What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-02-18 compared with 2025-02-25 · 94 added, 67 removed, 464 unchanged (26% of the section changed)

34 unchanged sentences

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%

Sunshine Holiday RV Fort Lauderdale FL RV (f) — 130 44 100.0%

Property City State Property Type Acres (a)

Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025

Hollywood Marina Hollywood FL Marina 9 — 190 172 100.0%

Jupiter Marina Jupiter FL Marina 5 — 247 241 100.0%

Lake Worth Village Lake Worth FL MH 117 — 823 823 98.4%

Lantana Marina Lantana FL Marina 5 — 394 290 100.0%

Lantana Marina (e)

Lantana FL Marina 5 — 394 277 100.0%

Maralago Cay Lantana FL MH 102 — 602 602 96.3%

South Lantana Marina Lantana FL Marina 1 — 73 60 100.0%

South Lantana Marina (e)

Lantana FL Marina 1 — 73 42 100.0%

Coral Cay Plantation Margate FL MH 121 — 818 818 97.7%

1 unchanged sentence

Miami Everglades Miami FL RV 34 9 303 44 100.0%

South Miami Marina Miami FL Marina 41 — 254 223 100.0%

South Miami Marina (e)

Miami FL Marina 41 — 254 222 100.0%

Okeechobee RV Resort Okeechobee FL RV 110 — 740 305 100.0%

6 unchanged sentences

Highland Woods Travel Park Pompano Beach FL RV 15 — 148 18 100.0%

Inlet Harbor Marina Ponce Inlet FL Marina 10 — 295 244 100.0%

Inlet Harbor Marina (e)

Ponce Inlet FL Marina 10 — 295 215 100.0%

Lighthouse Pointe at Daytona Beach Port Orange FL MH 64 — 435 435 82.1%

11 unchanged sentences

Heron Cay Vero Beach FL MH 130 — 588 588 94.2%

Holiday Village, Florida (c) Vero Beach FL MH 18 — 128 128 —%

Holiday Village, Florida Vero Beach FL MH 18 — 128 128 —%

Sunshine Travel-Vero Beach Vero Beach FL RV 33 3 323 127 100.0%

4 unchanged sentences

Clover Leaf Farms Brooksville FL MH 227 — 948 948 87.1%

Property City State Property Type Acres (a)

Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025

Clover Leaf Forest Brooksville FL RV 30 — 277 148 100.0%

1 unchanged sentence

Lake Magic Clermont FL RV 69 — 471 163 100.0%

Property City State Property Type Acres (a)

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 99.2%

31 unchanged sentences

Winter Quarters Manatee Bradenton FL RV 42 — 415 169 100.0%

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 — — —%

Resort at Tranquility Lake (d)

Cape Coral FL RV 188 — 502 — —%

Cape Coral Development Land (c)

Cape Coral FL RV 1,000 468 — — —%

Palm Harbour Marina Cape Haze FL Marina 18 — 260 64 100.0%

Property City State Property Type Acres (a)

Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025

Glen Ellen Clearwater FL MH 12 — 106 106 99.1%

4 unchanged sentences

Shady Lane Village Clearwater FL MH 19 — 156 156 97.4%

Property City State Property Type Acres (a)

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%

32 unchanged sentences

Sunseekers RV Resort North Fort Myers FL RV 16 — 241 143 100.0%

Property City State Property Type Acres (a)

Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025

The Heritage North Fort Myers FL MH 214 40 449 449 100.0%

3 unchanged sentences

Terra Ceia Palmetto FL RV 50 — 391 171 100.0%

Arbors at Countrywood (d) Plant City FL MH (f) — — — —%

Arbors at Countrywood (d)

Plant City FL MH (f) — — — —%

Lakes at Countrywood Plant City FL MH 122 10 424 424 96.9%

1 unchanged sentence

Oaks at Countrywood Plant City FL MH 44 — 168 168 100.0%

Property City State Property Type Acres (a)

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 — 528 362 100.0%

24 unchanged sentences

Russian River Cloverdale CA RV 41 — 135 2 100.0%

Snowflower (d) Emigrant Gap CA RV 612 — 268 — —%

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 — —%

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%

Property City State Property Type Acres (a)

Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025

Ponderosa Resort Lotus CA RV 22 — 170 3 100.0%

Turtle Beach Manteca CA RV 39 — 79 25 100.0%

Marina Dunes RV Resort (d) Marina CA RV 6 — 96 — —%

Coralwood (e) Modesto CA MH 22 — 194 194 99.5%

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 4 100.0%

Oceanside RV Resort (d) Oceanside CA RV 8 — 139 — —%

Oceanside RV Resort (d)

Oceanside CA RV 8 — 139 — —%

Lake of the Springs Oregon House CA RV 954 507 541 33 100.0%

Concord Cascade Pacheco CA MH 31 — 283 283 100.0%

San Francisco RV (d) Pacifica CA RV 12 — 122 — —%

Property City State Property Type Acres (a)

