false2025FY0000895417P1MP2YP1Mhttp://fasb.org/us-gaap/2025#OtherAssetshttp://fasb.org/us-gaap/2025#AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrenthttp://fasb.org/us-gaap/2025#OtherAssetshttp://fasb.org/us-gaap/2025#AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrentP1Y33.3333.3333.3366.6733.3333.3333.3333.3366.6733.33.3333.3333.3333.3333.3333.3333iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureels:leaseels:propertyels:siteels:joint_ventureels:loanels:communityels:extensionels:instrumentels:segment00008954172025-01-012025-12-3100008954172025-06-3000008954172026-02-1300008954172025-10-012025-12-3100008954172025-12-3100008954172024-12-3100008954172024-01-012024-12-3100008954172023-01-012023-12-310000895417els:RightToUseAnnualPaymentMember2025-01-012025-12-310000895417els:RightToUseAnnualPaymentMember2024-01-012024-12-310000895417els:RightToUseAnnualPaymentMember2023-01-012023-12-310000895417els:RightToUseContractsCurrentMember2025-01-012025-12-310000895417els:RightToUseContractsCurrentMember2024-01-012024-12-310000895417els:RightToUseContractsCurrentMember2023-01-012023-12-310000895417els:HomeSalesBrokeredResalesAndAncillaryServicesMember2025-01-012025-12-310000895417els:HomeSalesBrokeredResalesAndAncillaryServicesMember2024-01-012024-12-310000895417els:HomeSalesBrokeredResalesAndAncillaryServicesMember2023-01-012023-12-310000895417us-gaap:ManagementServiceMember2025-01-012025-12-310000895417us-gaap:ManagementServiceMember2024-01-012024-12-310000895417us-gaap:ManagementServiceMember2023-01-012023-12-310000895417us-gaap:CommonStockMember2022-12-310000895417us-gaap:AdditionalPaidInCapitalMember2022-12-310000895417us-gaap:PreferredStockMember2022-12-310000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-12-310000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000895417els:NoncontrollingInterestOfCommonUnitsMember2022-12-3100008954172022-12-310000895417us-gaap:CommonStockMember2023-01-012023-12-310000895417us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310000895417els:NoncontrollingInterestOfCommonUnitsMember2023-01-012023-12-310000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000895417us-gaap:PreferredStockMember2023-01-012023-12-310000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-01-012023-12-310000895417us-gaap:CommonStockMember2023-12-310000895417us-gaap:AdditionalPaidInCapitalMember2023-12-310000895417us-gaap:PreferredStockMember2023-12-310000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-12-310000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000895417els:NoncontrollingInterestOfCommonUnitsMember2023-12-3100008954172023-12-310000895417us-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310000895417els:NoncontrollingInterestOfCommonUnitsMember2024-01-012024-12-310000895417us-gaap:CommonStockMember2024-01-012024-12-310000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310000895417us-gaap:PreferredStockMember2024-01-012024-12-310000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-01-012024-12-310000895417us-gaap:CommonStockMember2024-12-310000895417us-gaap:AdditionalPaidInCapitalMember2024-12-310000895417us-gaap:PreferredStockMember2024-12-310000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-12-310000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000895417els:NoncontrollingInterestOfCommonUnitsMember2024-12-310000895417us-gaap:CommonStockMember2025-01-012025-12-310000895417us-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-310000895417els:NoncontrollingInterestOfCommonUnitsMember2025-01-012025-12-310000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-310000895417us-gaap:PreferredStockMember2025-01-012025-12-310000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-01-012025-12-310000895417us-gaap:CommonStockMember2025-12-310000895417us-gaap:AdditionalPaidInCapitalMember2025-12-310000895417us-gaap:PreferredStockMember2025-12-310000895417us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-12-310000895417us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310000895417els:NoncontrollingInterestOfCommonUnitsMember2025-12-310000895417els:OperatingPartnershipMember2025-12-310000895417srt:MinimumMemberels:LandAndBuildingImprovementsMember2025-12-310000895417srt:MaximumMemberels:LandAndBuildingImprovementsMember2025-12-310000895417srt:MinimumMemberels:ManufacturedHomeMember2025-12-310000895417srt:MaximumMemberels:ManufacturedHomeMember2025-12-310000895417us-gaap:FurnitureAndFixturesMember2025-12-310000895417els:RVCFinancingMember2025-12-310000895417srt:MinimumMember2025-12-310000895417srt:MaximumMember2025-12-310000895417srt:MinimumMember2025-01-012025-12-310000895417srt:MaximumMember2025-01-012025-12-310000895417els:ImmaterialOverstatementMember2024-01-012024-12-310000895417els:HurricaneIanMember2023-01-012023-12-310000895417els:HurricaneIanMember2023-12-310000895417els:HurricaneIanMember2025-01-012025-12-310000895417els:HurricaneIanMember2024-01-012024-12-310000895417us-gaap:SubsequentEventMember2026-03-310000895417us-gaap:SubsequentEventMember2026-01-012026-03-310000895417els:GroundLeaseMember2025-01-012025-12-310000895417els:GroundLeaseMember2024-01-012024-12-310000895417els:GroundLeaseMember2023-01-012023-12-310000895417els:OfficeLeaseAndOtherLeasesMember2025-01-012025-12-310000895417els:OfficeLeaseAndOtherLeasesMember2024-01-012024-12-310000895417els:OfficeLeaseAndOtherLeasesMember2023-01-012023-12-310000895417els:GroundLeaseMember2025-12-310000895417els:OfficeAndOtherLeasesMember2025-12-310000895417us-gaap:PrivatePlacementMember2024-11-010000895417us-gaap:PrivatePlacementMember2024-02-280000895417els:FebruaryAtTheMarketATMOfferingProgramMember2024-01-012024-12-310000895417els:FebruaryAtTheMarketATMOfferingProgramMember2024-12-310000895417els:FebruaryAtTheMarketATMOfferingProgramMember2025-01-012025-12-310000895417us-gaap:CommonStockMemberus-gaap:PrivatePlacementMember2025-01-012025-12-310000895417us-gaap:CommonStockMemberus-gaap:PrivatePlacementMember2024-01-012024-12-310000895417us-gaap:CommonStockMemberus-gaap:PrivatePlacementMember2023-01-012023-12-310000895417us-gaap:PrivatePlacementMember2025-12-310000895417srt:MaximumMember2016-05-102016-05-1000008954172016-05-100000895417us-gaap:CommonStockMember2025-01-012025-12-310000895417us-gaap:CommonStockMember2024-01-012024-12-310000895417us-gaap:CommonStockMember2023-01-012023-12-310000895417els:CommonOPUnitholdersMember2025-12-310000895417els:CommonOPUnitholdersMember2024-12-310000895417els:CommonOPUnitholdersMember2023-12-3100008954172023-01-012023-03-3100008954172023-04-012023-06-3000008954172023-07-012023-09-3000008954172023-10-012023-12-3100008954172024-01-012024-03-3100008954172024-04-012024-06-3000008954172024-07-012024-09-3000008954172024-10-012024-12-3100008954172025-01-012025-03-3100008954172025-04-012025-06-3000008954172025-07-012025-09-300000895417us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberels:RVCommunitiesMember2025-01-012025-12-310000895417els:OtherRegionsMemberels:RVCFinancingMember2025-12-310000895417els:OtherRegionsMemberels:RVCFinancingMember2024-12-310000895417els:OtherRegionsMemberus-gaap:OtherInvesteesMember2025-12-310000895417els:OtherRegionsMemberus-gaap:OtherInvesteesMember2024-12-310000895417els:OtherRegionsMemberels:RVCFinancingMember2025-01-012025-12-310000895417els:OtherRegionsMemberels:RVCFinancingMember2024-01-012024-12-310000895417els:OtherRegionsMemberels:RVCFinancingMember2023-01-012023-12-310000895417els:OtherRegionsMemberus-gaap:OtherInvesteesMembersrt:MinimumMember2025-12-310000895417els:OtherRegionsMemberus-gaap:OtherInvesteesMembersrt:MaximumMember2025-12-310000895417els:OtherRegionsMemberus-gaap:OtherInvesteesMember2025-01-012025-12-310000895417els:OtherRegionsMemberus-gaap:OtherInvesteesMember2024-01-012024-12-310000895417els:OtherRegionsMemberus-gaap:OtherInvesteesMember2023-01-012023-12-310000895417els:OtherRegionsMemberels:ThreeJointVenturesMember2025-12-310000895417els:OtherRegionsMemberels:OperatingRVsMember2025-12-310000895417els:OtherRegionsMemberels:RVPropertyUnderDevelopmentMember2025-12-310000895417els:RVCFinancingMemberels:RVCTermLoanMembersrt:MinimumMemberus-gaap:MediumTermNotesMember2025-01-012025-12-310000895417els:RVCFinancingMemberels:RVCTermLoanMembersrt:MaximumMemberus-gaap:MediumTermNotesMember2025-01-012025-12-310000895417els:RVCFinancingMemberels:RVCTermLoanMemberus-gaap:MediumTermNotesMember2025-01-012025-12-310000895417els:ContractReceivableMember2025-12-310000895417els:ContractReceivableMember2024-12-310000895417srt:WeightedAverageMemberels:ContractReceivableMember2025-12-310000895417els:ContractReceivableMember2025-01-012025-12-310000895417us-gaap:MortgageReceivablesMember2025-12-310000895417us-gaap:MortgageReceivablesMember2024-12-310000895417srt:WeightedAverageMemberus-gaap:MortgageReceivablesMember2025-12-310000895417us-gaap:MortgageReceivablesMember2025-01-012025-12-310000895417els:RVCFinancingMember2025-12-310000895417els:RVCFinancingMember2024-12-310000895417srt:WeightedAverageMemberels:RVCFinancingMember2025-12-310000895417els:RVCFinancingMember2025-01-012025-12-310000895417els:SecuredMortgageNotesPayableMembersrt:MinimumMember2025-12-310000895417els:SecuredMortgageNotesPayableMembersrt:MaximumMember2025-12-310000895417els:SecuredMortgageNotesPayableMember2025-12-310000895417us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberels:SecuredMortgageNotesPayableMember2025-12-310000895417els:SecuredMortgageNotesPayableMember2024-12-310000895417us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberels:SecuredMortgageNotesPayableMember2024-12-310000895417us-gaap:AssetPledgedAsCollateralMember2025-12-310000895417us-gaap:AssetPledgedAsCollateralMember2024-12-310000895417els:SecuredMortgageNotesPayableMemberus-gaap:SecuredDebtMember2025-01-012025-12-310000895417els:SecuredMortgageNotesPayableMemberus-gaap:SecuredDebtMember2025-12-310000895417els:RVResortMemberels:SecuredMortgageNotesPayableMemberus-gaap:SecuredDebtMember2025-12-310000895417els:MHResortsMemberels:SecuredMortgageNotesPayableMemberus-gaap:SecuredDebtMember2025-12-310000895417els:A240MillionTermLoanMemberus-gaap:UnsecuredDebtMember2025-12-310000895417els:A240MillionTermLoanMembersrt:MinimumMemberus-gaap:UnsecuredDebtMember2025-01-012025-12-310000895417els:A240MillionTermLoanMembersrt:MaximumMemberus-gaap:UnsecuredDebtMember2025-01-012025-12-310000895417els:A240MillionTermLoanMemberus-gaap:UnsecuredDebtMember2024-12-310000895417els:A200MillionTermLoanMemberus-gaap:UnsecuredDebtMember2025-12-310000895417els:A200MillionTermLoanMemberus-gaap:UnsecuredDebtMember2025-01-012025-12-310000895417els:A200MillionTermLoanMembersrt:MinimumMemberus-gaap:UnsecuredDebtMember2025-01-012025-12-310000895417els:A200MillionTermLoanMembersrt:MaximumMemberus-gaap:UnsecuredDebtMember2025-01-012025-12-310000895417els:A200MillionTermLoanMemberus-gaap:UnsecuredDebtMember2024-12-310000895417us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-01-012025-12-310000895417us-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:LineOfCreditMember2025-01-012025-12-310000895417us-gaap:RevolvingCreditFacilityMembersrt:MaximumMemberus-gaap:LineOfCreditMember2025-01-012025-12-310000895417us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-12-310000895417us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-310000895417els:UnsecuredDebtAndLineOfCreditMember2025-12-310000895417els:UnsecuredDebtAndLineOfCreditMember2024-12-310000895417els:A240MillionTermLoanMemberus-gaap:UnsecuredDebtMember2025-05-012025-05-310000895417els:A240MillionTermLoanMemberus-gaap:UnsecuredDebtMember2025-07-012025-07-310000895417us-gaap:LineOfCreditMember2025-12-310000895417els:SeniorUnsecuredTermLoanMemberus-gaap:UnsecuredDebtMember2025-12-310000895417us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-03-012023-03-010000895417us-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:LineOfCreditMember2023-03-012023-03-010000895417us-gaap:RevolvingCreditFacilityMembersrt:MaximumMemberus-gaap:LineOfCreditMember2023-03-012023-03-010000895417els:SeniorUnsecuredTermLoanMemberus-gaap:UnsecuredDebtMember2023-03-310000895417us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-07-180000895417us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-07-182024-07-180000895417els:SeniorUnsecuredTermLoanMemberus-gaap:UnsecuredDebtMember2024-10-032024-10-030000895417us-gaap:InterestRateSwapMember2025-12-310000895417us-gaap:InterestRateSwapMember2025-01-012025-12-310000895417us-gaap:InterestRateSwapMember2024-12-310000895417us-gaap:InterestRateSwapMember2024-01-012024-12-310000895417us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-10-032024-10-030000895417us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2025-12-310000895417us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2024-12-310000895417us-gaap:InterestRateSwapMember2023-01-012023-12-310000895417us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2025-01-012025-12-310000895417us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-01-012024-12-310000895417us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2023-01-012023-12-310000895417us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberels:EarlyDebtRetirementMember2025-01-012025-12-310000895417us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberels:EarlyDebtRetirementMember2024-01-012024-12-310000895417us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberels:EarlyDebtRetirementMember2023-01-012023-12-310000895417us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2025-12-310000895417els:MembershipSubscriptionMember2024-12-310000895417els:MembershipSubscriptionMember2023-12-310000895417els:MembershipSubscriptionMember2025-01-012025-12-310000895417els:MembershipSubscriptionMember2024-01-012024-12-310000895417els:MembershipSubscriptionMember2025-12-310000895417els:A2024EquityIncentivePlanMember2025-12-310000895417els:A2014EquityIncentivePlanMemberus-gaap:RestrictedStockMember2024-02-072024-02-070000895417els:A2014EquityIncentivePlanMemberus-gaap:PerformanceSharesMember2024-02-072024-02-070000895417els:A2014EquityIncentivePlanMember2024-02-072024-02-070000895417els:A2024EquityIncentivePlanMemberus-gaap:RestrictedStockMember2024-05-012024-05-010000895417els:A2024EquityIncentivePlanMemberus-gaap:PerformanceSharesMember2024-05-012024-05-010000895417els:A2024EquityIncentivePlanMember2024-05-012024-05-010000895417els:A2024EquityIncentivePlanMemberus-gaap:RestrictedStockMember2025-02-072025-02-070000895417els:A2024EquityIncentivePlanMemberus-gaap:PerformanceSharesMember2025-02-072025-02-070000895417els:A2024EquityIncentivePlanMember2025-02-072025-02-070000895417els:A2024EquityIncentivePlanMemberus-gaap:RestrictedStockMember2025-04-292025-04-290000895417els:A2024EquityIncentivePlanMemberus-gaap:PerformanceSharesMember2025-04-292025-04-290000895417els:A2024EquityIncentivePlanMember2025-04-292025-04-290000895417els:RestrictedStockAndOptionsMember2025-01-012025-12-310000895417els:A2014EquityIncentivePlanMemberus-gaap:RestrictedStockMember2024-02-062024-02-060000895417els:A2014EquityIncentivePlanMemberus-gaap:PerformanceSharesMember2024-02-062024-02-060000895417els:A2024EquityIncentivePlanMemberus-gaap:PerformanceSharesMember2024-02-062024-02-060000895417els:A2024EquityIncentivePlanMemberus-gaap:RestrictedStockMember2025-01-012025-12-310000895417us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheOneMemberels:A2024EquityIncentivePlanMember2025-01-012025-12-310000895417us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberels:A2024EquityIncentivePlanMember2025-01-012025-12-310000895417els:A2024EquityIncentivePlanMemberus-gaap:PerformanceSharesMember2025-01-012025-12-310000895417us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMemberels:A2024EquityIncentivePlanMember2025-01-012025-12-310000895417us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberels:A2024EquityIncentivePlanMember2025-01-012025-12-310000895417els:A2024EquityIncentivePlanMemberus-gaap:PerformanceSharesMember2025-04-012025-06-300000895417els:A2014EquityIncentivePlanMember2025-12-310000895417us-gaap:RestrictedStockMember2022-12-310000895417us-gaap:RestrictedStockMember2023-01-012023-12-310000895417us-gaap:RestrictedStockMember2023-12-310000895417us-gaap:RestrictedStockMember2024-01-012024-12-310000895417us-gaap:RestrictedStockMember2024-12-310000895417us-gaap:RestrictedStockMember2025-01-012025-12-310000895417us-gaap:RestrictedStockMember2025-12-3100008954172022-01-012022-12-310000895417us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheOneMemberels:A2024EquityIncentivePlanMemberels:InstallmentThreeMember2025-01-012025-12-310000895417us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheOneMemberels:A2024EquityIncentivePlanMemberels:InstallmentTwoMember2025-01-012025-12-310000895417us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheOneMemberels:A2024EquityIncentivePlanMemberels:InstallmentOneMember2025-01-012025-12-310000895417us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberels:A2024EquityIncentivePlanMemberels:InstallmentOneMember2025-01-012025-12-310000895417us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberels:A2024EquityIncentivePlanMemberels:InstallmentTwoMember2025-01-012025-12-310000895417us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMemberels:A2024EquityIncentivePlanMemberels:InstallmentTwoMember2025-01-012025-12-310000895417us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMemberels:A2024EquityIncentivePlanMemberels:InstallmentOneMember2025-01-012025-12-310000895417us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMemberels:A2024EquityIncentivePlanMemberels:InstallmentThreeMember2025-01-012025-12-310000895417us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberels:A2024EquityIncentivePlanMemberels:InstallmentOneMember2025-01-012025-12-310000895417us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberels:A2024EquityIncentivePlanMemberels:InstallmentTwoMember2025-01-012025-12-310000895417us-gaap:RestrictedStockMemberels:A2014EquityIncentivePlanMemberels:InstallmentOneMember2025-01-012025-12-310000895417us-gaap:RestrictedStockMemberels:A2014EquityIncentivePlanMemberels:InstallmentTwoMember2025-01-012025-12-310000895417us-gaap:RestrictedStockMemberels:A2014EquityIncentivePlanMemberels:InstallmentThreeMember2025-01-012025-12-310000895417us-gaap:PerformanceSharesMemberels:A2014EquityIncentivePlanMemberels:InstallmentOneMember2025-01-012025-12-310000895417us-gaap:PerformanceSharesMemberels:A2014EquityIncentivePlanMemberels:InstallmentTwoMember2025-01-012025-12-310000895417us-gaap:PerformanceSharesMemberels:A2014EquityIncentivePlanMemberels:InstallmentThreeMember2025-01-012025-12-310000895417us-gaap:OperatingSegmentsMemberels:PropertyOperationsSegmentMember2025-01-012025-12-310000895417us-gaap:OperatingSegmentsMemberels:HomeSalesAndRentalsMember2025-01-012025-12-310000895417us-gaap:OperatingSegmentsMember2025-01-012025-12-310000895417us-gaap:MaterialReconcilingItemsMember2025-01-012025-12-310000895417els:PropertyOperationsSegmentMember2025-12-310000895417els:HomeSalesAndRentalsMember2025-12-310000895417els:PropertyOperationsSegmentMember2025-01-012025-12-310000895417els:HomeSalesAndRentalsMember2025-01-012025-12-310000895417us-gaap:OperatingSegmentsMemberels:PropertyOperationsSegmentMember2024-01-012024-12-310000895417us-gaap:OperatingSegmentsMemberels:HomeSalesAndRentalsMember2024-01-012024-12-310000895417us-gaap:OperatingSegmentsMember2024-01-012024-12-310000895417us-gaap:MaterialReconcilingItemsMember2024-01-012024-12-310000895417els:PropertyOperationsSegmentMember2024-12-310000895417els:HomeSalesAndRentalsMember2024-12-310000895417els:PropertyOperationsSegmentMember2024-01-012024-12-310000895417els:HomeSalesAndRentalsMember2024-01-012024-12-310000895417us-gaap:OperatingSegmentsMemberels:PropertyOperationsSegmentMember2023-01-012023-12-310000895417us-gaap:OperatingSegmentsMemberels:HomeSalesAndRentalsMember2023-01-012023-12-310000895417us-gaap:OperatingSegmentsMember2023-01-012023-12-310000895417us-gaap:MaterialReconcilingItemsMember2023-01-012023-12-310000895417els:PropertyOperationsSegmentMember2023-12-310000895417els:HomeSalesAndRentalsMember2023-12-310000895417els:PropertyOperationsSegmentMember2023-01-012023-12-310000895417els:HomeSalesAndRentalsMember2023-01-012023-12-310000895417us-gaap:OperatingSegmentsMemberels:RightToUseAnnualPaymentMemberels:PropertyOperationsSegmentMember2025-01-012025-12-310000895417us-gaap:OperatingSegmentsMemberels:RightToUseAnnualPaymentMemberels:PropertyOperationsSegmentMember2024-01-012024-12-310000895417us-gaap:OperatingSegmentsMemberels:RightToUseAnnualPaymentMemberels:PropertyOperationsSegmentMember2023-01-012023-12-310000895417us-gaap:OperatingSegmentsMemberels:RightToUseContractsCurrentMemberels:PropertyOperationsSegmentMember2025-01-012025-12-310000895417us-gaap:OperatingSegmentsMemberels:RightToUseContractsCurrentMemberels:PropertyOperationsSegmentMember2024-01-012024-12-310000895417us-gaap:OperatingSegmentsMemberels:RightToUseContractsCurrentMemberels:PropertyOperationsSegmentMember2023-01-012023-12-310000895417us-gaap:OperatingSegmentsMemberels:AncillaryServicesMemberels:PropertyOperationsSegmentMember2025-01-012025-12-310000895417us-gaap:OperatingSegmentsMemberels:AncillaryServicesMemberels:PropertyOperationsSegmentMember2024-01-012024-12-310000895417us-gaap:OperatingSegmentsMemberels:AncillaryServicesMemberels:PropertyOperationsSegmentMember2023-01-012023-12-310000895417us-gaap:OperatingSegmentsMemberus-gaap:ManagementServiceMemberels:PropertyOperationsSegmentMember2025-01-012025-12-310000895417us-gaap:OperatingSegmentsMemberus-gaap:ManagementServiceMemberels:PropertyOperationsSegmentMember2024-01-012024-12-310000895417us-gaap:OperatingSegmentsMemberus-gaap:ManagementServiceMemberels:PropertyOperationsSegmentMember2023-01-012023-12-310000895417us-gaap:OperatingSegmentsMemberels:HomeSalesAndBrokeredResaleMemberels:HomeSalesAndRentalsMember2025-01-012025-12-310000895417us-gaap:OperatingSegmentsMemberels:HomeSalesAndBrokeredResaleMemberels:HomeSalesAndRentalsMember2024-01-012024-12-310000895417us-gaap:OperatingSegmentsMemberels:HomeSalesAndBrokeredResaleMemberels:HomeSalesAndRentalsMember2023-01-012023-12-310000895417us-gaap:SubsequentEventMember2026-01-280000895417us-gaap:SubsequentEventMember2026-01-282026-01-280000895417els:HiddenCoveMemberels:CityMember2025-01-012025-12-310000895417els:HiddenCoveMemberels:StateMember2025-01-012025-12-310000895417els:HiddenCoveMember2025-12-310000895417els:HiddenCoveMemberus-gaap:LandMember2025-12-310000895417els:HiddenCoveMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ApacheEastMemberels:CityMember2025-01-012025-12-310000895417els:ApacheEastMemberels:StateMember2025-01-012025-12-310000895417els:ApacheEastMember2025-12-310000895417els:ApacheEastMemberus-gaap:LandMember2025-12-310000895417els:ApacheEastMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CountrysideRVMemberels:CityMember2025-01-012025-12-310000895417els:CountrysideRVMemberels:StateMember2025-01-012025-12-310000895417els:CountrysideRVMember2025-12-310000895417els:CountrysideRVMemberus-gaap:LandMember2025-12-310000895417els:CountrysideRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:DenaliParkMemberels:CityMember2025-01-012025-12-310000895417els:DenaliParkMemberels:StateMember2025-01-012025-12-310000895417els:DenaliParkMember2025-12-310000895417els:DenaliParkMemberus-gaap:LandMember2025-12-310000895417els:DenaliParkMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:DolceVitaMemberels:CityMember2025-01-012025-12-310000895417els:DolceVitaMemberels:StateMember2025-01-012025-12-310000895417els:DolceVitaMember2025-12-310000895417els:DolceVitaMemberus-gaap:LandMember2025-12-310000895417els:DolceVitaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GoldenSunRVMemberels:CityMember2025-01-012025-12-310000895417els:GoldenSunRVMemberels:StateMember2025-01-012025-12-310000895417els:GoldenSunRVMember2025-12-310000895417els:GoldenSunRVMemberus-gaap:LandMember2025-12-310000895417els:GoldenSunRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MeridianRVResortMemberels:CityMember2025