What changed in this filing

/stocks — the workspaceLOADING

Item 1A. Risk Factors

2025-02-25 compared with 2024-02-22 · 78 added, 70 removed, 408 unchanged (27% of the section changed)

6 unchanged sentences

These factors include but are not limited to the following:

• changes in the national, regional and/or local economies;

• 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);

7 unchanged sentences

• 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;

• 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.

1 unchanged sentence

• 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;

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;

4 unchanged sentences

• 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;

• 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;

• the realization of any other risk factors included in this Annual Report on Form 10-K.

2 unchanged sentences

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.

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.

In a highly inflationary environment, we may not be able to raise rental rates at or above the rate of inflation, which could reduce our profit margins.

If we are unable to increase our rental prices to offset the effects of inflation, our business, results of operations, cash flows and financial condition could be adversely affected.

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.

Inflation may also cause increased volatility in financial markets, which could affect our ability to access the capital markets or impact the cost or timing at which we are able to do so.

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.

There is no guarantee that we will be able to mitigate the effects of inflation and related impacts, and the duration and extent of any prolonged periods of inflation, and any related adverse effects on our results of operations and financial condition, remain unknown at this time.

1 unchanged sentence

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.

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.

generally and in the geographic areas and states where a substantial number of our Properties are located.

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.

22 unchanged sentences

• 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;

• 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;

6 unchanged sentences

We may periodically consider development and expansion activities, which are subject to risks such as construction costs exceeding original estimates and construction and lease-up delays, resulting in increased costs and lower than expected revenues.

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.

As a result, we may be unable to complete our development or redevelopment projects timely and/or within our budget, which may affect our ability to lease to potential customers and adversely affect our business, financial condition and results of operations.

9 unchanged sentences

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.

To the extent that the expenditures exceed our available cash, we may need to secure new or additional financing.

Our Ability to Renew Ground Leases Could Adversely Affect Our Financial Condition and Results of Operations.

3 unchanged sentences

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.

Selling and renting homes is a part of our business.

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;

20 unchanged sentences

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.

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.

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.

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.

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.

The occurrence of an accident, injury or disease outbreak

at any of our communities could also cause damage to our brand or reputation, lead to loss of consumer confidence in us, reduce occupancy at our communities and negatively impact our results of operations.

Our Success Depends on Our Talented Employees, Management, Directors and Key Personnel.

8 unchanged sentences

Additionally, it is important for us to explore and evolve with new developments in technology to stay competitive.

For example, our consumers rely on our technology platforms to make reservations;

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.

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.

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.

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.

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.

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.

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.

These events have caused and could in the future cause governmental and societal responses that are highly uncertain, and we cannot predict with confidence the impact a public health crisis would have on macroeconomic conditions, consumer behavior, cross-border travel, labor availability, credit and financing conditions, supply chain management, and local operations in impacted markets, all of which can materially and adversely affect our financial condition, results of operations and cash flows.

11 unchanged sentences

In our view, such regulations result in a transfer to the residents of the value of our land, which would otherwise be reflected in market rents.

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.

of our stockholders with the interests of our customers.

In addition, we operate certain of our Properties and may acquire additional properties, in high cost markets where the demand for affordable housing may result in the adoption of new rent control legislation that may impact rent increases.

1 unchanged sentence

In such areas, certain local government entities have at times investigated the possibility of seeking to take our Properties by eminent domain at values below the value of the underlying land.

While no such eminent domain proceeding has been commenced and we anticipate exercising all of our

rights in connection with any such proceeding, successful condemnation proceedings by municipalities could adversely affect our financial condition.

While no such eminent domain proceeding has been commenced and we anticipate exercising all of our rights in connection with any such proceeding, successful condemnation proceedings by municipalities could adversely affect our 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.

31 unchanged sentences

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

Any judgments, fines or settlements that exceed our insurance coverage and any indemnification costs that we are required to pay could materially and adversely affect us.

3 unchanged sentences

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.

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.

Climate change could increase the frequency and severity of natural disasters and change weather patterns.

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.

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 climate change could have a material adverse effect on our properties, operations and business.

The physical effects of changes in weather patterns could have a material adverse effect on our properties, operations and business.

If there are prolonged disruptions at our properties due to extreme weather or natural disasters, our results of operations and financial condition could be materially adversely affected.

Our properties are dependent on state and local utility infrastructure for delivery of energy, water supply and/or other utilities.

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.

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.

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.

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.

These capital expenditures may or may not result in lower on-going expenses or make an impact on the desirability of our Properties and our ability to attract high quality residents and guests.

Any such losses, increases in costs or business interruptions could adversely affect our financial condition and operating results.

10 unchanged sentences

Such laws may impose fines and penalties on real property owners or operators who fail to comply with these requirements and may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to the contaminant.

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

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.

For example, under the Oil Pollution Act, owners and operators of vessels and onshore facilities may be subject to liability for removal costs and damages arising from an oil spill in waters of the United States.

1 unchanged sentence

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.

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 regulations may also require capital investment to maintain compliance.

Stakeholder Evaluations of ESG Matters May Impact Our Ability to Attract Investors and Could Have a Negative Impact on Our Reputation.

Evaluations of ESG Matters are important to investors and other stakeholders, and there is an increased focus on such matters by various regulatory authorities, including the SEC and the state of California.

ESG assessments by certain organizations that provide corporate governance and other corporate risk advisory services to investors provide scores and ratings to evaluate companies based upon publicly available information.

In addition, investors, particularly institutional investors, may use ESG or sustainability scores to benchmark companies against their peers.

The methodologies by which ESG Matters are assessed may vary among evaluators and regulatory authorities.

The activities and expense required to comply with new and varying criteria, laws, regulations or standards may be significant.

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.

