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What changed in EQUITY LIFESTYLE PROPERTIES INC's 10-K — 2022 vs 2023

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Paragraph-level year-over-year comparison of EQUITY LIFESTYLE PROPERTIES INC's 2022 and 2023 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 2023 report.

+314 added−363 removedSource: 10-K (2024-02-22) vs 10-K (2023-02-21)

Top changes in EQUITY LIFESTYLE PROPERTIES INC's 2023 10-K

314 paragraphs added · 363 removed · 256 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

55 edited+6 added−11 removed94 unchanged
Biggest changeWhen evaluating potential acquisitions, we consider, among others, the following factors: • Current and projected cash flows of the property; • Geographic area and the type of property; • Replacement cost of the property, including land values, entitlements and zoning; • Location, construction quality, condition and design of the property, including vacant land and its location relative to one or more of our existing properties; • Potential for capital appreciation of the property; • Terms of tenant leases or usage rights; • Climate risk; • REIT tax compliance; • Sellers' reputation; • Opportunity to enhance the customer experience and add value through management expertise; • Potential for economies of scale through property concentrations; • Potential for economic growth and the tax and regulatory environment of the community in which the property is located; • Potential for expansion, including increasing the number of Sites; • Occupancy and demand by customers for properties of a similar type in the vicinity; • Prospects for liquidity through sale, financing or refinancing of the property; • Competition from existing properties and the potential for the construction of new properties in the area; and • Working capital demands. 3 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.
Biggest changeWhen evaluating potential acquisitions, we consider, among others, the following factors: • Current and projected cash flows of the property; • Geographic area and the type of property; • Replacement cost of the property, including land values, entitlements and zoning; • Location, construction quality, condition and design of the property, including vacant land and its location relative to one or more of our existing properties; • Potential for capital appreciation of the property; • Terms of tenant leases or usage rights; • Climate risk; • REIT tax compliance; • Sellers' reputation; • Opportunity to enhance the customer experience and add value through management expertise; • Potential for economies of scale through property concentrations; • Potential for economic growth and the tax and regulatory environment of the community in which the property is located; • Potential for expansion, including increasing the number of Sites; • Occupancy and demand by customers for properties of a similar type in the vicinity; • Prospects for liquidity through sale, financing or refinancing of the property; • Competition from existing properties and the potential for the construction of new properties in the area; and • Working capital demands.
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. We are committed to preserving biodiversity within our portfolio and providing outdoor access to our guests and residents.
We enable customer conservation and efficiency by providing recycling and composting offerings, promoting water and energy reduction through education and technology and pursuing community-level certifications and procuring ENERGY STAR® certified homes to save our residents money and energy. We are committed to preserving biodiversity within our portfolio and providing outdoor access to our guests and residents.
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 properties tend to achieve and maintain a stable rate of occupancy due to the following factors: (i) customers typically own their own 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. 8 • Lifestyle Choice : There are currently over 1 million RV camp sites in privately owned RV parks and campgrounds in the United States per the National Association of RV Parks and Campgrounds (“ARVC”).
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 properties tend to achieve and maintain a stable rate of occupancy due to the following factors: (i) customers typically own their own 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 : There are currently over 1 million RV camp sites in privately owned RV parks and campgrounds in the United States per the National Association of RV Parks and Campgrounds (“ARVC”).
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 9 for these larger homes. According to the 2020 U.S.
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.
With a culture of recognition and reputation for excellence, ELS teammates are empowered to take ownership in their jobs and help our customers create lasting memories. Our dedicated on-site management teams are 5 encouraged to be ambassadors of their communities and are committed to consistently delivering an exceptional experience for our residents and guests.
With a culture of recognition and reputation for excellence, ELS teammates are empowered to take ownership in their jobs and help our customers create lasting memories. 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.
Hearing directly from our customers is critical, and the number of platforms through which our customers can contact us continues to grow. This customer feedback helps us to make informed business decisions focusing on the safety and health of our residents, guests and employees, while ensuring a positive experience for all.
Hearing directly from our customers is critical, and the number of platforms through which our 5 customers can contact us continues to grow. This customer feedback helps us to make informed business decisions focusing on the safety and health of our residents, guests and employees, while ensuring a positive experience for all.
In comparison to financing available to buyers of site-built homes, the few third-party financing sources available to buyers of manufactured homes offer financing with higher down payments, higher rates and shorter maturities and loan approval is subject to more stringent underwriting criteria. See Item 1A.
In comparison to financing available to buyers of site- 10 built homes, the few third-party financing sources available to buyers of manufactured homes offer financing with higher down payments, higher rates and shorter maturities and loan approval is subject to more stringent underwriting criteria. See Item 1A.
According to the RVIA, data suggested that RV sales are expected to benefit from an increase in demand from those born in the United States from 1980 to 2003, or millennials and Gen Z, over the coming years.
According to the RVIA, data 8 suggested that RV sales are expected to benefit from an increase in demand from those born in the United States from 1980 to 2003, or millennials and Gen Z, over the coming years.
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 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 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 believe our ability to increase density translates to greater value creation and cash flows through operational efficiencies. Overall, approximately 124 of our Properties have potential Expansion Sites, offering approximately 6,600 available acres. Refer to Item 2. Properties, which includes detail regarding the developable acres available at each property. Acquisition - Expanding Portfolio.
We believe our ability to increase density translates to greater value creation and cash flows through operational efficiencies. Overall, approximately 124 of our Properties have potential Expansion Sites, offering approximately 6,500 available acres. Refer to Item 2. Properties, which includes detail regarding the developable acres available at each property. Acquisition - Expanding Portfolio.
As of December 31, 2022, 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 attract diverse applicants, we partner with third parties and post openings to a wide variety of job boards.
As of December 31, 2023, 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 attract diverse applicants, we partner with third parties and post openings to a wide variety of job boards.
We have an annual average of approximately 4,200 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 4,000 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.
In Florida, which represents 38.2% of total sites and 44.3% 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 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.
All benefits eligible employees can take paid time off annually to volunteer with a charitable organization of their choice. Team members are encouraged to use this time to make a difference in their communities and utilized over 5,500 Community Impact hours during the year ended December 31, 2022.
All benefits eligible employees can take paid time off annually to volunteer with a charitable organization of their choice. Team members are encouraged to use this time to make a difference in their communities and utilized over 8,500 Community Impact hours during the year ended December 31, 2023.
We also have an annual internship program designed to, among other things, create a pipeline of qualified candidates for positions within the Company and to attract diverse candidates. We recognize the importance of experienced leadership and as of December 31, 2022, the average tenure for the executive team was 16 years.
We also have an annual internship program designed to, among other things, create a pipeline of qualified candidates for positions within the Company and to attract diverse candidates. We recognize the importance of experienced leadership and as of December 31, 2023, the average tenure for the executive team was 18 years.
This loss limit is subject to additional sub-limits as set forth in the policy form, including, among others, a $30.0 million aggregate loss limit for earthquakes in California. The deductibles for this policy primarily range from a $500,000 minimum to 5.0% per unit of insurance for most catastrophic events.
The loss limit is subject to additional sub-limits as set forth in the policy form, including, among others, a $25.0 million aggregate loss limit for earthquake(s) in California. The deductibles for this policy primarily range from a $500,000 minimum to 5.0% per unit of insurance for most catastrophic events.
We are one of the nation's largest real estate networks with a portfolio of 449 Properties (including joint venture Properties) consisting of 171,248 Sites located throughout 35 states in the U.S. and British Columbia in Canada as of December 31, 2022. 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 451 Properties (including joint venture Properties) consisting of 172,465 Sites located throughout 35 states in the U.S. and British Columbia in Canada as of December 31, 2023. 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.
The Strategic Planning Committee further assists the Board in assessing ESG strategies. Quarterly committee meetings with the Board include educational briefings from management regarding a wide variety of strategic initiatives, including ESG-related matters. At ELS, sustainability is at the core of Our Nature through Uniting People, Places & Purpose. Our People: Team Members.
Quarterly committee meetings with the Board include educational briefings from management regarding a wide variety of strategic initiatives, including ESG-related matters. At ELS, sustainability is at the core of Our Nature through Uniting People, Places & Purpose. Our People: Team Members.
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 10,228 Sites in 25 of our MH Properties.
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 8,258 Sites in 24 of our MH Properties.
To support this culture, all team members receive annual compliance training focused on compliant and ethical interactions with peers, residents, guests, vendors and others in our communities and offices. Our Board of Directors recognizes that corporate governance is a developing and dynamic area warranting periodic review. Policies are in place and reviewed on an annual basis to support this purpose.
To support this culture, all team members 6 receive annual compliance training focused on compliant and ethical interactions with peers, residents, guests, vendors and others in our communities and offices. Our Board of Directors recognizes that corporate governance is a developing and dynamic area warranting periodic review.
Acquisitions will be financed with the most efficient available sources of capital, which may include undistributed Funds from Operations (“FFO”), issuance of additional equity securities, including under our at-the-market (“ATM”) equity offering program, sales of investments and collateralized and uncollateralized borrowings, including our existing line of credit.
Acquisitions will be financed with the most efficient available sources of capital, which may include undistributed Funds from Operations (“FFO”), issuance of additional equity securities, including under an at-the-market (“ATM”) equity offering program that we expect to put in place shortly, sales of investments and collateralized and uncollateralized borrowings, including our existing line of credit.
Ownership is spread widely not only across age levels but also across genders, as well as household income and education. According to “The 2021 North American Camping Report”, the use of RVs as a primary camping accommodation by campers increased 14.7% from 2019 to 2020. According to the U.S.
Ownership is spread widely not only across age levels but also across genders, as well as household income and education. According to “The 2023 North American Camping Report”, the use of RVs as a primary camping accommodation by campers increased 29.3% from 2019 to 2022.
All publicly available policies are reviewed and approved by senior management. To help employees report potential misconduct, we have a confidential multi-lingual Alertline for reporting Ethics and Compliance concerns and a confidential hotline for all employees to report workplace health and safety concerns.
Policies are in place and reviewed on an annual basis to support this purpose. All publicly available policies are reviewed and approved by senior management. To help employees report potential misconduct, we have a confidential multi-lingual Alertline for reporting Ethics and Compliance concerns and a confidential hotline for all employees to report workplace health and safety concerns.
We believe there continues to be opportunities for property acquisitions. Based on industry reports, we estimate there are approximately 50,000 MH properties and approximately 8,700 RV properties (excluding government owned properties) in North America and approximately 4,500 marinas in the U.S.
Based on industry reports, we estimate there are approximately 50,000 MH properties and approximately 8,700 RV properties (excluding government owned properties) in North America and approximately 4,500 marinas in the U.S.
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.
Human Capital Management We recognize that our success is driven by our employees. 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.
Further information on our sustainability strategy, which incorporates recommendations from the Task Force on Climate-related Financial Disclosures in our 2021 Sustainability Report and ESG efforts can be found on our website at https://www.equitylifestyleproperties.com/sustainability. The information on our internet site is not part of, nor incorporated into, this annual report on Form 10-K.
Further information on our sustainability strategy and ESG efforts can be found on our website at https://www.equitylifestyleproperties.com/sustainability. The information on our internet site is not part of, nor incorporated into, this annual report on Form 10-K.
Our Properties are subject to a variety of laws, ordinances and regulations, including regulations relating to recreational facilities such as swimming pools, clubhouses and other common areas, regulations relating to providing utility services, such as electricity, and regulations relating to operating water and wastewater treatment facilities at certain Properties. 7 We believe that each Property has all material permits and approvals necessary to operate.
Our Properties are subject to a variety of laws, ordinances and regulations, including regulations relating to recreational facilities such as swimming pools, clubhouses and other common areas, regulations relating to providing utility services, such as electricity, and regulations relating to operating water and wastewater treatment facilities at certain Properties.
Census American Community Survey, manufactured homes represent 7.5% of single-family housing units. • Second Home and Vacation Home Demographics : The National Association of Realtors (“NAR”) recently released their 2021 Vacation Home Counties Report, which indicated that vacation home sales have been surging throughout the pandemic.
Census American Community Survey, manufactured homes represent 7.5% of single-family housing units. • Second Home and Vacation Home Demographics : The National Association of Realtors (“NAR”) released their Vacation Home Counties Report in 2021, which indicated that vacation home sales surged throughout the pandemic. In 2020, vacation home sales rose by 16.4%, outpacing the 5.6% growth in total existing-home sales.
According to the BEA, boating and fishing represent the largest outdoor recreation activities in the U.S., with $27.3 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.
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.
We renew these permits and approvals in the ordinary course of business. Insurance . Our Properties are insured against risks that may cause property damage and business interruption, including events such as fire, flood, earthquake, or windstorm. The relevant insurance policies contain deductible requirements, coverage limits and particular exclusions.
We believe that each Property has all material permits and approvals necessary to operate. We renew these permits and approvals in the ordinary course of business. Insurance . Our Properties are insured against risks that may cause property damage and business interruption, including events such as fire, flood, earthquake, or windstorm.
At ELS, we focus on operating sustainable communities for our guests and residents to enjoy and believe community-level certifications provide the best representation of our sustainable business practices on our properties.
Lloyd's Register Quality Assurance ("LRQA") was retained to provide independent assurance of our 2022 environmental metrics to a limited level of assurance and materiality. At ELS, we focus on operating sustainable communities for our guests and residents to enjoy and believe community-level certifications provide the best representation of our sustainable business practices on our properties.
We continually review the Properties in our portfolio to ensure we are delivering on our business and customer service objectives. Over the last five years, we redeployed capital to Properties in markets we believe have greater long-term potential and sold five all-age MH communities located in Indiana and Michigan that were not aligned with our long-term goals.
Over the last five years, we redeployed capital to Properties in markets we believe have greater long-term potential and sold five all-age MH communities located in Indiana and Michigan that were not aligned with our long-term goals. We believe there continues to be opportunities for property acquisitions.
We believe these individuals will continue to drive the market for second-home sales as vacation properties, investment opportunities, or retirement retreats.
Looking ahead, we expect continued strong demand from baby boomers and Generation X. We believe these individuals will continue to drive the market for second-home sales as vacation properties, investment opportunities, or retirement retreats.
For most catastrophic events, there is an additional one-time aggregate deductible of $2.0 million, which is capped at $1 million per occurrence. We have separate insurance policies with respect to our marina Properties.
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, 2024 and the property insurance program, which we plan to renew, expires on April 1, 2024.
We are committed to maintaining biodiversity across our portfolio and creating assets that are connected to their natural and local environments. ELS, in coordination with many local organizations, planted more than 4,000 trees on a 1.5-acre peninsula located within Colony Cove, a manufactured home community in Ellenton, FL, creating an environmentally beneficial microforest.
We are committed to maintaining biodiversity across our portfolio and creating assets that are connected to their natural and local environments. The Manufactured Housing Institute ("MHI") recognized Colony Cove in Ellenton, FL with its 2023 Leadership in Sustainability Award for planting more than 4,000 trees on a 1.5-acre peninsula in the community, creating a beneficial microforest.
The Compensation, Nominating and Corporate Governance Committee is responsible for the review of our ESG strategy, initiatives and policies. Additionally, the Audit Committee 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 ESG risks.
Additionally, the Audit Committee of the Board of 4 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 ESG risks. The Strategic Planning Committee further assists the Board in assessing ESG strategies.
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.
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 31 Properties and 7 land parcels that contain approximately 1,000 acres for future expansion.
For example, Florida law requires that rental increases be reasonable and Delaware law requires rental increases greater than the changes in the CPI to be justified. Also, certain jurisdictions in California in which we own Properties limit rent increases to changes in the CPI or some percentage of the CPI.
Also, certain jurisdictions in California in which we own Properties limit rent increases to changes in the CPI or some percentage of the CPI.
While 2022 retail sales of RVs were 402,325, down approximately 22% from 2021, the enduring appeal of the RV lifestyle has translated into continued strength in RV sales, as 2021 and 2020 marked the highest sales years for the industry at 516,565 and 476,401, respectively.
While 2023 retail sales of RVs were 344,595, down approximately 14.8% from 2022, 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.
Census Bureau, 2022 shipments of manufactured homes to dealers appeared to be the highest in over a decade, marking the first time that shipments exceeded over 100,000 for two consecutive years. According to the RVIA, wholesale shipments of RVs for 2022 ended with 493,268 shipments, providing the third highest annual shipment total on record.
Census Bureau, 2023 shipments of manufactured homes to dealers were closer to pre-pandemic levels with 89,200 shipments. 2022 shipments of manufactured homes to dealers appeared to be the highest in over a decade, marking the first time that shipments exceeded over 100,000 for two consecutive years.
Over the last decade, we have continued to increase the number of Properties in our portfolio (including joint venture Properties), from approximately 383 Properties with over 142,600 Sites to 449 Properties with over 171,200 Sites as of December 31, 2022.
Over the last decade, we have continued to increase the number of Properties in our portfolio (including joint venture Properties), from approximately 377 Properties with over 139,000 Sites to 451 Properties with approximately 172,500 Sites as of December 31, 2023. During the year ended December 31, 2023, we acquired one RV community.
We have a stakeholder engagement approach that enables us to understand our stakeholders’ perceptions and concerns, encourages regular dialogue and leverages industry frameworks to communicate our ESG impacts.
We have a stakeholder engagement approach that enables us to understand our stakeholders’ perceptions and concerns, encourages regular dialogue and leverages industry frameworks to communicate our ESG impacts. Our 2022 Sustainability Report references the Global Reporting Initiative ("GRI"), Sustainability Accounting Standards Board ("SASB") and Task Force on Climate-related Financial Disclosures ("TCFD") frameworks.
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.
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. The National Marine Manufacturers Association (“NMMA”) released its 2022 U.S. Recreational Boating Statistical Abstract in January 2024.
The 2021 shipment total surpassed the previous record set in 2017 of 504,600 shipments by 19%. ——————————————————————————————————————————— 1. Source: RVIA 2. U.S. Census: Manufactured Homes Survey 10 • Sales: We believe consumers view RVs as a safe way to enjoy an active outdoor lifestyle, travel and see the country.
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.
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 2018 U.S. Census Bureau National Population Projections figures, the population of people ages 55 and older is expected to grow 17% within the next 15 years.
We believe that this population segment, seeking an active lifestyle, will provide opportunities for our future growth. 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.
A deductible indicates our maximum exposure, subject to policy limits and sub-limits, in the event of a loss. Rent Control Legislation . 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.
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.
Our Environmental, Social and Governance Taskforce (“ESG Taskforce”) supports our on-going commitment to environmental, social, governance and other public policy matters relevant to us (collectively “ESG Matters”).
Our Environmental, Social and Governance Taskforce (“ESG Taskforce”) supports our on-going commitment to environmental, social, governance and other public policy matters relevant to us (collectively “ESG Matters”). Led by the Sustainability team and overseen by our Executive Vice President and Chief Operating Officer, the ESG Taskforce is comprised of a cross-functional team of employees.
Our current property and casualty insurance policies with respect to our MH and RV Properties, which we plan to renew, expire on April 1, 2023. We have a $125.0 million loss limit per occurrence with respect to our MH and RV all-risk property insurance program including named windstorms.
We have a $125.0 million per occurrence limit with respect to our 7 MH and RV all-risk property insurance program, which includes approximately $50.0 million of coverage per occurrence for named windstorms, which include, for example, hurricanes.
Enactment of such laws has been considered at various times in other jurisdictions. We presently expect to continue to maintain Properties and may purchase additional properties in markets that are either subject to rent control or in which rent related legislation exists or may be enacted.
We presently expect to continue to maintain Properties and may purchase additional properties in markets that are either subject to rent control or in which rent related legislation exists or may be enacted. For example, Florida law requires that rental increases be reasonable and Delaware law requires rental increases greater than the changes in the CPI to be justified.
In 2020, the number of recent home buyers who own more than one home was 17%, up from 16% in 2019, according to NAR. NAR reports that owning more than one property was most common for buyers aged 65 years and older at 22%.
NAR reports that owning more than one property was most common for buyers aged 65 years and older at 22%. Additionally, NAR reports that of second homebuyers from October 2015 through September 2020, 39% purchased in resort areas, 16% purchased in small towns and 15% purchased in rural areas.
Those casualty policies, which we recently renewed, expire on November 1, 2023 and the property insurance program, which we plan to renew, expires on April 1, 2023 and has a $25.0 million per occurrence limit with a minimum deductible of $100,000 plus, for named windstorms, 5.0% per unit of insurance subject to a $500,000 minimum.
The marina property insurance program has a $25.0 million per occurrence limit, subject to self-insurance and a minimum deductible of $100,000 plus, for named windstorms, 5.0% per unit of insurance subject to a $500,000 minimum. A deductible indicates our maximum exposure, subject to policy limits and sub-limits, in the event of a loss. Rent Control Legislation .
The median existing home sales price on average rose by 14.2% in vacation home counties, compared to 10.1% in non-vacation home counties. The share of vacation home sales to total existing-home sales increased to 6.7% in the first four months of 2021, up from a 5% share in 2019.
