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, 2025, we owned or had an ownership interest in a portfolio of 453 Properties located predominantly in the United States containing 173,371 Sites. A total of 112 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, 2025. The following table sets forth certain information relating to our 435 wholly-owned Properties containing 169,468 Sites as of December 31, 2025, 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 12/31/2025 Total Number of Annual Sites as of 12/31/2025 Annual Site Occupancy as of 12/31/2025 Florida East: Aventura Marina Aventura FL Marina 15 — 6 5 100.0% Hi-Lift Marina Aventura FL Marina 3 — 211 186 100.0% Cheron Village Davie FL MH 30 — 202 202 100.0% Carriage Cove Daytona Beach FL MH 59 — 418 418 75.6% Daytona Beach Marina Daytona Beach FL Marina 5 — 179 144 100.0% Coquina Crossing Elkton FL MH 316 — 741 741 80.0% Bulow Plantation Flagler Beach FL MH 323 90 276 276 98.9% Bulow RV Flagler Beach FL RV (f) 91 352 72 100.0% Carefree Cove Fort Lauderdale FL MH 20 — 164 164 93.3% Everglades Lakes Fort Lauderdale FL MH 103 — 611 611 93.8% 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 (f) — 130 44 100.0% 27 Property City State Property Type Acres (a) Developable Acres (b) 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 (e) Lantana FL Marina 5 — 394 277 100.0% Maralago Cay Lantana FL MH 102 — 602 602 96.3% South Lantana Marina (e) Lantana FL Marina 1 — 73 42 100.0% Coral Cay Plantation Margate FL MH 121 — 818 818 97.7% Lakewood Village Melbourne FL MH 68 — 349 349 88.5% Miami Everglades Miami FL RV 34 9 303 44 100.0% South Miami Marina (e) Miami FL Marina 41 — 254 222 100.0% Okeechobee RV Resort Okeechobee FL RV 110 — 740 305 100.0% Holiday Village, Ormond Beach Ormond Beach FL MH 43 — 301 301 88.7% Sunshine Holiday-Daytona North Ormond Beach FL RV 69 3 349 151 100.0% Palm Beach Gardens Marina Palm Beach Gardens FL Marina 12 — 133 118 100.0% The Meadows, FL Palm Beach Gardens FL MH 55 — 378 378 96.8% Breezy Hill Pompano Beach FL RV 52 — 762 335 100.0% Hidden Harbour Marina Pompano Beach FL Marina 4 — 357 264 100.0% Highland Woods Travel Park Pompano Beach FL RV 15 — 148 18 100.0% 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% Pickwick Village Port Orange FL MH 84 — 441 441 93.9% Rose Bay Port Orange FL RV 21 2 303 143 100.0% Palm Lake Riviera Beach FL MH 154 — 916 916 73.7% Riviera Beach Marina Riviera Beach FL Marina 6 — 326 297 100.0% Indian Oaks Rockledge FL MH 38 — 208 208 100.0% Space Coast Rockledge FL RV 24 — 270 179 100.0% St. Pete Marina St. Petersburg FL Marina 15 — 438 376 100.0% Riverwatch Marina Stuart FL Marina 8 — 306 221 100.0% Countryside at Vero Beach Vero Beach FL MH 125 — 643 643 95.5% Heritage Plantation Vero Beach FL MH 64 — 437 437 93.1% Heron Cay Vero Beach FL MH 130 — 588 588 94.2% Holiday Village, Florida Vero Beach FL MH 18 — 128 128 —% Sunshine Travel-Vero Beach Vero Beach FL RV 33 3 323 127 100.0% Vero Beach Marina Vero Beach FL Marina 26 — 160 104 100.0% Vero Palm Estates Vero Beach FL MH 64 — 285 285 93.0% Village Green Vero Beach FL MH 178 16 782 782 92.6% Palm Beach Colony West Palm Beach FL MH 48 — 284 284 100.0% Central: Clover Leaf Farms Brooksville FL MH 227 — 948 948 87.1% 28 Property City State Property Type Acres (a) Developable Acres (b) 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% Clerbrook