impact on our financial condition, results of operations, cash flows and ability to make distributions.
As we have a large concentration of Properties in certain markets, most notably Florida, Northeast, California and Arizona, which comprised 45.7%, 11.1%, 10.2% and 10.9%, respectively, of our total property operating revenue for the year ended December 31, 2025, adverse market and economic conditions in these areas could significantly affect factors, such as occupancy and rental rates and could have a significant impact on our financial condition, results of operations, cash flows and ability to make distributions.
Our access to third-party sources of capital depends on a number of things, including conditions in the capital markets generally and the market's perception of our growth potential and our current and potential future earnings.
Our access to third-party sources of capital 20 depends on a number of factors, including conditions in the capital markets generally and the market’s perception of our growth potential and our current and potential future earnings.
The Board of Directors, upon receipt of a ruling from the IRS, 22 opinion of counsel, or other evidence satisfactory to the Board of Directors and upon 15 days prior written notice of a proposed transfer which, if consummated, would result in the transferee owning shares in excess of the Ownership Limit, and upon such other conditions as the Board of Directors may direct, may exempt a stockholder from the Ownership Limit.
The Board of Directors, upon receipt of a ruling from the Internal Revenue Service (“IRS”), opinion of counsel, or other evidence satisfactory to the Board of Directors and upon 15 days prior written notice of a proposed transfer which, if consummated, would result in the transferee owning shares in excess of the Ownership Limit, and upon such other conditions as the Board of Directors may direct, may exempt a stockholder from the Ownership Limit.
Our qualification as a REIT requires analysis of various facts and circumstances that may not be entirely within our control and we cannot provide any assurance that the Internal Revenue Service (the “IRS”) will agree with our analysis or the analysis of our tax counsel.
Our qualification as a REIT requires analysis of various facts and circumstances that may not be entirely within our control and we cannot provide any assurance that the IRS will agree with our analysis or the analysis of our tax counsel.
In either case, there could be an adverse affect on our business, financial condition and results of operations. Ineffective internal control over financial reporting could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our stock.
In any of these cases, there could be an adverse effect on our business, financial condition and results of operations. Ineffective internal control over financial reporting could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our stock.
We are subject to risks associated with natural disasters, including but not limited to hurricanes, storms, fires and earthquakes. As of December 31, 2024, we owned or had an ownership interest in 452 Properties, including 136 Properties and 19 marinas located in Florida and 49 Properties located in California.
We are subject to risks associated with natural disasters, including but not limited to hurricanes, storms, fires and earthquakes. As of December 31, 2025, we owned or had an ownership interest in 453 Properties, including 139 Properties and 19 marinas located in Florida and 49 Properties located in California.
Our debt-to-market-capitalization ratio (total debt as a percentage of total debt plus the market value of the outstanding common stock and OP Units held by parties other than us) was approximately 19.5% as of December 31, 2024.
Our debt-to-market-capitalization ratio (total debt as a percentage of total debt plus the market value of the outstanding common stock and OP Units held by parties other than us) was approximately 21.6% as of December 31, 2025.
While we have customary internal policies related to posting Company information on public platforms, including social media sites, the continuing evolution of social media will present us with new challenges and risks. Item 1B. Unresolved Staff Comments None.
While we have customary internal policies related to posting Company information on public platforms, including social media sites, the continuing evolution of social media will present us with new challenges and risks.
Our current property and casualty insurance policies with respect to our MH and RV Properties, which we plan to renew, expire on April 1, 2025. We have a $125.0 million per occurrence limit with respect to our MH and RV all-risk property insurance program, which includes $75.0 million of coverage per occurrence for named windstorms, which include, for example, hurricanes.
We have a $125.0 million per occurrence limit with respect to our MH and RV all-risk property insurance program, which includes $75.0 million of coverage per occurrence for named windstorms, which include, for 23 example, hurricanes.
For us to pay dividends to holders of our common stock, the Operating Partnership must first distribute cash to us. Before it can distribute the cash, our Operating Partnership must first satisfy its obligations to its creditors. Fluctuations in Market Interest Rates May Have an Effect on the Value of Our Common Stock.
For us to pay dividends to holders of our common stock, the Operating Partnership must first distribute cash to us. Before it can distribute the cash, our Operating Partnership must first satisfy its obligations to its creditors.
On the other hand, a decrease in interest rates could lead to increased competition in the real estate market, which in turn may lead to a decrease in yields for investment opportunities.
Thus, higher market interest rates could cause the market price of our publicly traded securities to go down. On the other hand, a decrease in interest rates could lead to increased competition in the real estate market, which in turn may lead to a decrease in yields for investment opportunities.
We cannot provide any assurance regarding the outcome of any claims that may arise in the future. We also have agreed to indemnify our present and former Directors and Officers in connection with litigation in which they are named or threatened to be named as a party in their capacity as Directors and Officers.
We also have agreed to indemnify our present and former Directors and Officers in connection with litigation in which they are named or threatened to be named as a party in their capacity as Directors and Officers.
In addition, legislation, changes in regulations, administrative interpretations or court decisions might significantly change the tax laws with respect to the requirements for qualification as a REIT or the U.S. federal income tax consequences of qualification as a REIT.
In addition, legislation, changes in regulations, administrative interpretations or court decisions might significantly change the tax laws with respect to the requirements for qualification as a REIT or the U.S. federal income tax consequences of qualification as a REIT. In fiscal year 2025, the One Big Beautiful Bill Act was passed, which contained a broad range of tax reform.
Market factors including increases in the U.S. federal reserve funds rate may result in increases in market interest rates, which could increase the costs of refinancing existing indebtedness or obtaining new debt. 19 Additionally, disruptions in capital and credit markets, as well as changes in government regulation, may lead to changes at Fannie Mae and Freddie Mac, that could impact both the capacity and liquidity of lenders, resulting in financing terms that are less attractive to us and/or the unavailability of certain types of debt financing.
Additionally, disruptions in capital and credit markets, as well as changes in government regulation, may lead to changes at Fannie Mae and Freddie Mac, that could impact both the capacity and liquidity of lenders, resulting in financing terms that are less attractive to us and/or the unavailability of certain types of debt financing.
One of the factors that investors consider important in deciding whether to buy or sell shares of a REIT is the distribution rates with respect to such shares (as a percentage of the price of such shares) relative to market interest rates. If market interest rates increase, prospective purchasers of REIT shares may expect a higher distribution rate.
Fluctuations in Market Interest Rates May Have an Effect on the Value of Our Common Stock. 19 One of the factors that investors consider important in deciding whether to buy or sell shares of a REIT is the distribution rates with respect to such shares (as a percentage of the price of such shares) relative to market interest rates.
Litigation can be lengthy and expensive, and it can divert management's and our Directors' attention and resources away from our business. We cannot provide any assurance regarding the outcome of any claims, and an unfavorable outcome in litigation could result in liability material to our financial condition or results of operations.
We cannot provide any assurance regarding the outcome of any claims, and an unfavorable outcome in litigation could result in liability material to our financial condition or results of operations. We cannot provide any assurance regarding the outcome of any claims that may arise in the future.
We are involved and may continue to be involved in legal proceedings, claims, class actions, inquiries and investigations relating to our operations, corporate transactions, dispositions and investments and otherwise in the ordinary course of business. 17 These legal proceedings may include, but are not limited to, proceedings related to consumer, shareholder, securities, anticompetitive, antitrust, employment, environmental, development, tort, eviction and commercial legal issues.
We are involved and may continue to be involved in legal proceedings, claims, class actions, inquiries and investigations relating to our operations, corporate transactions, dispositions and investments and otherwise in the ordinary course of business.
In some states, including California, Oregon and Washington, laws place limitations on the ability of the owner of a campground property to close the property unless the customers at the property receive access to a comparable property.
We are subject to changes, from time to time, in the application or interpretation of such laws that can affect our business or the rights of our members. 15 In some states, including California, Oregon and Washington, laws place limitations on the ability of the owner of a campground property to close the property unless the customers at the property receive access to a comparable property.
Higher interest rates would not, however, result in more of our funds to distribute and, in fact, would likely increase our borrowing costs and potentially decrease funds available for distribution. Thus, higher market interest rates could cause the market price of our publicly traded securities to go down.
If market interest rates increase, prospective purchasers of REIT shares may expect a higher distribution rate. Higher interest rates would not, however, result in more of our funds to distribute and, in fact, would likely increase our borrowing costs and potentially decrease funds available for distribution.
The total principal amount of our outstanding indebtedness was approximately $3,229.7 million as of December 31, 2024, of which $77.0 million, or 2.38%, is related to our line of credit and $87.6 million of secured debt, or 2.71%, matures in 2025.
The total principal amount of our outstanding indebtedness was approximately $3,345.9 million as of December 31, 2025, of which $105.0 million, or 3.14%, is related to our line of credit.
As a result, we may be unable to complete our development or redevelopment projects timely and/or within our budget, which may affect our ability to lease to potential customers and adversely affect our business, financial condition and results of operations.
The construction and building industry has experienced and may at times experience supply chain disruptions, which may impact our ability to complete our development or redevelopment projects timely and/or within our budget, and which may affect our ability to lease to potential customers and adversely affect our business, financial condition and results of operations.
Removed
The construction and building industry, similar to many other industries, has experienced worldwide supply chain disruptions due to a multitude of factors that are beyond our control.
Added
We May Experience a Decline in the Fair Value of Our Properties or Investments in Joint Ventures and Be Forced to Recognize Impairment Charges, Which Could Adversely Impact Our Financial Condition, Liquidity and Results of Operations and the Market Price of Our Common Stock.
Removed
We are subject to changes, from time to time, in the application or interpretation of such laws that can affect our business or the rights of our members.
Added
Declines in the value of our Properties or other investments may result in the recognition of impairment charges.
Added
We evaluate our Properties and other investments for impairments based on various triggers, including market conditions, our current intentions with respect to holding or disposing of the Properties or other investments in joint ventures and the expected future undiscounted cash flows from the Properties or other investments.
Added
Impairments are based on estimates and assumptions that are inherently uncertain, may increase or decrease in the future and may not represent or reflect the ultimate value of, or loss that we ultimately realize with respect to, the relevant Properties or other investments. Any such impairment could have an adverse impact on our results of operations and financial condition.
Added
These legal proceedings may include, but are not limited to, proceedings related to consumer, shareholder, securities, anticompetitive, antitrust, employment, environmental, development, tort, eviction and commercial legal issues. Litigation can be lengthy and expensive, and it can divert management’s and our Directors’ attention and resources away from our business.
Added
Market factors including increases in the U.S. federal reserve funds rate may result in increases in market interest rates, which could increase the costs of refinancing existing indebtedness or obtaining new debt.
Added
These provisions include a classified board; two-thirds vote to remove a Director; that the number of Directors may only be fixed by the Board of Directors; that vacancies on the board as a result of an increase in the size of the board or due to death, resignation or removal can only be filled by the board and the Director appointed to fill the vacancy serves for the remainder of the full term of the class of Director in which the vacancy occurred and a majority requirement for the calling by stockholders of special meetings.
Added
The Company did not experience any material impact to its tax rates, expenses or obligations from the legislation during fiscal year 2025. Due to the dynamic nature of tax laws, projected tax liabilities could differ significantly from eventual obligations. The total impact and interpretation of the legislation remain uncertain, and misapplication of the new laws could lead to adverse results.
Added
Our current property and casualty insurance policies with respect to our MH and RV Properties, which we plan to renew, expires on April 1, 2026.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

6 edited+0 added−0 removed12 unchanged
Biggest changeThe Vice President of Information Technology works in coordination with the other members of the Security Advisory Board, which includes our President and Chief Executive Officer, Executive Vice President 27 and Chief Financial Officer and Executive Vice President and Chief Legal Officer.
Biggest changeThe Vice President of Information Technology works in coordination with the other members of the Security Advisory Board, which includes our Vice Chairman and Chief Executive Officer, Executive Vice President and Chief Financial Officer and Executive Vice President and Chief Legal Officer.
Risk Management and Strategy Consistent with overall ERM policies and practices, the Company’s cybersecurity program focuses on the following areas: • Vigilance: The Company maintains a primarily domestic presence, with our cybersecurity threat operations designed with the specific goal of identifying, preventing and mitigating cybersecurity threats and responding to cybersecurity incidents in accordance with our established incident response and recovery plans. 26 • Systems Safeguards: The Company deploys systems safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, software updates and patches, anti-malware functionality and access controls, all of which are evaluated and improved through ongoing vulnerability assessments and cybersecurity threat intelligence. • Collaboration: The Company utilizes collaboration mechanisms established with public and private entities, including intelligence and enforcement agencies, industry groups and third-party service providers, to identify, assess and respond to cybersecurity threats and risks. • Third-Party Risk Management: The Company maintains a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of the Company’s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. • Training: The Company provides periodic mandatory training for personnel regarding cybersecurity threats, which reinforces the Company’s information security policies, standards and practices, and such training is scaled to reflect the roles, responsibilities and information systems access of such personnel. • Incident Response and Recovery Planning: The Company has established and maintains incident response and recovery plans that address the Company’s response to a cybersecurity incident and the recovery from a cybersecurity incident, and such plans are tested, evaluated and adjusted periodically. • Communication and Coordination: The Company utilizes a cross-functional approach to address the risk from cybersecurity threats, involving management personnel from the Company’s technology, operations, legal, risk management, internal audit and other key business functions, as well as the members of the Board of Directors and the Audit Committee in an ongoing dialogue regarding cybersecurity threats and incidents.
Risk Management and Strategy Consistent with overall ERM policies and practices, the Company’s cybersecurity program focuses on the following areas: • Vigilance: The Company maintains a primarily domestic presence, with our cybersecurity threat operations designed with the specific goal of identifying, preventing and mitigating cybersecurity threats and responding to cybersecurity incidents in accordance with our established incident response and recovery plans. • Systems Safeguards: The Company deploys systems safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, software updates and patches, anti-malware functionality and access controls, all of which are evaluated and improved through ongoing vulnerability assessments and cybersecurity threat intelligence. • Collaboration: The Company utilizes collaboration mechanisms established with public and private entities, including intelligence and enforcement agencies, industry groups and third-party service providers, to identify, assess and respond to cybersecurity threats and risks. • Third-Party Risk Management: The Company maintains a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of the Company’s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. • Training: The Company provides periodic mandatory training for personnel regarding cybersecurity threats, which reinforces the Company’s information security policies, standards and practices, and such training is scaled to reflect the roles, responsibilities and information systems access of such personnel. • Incident Response and Recovery Planning: The Company has established and maintains incident response and recovery plans that address the Company’s response to a cybersecurity incident and the recovery from a cybersecurity incident, and such plans are tested, evaluated and adjusted periodically. • Communication and Coordination: The Company utilizes a cross-functional approach to address the risk from cybersecurity threats, involving management personnel from the Company’s technology, operations, legal, risk management, internal audit and other key business functions, as well as the members of the Board of Directors and the Audit Committee in an ongoing dialogue regarding cybersecurity threats and incidents.
For more information regarding how cybersecurity threats could materially affect the Company, see " We Face Risks Relating to Cybersecurity Incidents and Privacy Laws." in Item 1A. Risk Factors.
For more information regarding how cybersecurity threats could materially affect the Company, see “ We Face Risks Relating to Cybersecurity Incidents and Privacy Laws.” in Item 1A. Risk Factors.
Governance The Board of Directors, in coordination with the Audit Committee, oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that the Company’s management implements to address risks from cybersecurity threats.
Governance The Board of Directors, in coordination with the Audit Committee, oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that the Company’s management implements to 25 address risks from cybersecurity threats.
Through the ongoing communications from these teams, the Vice President of Information Technology and Director of Information Security, in coordination with the Security Advisory Board and Cybersecurity Incident Response Team monitor the prevention, detection, mitigation and remediation of cybersecurity incidents in real time, and report such incidents to the Audit Committee when appropriate. 28
Through the ongoing communications from these teams, the Vice President of Information Technology and Director of Information Security, in coordination with the Security Advisory Board and Cybersecurity Incident Response Team monitor the prevention, detection, mitigation and remediation of cybersecurity incidents in real time, and report such incidents to the Audit Committee when appropriate. 26
The Company’s Vice President of Information Technology has over 26 years in Information Technology leadership including 16 years overseeing security and compliance operations. The Director of Information Security has over 15 years in various security roles in private and public sectors and has attained the professional certification of Certified Information Systems Security Professional (CISSP).
The Company’s Vice President of Information Technology has over 27 years in Information Technology leadership including 17 years overseeing security and compliance operations. The Director of Information Security has over 16 years in various security roles in private and public sectors and has attained the professional certification of Certified Information Systems Security Professional (CISSP).

