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What changed in EQUITY LIFESTYLE PROPERTIES INC's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of EQUITY LIFESTYLE PROPERTIES INC's 2023 and 2024 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 2024 report.

+282 added−295 removedSource: 10-K (2025-02-25) vs 10-K (2024-02-22)

Top changes in EQUITY LIFESTYLE PROPERTIES INC's 2024 10-K

282 paragraphs added · 295 removed · 234 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

57 edited+15 added−34 removed64 unchanged
Biggest changeWhether 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 facets of ELS, employees, management and our Board of Directors, are expected to act with honesty, integrity, fairness and respect.
Biggest changeOur Purpose: Corporate Governance It is of the utmost importance to the Company that we maintain the highest level of ethical standards in our processes, customs, and policies. Whether we are working with customers or vendors, we guide our actions with a clear set of established principles, and we hold ourselves accountable for ethical business practices.
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 were formed in December 1992 to continue the property operations, business objectives and acquisition strategies of an entity that had owned and operated Properties since 1969.
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 were formed in December 1992 to continue the property operations, business objectives and acquisition strategies of an entity that had owned and operated Properties since 1969. Mr.
Our operating, investment and financing initiatives include: • Consistently providing high levels of services and amenities in attractive surroundings to foster a strong sense of community and pride of home ownership; • Efficiently managing the Properties to add value, grow occupancy, maintain competitive market rents and control expenses; • Incorporating environmental, social and governance (“ESG”) considerations into our business and ensuring sustainability is embedded in our business operations; • Achieving growth and increasing property values through strategic expansion and, where appropriate, renovation of the Properties; • Utilizing technology to evaluate potential acquisitions, identify and track competing properties, attract new customers and monitor existing and prospective customer satisfaction; • Selectively acquiring properties that offer opportunities for us to add value and enhance or create property concentrations in and around retirement or vacation destinations and urban areas to capitalize on operating synergies; • Selectively acquiring parcels of land adjacent to our Properties that offer opportunities for us to expand our existing communities with additional Sites; • Selecting joint venture partners that share business objectives, growth initiatives and risk profiles similar to ours; • Managing our capital structure in order to maintain financial flexibility, minimize exposure to interest rate fluctuations and maintain an appropriate degree of leverage to maximize return on capital; and • Developing and maintaining relationships with various capital providers. 2 These initiatives and their implementation were determined by our management team and ratified by our Board of Directors and may be subject to change or amendment at any time.
Our operating, investment and financing initiatives include: • Consistently providing high levels of services and amenities in attractive surroundings to foster a strong sense of community and pride of home ownership; • Efficiently managing the Properties to add value, grow occupancy, maintain competitive market rents and control expenses; • Incorporating sustainability considerations into our business and ensuring sustainability is embedded in our business operations; • Achieving growth and increasing property values through strategic expansion and, where appropriate, renovation of the Properties; • Utilizing technology to evaluate potential acquisitions, identify and track competing properties, attract new customers and monitor existing and prospective customer satisfaction; • Selectively acquiring properties that offer opportunities for us to add value and enhance or create property concentrations in and around retirement or vacation destinations and urban areas to capitalize on operating synergies; • Selectively acquiring parcels of land adjacent to our Properties that offer opportunities for us to expand our existing communities with additional Sites; • Selecting joint venture partners that share business objectives, growth initiatives and risk profiles similar to ours; • Managing our capital structure in order to maintain financial flexibility, minimize exposure to interest rate fluctuations and maintain an appropriate degree of leverage to maximize return on capital; and • Developing and maintaining relationships with various capital providers. 2 These initiatives and their implementation were determined by our management team and ratified by our Board of Directors and may be subject to change or amendment at any time.
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.
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. In 2020, the number of recent home buyers who own more than one home was 17%, up from 16% in 2019, according to NAR.
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.
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.
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.
At certain Properties, state and local rent control laws dictate the structure of rent increases and in some cases, outline the ability to recover the costs of capital improvements. Enactment of such laws has been considered at 7 various times in other jurisdictions.
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.
For most catastrophic events, there is an additional one-time aggregate deductible of $10.0 million, which is capped at $5.0 million per occurrence. We have separate insurance policies with respect to our marina Properties. Those casualty policies will expire on November 1, 2025 and the property insurance program, which we plan to renew, expires on April 1, 2025.
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 marina property insurance program has a $30.0 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 .
In addition to foundational safety and compliance training, team members participate in virtual and in-person learning experiences including formal new employee and manager development programs, a formal mentorship program, a “Knowledge Power Day” program providing office-based employees an opportunity to be fully immersed in the day-to-day operations at our communities, customer experience training focused on varying elements that support our values for property team members and diversity, equity and inclusion programs to support the sense of belonging, awareness and connection at ELS.
In addition to foundational safety and compliance training, team members participate in virtual and in-person learning experiences including formal new employee and manager development programs, a formal mentorship program, a “Knowledge Power Day” program providing office-based employees an opportunity to be fully immersed in the day-to-day operations at our communities, customer experience training focused on varying elements that support our values for property team members and programs to support the sense of belonging, awareness and connection at ELS.
Item 1. Business Equity LifeStyle Properties, Inc. General Equity LifeStyle Properties, Inc. (“ELS”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our”.
Item 1. Business Equity LifeStyle Properties, Inc. General Equity LifeStyle Properties, Inc. (“ELS”, or the “Company”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our”.
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.
The relevant insurance policies contain deductible requirements, coverage limits and particular exclusions. Our current property and casualty insurance policies with respect to our MH and RV Properties, which we plan to renew, expire on April 1, 2025.
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.
We have a $125.0 million per occurrence limit with respect to our MH and RV all-risk property insurance program, which includes approximately $75.0 million of coverage per occurrence for named windstorms, which include, for example, hurricanes.
Making a positive impact in the greater communities in which we operate not only helps us make a difference in the lives of others, but also enhances our knowledge of and connection to the people and places we serve.
Making a positive impact in the greater communities in which we operate not only helps us make a difference in the lives of others, but also enhances our knowledge of and connection to the people and places we serve. 1. Residents & Guests a.
A membership subscription grants the member access to these Properties on a continuous basis of up to 14 days in exchange for an annual payment. In addition, members are eligible to upgrade their subscriptions, which increase usage rights during the membership term. Each membership upgrade requires a non-refundable upfront payment, for which we offer financing options to eligible members.
A membership subscription grants the member access to these Properties on a continuous basis of up to 14 days in exchange for an annual payment. In addition, members are eligible to upgrade their subscriptions, which increase usage rights during the membership term. Certain membership upgrades require a non-refundable upfront payment, for which we offer financing options to eligible members.
We contributed the proceeds from our various equity offerings, including our initial public offering, to the Operating Partnership. In exchange for these contributions, we received units of common interests in the partnership (“OP Units”) equal to the number of shares of common stock that have been issued in such equity offerings.
We contributed the proceeds from our various equity offerings to the Operating Partnership. In exchange for these contributions, we received units of common interests in the partnership (“OP Units”) equal to the number of shares of common stock that have been issued in such equity offerings.
Commencing with our taxable year ended December 31, 1993, we have elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We have a unique business model where we own the land which we lease to customers who own manufactured homes and cottages, RVs and/or boats either on a long-term or short-term basis.
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 have a unique business model where we own the land which we lease to customers who own manufactured homes and cottages, RVs and/or boats either on a long-term or short-term basis.
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.
We have an annual average of approximately 3,800 full-time, part-time and seasonal employees dedicated to carrying out our operating philosophy while focusing on delivering an exceptional customer experience for our residents and guests.
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.
When evaluating potential dispositions, we consider, among others, the following factors: • Whether the Property meets our current investment criteria; • Our desire to exit certain non-core markets and reallocate the capital into core markets; and • Our ability to sell the Property at a price that we believe will provide an appropriate return for our stockholders. 3 When investing capital, we consider all potential uses of the capital, including returning capital to our stockholders.
Risk Factors and our consolidated financial statements and related notes beginning on page F-1 of this Form 10-K for more detailed information. Under the existing administration, the Federal Housing Finance Agency (the “FHFA”), overseer of Fannie Mae, Freddie Mac (the “GSEs”) and the Federal Home Loan Banks, has focused on equitable access to affordable and sustainable housing.
Risk Factors and our consolidated financial statements and related notes beginning on page F-1 of this Form 10-K for more detailed information. The Federal Housing Finance Agency (the “FHFA”), overseer of Fannie Mae, Freddie Mac (the “GSEs”) and the Federal Home Loan Banks, focuses on equitable access to affordable and sustainable housing.
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.
We are one of the nation's largest real estate networks with a portfolio of 452 Properties (including joint venture Properties) consisting of 173,201 Sites located throughout 35 states in the U.S. and British Columbia in Canada as of December 31, 2024. 1 Our Properties are generally designed and improved for housing options of various sizes and layouts that are produced off-site by third-party manufacturers, installed and set on designated Sites within the Properties.
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.
Census Bureau, 2024 and 2023 shipments of manufactured homes were closer to pre-pandemic levels. 2022 shipments of manufactured homes appeared to be the highest in over a decade, marking the first time that shipments exceeded over 100,000 for two consecutive years.
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.
These leases are cancellable, depending on applicable law, for non-payment of rent, violation of Property rules and regulations or other specified defaults. Long-term leases are in effect at approximately 7,201 Sites in 21 of our MH Properties.
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.
Acquisitions will be financed with the most efficient available sources of capital, which may include undistributed Funds from Operations (“FFO”), collateralized and uncollateralized borrowings, including our existing line of credit, issuance of additional equity securities, including under an at-the-market (“ATM”) equity offering program, and sales of investments.
We are actively seeking to acquire and at any given time are engaged in various stages of negotiations relating to the possible acquisition of additional properties, which may include outstanding contracts to acquire properties that are subject to the satisfactory completion of our due diligence review.
We are actively seeking to acquire and at any given time are engaged in various stages of negotiations relating to the possible acquisition of additional properties, which may include outstanding contracts to acquire properties that are subject to the satisfactory completion of our due diligence review. We believe there continues to be opportunities for property acquisitions.
While the FHFA and the current GSE 2022-24 DTS Plans may have a positive impact on the ability of our customers to obtain chattel financing, the actual impact on us, as well as the industry, cannot be determined at this time. Available Information We file reports electronically with the Securities and Exchange Commission (“SEC”).
While the FHFA and the current programs may have a positive impact on the ability of our customers to obtain chattel loan financing, the impact on us as well as the industry cannot be determined at this time. Available Information 10 We file reports electronically with the Securities and Exchange Commission (“SEC”).
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.
We also have an annual internship program designed to, among other things, create a pipeline of qualified candidates prepared for entry-level positions within the Company. We recognize the importance of experienced leadership and as of December 31, 2024, the average tenure for the executive team was 19 years.
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.
While 2024 retail sales of RVs were 321,573, down approximately 6.7% from 2023, the enduring appeal of the RV lifestyle has translated into continued strength in RV sales, as 2021 marked the highest sales year for the industry at 516,565. RV sales could continue to benefit from the increased demand from the baby boomers and Millennials.