-01-012025-12-310000895417els:MeridianRVResortMemberels:StateMember2025-01-012025-12-310000895417els:MeridianRVResortMember2025-12-310000895417els:MeridianRVResortMemberus-gaap:LandMember2025-12-310000895417els:MeridianRVResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CasitaVerdeRVMemberels:CityMember2025-01-012025-12-310000895417els:CasitaVerdeRVMemberels:StateMember2025-01-012025-12-310000895417els:CasitaVerdeRVMember2025-12-310000895417els:CasitaVerdeRVMemberus-gaap:LandMember2025-12-310000895417els:CasitaVerdeRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FiestaGrandeRVMemberels:CityMember2025-01-012025-12-310000895417els:FiestaGrandeRVMemberels:StateMember2025-01-012025-12-310000895417els:FiestaGrandeRVMember2025-12-310000895417els:FiestaGrandeRVMemberus-gaap:LandMember2025-12-310000895417els:FiestaGrandeRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FoothillsWestRVMemberels:CityMember2025-01-012025-12-310000895417els:FoothillsWestRVMemberels:StateMember2025-01-012025-12-310000895417els:FoothillsWestRVMember2025-12-310000895417els:FoothillsWestRVMemberus-gaap:LandMember2025-12-310000895417els:FoothillsWestRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SunshineValleyMemberels:CityMember2025-01-012025-12-310000895417els:SunshineValleyMemberels:StateMember2025-01-012025-12-310000895417els:SunshineValleyMember2025-12-310000895417els:SunshineValleyMemberus-gaap:LandMember2025-12-310000895417els:SunshineValleyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:VerdeValleyMemberels:CityMember2025-01-012025-12-310000895417els:VerdeValleyMemberels:StateMember2025-01-012025-12-310000895417els:VerdeValleyMember2025-12-310000895417els:VerdeValleyMemberus-gaap:LandMember2025-12-310000895417els:VerdeValleyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CasaDelSolEastIIMemberels:CityMember2025-01-012025-12-310000895417els:CasaDelSolEastIIMemberels:StateMember2025-01-012025-12-310000895417els:CasaDelSolEastIIMember2025-12-310000895417els:CasaDelSolEastIIMemberus-gaap:LandMember2025-12-310000895417els:CasaDelSolEastIIMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CasaDelSolEastIIIMemberels:CityMember2025-01-012025-12-310000895417els:CasaDelSolEastIIIMemberels:StateMember2025-01-012025-12-310000895417els:CasaDelSolEastIIIMember2025-12-310000895417els:CasaDelSolEastIIIMemberus-gaap:LandMember2025-12-310000895417els:CasaDelSolEastIIIMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PalmShadowsMemberels:CityMember2025-01-012025-12-310000895417els:PalmShadowsMemberels:StateMember2025-01-012025-12-310000895417els:PalmShadowsMember2025-12-310000895417els:PalmShadowsMemberus-gaap:LandMember2025-12-310000895417els:PalmShadowsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HaciendaDeValenciaMemberels:CityMember2025-01-012025-12-310000895417els:HaciendaDeValenciaMemberels:StateMember2025-01-012025-12-310000895417els:HaciendaDeValenciaMember2025-12-310000895417els:HaciendaDeValenciaMemberus-gaap:LandMember2025-12-310000895417els:HaciendaDeValenciaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MesaSpiritMemberels:CityMember2025-01-012025-12-310000895417els:MesaSpiritMemberels:StateMember2025-01-012025-12-310000895417els:MesaSpiritMember2025-12-310000895417els:MesaSpiritMemberus-gaap:LandMember2025-12-310000895417els:MesaSpiritMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MonteVistaMemberels:CityMember2025-01-012025-12-310000895417els:MonteVistaMemberels:StateMember2025-01-012025-12-310000895417els:MonteVistaMember2025-12-310000895417els:MonteVistaMemberus-gaap:LandMember2025-12-310000895417els:MonteVistaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SeyennaVistasMemberels:CityMember2025-01-012025-12-310000895417els:SeyennaVistasMemberels:StateMember2025-01-012025-12-310000895417els:SeyennaVistasMember2025-12-310000895417els:SeyennaVistasMemberus-gaap:LandMember2025-12-310000895417els:SeyennaVistasMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HighlandsAtBrentwoodMemberels:CityMember2025-01-012025-12-310000895417els:HighlandsAtBrentwoodMemberels:StateMember2025-01-012025-12-310000895417els:HighlandsAtBrentwoodMember2025-12-310000895417els:HighlandsAtBrentwoodMemberus-gaap:LandMember2025-12-310000895417els:HighlandsAtBrentwoodMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ViewpointMemberels:CityMember2025-01-012025-12-310000895417els:ViewpointMemberels:StateMember2025-01-012025-12-310000895417els:ViewpointMember2025-12-310000895417els:ViewpointMemberus-gaap:LandMember2025-12-310000895417els:ViewpointMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ApolloVillageMemberels:CityMember2025-01-012025-12-310000895417els:ApolloVillageMemberels:StateMember2025-01-012025-12-310000895417els:ApolloVillageMember2025-12-310000895417els:ApolloVillageMemberus-gaap:LandMember2025-12-310000895417els:ApolloVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CasaDelSolWestIMemberels:CityMember2025-01-012025-12-310000895417els:CasaDelSolWestIMemberels:StateMember2025-01-012025-12-310000895417els:CasaDelSolWestIMember2025-12-310000895417els:CasaDelSolWestIMemberus-gaap:LandMember2025-12-310000895417els:CasaDelSolWestIMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CarefreeManorMemberels:CityMember2025-01-012025-12-310000895417els:CarefreeManorMemberels:StateMember2025-01-012025-12-310000895417els:CarefreeManorMember2025-12-310000895417els:CarefreeManorMemberus-gaap:LandMember2025-12-310000895417els:CarefreeManorMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CentralParkMemberels:CityMember2025-01-012025-12-310000895417els:CentralParkMemberels:StateMember2025-01-012025-12-310000895417els:CentralParkMember2025-12-310000895417els:CentralParkMemberus-gaap:LandMember2025-12-310000895417els:CentralParkMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:DesertSkiesMemberels:CityMember2025-01-012025-12-310000895417els:DesertSkiesMemberels:StateMember2025-01-012025-12-310000895417els:DesertSkiesMember2025-12-310000895417els:DesertSkiesMemberus-gaap:LandMember2025-12