Golf & RV Resort Clermont FL RV 288 — 1,255 515 100.0% Lake Magic Clermont FL RV 69 — 471 163 100.0% Orange Lake Clermont FL MH 38 — 242 242 99.2% Orlando Clermont FL RV 270 — 1,107 306 100.0% Haselton Village Eustis FL MH 52 — 291 291 100.0% Southern Palms RV Eustis FL RV 120 — 950 377 100.0% Lakeside Terrace Fruitland Park FL MH 39 — 241 241 99.6% Grand Island Resort Grand Island FL MH 35 — 362 362 80.9% Sherwood Forest - MHP Kissimmee FL MH 124 — 846 846 89.2% Sherwood Forest RV Kissimmee FL RV 107 — 513 147 100.0% Tropical Palms Kissimmee FL RV 59 — 592 189 100.0% Beacon Hill Colony Lakeland FL MH 31 — 201 201 99.0% Beacon Terrace Lakeland FL MH 61 — 297 297 99.3% Kings & Queens Lakeland FL MH 18 — 107 107 99.1% Lakeland Harbor Lakeland FL MH 65 — 504 504 99.6% Lakeland Junction Lakeland FL MH 23 — 193 193 99.0% Coachwood Colony Leesburg FL MH 29 — 201 201 87.6% Mid-Florida Lakes Leesburg FL MH 290 — 1,224 1,224 91.4% Southernaire Mt. Dora FL MH 14 — 114 114 88.6% Foxwood Farms Ocala FL MH 56 — 365 365 86.6% Oak Bend Ocala FL MH 62 — 342 342 87.4% Villas at Spanish Oaks Ocala FL MH 69 — 454 454 86.3% Audubon Village - Florida Orlando FL MH 40 2 280 280 98.9% Hidden Valley Orlando FL MH 50 — 303 303 99.3% Starlight Ranch Orlando FL MH 130 — 783 783 97.6% 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 56 100.0% Winter Garden Winter Garden FL RV 27 — 350 137 100.0% West: Riverside RV Resort Arcadia FL RV 499 208 548 220 100.0% Toby's RV Resort Arcadia FL RV 44 — 379 318 100.0% Sunshine Key Big Pine Key FL RV 54 — 409 47 100.0% Windmill Manor Bradenton FL MH 49 — 292 292 94.5% Winter Quarters Manatee Bradenton FL RV 42 — 415 169 100.0% 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% 29 Property City State Property Type Acres (a) Developable Acres (b) 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% Hillcrest FL Clearwater FL MH 25 — 276 276 98.2% Holiday Ranch Clearwater FL MH 12 — 150 150 94.7% Serendipity Clearwater FL MH 55 — 425 425 99.5% Shady Lane Oaks Clearwater FL MH 31 — 249 249 97.6% Shady Lane Village Clearwater FL MH 19 — 156 156 97.4% Silk Oak Lodge Clearwater FL MH 19 — 180 180 96.7% Cortez Village Marina Cortez FL Marina 4 — 279 184 100.0% Crystal Isles Crystal River FL RV 38 1 260 91 100.0% Lake Haven Dunedin FL MH 48 — 379 379 98.2% Marker 1 Marina Dunedin FL Marina 11 — 477 266 100.0% Colony Cove Ellenton FL MH 543 5 2,405 2,405 90.9% The Oaks at Colony Cove Ellenton FL MH (f) — 93 93 100.0% Ridgewood Estates Ellenton FL MH 77 — 380 380 98.7% Fort Myers Beach Fort Myers FL RV 37 6 292 83 100.0% Fish Tale Marina Fort Myers Beach FL Marina 8 — 296 110 100.0% Gulf Air Fort Myers Beach FL RV 25 — 246 51 100.0% Holiday Travel Park Holiday FL RV 45 — 613 491 100.0% Barrington Hills Hudson FL RV 28 — 392 292 100.0% Down Yonder Largo FL MH 50 — 361 361 98.9% East Bay Oaks Largo FL MH 40 — 328 328 98.5% Eldorado Village Largo FL MH 25 — 227 227 98.7% 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 — 293 171 100.0% Whispering Pines - Largo Largo FL MH 55 — 393 393 99.2% Fiesta Key Long Key FL RV 28 — 373 8 100.0% Winter Quarters Pasco Lutz FL RV 27 — 255 191 100.0% Country Place New Port Richey FL MH 82 — 515 515 100.0% Hacienda Village New Port Richey FL MH 66 — 505 505 97.6% Harbor View Mobile Manor New Port Richey FL MH 69 — 471 471 76.2% Bay Lake Estates Nokomis FL MH 34 — 228 