The FHFA mandate requires the GSE Plans to address leadership in developing loan products and flexible underwriting guidelines in underserved markets to facilitate a secondary market for mortgages on manufactured homes titled as real property or personal property, blanket loans for certain categories of manufactured housing communities, preserving the affordability of housing for renters and homebuyers, and housing in rural markets.
Since 2017, the FHFA has developed programs for the GSEs that address leadership in developing loan products and flexible underwriting guidelines in underserved markets to facilitate a secondary market for mortgages on manufactured homes titled as real property or personal property, blanket loans for certain categories of manufactured housing communities, preserving the affordability of housing for renters and homebuyers, and housing in rural markets.
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.
As of December 31, 2024, more than 50% of our workforce self-identified as female and more than 50% of our management positions are held by individuals self-identifying as female. To enhance our external pool of talent, we partner with third parties and post openings to a wide variety of job boards.
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.
The National Marine Manufacturers Association (“NMMA”) released its 2022 U.S. Recreational Boating Statistical Abstract in January 2024. Total recreational marine expenditures during 2022 reached a high of $59.3 billion, a 4.4% and 37.1% increase over 2021 and 2019, respectively. According to NMMA, an estimated 85 million Americans go boating each year. According to the U.S.
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.
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.
Leases or Usage Rights At our Properties, a typical lease for the rental of a Site between us and the owner or renter of a home is month-to-month or for a one-year term, renewable upon the consent of both parties or, in some instances, as provided by statute.
The information on our internet site is not part of, nor incorporated into, this annual report on Form 10-K. 6 Leases or Usage Rights At our Properties, a typical lease for the rental of a Site between us and the owner or renter of a home is month-to-month or for a one-year term, renewable upon the consent of both parties or, in some instances, as provided by statute.
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 initial development of the infrastructure may take up to three years and once a property is ready for occupancy, it may be difficult to attract customers to an empty property. • Customer Base : We believe that our properties tend to achieve and maintain a stable rate of occupancy due to the following factors: (i) customers typically own their own homes and display pride of ownership in maintenance and upkeep of their homes, (ii) properties tend to foster a sense of community as a result of amenities, such as clubhouses and recreational and social activities, (iii) customers often sell their homes in-place (similar to site-built residential housing), resulting in no interruption of rental payments to us and (iv) moving a factory-built home from one property to another involves substantial cost and effort. • Lifestyle Choice : The RV industry is experiencing strong demand, outpacing available infrastructure and creating significant growth opportunities.
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.
Customer Impact: We enable customer conservation and efficiency by providing recycling and composting offerings; promoting water reduction through education and technology; and pursuing community-level certifications and procuring ENERGY STAR® certified homes to save our residents money and energy. 3. Enhancing Positive Impact a.
Providing a safe and healthy work environment for our team members is a top priority and we empower them to take ownership in this effort. Each employee is assigned a safety-related training curriculum tailored to their job responsibilities. All employees are encouraged to report any conditions in their workplace that raise health or safety concerns without fear of retaliation.
Providing a safe and healthy work environment for our team members is a top priority and we empower them to take ownership in this effort. Each employee is assigned a safety-related training curriculum tailored to their job responsibilities.
When investing capital, we consider all potential uses of the capital, including returning capital to our stockholders. Our Board of Directors periodically reviews the conditions under which we may repurchase our stock. These conditions include, but are not limited to, market price, balance sheet flexibility, other opportunities and capital requirements. Property Expansions Development - Current Portfolio.
Our Board of Directors periodically reviews the conditions under which we may repurchase our stock. These conditions include, but are not limited to, market price, balance sheet flexibility, other opportunities and capital requirements. Property Expansions Development - Current Portfolio. An integral part of our growth and investment strategy is to evaluate each Property for expansion opportunities.
We understand the value of continuing to focus on sustainable practices and the highest standard of business ethics and practices, as they are critical to our overall success and building long-term stakeholder value. With a dedicated sustainability team, we are committed to incorporating ESG principles into our business operations in collaboration with department heads.
We understand the value of continuing to focus on sustainable practices and the highest standard of business ethics and practices, as they are critical to our overall success and building long-term stakeholder value.
Notwithstanding our belief that the industry information highlighted above provides us with significant long-term growth opportunities, our short-term growth opportunities could be disrupted by the following: • Shipments: According to statistics compiled by the U.S.
Notwithstanding our belief that the industry information highlighted above provides us with significant long-term growth opportunities, our short-term growth opportunities could be disrupted by the following: • Shipments: Manufacturers quote production volume in terms of shipments, which can represent one section of a home or an entire home. According to statistics compiled by the U.S.
An integral part of our growth and investment strategy is to evaluate each Property for expansion opportunities. Investment evaluation consists of reviewing the following: local market conditions, demographic trends, zoning and entitlements, infrastructure requirements, financial feasibility, projected performance and property operations. When justified, development of land available for expansion (“Expansion Sites”) allows us to leverage existing facilities and amenities.
Investment evaluation consists of reviewing the following: local market conditions, demographic trends, zoning and entitlements, infrastructure requirements, financial feasibility, projected performance and property operations. When justified, development of land available for expansion (“Expansion Sites”) allows us to leverage existing facilities and amenities. We believe our ability to increase density translates to greater value creation and cash flows through operational efficiencies.
Our focus is on reducing operational impact, enabling customer impact and enhancing positive impact. Underpinning Our Journey is a practice of continual innovation. We aim to reduce emissions from our operations through our investments in resource conservation, efficiency and renewable energy programs.
Reducing Operational Impact a. Resource Conservation and Efficiency Programs: We aim to reduce emissions from our operations through our investments in resource conservation and efficiency. b. Renewable Energy: We seek to utilize on-site renewable energy. 2. Enabling Customer Impact a.
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.
Additionally, the Audit Committee of the Board of Directors is responsible for the discussion and review of policies with respect to risk assessment and risk management, including, but not limited to, human capital, climate, cyber security and other sustainability risks. At ELS, sustainability is at the core of Our Nature through Uniting People, Places & Purpose.
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.
On a quarterly basis, the Taskforce reports on Sustainability matters to the Compensation, Nominating and Corporate Governance Committee (the "Compensation Committee") of the Board of Directors. The Compensation Committee is responsible for the review of our sustainability strategy and initiatives. The Strategic Planning Committee of the Board of Directors further assists the Board in assessing sustainability strategies.
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.
Underwriting a project with these features allows us to access the previously untapped potential of such properties. For example, over the past three years, we have acquired 7 Properties and 6 land parcels that contain approximately 146 acres for future expansion. Human Capital Management We recognize that our success is driven by our employees.
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.
Over the last decade, we have continued to increase the number of Properties in our portfolio (including joint venture Properties), from approximately 384 Properties with over 143,000 Sites to 452 Properties with approximately 173,200 Sites as of December 31, 2024.
Our Properties generally attract retirees, vacationing families, second homeowners and first-time homebuyers by providing a community experience and a lower-cost home ownership alternative.
Our portfolio is geographically diversified across highly desirable locations near retirement and vacation destinations and urban areas across the United States. Our Properties generally attract retirees, vacationing families, second homeowners and first-time homebuyers by providing a community experience and a lower-cost home ownership alternative.
Sustainability Strategy ELS’ commitment to sustainability takes a holistic approach which aims to support our business model, minimize our environmental impact, maintain a safe and healthy workplace and uphold a high standard of business ethics and conduct.
We look forward to inviting employees to participate in additional pulse surveys annually with focus on engagement and the overall employee experience. Sustainability Strategy ELS’ commitment to sustainability embraces a holistic approach which aims to support our business model, minimize our environmental impact, maintain a safe and healthy workplace and uphold a high standard of business ethics and conduct.
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.
As RV owners age and move beyond the more active RV lifestyle, they will often seek permanent retirement or vacation establishments. Manufactured homes and cottages have become an increasingly popular housing alternative. According to 2023 U.S. Census Bureau National Population Projections figures, the population of people ages 55 and older is expected to grow 15% within the next 14 years.
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.
Overall, approximately 123 of our Properties have potential Expansion Sites, offering approximately 6,300 available acres. Refer to Item 2. Properties, which includes detail regarding the developable acres available at each property. Acquisition - Expanding Portfolio. In selecting acquisition targets, we focus on properties with existing operations in place and contiguous Expansion Sites.
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.
We believe that the housing choices in our Properties are especially attractive to such individuals throughout this lifestyle cycle. Our Properties offer an appealing amenity package, close proximity to local services, social activities, 8 low maintenance and a secure environment. In fact, many of our Properties allow for this cycle to occur within a single Property.
Our People: Giving Back: ELS believes in supporting the communities we operate as well as the greater communities in which we live, work and play. In order to maximize our efforts at giving back, we leverage a multi-pronged approach to delivering on this commitment, which includes a focus on employee engagement, community giving, strategic sponsorship and nonprofit impact.
To maximize our efforts at giving back, we leverage a multi-pronged approach to delivering on this commitment, which includes a focus on employee engagement, community giving, strategic sponsorship and nonprofit impact. 3. Team Members a. We recognize that our success is driven by our employees.
Census: Manufactured Homes Survey • Sales: We believe consumers view RVs as a safe way to enjoy an active outdoor lifestyle, travel and see the country.
According to the RVIA, wholesale shipments of RVs for 2024 ended with 333,733 shipments, a modest increase from 313,174 in 2023. 9 ——————————————————————————————————————————— 1. Source: RVIA 2. U.S. Census: Manufactured Homes Survey • Sales: We believe consumers view RVs as a safe way to enjoy an active outdoor lifestyle, travel and see the country.
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.
We work to create a comfortable and welcoming environment for everyone – residents, guests and team members. With a culture of recognition and reputation for excellence, our team members are empowered to take ownership in their jobs and help our customers create lasting memories.
Complementing the field management staff are approximately 500 full-time employees in our home and regional offices who assist in all functions related to the management of our Properties. For more information on our human capital management, please see the section below on our Sustainability Strategy.
Complementing the field management staff are approximately 500 full-time employees in our home and regional offices who assist in all functions related to the management of our Properties. We provide equal employment opportunities to all persons, in accordance with the principles and requirements of the Equal Employment Opportunities Commission and the principles and requirements of the Americans with Disabilities Act.
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.
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. We believe that this population segment, seeking an active lifestyle, will provide opportunities for our future growth.
As a result, the consideration of environmental factors has always been part of our culture in the daily operation of our business. Our Journey at ELS encompasses a three-part strategy to manage our impact, while also focusing on how we can provide environmental benefit beyond our own operations.
Our Places: Environmental Sustainability Our Nature is reflected in Our Places that demonstrate our environmental commitment within and beyond our property boundaries. Our Journey at ELS encompasses a three-part strategy to manage our impact, while also focusing on how we can provide environmental benefit beyond our own operations. Underpinning Our Journey is a practice of continual innovation. 5 1.
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 briefings from management regarding a wide variety of strategic initiatives, including Sustainability matters. As Sustainability is a key strategic area at ELS, Sustainability achievements are included as a metric of consideration in the executive discretionary bonuses, of which payment is at the discretion of the Compensation Committee.
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.
With a dedicated sustainability team, we are committed to incorporating sustainability principles into our business operations in collaboration with department heads. Our Sustainability Taskforce (the "Taskforce") supports our on-going commitment to environmental, social, governance and other public policy matters relevant to us (collectively “Sustainability matters”).
