EQUITY LIFESTYLE PROPERTIES INC (ELS)

CIK: 0000895417. SIC: 6798 Real Estate Investment Trusts. Latest 10-K as of: 2026-02-18.

SIC breadcrumb: Finance, Insurance, And Real Estate > Holding And Other Investment Offices > SIC 6798 Real Estate Investment Trusts

SEC company page: https://www.sec.gov/edgar/browse/?CIK=895417. Latest filing source: 0001628280-26-008722.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000895417.json. Derived margins are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Missing metrics are omitted rather than fabricated.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000895417.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001628280-26-028003.

Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high. Filing date: 2026-04-28. Report date: 2026-03-31.

Item 2.    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 notes thereto included in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”), as well as information in Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Form 10-K.

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. As of March 31, 2026, we owned or had an ownership interest in a portfolio of 453 Properties located throughout the United States and Canada containing 173,419 individual developed areas (“Sites”). These Properties are located in 35 states and British Columbia.

We invest in properties in sought-after locations near retirement and vacation destinations and urban areas across the United States with a focus on delivering an exceptional experience to our residents and guests that results in delivery of value to stockholders. Our business model is intended to provide an opportunity for increased cash flows and appreciation in value. We seek growth in earnings, Funds from Operations (“FFO”), Normalized Funds from Operations (“Normalized FFO”) and cash flows by enhancing the profitability and operation of our Properties and investments. We accomplish this by attracting and retaining high quality customers to our Properties, who take pride in our Properties and in their homes and efficiently managing our Properties by increasing occupancy, maintaining competitive market rents and controlling expenses. 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. 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 it is likely that we will continue to see high levels of second-home sales and that manufactured homes and cottages in our Properties will continue to provide a viable second-home alternative to site-built homes. We also believe the Millennial and Generation Z demographic will contribute to our future long-term customer pipeline. 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 Generation Z, over the coming years. We believe the demand from baby boomers and these younger generations will continue to outpace supply for MH and RV communities. The entitlement process to develop new MH and RV communities is extremely restrictive. As a result, there have been limited new communities developed in our target geographic markets.

We generate the majority of our revenues from customers renting our Sites or entering into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. The revenue from seasonal and transient Sites is generally higher during the first and third quarters. We consider the transient revenue stream to be our most volatile as it is subject to weather conditions and other factors affecting the marginal RV customer’s vacation and travel preferences. We also generate revenue from customers renting our marina dry storage. Additionally, we have interests in joint venture Properties for which revenue is classified as Equity in income/(loss) of unconsolidated joint ventures on the Consolidated Statements of Income and Comprehensive Income.

18

Management’s Discussion and Analysis (continued)

The following table shows the breakdown of our Sites by type (amounts are approximate):

Total Sites as of

March 31, 2026

MH Sites (1)

75,700 

RV Sites:

Annual (1)

34,600 

Seasonal

9,800 

Transient (1)

20,500 

Marina Slips

6,900 

Membership (2)

26,000 

Total (3)

173,400 

_________________________ 

(1)MH, Annual RV and Transient RV sites include approximately 2,100, 300 and 1,500 joint venture sites, respectively.

(2)Primarily utilized to service approximately 107,100 members. Includes approximately 6,000 Sites rented on an annual basis.

(3)Total does not foot due to rounding.

In our Home Sales and Rentals Operations business, our revenue streams include home sales, home rentals and brokerage services and ancillary activities. We generate revenue through home sales and rental operations by selling or leasing manufactured homes and cottages that are located in Properties owned and managed by us. We believe renting our vacant homes represents an attractive source of occupancy and an opportunity to convert the renter to a homebuyer in the future. 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. Chattel financing options available today include community owner-funded programs or third-party lender programs that provide subsidized financing to customers and often require the community owner to guarantee customer defaults. Third-party lender programs have stringent underwriting criteria, sizable down payment requirements, short term loan amortization and high interest rates.

In addition to net income computed in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), we assess and measure our overall financial and operating performance using certain Non-GAAP supplemental measures, which include: (i) FFO, (ii) Normalized FFO, (iii) Income from property operations, (iv) Income from property operations, excluding property management, and (v) Core Portfolio income from property operations, excluding property management (operating results for Properties owned and operated in both periods under comparison). We use these measures internally to evaluate the operating performance of our portfolio and provide a basis for comparison with other real estate companies. Definitions and reconciliations of these measures to the most comparable GAAP measures are included below in this discussion.

Results Overview

(amounts in thousands)

Quarters Ended March 31,

2026

2025

$ Change

% Change (1)

Net Income per fully diluted Common Share

$

0.56 

$

0.57 

$

(0.01)

(2.6)

%

FFO per fully diluted Common Share and OP Unit

$

0.83 

$

0.83 

$

— 

(0.4)

%

Normalized FFO per fully diluted Common Share and OP Unit

$

0.84 

$

0.83 

$

0.01 

0.3 

%

_____________________

1.Calculations prepared using actual results without rounding.

For the quarter ended March 31, 2026, property operating revenues in our Core Portfolio increased 3.7% and property operating expenses in our Core Portfolio, excluding property management, increased 1.8% from the same period in 2025, resulting in increased Income from property operations, excluding property management, of 4.9%.

19

Management’s Discussion and Analysis (continued)

While we continue to focus on increasing the number of manufactured homeowners in our Core Portfolio, we also believe that renting our vacant homes represents an attractive source of occupancy and an opportunity to potentially convert the renter to a new homebuyer in the future. We continue to expect there to be fluctuations in the sources of occupancy gains depending on local market conditions, availability of vacant sites and success with converting renters to homeowners. Our Core Portfolio average occupancy includes both homeowners and renters in our MH communities and was 93.8% for the quarter ended March 31, 2026, 94.4% for the quarter ended March 31, 2025 and 94.0% for the quarter ended December 31, 2025. The decline in average occupancy compared to the quarter ended March 31, 2025 was primarily driven by 362 expansion sites that were added since March 31, 2025. During the quarter ended March 31, 2026, our Core Portfolio occupancy increased by 54 sites, which included increases in rental occupancy of 24 sites and homeowner occupancy of 30 sites compared to December 31, 2025. As of March 31, 2026, we had 2,135 occupied rental homes in our Core MH communities.