Item 2. Properties

Properties — owned and leased real estate

13 edited+0 added−0 removed6 unchanged
Biggest changeDesert Narrows (d) Bar Harbor ME RV 90 12 206 — —% Patten Pond Ellsworth ME RV 81 60 137 34 100.0% Pinehirst Old Orchard Beach ME RV 58 — 550 423 100.0% Narrows Too Trenton ME RV 42 8 207 34 100.0% Moody Beach Wells ME RV 48 — 274 109 100.0% Sandy Beach Contoocook NH RV 40 — 190 105 100.0% Pine Acres Raymond NH RV 100 — 421 216 100.0% Tuxbury Resort South Hampton NH RV 193 100 305 199 100.0% King Nummy Cape May Court House NJ RV 83 — 313 271 100.0% Acorn Campground Green Creek NJ RV 160 43 323 246 100.0% 36 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/24 Total Number of Annual Sites as of 12/31/24 Annual Site Occupancy as of 12/31/24 Whippoorwill RV Marmora NJ RV 39 — 288 233 100.0% Mays Landing Resort Mays Landing NJ RV 18 — 168 105 100.0% Echo Farms Ocean View NJ RV 31 — 245 223 100.0% Lake and Shore Ocean View NJ RV 162 — 401 283 100.0% Pine Haven Ocean View NJ RV 97 — 629 534 100.0% Red Oak Shores Ocean View NJ RV 155 223 192 100.0% Chestnut Lake Port Republic NJ RV 32 — 185 45 100.0% Sea Pines Swainton NJ RV 75 32 549 327 100.0% Pine Ridge at Crestwood Whiting NJ MH 188 — 1,035 1,035 92.5% Rondout Valley Accord NY RV 184 94 398 85 100.0% Alpine Lake RV Resort Corinth NY RV 200 54 500 369 100.0% Lake George Escape Lake George NY RV 178 — 576 117 100.0% The Woodlands Lockport NY MH 225 30 1,237 1,237 97.1% Greenwood Village Manorville NY MH 79 — 512 512 99.4% Brennan Beach Pulaski NY RV 201 — 1,377 1,211 100.0% Lake George Schroon Valley Warrensburg NY RV 151 — 151 92 100.0% Greenbriar Village Bath PA MH 63 — 319 319 96.6% Sun Valley Bowmansville PA RV 86 3 265 216 100.0% Green Acres Breinigsville PA MH 149 — 595 595 93.9% Gettysburg Farm Dover PA RV 124 62 265 81 100.0% Timothy Lake North East Stroudsburg PA RV 93 — 323 97 100.0% Timothy Lake South East Stroudsburg PA RV 65 — 327 135 100.0% Drummer Boy Gettysburg PA RV 89 — 465 254 100.0% Round Top Gettysburg PA RV 52 — 391 189 100.0% Circle M Lancaster PA RV 103 7 426 109 100.0% Hershey Lebanon PA RV 196 20 297 66 100.0% Robin Hill Lenhartsville PA RV 44 4 270 142 100.0% PA Dutch County Manheim PA RV 102 55 269 83 100.0% Spring Gulch New Holland PA RV 114 27 420 156 100.0% Lil Wolf Orefield PA MH 56 — 269 269 94.1% Scotrun Scotrun PA RV 63 6 178 117 100.0% Appalachian RV Shartlesville PA RV 86 30 358 217 100.0% Mountain View - PA Walnutport PA MH 45 1 187 187 90.4% Timber Creek Westerly RI RV 108 — 364 351 100.0% Total Northeast Market 5,713 808 21,907 16,117 98.5% Southeast: Hidden Cove Arley AL RV 99 34 163 79 100.0% Dale Hollow State Park Marina Burkesville KY Marina 33 — 198 198 100.0% Diamond Caverns Park City KY RV 714 218 220 28 100.0% Forest Lake Advance NC RV 306 20 394 218 100.0% 37 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/24 Total Number of Annual Sites as of 12/31/24 Annual Site Occupancy as of 12/31/24 Scenic Asheville NC MH 28 — 212 212 96.2% Boathouse Marina Beaufort NC Marina 9 — 547 365 100.0% Waterway RV Cedar Point NC RV 27 — 336 332 100.0% Twin Lakes Chocowinity NC RV 132 11 419 372 100.0% Holiday Trav-L-Park Resort Emerald Isle NC RV 23 — 299 162 100.0% Topsail Sound RV Holly Ridge NC RV 34 — 350 211 100.0% Green Mountain Lenoir NC RV 1,077 3 447 167 100.0% Lake Gaston Littleton NC RV 69 — 235 201 100.0% Lake Myers RV Mocksville NC RV 74 — 425 256 100.0% Bogue Pines Newport NC MH 50 — 150 150 99.3% Goose Creek Newport NC RV 92 — 735 697 100.0% Whispering Pines - NC Newport NC RV 34 — 278 178 100.0% Harbor Point Sneads Ferry NC RV 46 — 203 139 100.0% White Oak Shores Stella NC RV 220 20 710 473 100.0% White Oak Shores Stella NC Marina — — 56 40 100.0% Carolina Landing Fair Play SC RV 73 30 192 72 100.0% Inlet Oaks Village Murrells Inlet SC MH 35 — 172 172 99.4% Carolina Shores RV (g) Myrtle Beach SC RV 80 — 813 — —% Rivers Edge Marina North Charleston SC Marina 4 — 503 421 100.0% The Oaks Yemassee SC RV 10 — 93 23 100.0% Natchez Trace Hohenwald TN RV 672 339 537 190 100.0% Cherokee Landing Saulsbury TN RV 254 124 339 7 100.0% Meadows of Chantilly Chantilly VA MH 82 — 499 499 100.0% Harbor View Colonial Beach VA RV 69 — 146 41 100.0% Lynchburg Gladys VA RV 170 59 222 50 100.0% Chesapeake Bay Gloucester VA RV 282 80 392 123 100.0% Bayport Development (c) Jamaica VA RV 541 523 — — —% Virginia Landing Quinby VA RV 863 — 233 15 100.0% Grey's Point Camp Topping VA RV 125 16 791 584 100.0% Bethpage Camp Resort Urbanna VA RV 271 81 1,285 897 100.0% Williamsburg Williamsburg VA RV 65 10 211 89 100.0% Regency Lakes Winchester VA MH 165 — 523 523 98.7% Total Southeast Market 6,828 1,568 13,328 8,184 99.8% Midwest: O'Connell's Yogi Bear RV Resort Amboy IL RV 286 77 812 442 100.0% Pheasant Lake Estates Beecher IL MH 238 190 613 613 90.9% Pine Country Belvidere IL RV 131 10 185 127 100.0% Willow Lake Estates Elgin IL MH 111 — 616 616 92.2% Golf Vista Estates Monee IL MH 144 — 497 497 83.1% Indian Lakes Batesville IN RV 545 82 1,212 680 100.0% 38 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/24 Total Number of Annual Sites as of 12/31/24 Annual Site Occupancy as of 12/31/24 Horseshoe Lakes Clinton IN RV 289 66 123 71 100.0% Twin Mills RV Howe IN RV 137 24 501 292 100.0% Lakeside RV New Carlisle IN RV 13 — 89 89 100.0% Bear Cave Buchanan MI RV 25 10 136 45 100.0% St Claire Saint Claire MI RV 210 100 229 122 100.0% Cedar Knolls Apple Valley MN MH 93 — 457 457 94.7% Cimarron Park Lake Elmo MN MH 230 46 505 505 86.5% Rockford Riverview Estates Rockford MN MH 88 — 428 428 97.7% Rosemount Woods Rosemount MN MH 50 — 221 221 80.1% Buena Vista Fargo ND MH 76 — 399 399 62.7% Meadow Park Fargo ND MH 17 — 116 116 53.4% Kenisee Lake Jefferson OH RV 143 50 119 84 100.0% Wilmington Wilmington OH RV 109 41 169 120 100.0% Rainbow Lake Manor Bristol WI MH 99 6 302 302 87.1% Fremont Jellystone Park Campground Fremont WI RV 98 5 325 128 100.0% Yukon Trails Lyndon Station WI RV 150 29 219 126 100.0% Blackhawk Camping Resort Milton WI RV 214 24 490 319 100.0% Lakeland Milton WI RV 107 5 682 420 100.0% Westwood Estates Pleasant Prairie WI MH 95 — 344 344 90.1% Plymouth Rock Plymouth WI RV 133 40 610 426 100.0% Tranquil Timbers Sturgeon Bay WI RV 125 — 270 181 100.0% Lake of the Woods RV Wautoma WI RV 117 — 303 136 100.0% Neshonoc Lakeside West Salem WI RV 48 — 284 164 100.0% Arrowhead Resort Wisconsin Dells WI RV 166 40 377 190 100.0% Bay Point Marina Marblehead OH RV 48 9 184 184 100.0% Bay Point Marina Marblehead OH Marina 179 — 660 554 100.0% Total Midwest Market 4,514 854 12,477 9,398 93.5% Nevada, Utah and Idaho: Coach Royale Boise ID MH 12 — 91 91 100.0% Maple Grove Boise ID MH 38 — 271 271 98.9% Shenandoah Estates Boise ID MH 24 — 153 153 99.3% West Meadow Estates Boise ID MH 29 — 178 178 100.0% Mountain View - NV Henderson NV MH 72 — 354 354 100.0% Bonanza Village Las Vegas NV MH 43 — 353 353 61.5% Boulder Cascade Las Vegas NV MH 39 — 299 299 93.6% Cabana Las Vegas NV MH 37 — 263 263 99.2% Flamingo West Las Vegas NV MH 37 — 258 258 100.0% Las Vegas Las Vegas NV RV 11 — 217 4 100.0% Villa Borega Las Vegas NV MH 40 — 293 293 82.9% 39 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/24 Total Number of Annual Sites as of 12/31/24 Annual Site Occupancy as of 12/31/24 Westwood Village Farr West UT MH 46 — 314 314 100.0% St George (d) Hurricane UT RV 26 — 149 — —% All Seasons Salt Lake City UT MH 19 — 121 121 100.0% Total Nevada, Utah and Idaho Market 473 — 3,314 2,952 92.9% Northwest: Cultus Lake (Canada) (e) Lindell Beach BC RV 15 — 178 37 100.0% Bend Bend OR RV 289 116 351 27 100.0% Shadowbrook Clackamas OR MH 21 — 156 156 93.6% Pacific City Cloverdale OR RV 105 50 307 36 100.0% Falcon Wood Village Eugene OR MH 23 — 183 183 98.9% Portland Fairview Fairview OR RV 30 — 407 228 100.0% Quail Hollow (e) Fairview OR MH 21 — 137 137 100.0% South Jetty Florence OR RV 57 5 204 8 100.0% Seaside Seaside OR RV 80 7 251 45 100.0% Whalers Rest South Beach OR RV 39 5 170 26 100.0% Mt.
Biggest changeDesert Narrows Bar Harbor ME RV 90 12 206 8 100.0% Patten Pond Ellsworth ME RV 81 60 137 25 100.0% Pinehirst Old Orchard Beach ME RV 58 — 550 409 100.0% Narrows Too Trenton ME RV 42 8 207 41 100.0% Moody Beach Wells ME RV 48 — 274 95 100.0% Sandy Beach Contoocook NH RV 40 — 190 104 100.0% Pine Acres Raymond NH RV 100 — 421 196 100.0% Tuxbury Resort South Hampton NH RV 193 100 305 201 100.0% King Nummy Cape May Court House NJ RV 83 — 313 270 100.0% Acorn Campground Green Creek NJ RV 160 43 323 251 100.0% Whippoorwill RV Marmora NJ RV 39 — 288 230 100.0% Mays Landing Resort Mays Landing NJ RV 18 — 168 110 100.0% Echo Farms Ocean View NJ RV 31 — 245 226 100.0% Lake and Shore Ocean View NJ RV 162 — 401 287 100.0% Pine Haven Ocean View NJ RV 97 — 629 527 100.0% Red Oak Shores Ocean View NJ RV 155 223 193 100.0% Chestnut Lake Port Republic NJ RV 32 — 185 41 100.0% Sea Pines Swainton NJ RV 75 32 549 323 100.0% Pine Ridge at Crestwood Whiting NJ MH 188 — 1,035 1,035 92.2% Rondout Valley Accord NY RV 184 94 398 89 100.0% Alpine Lake RV Resort Corinth NY RV 200 54 500 345 100.0% Lake George Escape Lake George NY RV 178 — 576 144 100.0% The Woodlands Lockport NY MH 225 30 1,239 1,239 97.9% Greenwood Village Manorville NY MH 79 — 512 512 99.2% Brennan Beach Pulaski NY RV 201 — 1,377 1,212 100.0% Lake George Schroon Valley Warrensburg NY RV 151 — 151 84 100.0% Greenbriar Village Bath PA MH 63 — 319 319 96.9% Sun Valley Bowmansville PA RV 86 3 265 204 100.0% Green Acres Breinigsville PA MH 149 — 595 595 93.3% Gettysburg Farm Dover PA RV 124 62 265 88 100.0% Timothy Lake North East Stroudsburg PA RV 93 — 323 84 100.0% Timothy Lake South East Stroudsburg PA RV 65 — 327 132 100.0% Drummer Boy Gettysburg PA RV 89 — 465 263 100.0% Round Top Gettysburg PA RV 52 — 391 182 100.0% Circle M Lancaster PA RV 103 7 426 111 100.0% Hershey Lebanon PA RV 196 20 297 62 100.0% Robin Hill Lenhartsville PA RV 44 4 270 144 100.0% PA Dutch County Manheim PA RV 102 55 269 91 100.0% Spring Gulch New Holland PA RV 114 27 420 163 100.0% Lil Wolf Orefield PA MH 56 — 269 269 92.2% 35 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025 Scotrun Scotrun PA RV 63 6 178 100 100.0% Appalachian RV Shartlesville PA RV 86 30 358 210 100.0% Mountain View - PA Walnutport PA MH 45 1 187 187 89.8% Timber Creek Westerly RI RV 108 — 364 362 100.0% Total Northeast Market 5,713 808 21,909 16,049 98.4% Southeast: Hidden Cove Arley AL RV 99 34 163 93 100.0% Dale Hollow State Park Marina (e) Burkesville KY Marina 33 — 198 198 100.0% Diamond Caverns Park City KY RV 714 218 220 26 100.0% Forest Lake Advance NC RV 306 20 394 214 100.0% Scenic Asheville NC MH 28 — 212 212 95.3% Boathouse Marina Beaufort NC Marina 9 — 547 375 100.0% Waterway RV Cedar Point NC RV 27 — 336 324 100.0% Twin Lakes Chocowinity NC RV 132 11 419 409 100.0% Emerald Isle RV Resort Emerald Isle NC RV 23 — 299 162 100.0% Topsail Sound RV Holly Ridge NC RV 34 — 350 207 100.0% Green Mountain Lenoir NC RV 1,077 3 447 147 100.0% Lake Gaston Littleton NC RV 69 — 235 202 100.0% Lake Myers RV Mocksville NC RV 74 — 425 236 100.0% Bogue Pines Newport NC MH 50 — 150 150 98.0% Goose Creek Newport NC RV 92 — 735 680 100.0% Whispering Pines - NC Newport NC RV 34 — 278 176 100.0% Harbor Point Sneads Ferry NC RV 46 — 203 143 100.0% White Oak Shores Stella NC RV 220 20 710 516 100.0% White Oak Shores Stella NC Marina — — 56 44 100.0% Carolina Landing Fair Play SC RV 73 30 192 68 100.0% Inlet Oaks Village Murrells Inlet SC MH 35 — 172 172 100.0% Carolina Shores RV Myrtle Beach SC RV 80 — 813 447 100.0% Rivers Edge Marina North Charleston SC Marina 4 — 503 369 100.0% The Oaks Yemassee SC RV 10 — 93 23 100.0% Natchez Trace Hohenwald TN RV 672 339 537 190 100.0% Cherokee Landing Saulsbury TN RV 254 124 339 7 100.0% Meadows of Chantilly Chantilly VA MH 82 — 499 499 100.0% Harbor View Colonial Beach VA RV 69 — 146 44 100.0% Lynchburg Gladys VA RV 170 59 222 51 100.0% Chesapeake Bay Gloucester VA RV 282 80 392 135 100.0% Bayport Development (c) Jamaica VA RV 541 523 — — —% Virginia Landing Quinby VA RV 863 — 233 15 100.0% Grey's Point Camp Topping VA RV 125 16 791 570 100.0% 36 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025 Bethpage Camp Resort Urbanna VA RV 271 81 1,285 893 100.0% Williamsburg Williamsburg VA RV 65 10 211 91 100.0% Regency Lakes Winchester VA MH 165 — 521 521 99.6% Total Southeast Market 6,828 1,568 13,326 8,609 99.8% Midwest: O'Connell's RV Campground Amboy IL RV 286 77 812 395 100.0% Pheasant Lake Estates Beecher IL MH 238 190 613 613 88.4% Pine Country Belvidere IL RV 131 10 185 128 100.0% Willow Lake Estates Elgin IL MH 111 — 616 616 92.2% Golf Vista Estates Monee IL MH 144 — 497 497 84.3% Indian Lakes Batesville IN RV 545 82 1,212 691 100.0% Horseshoe Lakes Clinton IN RV 289 66 123 64 100.0% Twin Mills RV Howe IN RV 137 24 501 259 100.0% Lakeside RV New Carlisle IN RV 13 — 89 86 100.0% Bear Cave Buchanan MI RV 25 10 136 46 100.0% St Claire Saint Claire MI RV 210 100 229 122 100.0% Cedar Knolls Apple Valley MN MH 93 — 457 457 95.4% Cimarron Park Lake Elmo MN MH 230 46 505 505 85.3% Rockford Riverview Estates Rockford MN MH 88 — 428 428 97.0% Rosemount Woods Rosemount MN MH 50 — 221 221 80.5% Buena Vista Fargo ND MH 76 — 399 399 61.4% Meadow Park Fargo ND MH 17 — 116 116 50.9% Kenisee Lake Jefferson OH RV 143 50 119 72 100.0% Wilmington Wilmington OH RV 109 41 169 124 100.0% Rainbow Lake Manor Bristol WI MH 99 6 302 302 86.1% Fremont Jellystone Park Campground Fremont WI RV 98 5 325 125 100.0% Yukon Trails Lyndon Station WI RV 150 29 219 117 100.0% Blackhawk Camping Resort Milton WI RV 214 24 490 311 100.0% Lakeland Milton WI RV 107 5 682 407 100.0% Westwood Estates Pleasant Prairie WI MH 95 — 343 343 89.2% Plymouth Rock Plymouth WI RV 133 40 610 418 100.0% Tranquil Timbers Sturgeon Bay WI RV 125 — 270 174 100.0% Lake of the Woods RV Wautoma WI RV 117 — 303 138 100.0% Neshonoc Lakeside West Salem WI RV 48 — 284 159 100.0% Arrowhead Resort Wisconsin Dells WI RV 166 40 377 181 100.0% Bay Point Marina Marblehead OH RV 48 9 184 184 100.0% Bay Point Marina (e) Marblehead OH Marina 179 — 660 534 100.0% Total Midwest Market 4,514 854 12,476 9,232 93.1% 37 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025 Nevada, Utah and Idaho: Coach Royale Boise ID MH 12 — 91 91 100.0% Maple Grove Boise ID MH 38 — 271 271 99.3% Shenandoah Estates Boise ID MH 24 — 154 154 99.4% West Meadow Estates Boise ID MH 29 — 178 178 100.0% Mountain View - NV Henderson NV MH 72 — 354 354 100.0% Bonanza Village Las Vegas NV MH 43 — 353 353 63.7% Boulder Cascade Las Vegas NV MH 39 — 299 299 96.0% Cabana Las Vegas NV MH 37 — 263 263 98.5% Flamingo West Las Vegas NV MH 37 — 258 258 100.0% Las Vegas Las Vegas NV RV 11 — 217 21 100.0% Villa Borega Las Vegas NV MH 40 — 293 293 85.0% Westwood Village Farr West UT MH 46 — 314 314 99.4% St George (d) Hurricane UT RV 26 — 149 — —% All Seasons Salt Lake City UT MH 19 — 121 121 99.2% Total Nevada, Utah and Idaho Market 473 — 3,315 2,970 93.5% Northwest: Cultus Lake (Canada) (e) Lindell Beach BC RV 15 — 178 42 100.0% Bend Bend OR RV 289 116 351 39 100.0% Shadowbrook Clackamas OR MH 21 — 156 156 90.4% Pacific City Cloverdale OR RV 105 50 307 43 100.0% Falcon Wood Village Eugene OR MH 23 — 183 183 98.9% Portland Fairview Fairview OR RV 30 — 407 252 100.0% Quail Hollow (e) Fairview OR MH 21 — 137 137 97.1% South Jetty Florence OR RV 57 5 204 13 100.0% Seaside Seaside OR RV 80 7 251 43 100.0% Whalers Rest South Beach OR RV 39 5 170 33 100.0% Mt.