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Our portfolio is geographically diversified across highly desirable locations near retirement and vacation destinations and urban areas across the United States. We have more than 110 Properties with lake, river or ocean frontage and more than 120 Properties within 10 miles of the coastal United States.
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Samuel Zell served as Chairman of our Board of Directors from the Company’s initial public offering until his passing in May 2023. Mr. Zell is recognized as a founder of the modern real estate investment trust (“REIT”) industry.
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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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All 4 employees are encouraged to report any conditions in their workplace that raise health or safety concerns without fear of retaliation, which can be done via our confidential hotline. We also have a confidential multi-lingual Alertline available for all employees to report Ethics and Compliance concerns. ELS is a place where talent is recognized and internal growth is promoted.
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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.
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With approximately 10,200 forested acres and 5,600 acres of wetland in our portfolio, we are committed to maintaining biodiversity across our portfolio and operating assets that are connected to their local and natural environments. As a result, the consideration of environmental factors has always been part of our culture in the daily operation of our business.
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With a culture of recognition and reputation for excellence, our employees are empowered to take ownership in their jobs and make a difference. ELS is a place where talent is recognized and internal growth is promoted, making it an ideal organization in which to develop a long and successful career.
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Led by the sustainability team and overseen by our Executive Vice President and Chief Operating Officer, the Taskforce is comprised of a cross-functional team of employees from asset management, investor relations, compliance, communications, operations, marketing, risk management, financial reporting, legal, human resources, tax and IT that assists Company management and the Board in: • Setting general strategy and objectives relating to Sustainability matters; • Developing, implementing and monitoring initiatives and policies based on that strategy; • Overseeing communications with employees, investors and stakeholders with respect to Sustainability matters; and • Monitoring and assessing risks and opportunities relating to, and improving the Company's understanding of, Sustainability matters.
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We are committed to attracting and retaining a diverse workforce and to providing a safe and inclusive environment where our team members are encouraged to demonstrate their unique skill sets and bring a personal touch to their work.
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Protecting Biodiversity & Providing Outdoor Access: We are committed to preserving biodiversity within our portfolio and providing outdoor access to our guests and residents. Our People: Social Responsibility We are in the business of building community, and we understand the importance of extending those efforts beyond our individual property lines.
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We are committed to maintaining workplaces free from discrimination or harassment on the basis of color, race, sex, national origin, ethnicity, religion, age, disability, sexual orientation, gender identification or expression or any other status protected by applicable law. We value the many contributions of a diverse workforce and understand that diverse backgrounds bring diverse perspectives, resulting in unique insights.
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Our dedicated on-site management teams are encouraged to be ambassadors of their communities and are committed to consistently delivering an exceptional experience for our residents and guests. 2. Giving Back a. We believe in supporting the communities where we operate as well as the greater communities in which we live, work and play.
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Our Diversity Council is a cross-functional team formed to help guide and support the Company's ongoing commitment to diversity, equity and inclusion practices for employees, candidates and customers. We provide equal employment opportunities to all persons, in accordance with the principles and requirements of the Equal Employment Opportunities Commission and the principles and requirements of the Americans with Disabilities Act.
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Our full-time, part-time and seasonal team members are dedicated to carrying out our operating philosophy and focused on delivering an exceptional customer experience for our residents and guests. Our People and Culture (Human Resources) team plays an active role in guiding our team members to success, from the moment they apply and throughout their journey with the Company.
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ELS is a place where talent is recognized and internal growth is promoted.
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Our Talent Acquisition team identifies top talent, guides prospective employees to the right career opportunity and ensures an equitable hiring process. Once employed, our Learning and Development and Talent Management teams continue to support and develop our employees within a professional and community-oriented culture.
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We look forward to inviting employees to participate in additional pulse surveys annually with focus on engagement and the overall employee experience. Our People: Residents & Guests: ELS works to create a comfortable and welcoming environment for everyone – residents, guests and employees.
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We expect all employees, officers, members of management, and directors to act with honesty, integrity, fairness, and respect. Our Nature is to empower our teammates to take ownership in their jobs, to use good judgement and to do what is right for our customers and the Company.
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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.
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Good judgment based upon an understanding of the laws, regulations and principles of ethics is the best safeguard against improper or unethical conduct.
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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.
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Information on our sustainability practices can be found in our 2023-24 Sustainability Report published in November 2024, which references the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD) frameworks. The Sustainability Report also includes information on our environmental performance and methodology for energy, greenhouse gas emissions and water metrics.
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Throughout our Properties across North America, we work to create a comfortable and welcoming environment for everyone – residents, guests and employees. People helping people is the norm, and our Making a Difference in Our Communities program is designed to foster and support these acts of goodwill, generosity and neighborly care. Our strategic sponsorships leverage our communities to give back.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeAdditionally, Subtitle 8 of Title 3 of the MGCL permits our Board of Directors, without stockholder approval and regardless of what is currently provided in our charter or bylaws, to elect to be subject to certain provisions relating to corporate governance that may have the effect of delaying, deferring or preventing a transaction or a change of control of our company that might involve a premium to the market price of our common stock or otherwise be in our stockholders’ best interests.
Biggest changeAdditionally, Subtitle 8 of Title 3 of the MGCL permits our Board of Directors, without stockholder approval and regardless of what is currently provided in our charter or bylaws, to elect to be subject to certain provisions relating to corporate governance that may have the effect of delaying, deferring or preventing a transaction or a change of control of our company that might involve a premium to the market price of our common stock or otherwise be in our stockholders’ best interests. 20 These provisions include a classified board; two-thirds vote to remove a director; that the number of directors may only be fixed by the Board of Directors; that vacancies on the board as a result of an increase in the size of the board or due to death, resignation or removal can only be filled by the board and the director appointed to fill the vacancy serves for the remainder of the full term of the class of director in which the vacancy occurred and a majority requirement for the calling by stockholders of special meetings.
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.
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 5.0% per unit of insurance for most catastrophic events.
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.
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 state or 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.
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.
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.
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.
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 or additional financing.
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.
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.
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%.
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%.
The Board of Directors, upon receipt of a ruling from the IRS, opinion of counsel, or other evidence satisfactory to the Board of Directors and upon 15 days prior written notice of a proposed transfer which, if consummated, would result in the transferee owning shares in excess of the Ownership Limit, and upon such other conditions as the Board of Directors may direct, may exempt a stockholder from the Ownership Limit.
The Board of Directors, upon receipt of a ruling from the IRS, 22 opinion of counsel, or other evidence satisfactory to the Board of Directors and upon 15 days prior written notice of a proposed transfer which, if consummated, would result in the transferee owning shares in excess of the Ownership Limit, and upon such other conditions as the Board of Directors may direct, may exempt a stockholder from the Ownership Limit.
If tax authorities determine that amounts paid by our taxable REIT subsidiaries to us are greater than what would be paid under similar arrangements among unrelated parties, we could be subject to a 100% penalty tax on the excess payments and ongoing intercompany arrangements could have to change, resulting in higher ongoing tax payments.
If tax authorities determine that amounts paid by our taxable REIT subsidiaries to us are greater than what would be paid under similar arrangements among unrelated parties, we could be subject 23 to a 100% penalty tax on the excess payments and ongoing intercompany arrangements could have to change, resulting in higher ongoing tax payments.
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.
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 and states where a substantial number of our Properties are located.
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.
The occurrence of an accident, injury or disease outbreak 15 at any of our communities could also cause damage to our brand or reputation, lead to loss of consumer confidence in us, reduce occupancy at our communities and negatively impact our results of operations. Our Success Depends on Our Talented Employees, Management, Directors and Key Personnel.
The actual amount of dilution cannot be determined at this time and would be dependent upon numerous factors which are not currently known to us. Our Share Price Could Be Volatile and Could Decline, Resulting in A Substantial or Complete Loss on Our Stockholders’ Investment.
The actual 21 amount of dilution cannot be determined at this time and would be dependent upon numerous factors which are not currently known to us. Our Share Price Could Be Volatile and Could Decline, Resulting in A Substantial or Complete Loss on Our Stockholders’ Investment.
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.
In addition, changes in federal, state and local legislation and regulation may require increased capital expenditures at our Properties. 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.
Such laws regulate, for example, how and to what extent owners or operators of property can charge renters for provision of utilities. Such laws also regulate the 18 operations and performance of utility systems and may impose fines and penalties on real property owners or operators who fail to comply with these requirements.
Such laws regulate, for example, how and to what extent owners or operators of property can charge renters for provision of utilities. Such laws also regulate the operations and performance of utility systems and may impose fines and penalties on real property owners or operators who fail to comply with these requirements.
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.
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 extent such information exists on our systems or on the systems of third-party providers.
This could have an adverse effect on our ability to refinance maturing debt, react to changing economic and business conditions or access capital necessary to fund business operations, including the acquisition or expansion of properties. 19 Financial Covenants Could Adversely Affect Our Financial Condition .
This could have an adverse effect on our ability to refinance maturing debt, react to changing economic and business conditions or access capital necessary to fund business operations, including the acquisition or expansion of properties. Financial Covenants Could Adversely Affect Our Financial Condition .
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.
Moreover, certain of our marinas are 18 located on waterways that are subject to federal laws, including the Clean Water Act and the Oil Pollution Act, as well as analogous state laws regulating navigable waters, oil pollution, adverse impacts to fish and wildlife, and other matters.
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.
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, including decreases unrelated to our operating performance or prospects.
In the future, our internal controls may not be adequate to prevent or identify irregularities or errors or to facilitate the fair presentation of our consolidated financial statements, and there is risk that a material misstatement of our annual or quarterly financial statements may not be prevented or detected.
In the future, our internal controls may not be adequate to prevent or identify irregularities or errors or to facilitate the 24 fair presentation of our consolidated financial statements, and there is risk that a material misstatement of our annual or quarterly financial statements may not be prevented or detected.
If our financial statements are inaccurate, investors may not have a complete understanding of our operations. Likewise, if our financial statements are not filed on a timely basis, 24 we could be subject to sanctions or investigations by the NYSE, the SEC or other regulatory authorities.
If our financial statements are inaccurate, investors may not have a complete understanding of our operations. Likewise, if our financial statements are not filed on a timely basis, we could be subject to sanctions or investigations by the NYSE, the SEC or other regulatory authorities.
As part of our effort to realize the value of Properties subject to restrictive regulation, we have initiated lawsuits at various times against various municipalities imposing such regulations in an attempt to balance the interests of our stockholders with the interests of our customers.
As part of our effort to realize the value of Properties subject to restrictive regulation, we have initiated lawsuits at various times against various municipalities imposing such regulations in an attempt to balance the interests 16 of our stockholders with the interests of our customers.
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.
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.
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.
An accident, injury or disease outbreak at any of our communities, particularly an accident, injury or disease outbreak involving the safety of our residents, guests and employees, may be associated with claims against us involving higher assertions of damages and/or higher public visibility.
In addition, interest rate increases enacted to combat inflation have caused market disruption and could continue to prevent us from acquiring or disposing of assets on favorable terms.
In addition, past interest rate increases enacted to combat inflation have caused market disruption and could continue to prevent us from acquiring or disposing of assets on favorable terms.
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.