RV and marina base rental income in our Core Portfolio decreased 1.4% for the quarter ended March 31, 2026, compared to the same period in 2025, due to an increase in Core Annual RV and marina rental income of 4.2%, offset by decreases in Core Seasonal and Transient RV and marina rental income of 14.8% and 6.9%, respectively. The increase in Core Annual RV and marina base rental income was driven by a 5.1% increase in rate, offset by a 0.9% decline in occupancy since the quarter ended March 31, 2025. The decreases in Core Seasonal and Transient RV and marina rental income were driven by a moderation in demand driven in part by the loss of Canadian guests.

We closed 87 new home sales during the quarter ended March 31, 2026 compared to 117 new home sales during the quarter ended March 31, 2025. The decrease in new home sales during the quarter ended March 31, 2026 was driven by timing of supply of new homes resulting in fewer homes being sold this quarter as compared to the quarter ended March 31, 2025.

Our gross investment in real estate increased $55.6 million to $8,234.3 million as of March 31, 2026 from $8,178.7 million as of December 31, 2025, primarily due to capital improvements during the quarter ended March 31, 2026.

The following chart lists the Properties acquired from January 1, 2025 through March 31, 2026 and Sites added through expansion opportunities at our existing Properties:

Location

Type of Property

Transaction Date

Sites

Total Sites as of January 1, 2025 (1)

173,200

Expansion Site Development:

Sites added (reconfigured) in 2025

440

Sites added (reconfigured) in 2026

48

Dispositions:

Desert Vista

Salome, Arizona

RV

October 1, 2025

(125)

Valley Vista

Benson, Arizona

RV

October 1, 2025

(145)

Total Sites as of March 31, 2026 (1)

173,400

______________________

(1)Sites are approximate.

Non-GAAP Financial Measures

Management’s discussion and analysis of financial condition and results of operations include certain Non-GAAP financial measures that in management’s view of the business are meaningful as they allow investors the ability to understand key operating details of our business that may not always be indicative of recurring annual cash flow of the portfolio. These Non-GAAP

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high. Filing date: 2026-02-18. Report date: 2025-12-31.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying footnotes thereto included in this Annual Report on Form 10-K.

2025 Highlights

We continued our strong performance in 2025, as marked by these key operational and financial accomplishments:

•Net income per share of common stock (“Common Share”) on a fully diluted basis was $2.01 for the year ended December 31, 2025, 2.6% higher than the year ended December 31, 2024.

•FFO per Common Share on a fully diluted basis was $3.08 for the year ended December 31, 2025, 1.5% higher than the year ended December 31, 2024.

•Normalized FFO per Common Share on a fully diluted basis was $3.06 for the year ended December 31, 2025, 5.0% higher than the year ended December 31, 2024.

•7.9% dividend increase in 2025 contributes to 5-year compounded annual dividend growth of 8.5%. This compares to average growth of 5.2% across the residential REIT sector (1) over the same 5-year period.

•Added 362 expansion sites during the year ended December 31, 2025.

•New home sales of 439 for the year ended December 31, 2025.

•During the year ended December 31, 2025, we repaid $86.9 million of secured debt at maturity.

•During the year ended December 31, 2025, we entered into a $240.0 million unsecured term loan agreement with an effective fixed interest rate of 4.74% maturing on May 15, 2030.

Core Portfolio

•Core portfolio generated growth of 4.8% in income from property operations, excluding property management, for the year ended December 31, 2025, compared to the year ended December 31, 2024, exceeding our long-term quarterly average of 4.5%.(2)

•Core MH base rental income for the year ended December 31, 2025 increased by $39.2 million, or 5.5%, compared to the year ended December 31, 2024.

•Core Annual RV and marina base rental income for the year ended December 31, 2025 increased by $12.2 million, or 4.1%, compared to the year ended December 31, 2024. During the second half of 2025, we increased Annual RV occupancy by 506 sites on a net basis.

•Core property operating expenses, excluding property management, for the year ended December 31, 2025 increased by $5.8 million, or 1.0%, compared to the year ended December 31, 2024.

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. As of December 31, 2025, we owned or had an ownership interest in a portfolio of 453 Properties located throughout the United States and Canada containing 173,371 individual developed areas (“Sites”). These Properties are located in 35 states and British Columbia.

We invest in properties in sought-after locations near retirement and vacation destinations and urban areas across the United States with a focus on delivering an exceptional experience to our residents and guests that results in delivery of value to stockholders. Our business model is intended to provide an opportunity for increased cash flows and appreciation in value. We seek growth in earnings, Funds from Operations (“FFO”) and cash flows by enhancing the profitability and operation of our Properties and investments. We accomplish this by attracting and retaining high quality customers to our Properties, who take pride in our Properties and in their homes and efficiently managing our Properties by increasing occupancy, maintaining competitive market rents and controlling expenses. 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.

_____________________

(1)Includes all publicly traded single family home, multi-family home and manufactured housing U.S equity REITs, with a market capitalization of $3.0 billion or greater.

(2)Average quarterly growth from Q3 1998 through Q3 2025.

42

Management’s Discussion and Analysis (continued)

We believe the demand from baby boomers for MH and RV communities will continue to be strong over the long term. 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 it is likely that we will continue to see high levels of second-home sales and that manufactured homes and cottages in our Properties will continue to provide a viable second-home alternative to site-built homes. We also believe the Millennial and Generation Z demographic will contribute to our future long-term customer pipeline. After conducting a comprehensive study of RV ownership, according to the Recreational Vehicle Industry Association (“RVIA”), data suggested that RV sales are expected to benefit from an increase in demand from those born in the United States from 1980 to 2003, or Millennials and Gen Z, over the coming years. We believe the demand from baby boomers and these younger generations will continue to outpace supply for MH and RV communities. The entitlement process to develop new MH and RV communities is extremely restrictive. As a result, there have been limited new communities developed in our target geographic markets.

We generate the majority of our revenues from customers renting our Sites or entering into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. The revenue from seasonal and transient Sites is generally higher during the first and third quarters. We consider the transient revenue stream to be our most volatile as it is subject to weather conditions and other factors affecting the marginal RV customer’s vacation and travel preferences. We also generate revenue from customers renting our marina dry storage. Additionally, we have interests in joint venture Properties for which revenue is classified as Equity in income from unconsolidated joint ventures on the Consolidated Statements of Income and Comprehensive Income.

Approximately one quarter of our rental agreements on MH Sites contain rent increase provisions that are directly or indirectly connected to published CPI statistics. Approximately half of these rental agreements are subject to a CPI floor of approximately 2.0% to 6.0%.

