Item 2. Properties
ITEM 2. PROPERTIES
As of December 31, 2025, our properties were located in the U.S., the UK, and Canada and consisted of 294 MH communities, 166 RV communities, and 53 UK communities. Most of our properties include amenities oriented toward family and retirement living. Of our 513 properties, 249 properties have 300 or more developed sites, with the largest having 2,340 developed MH and RV sites. For a list of our properties and details on properties that are encumbered, refer to "Real Estate and Accumulated Depreciation, Schedule III," included in our Consolidated Financial Statements. For details regarding our largest MH and RV markets by total sites, including occupancy rates and revenue percentages for each major market, refer to "Executive Summary" in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Annual Report on Form 10-K.
As of December 31, 2025, our MH and RV properties had an occupancy rate of 97.9% excluding transient RV sites. Since January 1, 2021, our MH and RV properties have a five-year average annual turnover of homes (where the home is moved out of the community) of approximately 4.0% and a five-year average annual turnover of residents (where the resident-owned home is sold and remains within the community, typically without interruption of rental income) of approximately 5.7%. The average renewal rate for residents in our Rental Program was 68.3% for the year ended December 31, 2025.
We believe that our properties' high amenity levels, customer service loyalty, and customer retention program contribute to low turnover and generally high occupancy rates. All of the properties provide residents with attractive amenities with most offering a clubhouse, a swimming pool, and laundry facilities. Many of the properties offer additional amenities such as sauna / whirlpool spas, tennis courts, shuffleboard, basketball courts, and / or exercise rooms. Many RV communities offer incremental amenities including golf, pro shops, restaurants, waterparks, watersports, and thematic experiences.
Our MH and RV communities are principally located in the midwestern, southern, and southeastern regions of the U.S., as well as in California, in the south of England in the UK, and in Canada. We believe that geographic diversification helps to insulate the portfolio from regional economic influences. We have concentrated our properties within certain areas of the regions in order to achieve economies of scale in management and operations.
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