For most catastrophic events, there is an additional one-time aggregate deductible of $10.0 million, which is capped at $5.0 million per occurrence. We have separate insurance policies with respect to our marina Properties. Those casualty policies will expire on November 1, 2025, and the property insurance program, which we plan to renew, expires on April 1, 2025.
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.
These factors include but are not limited to the following: • changes in the global, national, regional and/or local economies; • the attractiveness of our Properties to customers, competition from other MH and RV communities and lifestyle-oriented properties and marinas and alternative forms of housing (such as apartment buildings and site-built single-family homes); • the ability of MH, RV and boat manufacturers to adapt to changes in the economy and the availability of units from these manufacturers; • the ability of our potential customers to sell or lease their existing residences in order to purchase homes or cottages at our Properties, and heightened price sensitivity for seasonal and second homebuyers; • the ability of our potential customers to obtain financing on the purchase of manufactured homes and cottages, RVs and/or boats; • our ability to attract new customers and retain them for our membership subscriptions and upgrade sales business; • our ability to collect payments from customers and pay or control operating costs, including real estate taxes and insurance; • the ability of our assets to generate income sufficient to pay our expenses, service our debt and maintain our Properties; • our ability to diversify, reconfigure our portfolio promptly in response to changing economic or other conditions and sell our Properties timely due to the illiquid nature of real estate investments; • unfavorable weather conditions, especially on holiday weekends in the spring and summer months, which are peak business periods for our transient customers; • changes in weather patterns and the occurrence of natural disasters or catastrophic events, including acts of war and terrorist attacks; • fluctuations in the exchange rate of the U.S. dollar to other currencies, primarily the Canadian dollar due to Canadian customers, who frequently visit our southern Properties; • changes in U.S. social, economic and political conditions, laws and governmental regulations, including policies governing rent control, fair and equitable access to housing, property zoning, taxation, minimum wages, chattel financing, health care, foreign trade, tariffs, regulatory compliance, manufacturing, development and investment; • an inflationary environment in which the costs to operate and maintain our communities increase at a rate greater than our ability to increase rents; • a recession or economic downturn; • supply chain disruptions and tightening labor markets, which have affected and could affect our ability to obtain materials and skilled labor timely without incurring significant costs or delays for any development and expansion activities; • fiscal policies, instability or inaction at the U.S. federal government level, which may lead to federal government shutdowns or negative impacts on the U.S. economy; • adverse outcomes of litigation; • public health crises, such as highly infectious or contagious diseases, which have had and could in the future have an adverse effect on our business; and • the realization of any other risk factors included in this Annual Report on Form 10-K.
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.
Changes in weather patterns could increase the frequency and severity of natural disasters. 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 changes in weather patterns could have a material adverse effect on our properties, operations and business.
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% 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.
The marina property insurance program has a $30.0 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.
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 have and could continue to adversely impact our investments in real estate assets and our expected yields on development and value-add projects.
For us to pay dividends to holders of our common stock, the Operating Partnership must first distribute cash to us. Before it can distribute the cash, our Operating Partnership must first satisfy its obligations to its creditors. Market Interest Rates May Have an Effect on the Value of Our Common Stock.
For us to pay dividends to holders of our common stock, the Operating Partnership must first distribute cash to us. Before it can distribute the cash, our Operating Partnership must first satisfy its obligations to its creditors. Fluctuations in Market Interest Rates May Have an Effect on the Value of Our Common Stock.
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.
As we have a large concentration of Properties in certain markets, most notably Florida, Northeast, California and Arizona, which comprised 45.3%, 11.3%, 10.7% and 10.6%, respectively, of our total property operating revenue for the year ended December 31, 2024, adverse market and economic conditions in these areas could significantly affect factors, such as occupancy and rental rates and could have a significant impact on our financial condition, results of operations, cash flows and ability to make distributions.
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.
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; • downturns in economic conditions which adversely impact the 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.
In addition, legislation, new regulations, administrative interpretations or court decisions might significantly change the tax laws with respect to the requirements for qualification as a REIT or the U.S. federal income tax consequences of qualification as a REIT.
In addition, legislation, changes in regulations, administrative interpretations or court decisions might significantly change the tax laws with respect to the requirements for qualification as a REIT or the U.S. federal income tax consequences of qualification as a REIT.
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.
As of December 31, 2024, we had 10 Properties in our portfolio subject to ground lease agreements for land. 14 Our Ability to Sell or Rent Manufactured Homes Could Be Impaired, Resulting in Reduced Cash Flows. Selling and renting homes is a part of our business.
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.
The regulations may also require capital investment to maintain compliance. Stakeholder Evaluations of Sustainability 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, and there is an increased focus on such matters by various regulatory authorities, including the SEC and the state of California.
Evaluations of Sustainability matters are important to investors and other stakeholders, and there is an increased focus on such matters by various regulatory authorities, including the SEC and the state of California.
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.
Adverse macroeconomic conditions, including slow growth or recession, high unemployment, inflation, threats of, and/or the implementation of tariffs, 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.
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.
We are subject to risks associated with natural disasters, including but not limited to hurricanes, storms, fires and earthquakes. As of December 31, 2024, we owned or had an ownership interest in 452 Properties, including 136 Properties and 19 marinas located in Florida and 49 Properties located in California.
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 weather patterns and natural disasters 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.
To the extent our exposure to increases in interest rates on any of our debt is not eliminated through interest rate swaps and interest rate protection agreements, such increases will result in higher debt service costs, which will adversely affect our cash flows.
To the extent our exposure to increases in interest rates on any of our debt is not eliminated through interest rate swaps and interest rate protection agreements, for example, our line of credit, such increases will result in higher debt service costs, which will adversely affect our cash flows.
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.
We do not control investment in that infrastructure and the condition of the infrastructure and supply of the utilities may not be sufficient to handle impact resulting from changes in weather patterns. Over time, these conditions could result in increased incidents of physical damage to our Properties, declining demand for our Properties and increased difficulties operating them.
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.
Our debt-to-market-capitalization ratio (total debt as a percentage of total debt plus the market value of the outstanding common stock and OP Units held by parties other than us) was approximately 19.5% as of December 31, 2024.
The construction and building industry, similar to many other industries, is experiencing worldwide supply chain disruptions due to a multitude of factors that are beyond our control.
The construction and building industry, similar to many other industries, has experienced worldwide supply chain disruptions due to a multitude of factors that are beyond our control.
Our Ability to Obtain Mortgage Financing or Refinance Maturing Mortgages May Adversely Affect Our Financial Condition . Lenders' demands on borrowers as to the quality of the collateral and related cash flows may make it challenging to secure financing on attractive terms or at all.
Our Ability to Obtain Mortgage Financing or Refinance Maturing Mortgages May Adversely Affect Our Financial Condition . Lenders' demands on borrowers as to the quality of the collateral and related cash flows may make it challenging to secure financing for our wholly owned assets or those owned by our joint ventures on attractive terms or at all.
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.
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.
The occurrence of a natural disaster or other catastrophic event in any of these areas may cause a sudden decrease in the value of our Properties and result in an adverse effect to our financial condition, results of operations and cash flows. Climate Change May Adversely Affect Our Business.
The occurrence of a natural disaster or other catastrophic event in any of these areas have caused and may cause a sudden decrease in the value of our Properties and result in an adverse effect to our financial condition, results of operations and cash flows. Changes in Weather Patterns May Adversely Impact Our Business.
For example, our consumers rely on our technology platforms to make reservations; and therefore, these user interfaces must be understandable and easy to use. It may require investment of both time and expense to implement a new system or upgrade our existing technology.
For example, our customers rely on our technology platforms to make reservations; and therefore, these user interfaces must be understandable and easy to use. It may require investment of both time and expense to implement a new system or upgrade our existing technology, and we may not achieve the benefits that we anticipate from any new system, software or technology.
Controls and Procedures, we face the potential for litigation or other disputes which may include, among others, claims invoking the federal and state securities laws, and contractual or other claims arising from the restatement, material weakness, and the preparation of our financial statements.
Controls and Procedures of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, we face the potential for litigation or other disputes which may include, among others, claims invoking the federal and state securities laws, and contractual or other claims arising from the restatement, material weakness, and the preparation of our financial statements.
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.
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.
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.
Sustainability 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 sustainability scores to benchmark companies against their peers. The methodologies by which Sustainability matters are assessed may vary among evaluators and regulatory authorities.
Any of these risks could materially and adversely affect our ability to generate and recognize attractive returns on our joint venture investments, which could have a material adverse effect on our results of operations, financial condition and distributions to our stockholders. There is a Risk of Accidents, Injuries or Outbreaks Occurring at Our Properties Which May Negatively Impact Our Operations.
Any of these risks could materially and adversely affect our ability to generate and recognize attractive returns on our joint venture investments, which could have a material adverse effect on our results of operations, financial condition and distributions to our stockholders.
An adverse finding against us in any such proceeding could materially and adversely affect our results of operations, financial condition and distributions to our stockholders. • Occupational, Safety and Health Act Our Properties are subject to regulation under the federal Occupational, Safety and Health Act (“OSHA”), which requires employers to provide employees with an environment free from hazards, such as exposure to toxic chemicals, excessive noise levels, mechanical dangers, heat or cold stress and unsanitary conditions.
Occupational, Safety and Health Act Our Properties are subject to regulation under the federal Occupational, Safety and Health Act (“OSHA”), which requires employers to provide employees with an environment free from hazards, such as exposure to toxic chemicals, excessive noise levels, mechanical dangers, heat or cold stress and unsanitary conditions.
Any legislative action may prospectively or retroactively modify our tax treatment and therefore, may adversely affect our taxation or our Company's shareholders. We urge you to consult with your tax advisor with respect to the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our stock.
We urge you to consult with your tax advisor with respect to the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our stock.
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.
Our current property and casualty insurance policies with respect to our MH and RV Properties, which we plan to renew, expire on April 1, 2025. We have a $125.0 million per occurrence limit with respect to our MH and RV all-risk property insurance program, which includes $75.0 million of coverage per occurrence for named windstorms, which include, for example, hurricanes.
We also have agreed to indemnify our present and former Directors and Officers in connection with litigation in which they are named or threatened to be named as a party in their capacity as Directors and 17 Officers.
We cannot provide any assurance regarding the outcome of any claims that may arise in the future. We also have agreed to indemnify our present and former Directors and Officers in connection with litigation in which they are named or threatened to be named as a party in their capacity as Directors and Officers.
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.
Pandemics, epidemics, or other public health crises, and measures intended to prevent the spread of such events, have had and could in the future have significant repercussions across regional, national and global economies and financial markets.
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).
The total principal amount of our outstanding indebtedness was approximately $3,229.7 million as of December 31, 2024, of which $77.0 million, or 2.38%, is related to our line of credit and $87.6 million of secured debt, or 2.71%, matures in 2025.
Although we believe that our Properties are in compliance in all material respects with applicable requirements, complying with OSHA and similar laws can be costly and any failure to comply with these regulations could result in penalties or potential litigation. • Americans with Disabilities Act Under the Americans with Disabilities Act (“ADA”), all public accommodations and commercial facilities must meet certain federal requirements related to access and use by disabled persons.