A total of 120 of the Properties were encumbered by debt (see Item 8. Financial Statements and Supplementary Data—Note 9. Borrowing Arrangements). The distribution of our Properties reflects our belief that geographic diversification helps to insulate the total portfolio from regional economic influences.
A total of 112 of the Properties were encumbered by debt (see Item 8. Financial Statements and Supplementary Data—Note 9. Borrowing Arrangements). The distribution of our Properties reflects our belief that geographic diversification helps to insulate the total portfolio from regional economic influences.
James City FL RV 31 — 363 26 100.0% Carefree Village Tampa FL MH 58 — 398 398 98.2% Tarpon Glen Tarpon Springs FL MH 24 — 168 168 99.4% Featherock Valrico FL MH 84 — 521 521 99.2% Bay Indies Venice FL MH 210 — 1,309 1,309 95.6% Ramblers Rest RV Resort Venice FL RV 117 — 647 345 100.0% Peace River Wauchula FL RV 72 — 454 50 100.0% Crystal Lake Zephyrhills Zephyrhills FL MH 147 — 518 518 85.3% Forest Lake Estates MH Zephyrhills FL MH 192 68 929 929 98.8% Forest Lake Village RV Zephyrhills FL RV 42 — 274 178 100.0% Sixth Avenue Zephyrhills FL MH 14 — 133 133 87.2% Other Multiple FL MH 7 — 133 133 45.1% Total Florida Market 13,312 1,158 64,821 52,595 94.7% California Northern California: Monte del Lago Castroville CA MH 54 — 310 310 99.7% Colony Park Ceres CA MH 20 — 186 186 97.8% Russian River Cloverdale CA RV 41 — 135 1 100.0% Snowflower (d) Emigrant Gap CA RV 612 — 268 — —% Four Seasons Fresno CA MH 40 — 242 242 96.7% Yosemite Lakes (d) Groveland CA RV 403 30 299 — —% Tahoe Valley (d) (e) Lake Tahoe CA RV 86 — 413 — —% Sea Oaks Los Osos CA MH 18 1 125 125 100.0% Ponderosa Resort Lotus CA RV 22 — 170 3 100.0% Turtle Beach Manteca CA RV 39 — 79 11 100.0% Marina Dunes RV Resort (d) Marina CA RV 6 — 96 — —% Coralwood (e) Modesto CA MH 22 — 194 194 99.5% Lake Minden Nicolaus CA RV 165 82 323 6 100.0% Oceanside RV Resort (d) Oceanside CA RV 8 — 139 — —% Lake of the Springs Oregon House CA RV 954 507 541 35 100.0% Concord Cascade Pacheco CA MH 31 — 283 283 100.0% San Francisco RV (d) Pacifica CA RV 12 — 122 — —% 33 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/24 Total Number of Annual Sites as of 12/31/24 Annual Site Occupancy as of 12/31/24 Quail Meadows Riverbank CA MH 20 — 146 146 100.0% California Hawaiian San Jose CA MH 50 — 418 418 100.0% Sunshadow San Jose CA MH 30 — 121 121 100.0% Village of the Four Seasons San Jose CA MH 30 — 271 271 100.0% Laguna Lake San Luis Obispo CA MH 100 — 300 300 100.0% Contempo Marin San Rafael CA MH 63 1 396 396 100.0% De Anza Santa Cruz Santa Cruz CA MH 30 — 198 198 100.0% Santa Cruz Ranch (d) Scotts Valley CA RV 7 — 106 — —% Royal Oaks Visalia CA MH 20 — 149 149 98.0% Pilot Knob RV Resort Winterhaven CA RV 23 — 247 9 100.0% Southern California: Soledad Canyon Acton CA RV 273 — 1,251 32 100.0% Los Ranchos Apple Valley CA MH 30 — 389 389 96.7% Date Palm Country Club (e) Cathedral City CA MH 232 3 538 538 98.3% Palm Springs Oasis RV Resort Cathedral City CA RV (f) — 140 27 100.0% Oakzanita Springs Descanso CA RV 145 5 146 21 100.0% Rancho Mesa El Cajon CA MH 20 — 158 158 100.0% Rancho Valley El Cajon CA MH 19 — 140 140 100.0% Royal Holiday Hemet CA MH 22 — 198 198 78.8% Idyllwild Idyllwild-Pine Cove CA RV 191 — 287 33 100.0% Pio Pico Jamul CA RV 176 10 512 51 100.0% Wilderness Lakes Menifee CA RV 73 1 529 41 100.0% Morgan Hill (d) Morgan Hill CA RV 69 6 339 — —% Pacific Dunes Ranch (d) Oceana CA RV 48 — 215 — —% San Benito Paicines CA RV 199 23 523 17 100.0% Palm Springs Palm Desert CA RV 35 — 401 14 100.0% Las Palmas Estates Rialto CA MH 18 — 136 136 100.0% Parque La Quinta Rialto CA MH 19 — 166 166 98.2% Rancho Oso (h) Santa Barbara CA RV 310 40 187 — —% Meadowbrook Santee CA MH 43 — 338 338 100.0% Lamplighter Village Spring Valley CA MH 32 — 270 270 100.0% Santiago Estates Sylmar CA MH 113 9 300 300 100.0% Total California Market 4,973 718 13,440 6,273 98.7% Arizona: Apache East Apache Junction AZ MH 17 — 123 123 100.0% Countryside RV Apache Junction AZ RV 53 — 560 304 100.0% Denali Park Apache Junction AZ MH 33 5 162 162 98.8% Dolce Vita Apache Junction AZ MH 132 20 606 606 75.4% Golden Sun RV Apache Junction AZ RV 33 — 329 208 100.0% 34 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/24 Total Number of Annual Sites as of 12/31/24 Annual Site Occupancy as of 12/31/24 Meridian RV Resort Apache Junction AZ RV 15 — 264 52 100.0% Valley Vista Benson AZ RV 6 — 145 5 100.0% Casita Verde Casa Grande AZ RV 14 — 192 98 100.0% Fiesta Grande Casa Grande AZ RV 77 — 767 547 100.0% Foothills West Casa Grande AZ RV 16 — 188 130 100.0% Sunshine Valley Chandler AZ MH 55 — 381 381 100.0% Verde Valley Cottonwood AZ RV 273 178 414 118 100.0% Casa del Sol East II Glendale AZ MH 29 — 239 239 96.2% Casa del Sol East III Glendale AZ MH 28 — 236 236 98.3% Palm Shadows Glendale AZ MH 33 — 293 293 92.5% Hacienda De Valencia Mesa AZ MH 51 — 363 363 98.6% Mesa Spirit Mesa AZ RV 90 — 1,600 800 100.0% Monte Vista Resort Mesa AZ RV 142 — 1,345 966 100.0% Seyenna Vistas Mesa AZ MH 60 4 407 407 96.6% The Highlands at Brentwood Mesa AZ MH 45 — 268 268 99.6% ViewPoint RV & Golf Resort Mesa AZ RV 332 — 2,414 1,996 100.0% Apollo Village Peoria AZ MH 29 3 238 238 95.4% Casa del Sol West Peoria AZ MH 31 — 245 245 98.8% Carefree Manor Phoenix AZ MH 16 — 130 130 97.7% Central Park Phoenix AZ MH 37 — 293 293 97.3% Desert Skies Phoenix AZ MH 24 — 166 166 98.8% Sunrise Heights Phoenix AZ MH 28 — 199 199 97.5% Whispering Palms Phoenix AZ MH 15 — 116 116 98.3% Desert Vista (d) Salome AZ RV 10 — 125 — —% Sedona Shadows Sedona AZ MH 48 — 210 210 94.8% Venture In Show Low AZ RV 26 — 389 269 100.0% Paradise Sun City AZ RV 80 — 950 778 100.0% The Meadows AZ Tempe AZ MH 60 — 390 390 97.9% Fairview Manor Tucson AZ MH 28 — 231 231 97.0% Voyager RV Resort Tucson AZ RV 35 — 1,801 1,117 100.0% The Crossing at Voyager (c) Tucson AZ MH 64 18 154 154 0.6% Westpark Wickenburg AZ MH 48 — 269 269 86.6% Araby Acres Yuma AZ RV 25 3 337 252 100.0% Cactus Gardens Yuma AZ RV 43 — 430 224 100.0% Capri Yuma AZ RV 20 — 303 146 100.0% Desert Paradise Yuma AZ RV 26 — 260 83 100.0% Foothill Village Yuma AZ RV 18 — 180 20 100.0% Mesa Verde RV Yuma AZ RV 28 — 345 256 100.0% Suni Sands Yuma AZ RV 34 — 336 134 100.0% Total Arizona Market 2,307 231 19,393 14,222 96.8% 35 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/24 Total Number of Annual Sites as of 12/31/24 Annual Site Occupancy as of 12/31/24 Colorado: Hillcrest Village CO Aurora CO MH 72 — 602 602 98.7% Cimarron Village Broomfield CO MH 50 — 327 327 100.0% Holiday Village CO Colorado Springs CO MH 38 — 240 240 97.5% Bear Creek Village Denver CO MH 12 — 121 121 98.3% Holiday Hills Village Denver CO MH 99 — 736 736 98.4% Golden Terrace Golden CO MH 32 — 263 263 99.6% Golden Terrace South Golden CO MH 15 — 80 80 100.0% Golden Terrace South RV (d) Golden CO RV (f) — 80 — —% Golden Terrace West Golden CO MH 39 — 311 311 99.0% Blue Mesa Recreational Ranch (d) Gunnison CO RV — — 385 — —% Pueblo Grande Pueblo CO MH 33 — 250 250 96.0% Woodland Hills Thornton CO MH 55 — 434 434 100.0% Total Colorado Market 445 — 3,829 3,364 98.8% Northeast: Stonegate Manor North Windham CT MH 114 — 372 372 91.4% Waterford Estates Bear DE MH 159 2 731 731 99.6% McNicol Place Lewes DE MH 25 — 93 93 100.0% Whispering Pines Lewes DE MH 67 2 393 393 100.0% Mariner's Cove Millsboro DE MH 101 — 375 375 100.0% Sweetbriar Millsboro DE MH 38 — 146 146 98.6% Aspen Meadows Rehoboth Beach DE MH 46 — 200 200 100.0% Camelot Meadows Rehoboth Beach DE MH 61 — 301 301 100.0% Gateway to Cape Cod Rochester MA RV 80 25 194 73 100.0% Hillcrest MA Rockland MA MH 19 — 79 79 91.1% The Glen Rockland MA MH 24 — 36 36 97.2% Old Chatham South Dennis MA RV 47 — 312 279 100.0% Sturbridge Sturbridge MA RV 223 125 155 87 100.0% Fernwood Capitol Heights MD MH 40 6 329 329 99.1% Williams Estates/Peppermint Woods Middle River MD MH 121 — 803 803 100.0% Mt.
James City FL RV 31 — 363 25 100.0% Carefree Village Tampa FL MH 58 — 398 398 98.2% Tarpon Glen Tarpon Springs FL MH 24 — 168 168 100.0% Featherock Valrico FL MH 84 — 521 521 98.3% Bay Indies Venice FL MH 210 — 1,309 1,309 91.4% Ramblers Rest RV Resort Venice FL RV 117 — 647 336 100.0% Peace River Wauchula FL RV 72 — 454 56 100.0% Crystal Lake Zephyrhills Zephyrhills FL MH 147 — 518 518 89.8% Forest Lake Estates MH Zephyrhills FL MH 192 68 928 928 99.7% Forest Lake Village RV Zephyrhills FL RV 42 — 274 176 100.0% Sixth Avenue Zephyrhills FL MH 14 — 133 133 92.5% Other Multiple FL MH 7 — 133 133 45.9% Total Florida Market 13,312 1,127 65,124 52,644 93.6% California Northern California: Monte del Lago Castroville CA MH 54 — 310 310 99.7% Colony Park Ceres CA MH 20 — 186 186 96.8% Russian River Cloverdale CA RV 41 — 135 2 100.0% Snowflower (d) Emigrant Gap CA RV 612 — 268 — —% Four Seasons Fresno CA MH 40 — 242 242 96.7% Yosemite Lakes (d) Groveland CA RV 403 30 299 — —% Tahoe Valley (d) (e) Lake Tahoe CA RV 86 — 413 — —% Sea Oaks Los Osos CA MH 18 1 125 125 100.0% 31 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025 Ponderosa Resort Lotus CA RV 22 — 170 3 100.0% Turtle Beach Manteca CA RV 39 — 79 25 100.0% Marina Dunes RV Resort (d) Marina CA RV 6 — 96 — —% Coralwood (e) Modesto CA MH 22 — 194 194 99.5% Lake Minden Nicolaus CA RV 165 82 323 4 100.0% Oceanside RV Resort (d) Oceanside CA RV 8 — 139 — —% Lake of the Springs Oregon House CA RV 954 507 541 33 100.0% Concord Cascade Pacheco CA MH 31 — 283 283 100.0% San Francisco RV Pacifica CA RV 12 — 122 12 100.0% Quail Meadows Riverbank CA MH 20 — 146 146 100.0% California Hawaiian San Jose CA MH 50 — 418 418 100.0% Sunshadow San Jose CA MH 30 — 121 121 100.0% Village of the Four Seasons San Jose CA MH 30 — 271 271 99.6% Laguna Lake San Luis Obispo CA MH 100 — 300 300 100.0% Contempo Marin San Rafael CA MH 63 1 396 396 100.0% De Anza Santa Cruz Santa Cruz CA MH 30 — 198 198 100.0% Santa Cruz Ranch (d) Scotts Valley CA RV 7 — 106 — —% Royal Oaks Visalia CA MH 20 — 149 149 97.3% Pilot Knob RV Resort Winterhaven CA RV 23 — 247 2 100.0% Southern California: Soledad Canyon Acton CA RV 273 — 1,251 48 100.0% Los Ranchos Apple Valley CA MH 30 — 389 389 96.9% Date Palm Country Club (e) Cathedral City CA MH 232 3 538 538 98.3% Palm Springs Oasis RV Resort Cathedral City CA RV (f) — 140 32 100.0% Oakzanita Springs Descanso CA RV 145 5 146 21 100.0% Rancho Mesa El Cajon CA MH 20 — 158 158 99.4% Rancho Valley El Cajon CA MH 19 — 140 140 100.0% Royal Holiday Hemet CA MH 22 — 198 198 80.8% Idyllwild Idyllwild-Pine Cove CA RV 191 — 287 28 100.0% Pio Pico Jamul CA RV 176 10 512 52 100.0% Wilderness Lakes Menifee CA RV 73 — 529 37 100.0% Morgan Hill (d) Morgan Hill CA RV 69 6 339 — —% Pacific Dunes Ranch (d) Oceana CA RV 48 — 215 — —% San Benito Paicines CA RV 199 23 523 20 100.0% Palm Springs Palm Desert CA RV 35 — 401 13 100.0% Las Palmas Estates Rialto CA MH 18 — 136 136 100.0% Parque La Quinta Rialto CA MH 19 — 166 166 98.2% Rancho Oso (d) Santa Barbara CA RV 310 40 187 — —% Meadowbrook Santee CA MH 43 — 338 338 100.0% 32 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025 Lamplighter Village Spring Valley CA MH 32 — 270 270 99.6% Santiago Estates Sylmar CA MH 113 9 300 300 100.0% Total California Market 4,973 717 13,440 6,304 98.7% Arizona: Apache East Apache Junction AZ MH 17 — 123 123 100.0% Countryside RV Apache Junction AZ RV 53 — 560 307 100.0% Denali Park Apache Junction AZ MH 33 5 162 162 93.2% Dolce Vita Apache Junction AZ MH 132 20 606 606 78.2% Golden Sun RV Apache Junction AZ RV 33 — 329 206 100.0% Meridian RV Resort Apache Junction AZ RV 15 — 264 30 100.0% Casita Verde Casa Grande AZ RV 14 — 192 88 100.0% Fiesta Grande Casa Grande AZ RV 77 — 767 517 100.0% Foothills West Casa Grande AZ RV 16 — 188 122 100.0% Sunshine Valley Chandler AZ MH 55 — 381 381 99.7% Verde Valley Cottonwood AZ RV 273 178 414 124 100.0% Casa del Sol East II Glendale AZ MH 29 — 239 239 95.0% Casa del Sol East III Glendale AZ MH 28 — 236 236 98.3% Palm Shadows Glendale AZ MH 33 — 293 293 92.5% Hacienda De Valencia Mesa AZ MH 51 — 363 363 97.8% Mesa Spirit Mesa AZ RV 90 — 1,600 752 100.0% Monte Vista Resort Mesa AZ RV 142 — 1,345 987 100.0% Seyenna Vistas Mesa AZ MH 60 4 407 407 96.6% The Highlands at Brentwood Mesa AZ MH 45 — 268 268 99.6% ViewPoint RV & Golf Resort Mesa AZ RV 332 — 2,414 2,005 100.0% Apollo Village Peoria AZ MH 29 3 238 238 97.1% Casa del Sol West Peoria AZ MH 31 — 245 245 99.2% Carefree Manor Phoenix AZ MH 16 — 130 130 99.2% Central Park Phoenix AZ MH 37 — 293 293 98.3% Desert Skies Phoenix AZ MH 24 — 167 167 98.8% Sunrise Heights Phoenix AZ MH 28 — 199 199 99.5% Whispering Palms Phoenix AZ MH 15 — 115 115 92.2% Sedona Shadows Sedona AZ MH 48 — 210 210 98.1% Venture In Show Low AZ RV 26 — 389 277 100.0% Paradise Sun City AZ RV 80 — 950 772 100.0% The Meadows AZ Tempe AZ MH 60 — 390 390 99.5% Fairview Manor Tucson AZ MH 28 — 235 235 92.3% Voyager RV Resort Tucson AZ RV 35 — 1,801 1,121 100.0% The Crossing at Voyager Tucson AZ MH 64 18 154 154 6.5% Westpark Wickenburg AZ MH 48 — 269 269 86.2% 33 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025 Araby Acres Yuma AZ RV 25 3 337 252 100.0% Cactus Gardens Yuma AZ RV 43 — 430 226 100.0% Capri Yuma AZ RV 20 — 303 137 100.0% Desert Paradise Yuma AZ RV 26 — 260 82 100.0% Foothill Village Yuma AZ RV 18 — 180 21 100.0% Mesa Verde RV Yuma AZ RV 28 — 345 265 100.0% Suni Sands Yuma AZ RV 34 — 336 134 100.0% Total Arizona Market 2,291 231 19,127 14,148 96.9% Colorado: Hillcrest Village CO Aurora CO MH 72 — 602 602 99.7% Cimarron Village Broomfield CO MH 50 — 327 327 99.7% Holiday Village CO Colorado Springs CO MH 38 — 240 240 97.1% Bear Creek Village Denver CO MH 12 — 121 121 97.5% Holiday Hills Village Denver CO MH 99 — 736 736 97.3% Golden Terrace Golden CO MH 32 — 263 263 99.2% Golden Terrace South Golden CO MH 15 — 80 80 96.3% Golden Terrace South RV (d) Golden CO RV (f) — 80 — —% Golden Terrace West Golden CO MH 39 — 311 311 98.1% Blue Mesa Recreational Ranch (d) Gunnison CO RV — — 385 — —% Pueblo Grande Pueblo CO MH 33 — 250 250 98.0% Woodland Hills Thornton CO MH 55 — 434 434 99.8% Total Colorado Market 445 — 3,829 3,364 98.5% Northeast: Stonegate Manor North Windham CT MH 114 — 372 372 91.1% Waterford Estates Bear DE MH 159 2 731 731 99.6% McNicol Place Lewes DE MH 25 — 93 93 100.0% Whispering Pines Lewes DE MH 67 2 393 393 99.2% Mariner's Cove Millsboro DE MH 101 — 375 375 99.7% Sweetbriar Millsboro DE MH 38 — 146 146 97.3% Aspen Meadows Rehoboth Beach DE MH 46 — 200 200 99.5% Camelot Meadows Rehoboth Beach DE MH 61 — 301 301 99.3% Gateway to Cape Cod Rochester MA RV 80 25 194 77 100.0% Hillcrest MA Rockland MA MH 19 — 79 79 89.9% The Glen Rockland MA MH 24 — 36 36 97.2% Old Chatham South Dennis MA RV 47 — 312 276 100.0% Sturbridge Sturbridge MA RV 223 125 155 75 100.0% Fernwood Capitol Heights MD MH 40 6 329 329 99.7% Williams Estates/Peppermint Woods Middle River MD MH 121 — 803 803 99.9% 34 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025 Mt.