State and local rent control regulations or rent-regulating governmental bodies affect 33 wholly-owned Properties, including 14 of our 47 California Properties, our 1 Connecticut Property, all 7 of our Delaware Properties, 1 of our 2 Maryland Properties, 1 of our 5 Massachusetts Properties, 1 of our 11 New Jersey Properties, 1 of our 7 New York Properties, 1 of our 14 Washington Properties, and 6 of our 11 Oregon Properties. These rent control regulations govern rent increases and generally permit us to increase rates by either a defined percentage or a percentage of the increase in the national, regional or local CPI, depending on the rent control ordinance, which CPI-based increases generally range from 60.0% to 100.0% of CPI with certain limits depending on the jurisdiction.

The following table shows the breakdown of our Sites by type (amounts are approximate):

Total Sites as of

12/31/2025

MH Sites

73,600 

RV Sites:

Annual

34,400 

Seasonal

11,200 

Transient

17,500 

Marina Slips

6,900 

Membership (1)

26,000 

Joint Ventures (2)

3,900 

Total (3)

173,400 

_____________________

(1)Primarily utilized to service the approximately 108,700 members. Includes approximately 6,000 Sites rented on an annual basis.

(2)Joint ventures have approximately 2,400 MH and RV annual Sites and 1,500 transient Sites.

(3)Total does not foot due to rounding

Membership Sites are primarily utilized to service approximately 108,700 annual subscription members, including 20,700 free trial members added through our RV dealer program. The majority of the remaining 88,000 have purchased a Thousand Trails Camping (“TTC”) membership, which is an annual subscription providing the member access to our Properties in one to five geographic regions of the United States. In 2025, a TTC membership for a single geographic region required an

43

Management’s Discussion and Analysis (continued)

annual payment of $755. In addition, members are eligible to upgrade their subscriptions, which increase usage rights during the membership term. Beginning in the first quarter of 2025, we introduced subscription-based upgrade products with two- to four-year terms. Prior to the introduction of subscription-based upgrade products, membership upgrades required non-refundable upfront payments. Members who purchased an upgrade with a non-refundable upfront payment and remain in good standing are entitled to enhanced benefits for as long as they choose to remain in the program.

In our Home Sales and Rentals Operations business, our revenue streams include home sales, home rentals and brokerage services and ancillary activities. We generate revenue through home sales and rental operations by selling or leasing manufactured homes and cottages that are located in Properties owned and managed by us. We believe renting our vacant homes represents an attractive source of occupancy and an opportunity to convert the renter to a homebuyer in the future. 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. Chattel financing options available today include community owner-funded programs or third-party lender programs that provide subsidized financing to customers and often require the community owner to guarantee customer defaults. Third-party lender programs have stringent underwriting criteria, sizable down payment requirements, short term loan amortization and high interest rates. 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. 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. 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. Generally Accepted Accounting Principles (“GAAP”), we assess and measure our overall financial and operating performance using certain Non-GAAP supplemental measures, which include: (i) FFO, (ii) Normalized FFO, (iii) Income from property operations, (iv) Income from property operations, excluding property management, and (v) Core Portfolio income from property operations, excluding property management (operating results for Properties owned and operated in both periods under comparison). We use these measures internally to evaluate the operating performance of our portfolio and provide a basis for comparison with other real estate companies. Definitions and reconciliations of these measures to the most comparable GAAP measures are included below in this discussion.

Results Overview

(amounts in thousands)

Years Ended December 31,

2025

2024

$ Change

% Change (1)

Net Income per fully diluted Common Share

$

2.01 

$

1.96 

$

0.05 

2.6 

%

FFO per fully diluted Common Share and OP Unit

$

3.08 

$

3.03 

$

0.05 

1.5 

%

Normalized FFO per fully diluted Common Share and OP Unit

$

3.06 

$

2.91 

$

0.15 

5.0 

%

_____________________

(1)Calculations prepared using actual results without rounding.

Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio in 2025 and 2024 includes all Properties acquired prior to December 31, 2023 that we have owned and operated continuously since January 1, 2024. Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2024 and 2025, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events.

For the year ended December 31, 2025, property operating revenues in our Core Portfolio increased 3.2% and property operating expenses in our Core Portfolio, excluding property management, increased 1.0% from the year ended December 31, 2024, resulting in increased income from property operations, excluding property management, of 4.8%.

While we continue to focus on increasing the number of manufactured homeowners in our Core Portfolio, we also believe renting our vacant homes represents an attractive source of occupancy and an opportunity to potentially convert the renter to a new homebuyer in the future. We continue to expect there to be fluctuations in the sources of occupancy gains

44

Management’s Discussion and Analysis (continued)

depending on local market conditions, availability of vacant sites and success with converting renters to homeowners. On a weighted average basis, our Core Portfolio was comprised of approximately 92% homeowners and 3% renters, and our average aggregate occupancy in our MH communities was approximately 94% and 95% for the years ended December 31, 2025 and December 31, 2024, respectively. For the year ended December 31, 2025, our Core Portfolio occupancy decreased by 279 sites, which included an increase in rental occupancy of 190 sites and a decrease in homeowner occupancy of 469 sites. The decrease of 279 sites was primarily driven by hurricane activity in late 2024. During the year ended December 31, 2025, we also added 362 expansion sites in the Core Portfolio. In addition to maintaining occupancy, we have experienced rental rate increases during the year ended December 31, 2025, which contributed to a growth of 5.5% in Core MH base rental income compared to the same period in 2024.

RV and marina base rental income in our Core Portfolio for the year ended December 31, 2025 was 0.2% higher than the same period in 2024 and was driven by an increase in annual revenues. Core RV and marina base rental income from annuals represents 73.1% of total Core RV and marina base rental income and increased 4.1% for the year ended December 31, 2025 compared to the same period in 2024. Core seasonal RV and marina base rental income decreased 9.9% for the year ended December 31, 2025 compared to the same period in 2024. Core transient RV and marina base rental income decreased 8.5% for the year ended December 31, 2025 compared to the same period in 2024.

We continue to generate stable revenue from our Thousand Trails membership base within our Thousand Trails portfolio. For the year ended December 31, 2025, annual membership subscriptions revenue increased 5.1% over the same period in 2024. During the year ended December 31, 2025, we sold 17,150 TTC memberships and activated 23,002 TTC memberships through our RV dealer program.

The following table provides additional details regarding our TTC memberships for the past five years:

2025

2024

2023

2022

2021

TTC Origination

40,152 

43,091 

45,990 

51,415 

50,523 

    TTC Sales

17,150 

19,539 

20,758 

23,237 

23,923 

    RV Dealer TTC Activations

23,002 

23,552 

25,232 

28,178 

26,600 

Demand for our homes and communities is strong, as evidenced by factors including our high occupancy levels. Additionally, we closed 439 new home sales during the year ended December 31, 2025 compared to 756 new home sales during the year ended December 31, 2024. Our strategy of converting existing residents to home buyers continues to be successful, with approximately 20% of our home sales during the year ended December 31, 2025 coming from individuals who already reside in our communities as existing renters or homeowners.