The share of vacation home sales to total existing-home sales increased to 6.7% in the first four months of 2021, up from a 5% share in 2019. 9 In 2020, the number of recent home buyers who own more than one home was 17%, up from 16% in 2019, according to NAR.
Census Bureau in 2019, every day 10,000 Americans turn 65 years old and all baby boomers will be at least age 65 by 2030. We believe that this population segment, seeking an active lifestyle, will provide opportunities for our future growth.
In 2022, 15 million households went RVing at some point, including the more than 11.2 million RV owners. According to the U.S. Census Bureau in 2019, every day 10,000 Americans turn 65 years old and all baby boomers will be at least age 65 by 2030.
Led by the sustainability team and overseen by our Chief Operating Officer, the ESG Taskforce is comprised of a cross-functional team of employees from asset management, investor relations, compliance, communications, operations, marketing, risk management, financial reporting, legal and human resources. 4 The ESG Taskforce reports on ESG Matters to the Compensation, Nominating and Corporate Governance Committee of the Board of Directors and senior management.
The ESG Taskforce reports on ESG Matters to the Compensation, Nominating and Corporate Governance Committee of the Board of Directors and senior management. The Compensation, Nominating and Corporate Governance Committee is responsible for the review of our ESG strategy, initiatives and policies.
Microforests are very dense plantings of native species and are a powerful way to help improve the quality of the urban environment and combat against climate change. 6 Our Purpose. It is of the utmost importance to us that we maintain the highest level of ethical standards in our processes, customs and policies.
The annual MHI awards recognize communities that deliver extraordinary resident experiences due to their all-around excellence in operations, professionalism, amenities and community involvement. Our Purpose. It is of the utmost importance to us that we maintain the highest level of ethical standards in our processes, customs and policies.
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During the year ended December 31, 2022, we acquired four RV communities and one membership RV community and made investments in joint ventures owning one RV community and three properties under development. We also acquired three land parcels adjacent to certain Properties consisting of approximately 143 developable acres.
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We also acquired two land parcels adjacent to certain Properties consisting of approximately two developable acres. We continually review the Properties in our portfolio to ensure we are delivering on our business and customer service objectives.
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For example, over the past three years, we have acquired 39 Properties, six non-operating ground up development assets, including three through joint ventures, and 11 land parcels that contain approximately 1,800 acres for future expansion. Human Capital Management We recognize that our success is driven by our employees.
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When evaluating potential dispositions, we consider, among others, the following factors: • Whether the Property meets our current investment criteria; 3 • 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.
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Lloyd's Register Quality Assurance ("LRQA") was retained to provide independent assurance of our 2021 environmental metrics to a limited level of assurance and materiality in the professional judgment of LRQA. LRQA’s verification procedure is based on current best practice and is in accordance with ISAE 3000 and ISAE 3410.
Added
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, 2024.
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Whether we are working with customers or vendors, our actions are guided by a clear set of established principles. We hold ourselves accountable for ethical business practices. All employees, management and our Board of Directors are expected to act with honesty, integrity, fairness and respect.
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Census Bureau National Population Projections figures, the population of people ages 55 and older is expected to grow 15% within the next 15 years. We believe that the housing choices in our Properties are especially attractive to such individuals throughout this lifestyle cycle.
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The study showed that both age groups are becoming RVers for life with 84% of 18-to-34-year-olds planning to buy another RV in the next 5 years.
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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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The National Marine Manufacturers Association (“NMMA”) released its 2021 U.S. Recreational Boating Statistical Abstract in January 2023. In a record year for the boating industry, 2021’s total recreational marine expenditures reached a high of $56.7 billion, a 12.7% and 31.1% increase over 2020 and 2019, respectively. NMMA’s data show 415,000 first-time boat buyers entered the market in 2020. The U.S.
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According to the RVIA, wholesale shipments of RVs for 2023 ended with 313,174 shipments. 2021 and 2022 represented two of the three highest years in terms of RV shipments. ——————————————————————————————————————————— 1. Source: RVIA 2. U.S.
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Bureau of Economic Analysis (“BEA”) published figures confirming that the level of demand for recreational marine purchases has continued in 2021, with boat spending almost 50% higher than before the pandemic.
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In 2020, vacation home sales rose by 16.4%, outpacing the 5.6% growth in total existing-home sales. Vacation home sales have continued to pick up during January-April 2021, rising by 57.2% year-over-year, more than twice the 20% growth in total existing-home sales during the same period.
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According to the NAR, the surge in the demand for vacation homes has occurred during the pandemic when people have been able to work from home, students are schooled virtually, people are taking safety precautions and staying away from crowded areas and with urban-based recreation limited by social distancing regulations.
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Additionally, NAR reports that of second homebuyers from October 2015 through September 2020, 39% purchased in resort areas, 16% purchased in small towns and 15% purchased in rural areas. Looking ahead, we expect continued strong demand from baby boomers and Generation X.
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RV sales could continue to benefit from the increased demand from the baby boomers and Millennials.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeThose casualty policies, which were recently renewed, expire on November 1, 2023 and the property insurance program, which we plan to renew, expires on April 1, 2023 and has a $25 million per occurrence limit minimum deductible of $100,000 plus, for named windstorms, 5% per unit of insurance subject to a $500,000 minimum.
Biggest changeThe marina property insurance program has a $25.0 million per occurrence limit, subject to self-insurance and a minimum deductible of $100,000 plus, for named windstorms, 5% per unit of insurance subject to a $500,000 minimum. A deductible indicates our maximum exposure, subject to policy limits and sub-limits, in the event of a loss.
An accident, injury or outbreak at any of our communities, particularly an accident, injury or outbreak involving the safety of 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 outbreak at any of our communities, particularly an accident, injury or 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.
However, newly acquired Properties may fail to perform as expected and could pose risks for our ongoing operations including the following: • integration may prove costly or time-consuming and may divert our attention from the management of daily operations; 13 • we may be unable to access capital or we may encounter difficulties, such as increases in financing costs; • we may incur costs and expenses associated with undisclosed or potential liabilities; • we may experience a real estate tax re-assessment imposed by local governmental authorities that may result in higher real estate taxes than anticipated; • unforeseen difficulties may arise in integrating an acquisition into our portfolio; • expected synergies may not materialize; and • we may acquire properties in new markets where we face risks associated with lack of market knowledge such as understanding of the local economy, the local government and/or local permit procedures.
However, newly acquired Properties may fail to perform as expected and could pose risks for our ongoing operations including the following: • integration may prove costly or time-consuming and may divert our attention from the management of daily operations; • we may be unable to access capital or we may encounter difficulties, such as increases in financing costs; • we may incur costs and expenses associated with undisclosed or potential liabilities; • we may experience a real estate tax re-assessment imposed by local governmental authorities that may result in higher real estate taxes than anticipated; • unforeseen difficulties may arise in integrating an acquisition into our portfolio; • expected synergies may not materialize; and • we may acquire properties in new markets where we face risks associated with lack of market knowledge, such as understanding of the local economy, the local government and/or local permit procedures.
Our ability to sell or rent manufactured homes could be adversely affected by any of the following factors: • disruptions in the single-family housing market; • local conditions, such as an oversupply of lifestyle-oriented properties or a reduction in demand for lifestyle-oriented properties; • increased costs to acquire homes; 14 • our ability to obtain an adequate supply of homes at reasonable costs from MH suppliers; • our ability to acquire or develop existing land suitable for home building; • the ability of customers to obtain affordable financing; and • demographics, such as the retirement of “baby boomers” and their demand for access to our lifestyle-oriented Properties.
Our ability to sell or rent manufactured homes could be adversely affected by any of the following factors: • disruptions in the single-family housing market; • local conditions, such as an oversupply of lifestyle-oriented properties or a reduction in demand for lifestyle-oriented properties; • increased costs to acquire homes; • our ability to obtain an adequate supply of homes at reasonable costs from MH suppliers; • our ability to acquire or develop existing land suitable for home building; • the ability of customers to obtain affordable financing; and • demographics, such as the retirement of “baby boomers” and their demand for access to our lifestyle-oriented Properties.
The price of our common stock could be subject to wide fluctuations in response to a number of factors, including: • issuances of other equity securities in the future, including new series or classes of preferred stock; • our operating performance and the performance of other similar companies; • our ability to maintain compliance with covenants contained in our debt facilities; • actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity; • changes in expectations of future financial performance or changes in our earnings estimates or those of analysts; • changes in our distribution policy; • publication of research reports about us or the real estate industry generally; • increases in market interest rates that lead purchasers of our common stock to demand a higher dividend yield; • changes in market valuations of similar companies; • adverse market reaction to the amount of our debt outstanding at any time, the amount of our debt maturing in the near-term and medium-term and our ability to refinance our debt, or our plans to incur additional debt in the future; • additions or departures of key management personnel; • speculation in the press or investment community; • equity issuances by us, or share resales by our stockholders or the perception that such issuances or resales may occur; • addition to, or removal from, market indexes used by investors to make investment decisions; • actions by institutional stockholders; and • general market and economic conditions.
The price of our common stock could be subject to wide fluctuations in response to a number of factors, including: • issuances of other equity securities in the future, including new series or classes of preferred stock; • our operating performance and the performance of other similar companies; • our ability to maintain compliance with covenants contained in our debt facilities; • actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity; • changes in expectations of future financial performance or changes in our earnings estimates or those of analysts; • changes in our distribution policy; • publication of research reports about us or the real estate industry generally; • increases in market interest rates that lead purchasers of our common stock to demand a higher dividend yield; • changes in market valuations of similar companies; • adverse market reaction to the amount of our debt outstanding at any time, the amount of our debt maturing in the near-term and medium-term and our ability to refinance our debt, or our plans to incur additional debt in the future; • additions or departures of key employees, management, directors and other key personnel; • speculation in the press or investment community; • equity issuances by us, or share resales by our stockholders or the perception that such issuances or resales may occur; • addition to, or removal from, market indexes used by investors to make investment decisions; • actions by institutional stockholders; and • general market and economic conditions.
Through provisions in our charter and bylaws unrelated to Subtitle 8, we already (a) require a two-thirds vote for the removal of any director from the board and (b) vest in the board the exclusive power to fix the number of directorships provided that, if there is stock outstanding and so long as there are three or more stockholders, the number is not less than three.
Through provisions in our charter and bylaws unrelated to Subtitle 8, we already (a) require a two-thirds vote 20 for the removal of any director from the board and (b) vest in the board the exclusive power to fix the number of directorships provided that, if there is stock outstanding and so long as there are three or more stockholders, the number is not less than three.
Such stockholder would be entitled to receive, from the proceeds of any subsequent sale of the capital stock we transferred as trustee, the lesser of (i) the price paid for the capital stock or, if the owner did not pay for the capital stock (for example, in the case of a gift, devise or other such transaction), the market price of the capital stock on the date of the event causing the capital stock to be transferred to us as trustee or (ii) the amount realized from such sale.
Such stockholder would be entitled to receive, from the proceeds of any subsequent sale of the capital stock we transferred as trustee, the lesser of (i) the price paid for the capital stock or, if the owner did not pay for the capital stock (for example, in the case of a gift, devise or other such transaction), the market price of the capital stock on 22 the date of the event causing the capital stock to be transferred to us as trustee or (ii) the amount realized from such sale.
Dividends Payable by REITs Generally Do Not Qualify For the Reduced Tax Rates Available For Some Dividends, Which May Negatively Affect the Value of Our Shares. Income from “qualified dividends” payable to U.S. stockholders that are individuals, trusts and estates are generally subject to tax at preferential rates, currently at a maximum federal rate of 20%.
Dividends Payable by REITs Generally Do Not Qualify For the Reduced Tax Rates Available For Some Dividends, Which May Negatively Affect the Value of Our Shares. 23 Income from “qualified dividends” payable to U.S. stockholders that are individuals, trusts and estates are generally subject to tax at preferential rates, currently at a maximum federal rate of 20%.
In a highly inflationary environment, we may not be able to raise rental 12 rates at or above the rate of inflation, which could reduce our profit margins. If we are unable to increase our rental prices to offset the effects of inflation, our business, results of operations, cash flows and financial condition could be adversely affected.
In a highly inflationary environment, we may not be able to raise rental rates at or above the rate of inflation, which could reduce our profit margins. If we are unable to increase our rental prices to offset the effects of inflation, our business, results of operations, cash flows and financial condition could be adversely affected.
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. 21 Issuances or Sales of Our Common Stock May Be Dilutive.
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. Issuances or Sales of Our Common Stock May Be Dilutive.
Even if more than one person may have been responsible for the contamination, each person covered by the environmental laws may be held responsible for all of the clean-up costs incurred. In addition, third parties could sue the owner or operator of a site for damages and costs resulting from environmental contamination emanating from that site.
Even if more than one person may have been responsible for the contamination, each person covered by the applicable laws may be held responsible for all of the clean-up costs incurred. In addition, third parties could sue the owner or operator of a site for damages and costs resulting from environmental contamination emanating from that site.
We Regularly Expend Capital to Maintain, Repair and Renovate Our Properties, Which Could Negatively Impact Our Financial Condition, Results of Operations and Cash Flows. We may, or we may be required to, from time to time, make significant capital expenditures to maintain or enhance the competitiveness of our Properties, including infrastructure improvements.
We Regularly Expend Capital to Maintain, Repair and Renovate Our Properties, Which Could Negatively Impact Our Financial Condition, Results of Operations and Cash Flows. We have, and we may be required to, from time to time, make significant capital expenditures to maintain or enhance the competitiveness of our Properties, including infrastructure improvements.
Any compromise of our security could result in a violation of applicable privacy and other laws, and could result in potential liability, damage our reputation and disrupt and affect our business operations and result in lawsuits against us. Privacy and information security laws continue to evolve and may be inconsistent from one jurisdiction to another.
Any compromise of our security could result in a violation of applicable privacy, information security, and other laws, which continue to evolve and may be inconsistent from one jurisdiction to another, and could result in potential liability, damage our reputation, disrupt and affect our business operations and result in lawsuits against us.
The law also requires lenders to make a reasonable investigation into a borrower's ability to repay a loan. These requirements make it more difficult for homeowners to obtain affordable financing to obtain loans to purchase manufactured housing or RVs. Homeowners' ability to obtain affordable financing could affect our ability to sell homes.
The law also requires lenders to make a reasonable investigation into a borrower's ability to repay a loan. These requirements make it more difficult for homeowners to obtain affordable financing to obtain loans to purchase manufactured homes or RVs. Homeowners' ability to obtain affordable financing could affect our ability to sell homes.
In addition, a failure of the subsidiary REIT to qualify as a REIT could have an adverse effect on our ability to comply with the REIT income and asset tests and thus our ability to qualify as a REIT. 23 We May Pay Some Taxes, Reducing Cash Available for Stockholders.
In addition, a failure of the subsidiary REIT to qualify as a REIT could have an adverse effect on our ability to comply with the REIT income and asset tests and thus our ability to qualify as a REIT. We May Pay Some Taxes, Reducing Cash Available for Stockholders.
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. 25
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 no such eminent domain proceeding has been commenced and we anticipate exercising all of our rights in connection with any such proceeding, successful condemnation proceedings by municipalities could adversely affect our financial condition.
While no such eminent domain proceeding has been commenced and we anticipate exercising all of our 16 rights in connection with any such proceeding, successful condemnation proceedings by municipalities could adversely affect our financial condition.
Market factors including increases in the U.S. federal reserve funds rate may result in an increase in market interest rates, which could increase the costs of refinancing existing indebtedness or obtaining new debt.
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.
Joint venture investments involve risks not present with respect to our wholly owned Properties, including the following: • Our joint venture partners may experience financial distress, become bankrupt or fail to fund their share of required capital contributions due to adverse economic conditions, which could delay construction or development of a property, increase our financial commitment to the joint venture or adversely impact the ongoing operations of the joint venture; • Our joint venture partners may have business interests or goals with respect to a property that conflict with our business interests and goals, which could increase the likelihood of disputes regarding the ownership, management or disposition of the property and • We may be unable to take actions that are opposed by our joint venture partners under arrangements that require us to share decision-making authority over major decisions affecting the ownership or operation of the joint venture and any property owned by the joint venture, such as the sale or financing of the property or the making of additional capital contributions for the benefit of the venture.
Joint venture investments involve risks not present with respect to our wholly owned Properties, including the following: • Our joint venture partners may experience financial distress, become bankrupt or fail to fund their share of required capital contributions, which could delay construction or development of a property, increase our financial commitment to the joint venture or adversely impact the ongoing operations of the joint venture; • Our joint venture partners may have business interests or goals with respect to a property that conflict with our business interests and goals, which could increase the likelihood of disputes regarding the ownership, management or disposition of the property; and • We may be unable to take actions that are opposed by our joint venture partners under arrangements that require us to share decision-making authority over major decisions affecting the ownership or operation of the joint venture and any property owned by the joint venture, such as the sale or financing of the property or the making of additional capital contributions for the benefit of the venture.
In our view, such regulations result in a transfer to the residents of the value of our land, which would otherwise be 16 reflected in market rents.
In our view, such regulations result in a transfer to the residents of the value of our land, which would otherwise be reflected in market rents.
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, or to implement effective preventive measures and 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 financial results will not be negatively impacted by such an incident.
These factors include but are not limited to the following: • changes in the 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 climate 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, 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; • 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; and • COVID-19, or other highly infectious or contagious diseases, which has had and could continue to have an adverse effect on our business.
These factors include but are not limited to the following: • changes in the 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 climate 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, 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; • COVID-19, or other highly infectious or contagious diseases, which has had and could continue to have an adverse effect on our business; and • the realization of any other risk factors included in this Annual Report on Form 10-K.
This loss limit is subject to additional sub-limits as set forth in the policy form, including, among others, a $30 million aggregate loss limit for earthquake(s) in California. The deductibles for this policy primarily range from $500,000 minimum to 5% per unit of insurance for most catastrophic events.
The loss limit is subject to additional sub-limits as set forth in the policy form, including, among others, a $25.0 million aggregate loss limit for earthquake(s) in California. The deductibles for this policy primarily range from $500,000 minimum to 5% per unit of insurance for most catastrophic events.
Economic Downturn in Markets with a Large Concentration of Our Properties May Adversely Affect Our Financial Condition, Results of Operations, Cash Flows and Ability to Make Distributions . Our success is dependent upon economic conditions in the U.S. generally and in the geographic areas where a substantial number of our Properties are located.
General Economic Conditions and Economic Downturns in Markets with a Large Concentration of Our Properties May Adversely Affect Our Financial Condition, Results of Operations, Cash Flows and Ability to Make Distributions . Our success is dependent upon economic conditions in the U.S. generally and in the geographic areas where a substantial number of our Properties are located.
Significant Inflation Could Negatively Impact Our Business. Substantial inflationary pressures can adversely affect us by increasing the costs of materials, labor and other costs needed to operate our business. Higher construction costs could adversely impact our investments in real estate assets and our expected yields on development and value-add projects.
Substantial inflationary pressures can adversely affect us by increasing the costs of materials, labor and other costs needed to operate our business. Higher construction costs could adversely impact our investments in real estate assets and our expected yields on development and value-add projects.
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 go up, prospective purchasers of REIT shares may expect a higher distribution rate.
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.
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 (including prevention and cleanup of the same), 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.
The issuance or sale of substantial amounts of our common stock could have a dilutive effect on our actual and expected earnings per share, FFO per share and Normalized Funds from Operations (“Normalized FFO”) per share. We may sell shares of our common stock under our ATM equity offering program from time-to-time.
The issuance or sale of substantial amounts of our common stock could have a dilutive effect on our actual and expected earnings per share, FFO per share and Normalized Funds from Operations (“Normalized FFO”) per share. We have in the past and may in the future sell shares of our common stock under an ATM equity offering program from time-to-time.
We Have a Stock Ownership Limit for REIT Tax Purposes. 22 To remain qualified as a REIT for U.S. federal income tax purposes, not more than 50% in value of our outstanding shares of capital stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the federal income tax laws applicable to REITs) at any time during the last half of any taxable year.
To remain qualified as a REIT for U.S. federal income tax purposes, not more than 50% in value of our outstanding shares of capital stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the federal income tax laws applicable to REITs) at any time during the last half of any taxable year.
We are subject to risks associated with natural disasters, including but not limited to hurricanes, storms, fires and earthquakes. As of December 31, 2022, we owned or had an ownership interest in 449 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, 2023, we owned or had an ownership interest in 451 Properties, including 136 Properties and 19 marinas located in Florida and 49 Properties located in California.
Interruptions to any of the above could lead to lost revenues, interruptions in our business operations and damage to our business reputation. The COVID-19 pandemic and other health crises could materially and adversely impact or disrupt our business, including our financial condition, results of operations and cash flows.
Interruptions to any of the above could lead to lost revenues, interruptions in our business operations and damage to our business reputation. Public health crises, such as the COVID-19 pandemic, could materially and adversely impact or disrupt our business, including our financial condition, results of operations and cash flows.