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

San Francisco RV Pacifica CA RV 12 — 122 12 100.0%

Quail Meadows Riverbank CA MH 20 — 146 146 100.0%

5 unchanged sentences

De Anza Santa Cruz Santa Cruz CA MH 30 — 198 198 100.0%

Santa Cruz Ranch (d) Scotts Valley CA RV 7 — 106 — —%

Santa Cruz Ranch (d)

Scotts Valley CA RV 7 — 106 — —%

Royal Oaks Visalia CA MH 20 — 149 149 97.3%

3 unchanged sentences

Los Ranchos Apple Valley CA MH 30 — 389 389 96.9%

Date Palm Country Club (e) Cathedral City CA MH 232 3 538 538 98.3%

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 32 100.0%

6 unchanged sentences

Wilderness Lakes Menifee CA RV 73 — 529 37 100.0%

Morgan Hill (d) Morgan Hill CA RV 69 6 339 — —%

Pacific Dunes Ranch (d) Oceana CA RV 48 — 215 — —%

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 20 100.0%

2 unchanged sentences

Parque La Quinta Rialto CA MH 19 — 166 166 98.2%

Rancho Oso (h) Santa Barbara CA RV 310 40 187 — —%

Rancho Oso (d)

Santa Barbara CA RV 310 40 187 — —%

Meadowbrook Santee CA MH 43 — 338 338 100.0%

Property City State Property Type Acres (a)

Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025

Lamplighter Village Spring Valley CA MH 32 — 270 270 99.6%

6 unchanged sentences

Golden Sun RV Apache Junction AZ RV 33 — 329 206 100.0%

Property City State Property Type Acres (a)

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 30 100.0%

Valley Vista Benson AZ RV 6 — 145 5 100.0%

Casita Verde Casa Grande AZ RV 14 — 192 88 100.0%

19 unchanged sentences

Whispering Palms Phoenix AZ MH 15 — 115 115 92.2%

Desert Vista (d) Salome AZ RV 10 — 125 — —%

Sedona Shadows Sedona AZ MH 48 — 210 210 98.1%

4 unchanged sentences

Voyager RV Resort Tucson AZ RV 35 — 1,801 1,121 100.0%

The Crossing at Voyager (c) Tucson AZ MH 64 18 154 154 0.6%

The Crossing at Voyager Tucson AZ MH 64 18 154 154 6.5%

Westpark Wickenburg AZ MH 48 — 269 269 86.2%

Property City State Property Type Acres (a)

Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025

Araby Acres Yuma AZ RV 25 3 337 252 100.0%

6 unchanged sentences

Total Arizona Market 2,291 231 19,127 14,148 96.9%

Property City State Property Type Acres (a)

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

Hillcrest Village CO Aurora CO MH 72 — 602 602 99.7%

5 unchanged sentences

Golden Terrace South Golden CO MH 15 — 80 80 96.3%

Golden Terrace South RV (d) Golden CO RV (f) — 80 — —%

Golden Terrace South RV (d)

Golden CO RV (f) — 80 — —%

Golden Terrace West Golden CO MH 39 — 311 311 98.1%

Blue Mesa Recreational Ranch (d) Gunnison CO RV — — 385 — —%

Blue Mesa Recreational Ranch (d)

Gunnison CO RV — — 385 — —%

Pueblo Grande Pueblo CO MH 33 — 250 250 98.0%

16 unchanged sentences

Williams Estates/Peppermint Woods Middle River MD MH 121 — 803 803 99.9%

Desert Narrows (d) Bar Harbor ME RV 90 12 206 — —%

Property City State Property Type Acres (a)

Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025

Desert Narrows Bar Harbor ME RV 90 12 206 8 100.0%

Patten Pond Ellsworth ME RV 81 60 137 25 100.0%

7 unchanged sentences

Acorn Campground Green Creek NJ RV 160 43 323 251 100.0%

Property City State Property Type Acres (a)

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 — 288 230 100.0%

28 unchanged sentences

Lil Wolf Orefield PA MH 56 — 269 269 92.2%

Property City State Property Type Acres (a)

Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025

Scotrun Scotrun PA RV 63 6 178 100 100.0%

4 unchanged sentences

Hidden Cove Arley AL RV 99 34 163 93 100.0%

Dale Hollow State Park Marina Burkesville KY Marina 33 — 198 198 100.0%

Dale Hollow State Park Marina (e)

Burkesville KY Marina 33 — 198 198 100.0%

Diamond Caverns Park City KY RV 714 218 220 26 100.0%

Forest Lake Advance NC RV 306 20 394 214 100.0%

Property City State Property Type Acres (a)