Our gross investment in real estate increased $263.0 million to $8,178.7 million as of December 31, 2025, from $7,915.7 million as of December 31, 2024, primarily due to capital improvements during the year ended December 31, 2025.

Property Acquisitions/Dispositions and Joint Ventures

The following chart lists the Properties acquired or sold from January 1, 2024 through December 31, 2025 and Sites added through expansion opportunities at our existing Properties.

Location

Type of Property

Transaction Date

Sites

Total Sites as of January 1, 2024 (1)

172,500 

Expansion Site Development:

Sites added (reconfigured) in 2024

736 

Sites added (reconfigured) in 2025

440 

Dispositions:

Desert Vista

Salome, Arizona

RV

October 1, 2025

(125)

Valley Vista

Benson, Arizona

RV

October 1, 2025

(145)

Total Sites as of December 31, 2025 (1)

173,400 

_____________________

(1)    Sites are approximate

45

Management’s Discussion and Analysis (continued)

Markets

The following table identifies our largest markets by number of Sites and provides information regarding our Properties (excluding 18 Properties owned through our Joint Ventures).

Major Market

Total Sites

Number of

Properties

Percent of

Total Sites

Percent of Total

Property Operating

Revenue

Florida

65,124 

151 

38.4 

%

45.7 

%

Northeast

21,909 

59 

12.9 

%

11.1 

%

Arizona

19,127 

42 

11.3 

%

10.9 

%

California

13,440 

47 

7.9 

%

10.2 

%

Southeast

13,326 

34 

7.9 

%

5.8 

%

Midwest

12,476 

31 

7.4 

%

5.3 

%

Texas

10,465 

20 

6.2 

%

2.5 

%

Northwest

6,457 

26 

3.8 

%

2.8 

%

Colorado

3,829 

11 

2.3 

%

3.4 

%

Other

3,315 

14 

1.9 

%

2.3 

%

Total

169,468 

435 

100.0 

%

100.0 

%

Qualification as a REIT

Commencing with our taxable year ended December 31, 1993, we have elected to be taxed as a REIT for U.S. federal income tax purposes. We believe we have met the requirements and have qualified for taxation as a REIT and we plan to continue to meet these requirements. 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. Examples include that at least 95% of our gross income must come from sources that are itemized in the REIT tax laws and at least 90% of our REIT taxable income, computed without regard to our deduction for dividends paid and our net capital gain, must be distributed to stockholders annually. If we fail to qualify as a REIT and are unable to correct such failure, we would be subject to U.S. federal income tax at regular corporate rates. Additionally, we could remain disqualified as a REIT for four years following the year we first failed to qualify. Even if we qualify for taxation as a REIT, we are subject to certain foreign, state and local taxes on our income and property and U.S. federal income and excise taxes on our undistributed income.

Non-GAAP Financial Measures

Management’s discussion and analysis of financial condition and results of operations include certain Non-GAAP financial measures that in management’s view of the business are meaningful as they allow investors the ability to understand key operating details of our business that may not always be indicative of recurring annual cash flow of the portfolio. These Non-GAAP financial measures as determined and presented by us may not be comparable to similarly titled measures reported by other companies and include Income from property operations and Core Portfolio, FFO, and Normalized FFO.

We believe investors should review Income from property operations and Core Portfolio, FFO, and Normalized FFO, along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT’s operating performance. A discussion of Income from property operations and Core Portfolio, FFO, Normalized FFO and a reconciliation to net income, are included below.

Income from Property Operations and Core Portfolio

We use income from property operations, income from property operations, excluding property management and Core Portfolio income from property operations, excluding property management, as alternative measures to evaluate the operating results of our Properties. Income from property operations represents rental income, membership subscriptions and upgrade revenue, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses and property management expenses. Income from property operations, excluding property management, represents income from property operations excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our Properties, excluding items that are not directly related to the operation of the Properties. For

46

Management’s Discussion and Analysis (continued)

comparative purposes, we present bad debt expense within Insurance and other in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our Properties.

Our Core Portfolio consists of our Properties owned and operated during all of 2024 and 2025. Core Portfolio income from property operations, excluding property management, is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations. Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2024 and 2025, including six Properties in Florida impacted by Hurricane Ian and two Properties in California that were impacted by storm and flooding events.

Funds from Operations (“FFO”) and Normalized Funds from Operations (“Normalized FFO”)

We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.

We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.

We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.

We believe that FFO and Normalized FFO are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our normal operations. For example, we believe that excluding the early extinguishment of debt and other miscellaneous non-comparable items from FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.

Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions.

47

Management’s Discussion and Analysis (continued)

The following table reconciles net income available for Common Stockholders to income from property operations for the years ended December 31, 2025, 2024 and 2023:

Total Portfolio

(amounts in thousands)

2025

2024

2023

Computation of Income from Property Operations:

Net income available for Common Stockholders

$

386,492 

$

366,998 

$

314,191 

Redeemable perpetual preferred stock dividends

16 

16 

16 

Income allocated to non-controlling interests – Common OP Units

15,553 

17,804 

15,470 

Consolidated net income

402,061 

384,818 

329,677 

Equity in income/(loss) of unconsolidated joint ventures

(6,520)

(6,248)

(2,713)

Income tax benefit

(3,273)

(354)

(10,488)

(Gain)/Loss on sale of real estate and impairment, net

(919)

2,466 

3,581 

Gross revenues from home sales, brokered resales and ancillary services

(86,034)

(117,732)

(145,219)

Interest income

(9,572)

(9,238)

(9,037)

Income from other investments, net

(8,772)

(8,274)

(8,703)

Property management

80,784 

78,114 

76,170 

Depreciation and amortization

208,895 

203,879 

203,738 

Cost of home sales, brokered resales and ancillary services

60,335 

84,771 

107,668 

Home selling expenses and ancillary operating expenses

26,512 

27,644 

27,453 

General and administrative

37,510 

38,483 

47,280 

Casualty-related charges/(recoveries), net (1)

(4,487)

(20,950)

— 

Other expenses

4,850 

5,533 

5,768 

Other items

— 

(6,800)

— 

Early debt retirement

— 

5,833 

68 

Interest and related amortization

131,005 

137,710 

132,342 

Income from property operations, excluding property management

$

832,375 

$

799,655 

$

757,585 

Property management

$

(80,784)

$

(78,114)

$

(76,170)

Income from property operations

$

751,591 

$

721,541 

$

681,415 

_____________________

(1)Casualty-related charges/(recoveries), net for the year ended December 31, 2025 includes debris removal and cleanup costs related to hurricane events of $0.6 million and insurance recovery revenue of $5.1 million, including $4.3 million for reimbursement of capital expenditures.