The Board of Directors has exempted from these provisions under Maryland law any business combination with Samuel Zell, who is Chairman of our Board of Directors, certain 20 holders of OP Units who received them at the time of our initial public offering and our officers who acquired common stock at the time we were formed and each and every affiliate of theirs.
The Board of Directors has exempted from these provisions under Maryland law any business combination with certain holders of OP Units who received them at the time of our initial public offering and our officers who acquired common stock at the time we were formed and each and every affiliate of theirs.
Such laws may impose fines and penalties on real property owners or operators who fail to comply with these requirements and may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers.
Such laws may impose fines and penalties on real property owners or operators who fail to comply with these requirements and may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to the contaminant.
Climate change may also have indirect effects on our business by increasing the cost of (or making unavailable) property insurance on terms we find acceptable, increasing the cost of (or making unavailable) energy, water supply and other utilities at our Properties and requiring us to expend funds as we seek to repair and protect our Properties against such risks.
Climate change, natural disasters and changing weather patterns may also have indirect effects on our business by increasing the cost of (or making unavailable) insurance on terms we find acceptable, increasing the cost of (or making unavailable) energy, water supply and other utilities at our Properties and requiring us to expend funds as we seek to repair and protect our Properties against such risks.
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.
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.
It may be difficult for us to meet one or more of the requirements for qualification as a REIT, including but not limited to our distribution requirement. Moreover, additional equity offerings may result in substantial dilution of stockholders' interests and additional debt financing may substantially increase our leverage.
It may be difficult for us to meet one or more of the requirements for qualification as a REIT, including but not limited to our distribution requirement. Moreover, additional equity offerings may result in substantial dilution of stockholders' interests and additional debt financing may substantially increase our leverage. We Have a Stock Ownership Limit for REIT Tax Purposes.
Properties in our portfolio, including marinas and certain RV communities, are specific-use properties and may contain features or assets that have limited alternative uses. These Properties may also have distinct operational functions that involve specific procedures and training.
Our Properties May Not Be Readily Adaptable to Other Uses. Properties in our portfolio, including marinas and certain RV communities, are specific-use properties and may contain features or assets that have limited alternative uses. These Properties may also have distinct operational functions that involve specific procedures and training.
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 21.3% as of December 31, 2022.
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 20.5% as of December 31, 2023.
As we have a large concentration of properties in certain markets, most notably Florida, California and Northeast, which comprise 44.3%, 11.7% and 11.1%, respectively, of our total property operating revenue for the year ended December 31, 2022, 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 45.3%, 11.3%, 10.6% and 10.4%, respectively, of our total property operating revenue for the year ended December 31, 2023, 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.
Even if we are not targeted directly, cyber attacks on other entities and institutions, including third parties with whom we do business, may occur and such events could disrupt our normal business operations and networks in the future. Attacks can be both individual or highly organized attempts by very sophisticated hacking organizations.
Even if we are not targeted directly, cybersecurity attacks on other entities and institutions, including our customers, vendors, or other third parties with whom we do business, may occur and such events could impact our systems and networks, and disrupt our normal business operations. Attacks can be both individual or highly organized attempts by very sophisticated hacking organizations.
For various reasons, landowners may not want to renew the ground lease agreements with similar terms and conditions, if at all, which could adversely impact our ability to operate these Properties and generate revenues. We have 10 Properties in our portfolio subject to ground lease agreements for land.
For various reasons, landowners may not want to renew the ground lease agreements with similar terms and conditions, if at all, which could adversely impact our ability to operate these Properties and generate revenues.
Pandemics, epidemics, or other health crises, including COVID-19, have had and could have significant repercussions across regional, national and global economies and financial markets.
Pandemics, epidemics, or other public health crises, including the COVID-19 pandemic, have had and could in the future have significant repercussions across regional, national and global economies and financial markets.
The occurrence of an accident, injury or outbreak 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, in Part, on Our Ability to Attract and Retain Talented Employees.
The occurrence of an accident, injury or outbreak 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. 15 Our Success Depends on Our Talented Employees, Management, Directors and Key Personnel.
ESG assessments by certain organizations that provide corporate governance and other corporate risk advisory services to investors provide scores and ratings to evaluate companies based upon publicly available information. In addition, investors, particularly institutional investors, may use ESG or sustainability scores to benchmark companies against their peers. The methodologies by which ESG Matters are assessed may vary among evaluators.
ESG assessments by certain organizations that provide corporate governance and other corporate risk advisory services to investors provide scores and ratings to evaluate companies based upon publicly available information. In addition, investors, particularly institutional investors, may use ESG or sustainability scores to benchmark companies against their peers.
In addition, the criteria by which companies are rated may change, which could cause the Company to score differently or worse than it has in the past and may result in investors deciding to refrain from investing in us and/or result in a negative perception of the Company.
In addition, the criteria by which companies are rated may change, which could cause the Company to score differently or worse than it has in the past and may result in investors deciding to refrain from investing in us and/or result in a negative perception of the Company, all of which could have an adverse impact on the price of our securities.
Our Business Operations are Dependent on the Effective Operation of Technology. 15 We rely on software and computer systems to process and store information required for our business operations. Any disruption to these systems or to third-party vendors that maintain these systems could adversely affect our business operations.
We rely on software and computer systems to process and store information required for our business operations. Any disruption to these systems or to third-party vendors that maintain these systems could adversely affect our business operations.
Risks Relating to Governmental Regulation and Potential Litigation Changes to Federal and State Laws and Regulations Could Adversely Affect Our Operations and the Market Price of Our Common Stock.
Risks Relating to Governmental Regulation and Potential Litigation Changes to Federal and State Laws and Regulations Could Adversely Affect Our Operations and the Market Price of Our Common Stock. Our Properties and business operations are subject to certain federal, state and local and foreign laws, regulations and policies.
The regulations may also require capital investment to maintain compliance. Stakeholder Evaluations of ESG Matters May Impact Our Ability to Attract Investors and Could Have a Negative Impact on Our Reputation. Evaluations of ESG Matters are important to investors and other stakeholders. Some investors may use ESG Matters to guide their investment strategies.
The regulations may also require capital investment to maintain compliance. Stakeholder Evaluations of ESG Matters May Impact Our Ability to Attract Investors and Could Have a Negative Impact on Our Reputation.
To the extent that the expenditures exceed our available cash, we may need to secure new financing. Our Ability to Renew Ground Leases Could Adversely Affect Our Financial Condition and Results of Operations. We own the buildings and leasehold improvements at certain Properties that are subject to long-term ground leases.
Our Ability to Renew Ground Leases Could Adversely Affect Our Financial Condition and Results of Operations. We own the buildings and leasehold improvements at certain Properties that are subject to long-term ground leases.
In particular, information shared on social media platforms could cause us to suffer brand damage because social media platforms have increased the rapidity of the dissemination and greatly expanded the potential scope and scale of the impact of negative publicity.
Negative information about us, or our officers, employees, directors or Properties, even if untrue, could damage our reputation. In particular, information shared on social media platforms could cause us to suffer brand damage because social media platforms have increased the rapidity of the dissemination and greatly expanded the potential scope and scale of the impact of negative publicity.
Environmental and Utility-Related Problems are Possible and Can Be Costly. Federal, state and local laws and regulations relating to the protection of the environment may require a current or previous owner or operator of real property to investigate and clean up hazardous or toxic substances or lead or petroleum product releases at such property.
Federal, state and local laws and regulations relating to the protection of the environment may require a current or previous owner or operator of real property to pay fines and penalties and investigate and clean up hazardous or toxic substances, including lead or petroleum product releases at such property.
These include the Ownership Limit described below. Also, any future series of preferred stock may have certain voting provisions that could delay or prevent a change of control or other transaction that might involve a premium price or otherwise be beneficial to our stockholders. Maryland Law Imposes Certain Limitations on Changes of Control.
These include the Ownership Limit described below and advance notice requirements for shareholder proposals and nomination of directors. Also, any future series of preferred stock may have certain voting provisions that could delay or prevent a change of control or other transaction that might involve a premium price or otherwise be beneficial to our stockholders.
Climate change could increase the frequency and severity of natural disasters and change weather patterns. To the extent climate change causes changes in weather patterns, our markets could experience increases in storm intensity, frequency and magnitude of hurricanes, wildfires, rising sea levels, drought and changes to precipitation and temperatures.
Climate change could increase the frequency and severity of natural disasters and change weather patterns. Our markets could experience increases in storm intensity, frequency and magnitude of hurricanes, wildfires, rising sea levels, drought and changes to precipitation and temperatures. The physical effects of climate change could have a material adverse effect on our properties, operations and business.
In addition, since our RV communities and marinas are primarily used by vacationers and campers, economic cyclicality resulting in a downturn that affects discretionary spending and disposable income for leisure-time activities could adversely affect our cash flows. Our Properties May Not Be Readily Adaptable to Other Uses.
As such, results for a certain quarter may not be indicative of the results of future quarters. In addition, since our RV communities and marinas are primarily used by vacationers and campers, economic cyclicality resulting in a downturn that affects discretionary spending and disposable income for leisure-time activities could adversely affect our cash flows.
It is uncertain whether we would be able to source the essential commodities, supplies, materials, and skilled labor timely or at all without incurring significant costs or delays, particularly during times of economic uncertainty resulting from events outside of our control, including, but not limited to, the effects of COVID-19.
It is uncertain whether we would be able to source the essential commodities, supplies, materials, and skilled labor timely or at all without incurring significant costs or delays, particularly during times of economic uncertainty resulting from events outside of our control. To the extent that the expenditures exceed our available cash, we may need to secure new financing.
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 may continue to acquire Properties.
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.
These could include attempts to gain unauthorized access to our data and computer systems, or steal confidential information, including credit card information from our customers, breaches due to employee error, malfeasance or other disruptions, including disruptions that result in our and our customers' loss of access to our information systems.
These could include malware, ransomware, 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, malfeasance or other disruptions of employees, independent contractors or consultants.
The total principal amount of our outstanding indebtedness was approximately $3,416.1 million as of December 31, 2022, of which $198.0 million, or 5.80%, is related to our line of credit and $92.5 million of secured debt, or 2.71%, matures in 2023.
The total principal amount of our outstanding indebtedness was approximately $3,548.1 million as of December 31, 2023, of which $31.0 million, or 0.87%, is related to our line of credit and $90.5 million of secured debt, or 2.55%, matures in 2025 (with no secured or unsecured loans maturing in 2024).
Some of our RV communities and marinas are used primarily by vacationers and campers. These Properties experience seasonal demand, which generally increases in the spring and summer months and decreases in the fall and winter months. As such, results for a certain quarter may not be indicative of the results of future quarters.
Certain of Our Properties, Primarily Our RV Communities and Marinas, are Subject to Seasonality and Cyclicality. Some of our RV communities and marinas are used primarily by vacationers and campers. These Properties experience seasonal demand, which generally increases in the spring and summer months and decreases in the fall and winter months.
Our ability to attract, retain and motivate talented employees could significantly impact our future performance. Competition for these individuals is intense and there is no assurance that we will retain our key officers and employees or that we will be able to attract and retain other highly qualified individuals in the future.
Competition for these individuals is intense, and there is no assurance that we will retain our directors, key officers and employees or that we will be able to attract and retain other highly qualified individuals in the future. Our Business Operations are Dependent on the Effective Operation of Technology.
Examples of such laws include state and federal consumer credit and truth-in-lending laws requiring the disclosure of finance charges and usury and retail installment sales laws regulating permissible finance charges. 17 Environmental Risks Natural Disasters Could Adversely Affect the Value of Our Properties, Our Financial Condition, Results of Operations and Cash Flows.
Examples of such laws include state and federal consumer credit and truth-in-lending laws requiring the disclosure of finance charges and usury and retail installment sales laws regulating permissible finance charges. Litigation Risk Could Materially and Adversely Affect Our Business.
For most catastrophic events, there is an additional one-time aggregate deductible of $2 million, which is capped at $1 million per occurrence. We have separate insurance policies with respect to our marina Properties.
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, 2024, and the property insurance program, which we plan to renew, expires on April 1, 2024.
We employ a number of measures to prevent, detect and mitigate these threats.
We employ a number of measures to prevent, detect and mitigate these threats, but these measures may not be sufficient to mitigate all related risks.
A cybersecurity incident could compromise the confidential information of our employees, customers and vendors to the extent such information exists on our systems or on the systems of third-party providers.
The extent of a particular cybersecurity attack and the steps that we may need to take to investigate the attack also may not be immediately clear. A cybersecurity incident could compromise the confidential information of our employees, customers and vendors to the 25 extent such information exists on our systems or on the systems of third-party providers.
Investors in our common stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects.
We list our common stock on the New York Stock Exchange (the “NYSE”) and our common stock could experience significant price and volume fluctuations. Investors in our common stock may experience a decrease in the value of their shares, 21 including decreases unrelated to our operating performance or prospects.
These coverages include, but are not limited to, Directors & Officers liability, Employment 24 Practices liability, Fiduciary liability and Cyber liability. We believe that the policy specifications and coverage limits of these policies should be adequate and appropriate. There are, however, certain types of losses, such as punitive damages, lease and other contract claims that generally are not insured.
We believe that the policy specifications and coverage limits of these policies should be adequate and appropriate given the relative risk of loss, the cost of insurance and industry practice. There are, however, certain types of losses, such as punitive damages, lease and other contract claims that generally are not insured.
Our Ability to Sell or Rent Manufactured Homes Could Be Impaired, Resulting in Reduced Cash Flows. Selling and renting homes is a primary part of our business.
As of December 31, 2023, 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 primary part of our business.
We have joint ventures with other investors. We currently and may continue to acquire properties or make investments in joint ventures with other persons or entities when we believe circumstances warrant the use of such structures.
We currently and may continue to acquire properties through or make investments in joint ventures with other persons or entities.
Our current property and casualty insurance policies with respect to our MH and RV Properties, which we plan to renew, expire on April 1, 2023. We have a $125 million per occurrence with respect to our MH and RV all-risk property insurance program including 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 approximately $50.0 million of coverage per occurrence for named windstorms, which include, for example, hurricanes.
Although we maintain reserves for credit losses in amounts that we believe are sufficient to provide adequate protection against potential write-downs in our portfolio, these amounts could prove to be insufficient. Certain of Our Properties, Primarily Our RV Communities and Marinas, are Subject to Seasonality and Cyclicality.
Although we maintain reserves for credit losses in amounts that we believe are sufficient to provide adequate protection against potential write-downs in our portfolio, these amounts could prove to be insufficient. We are also exposed to the risks of downturns in the local economy or other local real estate market conditions.
Additionally, these capital expenditures may or may not result in lower on-going expenses or make an impact on the desirability of our Properties and our ability to attract high quality residents and guests. Any such losses, increases in costs or business interruptions could adversely affect our financial condition and operating results.
In addition, changes in federal, state and local legislation and regulation may require increased capital expenditures at our Properties. Additionally, these capital expenditures may or may not result in lower on-going expenses or make an impact on the desirability of our Properties and our ability to attract high quality residents and guests.
The physical effects of climate change could have a material adverse effect on our properties, operations and business. If there are prolonged disruptions at our properties due to extreme weather or natural disasters, our results of operations and financial condition could be materially adversely affected.
If there are prolonged disruptions at our properties due to extreme weather or natural disasters, our results of operations and financial condition could be materially adversely affected. Our properties are dependent on state and local utility infrastructure for delivery of energy, water supply and/or other utilities.
Other Risk Factors Affecting Our Business Some Potential Losses Are Not Covered by Insurance. We carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business interruption claims on all of our Properties. In addition, we carry liability coverage for other activities not specifically related to property operations.
Any litigation or dispute, whether successful or not, could have a material adverse effect on our business, results of operations and financial condition. Some Potential Losses Are Not Covered by Insurance. We carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business interruption claims on all of our Properties.
Environmental laws also govern the presence, maintenance and removal of environmental contamination, including asbestos, wastewater discharge and oil spills. Such laws require that owners or operators of properties containing hazardous or toxic substances to properly manage them.
Environmental laws also govern the presence, maintenance and removal of environmental contamination, including asbestos, wastewater discharge and oil spills.
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 impact resulting from climate change. 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.
Our business operations are subject to certain federal and state laws and regulations including but not limited to the following: • Rent Control Legislation Certain of our Properties are subject to state and local rent control regulations that dictate rent increases and our ability to recover increases in operating expenses and the costs of capital improvements.
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. • Rent Control Legislation Certain of our Properties are subject to state and local rent control regulations that dictate rent increases and our ability to recover increases in operating expenses and the costs of capital improvements.
Furthermore, stay-at-home orders and travel restrictions could adversely impact the ability of our customers to visit our Properties. In a recession or under other adverse economic conditions, non-earning assets and write-downs are likely to increase as debtors fail to meet their payment obligations.
Adverse macroeconomic conditions, including slow growth or recession, high unemployment, inflation, tighter credit, higher interest rates, and currency fluctuations, can adversely impact demand for our Properties. In a recession or under other adverse economic conditions, non-earning assets and write-downs are likely to increase as debtors fail to meet their payment obligations.
A deductible indicates our maximum exposure, subject to policy limits and sub-limits, in the event of a loss. We Face Risks Relating to Cybersecurity Incidents and Privacy Laws. We rely extensively on internally and externally hosted computer systems to process transactions, manage the privacy of customer data, and manage our business.
We Face Risks Relating to Cybersecurity Incidents and Privacy Laws. We rely extensively on internally and externally hosted computer systems to process transactions, manage the privacy and security of data, including customer data, and operate our business. Critical components of our systems are dependent upon third-party providers and a significant portion of our business operations are conducted over the internet.
Such competition could increase prices for Properties and result in increased fixed costs, including real estate taxes. 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.
Such competition could increase prices for Properties and result in increased fixed costs, including real estate taxes.
Accordingly, stockholders may not have control over changes in our policies and changes in our policies may not fully serve the interests of all stockholders. Conflicts of Interest Could Influence Our Decisions . Certain stockholders could exercise influence in a manner inconsistent with stockholders' best interests. Mr.
Accordingly, stockholders may not have control over changes in our policies and changes in our policies may not fully serve the interests of all stockholders. Our Business Ethics and Conduct Policy May Not Adequately Address All Actual or Perceived Conflicts of Interest That May Arise With Respect to Our Activities.