Stakeholder Evaluations of Sustainability Matters May Impact Our Ability to Attract Investors and Could Have a Negative Impact on Our Reputation.

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.

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.

The activities and expense required to comply with varying criteria, laws, regulations or standards and changes thereto may be significant.

Some investors focus on disclosures of sustainability-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 sustainability initiatives and disclosures, there can be no assurance that we will score highly on Sustainability matters across evaluators in the future.

In addition, the criteria by which companies are rated may change, which could cause the Company to score differently or worse than it has in the past and may result in investors deciding to refrain from investing in us and/or result in a negative perception of the Company, all of which could have an adverse impact on the price of our securities.

2 unchanged sentences

Our business is subject to risks normally associated with debt financing.

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.

Our substantial indebtedness and the cash flows associated with serving our indebtedness could have important consequences, including the risks that:

6 unchanged sentences

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.

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.

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.

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.

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.

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.

26 unchanged sentences

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.

Through provisions in our charter and bylaws unrelated to Subtitle 8, we already (a) require a two-thirds vote

for the removal of any director from the board and (b) vest in the board the exclusive power to fix the number of directorships provided that, if there is stock outstanding and so long as there are three or more stockholders, the number is not less than three.

Through provisions in our charter and bylaws unrelated to Subtitle 8, we already (a) require a two-thirds vote 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.

In the future, our Board of Directors may elect, without stockholder approval, to make us subject to the provisions of Subtitle 8 to which we are not currently subject.

15 unchanged sentences

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.

Fluctuations in Market Interest Rates May Have an Effect on the Value of Our Common Stock.

One of the factors that investors consider important in deciding whether to buy or sell shares of a REIT is the distribution rates with respect to such shares (as a percentage of the price of such shares) relative to market interest rates.

2 unchanged sentences

Thus, higher market interest rates could cause the market price of our publicly traded securities to go down.

On the other hand, a decrease in interest rates could lead to increased competition in the real estate market, which in turn may lead to a decrease in yields for investment opportunities.

If we are unable to offset the decrease in yields by obtaining lower interest rates on our borrowings, our financial condition, results of operations and cash flows could be adversely impacted.

Issuances or Sales of Our Common Stock May Be Dilutive.

1 unchanged sentence

We have in the past and may in the future sell shares of our common stock under an ATM equity offering program from time-to-time.

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.

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.

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.

Investors in our common stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects.

The price of our common stock could be subject to wide fluctuations in response to a number of factors, including:

36 unchanged sentences

Within certain limits, our charter permits the Board of Directors to increase the Ownership Limit with respect to any class or series of stock.

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,

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.

Absent any such exemption, capital stock acquired or held in violation of the Ownership Limit will be transferred by operation of law to us as trustee for the benefit of the person to whom such capital stock is ultimately transferred and the stockholder's rights to distributions and to vote would terminate.

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.

A transfer of capital stock may be void if it causes a person to violate the Ownership Limit.

14 unchanged sentences

If the IRS were to disagree with our analysis or our tax counsel's analysis of various facts and circumstances, our ability to qualify as a REIT could be adversely affected.

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.

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.

17 unchanged sentences

federal income tax purposes and are taxable as regular corporations and subject to certain limitations on intercompany transactions.

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

to a 100% penalty tax on the excess payments and ongoing intercompany arrangements could have to change, resulting in higher ongoing tax payments.

To the extent we are required to pay U.S.

19 unchanged sentences

federal income tax legislation, regulations and other guidance.

In particular, the current administration has indicated that it intends to pass broad tax reform legislation in the near future, the details of which are not certain.

We cannot predict whether, when or to what extent new U.S.

9 unchanged sentences

We can give no assurance that additional material weaknesses or restatements of financial results will not arise in the future due to a failure to implement and maintain adequate internal control over financial reporting or circumvention of these controls.

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

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.

A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met.

1 unchanged sentence

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.

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.

In either case, there could be an adverse affect on our business, financial condition and results of operations.

2 unchanged sentences

As a result of the classification error and related material weakness described in Part II, Item 9A.

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.

As of the date of this Annual Report on Form 10-K, we have no knowledge of any such litigation or dispute arising due to the restatement or material weakness.

10 unchanged sentences

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 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 $75.0 million of coverage per occurrence for named windstorms, which include, for example, hurricanes.

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.

9 unchanged sentences

These systems, as well as our other information technology systems and our networks are subject to system security risks, cybersecurity breaches, outages, disruptions, including disruptions that result in our and our customers' loss of access to our information systems, and other risks.

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.

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.

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

of operations, or financial condition.

Third-party and supply chain attacks have increased in frequency and severity, and we cannot guarantee that the security of our service providers or any of their partners has not been compromised and our ability to require, monitor and enforce these third parties’ information security practices is limited.

We also cannot be certain that our contracts with these third parties will allow us to obtain indemnification or recovery from them for data security-related liability that they cause us to incur.

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.

Attacks can be both individual or highly organized attempts by very sophisticated hacking organizations or nation-state actors.

New technologies, such as artificial intelligence, and the increased sophistication and activities of perpetrators of cybersecurity attacks may further increase the frequency and severity of security incidents.

We employ a number of measures to prevent, detect and mitigate these threats, but these measures may not be sufficient to mitigate all related risks.

1 unchanged sentence

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.

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.

Information and data maintained in digital form are subject to the risks of unauthorized access, modification, exfiltration, destruction or denial of access.

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.

Furthermore, we may not be able to recover these expenses from our service providers, responsible parties, or insurance carriers, the amount of which could be significant.

In addition, 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 which could result in material adverse effects on our business.

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.

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.

Social Media Platforms Could Cause Us to Suffer Brand Damage or Information Leakage.

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1A. Risk Factors