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, 2025, 2024 and 2023:

(amounts in thousands)

2025

2024

2023

Computation of FFO and Normalized FFO:

Net income available for Common Stockholders

$

386,492 

$

366,998 

$

314,191 

Income allocated to non-controlling interests – Common OP Units

15,553 

17,804 

15,470 

Depreciation and amortization

208,895 

203,879 

203,738 

Depreciation on unconsolidated joint ventures

5,722 

4,826 

4,599 

(Gain)/Loss on unconsolidated joint ventures

— 

— 

(416)

(Gain)/Loss on sale of real estate and impairment, net

(919)

2,466 

3,581 

FFO available for Common Stock and OP Unit holders

615,743 

595,973 

541,163 

Deferred income tax benefit (1)

— 

(354)

(10,488)

Accelerated vesting of stock-based compensation expense (2)

— 

— 

6,320 

Early debt retirement

— 

5,833 

68 

Transaction/pursuit costs and other

— 

383 

458 

Insurance proceeds due to catastrophic weather events, net

(4,207)

(22,101)

— 

Other items (3)

900 

(6,800)

— 

Normalized FFO available for Common Stock and OP Unit holders

$

612,436 

$

572,934 

$

537,521 

Weighted average Common Shares outstanding—Fully Diluted

200,114 

196,636 

195,429 

_____________________

(1)Represents the release of the valuation allowance of U.S. federal and state deferred tax assets related to our taxable REIT subsidiaries.

48

Management’s Discussion and Analysis (continued)

(2)Represents accelerated vesting of stock-based compensation expense of $6.3 million recognized during the quarter ended June 30, 2023 as a result of the passing of a member of our Board of Directors.

(3)Represents expenses of $0.9 million related to non-operating legal expenses during the year ended December 31, 2025 and Other income of $6.8 million related to aged prepaid balances that were determined to no longer be liabilities recognized during the year ended December 31, 2024. See Item 8. Financial Statements and Supplementary Data—Note 2. Summary of Significant Accounting Policies.

Results of Operations

This section discusses the comparison of our results of operations for the years ended December 31, 2025 and December 31, 2024. Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio consists of our Properties owned and operated during all of 2024 and 2025. Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2024 and 2025, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events. For the comparison of our results of operations for the years ended December 31, 2024 and December 31, 2023 and discussion of our operating activities, investing activities and financing activities for these years, refer to Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025.

Income from Property Operations

The following table summarizes certain financial and statistical data for our Core Portfolio and total portfolio:

Core Portfolio

Total Portfolio

(amounts in thousands)

2025

2024

Variance

%

Change

2025

2024

Variance

%

Change

MH base rental income (1)

$

748,594 

$

709,441 

$

39,153 

5.5 

%

$

749,373 

$

710,130 

$

39,243 

5.5 

%

Rental home income (1)

14,237 

13,669 

568 

4.2 

%

14,289 

13,718 

571 

4.2 

%

RV and marina base rental income (1)

427,544 

426,873 

671 

0.2 

%

446,303 

438,448 

7,855 

1.8 

%

Annual membership subscriptions

68,483 

65,548 

2,935 

4.5 

%

69,266 

65,883 

3,383 

5.1 

%

Membership upgrade revenue (2)(3)

12,345 

16,364 

(4,019)

(24.6)

%

12,412 

16,433 

(4,021)

(24.5)

%

Utility and other income (1)

134,417 

129,951 

4,466 

3.4 

%

141,829 

144,801 

(2,972)

(2.1)

%

Property operating revenues

1,405,620 

1,361,846 

43,774 

3.2 

%

1,433,472 

1,389,413 

44,059 

3.2 

%

Utility expense

160,633 

156,835 

3,798 

2.4 

%

164,397 

159,058 

5,339 

3.4 

%

Payroll

117,163 

117,659 

(496)

(0.4)

%

120,715 

120,204 

511 

0.4 

%

Repairs and maintenance

96,212 

91,840 

4,372 

4.8 

%

99,178 

93,997 

5,181 

5.5 

%

Insurance and other (1)(4)

105,395 

103,212 

2,183 

2.1 

%

110,382 

106,801 

3,581 

3.4 

%

Real estate taxes

82,887 

80,438 

2,449 

3.0 

%

85,148 

81,966 

3,182 

3.9 

%

Rental home operating and maintenance

5,189 

5,647 

(458)

(8.1)

%

5,208 

5,669 

(461)

(8.1)

%

Membership sales and marketing (5)

15,977 

21,995 

(6,018)

(27.4)

%

16,069 

22,063 

(5,994)

(27.2)

%

Property operating expenses, excluding property management

583,456 

577,626 

5,830 

1.0 

%

601,097 

589,758 

11,339 

1.9 

%

Income from property operations, excluding property management (6)

822,164 

784,220 

37,944 

4.8 

%

832,375 

799,655 

32,720 

4.1 

%

Property management

80,784 

78,115 

2,669 

3.4 

%

80,784 

78,114 

2,670 

3.4 

%

Income from property operations (6)

$

741,380 

$

706,105 

$

35,275 

5.0 

%

$

751,591 

$

721,541 

$

30,050 

4.2 

%

_____________________

(1)    Rental income consists of the following total portfolio income items in this table: 1) MH base rental income, 2) Rental home income, 3) RV and marina base rental income and 4) Utility income, which is calculated by subtracting Other income on the Consolidated Statements of Income and Comprehensive Income from Utility and other income 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.

(2)    Beginning in the first quarter of 2025, membership upgrade product offerings consist of two- to four-year term subscription products, which are recognized in Annual membership subscriptions. Prices for two-year products range between $4,000 to $8,000 and between approximately $7,000 to $14,000 for the four-year product, which results in approximately $2,500 to $3,000 of earned revenue on an annual basis.

(3)    Membership upgrade revenue is net of deferrals of $10.3 million and $15.1 million for the years ended December 31, 2025 and 2024, respectively.

(4)    Includes bad debt expense for all periods presented.

