EQUITY LIFESTYLE PROPERTIES INC 10-K

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