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 95.3%

2 unchanged sentences

Twin Lakes Chocowinity NC RV 132 11 419 409 100.0%

Holiday Trav-L-Park Resort Emerald Isle NC RV 23 — 299 162 100.0%

Emerald Isle RV Resort Emerald Isle NC RV 23 — 299 162 100.0%

Topsail Sound RV Holly Ridge NC RV 34 — 350 207 100.0%

10 unchanged sentences

Inlet Oaks Village Murrells Inlet SC MH 35 — 172 172 100.0%

Carolina Shores RV (g) Myrtle Beach SC RV 80 — 813 — —%

Carolina Shores RV Myrtle Beach SC RV 80 — 813 447 100.0%

Rivers Edge Marina North Charleston SC Marina 4 — 503 369 100.0%

6 unchanged sentences

Chesapeake Bay Gloucester VA RV 282 80 392 135 100.0%

Bayport Development (c) Jamaica VA RV 541 523 — — —%

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 16 791 570 100.0%

Property City State Property Type Acres (a)

Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025

Bethpage Camp Resort Urbanna VA RV 271 81 1,285 893 100.0%

2 unchanged sentences

Total Southeast Market 6,828 1,568 13,326 8,609 99.8%

O'Connell's Yogi Bear RV Resort Amboy IL RV 286 77 812 442 100.0%

O'Connell's RV Campground Amboy IL RV 286 77 812 395 100.0%

Pheasant Lake Estates Beecher IL MH 238 190 613 613 88.4%

3 unchanged sentences

Indian Lakes Batesville IN RV 545 82 1,212 691 100.0%

Property City State Property Type Acres (a)

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 64 100.0%

23 unchanged sentences

Bay Point Marina Marblehead OH RV 48 9 184 184 100.0%

Bay Point Marina Marblehead OH Marina 179 — 660 554 100.0%

Bay Point Marina (e)

Marblehead OH Marina 179 — 660 534 100.0%

Total Midwest Market 4,514 854 12,476 9,232 93.1%

Property City State Property Type Acres (a)

Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025

Nevada, Utah and Idaho:

10 unchanged sentences

Villa Borega Las Vegas NV MH 40 — 293 293 85.0%

Property City State Property Type Acres (a)

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 99.4%

St George (d) Hurricane UT RV 26 — 149 — —%

St George (d)

Hurricane UT RV 26 — 149 — —%

All Seasons Salt Lake City UT MH 19 — 121 121 99.2%

Total Nevada, Utah and Idaho Market 473 — 3,315 2,970 93.5%

Cultus Lake (Canada) (e) Lindell Beach BC RV 15 — 178 37 100.0%

Cultus Lake (Canada) (e)

Lindell Beach BC RV 15 — 178 42 100.0%

Bend Bend OR RV 289 116 351 39 100.0%

3 unchanged sentences

Portland Fairview Fairview OR RV 30 — 407 252 100.0%

Quail Hollow (e) Fairview OR MH 21 — 137 137 100.0%

Quail Hollow (e)

Fairview OR MH 21 — 137 137 97.1%

South Jetty Florence OR RV 57 5 204 13 100.0%

6 unchanged sentences

Chehalis Chehalis WA RV 309 — 360 28 100.0%

Grandy Creek (d) Concrete WA RV 63 — 179 — —%

Tall Chief (d) Fall City WA RV 71 — 180 — —%

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%

La Conner (e)

La Conner WA RV 106 — 319 45 100.0%

Leavenworth Leavenworth WA RV 255 30 266 15 100.0%

Thunderbird Resort Monroe WA RV 45 6 136 9 100.0%

Property City State Property Type Acres (a)

Total Number of Sites as of 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025

Little Diamond Newport WA RV 360 30 520 2 100.0%

8 unchanged sentences

Victoria Palms Donna TX RV 117 — 1,122 477 100.0%

Lake Texoma (e) Gordonville TX RV 201 87 430 70 100.0%

Lake Texoma (e)

Gordonville TX RV 201 87 430 56 100.0%

Lakewood Harlingen TX RV 30 — 301 105 100.0%

Property City State Property Type Acres (a)

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%

3 unchanged sentences

Paradise South Mercedes TX RV 49 — 493 182 100.0%

Lake Tawakoni (e) Point TX RV 324 11 293 48 100.0%

Lake Tawakoni (e)

Point TX RV 324 11 293 48 100.0%

Fun N Sun RV San Benito TX RV 135 40 1,435 588 100.0%

16 unchanged sentences

(d) Property did not have annual Sites for 2025.

(e) Land has been leased to us under a non-cancelable operating lease, including one Loggerhead Marina Property (See Item 8.

(e) Land has been leased to us under a non-cancelable operating lease.

Financial Statements and Supplementary Data—Note 3.

(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.

Legal Proceedings

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 2. Properties