(5)    Membership sales and marketing expense is net of sales commission deferrals of $2.8 million and $2.6 million for the years ended December 31, 2025 and 2024, respectively.

(6)    See Non-GAAP Financial Measures section of the Management’s Discussion and Analysis for definitions and reconciliations of these Non-GAAP measures to Net Income available for Common Stockholders.

Total Portfolio Income from property operations for the year ended December 31, 2025 increased $30.1 million, or 4.2%, from the same period in 2024, driven by an increase of $35.3 million, or 5.0%, from our Core Portfolio, partially offset by a decrease of $5.2 million from our Non-Core Portfolio. The increase in Income from property operations from our Core

49

Management’s Discussion and Analysis (continued)

Portfolio was primarily due to higher Property operating revenues, primarily in MH base rental income and Utility and other income, partially offset by an increase in Property operating expenses, excluding property management. The decrease in Income from property operations from our Non-Core Portfolio was primarily attributed to California flood insurance proceeds received during the year ended December 31, 2024.

Property Operating Revenues

MH base rental income in our Core Portfolio for the year ended December 31, 2025 increased $39.2 million, or 5.5%, from the same period in 2024, which was primarily due to growth in rate of 5.8% offset by a 0.3% decline in occupancy. The average monthly MH base rental income per Site in our Core portfolio increased to approximately $908 during the year ended December 31, 2025 from approximately $858 during the same period in 2024. The average occupancy in our Core Portfolio was approximately 94.3% and 94.9% during the years ended December 31, 2025 and 2024, respectively.

RV and marina base rental income is comprised of the following:

Core Portfolio

Total Portfolio

(amounts in thousands)

2025

2024

Variance

% Change

2025

2024

Variance

% Change

Annual

$

312,429 

$

300,239 

$

12,190 

4.1 

%

$

322,314 

$

307,958 

$

14,356 

4.7 

%

Seasonal

49,291 

54,699 

(5,408)

(9.9)

%

52,671 

56,935 

(4,264)

(7.5)

%

Transient

65,824 

71,935 

(6,111)

(8.5)

%

71,318 

73,555 

(2,237)

(3.0)

%

RV and marina base rental income

$

427,544 

$

426,873 

$

671 

0.2 

%

$

446,303 

$

438,448 

$

7,855 

1.8 

%

RV and marina base rental income in our Core Portfolio for the year ended December 31, 2025 increased $0.7 million, or 0.2%, from the same period in 2024 due to an increase in Annual RV and marina base rental income of 4.1%, partially offset by decreases in Seasonal and Transient RV and marina base rental income of 9.9% and 8.5%, respectively. The decreases in Seasonal and Transient RV and marina base rental income were primarily driven by returning competitor supply following a period of weather-related disruption, softer demand in certain markets and fewer returning Canadian guests.

Utility and other income in our Core Portfolio for the year ended December 31, 2025 increased $4.5 million, or 3.4%, from the same period in 2024. The increase was primarily due to higher utility income of $4.6 million and pass-through income of $2.0 million, partially offset by a decrease in insurance proceeds of $2.2 million. Utility income increased primarily due to higher trash, water, sewer and cable recovery income, partially offset by lower electric recovery income. The increase in pass-through income was due to increases in real estate tax pass-throughs to customers in Florida. The decrease in insurance proceeds was primarily due to California flood insurance proceeds received during the year ended December 31, 2024. The utility recovery rate (utility income divided by utility expenses) for the years ended December 31, 2025 and 2024 were approximately 49% and 47%, respectively.

Property Operating Expenses

Property operating expenses, excluding property management, in our Core Portfolio for the year ended December 31, 2025 increased $5.8 million, or 1.0%, from the same period in 2024, primarily due to increases in Repairs and maintenance of $4.4 million, Utility expense of $3.8 million, Real estate taxes of $2.4 million and Insurance and other of $2.2 million, partially offset by a decrease in Membership sales and marketing expenses of $6.0 million. The increase in Repairs and maintenance was primarily driven by increases in lawn and common area maintenance expenses and contract repairs, partially offset by a decrease in extraordinary repairs and maintenance expenses and security guard expenses. The increase in Utility expense was due to increases in sewer, trash and water, partially offset by a decrease in cable expense. The increase in Real estate taxes was primarily due to an increase in real estate taxes in our Florida portfolio. The increase in Insurance and other was primarily driven by increases in bad debt expense and administrative expense. The decrease in Membership sales and marketing expense was primarily driven by a decrease in commissions and allowances for credit losses related to financed membership products that are no longer being offered as of the first quarter of 2025.

50

Management’s Discussion and Analysis (continued)

Home Sales and Other

The following table summarizes certain financial and statistical data for our Home Sales and Other Operations:

(amounts in thousands, except home sales volumes)

2025

2024

Variance

% Change

Gross revenue from new home sales

$

37,627 

$

66,432 

$

(28,805)

(43.4)

%

Cost of new home sales

35,376 

57,713 

(22,337)

(38.7)

%

Gross revenue from used home sales

3,382 

3,812 

(430)

(11.3)

%

Cost of used home sales

3,596 

2,745 

851 

31.0 

%

Gross revenue from brokered resales and ancillary services

45,025 

47,488 

(2,463)

(5.2)

%

Cost of brokered resales and ancillary services

21,363 

24,313 

(2,950)

(12.1)

%

Home selling and ancillary operating expenses

26,512 

27,644 

(1,132)

(4.1)

%

Home sales volumes:

New home sales

439 

756 

(317)

(41.9)

%

Used home sales

374 

218 

156 

71.6 

%

Brokered home resales

429 

505 

(76)

(15.0)

%

Gross revenue from new home sales decreased $28.8 million and Cost of new home sales decreased $22.3 million during the year ended December 31, 2025, compared to the year ended December 31, 2024, driven by an overall normalization in demand, primarily in the South and West regions, disruption in demand due to hurricane events and timing of supply of new homes.