Although we believe that our Properties are in compliance in all material respects with applicable requirements, complying with OSHA and similar laws can be costly and any failure to comply with these regulations could result in penalties or potential litigation.
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.
Such risks could include viruses, malware, ransomware, denial-of-service attacks, and cybersecurity attacks, attempts to gain unauthorized access to our data and computer systems or steal confidential information, including credit card information from our customers, or they could include breaches due to error, phishing scams, malfeasance or other disruptions of employees, independent contractors or consultants, that could have a materially adverse impact on business strategy, results 25 of operations, or financial condition.
Resident groups have previously filed lawsuits against us seeking to limit rent increases and/or seeking large damage awards for our alleged failure to properly maintain certain Properties or other resident related matters.
Resident groups have previously filed lawsuits against us seeking to limit rent increases and/or seeking large damage awards for our alleged failure to properly maintain certain Properties or other resident related matters. An adverse finding against us in any such proceeding could materially and adversely affect our results of operations, financial condition and distributions to our stockholders.
We cannot provide any assurance regarding the outcome of any claims, and an unfavorable outcome in litigation could result in liability material to our financial condition or results of operations. We cannot provide any assurance regarding the outcome of any claims that may arise in the future.
Litigation can be lengthy and expensive, and it can divert management's and our Directors' attention and resources away from our business. We cannot provide any assurance regarding the outcome of any claims, and an unfavorable outcome in litigation could result in liability material to our financial condition or results of operations.
We are involved and may continue to be involved in legal proceedings, claims, class actions, inquiries and investigations relating to our operations, corporate transactions, dispositions and investments and otherwise in the ordinary course of business.
We are involved and may continue to be involved in legal proceedings, claims, class actions, inquiries and investigations relating to our operations, corporate transactions, dispositions and investments and otherwise in the ordinary course of business. 17 These legal proceedings may include, but are not limited to, proceedings related to consumer, shareholder, securities, anticompetitive, antitrust, employment, environmental, development, tort, eviction and commercial legal issues.
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.
Thus, 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 have a materially adverse impact on our business strategy, results of operations, or financial condition.
While we maintain and promote safety at our Properties, there are inherent risks associated with certain features, assets and activities at our communities.
There is a Risk of Accidents, Injuries or Disease Outbreaks Occurring at Our Properties Which May Negatively Impact Our Operations. While we maintain and promote safety at our Properties, there are inherent risks associated with certain features, assets and activities at our communities.
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.
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 such a violation of, or a failure to comply with, applicable laws could have a materially adverse impact on our business strategy, results of operations, or financial condition.
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.
Failure to comply with these requirements could subject us to significant liability, including governmental fines or private litigation. There can be no assurance that the application of laws, regulations or policies will not occur in a manner that could have a detrimental effect on our financial condition, results of operations and cash flows.
Some investors focus on disclosures of ESG-related business practices and scores when choosing to allocate their capital and may consider a company's score in making an investment decision. Although we have undertaken and continue to pursue ESG initiatives and disclosures, there can be no assurance that we will score highly on ESG Matters across evaluators in the future.
Although we have undertaken and continue to pursue sustainability initiatives and disclosures, there can be no assurance that we will score highly on Sustainability matters across evaluators in the future.
Additionally, disruptions in capital and credit markets, including potential reforms to Fannie Mae and Freddie Mac, could impact both the capacity and liquidity of lenders, resulting in financing terms that are less attractive to us and/or the unavailability of certain types of debt financing.
Market factors including increases in the U.S. federal reserve funds rate may result in increases in market interest rates, which could increase the costs of refinancing existing indebtedness or obtaining new debt. 19 Additionally, disruptions in capital and credit markets, as well as changes in government regulation, may lead to changes at Fannie Mae and Freddie Mac, that could impact both the capacity and liquidity of lenders, resulting in financing terms that are less attractive to us and/or the unavailability of certain types of debt financing.
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.
Interruptions to any of the above could lead to lost revenues, interruptions in our business operations and damage to our business reputation.
The IRS, the United States Treasury Department and Congress frequently review U.S. federal income tax legislation, regulations and other guidance. We cannot predict whether, when or to what extent new U.S. federal tax laws, regulations, interpretations or rulings will be adopted.
We cannot predict whether, when or to what extent new U.S. federal tax laws, regulations, interpretations or rulings will be adopted. Any legislative action may prospectively or retroactively modify our tax treatment and therefore, may adversely affect our taxation or our Company's shareholders.
Information and data maintained in digital form are subject to the risks of unauthorized access, modification, exfiltration, destruction or denial of access.
Information and data maintained in digital form are subject to the risks of unauthorized access, modification, exfiltration, destruction or denial of access. Cybersecurity is an issue that is becoming increasingly regulated. As regulations take effect or evolve it is possible we may encounter issues being fully compliant with these legal standards.
Removed
Failure to comply with these requirements could subject us to significant liability, including governmental fines or private litigation.
Added
New technologies, including artificial intelligence, may also pose inherent risks such as potential for inaccuracy, bias, intellectual property infringement, or misappropriation, and may expand concerns regarding data privacy and cybersecurity, and could result in higher than anticipated costs or could adversely affect our results of operations.
Removed
These legal proceedings may include, but are not limited to, proceedings related to consumer, shareholder, securities, anticompetitive, antitrust, employment, environmental, development, tort, eviction and commercial legal issues. Litigation can be lengthy and expensive, and it can divert management's and our Directors' attention and resources away from our business.
Added
For more information on cybersecurity risks that could affect the Company, please see “ We Face Risks Relating to Cybersecurity Incidents and Privacy Laws .” below. Public health crises, such as an Epidemic or a Pandemic, Could Materially and Adversely Impact or Disrupt Our Business Including Our Financial Condition, Results of Operations and Cash Flows.
Removed
The methodologies by which ESG Matters are assessed may vary among evaluators and regulatory authorities. The activities and expense required to comply with new and varying criteria, laws, regulations or standards may be significant.
Added
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.
Removed
Market factors including increases in the U.S. federal reserve funds rate may result in increases in market interest rates, which could increase the costs of refinancing existing indebtedness or obtaining new debt.
Added
Americans with Disabilities Act Under the Americans with Disabilities Act (“ADA”), all public accommodations and commercial facilities must meet certain federal requirements related to access and use by disabled persons.
Removed
These provisions include a classified board; two-thirds vote to remove a director; that the number of directors may only be fixed by the Board of Directors; that vacancies on the board as a result of an increase in the size of the board or due to death, resignation or removal can only be filled by the board and the director appointed to fill the vacancy serves for the remainder of the full term of the class of director in which the vacancy occurred and a majority requirement for the calling by stockholders of special meetings.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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

Item 2. Properties

Properties — owned and leased real estate

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

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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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.
Biggest changeIssuer Purchases of Equity Securities Period Total Number of Shares Purchased (a) Weighted Average Price Paid per Share (a) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs 1/1/2024-3/31/2024 28,601 $ 66.72 None None 4/1/2024-6/30/2024 — $ — None None 7/1/2024-9/30/2024 — $ — None None 10/1/2024-12/31/2024 — $ — None None 1/1/2024-12/31/2024 28,601 $ 66.72 None None (a) All shares were repurchased at the open market price and represent common stock surrendered to us to satisfy income tax withholding obligations due to the vesting of Restricted Share Grants.
Risk Factors in this Form 10-K for a description of factors that may affect our ability to distribute dividends. Item 6. [Reserved] 42
Risk Factors in this Form 10-K for a description of factors that may affect our ability to distribute dividends. Item 6. [Reserved] 43
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.
Additionally, there were 9,103,904 OP Units outstanding, which are exchangeable for an equivalent number of shares of our common stock or, at our option, cash.
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 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Our shares of common stock are traded on the NYSE under the symbol ELS. As of December 31, 2024, there were 277 holders of record for 191,056,527 outstanding shares of our common stock.

Item 7. Management's Discussion & Analysis

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

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Biggest changeHome Sales and Other The following table summarizes certain financial and statistical data for our Home Sales and Other Operations: (amounts in thousands, except home sales volumes) 2023 2022 Variance % Change Gross revenue from new home sales $ 88,546 $ 116,790 $ (28,244) (24.2) % Cost of new home sales 78,427 104,684 (26,257) (25.1) % Gross revenue from used home sales 3,872 4,401 (529) (12.0) % Cost of used home sales 4,050 4,212 (162) (3.8) % Gross revenue from brokered resales and ancillary services 52,801 58,988 (6,187) (10.5) % Cost of brokered resales and ancillary services 25,191 30,116 (4,925) (16.4) % Home selling and ancillary operating expenses 27,453 27,321 132 0.5 % Home sales volumes: New home sales 905 1,176 (271) (23.0) % Used home sales 313 337 (24) (7.1) % Brokered home resales 630 808 (178) (22.0) % Gross revenue from new home sales decreased $28.2 million and Cost of new home sales decreased $26.3 million during the year ended December 31, 2023, compared to the year ended December 31, 2022, primarily due to a decrease in the number of new homes sold. 52 Management's Discussion and Analysis (continued) Rental Operations The following table summarizes certain financial and statistical data for our MH Rental Operations: (amounts in thousands, except rental unit volumes) 2023 2022 Variance % Change Rental operations revenue (1) $ 38,633 $ 42,871 $ (4,238) (9.9) % Rental home operating and maintenance 5,390 5,370 20 0.4 % Depreciation on rental homes (2) 10,881 10,060 821 8.2 % Gross investment in new manufactured home rental units $ 245,130 $ 237,932 $ 7,198 3.0 % Gross investment in used manufactured home rental units $ 12,245 $ 15,127 $ (2,882) (19.1) % Net investment in new manufactured home rental units $ 203,936 $ 205,946 $ (2,010) (1.0) % Net investment in used manufactured home rental units $ 7,372 $ 10,837 $ (3,465) (32.0) % Number of occupied rentals – new, end of period 2,016 2,481 (465) (18.7) % Number of occupied rentals—used, end of period 246 330 (84) (25.5) % _____________________ (1) Consists of Site rental income and home rental income.
Biggest changeProperty Operating Expenses Property operating expenses, excluding property management, in our Core Portfolio for 2024 increased $14.8 million, or 2.6%, from 2023, primarily due to increases in insurance of $4.7 million, utility expenses of $3.9 million, real estate taxes of $3.9 million and bad debt expense of $1.2 million. 52 Management's Discussion and Analysis (continued) Home Sales and Other The following table summarizes certain financial and statistical data for our Home Sales and Other Operations: (amounts in thousands, except home sales volumes) 2024 2023 Variance % Change Gross revenue from new home sales $ 66,432 $ 88,546 $ (22,114) (25.0) % Cost of new home sales 57,713 78,427 (20,714) (26.4) % Gross revenue from used home sales 3,812 3,872 (60) (1.5) % Cost of used home sales 2,745 4,050 (1,305) (32.2) % Gross revenue from brokered resales and ancillary services 47,488 52,801 (5,313) (10.1) % Cost of brokered resales and ancillary services 24,313 25,191 (878) (3.5) % Home selling and ancillary operating expenses 27,644 27,453 191 0.7 % Home sales volumes: New home sales 756 905 (149) (16.5) % Used home sales 218 313 (95) (30.4) % Brokered home resales 505 630 (125) (19.8) % Gross revenue from new home sales decreased $22.1 million and Cost of new home sales decreased $20.7 million during the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to a decrease in the number of new homes sold.