(c) Development asset not included in the property count as there are no sites and the property is not operational. (d) Property did not have annual Sites for 2024. (e) Land has been leased to us under a non-cancelable operating lease, including one Loggerhead Marina Property (See Item 8. Financial Statements and Supplementary Data—Note 3. Leases).
(c) Development asset not included in the property count as there are no sites and the property is not operational. (d) Property did not have annual Sites for 2025. (e) Land has been leased to us under a non-cancelable operating lease. (See Item 8. Financial Statements and Supplementary Data—Note 3. Leases).
Each accounted for approximately 2.0% of our total property operating revenues for the year ended December 31, 2024. The following table sets forth certain information relating to our 437 wholly-owned Properties containing 169,431 Sites as of December 31, 2024, not including Properties owned through joint ventures. These Properties are categorized by major market.
Each accounted for approximately 2.0% of our total property operating revenues for the year ended December 31, 2025. The following table sets forth certain information relating to our 435 wholly-owned Properties containing 169,468 Sites as of December 31, 2025, not including Properties owned through joint ventures. These Properties are categorized by major market.
Our Properties historically have had, and we believe they will continue to have, low turnover and high occupancy rates. Property Portfolio As of December 31, 2024, we owned or had an ownership interest in a portfolio of 452 Properties located predominantly in the United States containing 173,201 Sites.
Our Properties historically have had, and we believe they will continue to have, low turnover and high occupancy rates. Property Portfolio As of December 31, 2025, we owned or had an ownership interest in a portfolio of 453 Properties located predominantly in the United States containing 173,371 Sites.
Dora FL MH 14 — 114 114 91.2% Foxwood Farms Ocala FL MH 56 — 365 365 84.7% Oak Bend Ocala FL MH 62 — 342 342 84.5% Villas at Spanish Oaks Ocala FL MH 69 — 454 454 86.8% Audubon Village - Florida Orlando FL MH 40 2 280 280 98.9% Hidden Valley Orlando FL MH 50 — 303 303 99.3% Starlight Ranch Orlando FL MH 130 — 783 783 98.1% Covington Estates Saint Cloud FL MH 59 — 241 241 99.6% Parkwood Communities Wildwood FL MH 121 — 694 694 98.1% Three Flags Wildwood FL RV 23 — 221 55 100.0% Winter Garden Winter Garden FL RV 27 — 350 123 100.0% West: Riverside RV Resort Arcadia FL RV 499 208 548 237 100.0% Toby's RV Resort Arcadia FL RV 44 — 379 323 100.0% Sunshine Key Big Pine Key FL RV 54 — 409 39 100.0% Windmill Manor Bradenton FL MH 49 — 292 292 98.3% Winter Quarters Manatee Bradenton FL RV 42 — 415 213 100.0% Resort at Tranquility Lake Cape Coral FL RV 188 — 502 8 100.0% Cape Coral Development Land (c) Cape Coral FL RV 1,000 468 — — —% Palm Harbour Marina Cape Haze FL Marina 18 — 260 111 100.0% Glen Ellen Clearwater FL MH 12 — 106 106 96.2% Hillcrest FL Clearwater FL MH 25 — 276 276 95.7% Holiday Ranch Clearwater FL MH 12 — 150 150 94.0% Serendipity Clearwater FL MH 55 — 425 425 99.1% Shady Lane Oaks Clearwater FL MH 31 — 249 249 97.2% Shady Lane Village Clearwater FL MH 19 — 156 156 96.8% 31 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/24 Total Number of Annual Sites as of 12/31/24 Annual Site Occupancy as of 12/31/24 Silk Oak Lodge Clearwater FL MH 19 — 180 180 96.7% Cortez Village Marina Cortez FL Marina 4 — 353 249 100.0% Crystal Isles Crystal River FL RV 38 1 260 83 100.0% Lake Haven Dunedin FL MH 48 — 379 379 98.7% Marker 1 Marina Dunedin FL Marina 11 — 477 303 100.0% Colony Cove Ellenton FL MH 543 5 2,405 2,405 94.1% The Oaks at Colony Cove Ellenton FL MH (f) — 93 93 98.9% Ridgewood Estates Ellenton FL MH 77 — 380 380 99.7% Fort Myers Beach Fort Myers FL RV 37 6 292 90 100.0% Fish Tale Marina Fort Myers Beach FL Marina 8 — 296 104 100.0% Gulf Air Fort Myers Beach FL RV 25 — 246 44 100.0% Holiday Travel Park Holiday FL RV 45 — 613 504 100.0% Barrington Hills Hudson FL RV 28 — 392 286 100.0% Down Yonder Largo FL MH 50 — 361 361 100.0% East Bay Oaks Largo FL MH 40 — 328 328 99.7% Eldorado Village Largo FL MH 25 — 227 227 100.0% Paradise Park - Largo Largo FL MH 15 — 108 108 100.0% Shangri-La Mobile Home Park Largo FL MH 14 — 160 160 93.1% Vacation Village Largo FL RV 29 — 293 182 100.0% Whispering Pines - Largo Largo FL MH 55 — 393 393 96.7% Fiesta Key Long Key FL RV 28 — 373 22 100.0% Winter Quarters Pasco Lutz FL RV 27 — 255 185 100.0% Country Place New Port Richey FL MH 82 — 515 515 100.0% Hacienda Village New Port Richey FL MH 66 — 505 505 99.2% Harbor View Mobile Manor New Port Richey FL MH 69 — 471 471 85.8% Bay Lake Estates Nokomis FL MH 34 — 228 228 88.2% Lake Village Nokomis FL MH 105 40 391 391 93.1% Royal Coachman Nokomis FL RV 111 2 546 493 100.0% Buccaneer Estates North Fort Myers FL MH 223 — 1,183 1,183 72.7% Island Vista Estates North Fort Myers FL MH 121 — 616 616 87.7% Lake Fairways North Fort Myers FL MH 259 — 896 896 98.5% Pine Lakes North Fort Myers FL MH 397 61 602 602 99.8% Pioneer Village North Fort Myers FL RV 90 — 733 386 100.0% Sunseekers RV Resort North Fort Myers FL RV 16 — 241 152 100.0% The Heritage North Fort Myers FL MH 214 6 449 449 99.6% Windmill Village - N.
Dora FL MH 14 — 114 114 88.6% Foxwood Farms Ocala FL MH 56 — 365 365 86.6% Oak Bend Ocala FL MH 62 — 342 342 87.4% Villas at Spanish Oaks Ocala FL MH 69 — 454 454 86.3% Audubon Village - Florida Orlando FL MH 40 2 280 280 98.9% Hidden Valley Orlando FL MH 50 — 303 303 99.3% Starlight Ranch Orlando FL MH 130 — 783 783 97.6% Covington Estates Saint Cloud FL MH 59 — 241 241 99.6% Parkwood Communities Wildwood FL MH 121 — 694 694 98.1% Three Flags Wildwood FL RV 23 — 221 56 100.0% Winter Garden Winter Garden FL RV 27 — 350 137 100.0% West: Riverside RV Resort Arcadia FL RV 499 208 548 220 100.0% Toby's RV Resort Arcadia FL RV 44 — 379 318 100.0% Sunshine Key Big Pine Key FL RV 54 — 409 47 100.0% Windmill Manor Bradenton FL MH 49 — 292 292 94.5% Winter Quarters Manatee Bradenton FL RV 42 — 415 169 100.0% Resort at Tranquility Lake (d) Cape Coral FL RV 188 — 502 — —% Cape Coral Development Land (c) Cape Coral FL RV 1,000 468 — — —% Palm Harbour Marina Cape Haze FL Marina 18 — 260 64 100.0% 29 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025 Glen Ellen Clearwater FL MH 12 — 106 106 99.1% Hillcrest FL Clearwater FL MH 25 — 276 276 98.2% Holiday Ranch Clearwater FL MH 12 — 150 150 94.7% Serendipity Clearwater FL MH 55 — 425 425 99.5% Shady Lane Oaks Clearwater FL MH 31 — 249 249 97.6% Shady Lane Village Clearwater FL MH 19 — 156 156 97.4% Silk Oak Lodge Clearwater FL MH 19 — 180 180 96.7% Cortez Village Marina Cortez FL Marina 4 — 279 184 100.0% Crystal Isles Crystal River FL RV 38 1 260 91 100.0% Lake Haven Dunedin FL MH 48 — 379 379 98.2% Marker 1 Marina Dunedin FL Marina 11 — 477 266 100.0% Colony Cove Ellenton FL MH 543 5 2,405 2,405 90.9% The Oaks at Colony Cove Ellenton FL MH (f) — 93 93 100.0% Ridgewood Estates Ellenton FL MH 77 — 380 380 98.7% Fort Myers Beach Fort Myers FL RV 37 6 292 83 100.0% Fish Tale Marina Fort Myers Beach FL Marina 8 — 296 110 100.0% Gulf Air Fort Myers Beach FL RV 25 — 246 51 100.0% Holiday Travel Park Holiday FL RV 45 — 613 491 100.0% Barrington Hills Hudson FL RV 28 — 392 292 100.0% Down Yonder Largo FL MH 50 — 361 361 98.9% East Bay Oaks Largo FL MH 40 — 328 328 98.5% Eldorado Village Largo FL MH 25 — 227 227 98.7% Paradise Park - Largo Largo FL MH 15 — 108 108 100.0% Shangri-La Mobile Home Park Largo FL MH 14 — 160 160 93.1% Vacation Village Largo FL RV 29 — 293 171 100.0% Whispering Pines - Largo Largo FL MH 55 — 393 393 99.2% Fiesta Key Long Key FL RV 28 — 373 8 100.0% Winter Quarters Pasco Lutz FL RV 27 — 255 191 100.0% Country Place New Port Richey FL MH 82 — 515 515 100.0% Hacienda Village New Port Richey FL MH 66 — 505 505 97.6% Harbor View Mobile Manor New Port Richey FL MH 69 — 471 471 76.2% Bay Lake Estates Nokomis FL MH 34 — 228 228 80.7% Lake Village Nokomis FL MH 105 40 391 391 85.7% Royal Coachman Nokomis FL RV 111 2 546 481 100.0% Buccaneer Estates North Fort Myers FL MH 223 — 1,183 1,183 71.3% Island Vista Estates North Fort Myers FL MH 121 — 617 617 86.9% Lake Fairways North Fort Myers FL MH 259 — 896 896 94.2% Pine Lakes North Fort Myers FL MH 397 61 602 602 99.2% Pioneer Village North Fort Myers FL RV 90 — 733 377 100.0% Sunseekers RV Resort North Fort Myers FL RV 16 — 241 143 100.0% 30 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025 The Heritage North Fort Myers FL MH 214 40 449 449 100.0% Windmill Village - N.
Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/24 Total Number of Annual Sites as of 12/31/24 Annual Site Occupancy as of 12/31/24 Florida East: Aventura Marina Aventura FL Marina 15 — 6 5 100.0% Hi-Lift Marina Aventura FL Marina 3 — 211 206 100.0% Cheron Village Davie FL MH 30 — 202 202 100.0% Carriage Cove Daytona Beach FL MH 59 — 418 418 84.0% Daytona Beach Marina Daytona Beach FL Marina 5 — 179 154 100.0% Coquina Crossing Elkton FL MH 316 26 596 596 98.5% Bulow Plantation Flagler Beach FL MH 323 90 276 276 98.9% Bulow RV Flagler Beach FL RV (f) 91 352 88 100.0% Carefree Cove Fort Lauderdale FL MH 20 — 164 164 93.3% Everglades Lakes Fort Lauderdale FL MH 103 — 611 611 93.6% Park City West Fort Lauderdale FL MH 60 — 363 363 98.9% Sunshine Holiday MH Fort Lauderdale FL MH 32 — 245 245 97.1% Sunshine Holiday RV Fort Lauderdale FL RV (e) — 130 50 100.0% Hollywood Marina Hollywood FL Marina 9 — 190 167 100.0% 29 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/24 Total Number of Annual Sites as of 12/31/24 Annual Site Occupancy as of 12/31/24 Jupiter Marina Jupiter FL Marina 5 — 231 223 100.0% Lake Worth Village Lake Worth FL MH 117 — 823 823 96.6% Lantana Marina Lantana FL Marina 5 — 394 290 100.0% Maralago Cay Lantana FL MH 102 — 602 602 96.5% South Lantana Marina Lantana FL Marina 1 — 73 60 100.0% Coral Cay Plantation Margate FL MH 121 — 818 818 94.9% Lakewood Village Melbourne FL MH 68 — 349 349 88.3% Miami Everglades Miami FL RV 34 9 303 34 100.0% South Miami Marina Miami FL Marina 41 — 254 223 100.0% Okeechobee RV Resort Okeechobee FL RV 110 — 740 284 100.0% Holiday Village, Ormond Beach Ormond Beach FL MH 43 — 301 301 90.0% Sunshine Holiday-Daytona North Ormond Beach FL RV 69 3 349 141 100.0% Palm Beach Gardens Marina Palm Beach Gardens FL Marina 12 — 133 122 100.0% The Meadows, FL Palm Beach Gardens FL MH 55 — 378 378 97.1% Breezy Hill Pompano Beach FL RV 52 — 762 326 100.0% Hidden Harbour Marina Pompano Beach FL Marina 4 — 357 292 100.0% Highland Woods Travel Park Pompano Beach FL RV 15 — 148 15 100.0% Inlet Harbor Marina Ponce Inlet FL Marina 10 — 295 244 100.0% Lighthouse Pointe at Daytona Beach Port Orange FL MH 64 — 435 435 84.6% Pickwick Village Port Orange FL MH 84 — 441 441 95.0% Rose Bay Port Orange FL RV 21 2 303 163 100.0% Palm Lake Riviera Beach FL MH 154 — 916 916 72.8% Riviera Beach Marina Riviera Beach FL Marina 6 — 326 273 100.0% Indian Oaks Rockledge FL MH 38 — 208 208 100.0% Space Coast Rockledge FL RV 24 — 270 191 100.0% St.
Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025 Florida East: Aventura Marina Aventura FL Marina 15 — 6 5 100.0% Hi-Lift Marina Aventura FL Marina 3 — 211 186 100.0% Cheron Village Davie FL MH 30 — 202 202 100.0% Carriage Cove Daytona Beach FL MH 59 — 418 418 75.6% Daytona Beach Marina Daytona Beach FL Marina 5 — 179 144 100.0% Coquina Crossing Elkton FL MH 316 — 741 741 80.0% Bulow Plantation Flagler Beach FL MH 323 90 276 276 98.9% Bulow RV Flagler Beach FL RV (f) 91 352 72 100.0% Carefree Cove Fort Lauderdale FL MH 20 — 164 164 93.3% Everglades Lakes Fort Lauderdale FL MH 103 — 611 611 93.8% Park City West Fort Lauderdale FL MH 60 — 363 363 98.9% Sunshine Holiday MH Fort Lauderdale FL MH 32 — 245 245 97.1% Sunshine Holiday RV Fort Lauderdale FL RV (f) — 130 44 100.0% 27 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025 Hollywood Marina Hollywood FL Marina 9 — 190 172 100.0% Jupiter Marina Jupiter FL Marina 5 — 247 241 100.0% Lake Worth Village Lake Worth FL MH 117 — 823 823 98.4% Lantana Marina (e) Lantana FL Marina 5 — 394 277 100.0% Maralago Cay Lantana FL MH 102 — 602 602 96.3% South Lantana Marina (e) Lantana FL Marina 1 — 73 42 100.0% Coral Cay Plantation Margate FL MH 121 — 818 818 97.7% Lakewood Village Melbourne FL MH 68 — 349 349 88.5% Miami Everglades Miami FL RV 34 9 303 44 100.0% South Miami Marina (e) Miami FL Marina 41 — 254 222 100.0% Okeechobee RV Resort Okeechobee FL RV 110 — 740 305 100.0% Holiday Village, Ormond Beach Ormond Beach FL MH 43 — 301 301 88.7% Sunshine Holiday-Daytona North Ormond Beach FL RV 69 3 349 151 100.0% Palm Beach Gardens Marina Palm Beach Gardens FL Marina 12 — 133 118 100.0% The Meadows, FL Palm Beach Gardens FL MH 55 — 378 378 96.8% Breezy Hill Pompano Beach FL RV 52 — 762 335 100.0% Hidden Harbour Marina Pompano Beach FL Marina 4 — 357 264 100.0% Highland Woods Travel Park Pompano Beach FL RV 15 — 148 18 100.0% Inlet Harbor Marina (e) Ponce Inlet FL Marina 10 — 295 215 100.0% Lighthouse Pointe at Daytona Beach Port Orange FL MH 64 — 435 435 82.1% Pickwick Village Port Orange FL MH 84 — 441 441 93.9% Rose Bay Port Orange FL RV 21 2 303 143 100.0% Palm Lake Riviera Beach FL MH 154 — 916 916 73.7% Riviera Beach Marina Riviera Beach FL Marina 6 — 326 297 100.0% Indian Oaks Rockledge FL MH 38 — 208 208 100.0% Space Coast Rockledge FL RV 24 — 270 179 100.0% St.
Hood Village Welches OR RV 115 — 626 190 100.0% Hope Valley RV Turner OR RV 69 23 164 157 100.0% Birch Bay Blaine WA RV 31 7 246 10 100.0% Mount Vernon Bow WA RV 311 — 251 25 100.0% Chehalis Chehalis WA RV 309 — 360 16 100.0% Grandy Creek (d) Concrete WA RV 63 — 179 — —% Tall Chief (d) Fall City WA RV 71 — 180 — —% Kloshe Illahee Federal Way WA MH 50 — 258 258 100.0% La Conner (e) La Conner WA RV 106 — 319 41 100.0% Leavenworth Leavenworth WA RV 255 30 266 8 100.0% Thunderbird Resort Monroe WA RV 45 6 136 13 100.0% Little Diamond Newport WA RV 360 30 520 1 100.0% Oceana Ocean City WA RV 16 7 84 8 100.0% Crescent Bar Quincy WA RV 14 — 115 6 100.0% Long Beach Seaview WA RV 17 10 144 15 100.0% Paradise RV Silver Creek WA RV 60 — 265 3 100.0% Total Northwest Market 2,572 296 6,457 1,634 99.3% Texas: Alamo Palms Alamo TX RV 58 — 643 295 100.0% Bay Landing Bridgeport TX RV 443 235 293 53 100.0% Colorado River Columbus TX RV 218 22 232 22 100.0% Victoria Palms Donna TX RV 117 — 1,122 474 100.0% Lake Texoma (e) Gordonville TX RV 201 87 430 70 100.0% Lakewood Harlingen TX RV 30 — 301 96 100.0% 40 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/24 Total Number of Annual Sites as of 12/31/24 Annual Site Occupancy as of 12/31/24 Paradise Park Harlingen TX RV 60 — 563 259 100.0% Sunshine RV Resort Harlingen TX RV 84 — 1,027 359 100.0% Tropic Winds Harlingen TX RV 112 65 531 209 100.0% Medina Lake Lakehills TX RV 208 50 387 19 100.0% Paradise South Mercedes TX RV 49 — 493 172 100.0% Lake Tawakoni (e) Point TX RV 324 11 293 48 100.0% Fun N Sun RV San Benito TX RV 135 40 1,435 594 100.0% Country Sunshine Weslaco TX RV 37 — 390 155 100.0% Leisure World Weslaco TX RV 38 — 333 180 100.0% Southern Comfort Weslaco TX RV 40 — 403 311 100.0% Trails End RV Weslaco TX RV 43 — 362 232 100.0% Lake Whitney Whitney TX RV 403 158 261 18 100.0% Lake Conroe Willis TX RV 129 — 705 330 100.0% Lake Conroe RV Resort Montgomery TX RV 130 — 261 31 100.0% Total Texas Market 2,859 668 10,465 3,927 100.0% Grand Total All Markets 43,996 6,301 169,431 118,666 96.3% ____________________________________ (a) Acres are approximate.
Hood Village Welches OR RV 115 — 626 193 100.0% Hope Valley RV Turner OR RV 69 23 164 160 100.0% Birch Bay Blaine WA RV 31 7 246 11 100.0% Mount Vernon Bow WA RV 311 — 251 19 100.0% Chehalis Chehalis WA RV 309 — 360 28 100.0% Grandy Creek (d) Concrete WA RV 63 — 179 — —% Tall Chief (d) Fall City WA RV 71 — 180 — —% Kloshe Illahee Federal Way WA MH 50 — 258 258 100.0% La Conner (e) La Conner WA RV 106 — 319 45 100.0% Leavenworth Leavenworth WA RV 255 30 266 15 100.0% Thunderbird Resort Monroe WA RV 45 6 136 9 100.0% 38 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025 Little Diamond Newport WA RV 360 30 520 2 100.0% Oceana Ocean City WA RV 16 7 84 12 100.0% Crescent Bar Quincy WA RV 14 — 115 20 100.0% Long Beach Seaview WA RV 17 10 144 17 100.0% Paradise RV Silver Creek WA RV 60 — 265 11 100.0% Total Northwest Market 2,572 296 6,457 1,741 98.8% Texas: Alamo Palms Alamo TX RV 58 — 643 293 100.0% Bay Landing Bridgeport TX RV 443 235 293 57 100.0% Colorado River Columbus TX RV 218 22 232 27 100.0% Victoria Palms Donna TX RV 117 — 1,122 477 100.0% Lake Texoma (e) Gordonville TX RV 201 87 430 56 100.0% Lakewood Harlingen TX RV 30 — 301 105 100.0% Paradise Park Harlingen TX RV 60 — 563 259 100.0% Sunshine RV Resort Harlingen TX RV 84 — 1,027 362 100.0% Tropic Winds Harlingen TX RV 112 65 531 207 100.0% Medina Lake Lakehills TX RV 208 50 387 12 100.0% Paradise South Mercedes TX RV 49 — 493 182 100.0% Lake Tawakoni (e) Point TX RV 324 11 293 48 100.0% Fun N Sun RV San Benito TX RV 135 40 1,435 588 100.0% Country Sunshine Weslaco TX RV 37 — 390 156 100.0% Leisure World Weslaco TX RV 38 — 333 176 100.0% Southern Comfort Weslaco TX RV 40 — 403 304 100.0% Trails End RV Weslaco TX RV 43 — 362 229 100.0% Lake Whitney Whitney TX RV 403 158 261 17 100.0% Lake Conroe Willis TX RV 129 — 705 338 100.0% Lake Conroe RV Resort Montgomery TX RV 130 — 261 36 100.0% Total Texas Market 2,859 668 10,465 3,929 100.0% Grand Total All Markets 43,980 6,269 169,468 118,990 95.7% ____________________________________ (a) Acres are approximate.
Petersburg FL Marina 15 — 438 392 100.0% Riverwatch Marina Stuart FL Marina 8 — 306 237 100.0% Countryside at Vero Beach Vero Beach FL MH 125 — 643 643 96.7% Heritage Plantation Vero Beach FL MH 64 — 437 437 94.5% Heron Cay Vero Beach FL MH 130 — 588 588 93.9% Holiday Village, Florida (c) Vero Beach FL MH 18 — 128 128 —% Sunshine Travel-Vero Beach Vero Beach FL RV 33 3 323 139 100.0% Vero Beach Marina Vero Beach FL Marina 26 — 160 114 100.0% Vero Palm Estates Vero Beach FL MH 64 — 285 285 93.3% Village Green Vero Beach FL MH 178 16 782 782 91.7% Palm Beach Colony West Palm Beach FL MH 48 — 284 284 100.0% Central: Clover Leaf Farms Brooksville FL MH 227 20 845 845 97.6% Clover Leaf Forest Brooksville FL RV 30 — 277 127 100.0% Clerbrook Golf & RV Resort Clermont FL RV 288 — 1,255 536 100.0% Lake Magic Clermont FL RV 69 — 471 159 100.0% 30 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/24 Total Number of Annual Sites as of 12/31/24 Annual Site Occupancy as of 12/31/24 Orange Lake Clermont FL MH 38 — 242 242 97.9% Orlando Clermont FL RV 270 — 1,107 276 100.0% Haselton Village Eustis FL MH 52 — 291 291 100.0% Southern Palms RV Eustis FL RV 120 — 950 356 100.0% Lakeside Terrace Fruitland Park FL MH 39 — 241 241 99.2% Grand Island Resort Grand Island FL MH 35 — 362 362 79.3% Sherwood Forest - MHP Kissimmee FL MH 124 8 769 769 98.0% Sherwood Forest RV Kissimmee FL RV 107 6 513 154 100.0% Tropical Palms Kissimmee FL RV 59 — 592 169 100.0% Beacon Hill Colony Lakeland FL MH 31 — 201 201 99.0% Beacon Terrace Lakeland FL MH 61 — 297 297 99.7% Kings & Queens Lakeland FL MH 18 — 107 107 98.1% Lakeland Harbor Lakeland FL MH 65 — 504 504 99.8% Lakeland Junction Lakeland FL MH 23 — 193 193 99.5% Coachwood Colony Leesburg FL MH 29 — 201 201 87.6% Mid-Florida Lakes Leesburg FL MH 290 — 1,225 1,225 91.4% Southernaire Mt.
Petersburg FL Marina 15 — 438 376 100.0% Riverwatch Marina Stuart FL Marina 8 — 306 221 100.0% Countryside at Vero Beach Vero Beach FL MH 125 — 643 643 95.5% Heritage Plantation Vero Beach FL MH 64 — 437 437 93.1% Heron Cay Vero Beach FL MH 130 — 588 588 94.2% Holiday Village, Florida Vero Beach FL MH 18 — 128 128 —% Sunshine Travel-Vero Beach Vero Beach FL RV 33 3 323 127 100.0% Vero Beach Marina Vero Beach FL Marina 26 — 160 104 100.0% Vero Palm Estates Vero Beach FL MH 64 — 285 285 93.0% Village Green Vero Beach FL MH 178 16 782 782 92.6% Palm Beach Colony West Palm Beach FL MH 48 — 284 284 100.0% Central: Clover Leaf Farms Brooksville FL MH 227 — 948 948 87.1% 28 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025 Clover Leaf Forest Brooksville FL RV 30 — 277 148 100.0% Clerbrook Golf & RV Resort Clermont FL RV 288 — 1,255 515 100.0% Lake Magic Clermont FL RV 69 — 471 163 100.0% Orange Lake Clermont FL MH 38 — 242 242 99.2% Orlando Clermont FL RV 270 — 1,107 306 100.0% Haselton Village Eustis FL MH 52 — 291 291 100.0% Southern Palms RV Eustis FL RV 120 — 950 377 100.0% Lakeside Terrace Fruitland Park FL MH 39 — 241 241 99.6% Grand Island Resort Grand Island FL MH 35 — 362 362 80.9% Sherwood Forest - MHP Kissimmee FL MH 124 — 846 846 89.2% Sherwood Forest RV Kissimmee FL RV 107 — 513 147 100.0% Tropical Palms Kissimmee FL RV 59 — 592 189 100.0% Beacon Hill Colony Lakeland FL MH 31 — 201 201 99.0% Beacon Terrace Lakeland FL MH 61 — 297 297 99.3% Kings & Queens Lakeland FL MH 18 — 107 107 99.1% Lakeland Harbor Lakeland FL MH 65 — 504 504 99.6% Lakeland Junction Lakeland FL MH 23 — 193 193 99.0% Coachwood Colony Leesburg FL MH 29 — 201 201 87.6% Mid-Florida Lakes Leesburg FL MH 290 — 1,224 1,224 91.4% Southernaire Mt.
Myers North Fort Myers FL MH 69 — 491 491 85.3% Silver Dollar Golf & Trap Club Resort Odessa FL RV 836 — 459 382 100.0% Terra Ceia Palmetto FL RV 50 — 391 162 100.0% Arbors at Countrywood (d) Plant City FL MH (f) — — — —% Lakes at Countrywood Plant City FL MH 122 10 424 424 97.4% Meadows at Countrywood Plant City FL MH 140 — 799 799 96.5% Oaks at Countrywood Plant City FL MH 44 — 168 168 99.4% 32 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/24 Total Number of Annual Sites as of 12/31/24 Annual Site Occupancy as of 12/31/24 Harbor Lakes Port Charlotte FL RV 80 — 528 371 100.0% Emerald Lake Punta Gorda FL MH 28 — 201 201 96.0% Gulf View Punta Gorda FL RV 78 — 206 83 100.0% Tropical Palms MH Punta Gorda FL MH 50 2 294 294 98.0% Kingswood Riverview FL MH 52 — 229 229 100.0% Winds of St.
Myers North Fort Myers FL MH 69 — 491 491 85.9% Silver Dollar Golf & Trap Club Resort Odessa FL RV 836 — 459 380 100.0% Terra Ceia Palmetto FL RV 50 — 391 171 100.0% Arbors at Countrywood (d) Plant City FL MH (f) — — — —% Lakes at Countrywood Plant City FL MH 122 10 424 424 96.9% Meadows at Countrywood Plant City FL MH 140 — 799 799 97.0% Oaks at Countrywood Plant City FL MH 44 — 168 168 100.0% Harbor Lakes Port Charlotte FL RV 80 — 528 362 100.0% Emerald Lake Punta Gorda FL MH 28 — 201 201 96.0% Gulf View Punta Gorda FL RV 78 — 206 75 100.0% Tropical Palms MH Punta Gorda FL MH 50 2 294 294 97.3% Kingswood Riverview FL MH 52 — 229 229 99.6% Winds of St.
Armands North Sarasota FL MH 74 — 471 471 99.6% Winds of St. Armands South Sarasota FL MH 90 5 360 360 98.1% Topics RV Resort Spring Hill FL RV 35 — 230 179 100.0% Pine Island St.
Armands North Sarasota FL MH 74 — 471 471 98.9% Winds of St. Armands South Sarasota FL MH 90 — 397 397 89.4% Topics RV Resort Spring Hill FL RV 35 — 230 188 100.0% Pine Island St.
(f) Acres for this community have been included in the acres of the adjacent community listed directly above this Property. (g) RV community operated by a tenant pursuant to an existing ground lease. (h) Property is closed temporarily due to storm and flooding events in 2023. 41
(f) Acres for this community have been included in the acres of the adjacent community listed directly above this Property. 39

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

4 edited+0 added−0 removed4 unchanged
Biggest changeIssuer Purchases of Equity Securities Period Total Number of Shares Purchased (a) Weighted Average Price Paid per Share (a) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs 1/1/2024-3/31/2024 28,601 $ 66.72 None None 4/1/2024-6/30/2024 — $ — None None 7/1/2024-9/30/2024 — $ — None None 10/1/2024-12/31/2024 — $ — None None 1/1/2024-12/31/2024 28,601 $ 66.72 None None (a) All shares were repurchased at the open market price and represent common stock surrendered to us to satisfy income tax withholding obligations due to the vesting of Restricted Share Grants.
Biggest changeIssuer Purchases of Equity Securities Period Total Number of Shares Purchased (a) Weighted Average Price Paid per Share (a) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs 1/1/2025-3/31/2025 34,607 $ 65.25 None None 4/1/2025-6/30/2025 — $ — None None 7/1/2025-9/30/2025 — $ — None None 10/1/2025-12/31/2025 — $ — None None 1/1/2025-12/31/2025 34,607 $ 65.25 None None (a) All shares were repurchased at the open market price and represent common stock surrendered to us to satisfy income tax withholding obligations due to the vesting of Restricted Share Grants.