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Item 2. Properties

Properties — owned and leased real estate

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Biggest changeJames City FL RV 31 363 84 100.0% Carefree Village Tampa FL MH 58 398 398 98.0% Tarpon Glen Tarpon Springs FL MH 24 168 168 99.4% Featherock Valrico FL MH 84 521 521 99.6% Bay Indies Venice FL MH 210 1,309 1,309 96.9% Ramblers Rest RV Resort Venice FL RV 117 647 353 100.0% Peace River Wauchula FL RV 72 454 36 100.0% Crystal Lake Zephyrhills Zephyrhills FL MH 147 518 518 77.4% Forest Lake Estates MH Zephyrhills FL MH 191 67 929 929 97.6% Forest Lake Village RV Zephyrhills FL RV 42 274 177 100.0% Sixth Avenue Zephyrhills FL MH 14 133 133 82.7% Other Multiple FL MH 7 133 133 22.6% Total Florida Market 13,308 1,290 64,039 52,737 95.1% California Northern California: Monte del Lago Castroville CA MH 54 310 310 99.7% Colony Park Ceres CA MH 20 186 186 100.0% Russian River Cloverdale CA RV 41 135 5 100.0% Snowflower (g) Emigrant Gap CA RV 612 268 — —% Four Seasons Fresno CA MH 40 242 242 97.5% Yosemite Lakes (g) Groveland CA RV 403 30 299 — —% Tahoe Valley (e) (g) 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 23 100.0% Marina Dunes RV Resort (g) Marina CA RV 6 96 — —% Coralwood (e) Modesto CA MH 22 194 194 100.0% Lake Minden Nicolaus CA RV 165 82 323 10 100.0% Oceanside RV Resort (c) (g) Oceanside CA RV 8 139 — —% Lake of the Springs Oregon House CA RV 954 507 541 48 100.0% 30 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/22 Total Number of Annual Sites as of 12/31/22 Annual Site Occupancy as of 12/31/22 Concord Cascade Pacheco CA MH 31 283 283 100.0% San Francisco RV (g) Pacifica CA RV 12 122 — —% 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 (g) Scotts Valley CA RV 7 106 — —% Royal Oaks Visalia CA MH 20 149 149 94.0% Pilot Knob RV Resort (c) (g) Winterhaven CA RV 23 247 0 —% Southern California: Soledad Canyon Acton CA RV 273 1,251 2 100.0% Los Ranchos Apple Valley CA MH 30 389 389 97.9% Date Palm Country Club (e) Cathedral City CA MH 232 3 538 538 98.9% Palm Springs Oasis RV Resort Cathedral City CA RV (f) 140 29 100.0% Oakzanita Springs Descanso CA RV 145 5 146 23 100.0% Rancho Mesa El Cajon CA MH 20 158 158 99.4% Rancho Valley El Cajon CA MH 19 140 140 99.3% Royal Holiday Hemet CA MH 22 198 198 76.8% Idyllwild Idyllwild-Pine Cove CA RV 191 287 51 100.0% Pio Pico Jamul CA RV 176 10 512 73 100.0% Wilderness Lakes Menifee CA RV 73 529 52 100.0% Morgan Hill Morgan Hill CA RV 69 6 339 1 100.0% Pacific Dunes Ranch (g) Oceana CA RV 48 215 — —% San Benito Paicines CA RV 199 23 523 19 100.0% Palm Springs Palm Desert CA RV 35 401 18 100.0% Las Palmas Estates Rialto CA MH 18 136 136 100.0% Parque La Quinta Rialto CA MH 19 166 166 100.0% Rancho Oso Santa Barbara CA RV 310 40 187 19 100.0% 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 99.7% Total California Market 4,973 717 13,440 6,348 98.8% Arizona: Apache East Apache Junction AZ MH 17 123 123 100.0% Countryside RV Apache Junction AZ RV 53 560 298 100.0% Denali Park Apache Junction AZ MH 33 5 162 162 98.8% 31 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/22 Total Number of Annual Sites as of 12/31/22 Annual Site Occupancy as of 12/31/22 Dolce Vita Apache Junction AZ MH 132 40 480 480 90.8% Golden Sun RV Apache Junction AZ RV 33 329 214 100.0% Meridian RV Resort Apache Junction AZ RV 15 264 75 100.0% Valley Vista Benson AZ RV 6 145 9 100.0% Casita Verde Casa Grande AZ RV 14 192 91 100.0% Fiesta Grande Casa Grande AZ RV 77 767 564 100.0% Foothills West Casa Grande AZ RV 16 188 123 100.0% Sunshine Valley Chandler AZ MH 55 381 381 100.0% Verde Valley Cottonwood AZ RV 273 178 414 130 100.0% Casa del Sol East II Glendale AZ MH 29 239 239 97.5% Casa del Sol East III Glendale AZ MH 28 236 236 97.9% Palm Shadows Glendale AZ MH 33 293 293 92.5% Hacienda De Valencia Mesa AZ MH 51 363 363 99.2% Mesa Spirit Mesa AZ RV 90 1,600 833 100.0% Monte Vista Resort Mesa AZ RV 142 1,345 920 100.0% Seyenna Vistas Mesa AZ MH 60 4 407 407 99.3% The Highlands at Brentwood Mesa AZ MH 45 268 268 100.0% ViewPoint RV & Golf Resort Mesa AZ RV 332 2,414 1,989 100.0% Apollo Village Peoria AZ MH 29 3 238 238 95.4% Casa del Sol West Peoria AZ MH 31 245 245 97.1% Carefree Manor Phoenix AZ MH 16 130 130 96.9% 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 96.5% Whispering Palms Phoenix AZ MH 15 116 116 97.4% Desert Vista (g) Salome AZ RV 10 125 — —% Sedona Shadows Sedona AZ MH 48 210 210 93.8% Venture In Show Low AZ RV 26 389 274 100.0% Paradise Sun City AZ RV 80 950 775 100.0% The Meadows AZ Tempe AZ MH 60 390 390 98.2% Fairview Manor Tucson AZ MH 28 235 235 96.2% Voyager RV Resort Tucson AZ RV 35 1,801 1,086 100.0% Voyager Land Tucson AZ RV 64 41 — — —% Westpark Wickenburg AZ MH 48 273 273 86.4% Araby Acres Yuma AZ RV 25 3 337 259 100.0% Cactus Gardens Yuma AZ RV 43 430 227 100.0% Capri Yuma AZ RV 20 303 147 100.0% Desert Paradise Yuma AZ RV 26 260 89 100.0% Foothill Village Yuma AZ RV 18 180 23 100.0% Mesa Verde RV Yuma AZ RV 28 345 262 100.0% Suni Sands Yuma AZ RV 34 336 143 100.0% 32 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/22 Total Number of Annual Sites as of 12/31/22 Annual Site Occupancy as of 12/31/22 Total Arizona Market 2,307 274 19,121 13,978 98.6% Colorado: Hillcrest Village CO Aurora CO MH 72 602 602 99.5% Cimarron Village Broomfield CO MH 50 327 327 99.7% Holiday Village CO Colorado Springs CO MH 38 240 240 96.3% Bear Creek Village Denver CO MH 12 121 121 97.5% Holiday Hills Village Denver CO MH 99 736 736 97.4% Golden Terrace Golden CO MH 32 263 263 98.9% Golden Terrace South Golden CO MH 15 80 80 100.0% Golden Terrace South RV (g) Golden CO RV (f) 80 — —% Golden Terrace West Golden CO MH 39 311 311 100.0% Blue Mesa Recreational Ranch (c) (g) Gunnison CO RV — 385 — —% Pueblo Grande Pueblo CO MH 33 250 250 97.6% Woodland Hills Thornton CO MH 55 434 434 99.1% Total Colorado Market 445 — 3,829 3,364 98.6% Northeast: Stonegate Manor North Windham CT MH 114 372 372 90.9% Waterford Estates Bear DE MH 159 2 731 731 99.5% McNicol Place Lewes DE MH 25 93 93 98.9% Whispering Pines Lewes DE MH 67 2 393 393 100.0% Mariner's Cove Millsboro DE MH 101 374 374 99.2% Sweetbriar Millsboro DE MH 38 146 146 95.2% Aspen Meadows Rehoboth Beach DE MH 46 200 200 100.0% Camelot Meadows Rehoboth Beach DE MH 61 301 301 99.3% Gateway to Cape Cod Rochester MA RV 80 25 194 74 100.0% 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 47 312 269 100.0% Sturbridge Sturbridge MA RV 223 125 155 96 100.0% Fernwood Capitol Heights MD MH 40 6 329 329 97.6% Williams Estates/Peppermint Woods Middle River MD MH 121 803 803 100.0% Mt.
Biggest changeJames City FL RV 31 — 363 13 100.0% 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 95.9% Ramblers Rest RV Resort Venice FL RV 117 — 647 381 100.0% Peace River Wauchula FL RV 72 — 454 49 100.0% Crystal Lake Zephyrhills Zephyrhills FL MH 147 — 518 518 81.3% Forest Lake Estates MH Zephyrhills FL MH 192 68 929 929 98.1% Forest Lake Village RV Zephyrhills FL RV 42 — 274 187 100.0% Sixth Avenue Zephyrhills FL MH 14 — 133 133 82.0% Other Multiple FL MH 7 — 133 133 22.6% Total Florida Market 13,422 1,298 64,609 52,967 95.1% California Northern California: Monte del Lago Castroville CA MH 54 — 310 310 99.4% Colony Park Ceres CA MH 20 — 186 186 96.8% 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 95.0% 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 5 100.0% Turtle Beach (i) Manteca CA RV 39 — 79 — —% Marina Dunes RV Resort (d) Marina CA RV 6 — 96 — —% Coralwood (e) Modesto CA MH 22 — 194 194 100.0% 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 20 100.0% Concord Cascade Pacheco CA MH 31 — 283 283 100.0% San Francisco RV Pacifica CA RV 12 — 122 1 100.0% 32 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/23 Total Number of Annual Sites as of 12/31/23 Annual Site Occupancy as of 12/31/23 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 99.5% Santa Cruz Ranch (d) Scotts Valley CA RV 7 — 106 — —% Royal Oaks Visalia CA MH 20 — 149 149 94.0% Pilot Knob RV Resort (d) Winterhaven CA RV 23 — 247 — —% Southern California: Soledad Canyon Acton CA RV 273 — 1,251 1 100.0% Los Ranchos Apple Valley CA MH 30 — 389 389 96.9% Date Palm Country Club (e) Cathedral City CA MH 232 3 538 538 99.1% Palm Springs Oasis RV Resort Cathedral City CA RV (g) — 140 31 100.0% Oakzanita Springs Descanso CA RV 145 5 146 24 100.0% 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 75.3% Idyllwild Idyllwild-Pine Cove CA RV 191 — 287 44 100.0% Pio Pico Jamul CA RV 176 10 512 66 100.0% Wilderness Lakes Menifee CA RV 73 — 529 44 100.0% 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 18 100.0% Palm Springs Palm Desert CA RV 35 — 401 15 100.0% Las Palmas Estates Rialto CA MH 18 — 136 136 100.0% Parque La Quinta Rialto CA MH 19 — 166 166 98.2% Rancho Oso (i) 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 4,973 717 13,440 6,248 98.4% 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 99.4% Dolce Vita Apache Junction AZ MH 132 20 606 606 71.9% Golden Sun RV Apache Junction AZ RV 33 — 329 214 100.0% 33 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/23 Total Number of Annual Sites as of 12/31/23 Annual Site Occupancy as of 12/31/23 Meridian RV Resort Apache Junction AZ RV 15 — 264 58 100.0% Valley Vista Benson AZ RV 6 — 145 4 100.0% Casita Verde Casa Grande AZ RV 14 — 192 93 100.0% Fiesta Grande Casa Grande AZ RV 77 — 767 541 100.0% Foothills West Casa Grande AZ RV 16 — 188 128 100.0% Sunshine Valley Chandler AZ MH 55 — 381 381 99.5% Verde Valley Cottonwood AZ RV 273 178 414 118 100.0% Casa del Sol East II Glendale AZ MH 29 — 239 239 97.1% Casa del Sol East III Glendale AZ MH 28 — 236 236 98.7% Palm Shadows Glendale AZ MH 33 — 293 293 93.5% Hacienda De Valencia Mesa AZ MH 51 — 363 363 99.2% Mesa Spirit Mesa AZ RV 90 — 1,600 838 100.0% Monte Vista Resort Mesa AZ RV 142 — 1,345 952 100.0% Seyenna Vistas Mesa AZ MH 60 4 407 407 98.3% The Highlands at Brentwood Mesa AZ MH 45 — 268 268 100.0% ViewPoint RV & Golf Resort Mesa AZ RV 332 — 2,414 1,993 100.0% Apollo Village Peoria AZ MH 29 3 238 238 95.4% Casa del Sol West Peoria AZ MH 31 — 245 245 96.7% 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 97.4% Desert Vista (d) Salome AZ RV 10 — 125 — —% Sedona Shadows Sedona AZ MH 48 — 210 210 93.8% Venture In Show Low AZ RV 26 — 389 270 100.0% Paradise Sun City AZ RV 80 — 950 778 100.0% The Meadows AZ Tempe AZ MH 60 — 390 390 97.7% Fairview Manor Tucson AZ MH 28 — 232 232 97.4% Voyager RV Resort Tucson AZ RV 35 — 1,801 1,098 100.0% The Crossing at Voyager (d) Tucson AZ RV 64 18 154 — —% Westpark Wickenburg AZ MH 48 — 269 269 86.2% Araby Acres Yuma AZ RV 25 3 337 257 100.0% Cactus Gardens Yuma AZ RV 43 — 430 228 100.0% Capri Yuma AZ RV 20 — 303 149 100.0% Desert Paradise Yuma AZ RV 26 — 260 84 100.0% Foothill Village Yuma AZ RV 18 — 180 17 100.0% Mesa Verde RV Yuma AZ RV 28 — 345 264 100.0% Suni Sands Yuma AZ RV 34 — 336 136 100.0% Total Arizona Market 2,307 231 19,394 14,093 97.8% 34 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/23 Total Number of Annual Sites as of 12/31/23 Annual Site Occupancy as of 12/31/23 Colorado: Hillcrest Village CO Aurora CO MH 72 — 602 602 99.8% Cimarron Village Broomfield CO MH 50 — 327 327 99.7% Holiday Village CO Colorado Springs CO MH 38 — 240 240 98.3% Bear Creek Village Denver CO MH 12 — 121 121 99.2% Holiday Hills Village Denver CO MH 99 — 736 736 98.2% Golden Terrace Golden CO MH 32 — 263 263 99.2% Golden Terrace South Golden CO MH 15 — 80 80 100.0% Golden Terrace South RV (d) Golden CO RV (g) — 80 — —% Golden Terrace West Golden CO MH 39 — 311 311 99.4% Blue Mesa Recreational Ranch (d) Gunnison CO RV — — 385 — —% Pueblo Grande Pueblo CO MH 33 — 250 250 97.6% Woodland Hills Thornton CO MH 55 — 434 434 99.8% Total Colorado Market 445 — 3,829 3,364 99.1% Northeast: Stonegate Manor North Windham CT MH 114 — 372 372 91.7% 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 99.7% Mariner's Cove Millsboro DE MH 101 — 375 375 99.2% Sweetbriar Millsboro DE MH 38 — 146 146 96.6% Aspen Meadows Rehoboth Beach DE MH 46 — 200 200 100.0% Camelot Meadows Rehoboth Beach DE MH 61 — 301 301 99.7% Gateway to Cape Cod Rochester MA RV 80 25 194 74 100.0% 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 — 312 272 100.0% Sturbridge Sturbridge MA RV 223 125 155 96 100.0% Fernwood Capitol Heights MD MH 40 6 329 329 99.1% Williams Estates/Peppermint Woods Middle River MD MH 121 — 803 803 99.9% Mt.
We intend to target new acquisitions in or near markets where our Properties are located and will also consider acquisitions of properties outside such markets. Our two largest Properties as determined by property operating revenues, excluding deferrals, were Colony Cove, located in Ellenton, Florida and ViewPoint RV & Golf Resort, located in Mesa, Arizona.
We intend to target new acquisitions in or near markets where our Properties are located and will also consider acquisitions of properties outside such markets. Our two largest Properties as determined by property operating revenues were Colony Cove, located in Ellenton, Florida and ViewPoint RV & Golf Resort, located in Mesa, Arizona.
A total of 114 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 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.
For certain Properties, the acres were estimated based on 10 Sites per acre. (b) Acres are approximate. There can be no assurance that developable acres will be developed. Development is contingent on many factors including, but not limited to, cost, ability to subdivide, accessibility, infrastructure needs, zoning, entitlement and topography. (c) Property acquired in 2022.
For certain Properties, the acres were estimated based on 10 Sites per acre. (b) Acres are approximate. There can be no assurance that developable acres will be developed. Development is contingent on many factors including, but not limited to, cost, ability to subdivide, accessibility, infrastructure needs, zoning, entitlement and topography.
Desert Narrows Bar Harbor ME RV 90 12 206 — —% Patten Pond Ellsworth ME RV 81 60 137 18 100.0% Pinehirst Old Orchard Beach ME RV 58 550 438 100.0% Narrows Too Trenton ME RV 42 8 207 18 100.0% Moody Beach Wells ME RV 48 274 114 100.0% Sandy Beach Contoocook NH RV 40 190 119 100.0% Pine Acres Raymond NH RV 100 421 272 100.0% Tuxbury Resort South Hampton NH RV 193 100 305 234 100.0% 33 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/22 Total Number of Annual Sites as of 12/31/22 Annual Site Occupancy as of 12/31/22 King Nummy Cape May Court House NJ RV 83 313 255 100.0% Acorn Campground Green Creek NJ RV 160 43 323 245 100.0% Whippoorwill RV (c) Marmora NJ RV 39 288 231 100.0% Mays Landing Resort Mays Landing NJ RV 18 168 99 100.0% Echo Farms Ocean View NJ RV 31 245 218 100.0% Lake and Shore Ocean View NJ RV 162 401 287 100.0% Pine Haven Ocean View NJ RV 97 629 569 100.0% Chestnut Lake Port Republic NJ RV 32 185 48 100.0% Sea Pines Swainton NJ RV 75 32 549 327 100.0% Pine Ridge at Crestwood Whiting NJ MH 188 1,035 1,035 90.0% Rondout Valley Accord NY RV 184 94 398 110 100.0% Alpine Lake RV Resort Corinth NY RV 200 54 500 400 100.0% Lake George Escape Lake George NY RV 178 576 151 100.0% The Woodlands Lockport NY MH 225 30 1,237 1,237 96.1% Greenwood Village Manorville NY MH 79 512 512 99.6% Brennan Beach Pulaski NY RV 201 1,377 1,260 100.0% Lake George Schroon Valley Warrensburg NY RV 151 151 108 100.0% Greenbriar Village Bath PA MH 63 319 319 96.6% Sun Valley Bowmansville PA RV 86 3 265 217 100.0% Green Acres Breinigsville PA MH 149 595 595 95.0% Gettysburg Farm Dover PA RV 124 62 265 91 100.0% Timothy Lake North East Stroudsburg PA RV 93 323 98 100.0% Timothy Lake South East Stroudsburg PA RV 65 327 139 100.0% Drummer Boy Gettysburg PA RV 89 465 249 100.0% Round Top Gettysburg PA RV 52 391 237 100.0% Circle M Lancaster PA RV 103 7 426 103 100.0% Hershey Lebanon PA RV 196 20 297 69 100.0% Robin Hill Lenhartsville PA RV 44 4 270 149 100.0% PA Dutch County Manheim PA RV 102 60 269 106 100.0% Spring Gulch New Holland PA RV 114 27 420 159 100.0% Lil Wolf Orefield PA MH 56 269 269 96.3% Scotrun Scotrun PA RV 63 6 178 108 100.0% Appalachian RV Shartlesville PA RV 86 30 358 214 100.0% Mountain View - PA Walnutport PA MH 45 1 187 187 92.0% Timber Creek Westerly RI RV 108 364 364 100.0% Total Northeast Market 5,558 813 21,683 16,274 98.2% Southeast: Hidden Cove Arley AL RV 99 34 163 101 100.0% Dale Hollow State Park Marina Burkesville KY Marina 33 198 198 100.0% Diamond Caverns Park City KY RV 714 218 220 31 100.0% 34 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/22 Total Number of Annual Sites as of 12/31/22 Annual Site Occupancy as of 12/31/22 Forest Lake Advance NC RV 306 20 394 209 100.0% Scenic Asheville NC MH 28 2 194 194 100.0% Boathouse Marina Beaufort NC Marina 9 547 378 100.0% Waterway RV Cedar Point NC RV 27 336 336 100.0% Twin Lakes Chocowinity NC RV 132 11 419 397 100.0% Holiday Trav-L-Park Resort (c) Emerald Isle NC RV 23 299 134 100.0% Topsail Sound RV Holly Ridge NC RV 34 7 230 212 100.0% Green Mountain Lenoir NC RV 1,077 3 447 167 100.0% Lake Gaston Littleton NC RV 69 235 202 100.0% Lake Myers RV Mocksville NC RV 74 425 253 100.0% Bogue Pines Newport NC MH 50 150 150 98.0% Goose Creek Newport NC RV 92 735 695 100.0% Whispering Pines - NC Newport NC RV 34 278 176 100.0% Harbor Point Sneads Ferry NC RV 46 203 128 100.0% White Oak Shores Stella NC RV 220 51 511 436 100.0% White Oak Shores Stella NC Marina — 56 23 100.0% Carolina Landing Fair Play SC RV 73 30 192 72 100.0% Inlet Oaks Village Murrells Inlet SC MH 35 172 172 100.0% Myrtle Beach Property (h) Myrtle Beach SC RV 80 813 — —% Rivers Edge Marina North Charleston SC Marina 4 503 458 100.0% The Oaks Yemassee SC RV 10 93 23 100.0% Natchez Trace Hohenwald TN RV 672 339 537 236 100.0% Cherokee Landing Saulsbury TN RV 254 124 339 8 100.0% Meadows of Chantilly Chantilly VA MH 82 499 499 99.6% Harbor View Colonial Beach VA RV 69 146 51 100.0% Lynchburg Gladys VA RV 170 59 222 72 100.0% Chesapeake Bay Gloucester VA RV 282 80 392 147 100.0% Bayport Development (d) Jamaica VA RV 541 523 — — —% Virginia Landing Quinby VA RV 863 233 13 100.0% Grey's Point Camp Topping VA RV 125 16 791 602 100.0% Bethpage Camp Resort Urbanna VA RV 271 81 1,285 786 100.0% Williamsburg Williamsburg VA RV 65 10 211 89 100.0% Regency Lakes Winchester VA MH 165 523 523 98.9% Total Southeast Market 6,828 1,608 12,991 8,171 99.9% Midwest Market: O'Connell's Yogi Bear RV Resort Amboy IL RV 286 77 812 471 100.0% Pheasant Lake Estates Beecher IL MH 238 190 613 613 94.6% Pine Country Belvidere IL RV 131 10 185 167 100.0% Willow Lake Estates Elgin IL MH 111 616 616 90.6% Golf Vista Estates Monee IL MH 144 497 497 82.7% 35 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/22 Total Number of Annual Sites as of 12/31/22 Annual Site Occupancy as of 12/31/22 Indian Lakes Batesville IN RV 545 82 1,212 733 100.0% Horseshoe Lakes Clinton IN RV 289 66 123 96 100.0% Twin Mills RV Howe IN RV 137 24 501 322 100.0% Lakeside RV New Carlisle IN RV 13 89 89 100.0% Bear Cave Buchanan MI RV 25 10 136 64 100.0% St Claire Saint Claire MI RV 210 100 229 130 100.0% Cedar Knolls Apple Valley MN MH 93 457 457 95.8% Cimarron Park Lake Elmo MN MH 230 46 505 505 87.9% Rockford Riverview Estates Rockford MN MH 88 428 428 97.2% Rosemount Woods Rosemount MN MH 50 221 221 81.4% Buena Vista Fargo ND MH 76 399 399 69.2% Meadow Park Fargo ND MH 17 116 116 64.7% Kenisee Lake Jefferson OH RV 143 50 119 77 100.0% Wilmington Wilmington OH RV 109 41 169 121 100.0% Rainbow Lake Manor Bristol WI MH 99 6 302 302 86.1% Fremont Jellystone Park Campground Fremont WI RV 98 5 325 115 100.0% Yukon Trails Lyndon Station WI RV 150 29 219 138 100.0% Blackhawk Camping Resort Milton WI RV 214 24 490 342 100.0% Lakeland Milton WI RV 107 5 682 428 100.0% Westwood Estates Pleasant Prairie WI MH 95 344 344 92.2% Plymouth Rock Plymouth WI RV 133 40 610 412 100.0% Tranquil Timbers Sturgeon Bay WI RV 125 270 190 100.0% Lake of the Woods RV Wautoma WI RV 117 303 185 100.0% Neshonoc Lakeside West Salem WI RV 48 284 187 100.0% Arrowhead Resort Wisconsin Dells WI RV 166 40 377 202 100.0% Bay Point Marina Marblehead OH RV 48 9 181 181 100.0% Bay Point Marina Marblehead OH Marina 179 660 630 100.0% Total Midwest Market 4,514 854 12,474 9,778 94.1% Nevada, Utah and Idaho: Coach Royale Boise ID MH 12 91 91 100.0% Maple Grove Boise ID MH 38 271 271 98.5% Shenandoah Estates Boise ID MH 24 153 153 100.0% 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 60.3% Boulder Cascade Las Vegas NV MH 39 299 299 88.3% Cabana Las Vegas NV MH 37 263 263 98.9% Flamingo West Las Vegas NV MH 37 258 258 99.6% Las Vegas Las Vegas NV RV 11 217 21 100.0% 36 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/22 Total Number of Annual Sites as of 12/31/22 Annual Site Occupancy as of 12/31/22 Villa Borega Las Vegas NV MH 40 293 293 79.9% Westwood Village Farr West UT MH 46 314 314 100.0% St George (g) Hurricane UT RV 26 149 — —% All Seasons Salt Lake City UT MH 19 121 121 99.2% Total Nevada, Utah and Idaho 473 — 3,314 2,969 91.8% Northwest: Cultus Lake (Canada) (e) Lindell Beach BC RV 15 178 43 100.0% Bend Bend OR RV 289 116 351 27 100.0% Shadowbrook Clackamas OR MH 21 156 156 94.2% Pacific City Cloverdale OR RV 105 50 307 41 100.0% Falcon Wood Village Eugene OR MH 23 183 183 98.4% Portland Fairview Fairview OR RV 30 407 217 100.0% Quail Hollow (e) Fairview OR MH 21 137 137 100.0% South Jetty Florence OR RV 57 5 204 7 100.0% Seaside Seaside OR RV 80 7 251 44 100.0% Whalers Rest South Beach OR RV 39 5 170 18 100.0% Mt.