Our membership subscriptions generally provide for an annual dues increase, but dues may be frozen under the terms of certain contracts if the customer is over 61 years old. Currently, approximately 20.0% of our dues are frozen. Some of our costs, including operating and administrative expenses, interest expense and construction costs are subject to inflation.
Our membership subscriptions generally provide for an annual dues increase, but dues may be frozen under the terms of certain contracts if the customer is over 61 years old. Currently, approximately 21.0% of our dues are frozen. Some of our costs, including operating and administrative expenses, interest expense and construction costs are subject to inflation.
(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.
(3) Amounts include interest expected to be incurred on our secured and unsecured debt based on obligations outstanding as of December 31, 2024. (4) Amounts represent minimum future rental payments for land under non-cancelable operating leases at certain of our Properties expiring at various years through 2054.
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.
Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio in 2024 and 2023 includes all Properties acquired prior to December 31, 2022 that we have owned and operated continuously since January 1, 2023.
Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2022 and 2023, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events.
Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2023 and 2024, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events.
Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2022 and 2023, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events.
Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2023 and 2024, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events.
Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2022 and 2023, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events.
Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2023 and 2024, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events.
Our 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.
Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio consists of our Properties owned and operated during all of 2023 and 2024.
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.
For the comparison of our results of operations for the years ended December 31, 2023 and December 31, 2022 and discussion of our operating activities, investing activities and financing activities for these years, refer to Part II, Item 7.
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.
During the year ended December 31, 2023, we recognized expenses of $13.4 million related to debris removal and cleanup costs related to Hurricane Ian and an offsetting insurance recovery revenue accrual of $13.4 million related to the expected insurance recovery as a result of Hurricane Ian, which is included in Casualty related charges/recoveries, net in the Consolidated Statements of Income and Comprehensive Income.
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.
We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. We believe that FFO and Normalized FFO are helpful to investors as supplemental measures of the performance of an equity REIT.
Our strategy of converting existing residents to home buyers continues to be successful with approximately 25% of our home sales during the year ended December 31, 2023 coming from individuals who already reside in our communities as an existing renter or homeowner.
Our strategy of converting existing residents to home buyers continues to be successful, with approximately 25% of our home sales during the year ended December 31, 2023 coming from individuals who already reside in our communities as an existing renters or homeowners.
We also actively pursue opportunities that fit our acquisition criteria and are currently engaged in various stages of negotiations relating to the possible acquisition of additional properties. We believe the demand from baby boomers for MH and RV communities will continue to be strong over the long term.
We also actively pursue opportunities that fit our acquisition criteria and are currently engaged in various stages of negotiations relating to the possible acquisition of additional properties. 44 Management's Discussion and Analysis (continued) We believe the demand from baby boomers for MH and RV communities will continue to be strong over the long term.
We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. Under the existing administration, the Federal Housing Finance Agency (the “FHFA”), overseer of Fannie Mae, Freddie Mac (the “GSEs”) and the Federal Home Loan Banks, has focused on equitable access to affordable and sustainable housing.
We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. The Federal Housing Finance Agency (the “FHFA”), overseer of Fannie Mae, Freddie Mac (the “GSEs”) and the Federal Home Loan Banks, focuses on equitable access to affordable and sustainable housing.
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.
In addition to maintaining occupancy, we have experienced rental rate increases during the year ended December 31, 2024, which contributed to a growth of 6.1% in Core MH base rental income compared to the same period in 2023.
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.
The increase in income from property operations from our Core Portfolio was primarily due to higher property operating revenues, primarily in MH base rental income and RV and marina base rental income, as well as utility and other income, partially offset by an increase in property operating expenses, excluding property management.
Major Market Total Sites Number of Properties Percent of Total Sites Percent of Total Property Operating Revenue Florida 64,609 151 38.3 % 45.3 % Northeast 21,907 59 13.0 % 11.3 % Arizona 19,394 44 11.5 % 10.4 % California 13,440 47 8.0 % 10.6 % Southeast 13,009 34 7.7 % 5.8 % Midwest 12,477 31 7.4 % 5.4 % Texas 10,465 20 6.2 % 2.6 % Northwest 6,457 26 3.8 % 3.0 % Colorado 3,829 11 2.3 % 3.3 % Other 3,314 14 2.0 % 2.3 % Total 168,901 437 100.0 % 100.0 % Qualification as a REIT Commencing with our taxable year ended December 31, 1993, we have elected to be taxed as a REIT for U.S. federal income tax purposes.
Major Market Total Sites Number of Properties Percent of Total Sites Percent of Total Property Operating Revenue Florida 64,821 151 38.3 % 45.3 % Northeast 21,907 59 12.9 % 11.3 % Arizona 19,393 44 11.4 % 10.6 % California 13,440 47 7.9 % 10.7 % Southeast 13,328 34 7.9 % 5.5 % Midwest 12,477 31 7.4 % 5.3 % Texas 10,465 20 6.2 % 2.6 % Northwest 6,457 26 3.8 % 3.0 % Colorado 3,829 11 2.3 % 3.4 % Other 3,314 14 2.0 % 2.3 % Total 169,431 437 100.0 % 100.0 % Qualification as a REIT Commencing with our taxable year ended December 31, 1993, we have elected to be taxed as a REIT for U.S. federal income tax purposes.
(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.
Summary of Significant Accounting Policies (5) 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, 2024 and December 31, 2023.
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.
RV and marina base rental income in our Core Portfolio for the year ended December 31, 2024, was 3.0% higher than the same period in 2023 and was driven by an increase in annual revenues.
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.
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.
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.
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.
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.
Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 22, 2024.
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.
Approximately $21.0 million and $24.1 million for the years ended December 31, 2024 and December 31, 2023, respectively, of Site rental income is included in MH base rental income in the Core Portfolio Income from Property Operations table. The remainder of home rental income is included in rental home income in our Core Portfolio Income from Property Operations table.
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.
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 Insurance and other expense in this table.
During the year ended December 31, 2023 and December 31, 2022, we received insurance proceeds of approximately $68.3 million and zero, respectively, of which $10.6 million and zero was identified as business interruption recovery revenue, respectively.
During the year ended December 31, 2024 and December 31, 2023, we received insurance proceeds of approximately $32.4 million and $68.3 million, respectively, of which $7.6 million and $10.6 million was identified as business interruption recovery revenue, respectively.
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.
The following table provides additional details regarding our TTC memberships for the past five years: 2024 2023 2022 2021 2020 TTC Origination 43,091 45,990 51,415 50,523 44,129 TTC Sales 19,539 20,758 23,237 23,923 20,587 RV Dealer TTC Activations 23,552 25,232 28,178 26,600 23,542 Demand for our homes and communities is strong, as evidenced by factors including our high occupancy levels.
(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.
(2) Balances exclude unamortized deferred financing costs of $25.1 million. Balances represent debt maturing and scheduled periodic payments as well as our LOC balance of $77.0 million outstanding as of December 31, 2024, on the Consolidated Balance Sheets.
The FHFA mandate requires the GSE Plans to address leadership in developing loan products and flexible underwriting guidelines in underserved markets to facilitate a secondary market for mortgages on manufactured homes titled as real property or personal property, blanket loans for certain categories of manufactured housing communities, preserving the affordability of housing for renters and homebuyers, and housing in rural markets.
Since 2017, the FHFA has developed programs for the GSEs that address leadership in developing loan products and flexible underwriting guidelines in underserved markets to facilitate a secondary market for mortgages on manufactured homes titled as real property or personal property, blanket loans for certain categories of manufactured housing communities, preserving the affordability of housing for renters and homebuyers, and housing in rural markets.
(2) Membership upgrade sales revenue is net of deferrals of $21.0 million and $21.7 million for the years ended December 31, 2023 and 2022, respectively. (3) Includes bad debt expense for all periods presented. (4) Membership sales and marketing expense is net of sales commission deferrals of $3.2 million for the years ended December 31, 2023 and 2022.
(2) Membership upgrade sales revenue is net of deferrals of $15.1 million and $21.0 million for the years ended December 31, 2024 and 2023, respectively. (3) Includes bad debt expense for all periods presented.
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.
The average monthly base rental income per Site in our Core portfolio increased to approximately $858 in 2024 from approximately $810 in 2023. The average occupancy in our Core Portfolio was approximately 94.9% in both 2024 and 2023.
The 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.
The following table shows the breakdown of our Sites by type (amounts are approximate): Total Sites as of December 31, 2024 MH Sites 73,200 RV Sites: Annual 34,200 Seasonal 11,800 Transient 17,300 Marina Slips 6,900 Membership (1) 26,000 Joint Ventures (2) 3,800 Total 173,200 _____________________ (1) Primarily utilized to service the approximately 113,600 members.
Core Portfolio income from property operations, excluding property management, is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.
Our Core Portfolio consists of our Properties owned and operated during all of 2023 and 2024. Core Portfolio income from property operations, excluding property management, is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.
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%.
For the year ended December 31, 2024, property operating revenues in our Core Portfolio, increased 4.8% and property operating expenses in our Core Portfolio, excluding property management, increased 2.6%, from the year ended December 31, 2023, resulting in increased income from property operations, excluding property management, of 6.5%.
For the year ended December 31, 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.
For the year ended December 31, 2024, our Core Portfolio occupancy increased by 38 sites with an increase in homeowner occupancy of 379 sites and a decrease in rental occupancy of 341.
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.
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.
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.
Capital improvements The following table summarizes capital improvements: For the years ended December 31, (amounts in thousands) 2024 2023 2022 Asset preservation (1) $ 53,306 $ 58,969 $ 46,406 Improvements and renovations (2) 31,127 40,757 34,121 Property upgrades and development (3) 135,314 183,174 134,318 Site development (4) 13,337 27,005 22,105 Total property improvements 233,084 309,905 236,950 Corporate 8,195 7,181 12,327 Total capital improvements $ 241,279 $ 317,086 $ 249,277 _____________________ (1) Includes upkeep of property infrastructure including utilities and streets and replacement of community equipment and vehicles.
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 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.
While the FHFA and the current GSE 2022-24 DTS Plans may have a positive impact on the ability of our customers to obtain chattel financing, the actual impact on us, as well as the industry, cannot be determined at this time. In addition to net income computed in accordance with U.S.
While the FHFA and the current programs may have a positive impact on our customers, the impact on us as well as the industry cannot be determined at this time. In addition to net income computed in accordance with U.S.
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.
Gain/(Loss) on sale of real estate and impairment, net Gain/(Loss) on sale of real estate and impairment, net was $1.1 million lower during the year ended December 31, 2024, compared to the year ended December 31, 2023, due to a higher reduction of the carrying value of certain assets, as a result of property damage caused by weather events in 2023.
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.
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.
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.
Core RV and marina base rental income from annuals represents 70.3% of total Core RV and marina base rental income and increased 6.5% for the year ended December 31, 2024 compared to the same period in 2023.
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.
Additionally, we closed 756 new home sales during the year ended December 31, 2024 compared to 905 new home sales during the year ended December 31, 2023.
The 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.
The following table reconciles net income available for Common Stockholders to income from property operations for the years ended December 31, 2024, 2023 and 2022: 49 Management's Discussion and Analysis (continued) Total Portfolio (amounts in thousands) 2024 2023 2022 Computation of Income from Property Operations: Net income available for Common Stockholders $ 366,998 $ 314,191 $ 284,611 Redeemable preferred stock dividends 16 16 16 Income allocated to non-controlling interests – Common OP Units 17,804 15,470 14,198 Consolidated net income 384,818 329,677 298,825 Equity in income of unconsolidated joint ventures (6,248) (2,713) (3,363) Income tax benefit (354) (10,488) — (Gain)/Loss on sale of real estate and impairment, net 2,466 3,581 — Gross revenues from home sales, brokered resales and ancillary services (117,732) (145,219) (180,179) Interest income (9,238) (9,037) (7,430) Income from other investments, net (8,274) (8,703) (8,553) Property management 78,114 76,170 74,083 Depreciation and amortization 203,879 203,738 202,362 Cost of home sales, brokered resales and ancillary services 84,771 107,668 139,012 Home selling expenses and ancillary operating expenses 27,644 27,453 27,321 General and administrative 38,483 47,280 44,857 Casualty-related charges/(recoveries), net (20,950) — — Other expenses 5,533 5,768 8,646 Other items (6,800) — — Early debt retirement 5,833 68 1,156 Interest and related amortization 137,710 132,342 116,562 Income from property operations, excluding property management $ 799,655 $ 757,585 $ 713,299 Property management $ (78,114) $ (76,170) $ (74,083) Income from property operations $ 721,541 $ 681,415 $ 639,216 The following table presents a calculation of FFO available for Common Stock and OP Unitholders and Normalized FFO available for Common Stock and OP Unitholders for the years ended December 31, 2024, 2023 and 2022: (amounts in thousands) 2024 2023 2022 Computation of FFO and Normalized FFO: Net income available for Common Stockholders $ 366,998 $ 314,191 $ 284,611 Income allocated to non-controlling interests – Common OP Units 17,804 15,470 14,198 Depreciation and amortization 203,879 203,738 202,362 Depreciation on unconsolidated joint ventures 4,826 4,599 3,886 (Gain)/Loss on unconsolidated joint ventures — (416) — (Gain)/Loss on sale of real estate and impairment, net 2,466 3,581 — FFO available for Common Stock and OP Unit holders 595,973 541,163 505,057 Deferred income tax benefit (1) (354) (10,488) — Accelerated vesting of stock-based compensation expense (2) — 6,320 — Early debt retirement 5,833 68 1,156 Transaction/pursuit costs and other (3) 383 458 3,807 Insurance proceeds due to catastrophic weather events, net (22,101) — — Other items (4) (6,800) — — Lease termination expenses (5) — — 3,119 Normalized FFO available for Common Stock and OP Unit holders $ 572,934 $ 537,521 $ 513,139 Weighted average Common Shares outstanding—Fully Diluted 196,636 195,429 195,255 _____________________ (1) Represents the release of the valuation allowance of U.S. federal and state deferred tax assets related to our taxable REIT subsidiaries.
The following table summarizes our purchase and sale activity of manufactured homes: For the years ended December 31, (amounts in thousands) 2023 2022 2021 Purchase of manufactured homes $ (106,627) $ (123,522) $ (86,025) Sale of manufactured homes 74,802 96,103 81,062 Manufactured homes, net $ (31,825) $ (27,419) $ (4,963) Investing Activities Net cash used in investing activities decreased $77.3 million to $324.8 million for the year ended December 31, 2023, from $402.1 million for the year ended December 31, 2022.
The following table summarizes our purchase and sale activity of manufactured homes: For the years ended December 31, (amounts in thousands) 2024 2023 2022 Purchase of manufactured homes $ (43,467) $ (106,627) $ (123,522) Sale of manufactured homes 55,930 74,802 96,103 Manufactured homes, net $ 12,463 $ (31,825) $ (27,419) Investing Activities Net cash used in investing activities decreased $106.9 million to $217.8 million for the year ended December 31, 2024, from $324.8 million for the year ended December 31, 2023.
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.
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.
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.
Core seasonal RV and marina base rental income decreased 4.7% for the year ended December 31, 2024 compared to the same period in 2023. Core transient RV and marina base rental income decreased 4.3% for the year ended December 31, 2024 compared to the same period in 2023.
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.
The majority of the remaining 92,100 have purchased a Thousand Trails Camping (“TTC”) membership, which is an annual subscription providing the member access to our Properties in one to five geographic regions of the United States. In 2024, a TTC membership for a single geographic region required an annual payment of $725.
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”).
As of December 31, 2024, we owned or had an ownership interest in a portfolio of 452 Properties located throughout the United States and Canada containing 173,201 individual developed areas (“Sites”). These Properties are located in 35 states and British Columbia.
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.
Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying footnotes thereto included in this Annual Report on Form 10-K. 2024 Accomplishments We continued our strong performance in 2024, as marked by these key operational and financial accomplishments: • Net income per share of common stock (“Common Share”) on a fully diluted basis was $1.96 for the year ended December 31, 2024, 16.0% higher than the year ended December 31, 2023. • FFO per Common Share on a fully diluted basis was $3.03 for the year ended December 31, 2024, 9.5% higher than the year ended December 31, 2023. • Normalized FFO per Common Share on a fully diluted basis was $2.91 for the year ended December 31, 2024, 5.9% higher than the year ended December 31, 2023. • Core portfolio generated growth of 6.5% in income from property operations, excluding property management, for the year ended December 31, 2024, compared to the year ended December 31, 2023. • Core MH base rental income increased by 6.1% during the year ended December 31, 2024, compared to the year ended December 31, 2023. • Manufactured homeowners within our Core portfolio increased by 379 to 67,002 as of December 31, 2024, compared to 66,623 as of December 31, 2023. • Core RV and marina base rental income for the year ended December 31, 2024 increased by 3.0%, compared to the year ended December 31, 2023. • Core Annual RV and marina base rental income for the year ended December 31, 2024 increased by 6.5%, compared to the year ended December 31, 2023. • New home sales of 756 for the year ended December 31, 2024. • Added 736 expansion sites during the year ended December 31, 2024. • Increased the annual dividend for 2024 to $1.91 per share of Common Stock, an increase of 6.7%, or $0.12, compared to the 2023 annual dividend of $1.79.
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.
We continue to experience a stable membership base within our Thousand Trails portfolio. For the year ended December 31, 2024, annual membership subscriptions revenue increased 0.8% over the same period in 2023. During the year ended December 31, 2024, we sold 19,539 TTC memberships and activated 23,552 TTC memberships through our RV dealer program.
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.
The following table summarizes our cash flows activity: For the years ended December 31, (amounts in thousands) 2024 2023 2022 Net cash provided by operating activities $ 596,721 $ 548,005 $ 475,814 Net cash used in investing activities (217,838) (324,753) (402,067) Net cash used in financing activities (384,244) (215,662) (174,798) Net (decrease) increase in cash and restricted cash $ (5,361) $ 7,590 $ (101,051) Operating Activities Net cash provided by operating activities increased $48.7 million to $596.7 million for the year ended December 31, 2024, from $548.0 million for the year ended December 31, 2023.
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.
For 48 Management's Discussion and Analysis (continued) comparative purposes, we present bad debt expense within Insurance and other in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties.
(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.
(2) Includes enhancements to amenities such as buildings, common areas, swimming pools and replacement of furniture and site amenities. (3) Includes $1.2 million, $3.6 million, $13.7 million of restoration and improvement capital expenditures related to Hurricane Helene, Hurricane Milton, and Hurricane Ian, respectively, for the year ended December 31, 2024.
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.
Includes approximately 5,900 Sites rented on an annual basis. (2) Includes approximately 2,000 annual Sites and 1,800 transient Sites. Membership Sites are primarily utilized to service approximately 113,600 annual subscription members, including 21,500 free trial members added through our RV dealer program.
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.
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.
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.
It is estimated that approximately 10,000 Americans turn 65 years old every day and all baby boomers will be at least age 65 by 2030. These individuals, seeking an active lifestyle, will continue to drive the market for second-home sales as vacation properties, investment opportunities or retirement retreats.
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.
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.
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.
In addition, members are eligible to upgrade their subscriptions. A membership upgrade may offer (1) increased length of consecutive stay; (2) the ability to make earlier advance reservations; (3) discounts on rental 45 Management's Discussion and Analysis (continued) accommodations and (4) access to additional properties, including non-membership recreational vehicle ("RV") properties.
The overall increase in net cash provided by operating activities was primarily due to a net increase in proceeds from insurance claims and higher income from property operations partially offset by changes in accounts payable and other liabilities.
The overall increase in net cash provided by operating activities was primarily due to a net increase in manufactured homes, net and accounts payable and other liabilities.
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.
Total portfolio income from property operations for 2024 increased $40.1 million, or 5.9%, from 2023, driven by an increase of $46.2 million, or 7.0%, from our Core Portfolio, partially offset by a decrease of $6.1 million from our Non-Core Portfolio.
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.
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.
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%.
The decrease in income from property operations from our Non-Core Portfolio was primarily attributed to higher business interruption insurance proceeds received in 2023 related to Hurricane Ian and lower property operating income in 2024. 51 Management's Discussion and Analysis (continued) Property Operating Revenues MH base rental income in our Core Portfolio for 2024 increased $40.9 million, or 6.1%, from 2023, which was primarily due to growth from rate increases of 5.9%.
Our Core Portfolio average occupancy, including both homeowners and renters, in our MH communities was 94.9% and 95.1% for the years ended December 31, 2023 and December 31, 2022, respectively.
Our Core 46 Management's Discussion and Analysis (continued) Portfolio was comprised of approximately 92% homeowners and 3% renters, and our average aggregate occupancy in our MH communities was approximately 95% for both the years ended December 31, 2024 and December 31, 2023.
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.
As of December 31, 2024, approximately 19.1% of our outstanding debt is fully amortizing. 56 Management's Discussion and Analysis (continued) Critical Accounting Policies and Estimates Our consolidated financial statements have been prepared in accordance with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures.
(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.
(4) Membership sales and marketing expense is net of sales commission deferrals of $2.6 million and $3.2 million for the years ended December 31, 2024 and 2023, respectively. (5) See Non-GAAP Financial Measures section of the Management's Discussion and Analysis for definitions and reconciliations of these Non-GAAP measures to Net Income available for Common Stockholders.
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.
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.
As of December 31, 2023, our LOC had a remaining borrowing capacity of $469.0 million with the option to increase the borrowing capacity by $200.0 million, subject to certain conditions.
As of December 31, 2024, our LOC had a remaining borrowing capacity of $423.0 million with the option to increase the borrowing capacity by $200.0 million, subject to certain conditions. The LOC bears interest at a rate of Secured Overnight Financing Rate plus 0.10% plus 1.25% to 1.65%, requires an annual facility fee of 0.20% to 0.35%.
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.
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.
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.
(4) Includes capital expenditures to improve the infrastructure required to set manufactured homes. Financing Activities Net cash used in financing activities increased $168.6 million to $384.2 million for the year ended December 31, 2024, from $215.7 million for the year ended December 31, 2023.
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.