Risk Factors in this Form 10-K for a description of factors that may affect our ability to distribute dividends. Item 6. [Reserved] 43
Risk Factors in this Form 10-K for a description of factors that may affect our ability to distribute dividends. Item 6. [Reserved] 41
Additionally, there were 9,103,904 OP Units outstanding, which are exchangeable for an equivalent number of shares of our common stock or, at our option, cash.
Additionally, there were 6,448,705 OP Units outstanding, which are exchangeable for an equivalent number of shares of our common stock or, at our option, cash.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Our shares of common stock are traded on the NYSE under the symbol ELS. As of December 31, 2024, there were 277 holders of record for 191,056,527 outstanding shares of our common stock.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Our shares of common stock are traded on the NYSE under the symbol ELS. As of December 31, 2025, there were 322 holders of record for 193,835,561 outstanding shares of our common stock.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

85 edited+20 added−13 removed54 unchanged
Biggest changeThe following table reconciles net income available for Common Stockholders to income from property operations for the years ended December 31, 2024, 2023 and 2022: 49 Management's Discussion and Analysis (continued) Total Portfolio (amounts in thousands) 2024 2023 2022 Computation of Income from Property Operations: Net income available for Common Stockholders $ 366,998 $ 314,191 $ 284,611 Redeemable preferred stock dividends 16 16 16 Income allocated to non-controlling interests – Common OP Units 17,804 15,470 14,198 Consolidated net income 384,818 329,677 298,825 Equity in income of unconsolidated joint ventures (6,248) (2,713) (3,363) Income tax benefit (354) (10,488) — (Gain)/Loss on sale of real estate and impairment, net 2,466 3,581 — Gross revenues from home sales, brokered resales and ancillary services (117,732) (145,219) (180,179) Interest income (9,238) (9,037) (7,430) Income from other investments, net (8,274) (8,703) (8,553) Property management 78,114 76,170 74,083 Depreciation and amortization 203,879 203,738 202,362 Cost of home sales, brokered resales and ancillary services 84,771 107,668 139,012 Home selling expenses and ancillary operating expenses 27,644 27,453 27,321 General and administrative 38,483 47,280 44,857 Casualty-related charges/(recoveries), net (20,950) — — Other expenses 5,533 5,768 8,646 Other items (6,800) — — Early debt retirement 5,833 68 1,156 Interest and related amortization 137,710 132,342 116,562 Income from property operations, excluding property management $ 799,655 $ 757,585 $ 713,299 Property management $ (78,114) $ (76,170) $ (74,083) Income from property operations $ 721,541 $ 681,415 $ 639,216 The following table presents a calculation of FFO available for Common Stock and OP Unitholders and Normalized FFO available for Common Stock and OP Unitholders for the years ended December 31, 2024, 2023 and 2022: (amounts in thousands) 2024 2023 2022 Computation of FFO and Normalized FFO: Net income available for Common Stockholders $ 366,998 $ 314,191 $ 284,611 Income allocated to non-controlling interests – Common OP Units 17,804 15,470 14,198 Depreciation and amortization 203,879 203,738 202,362 Depreciation on unconsolidated joint ventures 4,826 4,599 3,886 (Gain)/Loss on unconsolidated joint ventures — (416) — (Gain)/Loss on sale of real estate and impairment, net 2,466 3,581 — FFO available for Common Stock and OP Unit holders 595,973 541,163 505,057 Deferred income tax benefit (1) (354) (10,488) — Accelerated vesting of stock-based compensation expense (2) — 6,320 — Early debt retirement 5,833 68 1,156 Transaction/pursuit costs and other (3) 383 458 3,807 Insurance proceeds due to catastrophic weather events, net (22,101) — — Other items (4) (6,800) — — Lease termination expenses (5) — — 3,119 Normalized FFO available for Common Stock and OP Unit holders $ 572,934 $ 537,521 $ 513,139 Weighted average Common Shares outstanding—Fully Diluted 196,636 195,429 195,255 _____________________ (1) Represents the release of the valuation allowance of U.S. federal and state deferred tax assets related to our taxable REIT subsidiaries.
Biggest changeThe following table presents a calculation of FFO available for Common Stock and OP Unitholders and Normalized FFO available for Common Stock and OP Unitholders for the years ended December 31, 2025, 2024 and 2023: (amounts in thousands) 2025 2024 2023 Computation of FFO and Normalized FFO: Net income available for Common Stockholders $ 386,492 $ 366,998 $ 314,191 Income allocated to non-controlling interests – Common OP Units 15,553 17,804 15,470 Depreciation and amortization 208,895 203,879 203,738 Depreciation on unconsolidated joint ventures 5,722 4,826 4,599 (Gain)/Loss on unconsolidated joint ventures — — (416) (Gain)/Loss on sale of real estate and impairment, net (919) 2,466 3,581 FFO available for Common Stock and OP Unit holders 615,743 595,973 541,163 Deferred income tax benefit (1) — (354) (10,488) Accelerated vesting of stock-based compensation expense (2) — — 6,320 Early debt retirement — 5,833 68 Transaction/pursuit costs and other — 383 458 Insurance proceeds due to catastrophic weather events, net (4,207) (22,101) — Other items (3) 900 (6,800) — Normalized FFO available for Common Stock and OP Unit holders $ 612,436 $ 572,934 $ 537,521 Weighted average Common Shares outstanding—Fully Diluted 200,114 196,636 195,429 _____________________ (1) Represents the release of the valuation allowance of U.S. federal and state deferred tax assets related to our taxable REIT subsidiaries. 48 Management’s Discussion and Analysis (continued) (2) Represents accelerated vesting of stock-based compensation expense of $6.3 million recognized during the quarter ended June 30, 2023 as a result of the passing of a member of our Board of Directors.
Income from property operations represents 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 and property management expenses. Income from property operations, excluding property management, represents income from property operations excluding property management expenses.
Income from property operations represents rental income, membership subscriptions and upgrade revenue, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses and property management expenses. Income from property operations, excluding property management, represents income from property operations excluding property management expenses.
For 48 Management's Discussion and Analysis (continued) comparative purposes, we present bad debt expense within Insurance and other 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.
For 46 Management’s Discussion and Analysis (continued) comparative purposes, we present bad debt expense within Insurance and other 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.
Our Core Portfolio consists of our Properties owned and operated during all of 2023 and 2024. Core Portfolio income from property operations, excluding property management, is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.
Our Core Portfolio consists of our Properties owned and operated during all of 2024 and 2025. Core Portfolio income from property operations, excluding property management, is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.
Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio in 2024 and 2023 includes all Properties acquired prior to December 31, 2022 that we have owned and operated continuously since January 1, 2023.
Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio in 2025 and 2024 includes all Properties acquired prior to December 31, 2023 that we have owned and operated continuously since January 1, 2024.
Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2023 and 2024, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events.
Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2024 and 2025, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events.
Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2023 and 2024, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events.
Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2024 and 2025, including six Properties in Florida impacted by Hurricane Ian and two Properties in California that were impacted by storm and flooding events.
Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2023 and 2024, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events.
Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2024 and 2025, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events.
We expect it is likely that over the next decade, we will continue to see high levels of second-home sales and that manufactured homes and cottages in our Properties will continue to provide a viable second-home alternative to site-built homes. We also believe the Millennial and Generation Z demographic will contribute to our future long-term customer pipeline.
We expect it is likely that we will continue to see high levels of second-home sales and that manufactured homes and cottages in our Properties will continue to provide a viable second-home alternative to site-built homes. We also believe the Millennial and Generation Z demographic will contribute to our future long-term customer pipeline.
Property Acquisitions/Dispositions and Joint Ventures The following chart lists the Properties acquired or sold from January 1, 2023 through December 31, 2024 and Sites added through expansion opportunities at our existing Properties.
Property Acquisitions/Dispositions and Joint Ventures The following chart lists the Properties acquired or sold from January 1, 2024 through December 31, 2025 and Sites added through expansion opportunities at our existing Properties.
For the comparison of our results of operations for the years ended December 31, 2023 and December 31, 2022 and discussion of our operating activities, investing activities and financing activities for these years, refer to Part II, Item 7.
For the comparison of our results of operations for the years ended December 31, 2024 and December 31, 2023 and discussion of our operating activities, investing activities and financing activities for these years, refer to Part II, Item 7.
(3) Amounts include interest expected to be incurred on our secured and unsecured debt based on obligations outstanding as of December 31, 2024. (4) Amounts represent minimum future rental payments for land under non-cancelable operating leases at certain of our Properties expiring at various years through 2054.
(3) Amounts include interest expected to be incurred on our secured and unsecured debt based on obligations outstanding as of December 31, 2025. (4) Amounts represent minimum future rental payments for land under non-cancelable operating leases at certain of our Properties expiring at various years through 2056.
Funds from Operations ( “ FFO ” ) and Normalized Funds from Operations ( “ Normalized 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.
Funds from Operations (“FFO”) and Normalized Funds from Operations (“Normalized 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.
(4) Membership sales and marketing expense is net of sales commission deferrals of $2.6 million and $3.2 million for the years ended December 31, 2024 and 2023, respectively. (5) See Non-GAAP Financial Measures section of the Management's Discussion and Analysis for definitions and reconciliations of these Non-GAAP measures to Net Income available for Common Stockholders.
(5) Membership sales and marketing expense is net of sales commission deferrals of $2.8 million and $2.6 million for the years ended December 31, 2025 and 2024, respectively. (6) See Non-GAAP Financial Measures section of the Management’s Discussion and Analysis for definitions and reconciliations of these Non-GAAP measures to Net Income available for Common Stockholders.
RV and marina base rental income in our Core Portfolio for the year ended December 31, 2024, was 3.0% higher than the same period in 2023 and was driven by an increase in annual revenues.
RV and marina base rental income in our Core Portfolio for the year ended December 31, 2025 was 0.2% higher than the same period in 2024 and was driven by an increase in annual revenues.
These rent control regulations govern rent increases and generally permit us to increase rates by a percentage of the increase in the national, regional or local CPI, depending on the rent control ordinance. These rate increases generally range from 60.0% to 100.0% of CPI with certain limits depending on the jurisdiction.
These rent control regulations govern rent increases and generally permit us to increase rates by either a defined percentage or a percentage of the increase in the national, regional or local CPI, depending on the rent control ordinance, which CPI-based increases generally range from 60.0% to 100.0% of CPI with certain limits depending on the jurisdiction.
Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 22, 2024.
Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025.
Our strategy of converting existing residents to home buyers continues to be successful, with approximately 25% of our home sales during the year ended December 31, 2023 coming from individuals who already reside in our communities as an existing renters or homeowners.
Our strategy of converting existing residents to home buyers continues to be successful, with approximately 20% of our home sales during the year ended December 31, 2025 coming from individuals who already reside in our communities as existing renters or homeowners.
Approximately $21.0 million and $24.1 million for the years ended December 31, 2024 and December 31, 2023, respectively, of Site rental income is included in MH base rental income in the Core Portfolio Income from Property Operations table. The remainder of home rental income is included in rental home income in our Core Portfolio Income from Property Operations table.
Approximately $21.6 million and $21.0 million of Site rental income is included in MH base rental income in the Core Portfolio Income from Property Operations table for the years ended December 31, 2025 and 2024, respectively. The remainder of home rental income is included in rental home income in our Core Portfolio Income from Property Operations table.
As of December 31, 2024, we owned or had an ownership interest in a portfolio of 452 Properties located throughout the United States and Canada containing 173,201 individual developed areas (“Sites”). These Properties are located in 35 states and British Columbia.
As of December 31, 2025, we owned or had an ownership interest in a portfolio of 453 Properties located throughout the United States and Canada containing 173,371 individual developed areas (“Sites”). These Properties are located in 35 states and British Columbia.
We continue to expect there to be fluctuations in the sources of occupancy gains depending on local market conditions, availability of vacant sites and success with converting renters to homeowners.
We continue to expect there to be fluctuations in the sources of occupancy gains 44 Management’s Discussion and Analysis (continued) depending on local market conditions, availability of vacant sites and success with converting renters to homeowners.
The following table provides additional details regarding our TTC memberships for the past five years: 2024 2023 2022 2021 2020 TTC Origination 43,091 45,990 51,415 50,523 44,129 TTC Sales 19,539 20,758 23,237 23,923 20,587 RV Dealer TTC Activations 23,552 25,232 28,178 26,600 23,542 Demand for our homes and communities is strong, as evidenced by factors including our high occupancy levels.
The following table provides additional details regarding our TTC memberships for the past five years: 2025 2024 2023 2022 2021 TTC Origination 40,152 43,091 45,990 51,415 50,523 TTC Sales 17,150 19,539 20,758 23,237 23,923 RV Dealer TTC Activations 23,002 23,552 25,232 28,178 26,600 Demand for our homes and communities is strong, as evidenced by factors including our high occupancy levels.
The following table shows the breakdown of our Sites by type (amounts are approximate): Total Sites as of December 31, 2024 MH Sites 73,200 RV Sites: Annual 34,200 Seasonal 11,800 Transient 17,300 Marina Slips 6,900 Membership (1) 26,000 Joint Ventures (2) 3,800 Total 173,200 _____________________ (1) Primarily utilized to service the approximately 113,600 members.
The following table shows the breakdown of our Sites by type (amounts are approximate): Total Sites as of 12/31/2025 MH Sites 73,600 RV Sites: Annual 34,400 Seasonal 11,200 Transient 17,500 Marina Slips 6,900 Membership (1) 26,000 Joint Ventures (2) 3,900 Total (3) 173,400 _____________________ (1) Primarily utilized to service the approximately 108,700 members.
Additionally, we closed 756 new home sales during the year ended December 31, 2024 compared to 905 new home sales during the year ended December 31, 2023.
Additionally, we closed 439 new home sales during the year ended December 31, 2025 compared to 756 new home sales during the year ended December 31, 2024.
As of December 31, 2024, our LOC had a remaining borrowing capacity of $423.0 million with the option to increase the borrowing capacity by $200.0 million, subject to certain conditions. The LOC bears interest at a rate of Secured Overnight Financing Rate plus 0.10% plus 1.25% to 1.65%, requires an annual facility fee of 0.20% to 0.35%.
As of December 31, 2025, our LOC had a remaining borrowing capacity of $394.9 million with the option to increase the borrowing capacity by $200.0 million, subject to certain conditions. The LOC bears interest at a rate of SOFR plus 0.10% plus 1.25% to 1.65% and requires an annual facility fee of 0.20% to 0.35%.
For the year ended December 31, 2024, property operating revenues in our Core Portfolio, increased 4.8% and property operating expenses in our Core Portfolio, excluding property management, increased 2.6%, from the year ended December 31, 2023, resulting in increased income from property operations, excluding property management, of 6.5%.
For the year ended December 31, 2025, property operating revenues in our Core Portfolio increased 3.2% and property operating expenses in our Core Portfolio, excluding property management, increased 1.0% from the year ended December 31, 2024, resulting in increased income from property operations, excluding property management, of 4.8%.
Major Market Total Sites Number of Properties Percent of Total Sites Percent of Total Property Operating Revenue Florida 64,821 151 38.3 % 45.3 % Northeast 21,907 59 12.9 % 11.3 % Arizona 19,393 44 11.4 % 10.6 % California 13,440 47 7.9 % 10.7 % Southeast 13,328 34 7.9 % 5.5 % Midwest 12,477 31 7.4 % 5.3 % Texas 10,465 20 6.2 % 2.6 % Northwest 6,457 26 3.8 % 3.0 % Colorado 3,829 11 2.3 % 3.4 % Other 3,314 14 2.0 % 2.3 % Total 169,431 437 100.0 % 100.0 % Qualification as a REIT Commencing with our taxable year ended December 31, 1993, we have elected to be taxed as a REIT for U.S. federal income tax purposes.
Major Market Total Sites Number of Properties Percent of Total Sites Percent of Total Property Operating Revenue Florida 65,124 151 38.4 % 45.7 % Northeast 21,909 59 12.9 % 11.1 % Arizona 19,127 42 11.3 % 10.9 % California 13,440 47 7.9 % 10.2 % Southeast 13,326 34 7.9 % 5.8 % Midwest 12,476 31 7.4 % 5.3 % Texas 10,465 20 6.2 % 2.5 % Northwest 6,457 26 3.8 % 2.8 % Colorado 3,829 11 2.3 % 3.4 % Other 3,315 14 1.9 % 2.3 % Total 169,468 435 100.0 % 100.0 % Qualification as a REIT Commencing with our taxable year ended December 31, 1993, we have elected to be taxed as a REIT for U.S. federal income tax purposes.
(2) Balances exclude unamortized deferred financing costs of $25.1 million. Balances represent debt maturing and scheduled periodic payments as well as our LOC balance of $77.0 million outstanding as of December 31, 2024, on the Consolidated Balance Sheets.
(2) Balances exclude unamortized deferred financing costs of $24.3 million. Balances represent debt maturing and scheduled periodic payments as well as our LOC balance of $105.0 million outstanding as of December 31, 2025, on the Consolidated Balance Sheets.
The increase in Early debt retirement costs is due to the payment of approximately $5.8 million in swap termination fees and the write off of unamortized loan costs in connection with repayment of our $300 million unsecured term loan in 2024. The increase in Interest and related amortization is due to higher interest rates in 2024 compared to 2023.
The decrease in Early debt retirement costs is due to the payment of approximately $5.8 million in swap termination fees and the write off of unamortized loan costs in connection with repayment of our $300 million unsecured term loan in 2024.
(2) Membership upgrade sales revenue is net of deferrals of $15.1 million and $21.0 million for the years ended December 31, 2024 and 2023, respectively. (3) Includes bad debt expense for all periods presented.
(3) Membership upgrade revenue is net of deferrals of $10.3 million and $15.1 million for the years ended December 31, 2025 and 2024, respectively. (4) Includes bad debt expense for all periods presented.