Rental Operations

The following table summarizes certain financial and statistical data for our MH Rental Operations:

(amounts in thousands, except rental unit volumes)

2025

2024

Variance

% Change

Rental operations revenue (1)

$

35,795 

$

34,660 

$

1,135 

3.3 

%

Rental home operating and maintenance

5,189 

5,647 

(458)

(8.1)

%

Depreciation on rental homes (2)

10,091 

9,732 

359 

3.7 

%

Gross investment in new manufactured home rental units

$

252,004 

$

213,605 

$

38,399 

18.0 

%

Gross investment in used manufactured home rental units

$

14,234 

$

12,201 

$

2,033 

16.7 

%

Net investment in new manufactured home rental units

$

211,274 

$

175,098 

$

36,176 

20.7 

%

Net investment in used manufactured home rental units

$

11,157 

$

8,187 

$

2,970 

36.3 

%

Number of occupied rentals – new, end of period

1,919

1,716

203 

11.8 

%

Number of occupied rentals—used, end of period

192

205

(13)

(6.3)

%

_____________________

(1)Consists of Site rental income and home rental income. Approximately $21.6 million and $21.0 million of Site rental income is included in MH base rental income in the Core Portfolio Income from Property Operations table for the years ended December 31, 2025 and 2024, respectively. The remainder of home rental income is included in rental home income in our Core Portfolio Income from Property Operations table.

(2)Presented in Depreciation and amortization in the Consolidated Statements of Income and Comprehensive Income.

Rental operations revenues for the year ended December 31, 2025 were $1.1 million, or 3.3%, higher compared to the same period in 2024, primarily due to an increase in the number of occupied rentals.

51

Management’s Discussion and Analysis (continued)

Other Income and Expenses

The following table summarizes other income and expenses:

(amounts in thousands, expenses shown as negative)

2025

2024

Variance

% Change

Depreciation and amortization

$

(208,895)

$

(203,879)

$

(5,016)

(2.5)

%

Interest income

9,572 

9,238 

334 

3.6 

%

Income from other investments, net

8,772 

8,274 

498 

6.0 

%

General and administrative

(37,510)

(38,483)

973 

2.5 

%

Other expenses

(4,850)

(5,533)

683 

12.3 

%

Early debt retirement

— 

(5,833)

5,833 

100.0 

%

Interest and related amortization

(131,005)

(137,710)

6,705 

4.9 

%

Other items

— 

6,800 

(6,800)

100.0 

%

Total other income and expenses, net

$

(363,916)

$

(367,126)

$

3,210 

0.9 

%

Total other income and expenses, net for the year ended December 31, 2025 decreased $3.2 million, or 0.9%, compared to the same period in 2024, primarily due to lower Interest and related amortization and Early debt retirement costs, partially offset by a decrease in income from Other items. The decrease in Interest and related amortization was primarily due to a decrease in interest expense as a result of loan payoffs and principal payments. The decrease in Early debt retirement costs is due to the payment of approximately $5.8 million in swap termination fees and the write off of unamortized loan costs in connection with repayment of our $300 million unsecured term loan in 2024. The decrease in income from Other items was due to aged prepaid balances that were determined to no longer be liabilities in 2024.

Casualty-related charges/(recoveries), net

During the year ended December 31, 2025, we recognized expenses of approximately $0.6 million related to debris removal and cleanup costs from hurricane events, with insurance recovery revenue accruals of approximately $5.1 million related to the expenses incurred during the same period. During the years ended December 31, 2025 and 2024, we also recognized excess insurance recovery revenue of approximately $4.3 million and $22.3 million, respectively, for reimbursement of capital expenditures related to Hurricane Ian. The debris and cleanup costs and offsetting recovery accrual and reimbursement of capital expenditures are reflected in Casualty-related charges/(recoveries), net on the Consolidated Statements of Income and Comprehensive Income.

Gain/(Loss) on sale of real estate and impairment, net

Gain/(Loss) on sale of real estate and impairment, net for the year ended December 31, 2025 was $3.4 million higher compared to the same period in 2024, primarily due to a gain of $1.4 million from the disposition of two properties and lower write down of certain assets of $2.0 million compared to 2024.

Equity in income/(loss) of unconsolidated joint ventures

Equity in income/(loss) of unconsolidated joint ventures for the year ended December 31, 2025 was $0.3 million higher compared to the same period in 2024, primarily due to increases in net income at certain of our unconsolidated joint ventures.

Income tax benefit

Income tax benefit for the year ended December 31, 2025 was $2.9 million higher compared to the same period in 2024, primarily due to net loss related to our taxable REIT subsidiaries.

Liquidity and Capital Resources

Liquidity

Our primary demands for liquidity include payment of operating expenses, dividend distributions, debt service, including principal and interest, capital improvements on Properties, home purchases and property acquisitions. We expect similar demand for liquidity will continue for the short-term and long-term. Our primary sources of cash include operating cash flows, proceeds from financings, borrowings under our unsecured Line of Credit (“LOC”) and proceeds from issuance of equity and debt securities, including issuances under our at-the-market (“ATM”) equity offering program.

One of our stated objectives is to maintain financial flexibility. Achieving this objective allows us to take advantage of strategic opportunities that may arise. When investing capital, we consider all potential uses, including returning capital to our stockholders or the conditions under which we may repurchase our stock. These conditions include, but are not limited to,

52

Management’s Discussion and Analysis (continued)

market price, balance sheet flexibility, alternative opportunistic capital uses and capital requirements. We believe effective management of our balance sheet, including maintaining various access points to raise capital, managing future debt maturities and borrowing at competitive rates, enables us to meet this objective. Accessing long-term secured debt continues to be our focus.

As of December 31, 2025 and 2024, total secured debt encumbered a total of 112 and 120 of our Properties, respectively, and the gross carrying value of such Properties was approximately $3,266.6 million and $3,268.5 million, respectively.

On November 1, 2024, we entered into our current ATM equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $700.0 million. As of December 31, 2025, the full capacity of our current ATM equity offering program remained available for issuance.

We also utilize interest rate swaps to add stability to our interest expense and to manage our exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of the designated derivative are recorded in Accumulated other comprehensive income/(loss) on the Consolidated Balance Sheets and subsequently reclassified into earnings on the Consolidated Statements of Income and Comprehensive Income in the period that the hedged forecasted transaction affects earnings.

We expect to meet our short-term liquidity requirements, including principal payments, capital improvements and dividend distributions for the next twelve months, generally through available cash, net cash provided by operating activities and our LOC. As of December 31, 2025, our LOC had a remaining borrowing capacity of $394.9 million with the option to increase the borrowing capacity by $200.0 million, subject to certain conditions. The LOC bears interest at a rate of SOFR plus 0.10% plus 1.25% to 1.65% and requires an annual facility fee of 0.20% to 0.35%.

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. During the year ended December 31, 2025, we entered into a $240.0 million unsecured term loan agreement and drew $150.0 million and $90.0 million in May 2025 and July 2025, respectively.

For information regarding our debt activities and related borrowing arrangements, see Item 8. Financial Statements and Supplementary Data—Note 9. Borrowing Arrangements.