228 80.7% Lake Village Nokomis FL MH 105 40 391 391 85.7% Royal Coachman Nokomis FL RV 111 2 546 481 100.0% Buccaneer Estates North Fort Myers FL MH 223 — 1,183 1,183 71.3% Island Vista Estates North Fort Myers FL MH 121 — 617 617 86.9% Lake Fairways North Fort Myers FL MH 259 — 896 896 94.2% Pine Lakes North Fort Myers FL MH 397 61 602 602 99.2% Pioneer Village North Fort Myers FL RV 90 — 733 377 100.0% Sunseekers RV Resort North Fort Myers FL RV 16 — 241 143 100.0% 30 Property City State Property Type Acres (a) Developable Acres (b) 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% Windmill Village - N. Ft. Myers North Fort Myers FL MH 69 — 491 491 85.9% Silver Dollar Golf & Trap Club Resort Odessa FL RV 836 — 459 380 100.0% Terra Ceia Palmetto FL RV 50 — 391 171 100.0% Arbors at Countrywood (d) Plant City FL MH (f) — — — —% Lakes at Countrywood Plant City FL MH 122 10 424 424 96.9% Meadows at Countrywood Plant City FL MH 140 — 799 799 97.0% Oaks at Countrywood Plant City FL MH 44 — 168 168 100.0% Harbor Lakes Port Charlotte FL RV 80 — 528 362 100.0% Emerald Lake Punta Gorda FL MH 28 — 201 201 96.0% Gulf View Punta Gorda FL RV 78 — 206 75 100.0% Tropical Palms MH Punta Gorda FL MH 50 2 294 294 97.3% Kingswood Riverview FL MH 52 — 229 229 99.6% Winds of St. Armands North Sarasota FL MH 74 — 471 471 98.9% Winds of St. Armands South Sarasota FL MH 90 — 397 397 89.4% Topics RV Resort Spring Hill FL RV 35 — 230 188 100.0% Pine Island St. James City FL RV 31 — 363 25 100.0% Carefree Village Tampa FL MH 58 — 398 398 98.2% Tarpon Glen Tarpon Springs FL MH 24 — 168 168 100.0% Featherock Valrico FL MH 84 — 521 521 98.3% Bay Indies Venice FL MH 210 — 1,309 1,309 91.4% Ramblers Rest RV Resort Venice FL RV 117 — 647 336 100.0% Peace River Wauchula FL RV 72 — 454 56 100.0% Crystal Lake Zephyrhills Zephyrhills FL MH 147 — 518 518 89.8% Forest Lake Estates MH Zephyrhills FL MH 192 68 928 928 99.7% Forest Lake Village RV Zephyrhills FL RV 42 — 274 176 100.0% Sixth Avenue Zephyrhills FL MH 14 — 133 133 92.5% Other Multiple FL MH 7 — 133 133 45.9% Total Florida Market 13,312 1,127 65,124 52,644 93.6% California Northern California: Monte del Lago Castroville CA MH 54 — 310 310 99.7% Colony Park Ceres CA MH 20 — 186 186 96.8% Russian River Cloverdale CA RV 41 — 135 2 100.0% 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% 31 Property City State Property Type Acres (a) Developable Acres (b) 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% Lake Minden Nicolaus CA RV 165 82 323 4 100.0% 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 Pacifica CA RV 12 — 122 12 100.0% Quail Meadows Riverbank CA MH 20 — 146 146 100.0% California Hawaiian San Jose CA MH 50 — 418 418 100.0% Sunshadow San Jose CA MH 30 — 121 121 100.0% Village of the Four Seasons San Jose CA MH 30 — 271 271 99.6% Laguna Lake San Luis Obispo CA MH 100 — 300 300 100.0% Contempo Marin San Rafael CA MH 63 1 396 396 100.0% De Anza Santa Cruz Santa Cruz CA MH 30 — 198 198 100.0% Santa Cruz Ranch (d) Scotts Valley CA RV 7 — 106 — —% Royal Oaks Visalia CA MH 20 — 149 149 97.3% Pilot Knob RV Resort Winterhaven CA RV 23 — 247 2 100.0% Southern California: Soledad Canyon Acton CA RV 273 — 1,251 48 100.0% Los Ranchos Apple Valley CA MH 30 — 389 389 96.9% Date Palm Country Club (e) Cathedral City CA MH 232 3 538 538 98.3% Palm Springs Oasis RV Resort Cathedral City CA RV (f) — 140 32 100.0% Oakzanita Springs Descanso CA RV 145 5 146 21 100.0% Rancho Mesa El Cajon CA MH 20 — 158 158 99.4% Rancho Valley El Cajon CA MH 19 — 140 140 100.0% Royal Holiday Hemet CA MH 22 — 198 198 80.8% Idyllwild Idyllwild-Pine Cove CA RV 191 — 287 28 100.0% Pio Pico Jamul CA RV 176 10 512 52 100.0% 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 — —% San Benito Paicines CA RV 199 23 523 20 100.0% Palm Springs Palm Desert CA RV 35 — 401 13 100.0% Las Palmas Estates Rialto CA MH 18 — 136 136 100.0% Parque La Quinta Rialto CA MH 19 — 166 166 98.2% Rancho Oso (d) Santa Barbara CA RV 310 40 187 — —% Meadowbrook Santee CA MH 43 — 338 338 100.0% 32 Property City State Property Type Acres (a) Developable Acres (b) 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% Santiago Estates Sylmar CA MH 113 9 300 300 100.0% Total California Market 4,973 717 13,440 6,304 98.7% Arizona: Apache East Apache Junction AZ MH 17 — 123 123 100.0% Countryside RV Apache Junction AZ RV 53 — 560 307 100.0% Denali Park Apache Junction AZ MH 33 5 162 162 93.2% Dolce Vita Apache Junction AZ MH 132 20 606 606 78.2% Golden Sun RV Apache Junction AZ RV 33 — 329 206 100.0% Meridian RV Resort Apache Junction AZ RV 15 — 264 30 100.0% Casita Verde Casa Grande AZ RV 14 — 192 88 100.0% Fiesta Grande Casa Grande AZ RV 77 — 767 517 100.0% Foothills West Casa Grande AZ RV 16 — 188 122 100.0% Sunshine Valley Chandler AZ MH 55 — 381 381 99.7% Verde Valley Cottonwood AZ RV 273 178 414 124 100.0% Casa del Sol East II Glendale AZ MH 29 — 239 239 95.0% 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 97.8% Mesa Spirit Mesa AZ RV 90 — 1,600 752 100.0% Monte Vista Resort Mesa AZ RV 142 — 1,345 987 100.0% 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 2,005 100.0% Apollo Village Peoria AZ MH 29 3 238 238 97.1% Casa del Sol West Peoria AZ MH 31 — 245 245 99.2% Carefree Manor Phoenix AZ MH 16 — 130 130 99.2% Central Park Phoenix AZ MH 37 — 293 293 98.3% Desert Skies Phoenix AZ MH 24 — 167 167 98.8% Sunrise Heights Phoenix AZ MH 28 — 199 199 99.5% Whispering Palms Phoenix AZ MH 15 — 115 115 92.2% Sedona Shadows Sedona AZ MH 48 — 210 210 98.1% Venture In Show Low AZ RV 26 — 389 277 100.0% Paradise Sun City AZ RV 80 — 950 772 100.0% The Meadows AZ Tempe AZ MH 60 — 390 390 99.5% Fairview Manor Tucson AZ MH 28 — 235 235 92.3% Voyager RV Resort Tucson AZ RV 35 — 1,801 1,121 100.0% The Crossing at Voyager Tucson AZ MH 64 18 154 154 6.5% Westpark Wickenburg AZ MH 48 — 269 269 86.2% 33 Property City State Property Type Acres (a) Developable Acres (b) 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% Cactus Gardens Yuma AZ RV 43 — 430 226 100.0% Capri Yuma AZ RV 20 — 303 137 100.0% Desert Paradise Yuma AZ RV 26 — 260 82 100.0% Foothill Village Yuma AZ RV 18 — 180 21 100.0% Mesa Verde RV Yuma AZ RV 28 — 345 265 100.0% Suni Sands Yuma AZ RV 34 — 336 134 100.0% Total Arizona Market 2,291 231 19,127 14,148 96.9% Colorado: Hillcrest Village CO Aurora CO MH 72 — 602 602 99.7% Cimarron Village Broomfield CO MH 50 — 327 327 99.7% Holiday Village CO Colorado Springs CO MH 38 — 240 240 97.1% Bear Creek Village Denver CO MH 12 — 121 121 97.5% Holiday Hills Village Denver CO MH 99 — 736 736 97.3% Golden Terrace Golden CO MH 32 — 263 263 99.2% Golden Terrace South Golden CO MH 15 — 80 80 96.3% 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 — —% Pueblo Grande