Desert Narrows (d) Bar Harbor ME RV 90 12 206 — —% Patten Pond Ellsworth ME RV 81 60 137 21 100.0% Pinehirst Old Orchard Beach ME RV 58 — 550 431 100.0% Narrows Too Trenton ME RV 42 8 207 29 100.0% Moody Beach Wells ME RV 48 — 274 117 100.0% Sandy Beach Contoocook NH RV 40 — 190 107 100.0% Pine Acres Raymond NH RV 100 — 421 248 100.0% Tuxbury Resort South Hampton NH RV 193 100 305 210 100.0% King Nummy Cape May Court House NJ RV 83 — 313 266 100.0% Acorn Campground Green Creek NJ RV 160 43 323 240 100.0% 35 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/23 Total Number of Annual Sites as of 12/31/23 Annual Site Occupancy as of 12/31/23 Whippoorwill RV Marmora NJ RV 39 — 288 232 100.0% Mays Landing Resort Mays Landing NJ RV 18 — 168 96 100.0% Echo Farms Ocean View NJ RV 31 — 245 230 100.0% Lake and Shore Ocean View NJ RV 162 — 401 288 100.0% Pine Haven Ocean View NJ RV 97 — 629 559 100.0% Red Oak Shores (f) Ocean View NJ RV 155 — 223 205 100.0% Chestnut Lake Port Republic NJ RV 32 — 185 55 100.0% Sea Pines Swainton NJ RV 75 32 549 325 100.0% Pine Ridge at Crestwood Whiting NJ MH 188 — 1,035 1,035 91.3% Rondout Valley Accord NY RV 184 94 398 100 100.0% Alpine Lake RV Resort Corinth NY RV 200 54 500 386 100.0% Lake George Escape Lake George NY RV 178 — 576 135 100.0% The Woodlands Lockport NY MH 225 30 1,237 1,237 97.2% Greenwood Village Manorville NY MH 79 — 512 512 99.2% Brennan Beach Pulaski NY RV 201 — 1,377 1,234 100.0% Lake George Schroon Valley Warrensburg NY RV 151 — 151 104 100.0% Greenbriar Village Bath PA MH 63 — 319 319 96.2% Sun Valley Bowmansville PA RV 86 3 265 229 100.0% Green Acres Breinigsville PA MH 149 — 595 595 94.5% Gettysburg Farm Dover PA RV 124 62 265 88 100.0% Timothy Lake North East Stroudsburg PA RV 93 — 323 95 100.0% Timothy Lake South East Stroudsburg PA RV 65 — 327 137 100.0% Drummer Boy Gettysburg PA RV 89 — 465 256 100.0% Round Top Gettysburg PA RV 52 — 391 239 100.0% Circle M Lancaster PA RV 103 7 426 107 100.0% Hershey Lebanon PA RV 196 20 297 69 100.0% Robin Hill Lenhartsville PA RV 44 4 270 149 100.0% PA Dutch County Manheim PA RV 102 55 269 94 100.0% Spring Gulch New Holland PA RV 114 27 420 161 100.0% Lil Wolf Orefield PA MH 56 — 269 269 95.5% Scotrun Scotrun PA RV 63 6 178 119 100.0% Appalachian RV Shartlesville PA RV 86 30 358 214 100.0% Mountain View - PA Walnutport PA MH 45 1 187 187 94.1% Timber Creek Westerly RI RV 108 — 364 352 100.0% Total Northeast Market 5,713 808 21,907 16,381 98.5% Southeast: Hidden Cove Arley AL RV 99 34 163 94 100.0% 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 20 394 209 100.0% 36 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/23 Total Number of Annual Sites as of 12/31/23 Annual Site Occupancy as of 12/31/23 Scenic Asheville NC MH 28 — 212 212 90.6% Boathouse Marina Beaufort NC Marina 9 — 547 378 100.0% Waterway RV Cedar Point NC RV 27 — 336 336 100.0% Twin Lakes Chocowinity NC RV 132 11 419 393 100.0% Holiday Trav-L-Park Resort Emerald Isle NC RV 23 — 299 134 100.0% Topsail Sound RV Holly Ridge NC RV 34 7 230 214 100.0% Green Mountain Lenoir NC RV 1,077 3 447 174 100.0% Lake Gaston Littleton NC RV 69 — 235 204 100.0% Lake Myers RV Mocksville NC RV 74 — 425 269 100.0% Bogue Pines Newport NC MH 50 — 150 150 100.0% Goose Creek Newport NC RV 92 — 735 697 100.0% Whispering Pines - NC Newport NC RV 34 — 278 172 100.0% Harbor Point Sneads Ferry NC RV 46 — 203 130 100.0% White Oak Shores Stella NC RV 220 51 511 436 100.0% White Oak Shores Stella NC Marina — — 56 23 100.0% Carolina Landing Fair Play SC RV 73 30 192 73 100.0% Inlet Oaks Village Murrells Inlet SC MH 35 — 172 172 100.0% Myrtle Beach Property (h) Myrtle Beach SC RV 80 — 813 — —% Rivers Edge Marina North Charleston SC Marina 4 — 503 458 100.0% The Oaks Yemassee SC RV 10 — 93 22 100.0% Natchez Trace Hohenwald TN RV 672 339 537 211 100.0% Cherokee Landing Saulsbury TN RV 254 124 339 9 100.0% Meadows of Chantilly Chantilly VA MH 82 — 499 499 100.0% Harbor View Colonial Beach VA RV 69 — 146 45 100.0% Lynchburg Gladys VA RV 170 59 222 58 100.0% Chesapeake Bay Gloucester VA RV 282 80 392 149 100.0% Bayport Development (c) Jamaica VA RV 541 523 — — —% Virginia Landing Quinby VA RV 863 — 233 16 100.0% Grey's Point Camp Topping VA RV 125 16 791 580 100.0% Bethpage Camp Resort Urbanna VA RV 271 81 1,285 823 100.0% Williamsburg Williamsburg VA RV 65 10 211 81 100.0% Regency Lakes Winchester VA MH 165 — 523 523 98.9% Total Southeast Market 6,828 1,606 13,009 8,170 99.7% Midwest Market: O'Connell's Yogi Bear RV Resort Amboy IL RV 286 77 812 450 100.0% Pheasant Lake Estates Beecher IL MH 238 190 613 613 93.5% Pine Country Belvidere IL RV 131 10 185 147 100.0% Willow Lake Estates Elgin IL MH 111 — 616 616 91.6% Golf Vista Estates Monee IL MH 144 — 497 497 83.5% Indian Lakes Batesville IN RV 545 82 1,212 737 100.0% 37 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/23 Total Number of Annual Sites as of 12/31/23 Annual Site Occupancy as of 12/31/23 Horseshoe Lakes Clinton IN RV 289 66 123 81 100.0% Twin Mills RV Howe IN RV 137 24 501 340 100.0% Lakeside RV New Carlisle IN RV 13 — 89 89 100.0% Bear Cave Buchanan MI RV 25 10 136 57 100.0% St Claire Saint Claire MI RV 210 100 229 122 100.0% Cedar Knolls Apple Valley MN MH 93 — 457 457 95.6% Cimarron Park Lake Elmo MN MH 230 46 505 505 86.1% Rockford Riverview Estates Rockford MN MH 88 — 428 428 97.9% Rosemount Woods Rosemount MN MH 50 — 221 221 80.1% Buena Vista Fargo ND MH 76 — 399 399 64.7% Meadow Park Fargo ND MH 17 — 116 116 58.6% Kenisee Lake Jefferson OH RV 143 50 119 84 100.0% Wilmington Wilmington OH RV 109 41 169 122 100.0% Rainbow Lake Manor Bristol WI MH 99 6 302 302 87.1% Fremont Jellystone Park Campground Fremont WI RV 98 5 325 121 100.0% Yukon Trails Lyndon Station WI RV 150 29 219 133 100.0% Blackhawk Camping Resort Milton WI RV 214 24 490 330 100.0% Lakeland Milton WI RV 107 5 682 431 100.0% Westwood Estates Pleasant Prairie WI MH 95 — 344 344 89.8% Plymouth Rock Plymouth WI RV 133 40 610 416 100.0% Tranquil Timbers Sturgeon Bay WI RV 125 — 270 188 100.0% Lake of the Woods RV Wautoma WI RV 117 — 303 110 100.0% Neshonoc Lakeside West Salem WI RV 48 — 284 179 100.0% Arrowhead Resort Wisconsin Dells WI RV 166 40 377 199 100.0% Bay Point Marina Marblehead OH RV 48 9 184 184 100.0% Bay Point Marina Marblehead OH Marina 179 — 660 630 100.0% Total Midwest Market 4,514 854 12,477 9,648 94.0% 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 — 153 153 100.0% 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 60.9% Boulder Cascade Las Vegas NV MH 39 — 299 299 90.0% Cabana Las Vegas NV MH 37 — 263 263 98.1% Flamingo West Las Vegas NV MH 37 — 258 258 100.0% Las Vegas Las Vegas NV RV 11 — 217 18 100.0% Villa Borega Las Vegas NV MH 40 — 293 293 78.8% 38 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/23 Total Number of Annual Sites as of 12/31/23 Annual Site Occupancy as of 12/31/23 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 473 — 3,314 2,966 92.0% Northwest: Cultus Lake (Canada) (e) Lindell Beach BC RV 15 — 178 41 100.0% Bend Bend OR RV 289 116 351 31 100.0% Shadowbrook Clackamas OR MH 21 — 156 156 98.1% Pacific City Cloverdale OR RV 105 50 307 33 100.0% Falcon Wood Village Eugene OR MH 23 — 183 183 98.4% Portland Fairview Fairview OR RV 30 — 407 233 100.0% 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 44 100.0% Whalers Rest South Beach OR RV 39 5 170 26 100.0% Mt.
Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/22 Total Number of Annual Sites as of 12/31/22 Annual Site Occupancy as of 12/31/22 Florida East Coast: Aventura Marina Aventura FL Marina 15 6 6 100.0% Hi-Lift Marina Aventura FL Marina 3 211 209 100.0% Cheron Village Davie FL MH 30 202 202 99.0% Carriage Cove Daytona Beach FL MH 59 418 418 88.8% Daytona Beach Marina Daytona Beach FL Marina 5 179 151 100.0% Coquina Crossing Elkton FL MH 316 26 596 596 97.3% Bulow Plantation Flagler Beach FL MH 323 90 276 276 99.3% Bulow RV Flagler Beach FL RV (f) 91 352 147 100.0% Carefree Cove Fort Lauderdale FL MH 20 164 164 93.3% Everglades Lakes Fort Lauderdale FL MH 103 611 611 94.8% Park City West Fort Lauderdale FL MH 60 363 363 98.1% Sunshine Holiday MH Fort Lauderdale FL MH 32 245 245 97.1% Sunshine Holiday RV Fort Lauderdale FL RV (f) 130 43 100.0% 26 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/22 Total Number of Annual Sites as of 12/31/22 Annual Site Occupancy as of 12/31/22 Hollywood Marina Hollywood FL Marina 9 190 140 100.0% Jupiter Marina Jupiter FL Marina 5 231 201 100.0% Lake Worth Village Lake Worth FL MH 117 823 823 94.9% Lantana Marina Lantana FL Marina 5 394 278 100.0% Maralago Cay Lantana FL MH 102 602 602 98.2% South Lantana Marina Lantana FL Marina 1 73 55 100.0% Coral Cay Plantation Margate FL MH 121 818 818 97.6% Lakewood Village Melbourne FL MH 68 349 349 88.8% Miami Everglades Miami FL RV 34 9 303 46 100.0% South Miami Marina Miami FL Marina 41 254 221 100.0% Okeechobee RV Resort Okeechobee FL RV 110 740 279 100.0% Holiday Village, Ormond Beach Ormond Beach FL MH 43 301 301 88.4% Sunshine Holiday-Daytona North Ormond Beach FL RV 69 3 349 137 100.0% Palm Beach Gardens Marina Palm Beach Gardens FL Marina 12 133 113 100.0% The Meadows, FL Palm Beach Gardens FL MH 55 378 378 96.6% Breezy Hill Pompano Beach FL RV 52 762 330 100.0% Hidden Harbour Marina Pompano Beach FL Marina 4 357 250 100.0% Highland Woods Travel Park Pompano Beach FL RV 15 148 16 100.0% Inlet Harbor Marina Ponce Inlet FL Marina 10 295 221 100.0% Lighthouse Pointe at Daytona Beach Port Orange FL MH 64 433 433 85.0% Pickwick Village Port Orange FL MH 84 441 441 97.1% Rose Bay Port Orange FL RV 21 2 303 201 100.0% Palm Lake Riviera Beach FL MH 154 916 916 68.9% Riviera Beach Marina Riviera Beach FL Marina 6 326 283 100.0% Indian Oaks Rockledge FL MH 38 208 208 100.0% Space Coast Rockledge FL RV 24 270 189 100.0% St.
Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/23 Total Number of Annual Sites as of 12/31/23 Annual Site Occupancy as of 12/31/23 Florida East Coast: Aventura Marina Aventura FL Marina 15 — 6 6 100.0% Hi-Lift Marina Aventura FL Marina 3 — 211 209 100.0% Cheron Village Davie FL MH 30 — 202 202 99.0% Carriage Cove Daytona Beach FL MH 59 — 418 418 84.2% Daytona Beach Marina Daytona Beach FL Marina 5 — 179 151 100.0% Coquina Crossing Elkton FL MH 316 26 596 596 97.8% Bulow Plantation Flagler Beach FL MH 323 90 276 276 98.9% Bulow RV Flagler Beach FL RV (g) 91 352 123 100.0% Carefree Cove Fort Lauderdale FL MH 20 — 164 164 93.3% Everglades Lakes Fort Lauderdale FL MH 103 — 611 611 94.1% Park City West Fort Lauderdale FL MH 60 — 363 363 97.5% Sunshine Holiday MH Fort Lauderdale FL MH 32 — 245 245 97.1% Sunshine Holiday RV Fort Lauderdale FL RV (g) — 130 47 100.0% Hollywood Marina Hollywood FL Marina 9 — 190 140 100.0% 28 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/23 Total Number of Annual Sites as of 12/31/23 Annual Site Occupancy as of 12/31/23 Jupiter Marina Jupiter FL Marina 5 — 231 201 100.0% Lake Worth Village Lake Worth FL MH 117 — 823 823 95.9% Lantana Marina Lantana FL Marina 5 — 394 278 100.0% Maralago Cay Lantana FL MH 102 — 602 602 96.8% South Lantana Marina Lantana FL Marina 1 — 73 55 100.0% Coral Cay Plantation Margate FL MH 121 — 818 818 97.1% Lakewood Village Melbourne FL MH 68 — 349 349 88.8% Miami Everglades Miami FL RV 34 9 303 45 100.0% South Miami Marina Miami FL Marina 41 — 254 221 100.0% Okeechobee RV Resort Okeechobee FL RV 110 — 740 285 100.0% Holiday Village, Ormond Beach Ormond Beach FL MH 43 — 301 301 88.7% Sunshine Holiday-Daytona North Ormond Beach FL RV 69 3 349 149 100.0% Palm Beach Gardens Marina Palm Beach Gardens FL Marina 12 — 133 113 100.0% The Meadows, FL Palm Beach Gardens FL MH 55 — 378 378 96.8% Breezy Hill Pompano Beach FL RV 52 — 762 322 100.0% Hidden Harbour Marina Pompano Beach FL Marina 4 — 357 250 100.0% Highland Woods Travel Park Pompano Beach FL RV 15 — 148 15 100.0% Inlet Harbor Marina Ponce Inlet FL Marina 10 — 295 221 100.0% Lighthouse Pointe at Daytona Beach Port Orange FL MH 64 — 435 435 84.1% Pickwick Village Port Orange FL MH 84 — 441 441 95.5% Rose Bay Port Orange FL RV 21 2 303 201 100.0% Palm Lake Riviera Beach FL MH 154 — 916 916 71.4% Riviera Beach Marina Riviera Beach FL Marina 6 — 326 283 100.0% Indian Oaks Rockledge FL MH 38 — 208 208 100.0% Space Coast Rockledge FL RV 24 — 270 178 100.0% St.