-310000895417els:DesertSkiesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SunriseHeightsMemberels:CityMember2025-01-012025-12-310000895417els:SunriseHeightsMemberels:StateMember2025-01-012025-12-310000895417els:SunriseHeightsMember2025-12-310000895417els:SunriseHeightsMemberus-gaap:LandMember2025-12-310000895417els:SunriseHeightsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WhisperingPalmsMemberels:CityMember2025-01-012025-12-310000895417els:WhisperingPalmsMemberels:StateMember2025-01-012025-12-310000895417els:WhisperingPalmsMember2025-12-310000895417els:WhisperingPalmsMemberus-gaap:LandMember2025-12-310000895417els:WhisperingPalmsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SedonaShadowsMemberels:CityMember2025-01-012025-12-310000895417els:SedonaShadowsMemberels:StateMember2025-01-012025-12-310000895417els:SedonaShadowsMember2025-12-310000895417els:SedonaShadowsMemberus-gaap:LandMember2025-12-310000895417els:SedonaShadowsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:VentureInMemberels:CityMember2025-01-012025-12-310000895417els:VentureInMemberels:StateMember2025-01-012025-12-310000895417els:VentureInMember2025-12-310000895417els:VentureInMemberus-gaap:LandMember2025-12-310000895417els:VentureInMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ParadiseMemberels:CityMember2025-01-012025-12-310000895417els:ParadiseMemberels:StateMember2025-01-012025-12-310000895417els:ParadiseMember2025-12-310000895417els:ParadiseMemberus-gaap:LandMember2025-12-310000895417els:ParadiseMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MeadowsMemberels:CityMember2025-01-012025-12-310000895417els:MeadowsMemberels:StateMember2025-01-012025-12-310000895417els:MeadowsMember2025-12-310000895417els:MeadowsMemberus-gaap:LandMember2025-12-310000895417els:MeadowsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FairviewManorMemberels:CityMember2025-01-012025-12-310000895417els:FairviewManorMemberels:StateMember2025-01-012025-12-310000895417els:FairviewManorMember2025-12-310000895417els:FairviewManorMemberus-gaap:LandMember2025-12-310000895417els:FairviewManorMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TheCrossingAtVoyagerMemberels:CityMember2025-01-012025-12-310000895417els:TheCrossingAtVoyagerMemberels:StateMember2025-01-012025-12-310000895417els:TheCrossingAtVoyagerMember2025-12-310000895417els:TheCrossingAtVoyagerMemberus-gaap:LandMember2025-12-310000895417els:TheCrossingAtVoyagerMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:VoyagerMemberels:CityMember2025-01-012025-12-310000895417els:VoyagerMemberels:StateMember2025-01-012025-12-310000895417els:VoyagerMember2025-12-310000895417els:VoyagerMemberus-gaap:LandMember2025-12-310000895417els:VoyagerMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WestparkMemberels:CityMember2025-01-012025-12-310000895417els:WestparkMemberels:StateMember2025-01-012025-12-310000895417els:WestparkMember2025-12-310000895417els:WestparkMemberus-gaap:LandMember2025-12-310000895417els:WestparkMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ArabyMemberels:CityMember2025-01-012025-12-310000895417els:ArabyMemberels:StateMember2025-01-012025-12-310000895417els:ArabyMember2025-12-310000895417els:ArabyMemberus-gaap:LandMember2025-12-310000895417els:ArabyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CactusGardensMemberels:CityMember2025-01-012025-12-310000895417els:CactusGardensMemberels:StateMember2025-01-012025-12-310000895417els:CactusGardensMember2025-12-310000895417els:CactusGardensMemberus-gaap:LandMember2025-12-310000895417els:CactusGardensMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CapriRVMemberels:CityMember2025-01-012025-12-310000895417els:CapriRVMemberels:StateMember2025-01-012025-12-310000895417els:CapriRVMember2025-12-310000895417els:CapriRVMemberus-gaap:LandMember2025-12-310000895417els:CapriRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:DesertParadiseMemberels:CityMember2025-01-012025-12-310000895417els:DesertParadiseMemberels:StateMember2025-01-012025-12-310000895417els:DesertParadiseMember2025-12-310000895417els:DesertParadiseMemberus-gaap:LandMember2025-12-310000895417els:DesertParadiseMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FoothillsMemberels:CityMember2025-01-012025-12-310000895417els:FoothillsMemberels:StateMember2025-01-012025-12-310000895417els:FoothillsMember2025-12-310000895417els:FoothillsMemberus-gaap:LandMember2025-12-310000895417els:FoothillsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MesaVerdeMemberels:CityMember2025-01-012025-12-310000895417els:MesaVerdeMemberels:StateMember2025-01-012025-12-310000895417els:MesaVerdeMember2025-12-310000895417els:MesaVerdeMemberus-gaap:LandMember2025-12-310000895417els:MesaVerdeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SuniSandsMemberels:CityMember2025-01-012025-12-310000895417els:SuniSandsMemberels:StateMember2025-01-012025-12-310000895417els:SuniSandsMember2025-12-310000895417els:SuniSandsMemberus-gaap:LandMember2025-12-310000895417els:SuniSandsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CultusLakeMemberels:CityMember2025-01-012025-12-310000895417els:CultusLakeMemberels:StateMember2025-01-012025-12-310000895417els:CultusLakeMember2025-12-310000895417els:CultusLakeMemberus-gaap:LandMember2025-12-310000895417els:CultusLakeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SoledadCanyonMemberels:CityMember2025-01-012025-12-310000895417els:SoledadCanyonMemberels:StateMember2025-01-012025-12-310000895417els:SoledadCanyonMember2025-12-310000895417els:SoledadCanyonMemberus-gaap:LandMember2025-12-310000895417els:SoledadCanyonMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LosRanchosMemberels:CityMember2025-01-012025-12-310000895417els:LosRanchosMemberels:StateMember2025-01-012025-12-310000895417els:LosRanchosMember2025-12-310000895417els:LosRanchosMemberus-gaap:LandMember2025-12-310000895417els:LosRanchosMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MonteDelLagoMemberels:CityMember2025-01-012025-12-310000895417els:MonteDelLagoMemberels:StateMember2025-01-012025-12-310000895417els:MonteDelLagoMember2025-12-310000895417els:MonteDelLagoMemberus-gaap:LandMember2025-12-310000895417els:MonteDelLagoMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:DatePalmCountryClubMemberels:CityMember2025-01-012025-12-310000895417els:DatePalmCountryClubMemberels:StateMember2025-01-012025-12-310000895417els:DatePalmCountryClubMember2025-12-310000895417els:DatePalmCountryClubMemberus-gaap:LandMember2025-12-310000895417els:DatePalmCountryClubMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:DatePalmRVMemberels:CityMember2025-01-012025-12-310000895417els:DatePalmRVMemberels:StateMember2025-01-012025-12-310000895417els:DatePalmRVMember2025-12-310000895417els:DatePalmRVMemberus-gaap:LandMember2025-12-310000895417els:DatePalmRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ColonyParkMemberels:CityMember2025-01-012025-12-310000895417els:ColonyParkMemberels:StateMember2025-01-012025-12-310000895417els:ColonyParkMember2025-12-310000895417els:ColonyParkMemberus-gaap:LandMember2025-12-310000895417els:ColonyParkMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RussianRiverMemberels:CityMember2025-01-012025-12-310000895417els:RussianRiverMemberels:StateMember2025-01-012025-12-310000895417els:RussianRiverMember2025-12-310000895417els:RussianRiverMemberus-gaap:LandMember2025-12-310000895417els:RussianRiverMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:OakzanitaSpringsMemberels:CityMember2025-01-012025-12-310000895417els:OakzanitaSpringsMemberels:StateMember2025-01-012025-12-310000895417els:OakzanitaSpringsMember2025-12-310000895417els:OakzanitaSpringsMemberus-gaap:LandMember2025-12-310000895417els:OakzanitaSpringsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RanchoMesaMemberels:CityMember2025-01-012025-12-310000895417els:RanchoMesaMemberels:StateMember2025-01-012025-12-310000895417els:RanchoMesaMember2025-12-310000895417els:RanchoMesaMemberus-gaap:LandMember2025-12-310000895417els:RanchoMesaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RanchoValleyMemberels:CityMember2025-01-012025-12-310000895417els:RanchoValleyMemberels:StateMember2025-01-012025-12-310000895417els:RanchoValleyMember2025-12-310000895417els:RanchoValleyMemberus-gaap:LandMember2025-12-310000895417els:RanchoValleyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SnowflowerMemberels:CityMember2025-01-012025-12-310000895417els:SnowflowerMemberels:StateMember2025-01-012025-12-310000895417els:SnowflowerMember2025-12-310000895417els:SnowflowerMemberus-gaap:LandMember2025-12-310000895417els:SnowflowerMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FourSeasonsMemberels:CityMember2025-01-012025-12-310000895417els:FourSeasonsMemberels:StateMember2025-01-012025-12-310000895417els:FourSeasonsMember2025-12-310000895417els:FourSeasonsMemberus-gaap:LandMember2025-12-310000895417els:FourSeasonsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:YosemiteLakesMemberels:CityMember2025-01-012025-12-310000895417els:YosemiteLakesMemberels:StateMember2025-01-012025-12-310000895417els:YosemiteLakesMember2025-12-310000895417els:YosemiteLakesMemberus-gaap:LandMember2025-12-310000895417els:YosemiteLakesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RoyalHolidayMemberels:CityMember2025-01-012025-12-310000895417els:RoyalHolidayMemberels:StateMember2025-01-012025-12-310000895417els:RoyalHolidayMember2025-12-310000895417els:RoyalHolidayMemberus-gaap:LandMember2025-12-310000895417els:RoyalHolidayMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:IdyllwildMemberels:CityMember2025-01-012025-12-310000895417els:IdyllwildMemberels:StateMember2025-01-012025-12-310000895417els:IdyllwildMember2025-12-310000895417els:IdyllwildMemberus-gaap:LandMember2025-12-310000895417els:IdyllwildMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PioPicoMemberels:CityMember2025-01-012025-12-310000895417els:PioPicoMemberels:StateMember2025-01-012025-12-310000895417els:PioPicoMember2025-12-310000895417els:PioPicoMemberus-gaap:LandMember2025-12-310000895417els:PioPicoMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TahoeValleyMemberels:CityMember2025-01-012025-12-310000895417els:TahoeValleyMemberels:StateMember2025-01-012025-12-310000895417els:TahoeValleyMember2025-12-310000895417els:TahoeValleyMemberus-gaap:LandMember2025-12-310000895417els:TahoeValleyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SeaOaksMemberels:CityMember2025-01-012025-12-310000895417els:SeaOaksMemberels:StateMember2025-01-012025-12-310000895417els:SeaOaksMember2025-12-310000895417els:SeaOaksMemberus-gaap:LandMember2025-12-310000895417els:SeaOaksMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PonderosaMemberels:CityMember2025-01-012025-12-310000895417els:PonderosaMemberels:StateMember2025-01-012025-12-310000895417els:PonderosaMember2025-12-310000895417els:PonderosaMemberus-gaap:LandMember2025-12-310000895417els:PonderosaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TurtleBeachMemberels:CityMember2025-01-012025-12-310000895417els:TurtleBeachMemberels:StateMember2025-01-012025-12-310000895417els:TurtleBeachMember2025-12-310000895417els:TurtleBeachMemberus-gaap:LandMember2025-12-310000895417els:TurtleBeachMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MarinaDunesRVResortMemberels:CityMember2025-01-012025-12-310000895417els:MarinaDunesRVResortMemberels:StateMember2025-01-012025-12-310000895417els:MarinaDunesRVResortMember2025-12-310000895417els:MarinaDunesRVResortMemberus-gaap:LandMember2025-12-310000895417els:MarinaDunesRVResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WildernessLakeMemberels:CityMember2025-01-012025-12-310000895417els:WildernessLakeMemberels:StateMember2025-01-012025-12-310000895417els:WildernessLakeMember2025-12-310000895417els:WildernessLakeMemberus-gaap:LandMember2025-12-310000895417els:WildernessLakeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CoralwoodMemberels:CityMember2025-01-012025-12-310000895417els:CoralwoodMemberels:StateMember2025-01-012025-12-310000895