Pueblo CO MH 33 — 250 250 98.0% Woodland Hills Thornton CO MH 55 — 434 434 99.8% Total Colorado Market 445 — 3,829 3,364 98.5% Northeast: Stonegate Manor North Windham CT MH 114 — 372 372 91.1% Waterford Estates Bear DE MH 159 2 731 731 99.6% McNicol Place Lewes DE MH 25 — 93 93 100.0% Whispering Pines Lewes DE MH 67 2 393 393 99.2% Mariner's Cove Millsboro DE MH 101 — 375 375 99.7% Sweetbriar Millsboro DE MH 38 — 146 146 97.3% Aspen Meadows Rehoboth Beach DE MH 46 — 200 200 99.5% Camelot Meadows Rehoboth Beach DE MH 61 — 301 301 99.3% Gateway to Cape Cod Rochester MA RV 80 25 194 77 100.0% Hillcrest MA Rockland MA MH 19 — 79 79 89.9% The Glen Rockland MA MH 24 — 36 36 97.2% Old Chatham South Dennis MA RV 47 — 312 276 100.0% Sturbridge Sturbridge MA RV 223 125 155 75 100.0% Fernwood Capitol Heights MD MH 40 6 329 329 99.7% Williams Estates/Peppermint Woods Middle River MD MH 121 — 803 803 99.9% 34 Property City State Property Type Acres (a) Developable Acres (b) 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 Mt. Desert Narrows Bar Harbor ME RV 90 12 206 8 100.0% Patten Pond Ellsworth ME RV 81 60 137 25 100.0% Pinehirst Old Orchard Beach ME RV 58 — 550 409 100.0% Narrows Too Trenton ME RV 42 8 207 41 100.0% Moody Beach Wells ME RV 48 — 274 95 100.0% Sandy Beach Contoocook NH RV 40 — 190 104 100.0% Pine Acres Raymond NH RV 100 — 421 196 100.0% Tuxbury Resort South Hampton NH RV 193 100 305 201 100.0% King Nummy Cape May Court House NJ RV 83 — 313 270 100.0% Acorn Campground Green Creek NJ RV 160 43 323 251 100.0% Whippoorwill RV Marmora NJ RV 39 — 288 230 100.0% Mays Landing Resort Mays Landing NJ RV 18 — 168 110 100.0% Echo Farms Ocean View NJ RV 31 — 245 226 100.0% Lake and Shore Ocean View NJ RV 162 — 401 287 100.0% Pine Haven Ocean View NJ RV 97 — 629 527 100.0% Red Oak Shores Ocean View NJ RV 155 223 193 100.0% Chestnut Lake Port Republic NJ RV 32 — 185 41 100.0% Sea Pines Swainton NJ RV 75 32 549 323 100.0% Pine Ridge at Crestwood Whiting NJ MH 188 — 1,035 1,035 92.2% Rondout Valley Accord NY RV 184 94 398 89 100.0% Alpine Lake RV Resort Corinth NY RV 200 54 500 345 100.0% Lake George Escape Lake George NY RV 178 — 576 144 100.0% The Woodlands Lockport NY MH 225 30 1,239 1,239 97.9% Greenwood Village Manorville NY MH 79 — 512 512 99.2% Brennan Beach Pulaski NY RV 201 — 1,377 1,212 100.0% Lake George Schroon Valley Warrensburg NY RV 151 — 151 84 100.0% Greenbriar Village Bath PA MH 63 — 319 319 96.9% Sun Valley Bowmansville PA RV 86 3 265 204 100.0% Green Acres Breinigsville PA MH 149 — 595 595 93.3% Gettysburg Farm Dover PA RV 124 62 265 88 100.0% Timothy Lake North East Stroudsburg PA RV 93 — 323 84 100.0% Timothy Lake South East Stroudsburg PA RV 65 — 327 132 100.0% Drummer Boy Gettysburg PA RV 89 — 465 263 100.0% Round Top Gettysburg PA RV 52 — 391 182 100.0% Circle M Lancaster PA RV 103 7 426 111 100.0% Hershey Lebanon PA RV 196 20 297 62 100.0% Robin Hill Lenhartsville PA RV 44 4 270 144 100.0% PA Dutch County Manheim PA RV 102 55 269 91 100.0% Spring Gulch New Holland PA RV 114 27 420 163 100.0% Lil Wolf Orefield PA MH 56 — 269 269 92.2% 35 Property City State Property Type Acres (a) Developable Acres (b) 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% Appalachian RV Shartlesville PA RV 86 30 358 210 100.0% Mountain View - PA Walnutport PA MH 45 1 187 187 89.8% Timber Creek Westerly RI RV 108 — 364 362 