Dora FL MH 14 114 114 90.4% Foxwood Farms Ocala FL MH 56 365 365 87.1% Oak Bend Ocala FL MH 62 342 342 74.3% Villas at Spanish Oaks Ocala FL MH 69 454 454 85.9% Audubon Village - Florida Orlando FL MH 40 2 280 280 99.6% Hidden Valley Orlando FL MH 50 303 303 99.0% Starlight Ranch Orlando FL MH 130 783 783 98.0% Covington Estates Saint Cloud FL MH 59 241 241 100.0% Parkwood Communities Wildwood FL MH 121 694 694 98.4% Three Flags Wildwood FL RV 23 221 55 100.0% Winter Garden Winter Garden FL RV 27 350 156 100.0% Gulf Coast (Tampa/Naples): Riverside RV Resort Arcadia FL RV 499 208 548 233 100.0% Toby's RV Resort Arcadia FL RV 44 379 290 100.0% Sunshine Key Big Pine Key FL RV 54 409 39 100.0% Windmill Manor Bradenton FL MH 49 292 292 99.3% Winter Quarters Manatee Bradenton FL RV 42 415 222 100.0% Resort at Tranquility Lake Cape Coral FL RV 188 60 144 — —% Cape Coral Development Land (d) Cape Coral FL RV 1,000 468 — — —% Palm Harbour Marina Cape Haze FL Marina 18 260 162 100.0% Glen Ellen Clearwater FL MH 12 106 106 94.3% Hillcrest FL Clearwater FL MH 25 276 276 95.3% Holiday Ranch Clearwater FL MH 12 150 150 94.0% Serendipity Clearwater FL MH 55 425 425 99.5% Shady Lane Oaks Clearwater FL MH 31 249 249 98.4% 28 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/22 Total Number of Annual Sites as of 12/31/22 Annual Site Occupancy as of 12/31/22 Shady Lane Village Clearwater FL MH 19 156 156 95.5% Silk Oak Lodge Clearwater FL MH 19 181 181 93.9% Cortez Village Marina Cortez FL Marina 4 353 319 100.0% Crystal Isles Crystal River FL RV 38 1 260 85 100.0% Lake Haven Dunedin FL MH 48 379 379 98.4% Marker 1 Marina Dunedin FL Marina 11 477 371 100.0% Colony Cove Ellenton FL MH 543 5 2,404 2,404 93.0% The Oaks at Colony Cove Ellenton FL MH (f) 93 93 80.6% Ridgewood Estates Ellenton FL MH 77 380 380 99.7% Fort Myers Beach Fort Myers FL RV 37 6 292 96 100.0% Fish Tale Marina Fort Myers Beach FL Marina 8 296 241 100.0% Gulf Air Fort Myers Beach FL RV 25 246 44 100.0% Holiday Travel Park Holiday FL RV 45 613 510 100.0% Barrington Hills Hudson FL RV 28 392 275 100.0% Down Yonder Largo FL MH 50 361 361 99.7% East Bay Oaks Largo FL MH 40 328 328 98.5% Eldorado Village Largo FL MH 25 227 227 99.6% Paradise Park - Largo Largo FL MH 15 108 108 100.0% Shangri-La Mobile Home Park Largo FL MH 14 160 160 93.8% Vacation Village Largo FL RV 29 293 170 100.0% Whispering Pines - Largo Largo FL MH 55 393 393 97.7% Fiesta Key Long Key FL RV 28 373 13 100.0% Winter Quarters Pasco Lutz FL RV 27 255 200 100.0% Country Place New Port Richey FL MH 82 515 515 99.8% Hacienda Village New Port Richey FL MH 66 505 505 98.8% Harbor View Mobile Manor New Port Richey FL MH 69 471 471 99.6% Bay Lake Estates Nokomis FL MH 34 228 228 96.5% Lake Village Nokomis FL MH 105 40 391 391 96.7% Royal Coachman Nokomis FL RV 111 2 546 505 100.0% Buccaneer Estates North Fort Myers FL MH 223 39 971 971 95.4% Island Vista Estates North Fort Myers FL MH 121 616 616 85.7% Lake Fairways North Fort Myers FL MH 259 896 896 99.7% Pine Lakes North Fort Myers FL MH 397 61 602 602 100.0% Pioneer Village North Fort Myers FL RV 90 733 415 100.0% Sunseekers RV Resort North Fort Myers FL RV 16 241 160 100.0% The Heritage North Fort Myers FL MH 214 6 449 449 99.8% Windmill Village - N.
Dora FL MH 14 — 114 114 91.2% Foxwood Farms Ocala FL MH 56 — 365 365 85.8% Oak Bend Ocala FL MH 62 — 342 342 75.1% Villas at Spanish Oaks Ocala FL MH 69 — 454 454 86.1% 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 97.2% Covington Estates Saint Cloud FL MH 59 — 241 241 100.0% Parkwood Communities Wildwood FL MH 121 — 694 694 98.3% Three Flags Wildwood FL RV 23 — 221 55 100.0% Winter Garden Winter Garden FL RV 27 — 350 173 100.0% Gulf Coast (Tampa/Naples): Riverside RV Resort Arcadia FL RV 499 208 548 250 100.0% Toby's RV Resort Arcadia FL RV 44 — 379 335 100.0% Sunshine Key Big Pine Key FL RV 54 — 409 50 100.0% Windmill Manor Bradenton FL MH 49 — 292 292 99.3% Winter Quarters Manatee Bradenton FL RV 42 — 415 244 100.0% Resort at Tranquility Lake Cape Coral FL RV 188 — 500 33 100.0% Cape Coral Development Land (c) Cape Coral FL RV 1,110 570 — — —% Palm Harbour Marina Cape Haze FL Marina 18 — 260 162 100.0% Glen Ellen Clearwater FL MH 12 — 106 106 98.1% Hillcrest FL Clearwater FL MH 25 — 276 276 96.0% Holiday Ranch Clearwater FL MH 12 — 150 150 94.0% Serendipity Clearwater FL MH 55 — 425 425 99.3% Shady Lane Oaks Clearwater FL MH 31 — 249 249 98.0% Shady Lane Village Clearwater FL MH 19 — 156 156 97.4% 30 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/23 Total Number of Annual Sites as of 12/31/23 Annual Site Occupancy as of 12/31/23 Silk Oak Lodge Clearwater FL MH 19 — 181 181 94.5% Cortez Village Marina Cortez FL Marina 4 — 353 319 100.0% Crystal Isles Crystal River FL RV 38 1 260 86 100.0% Lake Haven Dunedin FL MH 48 — 379 379 97.6% Marker 1 Marina Dunedin FL Marina 11 — 477 371 100.0% Colony Cove Ellenton FL MH 543 5 2,405 2,405 94.1% The Oaks at Colony Cove Ellenton FL MH (g) — 93 93 94.6% Ridgewood Estates Ellenton FL MH 77 — 380 380 99.7% Fort Myers Beach Fort Myers FL RV 37 6 292 165 100.0% Fish Tale Marina Fort Myers Beach FL Marina 8 — 296 241 100.0% Gulf Air Fort Myers Beach FL RV 25 — 246 73 100.0% Holiday Travel Park Holiday FL RV 45 — 613 507 100.0% Barrington Hills Hudson FL RV 28 — 392 271 100.0% Down Yonder Largo FL MH 50 — 361 361 100.0% East Bay Oaks Largo FL MH 40 — 328 328 100.0% Eldorado Village Largo FL MH 25 — 227 227 99.1% Paradise Park - Largo Largo FL MH 15 — 108 108 100.0% Shangri-La Mobile Home Park Largo FL MH 14 — 160 160 93.8% Vacation Village Largo FL RV 29 — 293 172 100.0% Whispering Pines - Largo Largo FL MH 55 — 393 393 97.5% Fiesta Key Long Key FL RV 28 — 373 10 100.0% Winter Quarters Pasco Lutz FL RV 27 — 255 197 100.0% Country Place New Port Richey FL MH 82 — 515 515 100.0% Hacienda Village New Port Richey FL MH 66 — 505 505 98.8% Harbor View Mobile Manor New Port Richey FL MH 69 — 471 471 99.6% Bay Lake Estates Nokomis FL MH 34 — 228 228 94.7% Lake Village Nokomis FL MH 105 40 391 391 94.9% Royal Coachman Nokomis FL RV 111 2 546 505 100.0% Buccaneer Estates North Fort Myers FL MH 223 39 971 971 90.5% Island Vista Estates North Fort Myers FL MH 121 — 616 616 88.0% Lake Fairways North Fort Myers FL MH 259 — 896 896 99.1% Pine Lakes North Fort Myers FL MH 397 61 602 602 99.7% Pioneer Village North Fort Myers FL RV 90 — 733 423 100.0% Sunseekers RV Resort North Fort Myers FL RV 16 — 241 197 100.0% The Heritage North Fort Myers FL MH 214 6 449 449 99.8% Windmill Village - N.
Petersburg FL Marina 15 438 323 100.0% Riverwatch Marina Stuart FL Marina 8 306 193 100.0% Countryside at Vero Beach Vero Beach FL MH 125 644 644 96.6% Heritage Plantation Vero Beach FL MH 64 437 437 90.6% Heron Cay Vero Beach FL MH 130 588 588 93.2% Holiday Village, Florida Vero Beach FL MH 18 128 128 —% Sunshine Travel-Vero Beach Vero Beach FL RV 30 6 300 146 100.0% Vero Beach Marina Vero Beach FL Marina 26 160 74 100.0% Vero Palm Estates Vero Beach FL MH 64 285 285 91.9% Village Green Vero Beach FL MH 178 16 782 782 91.3% Palm Beach Colony West Palm Beach FL MH 48 284 284 99.6% Central: Clover Leaf Farms Brooksville FL MH 227 20 845 845 93.7% Clover Leaf Forest Brooksville FL RV 30 277 139 100.0% Clerbrook Golf & RV Resort Clermont FL RV 288 1,255 567 100.0% 27 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/22 Total Number of Annual Sites as of 12/31/22 Annual Site Occupancy as of 12/31/22 Lake Magic Clermont FL RV 69 471 164 100.0% Orange Lake Clermont FL MH 38 242 242 97.9% Orlando Clermont FL RV 270 1,107 267 100.0% Haselton Village Eustis FL MH 52 291 291 100.0% Southern Palms RV Eustis FL RV 120 950 390 100.0% Lakeside Terrace Fruitland Park FL MH 39 241 241 98.8% Grand Island Resort Grand Island FL MH 35 362 362 79.3% Sherwood Forest - MHP Kissimmee FL MH 124 8 769 769 98.3% Sherwood Forest RV Kissimmee FL RV 107 6 513 176 100.0% Tropical Palms Kissimmee FL RV 59 592 192 100.0% Beacon Hill Colony Lakeland FL MH 31 201 201 99.5% Beacon Terrace Lakeland FL MH 61 297 297 100.0% Kings & Queens Lakeland FL MH 18 107 107 97.2% Lakeland Harbor Lakeland FL MH 65 504 504 99.6% Lakeland Junction Lakeland FL MH 23 193 193 100.0% Coachwood Colony Leesburg FL MH 29 201 201 89.6% Mid-Florida Lakes Leesburg FL MH 290 1,225 1,225 90.2% Southernaire Mt.
Petersburg FL Marina 15 — 438 323 100.0% Riverwatch Marina Stuart FL Marina 8 — 306 193 100.0% Countryside at Vero Beach Vero Beach FL MH 125 — 644 644 96.4% Heritage Plantation Vero Beach FL MH 64 — 437 437 92.2% Heron Cay Vero Beach FL MH 130 — 588 588 93.5% Holiday Village, Florida Vero Beach FL MH 18 — 128 128 —% Sunshine Travel-Vero Beach Vero Beach FL RV 33 3 323 141 100.0% Vero Beach Marina Vero Beach FL Marina 26 — 160 74 100.0% Vero Palm Estates Vero Beach FL MH 64 — 285 285 91.2% Village Green Vero Beach FL MH 178 16 782 782 91.0% Palm Beach Colony West Palm Beach FL MH 48 — 284 284 99.6% Central: Clover Leaf Farms Brooksville FL MH 227 20 845 845 95.4% Clover Leaf Forest Brooksville FL RV 30 — 277 126 100.0% Clerbrook Golf & RV Resort Clermont FL RV 288 — 1,255 580 100.0% Lake Magic Clermont FL RV 69 — 471 166 100.0% 29 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/23 Total Number of Annual Sites as of 12/31/23 Annual Site Occupancy as of 12/31/23 Orange Lake Clermont FL MH 38 — 242 242 98.3% Orlando Clermont FL RV 270 — 1,107 270 100.0% Haselton Village Eustis FL MH 52 — 291 291 100.0% Southern Palms RV Eustis FL RV 120 — 950 366 100.0% Lakeside Terrace Fruitland Park FL MH 39 — 241 241 99.2% Grand Island Resort Grand Island FL MH 35 — 362 362 78.5% Sherwood Forest - MHP Kissimmee FL MH 124 8 769 769 98.0% Sherwood Forest RV Kissimmee FL RV 107 6 513 168 100.0% Tropical Palms Kissimmee FL RV 59 — 592 179 100.0% Beacon Hill Colony Lakeland FL MH 31 — 201 201 99.0% Beacon Terrace Lakeland FL MH 61 — 297 297 100.0% Kings & Queens Lakeland FL MH 18 — 107 107 96.3% 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 89.1% Mid-Florida Lakes Leesburg FL MH 290 — 1,225 1,225 90.4% Southernaire Mt.
Armands North Sarasota FL MH 74 471 471 99.6% Winds of St. Armands South Sarasota FL MH 90 4 360 360 90.8% Topics RV Resort Spring Hill FL RV 35 230 167 100.0% Pine Island St.
Armands North Sarasota FL MH 74 — 471 471 99.8% Winds of St. Armands South Sarasota FL MH 90 4 360 360 95.3% Topics RV Resort Spring Hill FL RV 35 — 230 175 100.0% Pine Island St.
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, 2022, we owned or had an ownership interest in a portfolio of 449 Properties located predominantly in the United States containing 171,248 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, 2023, we owned or had an ownership interest in a portfolio of 451 Properties located predominantly in the United States containing 172,465 Sites.
(d) Development asset acquired in 2020 and 2021. It is not included in the property count as there are no sites and the property is not operational. (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 2023. (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).
Myers North Fort Myers FL MH 69 491 491 90.2% Silver Dollar Golf & Trap Club Resort Odessa FL RV 836 459 382 100.0% Terra Ceia Palmetto FL RV 50 32 203 149 100.0% Arbors at Countrywood Plant City FL MH (f) 62 62 59.7% Lakes at Countrywood Plant City FL MH 122 10 424 424 96.9% 29 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/22 Total Number of Annual Sites as of 12/31/22 Annual Site Occupancy as of 12/31/22 Meadows at Countrywood Plant City FL MH 140 737 737 99.9% Oaks at Countrywood Plant City FL MH 44 168 168 100.0% Harbor Lakes Port Charlotte FL RV 80 528 383 100.0% Emerald Lake Punta Gorda FL MH 28 201 201 99.0% Gulf View Punta Gorda FL RV 78 206 94 100.0% Tropical Palms MH Punta Gorda FL MH 50 2 294 294 98.6% Kingswood Riverview FL MH 52 229 229 100.0% Winds of St.
Myers North Fort Myers FL MH 69 — 491 491 88.4% Silver Dollar Golf & Trap Club Resort Odessa FL RV 836 — 459 383 100.0% Terra Ceia Palmetto FL RV 50 — 391 160 100.0% Arbors at Countrywood Plant City FL MH (g) — 62 62 59.7% Lakes at Countrywood Plant City FL MH 122 10 424 424 97.4% Meadows at Countrywood Plant City FL MH 140 — 737 737 99.7% Oaks at Countrywood Plant City FL MH 44 — 168 168 99.4% 31 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/23 Total Number of Annual Sites as of 12/31/23 Annual Site Occupancy as of 12/31/23 Harbor Lakes Port Charlotte FL RV 80 — 528 390 100.0% Emerald Lake Punta Gorda FL MH 28 — 201 201 96.0% Gulf View Punta Gorda FL RV 78 — 206 104 100.0% 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.
Each accounted for approximately 2.0% of our total property operating revenues, excluding deferrals, for the year ended December 31, 2022. The following table sets forth certain information relating to our 435 wholly-owned Properties containing 167,684 Sites as of December 31, 2022, 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, 2023. The following table sets forth certain information relating to our 437 wholly-owned Properties containing 168,901 Sites as of December 31, 2023, not including Properties owned through joint ventures. These Properties are categorized by major market.
Hood Village Welches OR RV 115 626 219 100.0% Hope Valley RV Turner OR RV 69 23 164 154 100.0% Birch Bay Blaine WA RV 31 7 246 22 100.0% Mount Vernon Bow WA RV 311 251 29 100.0% Chehalis Chehalis WA RV 309 360 23 100.0% Grandy Creek (g) Concrete WA RV 63 179 — —% Tall Chief (g) 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 35 100.0% Leavenworth Leavenworth WA RV 255 30 266 18 100.0% Thunderbird Resort Monroe WA RV 45 6 136 7 100.0% Little Diamond Newport WA RV 360 30 520 1 100.0% Oceana Ocean City WA RV 16 7 84 10 100.0% Crescent Bar Quincy WA RV 14 115 12 100.0% Long Beach Seaview WA RV 17 10 144 10 100.0% Paradise RV Silver Creek WA RV 60 265 3 100.0% Total Northwest 2,572 296 6,457 1,674 99.3% Texas: Alamo Palms Alamo TX RV 58 643 294 100.0% Bay Landing Bridgeport TX RV 443 235 293 80 100.0% Colorado River Columbus TX RV 218 22 232 25 100.0% Victoria Palms Donna TX RV 117 1,122 473 100.0% Lake Texoma (e) Gordonville TX RV 201 120 301 81 100.0% 37 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/22 Total Number of Annual Sites as of 12/31/22 Annual Site Occupancy as of 12/31/22 Lakewood Harlingen TX RV 30 301 99 100.0% Paradise Park Harlingen TX RV 60 563 263 100.0% Sunshine RV Resort Harlingen TX RV 84 1,027 357 100.0% Tropic Winds Harlingen TX RV 112 65 531 197 100.0% Medina Lake Lakehills TX RV 208 50 387 39 100.0% Paradise South Mercedes TX RV 49 493 182 100.0% Lake Tawakoni (e) Point TX RV 324 11 293 55 100.0% Fun N Sun RV San Benito TX RV 135 40 1,435 613 100.0% Country Sunshine Weslaco TX RV 37 390 153 100.0% Leisure World Weslaco TX RV 38 333 170 100.0% Southern Comfort Weslaco TX RV 40 403 317 100.0% Trails End RV Weslaco TX RV 43 362 236 100.0% Lake Whitney Whitney TX RV 403 158 261 27 100.0% Lake Conroe Willis TX RV 129 705 298 100.0% Lake Conroe RV Resort (g) Montgomery TX RV 130 261 — —% Total Texas 2,859 701 10,336 3,959 100.0% Grand Total All Markets 43,837 6,553 167,684 119,252 96.6% ____________________________________ (a) Acres are approximate.
Hood Village Welches OR RV 115 — 626 211 100.0% Hope Valley RV Turner OR RV 69 23 164 157 100.0% Birch Bay Blaine WA RV 31 7 246 17 100.0% Mount Vernon Bow WA RV 311 — 251 27 100.0% Chehalis Chehalis WA RV 309 — 360 20 100.0% 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 34 100.0% Leavenworth Leavenworth WA RV 255 30 266 5 100.0% Thunderbird Resort Monroe WA RV 45 6 136 12 100.0% Little Diamond Newport WA RV 360 30 520 2 100.0% Oceana Ocean City WA RV 16 7 84 9 100.0% Crescent Bar Quincy WA RV 14 — 115 11 100.0% Long Beach Seaview WA RV 17 10 144 14 100.0% Paradise RV Silver Creek WA RV 60 — 265 3 100.0% Total Northwest 2,572 296 6,457 1,672 99.6% Texas: Alamo Palms Alamo TX RV 58 — 643 291 100.0% Bay Landing Bridgeport TX RV 443 235 293 65 100.0% Colorado River Columbus TX RV 218 22 232 23 100.0% Victoria Palms Donna TX RV 117 — 1,122 472 100.0% Lake Texoma (e) Gordonville TX RV 201 87 430 83 100.0% Lakewood Harlingen TX RV 30 — 301 96 100.0% 39 Property City State Property Type Acres (a) Developable Acres (b) Total Number of Sites as of 12/31/23 Total Number of Annual Sites as of 12/31/23 Annual Site Occupancy as of 12/31/23 Paradise Park Harlingen TX RV 60 — 563 264 100.0% Sunshine RV Resort Harlingen TX RV 84 — 1,027 358 100.0% Tropic Winds Harlingen TX RV 112 65 531 202 100.0% Medina Lake Lakehills TX RV 208 50 387 24 100.0% Paradise South Mercedes TX RV 49 — 493 174 100.0% Lake Tawakoni (e) Point TX RV 324 11 293 44 100.0% Fun N Sun RV San Benito TX RV 135 40 1,435 611 100.0% Country Sunshine Weslaco TX RV 37 — 390 151 100.0% Leisure World Weslaco TX RV 38 — 333 177 100.0% Southern Comfort Weslaco TX RV 40 — 403 313 100.0% Trails End RV Weslaco TX RV 43 — 362 236 100.0% Lake Whitney Whitney TX RV 403 158 261 20 100.0% Lake Conroe Willis TX RV 129 — 705 317 100.0% Lake Conroe RV Resort (d) Montgomery TX RV 130 — 261 — —% Total Texas 2,859 668 10,465 3,921 100.0% Grand Total All Markets 44,106 6,478 168,901 119,430 96.5% ____________________________________ (a) Acres are approximate.
(f) Acres for this community have been included in the acres of the adjacent community listed directly above this Property. (g) Property did not have annual Sites for 2022. (h) RV community operated by a tenant pursuant to an existing ground lease (See Item 8. Financial Statements and Supplementary Data—Note 6. Investment in Real Estate). 38
(f) Property acquired in 2023. (g) Acres for this community have been included in the acres of the adjacent community listed directly above this Property. (h) RV community operated by a tenant pursuant to an existing ground lease. (i) Property was closed temporarily due to storm and flooding events in 2023. 40

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) 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 1/1/2022-3/31/2022 44,669 $ 77.22 None None 4/1/2022-6/30/2022 — $ — None None 7/1/2022-9/30/2022 — $ — None None 10/1/2022-12/31/2022 — $ — None None 1/1/2022-12/31/2022 44,669 $ — 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 1/1/2023-3/31/2023 28,408 $ 68.02 None None 4/1/2023-6/30/2023 — $ — None None 7/1/2023-9/30/2023 — $ — None None 10/1/2023-12/31/2023 — $ — None None 1/1/2023-12/31/2023 28,408 $ 68.02 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] 40
Risk Factors in this Form 10-K for a description of factors that may affect our ability to distribute dividends. Item 6. [Reserved] 42
Additionally, there were 9,265,565 OP Units outstanding, which are exchangeable for an equivalent number of shares of our common stock or, at our option, cash.