The following table summarizes our cash flows activity:

For the years ended December 31,

(amounts in thousands)

2025

2024

2023

Net cash provided by operating activities

$

571,148 

$

596,721 

$

548,005 

Net cash used in investing activities

(277,083)

(217,838)

(324,753)

Net cash used in financing activities

(292,509)

(384,244)

(215,662)

Net increase (decrease) in cash and restricted cash

$

1,556 

$

(5,361)

$

7,590 

Operating Activities

Net cash provided by operating activities decreased by $25.6 million to $571.1 million for the year ended December 31, 2025, from $596.7 million for the year ended December 31, 2024. The overall decrease in net cash provided by operating activities was primarily due to an increase in cash outflows related to manufactured homes, net and accounts payable and other liabilities and decreases in deferred membership revenue and cash inflows related to business interruption insurance proceeds, partially offset by an increase in cash inflows related to notes receivable, net and other assets, net.

The following table summarizes our purchase and sale activity of manufactured homes:

For the years ended December 31,

(amounts in thousands)

2025

2024

2023

Purchase of manufactured homes

$

(77,500)

$

(43,467)

$

(106,627)

Sale of manufactured homes

32,799 

55,930 

74,802 

Manufactured homes, net

$

(44,701)

$

12,463 

$

(31,825)

53

Management’s Discussion and Analysis (continued)

Investing Activities

Net cash used in investing activities increased by $59.2 million to $277.1 million for the year ended December 31, 2025, from $217.8 million for the year ended December 31, 2024. The overall increase in net cash used in investing activities was primarily attributable to funding a $56.1 million term loan and a decrease in proceeds from insurance claims, net, partially offset by a decrease in cash outflows related to capital expenditures.

Capital improvements

The following table summarizes capital improvements:

For the years ended December 31,

(amounts in thousands)

2025

2024

2023

Asset preservation (1)

$

53,552 

$

53,306 

$

58,969 

Improvements and renovations (2)

38,337 

31,127 

40,757 

Property upgrades and development (3)

119,300 

135,314 

183,174 

Site development (4)

17,478 

13,337 

27,005 

Total property improvements

228,667 

233,084 

309,905 

Corporate

8,424 

8,195 

7,181 

Total capital improvements

$

237,091 

$

241,279 

$

317,086 

_____________________

(1)Includes upkeep of property infrastructure including utilities and streets and replacement of community equipment and vehicles.

(2)Includes enhancements to amenities such as buildings, common areas, swimming pools and replacement of furniture and site amenities.

(3)Includes $22.0 million and $18.5 million of restoration and improvement capital expenditures related to hurricane events for the years ended December 31, 2025 and 2024, respectively.

(4)Includes capital expenditures to improve the infrastructure required to set manufactured homes.

Financing Activities

Net cash used in financing activities decreased by $91.7 million to $292.5 million for the year ended December 31, 2025, from $384.2 million for the year ended December 31, 2024. The overall decrease in net cash used in financing activities was primarily due to a decrease in cash inflows related to gross proceeds from the issuance of common stock and an increase in net term loan activity, partially offset by increases in principal payments and mortgage debt repayment and distributions to common stock and UP unit holders of $37.3 million.

Contractual Obligations

As of December 31, 2025, we were subject to certain contractual payment obligations(1) as described in the following table:

(amounts in thousands)

Total

2026

2027

2028

2029

2030

Thereafter

Long Term Borrowings (2)

$

3,345,866 

$

66,784 

$

269,482 

$

348,977 

$

335,060 

$

585,423 

$

1,740,140 

Interest Expense (3)

762,585 

126,924 

115,165 

110,347 

97,447 

72,957 

239,745 

LOC Maintenance Fee

2,584 

1,014 

1,014 

556 

— 

— 

— 

Ground Leases (4)

5,828 

686 

691 

687 

629 

595 

2,540 

Office and Other Leases

22,028 

3,813 

3,811 

3,369 

3,123 

2,869 

5,043 

Total Contractual Obligations

$

4,138,891 

$

199,221 

$

390,163 

$

463,936 

$

436,259 

$

661,844 

$

1,987,468 

Weighted average interest rates - Long Term Borrowings

3.93 

%

3.96 

%

3.92 

%

3.92 

%

3.87 

%

3.84 

%

4.01 

%

_____________________

(1)We do not include insurance, property taxes and cancelable contracts in the contractual obligations table.

(2)Balances exclude unamortized deferred financing costs of $24.3 million. Balances represent debt maturing and scheduled periodic payments as well as our LOC balance of $105.0 million outstanding as of December 31, 2025, on the Consolidated Balance Sheets.

(3)Amounts include interest expected to be incurred on our secured and unsecured debt based on obligations outstanding as of December 31, 2025.

(4)Amounts represent minimum future rental payments for land under non-cancelable operating leases at certain of our Properties expiring at various years through 2056.

We believe that we will be able to refinance our maturing debt obligations on a secured or unsecured basis; however, to the extent we are unable to refinance our debt as it matures, we believe that we will be able to repay such maturing debt through available cash as well as operating cash flows, asset sales and/or the proceeds from equity issuances. With respect to any refinancing of maturing debt, our future cash flow requirements could be impacted by significant changes in interest rates or

54

Management’s Discussion and Analysis (continued)

other debt terms, including required amortization payments. As of December 31, 2025, approximately 17.5% of our outstanding debt is fully amortizing.

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. 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. The economic performance and value of our real estate investments could be adversely impacted by many factors including factors outside of our control. We consider impairment indicators including, but not limited to, the following:

•national, regional and/or local economic conditions;

•competition from MH and RV communities and other housing options;

•changes in laws and governmental regulations and the related costs of compliance;

•changes in market rental rates or occupancy; and

•physical damage or environmental indicators.

Any adverse changes in these factors could cause an impairment in our assets, including our investment in real estate and development projects in progress.

If an impairment indicator exists related to a long-lived asset, the expected future undiscounted cash flows are compared against the carrying amount of that asset. Forecasting cash flows requires us to make estimates and assumptions on various inputs including, but not limited to, rental revenue and expense growth rates, occupancy, levels of capital expenditure and capitalization rates. 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.

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.

Inflation

Substantially all of the leases at our MH communities allow for monthly or annual rent increases which provide us with the ability to increase rent, where justified by the market. Such types of leases generally minimize our risks of inflation. In addition, rental rates for our annual RV and marina Sites are established on an annual basis. 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. These expenses include but are not limited to property-related contracted services, utilities, repairs and maintenance and insurance and general and administrative costs, including compensation costs.