100.0% Total Northeast Market 5,713 808 21,909 16,049 98.4% Southeast: Hidden Cove Arley AL RV 99 34 163 93 100.0% 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% Scenic Asheville NC MH 28 — 212 212 95.3% Boathouse Marina Beaufort NC Marina 9 — 547 375 100.0% Waterway RV Cedar Point NC RV 27 — 336 324 100.0% Twin Lakes Chocowinity NC RV 132 11 419 409 100.0% 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% Green Mountain Lenoir NC RV 1,077 3 447 147 100.0% Lake Gaston Littleton NC RV 69 — 235 202 100.0% Lake Myers RV Mocksville NC RV 74 — 425 236 100.0% Bogue Pines Newport NC MH 50 — 150 150 98.0% Goose Creek Newport NC RV 92 — 735 680 100.0% Whispering Pines - NC Newport NC RV 34 — 278 176 100.0% Harbor Point Sneads Ferry NC RV 46 — 203 143 100.0% White Oak Shores Stella NC RV 220 20 710 516 100.0% White Oak Shores Stella NC Marina — — 56 44 100.0% Carolina Landing Fair Play SC RV 73 30 192 68 100.0% Inlet Oaks Village Murrells Inlet SC MH 35 — 172 172 100.0% Carolina Shores RV Myrtle Beach SC RV 80 — 813 447 100.0% Rivers Edge Marina North Charleston SC Marina 4 — 503 369 100.0% 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 44 100.0% Lynchburg Gladys VA RV 170 59 222 51 100.0% Chesapeake Bay Gloucester VA RV 282 80 392 135 100.0% 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 16 791 570 100.0% 36 Property City State Property Type Acres (a) Developable Acres (b) 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% Williamsburg Williamsburg VA RV 65 10 211 91 100.0% Regency Lakes Winchester VA MH 165 — 521 521 99.6% Total Southeast Market 6,828 1,568 13,326 8,609 99.8% Midwest: 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% Pine Country Belvidere IL RV 131 10 185 128 100.0% Willow Lake Estates Elgin IL MH 111 — 616 616 92.2% Golf Vista Estates Monee IL MH 144 — 497 497 84.3% Indian Lakes Batesville IN RV 545 82 1,212 691 100.0% Horseshoe Lakes Clinton IN RV 289 66 123 64 100.0% Twin Mills RV Howe IN RV 137 24 501 259 100.0% Lakeside RV New Carlisle IN RV 13 — 89 86 100.0% Bear Cave Buchanan MI RV 25 10 136 46 100.0% St Claire Saint Claire MI RV 210 100 229 122 100.0% Cedar Knolls Apple Valley MN MH 93 — 457 457 95.4% Cimarron Park Lake Elmo MN MH 230 46 505 505 85.3% Rockford Riverview Estates Rockford MN MH 88 — 428 428 97.0% Rosemount Woods Rosemount MN MH 50 — 221 221 80.5% Buena Vista Fargo ND MH 76 — 399 399 61.4% Meadow Park Fargo ND MH 17 — 116 116 50.9% Kenisee Lake Jefferson OH RV 143 50 119 72 100.0% Wilmington Wilmington OH RV 109 41 169 124 100.0% Rainbow Lake Manor Bristol WI MH 99 6 302 302 86.1% Fremont Jellystone Park Campground Fremont WI RV 98 5 325 125 100.0% Yukon Trails Lyndon Station WI RV 150 29 219 117 100.0% Blackhawk Camping Resort Milton WI RV 214 24 490 311 100.0% Lakeland Milton WI RV 107 5 682 407 100.0% Westwood Estates Pleasant Prairie WI MH 95 — 343 343 89.2% Plymouth Rock Plymouth WI RV 133 40 610 418 100.0% Tranquil Timbers Sturgeon Bay WI RV 125 — 270 174 100.0% Lake of the Woods RV Wautoma WI RV 117 — 303 138 100.0% Neshonoc Lakeside West Salem WI RV 48 — 284 159 100.0% Arrowhead Resort Wisconsin Dells WI RV 166 40 377 181 100.0% Bay Point Marina Marblehead OH RV 48 9 184 184 100.0% Bay Point Marina (e) Marblehead OH Marina 179 — 660 534 100.0% Total Midwest Market 4,514 854 12,476 9,232 93.1% 37 Property City State Property Type Acres (a) Developable