The increase in income from property operations from our Core Portfolio was primarily due to higher property operating revenues, primarily in MH base rental income and RV and marina base rental income, as well as utility and other income, partially offset by an increase in property operating expenses, excluding property management.
The increase in Income from property operations from our Core 49 Management’s Discussion and Analysis (continued) Portfolio was primarily due to higher Property operating revenues, primarily in MH base rental income and Utility and other income, partially offset by an increase in Property operating expenses, excluding property management.
Actual results could differ from these estimates. For additional information regarding our significant accounting policies, see Item 8. Financial Statements and Supplementary Data—Note 2. Summary of Significant Accounting Policies. Impairment of Long-Lived Assets We review our Properties for impairment whenever events or changes in circumstances indicate that the carrying value of the Property may not be recoverable.
Financial Statements and Supplementary Data—Note 2. Summary of Significant Accounting Policies. Impairment of Long-Lived Assets We review our Properties for impairment whenever events or changes in circumstances indicate that the carrying value of the Property may not be recoverable.
Core RV and marina base rental income from annuals represents 70.3% of total Core RV and marina base rental income and increased 6.5% for the year ended December 31, 2024 compared to the same period in 2023.
Core RV and marina base rental income from annuals represents 73.1% of total Core RV and marina base rental income and increased 4.1% for the year ended December 31, 2025 compared to the same period in 2024.
Core seasonal RV and marina base rental income decreased 4.7% for the year ended December 31, 2024 compared to the same period in 2023. Core transient RV and marina base rental income decreased 4.3% for the year ended December 31, 2024 compared to the same period in 2023.
Core seasonal RV and marina base rental income decreased 9.9% for the year ended December 31, 2025 compared to the same period in 2024. Core transient RV and marina base rental income decreased 8.5% for the year ended December 31, 2025 compared to the same period in 2024.
In addition to maintaining occupancy, we have experienced rental rate increases during the year ended December 31, 2024, which contributed to a growth of 6.1% in Core MH base rental income compared to the same period in 2023.
During the year ended December 31, 2025, we also added 362 expansion sites in the Core Portfolio. In addition to maintaining occupancy, we have experienced rental rate increases during the year ended December 31, 2025, which contributed to a growth of 5.5% in Core MH base rental income compared to the same period in 2024.
State and local rent control regulations affect 28 wholly-owned Properties, including 14 of our 47 California Properties, all 7 of our Delaware Properties, 1 of our 2 Maryland Properties, 1 of our 5 Massachusetts Properties, 1 of our 11 New Jersey Properties, 1 of our 7 New York Properties and 3 of our 11 Oregon Properties.
State and local rent control regulations or rent-regulating governmental bodies affect 33 wholly-owned Properties, including 14 of our 47 California Properties, our 1 Connecticut Property, all 7 of our Delaware Properties, 1 of our 2 Maryland Properties, 1 of our 5 Massachusetts Properties, 1 of our 11 New Jersey Properties, 1 of our 7 New York Properties, 1 of our 14 Washington Properties, and 6 of our 11 Oregon Properties.
The majority of the remaining 92,100 have purchased a Thousand Trails Camping (“TTC”) membership, which is an annual subscription providing the member access to our Properties in one to five geographic regions of the United States. In 2024, a TTC membership for a single geographic region required an annual payment of $725.
The majority of the remaining 88,000 have purchased a Thousand Trails Camping (“TTC”) membership, which is an annual subscription providing the member access to our Properties in one to five geographic regions of the United States. In 2025, a TTC membership for a single geographic region required an 43 Management’s Discussion and Analysis (continued) annual payment of $755.
Capital improvements The following table summarizes capital improvements: For the years ended December 31, (amounts in thousands) 2024 2023 2022 Asset preservation (1) $ 53,306 $ 58,969 $ 46,406 Improvements and renovations (2) 31,127 40,757 34,121 Property upgrades and development (3) 135,314 183,174 134,318 Site development (4) 13,337 27,005 22,105 Total property improvements 233,084 309,905 236,950 Corporate 8,195 7,181 12,327 Total capital improvements $ 241,279 $ 317,086 $ 249,277 _____________________ (1) Includes upkeep of property infrastructure including utilities and streets and replacement of community equipment and vehicles.
Capital improvements The following table summarizes capital improvements: For the years ended December 31, (amounts in thousands) 2025 2024 2023 Asset preservation (1) $ 53,552 $ 53,306 $ 58,969 Improvements and renovations (2) 38,337 31,127 40,757 Property upgrades and development (3) 119,300 135,314 183,174 Site development (4) 17,478 13,337 27,005 Total property improvements 228,667 233,084 309,905 Corporate 8,424 8,195 7,181 Total capital improvements $ 237,091 $ 241,279 $ 317,086 _____________________ (1) Includes upkeep of property infrastructure including utilities and streets and replacement of community equipment and vehicles.
Our gross investment in real estate increased $209.4 million to $7,915.7 million as of December 31, 2024, from $7,706.3 million as of December 31, 2023, primarily due to capital improvements during the year ended December 31, 2024.
Our gross investment in real estate increased $263.0 million to $8,178.7 million as of December 31, 2025, from $7,915.7 million as of December 31, 2024, primarily due to capital improvements during the year ended December 31, 2025.
Utility and other income in our Core Portfolio for 2024 increased $8.7 million, or 7.2%, from 2023. The increase was primarily due to higher utility income of $5.1 million, pass-through income of $2.8 million and insurance proceeds of $1.2 million, partially offset by a decrease in other property income of $0.4 million.
Utility and other income in our Core Portfolio for the year ended December 31, 2025 increased $4.5 million, or 3.4%, from the same period in 2024. The increase was primarily due to higher utility income of $4.6 million and pass-through income of $2.0 million, partially offset by a decrease in insurance proceeds of $2.2 million.
We also utilize interest rate swaps to add stability to our interest expense and to manage our exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
Results Overview (amounts in thousands) Years Ended December 31, 2024 2023 $ Change % Change (1) Net Income per fully diluted Common Share $ 1.96 $ 1.69 $ 0.27 16.0 % FFO per fully diluted Common Share and OP Unit $ 3.03 $ 2.77 $ 0.26 9.5 % Normalized FFO per fully diluted Common Share and OP Unit $ 2.91 $ 2.75 $ 0.16 5.9 % _____________________ (1) Calculations prepared using actual results without rounding.
Results Overview (amounts in thousands) Years Ended December 31, 2025 2024 $ Change % Change (1) Net Income per fully diluted Common Share $ 2.01 $ 1.96 $ 0.05 2.6 % FFO per fully diluted Common Share and OP Unit $ 3.08 $ 3.03 $ 0.05 1.5 % Normalized FFO per fully diluted Common Share and OP Unit $ 3.06 $ 2.91 $ 0.15 5.0 % _____________________ (1) Calculations prepared using actual results without rounding.
We continue to experience a stable membership base within our Thousand Trails portfolio. For the year ended December 31, 2024, annual membership subscriptions revenue increased 0.8% over the same period in 2023. During the year ended December 31, 2024, we sold 19,539 TTC memberships and activated 23,552 TTC memberships through our RV dealer program.
We continue to generate stable revenue from our Thousand Trails membership base within our Thousand Trails portfolio. For the year ended December 31, 2025, annual membership subscriptions revenue increased 5.1% over the same period in 2024. During the year ended December 31, 2025, we sold 17,150 TTC memberships and activated 23,002 TTC memberships through our RV dealer program.
The following table summarizes our cash flows activity: For the years ended December 31, (amounts in thousands) 2024 2023 2022 Net cash provided by operating activities $ 596,721 $ 548,005 $ 475,814 Net cash used in investing activities (217,838) (324,753) (402,067) Net cash used in financing activities (384,244) (215,662) (174,798) Net (decrease) increase in cash and restricted cash $ (5,361) $ 7,590 $ (101,051) Operating Activities Net cash provided by operating activities increased $48.7 million to $596.7 million for the year ended December 31, 2024, from $548.0 million for the year ended December 31, 2023.
The following table summarizes our cash flows activity: For the years ended December 31, (amounts in thousands) 2025 2024 2023 Net cash provided by operating activities $ 571,148 $ 596,721 $ 548,005 Net cash used in investing activities (277,083) (217,838) (324,753) Net cash used in financing activities (292,509) (384,244) (215,662) Net increase (decrease) in cash and restricted cash $ 1,556 $ (5,361) $ 7,590 Operating Activities Net cash provided by operating activities decreased by $25.6 million to $571.1 million for the year ended December 31, 2025, from $596.7 million for the year ended December 31, 2024.
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. We believe that FFO and Normalized FFO are helpful to investors as supplemental measures of the performance of an equity REIT.
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.
Our Core 46 Management's Discussion and Analysis (continued) Portfolio was comprised of approximately 92% homeowners and 3% renters, and our average aggregate occupancy in our MH communities was approximately 95% for both the years ended December 31, 2024 and December 31, 2023.
On a weighted average basis, our Core Portfolio was comprised of approximately 92% homeowners and 3% renters, and our average aggregate occupancy in our MH communities was approximately 94% and 95% for the years ended December 31, 2025 and December 31, 2024, respectively.
Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio consists of our Properties owned and operated during all of 2023 and 2024.
Results of Operations This section discusses the comparison of our results of operations for the years ended December 31, 2025 and December 31, 2024. Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio consists of our Properties owned and operated during all of 2024 and 2025.
Approximately one quarter of our rental agreements on MH Sites contain rent increase provisions that are directly or indirectly connected to the published CPI statistics issued from June through September of the year prior to the increase effective date. Approximately two-thirds of these rental agreements are subject to a CPI floor of approximately 3.0% to 5.0%.
Approximately one quarter of our rental agreements on MH Sites contain rent increase provisions that are directly or indirectly connected to published CPI statistics. Approximately half of these rental agreements are subject to a CPI floor of approximately 2.0% to 6.0%.
Utility income increased mainly due to higher trash and sewer income in all regions. The increase in pass-through income was due to increases in real estate tax pass-throughs to customers in Florida. The increase in insurance proceeds was primarily due to California flood insurance proceeds received in 2024.
Utility income increased primarily due to higher trash, water, sewer and cable recovery income, partially offset by lower electric recovery income. The increase in pass-through income was due to increases in real estate tax pass-throughs to customers in Florida. The decrease in insurance proceeds was primarily due to California flood insurance proceeds received during the year ended December 31, 2024.
With respect to any refinancing of maturing debt, our future cash flow requirements could be impacted by significant changes in interest rates or other debt terms, including required amortization payments.
With respect to any refinancing of maturing debt, our future cash flow requirements could be impacted by significant changes in interest rates or 54 Management’s Discussion and Analysis (continued) other debt terms, including required amortization payments. As of December 31, 2025, approximately 17.5% of our outstanding debt is fully amortizing.
Rental Operations The following table summarizes certain financial and statistical data for our MH Rental Operations: (amounts in thousands, except rental unit volumes) 2024 2023 Variance % Change Rental operations revenue (1) $ 34,660 $ 38,633 $ (3,973) (10.3) % Rental home operating and maintenance 5,647 5,390 257 4.8 % Depreciation on rental homes (2) 9,732 10,881 (1,149) (10.6) % Gross investment in new manufactured home rental units $ 213,605 $ 245,130 $ (31,525) (12.9) % Gross investment in used manufactured home rental units $ 12,201 $ 12,245 $ (44) (0.4) % Net investment in new manufactured home rental units $ 175,098 $ 203,936 $ (28,838) (14.1) % Net investment in used manufactured home rental units $ 8,187 $ 7,372 $ 815 11.1 % Number of occupied rentals – new, end of period 1,716 2,016 (300) (14.9) % Number of occupied rentals—used, end of period 205 246 (41) (16.7) % _____________________ (1) Consists of Site rental income and home rental income.
Rental Operations The following table summarizes certain financial and statistical data for our MH Rental Operations: (amounts in thousands, except rental unit volumes) 2025 2024 Variance % Change Rental operations revenue (1) $ 35,795 $ 34,660 $ 1,135 3.3 % Rental home operating and maintenance 5,189 5,647 (458) (8.1) % Depreciation on rental homes (2) 10,091 9,732 359 3.7 % Gross investment in new manufactured home rental units $ 252,004 $ 213,605 $ 38,399 18.0 % Gross investment in used manufactured home rental units $ 14,234 $ 12,201 $ 2,033 16.7 % Net investment in new manufactured home rental units $ 211,274 $ 175,098 $ 36,176 20.7 % Net investment in used manufactured home rental units $ 11,157 $ 8,187 $ 2,970 36.3 % Number of occupied rentals – new, end of period 1,919 1,716 203 11.8 % Number of occupied rentals—used, end of period 192 205 (13) (6.3) % _____________________ (1) Consists of Site rental income and home rental income.
Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying footnotes thereto included in this Annual Report on Form 10-K. 2024 Accomplishments We continued our strong performance in 2024, as marked by these key operational and financial accomplishments: • Net income per share of common stock (“Common Share”) on a fully diluted basis was $1.96 for the year ended December 31, 2024, 16.0% higher than the year ended December 31, 2023. • FFO per Common Share on a fully diluted basis was $3.03 for the year ended December 31, 2024, 9.5% higher than the year ended December 31, 2023. • Normalized FFO per Common Share on a fully diluted basis was $2.91 for the year ended December 31, 2024, 5.9% higher than the year ended December 31, 2023. • Core portfolio generated growth of 6.5% in income from property operations, excluding property management, for the year ended December 31, 2024, compared to the year ended December 31, 2023. • Core MH base rental income increased by 6.1% during the year ended December 31, 2024, compared to the year ended December 31, 2023. • Manufactured homeowners within our Core portfolio increased by 379 to 67,002 as of December 31, 2024, compared to 66,623 as of December 31, 2023. • Core RV and marina base rental income for the year ended December 31, 2024 increased by 3.0%, compared to the year ended December 31, 2023. • Core Annual RV and marina base rental income for the year ended December 31, 2024 increased by 6.5%, compared to the year ended December 31, 2023. • New home sales of 756 for the year ended December 31, 2024. • Added 736 expansion sites during the year ended December 31, 2024. • Increased the annual dividend for 2024 to $1.91 per share of Common Stock, an increase of 6.7%, or $0.12, compared to the 2023 annual dividend of $1.79.
Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying footnotes thereto included in this Annual Report on Form 10-K. 2025 Highlights We continued our strong performance in 2025, as marked by these key operational and financial accomplishments: • Net income per share of common stock (“Common Share”) on a fully diluted basis was $2.01 for the year ended December 31, 2025, 2.6% higher than the year ended December 31, 2024. • FFO per Common Share on a fully diluted basis was $3.08 for the year ended December 31, 2025, 1.5% higher than the year ended December 31, 2024. • Normalized FFO per Common Share on a fully diluted basis was $3.06 for the year ended December 31, 2025, 5.0% higher than the year ended December 31, 2024. • 7.9% dividend increase in 2025 contributes to 5-year compounded annual dividend growth of 8.5%.
The following table summarizes our purchase and sale activity of manufactured homes: For the years ended December 31, (amounts in thousands) 2024 2023 2022 Purchase of manufactured homes $ (43,467) $ (106,627) $ (123,522) Sale of manufactured homes 55,930 74,802 96,103 Manufactured homes, net $ 12,463 $ (31,825) $ (27,419) Investing Activities Net cash used in investing activities decreased $106.9 million to $217.8 million for the year ended December 31, 2024, from $324.8 million for the year ended December 31, 2023.
The following table summarizes our purchase and sale activity of manufactured homes: For the years ended December 31, (amounts in thousands) 2025 2024 2023 Purchase of manufactured homes $ (77,500) $ (43,467) $ (106,627) Sale of manufactured homes 32,799 55,930 74,802 Manufactured homes, net $ (44,701) $ 12,463 $ (31,825) 53 Management’s Discussion and Analysis (continued) Investing Activities Net cash used in investing activities increased by $59.2 million to $277.1 million for the year ended December 31, 2025, from $217.8 million for the year ended December 31, 2024.
Our primary sources of cash include operating cash flows, proceeds from financings, borrowings under our unsecured Line of Credit (“LOC”) and proceeds from issuance of equity and debt securities. One of our stated objectives is to maintain financial flexibility. Achieving this objective allows us to take advantage of strategic opportunities that may arise.
Our primary sources of cash include operating cash flows, proceeds from financings, borrowings under our unsecured Line of Credit (“LOC”) and proceeds from issuance of equity and debt securities, including issuances under our at-the-market (“ATM”) equity offering program. One of our stated objectives is to maintain financial flexibility.
(2) Includes enhancements to amenities such as buildings, common areas, swimming pools and replacement of furniture and site amenities. (3) Includes $1.2 million, $3.6 million, $13.7 million of restoration and improvement capital expenditures related to Hurricane Helene, Hurricane Milton, and Hurricane Ian, respectively, for the year ended December 31, 2024.
(2) Includes enhancements to amenities such as buildings, common areas, swimming pools and replacement of furniture and site amenities. (3) Includes $22.0 million and $18.5 million of restoration and improvement capital expenditures related to hurricane events for the years ended December 31, 2025 and 2024, respectively. (4) Includes capital expenditures to improve the infrastructure required to set manufactured homes.
The average monthly base rental income per Site in our Core portfolio increased to approximately $858 in 2024 from approximately $810 in 2023. The average occupancy in our Core Portfolio was approximately 94.9% in both 2024 and 2023.
The average monthly MH base rental income per Site in our Core portfolio increased to approximately $908 during the year ended December 31, 2025 from approximately $858 during the same period in 2024. The average occupancy in our Core Portfolio was approximately 94.3% and 94.9% during the years ended December 31, 2025 and 2024, respectively.
Total portfolio income from property operations for 2024 increased $40.1 million, or 5.9%, from 2023, driven by an increase of $46.2 million, or 7.0%, from our Core Portfolio, partially offset by a decrease of $6.1 million from our Non-Core Portfolio.
Total Portfolio Income from property operations for the year ended December 31, 2025 increased $30.1 million, or 4.2%, from the same period in 2024, driven by an increase of $35.3 million, or 5.0%, from our Core Portfolio, partially offset by a decrease of $5.2 million from our Non-Core Portfolio.