Additionally, there were 9,104,654 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, 2022, there were 311 holders of record for 186,120,298 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, 2023, there were 293 holders of record for 186,426,281 outstanding shares of our common stock.

Item 7. Management's Discussion & Analysis

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

93 edited+17 added−74 removed38 unchanged
Biggest changeThese Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions. 48 Management's Discussion and Analysis (continued) The following table reconciles net income available for Common Stockholders to income from property operations for the years ended December 31, 2022, 2021 and 2020: Total Portfolio (amounts in thousands) 2022 2021 2020 Computation of Income from Property Operations: Net income available for Common Stockholders $ 284,611 $ 262,462 $ 228,268 Redeemable preferred stock dividends 16 16 16 Income allocated to non-controlling interests – Common OP Units 14,198 13,522 13,132 Equity in income of unconsolidated joint ventures (3,363) (3,881) (5,399) Income before equity in income of unconsolidated joint ventures 295,462 272,119 236,017 Loss on sale of real estate and impairment, net — 59 — Total other expenses, net 357,600 332,192 299,351 (Gain)/loss from home sales operations and other (13,846) (8,356) 3,046 Income from property operations $ 639,216 $ 596,014 $ 538,414 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, 2022, 2021 and 2020: (amounts in thousands) 2022 2021 2020 Computation of FFO and Normalized FFO: Net income available for Common Stockholders $ 284,611 $ 262,462 $ 228,268 Income allocated to non-controlling interests – Common OP Units 14,198 13,522 13,132 Membership upgrade sales upfront payments, deferred, net 21,703 25,079 12,062 Membership sales commissions, deferred, net (3,196) (5,075) (1,660) Depreciation and amortization 202,362 188,444 155,131 Depreciation on unconsolidated joint ventures 3,886 1,083 727 Gain on unconsolidated joint ventures — — (1,229) Loss on sale of real estate and impairment, net (1) — 59 — FFO available for Common Stock and OP Unit holders 523,564 485,574 406,431 Early debt retirement 1,156 2,784 10,786 Transaction/pursuit costs (2) 3,807 598 — Lease termination expenses 3,119 — 1,446 Normalized FFO available for Common Stock and OP Unit holders $ 531,646 $ 488,956 $ 418,663 Weighted average Common Shares outstanding—Fully Diluted 195,255 192,883 192,555 _____________________ (1) Reflects a $5.4 million reduction to the carrying value of certain assets and insurance recovery revenue of $5.4 million as a result of Hurricane Ian for the year ended December 31, 2022.
Biggest changeThe following table reconciles net income available for Common Stockholders to income from property operations for the years ended December 31, 2023, 2022 and 2021: Total Portfolio (amounts in thousands) 2023 2022 2021 Computation of Income from Property Operations: Net income available for Common Stockholders $ 314,191 $ 284,611 $ 262,462 Redeemable preferred stock dividends 16 16 16 Income allocated to non-controlling interests – Common OP Units 15,470 14,198 13,522 Consolidated net income 329,677 298,825 276,000 Equity in income of unconsolidated joint ventures (2,713) (3,363) (3,881) Income tax benefit (10,488) — — (Gain)/Loss on sale of real estate and impairment, net 3,581 — 59 Gross revenues from home sales, brokered resales and ancillary services (145,219) (180,179) (152,517) Interest income (9,037) (7,430) (7,016) Income from other investments, net (8,703) (8,553) (4,555) Property management 76,170 74,083 65,979 Depreciation and amortization 203,738 202,362 188,444 Cost of home sales, brokered resales and ancillary services 107,668 139,012 120,623 Home selling expenses and ancillary operating expenses 27,453 27,321 23,538 General and administrative 47,280 44,857 39,576 Casualty-related charges/(recoveries), net — — — Other expenses 5,768 8,646 4,241 Early debt retirement 68 1,156 2,784 Interest and related amortization 132,342 116,562 108,718 Income from property operations, excluding property management $ 757,585 $ 713,299 $ 661,993 Property management $ (76,170) $ (74,083) $ (65,979) Income from property operations $ 681,415 $ 639,216 $ 596,014 49 Management's Discussion and Analysis (continued) 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, 2023, 2022 and 2021: (amounts in thousands) 2023 2022 2021 Computation of FFO and Normalized FFO: Net income available for Common Stockholders $ 314,191 $ 284,611 $ 262,462 Income allocated to non-controlling interests – Common OP Units 15,470 14,198 13,522 Depreciation and amortization 203,738 202,362 188,444 Depreciation on unconsolidated joint ventures 4,599 3,886 1,083 Gain on unconsolidated joint ventures (416) — — Loss on sale of real estate and impairment, net 3,581 — 59 FFO available for Common Stock and OP Unit holders 541,163 505,057 465,570 Deferred tax benefit (1) (10,488) — — Accelerated vesting of stock-based compensation expense (2) 6,320 — — Early debt retirement 68 1,156 2,784 Transaction/pursuit costs (3) 368 3,807 598 Lease termination expenses (4) 90 3,119 — Normalized FFO available for Common Stock and OP Unit holders $ 537,521 $ 513,139 $ 468,952 Weighted average Common Shares outstanding—Fully Diluted 195,429 195,255 192,883 _____________________ (1) Represents the release of the valuation allowance of U.S. federal and state deferred tax assets related to our taxable REIT subsidiaries.
We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and which may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs.
We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs.
The increase in income from property operations from our Core Portfolio was primarily due to higher property operating revenues, excluding deferrals, primarily in MH base rental income and RV and marina base rental income, partially offset by an increase in property operating expenses, excluding deferrals and property management.
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, partially offset by an increase in property operating expenses, excluding property management.
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, sales and marketing expenses and property management expenses.
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 and Core Portfolio We use income from property operations, income from property operations, excluding deferrals and property management and Core Portfolio income from property operations, excluding deferrals and property management, as alternative measures to evaluate the operating results of our Properties.
Income from Property Operations and Core Portfolio We use income from property operations, income from property operations, excluding property management and Core Portfolio income from property operations, excluding property management, as alternative measures to evaluate the operating results of our Properties.
Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio in 2022 and 2021 includes all Properties acquired prior to December 31, 2020 that we have owned and operated continuously since January 1, 2021.
Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio in 2023 and 2022 includes all Properties acquired prior to December 31, 2021 that we have owned and operated continuously since January 1, 2022.
For the comparison of our results of operations for the years ended December 31, 2021 and December 31, 2020 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, 2022 and December 31, 2021 and discussion of our operating activities, investing activities and financing activities for these years, refer to Part II, Item 7.
We believe investors should review Income from property operations and Core Portfolio, FFO, Normalized FFO and Income from rental operations, net of depreciation, along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance.
We believe investors should review Income from property operations and Core Portfolio, FFO, and Normalized FFO, along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance.
A discussion of Income from property operations and Core Portfolio, FFO, Normalized FFO and Income from rental operations, net of depreciation and a reconciliation to net income, are included below.
A discussion of Income from property operations and Core Portfolio, FFO, Normalized FFO and a reconciliation to net income, are included below.
Generally Accepted Accounting Principles (“GAAP”), we assess and measure our overall financial and operating performance using certain Non-GAAP supplemental measures, which include: (i) FFO, (ii) Normalized FFO, (iii) Income from property operations, (iv) Income from property operations, excluding deferrals and property management, (v) Core Portfolio income from property operations, excluding deferrals and property management (operating results for Properties owned and operated in both periods under comparison) and (vi) Income from rental operations, net of depreciation.
Generally Accepted Accounting Principles (“GAAP”), we assess and measure our overall financial and operating performance using certain Non-GAAP supplemental measures, which include: (i) FFO, (ii) Normalized FFO, (iii) Income from property operations, (iv) Income from property operations, excluding property management, and (v) Core Portfolio income from property operations, excluding property management (operating results for Properties owned and operated in both periods under comparison).
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. 2022 Accomplishments We continued our strong performance in 2022, as marked by these key operational and financial accomplishments: • Net income available for Common Stockholders was $1.53 per fully diluted share, for the year ended December 31, 2022, 7.0% higher than the year ended December 31, 2021. • Normalized FFO per Common Share on a fully diluted basis was $2.72 for the year ended December 31, 2022, 7.4% higher than the year ended December 31, 2021. • Core portfolio generated growth of 5.7% in income from property operations, excluding deferrals and property management, for the year ended December 31, 2022, compared to the year ended December 31, 2021. • Core MH base rental income increased by 5.8% during the year ended December 31, 2022, compared to the year ended December 31, 2021.
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. 2023 Accomplishments We continued our strong performance in 2023, as marked by these key operational and financial accomplishments: • Net income per Common Share on a fully diluted basis was $1.69 for the year ended December 31, 2023, 10.5% higher than the year ended December 31, 2022. • FFO per Common Share on a fully diluted basis was $2.77 for the year ended December 31, 2023, 7.1% higher than the year ended December 31, 2022. • Normalized FFO per Common Share on a fully diluted basis was $2.75 for the year ended December 31, 2023, 4.7% higher than the year ended December 31, 2022. • Core portfolio generated growth of 5.0% in income from property operations, excluding property management, for the year ended December 31, 2023, compared to the year ended December 31, 2022. • Core MH base rental income increased by 6.8% during the year ended December 31, 2023, compared to the year ended December 31, 2022.
During the year ended December 31, 2022, we recognized $40.6 million of expenses for debris removal and cleanup costs related to Hurricane Ian and an offsetting insurance recovery revenue accrual of $40.6 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, 2023 and December 31, 2022, we recognized expenses of approximately $13.4 million and $40.6 million related to debris removal and cleanup costs related to Hurricane Ian and an offsetting insurance recovery revenue accrual of $13.4 million and $40.6 million, respectively, 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.
These Non-GAAP financial measures as determined and presented by us may not be comparable to similarly titled measures reported by other companies and include income from property operations and Core Portfolio, FFO, Normalized FFO and income from rental operations, net of depreciation.
These Non-GAAP financial measures as determined and presented by us may not be comparable to similarly titled measures reported by other companies and include income from property operations and Core Portfolio, FFO, and Normalized FFO.
For additional information see Results Overview . Liquidity and Capital Resources Liquidity Our primary demands for liquidity include payment of operating expenses, dividend distributions, debt service, including principal and interest, capital improvements on Properties, home purchases and property acquisitions. We expect similar demand for liquidity will continue for the short-term and long-term.
Liquidity and Capital Resources Liquidity Our primary demands for liquidity include payment of operating expenses, dividend distributions, debt service, including principal and interest, capital improvements on Properties, home purchases and property acquisitions. We expect similar demand for liquidity will continue for the short-term and long-term.
(3) Represents non-operating expenses associated with the Westwinds ground leases that terminated on August 31, 2022 and is included in General and Administrative expenses in the Consolidated Statement of Income. 49 Management's Discussion and Analysis (continued) Results of Operations This section discusses the comparison of our results of operations for the years ended December 31, 2022 and December 31, 2021.
(4) Represents non-operating expenses associated with the Westwinds ground leases that terminated on August 31, 2022 and is included in General and Administrative expenses in the Consolidated Statement of Income. 50 Management's Discussion and Analysis (continued) Results of Operations This section discusses the comparison of our results of operations for the years ended December 31, 2023 and December 31, 2022.
Includes approximately 6,400 Sites rented on an annual basis. (2) Includes approximately 2,000 annual Sites and 1,600 transient Sites. (3) Total does not foot due to rounding. Membership Sites are primarily utilized to service approximately 128,400 annual subscription members, including 26,000 free trial members added through our RV dealer program.
Includes approximately 6,200 Sites rented on an annual basis. (2) Includes approximately 2,000 annual Sites and 1,600 transient Sites. (3) Total does not foot due to rounding. Membership Sites are primarily utilized to service approximately 121,000 annual subscription members, including 23,600 free trial members added through our RV dealer program.
Approximately $27.7 million and $31.5 million for the years ended December 31, 2022 and December 31, 2021, 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 $24.1 million and $27.7 million for the years ended December 31, 2023 and December 31, 2022, 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.
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. As of December 31, 2022, approximately 19.8% of our outstanding debt is fully amortizing.
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. As of December 31, 2023, approximately 18.3% of our outstanding debt is fully amortizing.
(3) Amounts include interest expected to be incurred on our secured and unsecured debt based on obligations outstanding as of December 31, 2022. (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. The Westwinds ground leases terminated on August 31, 2022.
(3) Amounts include interest expected to be incurred on our secured and unsecured debt based on obligations outstanding as of December 31, 2023. (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.
We accomplish this by attracting and retaining high quality customers to our Properties, who take pride in our Properties and in their homes and efficiently managing our Properties by increasing occupancy, maintaining 41 Management's Discussion and Analysis (continued) competitive market rents and controlling expenses.
We accomplish this by attracting and retaining high quality customers to our Properties, who take pride in our Properties and in their homes and efficiently managing our Properties by increasing occupancy, maintaining competitive market rents and controlling expenses.
State and local rent control regulations affect 26 wholly-owned Properties, including 14 of our 47 California Properties, all 7 of our Delaware Properties, 1 of our 5 Massachusetts Properties, 1 of our 7 New York Properties and 3 of our 11 Oregon Properties.
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.
The requirements for qualification as a REIT are highly technical and complex, as they pertain to the ownership of our outstanding stock, the nature of our assets, the sources of our income and the amount of our distributions to our stockholders.
The requirements for qualification as a REIT are highly technical and complex, as they pertain to the ownership of our outstanding stock, the nature of our assets, the sources of our income and the amount of our 47 Management's Discussion and Analysis (continued) distributions to our stockholders.
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, 2021, filed with the SEC on February 22, 2022.
Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Annual Report on Form 10-K/A for the fiscal year ended December 31, 2022, filed with the SEC on January 22, 2024.
The difference between the sum of the total portfolio income items and Rental income on the Consolidated Statements of Income and Comprehensive Income is bad debt expense, which is presented in Property operating and maintenance expense in this table. (2) Includes bad debt expense for all periods presented.
The difference between the sum of the total portfolio income items and Rental income on the Consolidated Statements of Income and Comprehensive Income is bad debt expense, which is presented in Property operating and maintenance expense in this table.
Non-GAAP Financial Measures Management's discussion and analysis of financial condition and results of operations include certain Non-GAAP financial measures that in management's view of the business are meaningful as they allow investors the ability to understand key operating details of our business both with and without regard to certain accounting conventions or items that may not always be indicative of recurring annual cash flow of the portfolio.
Non-GAAP Financial Measures Management's discussion and analysis of financial condition and results of operations include certain Non-GAAP financial measures that in management's view of the business are meaningful as they allow investors the ability to understand key operating details of our business that may not always be indicative of recurring annual cash flow of the portfolio.
(3) See Non-GAAP Financial Measures section of the Management Discussion and Analysis for definitions and reconciliations of these Non-GAAP measures to Net Income available for Common Shareholders.
(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 Shareholders.
RV and marina base rental income in our Core Portfolio for the year ended December 31, 2022, was 9.1% higher than the same period in 2021 and was driven by an increase in annual and seasonal revenues.
RV and marina base rental income in our Core Portfolio for the year ended December 31, 2023, was 3.5% higher than the same period in 2022 and was driven by an increase in annual and seasonal revenues.
Core RV and marina base rental income from annuals represents more than 60% of total Core RV and marina base rental income and increased 8.8% for the year ended December 31, 2022 compared to the same period in 2021.
Core RV and marina base rental income from annuals represents more than 68.6% of total Core RV and marina base rental income and increased 8.1% for the year ended December 31, 2023 compared to the same period in 2022.
Our gross investment in real estate increased $380.5 million to $7,369.6 million as of December 31, 2022, from $6,989.1 million as of December 31, 2021, primarily due to new acquisitions as well as capital improvements during the year ended December 31, 2022. 45 Management's Discussion and Analysis (continued) Property Acquisitions/Dispositions and Joint Ventures The following chart lists the Properties acquired or sold from January 1, 2021 through December 31, 2022 and Sites added through expansion opportunities at our existing Properties.
Our gross investment in real estate increased $336.7 million to $7,706.3 million as of December 31, 2023, from $7,369.6 million as of December 31, 2022, primarily due to capital improvements during the year ended December 31, 2023. 46 Management's Discussion and Analysis (continued) Property Acquisitions/Dispositions and Joint Ventures The following chart lists the Properties acquired or sold from January 1, 2022 through December 31, 2023 and Sites added through expansion opportunities at our existing Properties.
For the year ended December 31, 2022, property operating revenues in our Core Portfolio, excluding deferrals, increased 6.1% and property operating expenses in our Core Portfolio, excluding deferrals and property management, increased 6.7%, from the year ended December 31, 2021, resulting in an increase in income from property operations, excluding deferrals and property management, of 5.7%.
For the year ended December 31, 2023, property operating revenues in our Core Portfolio, increased 5.8% and property operating expenses in our Core Portfolio, excluding property management, increased 7.0%, from the year ended December 31, 2022, resulting in an increase in income from property operations, excluding property management, of 5.0%.
The decrease in net cash used in investing activities was primarily due to a decrease in acquisitions of $439.7 million, partially offset by an increase in capital improvements of $82.5 million.
The decrease in net cash used in investing activities was primarily due to a decrease in acquisitions of $130.7 million, partially offset by an increase in capital improvements of $67.8 million.
The following table provides additional details regarding our TTC memberships for the past five years: 2022 2021 2020 2019 2018 TTC Origination 51,417 50,523 44,129 41,484 37,528 TTC Sales 23,237 23,923 20,587 19,267 17,194 RV Dealer TTC Activations 28,180 26,600 23,542 22,217 20,334 Demand for our homes and communities remains 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: 2023 2022 2021 2020 2019 TTC Origination 45,990 51,415 50,523 44,129 41,484 TTC Sales 20,758 23,237 23,923 20,587 19,267 RV Dealer TTC Activations 25,232 28,178 26,600 23,542 22,217 Demand for our homes and communities remains strong as evidenced by factors including our high occupancy levels.
As of December 31, 2022, we owned or had an ownership interest in a portfolio of 449 Properties located throughout the United States and Canada containing 171,248 individual developed areas (“Sites”).
As of December 31, 2023, we owned or had an ownership interest in a portfolio of 451 Properties located throughout the United States and Canada containing 172,465 individual developed areas (“Sites”).
The average monthly base rental income per Site in our Core portfolio increased to approximately $757 in 2022 from approximately $718 in 2021. The average occupancy in our Core Portfolio was 95.1% in both 2022 and 2021.
The average monthly base rental income per Site in our Core portfolio increased to approximately $810 in 2023 from approximately $757 in 2022. The average occupancy in our Core Portfolio was 94.9% in 2023 and 95.1% in 2022.
Total secured debt encumbered a total of 114 and 117 of our Properties as of December 31, 2022 and December 31, 2021, respectively, and the gross carrying value of such Properties was approximately $2,868.3 million and $2,817.5 million, as of December 31, 2022 and December 31, 2021, respectively.
Total secured debt encumbered a total of 120 and 114 of our Properties as of December 31, 2023 and December 31, 2022, respectively, and the gross carrying value of such Properties was approximately $3,194.1 million and $2,868.3 million, as of December 31, 2023 and December 31, 2022, respectively.
(2) Balances exclude note premiums of $0.1 million and unamortized deferred financing costs of $28.1 million. Balances represent debt maturing and scheduled periodic payments as well as our LOC balance of $198.0 million outstanding as of December 31, 2022, on the Consolidated Balance Sheets.
(2) Balances exclude unamortized deferred financing costs of $29.5 million. Balances represent debt maturing and scheduled periodic payments as well as our LOC balance of $31.0 million outstanding as of December 31, 2023, on the Consolidated Balance Sheets.
Property Operating Expenses Property operating expenses, excluding deferrals and property management, in our Core Portfolio for 2022 increased $31.6 million, or 6.7%, from 2021, primarily due to increases in property operating and maintenance expenses of $30.2 million and real estate taxes of $2.6 million.
Property Operating Expenses Property operating expenses, excluding property management, in our Core Portfolio for 2023 increased $36.6 million, or 7.0%, from 2022, primarily due to increases in property operating and maintenance expenses of $29.2 million and real estate taxes of $6.3 million.
The increase in depreciation and amortization was due to depreciation on Non-Core properties acquired throughout 2021 and 2022. The increase in interest and related amortization is due to higher debt levels in 2022 compared to 2021.
The increase in interest and related amortization is due to higher debt levels in 2023 compared to 2022. The increase in general and administrative expenses was primarily due to higher payroll and related benefits. The increase in depreciation and amortization was due to depreciation on Non-Core properties acquired throughout 2022 and 2023.
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.