Acres (b) 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: Coach Royale Boise ID MH 12 — 91 91 100.0% Maple Grove Boise ID MH 38 — 271 271 99.3% Shenandoah Estates Boise ID MH 24 — 154 154 99.4% 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 63.7% Boulder Cascade Las Vegas NV MH 39 — 299 299 96.0% Cabana Las Vegas NV MH 37 — 263 263 98.5% Flamingo West Las Vegas NV MH 37 — 258 258 100.0% Las Vegas Las Vegas NV RV 11 — 217 21 100.0% Villa Borega Las Vegas NV MH 40 — 293 293 85.0% Westwood Village Farr West UT MH 46 — 314 314 99.4% 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% Northwest: Cultus Lake (Canada) (e) Lindell Beach BC RV 15 — 178 42 100.0% Bend Bend OR RV 289 116 351 39 100.0% Shadowbrook Clackamas OR MH 21 — 156 156 90.4% Pacific City Cloverdale OR RV 105 50 307 43 100.0% Falcon Wood Village Eugene OR MH 23 — 183 183 98.9% Portland Fairview Fairview OR RV 30 — 407 252 100.0% Quail Hollow (e) Fairview OR MH 21 — 137 137 97.1% South Jetty Florence OR RV 57 5 204 13 100.0% Seaside Seaside OR RV 80 7 251 43 100.0% Whalers Rest South Beach OR RV 39 5 170 33 100.0% Mt. Hood Village Welches OR RV 115 — 626 193 100.0% Hope Valley RV Turner OR RV 69 23 164 160 100.0% Birch Bay Blaine WA RV 31 7 246 11 100.0% Mount Vernon Bow WA RV 311 — 251 19 100.0% 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 — —% Kloshe Illahee Federal Way WA MH 50 — 258 258 100.0% 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% 38 Property City State Property Type Acres (a) Developable Acres (b) 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% Oceana Ocean City WA RV 16 7 84 12 100.0% Crescent Bar Quincy WA RV 14 — 115 20 100.0% Long Beach Seaview WA RV 17 10 144 17 100.0% Paradise RV Silver Creek WA RV 60 — 265 11 100.0% Total Northwest Market 2,572 296 6,457 1,741 98.8% Texas: Alamo Palms Alamo TX RV 58 — 643 293 100.0% Bay Landing Bridgeport TX RV 443 235 293 57 100.0% Colorado River Columbus TX RV 218 22 232 27 100.0% Victoria Palms Donna TX RV 117 — 1,122 477 100.0% Lake Texoma (e) Gordonville TX RV 201 87 430 56 100.0% Lakewood Harlingen TX RV 30 — 301 105 100.0% Paradise Park Harlingen TX RV 60 — 563 259 100.0% Sunshine RV Resort Harlingen TX RV 84 — 1,027 362 100.0% Tropic Winds Harlingen TX RV 112 65 531 207 100.0% Medina Lake Lakehills TX RV 208 50 387 12 100.0% Paradise South Mercedes TX RV 49 — 493 182 100.0% 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% Country Sunshine Weslaco TX RV 37 — 390 156 100.0% Leisure World Weslaco TX RV 38 — 333 176 100.0% Southern Comfort Weslaco TX RV 40 — 403 304 100.0% Trails End RV Weslaco TX RV 43 — 362 229 100.0% Lake Whitney Whitney TX RV 403 158 261 17 100.0% Lake Conroe Willis TX RV 129 — 705 338 100.0% Lake Conroe RV Resort Montgomery TX RV 130 — 261 36 100.0% Total Texas Market 2,859 668 10,465 3,929 100.0% Grand Total All Markets 43,980 6,269 169,468 118,990 95.7% ____________________________________ (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 2025. (e) Land has been leased to us under a non-cancelable operating lease. (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. 39 Item 3. Legal Proceedings The description of legal proceedings is incorporated herein by reference from Item 8. Financial Statements and Supplementary Data—Note 14. Commitments and Contingencies in this Form 10-K. Item 4. Mine Safety Disclosures None. 40 PART II