Includes approximately 5,900 Sites rented on an annual basis. (2) Includes approximately 2,000 annual Sites and 1,800 transient Sites. Membership Sites are primarily utilized to service approximately 113,600 annual subscription members, including 21,500 free trial members added through our RV dealer program.
Includes approximately 6,000 Sites rented on an annual basis. (2) Joint ventures have approximately 2,400 MH and RV annual Sites and 1,500 transient Sites. (3) Total does not foot due to rounding Membership Sites are primarily utilized to service approximately 108,700 annual subscription members, including 20,700 free trial members added through our RV dealer program.
Location Type of Property Transaction Date Sites Total Sites as of January 1, 2023 (1) 171,200 Acquisition Properties: Red Oak Shores Campground Ocean View, New Jersey RV March 28, 2023 223 Expansion Site Development: Sites added (reconfigured) in 2023 994 Sites added (reconfigured) in 2024 736 Total Sites as of December 31, 2024 (1) 173,200 _____________________ (1) Sites are approximate 47 Management's Discussion and Analysis (continued) Markets The following table identifies our largest markets by number of Sites and provides information regarding our Properties (excluding sixteen Properties owned through our Joint Ventures).
Location Type of Property Transaction Date Sites Total Sites as of January 1, 2024 (1) 172,500 Expansion Site Development: Sites added (reconfigured) in 2024 736 Sites added (reconfigured) in 2025 440 Dispositions: Desert Vista Salome, Arizona RV October 1, 2025 (125) Valley Vista Benson, Arizona RV October 1, 2025 (145) Total Sites as of December 31, 2025 (1) 173,400 _____________________ (1) Sites are approximate 45 Management’s Discussion and Analysis (continued) Markets The following table identifies our largest markets by number of Sites and provides information regarding our Properties (excluding 18 Properties owned through our Joint Ventures).
At certain Properties, we operate ancillary facilities, such as golf courses, pro shops, stores and restaurants. In the manufactured housing industry, options for home financing, also known as chattel financing, are limited.
Additionally, home sale brokerage services are offered to our residents who may choose to sell their homes rather than relocate them when moving from a Property. At certain Properties, we operate ancillary facilities, such as golf courses, pro shops, stores and restaurants. In the manufactured housing industry, options for home financing, also known as chattel financing, are limited.
For the year ended December 31, 2024, our Core Portfolio occupancy increased by 38 sites with an increase in homeowner occupancy of 379 sites and a decrease in rental occupancy of 341.
For the year ended December 31, 2025, our Core Portfolio occupancy decreased by 279 sites, which included an increase in rental occupancy of 190 sites and a decrease in homeowner occupancy of 469 sites. The decrease of 279 sites was primarily driven by hurricane activity in late 2024.
Total secured debt encumbered a total of 120 of our Properties as of both December 31, 2024 and December 31, 2023, and the gross carrying value of such Properties was approximately $3,268.5 million and $3,194.1 million, as of December 31, 2024 and December 31, 2023, respectively. 54 Management's Discussion and Analysis (continued) On November 1, 2024, we entered into our current at-the-market (“ATM”) equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $700.0 million.
On November 1, 2024, we entered into our current ATM equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $700.0 million.
(4) Represents an increase in Other income of $6.8 million related to aged prepaid balances that were determined to no longer be liabilities. See Item 8. Financial Statements and Supplementary Data—Note 2.
(3) Represents expenses of $0.9 million related to non-operating legal expenses during the year ended December 31, 2025 and Other income of $6.8 million related to aged prepaid balances that were determined to no longer be liabilities recognized during the year ended December 31, 2024. See Item 8. Financial Statements and Supplementary Data—Note 2. Summary of Significant Accounting Policies.
We believe effective management of our balance sheet, including maintaining various access points to raise capital, managing future debt maturities and borrowing at competitive rates, enables us to meet this objective. Accessing long-term secured debt continues to be our focus.
These conditions include, but are not limited to, 52 Management’s Discussion and Analysis (continued) market price, balance sheet flexibility, alternative opportunistic capital uses and capital requirements. We believe effective management of our balance sheet, including maintaining various access points to raise capital, managing future debt maturities and borrowing at competitive rates, enables us to meet this objective.
The overall increase in net cash provided by operating activities was primarily due to a net increase in manufactured homes, net and accounts payable and other liabilities.
The overall decrease in net cash provided by operating activities was primarily due to an increase in cash outflows related to manufactured homes, net and accounts payable and other liabilities and decreases in deferred membership revenue and cash inflows related to business interruption insurance proceeds, partially offset by an increase in cash inflows related to notes receivable, net and other assets, net.
As of December 31, 2024, approximately 19.1% of our outstanding debt is fully amortizing. 56 Management's Discussion and Analysis (continued) Critical Accounting Policies and Estimates Our consolidated financial statements have been prepared in accordance with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures.
Critical Accounting Policies and Estimates Our consolidated financial statements have been prepared in accordance with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures. Actual results could differ from these estimates. For additional information regarding our significant accounting policies, see Item 8.
Other Income and Expenses The following table summarizes other income and expenses: (amounts in thousands, expenses shown as negative) 2024 2023 Variance % Change Depreciation and amortization $ (203,879) $ (203,738) $ (141) (0.1) % Interest income 9,238 9,037 201 2.2 % Income from other investments, net 8,274 8,703 (429) (4.9) % General and administrative (38,483) (47,280) 8,797 18.6 % Other expenses (5,533) (5,768) 235 4.1 % Early debt retirement (5,833) (68) (5,765) (8,477.9) % Interest and related amortization (137,710) (132,342) (5,368) (4.1) % Other items 6,800 — 6,800 100.0 % Total other income and expenses, net $ (367,126) $ (371,456) $ 4,330 1.2 % 53 Management's Discussion and Analysis (continued) Total other income and expenses, net decreased $4.3 million in 2024 compared to 2023, primarily due to lower General and administrative expenses and higher other items, partially offset by higher early debt retirement costs and interest and related amortization expenses.
Rental operations revenues for the year ended December 31, 2025 were $1.1 million, or 3.3%, higher compared to the same period in 2024, primarily due to an increase in the number of occupied rentals. 51 Management’s Discussion and Analysis (continued) Other Income and Expenses The following table summarizes other income and expenses: (amounts in thousands, expenses shown as negative) 2025 2024 Variance % Change Depreciation and amortization $ (208,895) $ (203,879) $ (5,016) (2.5) % Interest income 9,572 9,238 334 3.6 % Income from other investments, net 8,772 8,274 498 6.0 % General and administrative (37,510) (38,483) 973 2.5 % Other expenses (4,850) (5,533) 683 12.3 % Early debt retirement — (5,833) 5,833 100.0 % Interest and related amortization (131,005) (137,710) 6,705 4.9 % Other items — 6,800 (6,800) 100.0 % Total other income and expenses, net $ (363,916) $ (367,126) $ 3,210 0.9 % Total other income and expenses, net for the year ended December 31, 2025 decreased $3.2 million, or 0.9%, compared to the same period in 2024, primarily due to lower Interest and related amortization and Early debt retirement costs, partially offset by a decrease in income from Other items.
During the year ended December 31, 2024, we repaid the $300 million Term Loan in conjunction with the sale of shares under the February ATM equity offering program. For information regarding our debt activities and related borrowing arrangements, see Item 8. Financial Statements and Supplementary Data—Note 9. Borrowing Arrangements.
During the year ended December 31, 2025, we entered into a $240.0 million unsecured term loan agreement and drew $150.0 million and $90.0 million in May 2025 and July 2025, respectively. For information regarding our debt activities and related borrowing arrangements, see Item 8. Financial Statements and Supplementary Data—Note 9. Borrowing Arrangements.
The decrease in General and administrative expenses was primarily due to accelerated vesting of stock-based compensation expense in 2023. The increase in Other items was due to aged prepaid balances that were determined to no longer be liabilities.
The decrease in income from Other items was due to aged prepaid balances that were determined to no longer be liabilities in 2024.
In our Home Sales and Rentals Operations business, our revenue streams include home sales, home rentals and brokerage services and ancillary activities. We generate revenue through home sales and rental operations by selling or leasing manufactured homes and cottages that are located in Properties owned and managed by us.
We generate revenue through home sales and rental operations by selling or leasing manufactured homes and cottages that are located in Properties owned and managed by us. We believe renting our vacant homes represents an attractive source of occupancy and an opportunity to convert the renter to a homebuyer in the future.
Gain/(Loss) on sale of real estate and impairment, net Gain/(Loss) on sale of real estate and impairment, net was $1.1 million lower during the year ended December 31, 2024, compared to the year ended December 31, 2023, due to a higher reduction of the carrying value of certain assets, as a result of property damage caused by weather events in 2023.
Gain/(Loss) on sale of real estate and impairment, net Gain/(Loss) on sale of real estate and impairment, net for the year ended December 31, 2025 was $3.4 million higher compared to the same period in 2024, primarily due to a gain of $1.4 million from the disposition of two properties and lower write down of certain assets of $2.0 million compared to 2024.
The increase in net cash used in financing activities was primarily due to an increase of net debt repayments of $450.6 million and dividend distributions of $25.2 million, partially offset by an increase in proceeds from the issuance of common stock of $317.4 million.
The overall decrease in net cash used in financing activities was primarily due to a decrease in cash inflows related to gross proceeds from the issuance of common stock and an increase in net term loan activity, partially offset by increases in principal payments and mortgage debt repayment and distributions to common stock and UP unit holders of $37.3 million.
Income tax benefit Income tax benefit during the year ended December 31, 2024 decreased compared to year ended December 31, 2023, primarily due to the release of the full valuation allowance of $10.5 million related to our taxable REIT subsidiaries deferred tax assets in 2023.
Income tax benefit Income tax benefit for the year ended December 31, 2025 was $2.9 million higher compared to the same period in 2024, primarily due to net loss related to our taxable REIT subsidiaries.
(4) Includes capital expenditures to improve the infrastructure required to set manufactured homes. Financing Activities Net cash used in financing activities increased $168.6 million to $384.2 million for the year ended December 31, 2024, from $215.7 million for the year ended December 31, 2023.
Financing Activities Net cash used in financing activities decreased by $91.7 million to $292.5 million for the year ended December 31, 2025, from $384.2 million for the year ended December 31, 2024.
Casualty related charges/(recoveries), net During the year ended December 31, 2024, we recognized debris removal and cleanup costs related to Hurricane Milton, Hurricane Ian and Hurricane Helene of $3.6 million, $2.6 million, and $1.2 million, respectively, and insurance recovery revenue related to Hurricane Ian and Hurricane Milton of $24.9 million and $3.4 million, respectively, including $22.3 million for reimbursement of capital expenditures, which is included in Casualty related charges/recoveries, net in the Consolidated Statements of Income and Comprehensive Income.
During the years ended December 31, 2025 and 2024, we also recognized excess insurance recovery revenue of approximately $4.3 million and $22.3 million, respectively, for reimbursement of capital expenditures related to Hurricane Ian.
During the year ended December 31, 2023, we recognized expenses of $13.4 million related to debris removal and cleanup costs related to Hurricane Ian and an offsetting insurance recovery revenue accrual of $13.4 million related to the expected insurance recovery as a result of Hurricane Ian, which is included in Casualty related charges/recoveries, net in the Consolidated Statements of Income and Comprehensive Income.
Casualty-related charges/(recoveries), net During the year ended December 31, 2025, we recognized expenses of approximately $0.6 million related to debris removal and cleanup costs from hurricane events, with insurance recovery revenue accruals of approximately $5.1 million related to the expenses incurred during the same period.
When investing capital, we consider all potential uses, including returning capital to our stockholders or the conditions under which we may repurchase our stock. These conditions include, but are not limited to, market price, balance sheet flexibility, alternative opportunistic capital uses and capital requirements.
Achieving this objective allows us to take advantage of strategic opportunities that may arise. When investing capital, we consider all potential uses, including returning capital to our stockholders or the conditions under which we may repurchase our stock.
We also actively pursue opportunities that fit our acquisition criteria and are currently engaged in various stages of negotiations relating to the possible acquisition of additional properties. 44 Management's Discussion and Analysis (continued) We believe the demand from baby boomers for MH and RV communities will continue to be strong over the long term.
(2) Average quarterly growth from Q3 1998 through Q3 2025. 42 Management’s Discussion and Analysis (continued) We believe the demand from baby boomers for MH and RV communities will continue to be strong over the long term.
Equity in income of unconsolidated joint ventures Equity in income of unconsolidated joint ventures was $3.5 million higher during the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to a distribution from an unconsolidated joint venture that refinanced a secured loan and distributed proceeds, of which $5.2 million exceeded our basis in the joint venture.
Equity in income/(loss) of unconsolidated joint ventures Equity in income/(loss) of unconsolidated joint ventures for the year ended December 31, 2025 was $0.3 million higher compared to the same period in 2024, primarily due to increases in net income at certain of our unconsolidated joint ventures.
Property Operating Expenses Property operating expenses, excluding property management, in our Core Portfolio for 2024 increased $14.8 million, or 2.6%, from 2023, primarily due to increases in insurance of $4.7 million, utility expenses of $3.9 million, real estate taxes of $3.9 million and bad debt expense of $1.2 million. 52 Management's Discussion and Analysis (continued) Home Sales and Other The following table summarizes certain financial and statistical data for our Home Sales and Other Operations: (amounts in thousands, except home sales volumes) 2024 2023 Variance % Change Gross revenue from new home sales $ 66,432 $ 88,546 $ (22,114) (25.0) % Cost of new home sales 57,713 78,427 (20,714) (26.4) % Gross revenue from used home sales 3,812 3,872 (60) (1.5) % Cost of used home sales 2,745 4,050 (1,305) (32.2) % Gross revenue from brokered resales and ancillary services 47,488 52,801 (5,313) (10.1) % Cost of brokered resales and ancillary services 24,313 25,191 (878) (3.5) % Home selling and ancillary operating expenses 27,644 27,453 191 0.7 % Home sales volumes: New home sales 756 905 (149) (16.5) % Used home sales 218 313 (95) (30.4) % Brokered home resales 505 630 (125) (19.8) % Gross revenue from new home sales decreased $22.1 million and Cost of new home sales decreased $20.7 million during the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to a decrease in the number of new homes sold.
The decrease in Membership sales and marketing expense was primarily driven by a decrease in commissions and allowances for credit losses related to financed membership products that are no longer being offered as of the first quarter of 2025. 50 Management’s Discussion and Analysis (continued) Home Sales and Other The following table summarizes certain financial and statistical data for our Home Sales and Other Operations: (amounts in thousands, except home sales volumes) 2025 2024 Variance % Change Gross revenue from new home sales $ 37,627 $ 66,432 $ (28,805) (43.4) % Cost of new home sales 35,376 57,713 (22,337) (38.7) % Gross revenue from used home sales 3,382 3,812 (430) (11.3) % Cost of used home sales 3,596 2,745 851 31.0 % Gross revenue from brokered resales and ancillary services 45,025 47,488 (2,463) (5.2) % Cost of brokered resales and ancillary services 21,363 24,313 (2,950) (12.1) % Home selling and ancillary operating expenses 26,512 27,644 (1,132) (4.1) % Home sales volumes: New home sales 439 756 (317) (41.9) % Used home sales 374 218 156 71.6 % Brokered home resales 429 505 (76) (15.0) % Gross revenue from new home sales decreased $28.8 million and Cost of new home sales decreased $22.3 million during the year ended December 31, 2025, compared to the year ended December 31, 2024, driven by an overall normalization in demand, primarily in the South and West regions, disruption in demand due to hurricane events and timing of supply of new homes.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe variable rate on our unsecured $200.0 million term loan is fixed through the utilization of an interest rate swap through maturity of the term loan, so interest expense and cash flows would not be affected by fluctuations in interest rates.
Biggest changeThe variable rate on our unsecured $200.0 million term loan is fixed through the utilization of an interest rate swap through maturity of the term loan, so interest expense and cash flows would not be affected by fluctuations in interest rates. The variable rate on our unsecured $240.0 million term loan is fixed through the utilization of interest rate swaps.
Our line of credit bears interest at a rate of SOFR plus 0.10% plus 1.25% to 1.65%. 58 FORWARD-LOOKING STATEMENTS In addition to historical information, this report includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
Our line of credit bears interest at a rate of SOFR plus 0.10% plus 1.25% to 1.65%. 56 FORWARD-LOOKING STATEMENTS In addition to historical information, this report includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise. 59
We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise. 57
For each decrease in interest rates of 1.0% (or 100 basis points), the fair value of the total outstanding debt would increase by approximately $287.9 million. Our secured debt has fixed interest rates so interest expense and cash flows would not be affected by fluctuations in interest rates.
For each decrease in interest rates of 1.0% (or 100 basis points), the fair value of the total outstanding debt would increase by approximately $258.8 million. Our secured debt has fixed interest rates so interest expense and cash flows would not be affected by fluctuations in interest rates.
In addition, 19.1% of our outstanding debt is fully amortizing, further reducing the risk related to increased interest rates. 57 For each increase in interest rates of 1.0% (or 100 basis points), the fair value of the total outstanding debt would decrease by approximately $264.0 million.
In addition, 17.5% of our outstanding debt is fully amortizing, further reducing the risk related to increased interest rates. For each increase in interest rates of 1.0% (or 100 basis points), the fair value of the total outstanding debt would decrease by approximately $239.9 million.
The fair value of our long-term debt obligations is affected by changes in market interest rates, however our scheduled maturities are well laddered from 2025 to 2041, which minimizes the market risk until the debt matures. As of December 31, 2024, we had $87.6 million of secured debt maturing in 2025.
The fair value of our long-term debt obligations is affected by changes in market interest rates, however our scheduled maturities are well laddered from 2027 to 2041, which minimizes the market risk until the debt matures. As of December 31, 55 2025, we have no secured debt maturing in 2026.

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