Property Acquisitions/Dispositions and Joint Ventures The following chart lists the Properties acquired or sold from January 1, 2023 through December 31, 2024 and Sites added through expansion opportunities at our existing Properties.
Other Income and Expenses The following table summarizes other income and expenses: (amounts in thousands, expenses shown as negative) 2023 2022 Variance % Change Depreciation and amortization $ (203,738) $ (202,362) $ (1,376) (0.7) % Interest income 9,037 7,430 1,607 21.6 % Income from other investments, net 8,703 8,553 150 1.8 % General and administrative (47,280) (44,857) (2,423) (5.4) % Other expenses (5,768) (8,646) 2,878 33.3 % Early debt retirement (68) (1,156) 1,088 94.1 % Interest and related amortization (132,342) (116,562) (15,780) (13.5) % Total other income and expenses, net $ (371,456) $ (357,600) $ (13,856) (3.9) % Total other income and expenses, net increased $13.9 million in 2023 compared to 2022, primarily due to higher interest and related amortization expenses, general and administrative, depreciation and amortization.
Other Income and Expenses The following table summarizes other income and expenses: (amounts in thousands, expenses shown as negative) 2024 2023 Variance % Change Depreciation and amortization $ (203,879) $ (203,738) $ (141) (0.1) % Interest income 9,238 9,037 201 2.2 % Income from other investments, net 8,274 8,703 (429) (4.9) % General and administrative (38,483) (47,280) 8,797 18.6 % Other expenses (5,533) (5,768) 235 4.1 % Early debt retirement (5,833) (68) (5,765) (8,477.9) % Interest and related amortization (137,710) (132,342) (5,368) (4.1) % Other items 6,800 — 6,800 100.0 % Total other income and expenses, net $ (367,126) $ (371,456) $ 4,330 1.2 % 53 Management's Discussion and Analysis (continued) Total other income and expenses, net decreased $4.3 million in 2024 compared to 2023, primarily due to lower General and administrative expenses and higher other items, partially offset by higher early debt retirement costs and interest and related amortization expenses.
By the end of February 2024, we anticipate entering into a new at-the-market (“ATM”) equity offering program, pursuant to which we may sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $500.0 million.
Total secured debt encumbered a total of 120 of our Properties as of both December 31, 2024 and December 31, 2023, and the gross carrying value of such Properties was approximately $3,268.5 million and $3,194.1 million, as of December 31, 2024 and December 31, 2023, respectively. 54 Management's Discussion and Analysis (continued) On November 1, 2024, we entered into our current at-the-market (“ATM”) equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $700.0 million.
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.
Utility and other income in our Core Portfolio for 2024 increased $8.7 million, or 7.2%, from 2023. The increase was primarily due to higher utility income of $5.1 million, pass-through income of $2.8 million and insurance proceeds of $1.2 million, partially offset by a decrease in other property income of $0.4 million.
RV and marina base rental income is comprised of the following: Core Portfolio Total Portfolio (amounts in thousands) 2023 2022 Variance % Change 2023 2022 Variance % Change Annual $ 278,304 $ 257,375 $ 20,929 8.1 % $ 291,524 $ 266,100 $ 25,424 9.6 % Seasonal 56,568 55,122 1,446 2.6 % 58,535 58,874 (339) (0.6) % Transient 71,093 79,852 (8,759) (11.0) % 75,605 84,641 (9,036) (10.7) % RV and marina base rental income $ 405,965 $ 392,349 $ 13,616 3.5 % $ 425,664 $ 409,615 $ 16,049 3.9 % Core Annual RV and marina base rental income increased during the year ended December 31, 2023, from the year ended December 31, 2022, across all regions and was due to growth from rate increases of 7.6% and 0.5% from occupancy gains.
RV and marina base rental income is comprised of the following: Core Portfolio Total Portfolio (amounts in thousands) 2024 2023 Variance % Change 2024 2023 Variance % Change Annual $ 299,138 $ 280,905 $ 18,233 6.5 % $ 307,958 $ 291,524 $ 16,434 5.6 % Seasonal 54,686 57,393 (2,707) (4.7) % 56,935 58,535 (1,600) (2.7) % Transient 71,936 75,161 (3,225) (4.3) % 73,555 75,605 (2,050) (2.7) % RV and marina base rental income $ 425,760 $ 413,459 $ 12,301 3.0 % $ 438,448 $ 425,664 $ 12,784 3.0 % Core Annual RV and marina base rental income increased during the year ended December 31, 2024, from the year ended December 31, 2023, primarily in the South and West regions, and was due to growth from rate increases of 8.2% and a decline of 1.7% in occupancy.
As a customer acquisition tool, we have relationships with a network of RV dealers to provide each new RV owner with a free one-year trial subscription to a TTC membership. 44 Management's Discussion and Analysis (continued) In our Home Sales and Rentals Operations business, our revenue streams include home sales, home rentals and brokerage services and ancillary activities.
Certain membership upgrades require a non-refundable upfront payment, for which we offer financing options to eligible customers. As a customer acquisition tool, we have relationships with a network of RV dealers to provide each new RV owner with a free one-year trial subscription to a TTC membership.
The increase in net cash used in financing activities was primarily due to increased dividend distributions of $31.6 million. 55 Management's Discussion and Analysis (continued) Contractual Obligations As of December 31, 2023, we were subject to certain contractual payment obligations (1) as described in the following table: (amounts in thousands) Total 2024 2025 2026 2027 2028 Thereafter Long Term Borrowings (2) $ 3,548,149 $ 64,445 $ 182,820 $ 366,784 $ 269,481 $ 243,963 $ 2,420,655 Interest Expense (3) 955,555 129,044 123,930 116,468 102,513 97,896 385,704 LOC Maintenance Fee 1,317 1,017 300 — — — — Ground Leases (4) 7,253 675 680 684 689 685 3,840 Office and Other Leases 27,417 3,804 3,710 3,346 3,082 2,906 10,569 Total Contractual Obligations $ 4,539,691 $ 198,985 $ 311,440 $ 487,282 $ 375,765 $ 345,450 $ 2,820,768 Weighted average interest rates - Long Term Borrowings 3.79 % 3.71 % 3.70 % 3.83 % 3.80 % 3.80 % 3.83 % _____________________ (1) We do not include insurance, property taxes and cancellable contracts in the contractual obligations table.
Contractual Obligations As of December 31, 2024, we were subject to certain contractual payment obligations (1) as described in the following table: (amounts in thousands) Total 2025 2026 2027 2028 2029 Thereafter Long Term Borrowings (2) $ 3,229,703 $ 228,821 $ 66,784 $ 269,481 $ 243,963 $ 335,058 $ 2,085,596 Interest Expense (3) 820,087 118,473 115,123 102,513 97,896 84,514 301,568 LOC Maintenance Fee 3,597 1,014 1,014 1,014 555 — — Ground Leases (4) 6,577 680 684 689 685 627 3,212 Office and Other Leases 25,469 4,180 3,957 3,408 3,029 3,042 7,853 Total Contractual Obligations $ 4,085,433 $ 353,168 $ 187,562 $ 377,105 $ 346,128 $ 423,241 $ 2,398,229 Weighted average interest rates - Long Term Borrowings 3.82 % 3.88 % 3.88 % 3.80 % 3.80 % 3.71 % 7.52 % _____________________ (1) We do not include insurance, property taxes and cancellable contracts in the contractual obligations table.
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 increase in net cash used in financing activities was primarily due to an increase of net debt repayments of $450.6 million and dividend distributions of $25.2 million, partially offset by an increase in proceeds from the issuance of common stock of $317.4 million.
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. 53 Management's Discussion and Analysis (continued) Income tax benefit During the year ended December 31, 2023, we released the full valuation allowance of $10.5 million related to our taxable REIT subsidiaries deferred tax assets.
Income tax benefit Income tax benefit during the year ended December 31, 2024 decreased compared to year ended December 31, 2023, primarily due to the release of the full valuation allowance of $10.5 million related to our taxable REIT subsidiaries deferred tax assets in 2023.
Removed
During the year ended December 31, 2023, we filled 109 expansion sites in our Core MH portfolio. • Manufactured homeowners within our Core portfolio increased by 554 to 66,623 as of December 31, 2023, compared to 66,069 as of December 31, 2022. • Core RV and marina base rental income for the year ended December 31, 2023 increased by 3.5%, compared to the year ended December 31, 2022. • Core Annual RV and marina base rental income for the year ended December 31, 2023 increased by 8.1%, compared to the year ended December 31, 2022 and includes 7.6% growth from rate increases. • New home sales of 905 for the year ended December 31, 2023. • Acquired one RV community for a purchase price of $9.5 million during the year ended December 31, 2023. • Added 994 expansion sites during the year ended December 31, 2023. • During the year ended December 31, 2023, we closed on four secured financing transactions totaling $463.8 million.
Added
Over the past 10 years, we have increased our dividend by an average of 11.4% per year. • During the year ended December 31, 2024, we closed on a modification of our $500.0 million unsecured line of credit to extend the maturity date to July 18, 2028. All other material terms, including interest rate terms, remained the same.

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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 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.
Biggest changeThese forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, 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; • impact of public health crises, such as, highly infectious or contagious diseases, on our business operations, our residents, our customers, our employees and the economy generally; • effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions; • our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; • 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 material weaknesses, if any, 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.
When used, words such as “anticipate,” “expect,” “believe,” “project,” “intend,” “may be” and “will be” and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include without limitation, information regarding our expectations, goals or intentions regarding the future and the expected effect of our acquisitions.
When used, words such as “anticipate,” “expect,” “believe,” “project,” “estimate,” “intend,” “may be” and “will be” and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include without limitation, information regarding our expectations, goals or intentions regarding the future and the expected effect of our acquisitions.
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
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
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.
For each decrease in interest rates of 1.0% (or 100 basis points), the fair value of the total outstanding debt would increase by approximately $287.9 million. Our secured debt has fixed interest rates so interest expense and cash flows would not be affected by fluctuations in interest rates.
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.
Our line of credit bears interest at a rate of SOFR plus 0.10% plus 1.25% to 1.65%. 58 FORWARD-LOOKING STATEMENTS In addition to historical information, this report includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
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.
The fair value of our long-term debt obligations is affected by changes in market interest rates, however our scheduled maturities are well laddered from 2025 to 2041, which minimizes the market risk until the debt matures. As of December 31, 2024, we had $87.6 million of secured debt maturing in 2025.
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.
In addition, 19.1% of our outstanding debt is fully amortizing, further reducing the risk related to increased interest rates. 57 For each increase in interest rates of 1.0% (or 100 basis points), the fair value of the total outstanding debt would decrease by approximately $264.0 million.
These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances.
For further information on these and other factors that could impact us and the statements contained herein, refer to Part I. Item 1A. Risk Factors herein. These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances.
Removed
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.
Removed
In addition, these forward-looking statements are subject to risks related to the COVID-19 pandemic, many of which are unknown, including the duration of the pandemic, the extent of the adverse health impact on the general population and on our residents, customers and employees in particular, its impact on the employment rate and the economy, the extent and impact of governmental responses and the impact of operational changes we have implemented and may implement in response to the pandemic.

Other ELS 10-K year-over-year comparisons