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 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 continue to experience strong performance in our membership base within our Thousand Trails portfolio. For the year ended December 31, 2022, annual membership subscriptions revenue increased 8.5% over the same period in 2021. During the year ended December 31, 2022, we sold 23,237 TTC memberships and activated 28,180 TTC memberships through our RV dealer program.
We continue to experience strong performance in our membership base within our Thousand Trails portfolio. For the year ended December 31, 2023, annual membership subscriptions revenue increased 3.4% over the same period in 2022. During the year ended December 31, 2023, we sold 20,758 TTC memberships and activated 25,232 TTC memberships through our RV dealer program.
Results Overview For the year ended December 31, 2022, net income available for Common Stockholders increased $22.1 million, or $0.10 per fully diluted Common Share, to $284.6 million, or $1.53 per fully diluted Common Share, compared to $262.5 million, or $1.43 per fully diluted Common Share, for the same period in 2021.
Results Overview For the year ended December 31, 2023, net income available for Common Stockholders increased $29.6 million, or $0.16 per fully diluted Common Share, to $314.2 million, or $1.69 per fully diluted Common Share, compared to $284.6 million, or $1.53 per fully diluted Common Share, for the same period in 2022.
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.
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.
The following table shows the breakdown of our Sites by type (amounts are approximate): Total Sites as of December 31, 2022 MH Sites 72,700 RV Sites: Annual 34,300 Seasonal 12,700 Transient 15,200 Marina Slips 6,900 Membership (1) 25,800 Joint Ventures (2) 3,600 Total (3) 171,200 _____________________ (1) Primarily utilized to service the approximately 128,400 members.
The following table shows the breakdown of our Sites by type (amounts are approximate): Total Sites as of December 31, 2023 MH Sites 73,000 RV Sites: Annual 34,900 Seasonal 12,500 Transient 15,600 Marina Slips 6,900 Membership (1) 26,000 Joint Ventures (2) 3,600 Total (3) 172,500 _____________________ (1) Primarily utilized to service the approximately 121,000 members.
It is estimated that approximately 10,000 baby boomers are turning 65 daily through 2030. In addition, the population age 55 and older is expected to grow 17% within the next 15 years. These individuals, seeking an active lifestyle, will continue to drive the market for second-home sales as vacation properties, investment opportunities or retirement retreats.
It is estimated that approximately 10,000 baby boomers are turning 65 daily through 2029. These individuals, seeking an active lifestyle, will continue to drive the market for second-home sales as vacation properties, investment opportunities or retirement retreats.
In addition to maintaining occupancy, we have experienced rental rate increases during the year ended December 31, 2022, contributing to a growth of 5.4% in MH rental income compared to the same period in 2021.
In addition to maintaining occupancy, we have experienced rental rate increases during the year ended December 31, 2023, which contributed to a growth of 6.8% in Core MH base rental income compared to the same period in 2022.
After conducting a comprehensive study of RV ownership, according to the Recreational Vehicle Industry Association (“RVIA”), data suggested that RV sales are expected to benefit from an increase in demand from those born in the United States from 1980 to 2003, or Millennials and Gen Z, over the coming years.
We also believe the Millennial and Generation Z demographic will contribute to our future long-term customer pipeline. 43 Management's Discussion and Analysis (continued) After conducting a comprehensive study of RV ownership, according to the Recreational Vehicle Industry Association (“RVIA”), data suggested that RV sales are expected to benefit from an increase in demand from those born in the United States from 1980 to 2003, or Millennials and Gen Z, over the coming years.
For the year ended December 31, 2022, our Core Portfolio occupancy decreased by 15 sites with an increase in homeowner occupancy of 637 sites and a decrease in rental occupancy of 652.
For the year ended December 31, 2023, our Core Portfolio occupancy increased by 5 sites with an increase in homeowner occupancy of 554 sites and a decrease in rental occupancy of 549.
Total portfolio income from property operations for 2022 increased $43.2 million, or 7.2%, from 2021, driven by an increase of $30.4 million, or 5.3%, from our Core Portfolio and an increase of $12.8 million from our Non-Core Portfolio.
Total portfolio income from property operations for 2023 increased $42.2 million, or 6.6%, from 2022, driven by an increase of $32.4 million, or 5.2%, from our Core Portfolio and an increase of $9.8 million from our Non-Core Portfolio.
We consider impairment indicators including, but not limited to, the following: • national, regional and/or local economic conditions; • competition from MH and RV communities and other housing options; • changes in laws and governmental regulations and the related costs of compliance; • changes in market rental rates or occupancy; and • physical damage or environmental indicators. 57 Management's Discussion and Analysis (continued) Any adverse changes in these factors could cause an impairment in our assets, including our investment in real estate and development projects in progress.
We consider impairment indicators including, but not limited to, the following: • national, regional and/or local economic conditions; • competition from MH and RV communities and other housing options; • changes in laws and governmental regulations and the related costs of compliance; • changes in market rental rates or occupancy; and • physical damage or environmental indicators.
Core Portfolio income from property operations, excluding deferrals and 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 Non-Core Portfolio includes all Properties that were not owned and operated during all of 2021 and 2022.
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.
The remaining 102,400 have purchased a Thousand Trails Camping (“TTC”) membership, which is an annual subscription providing the member access to our Properties in one to five 42 Management's Discussion and Analysis (continued) geographic regions of the United States. In 2022, a TTC membership for a single geographic region required an annual payment of $630.
The remaining 97,400 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 2023, a TTC membership for a single geographic region required an annual payment of $670. In addition, members are eligible to upgrade their subscriptions.
For the year ended December 31, 2022, FFO available for Common Stock and OP Unit holders increased $38.0 million,or $0.16 per fully diluted Common Share, to $523.6 million, or $2.68 per fully diluted Common Share, compared to $485.6 million, or $2.52 per fully diluted Common Share, for the same period in 2021.
For the year ended December 31, 2023, FFO available for Common Stock and OP Unit holders increased $36.1 million, or $0.18 per fully diluted Common Share, to $541.2 million, or $2.77 per fully diluted Common Share, compared to $505.1 million, or $2.59 per fully diluted Common Share, for the same period in 2022.
Overview and Outlook We are a self-administered and self-managed real estate investment trust (“REIT”) with headquarters in Chicago, Illinois. We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas.
We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas.
In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items. Income from Rental Operations, Net of Depreciation We use income from rental operations, net of depreciation as an alternative measure to evaluate the operating results of our home rental program.
In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.
The increase in income from property operations from our Non-Core Portfolio was primarily attributed to income from properties acquired throughout 2021 and 2022. 50 Management's Discussion and Analysis (continued) Property Operating Revenues MH base rental income in our Core Portfolio for 2022 increased $34.3 million, or 5.8%, from 2021, which reflects 5.4% growth from rate increases and 0.4% growth from occupancy gains.
The increase in income from property operations from our Non-Core Portfolio was attributed to income from properties acquired in the fourth quarter of 2022 and during the year ended December 31, 2023. 51 Management's Discussion and Analysis (continued) Property Operating Revenues MH base rental income in our Core Portfolio for 2023 increased $42.5 million, or 6.8%, from 2022, which was primarily due to growth from rate increases of 7.0%.
For the year ended December 31, 2022, Normalized FFO available for Common Stock and OP Unit holders increased $42.6 million, or $0.19 per fully diluted Common Share, to $531.6 million, or $2.72 per fully diluted Common Share, compared to $489.0 million, or $2.53 per fully diluted Common Share, for the same period in 2021.
For the year ended December 31, 2023, Normalized FFO available for Common Stock and OP Unit holders increased $24.4 million, or $0.12 per fully diluted Common Share, to $537.5 million, or $2.75 per fully diluted Common Share, compared to $513.1 million, or $2.63 per fully diluted Common Share, for the same period in 2022.
Loss on sale of real estate and impairment, net During the year ended December 31, 2022, we recorded a $5.4 million reduction to the carrying value of certain assets as a result of property damage caused by Hurricane Ian and offsetting insurance recovery revenue of $5.4 million for the expected recovery from this loss.
Loss on sale of real estate and impairment, net During the year ended December 31, 2023, we recorded a $3.6 million reduction to the carrying value of certain assets, as a result of property damage caused by weather events in 2023.
Core seasonal RV and marina base rental income increased 38.6% for the year ended December 31, 2022 compared to the same period in 2021. Core transient RV and marina 44 Management's Discussion and Analysis (continued) base rental income decreased $3.4 million or 4.3%, for the year ended December 31, 2022 compared to the same period in 2021.
Core seasonal RV and marina base rental income increased 2.6% for the year ended December 31, 2023 compared to the same period in 2022. Core transient RV and marina base rental income decreased 11.0% for the year ended December 31, 2023 compared to the same period in 2022.
(2) Includes enhancements to amenities such as buildings, common areas, swimming pools and replacement of furniture and site amenities. (3) Includes $3.2 million of restoration and improvement capital expenditures related to Hurricane Hanna for the year ended December 31, 2020. (4) Excludes new home investments associated with our ECHO JV.
(2) Includes enhancements to amenities such as buildings, common areas, swimming pools and replacement of furniture and site amenities. (3) Includes $34.3 million of restoration and improvement capital expenditures related to Hurricane Ian for the year ended December 31, 2023. (4) Includes capital expenditures to improve the infrastructure required to set manufactured homes.
The joint ventures each have one property under development. 46 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 fourteen Properties owned through our Joint Ventures).
(2) Sites are approximate. Markets The following table identifies our largest markets by number of Sites and provides information regarding our Properties (excluding fourteen Properties owned through our Joint Ventures).
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 and defeasance costs, transaction/pursuit costs, and other miscellaneous non-comparable items.
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 miscellaneous non-comparable items. 48 Management's Discussion and Analysis (continued) We believe that FFO and Normalized FFO are helpful to investors as supplemental measures of the performance of an equity REIT.
For comparative purposes, we present bad debt expense within Property operating, maintenance and real estate taxes in the current and prior periods. Our Core Portfolio consists of our Properties owned and operated during all of 2021 and 2022.
For comparative purposes, we present bad debt expense within Property operating and maintenance 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 2022 and 2023.
To the extent the Nicholsons pursue such claim, we intend to vigorously defend our interests. 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.
We expect to meet certain long-term liquidity requirements, such as scheduled debt maturities, property acquisitions and capital improvements, using long-term collateralized and uncollateralized borrowings including the existing LOC and the issuance of debt securities or the issuance of equity including under our ATM equity offering program.
We expect to meet certain long-term liquidity requirements, such as scheduled debt maturities, property acquisitions and capital improvements, using long-term collateralized and uncollateralized borrowings including the existing LOC and the issuance of debt securities. For information regarding our debt activities and related borrowing arrangements, see Item 8. Financial Statements and Supplementary Data—Note 9. Borrowing Arrangements.
If an impairment indicator exists related to a long-lived asset, the expected future undiscounted cash flows are compared against the carrying amount of that asset. Forecasting cash flows requires us to make estimates and assumptions on various inputs including, but not limited to, rental revenue and expense growth rates, occupancy, levels of capital expenditure and capitalization rates.
Forecasting cash flows requires us to make estimates and assumptions on various inputs including, but not limited to, rental revenue and expense growth rates, occupancy, levels of capital expenditure and capitalization rates.
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.
As of December 31, 2022, our LOC had a borrowing capacity of $302.0 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 LIBOR plus 1.25% to 1.65%, requires an annual facility fee of 0.20% to 0.35% and matures on April 18, 2025.
The LOC bears interest at a rate of Secured Overnight Financing Rate plus 1.25% to 1.65%, requires an annual facility fee of 0.20% to 0.35% and matures on April 18, 2025.
Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio in 2022 and 2021 includes all Properties acquired prior to December 31, 2020 that we have owned and operated continuously since January 1, 2021.
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 2022 and 2023.
The following table summarizes our cash flows activity: For the years ended December 31, (amounts in thousands) 2022 2021 2020 Net cash provided by operating activities $ 599,336 $ 595,052 $ 466,537 Net cash used in investing activities (525,589) (914,455) (450,379) Net cash (used in) provided by financing activities (174,798) 418,741 (20,958) Net (decrease) increase in cash and restricted cash $ (101,051) $ 99,338 $ (4,800) Operating Activities 54 Management's Discussion and Analysis (continued) Net cash provided by operating activities increased $4.3 million to $599.3 million for the year ended December 31, 2022, from $595.1 million for the year ended December 31, 2021.
The following table summarizes our cash flows activity: For the years ended December 31, (amounts in thousands) 2023 2022 2021 Net cash provided by operating activities $ 548,005 $ 475,814 $ 509,027 Net cash used in investing activities (324,753) (402,067) (828,430) Net cash (used in) provided by financing activities (215,662) (174,798) 418,741 Net increase (decrease) in cash and restricted cash $ 7,590 $ (101,051) $ 99,338 54 Management's Discussion and Analysis (continued) Operating Activities Net cash provided by operating activities increased $72.2 million to $548.0 million for the year ended December 31, 2023, from $475.8 million for the year ended December 31, 2022.
During 2022, we continued to experience an all-time high for new home sales with 1,176 new home sales during the year ended December 31, 2022, compared to 1,163 new home sales during the year ended December 31, 2021.
We closed 905 new home sales during the year ended December 31, 2023 compared to 1,176 new home sales during the year ended December 31, 2022.
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. Our Core Portfolio average occupancy, including both homeowners and renters, in our MH communities was 95.1% for each of the years ended December 31, 2022 and December 31, 2021.
We continue to expect there to be fluctuations in the sources of occupancy gains 45 Management's Discussion and Analysis (continued) depending on local market conditions, availability of vacant sites and success with converting renters to homeowners.
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.
Investing Activities Net cash used in investing activities decreased $388.9 million to $525.6 million for the year ended December 31, 2022, from $914.5 million for the year ended December 31, 2021.
Financing Activities Net cash used in financing activities increased $40.9 million to $215.7 million for the year ended December 31, 2023, from $174.8 million for the year ended December 31, 2022.
Off Balance Sheet Arrangements We do not have any off balance sheet arrangements that are reasonably likely to have a material effect on our financial condition, results of operations, liquidity or capital resources.
If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recorded for the carrying amount in excess of the estimated fair value. 56 Management's Discussion and Analysis (continued) Off Balance Sheet Arrangements We do not have any off balance sheet arrangements that are reasonably likely to have a material effect on our financial condition, results of operations, liquidity or capital resources.
Capital improvements The following table summarizes capital improvements: For the years ended December 31, (amounts in thousands) 2022 2021 2020 Asset preservation (1) $ 46,406 $ 43,618 $ 35,409 Improvements and renovations (2) 34,121 26,887 24,580 Property upgrades and development (3) 134,318 120,209 93,139 New and used home investments (4) (5) 145,627 96,395 59,615 Total property improvements 360,472 287,109 212,743 Corporate 12,327 3,181 4,339 Total capital improvements $ 372,799 $ 290,290 $ 217,082 _____________________ (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) 2023 2022 2021 Asset preservation (1) $ 58,969 $ 46,406 $ 43,618 Improvements and renovations (2) 40,757 34,121 26,887 Property upgrades and development (3) 183,174 134,318 120,209 Site development (4) 27,005 22,105 10,370 Total property improvements 309,905 236,950 201,084 Corporate 7,181 12,327 3,181 Total capital improvements $ 317,086 $ 249,277 $ 204,265 _____________________ (1) Includes upkeep of property infrastructure including utilities and streets and replacement of community equipment and vehicles.
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. We believe we have met the requirements and have qualified for taxation as a REIT and we plan to continue to meet these requirements.
We believe we have met the requirements and have qualified for taxation as a REIT and we plan to continue to meet these requirements.
Utility and other income in our Core Portfolio for 2022 increased $4.9 million, or 4.9%, from 2021. The increase was primarily due to higher utility income of $6.1 million and pass-through income of $1.7 million, partially offset by lower other property income of $2.9 million. Utility income increased across all utility types.
The increase was primarily due to higher utility income of $5.8 million and an increase in other property income of $5.2 million. Utility income increased across all utility types.
A membership upgrade may offer (1) increased length of consecutive stay by 50% (i.e., up to 21 days); (2) ability to make earlier advance reservations; (3) discounts on rental units; (4) access to additional Properties, which may include use of Sites at non-membership RV communities, or (5) membership in discount travel programs.
A membership upgrade may offer (1) increased length of consecutive stay; (2) the ability to make earlier advance reservations; (3) discounts on rental accommodations and (4) access to additional properties, including non-membership recreational vehicle ("RV") properties. Each membership upgrade requires a non-refundable upfront payment, for which we offer financing options to eligible customers.
(2) Presented in Depreciation and amortization in the Consolidated Statements of Income and Comprehensive Income. (3) New home cost basis in 2021 does not include the costs associated with our ECHO JV.
(2) Presented in Depreciation and amortization in the Consolidated Statements of Income and Comprehensive Income.

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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 changeThese forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to: • our ability to control costs and real estate market conditions, our ability to retain customers, the actual use of Sites by customers and our success in acquiring new customers at our Properties (including those that we may acquire); • our ability to maintain historical or increase future rental rates and occupancy with respect to properties currently owned or that we may acquire; • our ability to attract and retain customers entering, renewing and upgrading membership subscriptions; • our assumptions about rental and home sales markets; • our ability to manage counterparty risk; • our ability to renew our insurance policies at existing rates and on consistent terms; • home sales results could be impacted by the ability of potential homebuyers to sell their existing residences as well as by financial, credit and capital markets volatility; • results from home sales and occupancy will continue to be impacted by local economic conditions, including an adequate supply of homes at reasonable costs, lack of affordable manufactured home financing and competition from alternative housing options including site-built single-family housing; • impact of government intervention to stabilize site-built single-family housing and not manufactured housing; • effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions; • the completion of future transactions in their entirety, if any, and timing and effective integration with respect thereto; • unanticipated costs or unforeseen liabilities associated with recent acquisitions; • the effect of Hurricane Ian on our business including, but not limited to the following: (i) the timing and cost of recovery, (ii) the condition of properties and the impact on occupancy demand and related rent revenue and (iii) the timing and amount of insurance proceeds; • our ability to obtain financing or refinance existing debt on favorable terms or at all; • the effect of inflation and interest rates; • the effect from any breach of our, or any of our vendors', data management systems; • the dilutive effects of issuing additional securities; • the outcome of pending or future lawsuits or actions brought by or against us, including those disclosed in our filings with the Securities and Exchange Commission; and • other risks indicated from time to time in our filings with the Securities and Exchange Commission.
Biggest changeThese forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to: • our ability to control costs and real estate market conditions, our ability to retain customers, the actual use of Sites by customers and our success in acquiring new customers at our Properties (including those that we may acquire); • our ability to maintain historical or increase future rental rates and occupancy with respect to properties currently owned or that we may acquire; • our ability to attract and retain customers entering, renewing and upgrading membership subscriptions; • our assumptions about rental and home sales markets; • our ability to manage counterparty risk; • our ability to renew our insurance policies at existing rates and on consistent terms; • home sales results could be impacted by the ability of potential homebuyers to sell their existing residences as well as by financial, credit and capital markets volatility; • results from home sales and occupancy will continue to be impacted by local economic conditions, including an adequate supply of homes at reasonable costs, lack of affordable manufactured home financing and competition from alternative housing options including site-built single-family housing; • impact of government intervention to stabilize site-built single-family housing and not manufactured housing; • effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions; • the completion of future transactions in their entirety, if any, and timing and effective integration with respect thereto; • unanticipated costs or unforeseen liabilities associated with recent acquisitions; • the effect of potential damage from natural disasters, including hurricanes and other weather-related events, which could result in substantial costs to our business; • our ability to obtain financing or refinance existing debt on favorable terms or at all; • the effect of inflation and interest rates; • the effect from any breach of our, or any of our vendors', data management systems; • the dilutive effects of issuing additional securities; • the potential impact of, and our ability to remediate, material weaknesses in our internal control over financial reporting; • the outcome of pending or future lawsuits or actions brought by or against us, including those disclosed in our filings with the Securities and Exchange Commission; and • other risks indicated from time to time in our filings with the Securities and Exchange Commission.
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. 58
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 $340.0 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 $330.7 million. Our secured debt has fixed interest rates so interest expense and cash flows would not be affected by fluctuations in interest rates.
Our line of credit bears interest at a rate of LIBOR 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 1.25% to 1.65%. 57 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.
The variable rate on our unsecured term loan is fixed through the utilization of an interest rate swap so interest expense and cash flows would not be affected by fluctuations in interest rates.
The 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.
In addition, 19.8% 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 $308.8 million.
In addition, 18.3% 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 $302.1 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 2023 to 2041, which minimizes the market risk until the debt matures. As of December 31, 2022, we had $92.5 million of secured debt maturing in 2023.
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, 2023, we had no secured debt maturing in 2024.
Added
The variable rate on our unsecured $300.0 million term loan is fixed through the utilization of an interest rate swap, which matures March 25, 2024. After the maturity of the interest rate swap, our unsecured $300.0 million term loan will bear interest at SOFR plus 1.40% to 1.95% per annum.

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