417els:CoralwoodMember2025-12-310000895417els:CoralwoodMemberus-gaap:LandMember2025-12-310000895417els:CoralwoodMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MorganHillMemberels:CityMember2025-01-012025-12-310000895417els:MorganHillMemberels:StateMember2025-01-012025-12-310000895417els:MorganHillMember2025-12-310000895417els:MorganHillMemberus-gaap:LandMember2025-12-310000895417els:MorganHillMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeMindenMemberels:CityMember2025-01-012025-12-310000895417els:LakeMindenMemberels:StateMember2025-01-012025-12-310000895417els:LakeMindenMember2025-12-310000895417els:LakeMindenMemberus-gaap:LandMember2025-12-310000895417els:LakeMindenMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PacificDunesRanchMemberels:CityMember2025-01-012025-12-310000895417els:PacificDunesRanchMemberels:StateMember2025-01-012025-12-310000895417els:PacificDunesRanchMember2025-12-310000895417els:PacificDunesRanchMemberus-gaap:LandMember2025-12-310000895417els:PacificDunesRanchMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:OceansideRVMemberels:CityMember2025-01-012025-12-310000895417els:OceansideRVMemberels:StateMember2025-01-012025-12-310000895417els:OceansideRVMember2025-12-310000895417els:OceansideRVMemberus-gaap:LandMember2025-12-310000895417els:OceansideRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeOfSpringsMemberels:CityMember2025-01-012025-12-310000895417els:LakeOfSpringsMemberels:StateMember2025-01-012025-12-310000895417els:LakeOfSpringsMember2025-12-310000895417els:LakeOfSpringsMemberus-gaap:LandMember2025-12-310000895417els:LakeOfSpringsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ConcordCascadeMemberels:CityMember2025-01-012025-12-310000895417els:ConcordCascadeMemberels:StateMember2025-01-012025-12-310000895417els:ConcordCascadeMember2025-12-310000895417els:ConcordCascadeMemberus-gaap:LandMember2025-12-310000895417els:ConcordCascadeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SanFranciscoRVMemberels:CityMember2025-01-012025-12-310000895417els:SanFranciscoRVMemberels:StateMember2025-01-012025-12-310000895417els:SanFranciscoRVMember2025-12-310000895417els:SanFranciscoRVMemberus-gaap:LandMember2025-12-310000895417els:SanFranciscoRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SanBenitoMemberels:CityMember2025-01-012025-12-310000895417els:SanBenitoMemberels:StateMember2025-01-012025-12-310000895417els:SanBenitoMember2025-12-310000895417els:SanBenitoMemberus-gaap:LandMember2025-12-310000895417els:SanBenitoMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PalmSpringsMemberels:CityMember2025-01-012025-12-310000895417els:PalmSpringsMemberels:StateMember2025-01-012025-12-310000895417els:PalmSpringsMember2025-12-310000895417els:PalmSpringsMemberus-gaap:LandMember2025-12-310000895417els:PalmSpringsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LasPalmasMemberels:CityMember2025-01-012025-12-310000895417els:LasPalmasMemberels:StateMember2025-01-012025-12-310000895417els:LasPalmasMember2025-12-310000895417els:LasPalmasMemberus-gaap:LandMember2025-12-310000895417els:LasPalmasMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ParqueLaQuintaMemberels:CityMember2025-01-012025-12-310000895417els:ParqueLaQuintaMemberels:StateMember2025-01-012025-12-310000895417els:ParqueLaQuintaMember2025-12-310000895417els:ParqueLaQuintaMemberus-gaap:LandMember2025-12-310000895417els:ParqueLaQuintaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:QuailMeadowsMemberels:CityMember2025-01-012025-12-310000895417els:QuailMeadowsMemberels:StateMember2025-01-012025-12-310000895417els:QuailMeadowsMember2025-12-310000895417els:QuailMeadowsMemberus-gaap:LandMember2025-12-310000895417els:QuailMeadowsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CaliforniaHawaiianMemberels:CityMember2025-01-012025-12-310000895417els:CaliforniaHawaiianMemberels:StateMember2025-01-012025-12-310000895417els:CaliforniaHawaiianMember2025-12-310000895417els:CaliforniaHawaiianMemberus-gaap:LandMember2025-12-310000895417els:CaliforniaHawaiianMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SunshadowMemberels:CityMember2025-01-012025-12-310000895417els:SunshadowMemberels:StateMember2025-01-012025-12-310000895417els:SunshadowMember2025-12-310000895417els:SunshadowMemberus-gaap:LandMember2025-12-310000895417els:SunshadowMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:VillageOfFourSeasonsMemberels:CityMember2025-01-012025-12-310000895417els:VillageOfFourSeasonsMemberels:StateMember2025-01-012025-12-310000895417els:VillageOfFourSeasonsMember2025-12-310000895417els:VillageOfFourSeasonsMemberus-gaap:LandMember2025-12-310000895417els:VillageOfFourSeasonsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LagunaLakeMemberels:CityMember2025-01-012025-12-310000895417els:LagunaLakeMemberels:StateMember2025-01-012025-12-310000895417els:LagunaLakeMember2025-12-310000895417els:LagunaLakeMemberus-gaap:LandMember2025-12-310000895417els:LagunaLakeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ContempoMarinMemberels:CityMember2025-01-012025-12-310000895417els:ContempoMarinMemberels:StateMember2025-01-012025-12-310000895417els:ContempoMarinMember2025-12-310000895417els:ContempoMarinMemberus-gaap:LandMember2025-12-310000895417els:ContempoMarinMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RanchoOsoMemberels:CityMember2025-01-012025-12-310000895417els:RanchoOsoMemberels:StateMember2025-01-012025-12-310000895417els:RanchoOsoMember2025-12-310000895417els:RanchoOsoMemberus-gaap:LandMember2025-12-310000895417els:RanchoOsoMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:DeAnzaSantaCruzMemberels:CityMember2025-01-012025-12-310000895417els:DeAnzaSantaCruzMemberels:StateMember2025-01-012025-12-310000895417els:DeAnzaSantaCruzMember2025-12-310000895417els:DeAnzaSantaCruzMemberus-gaap:LandMember2025-12-310000895417els:DeAnzaSantaCruzMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MeadowbrookMemberels:CityMember2025-01-012025-12-310000895417els:MeadowbrookMemberels:StateMember2025-01-012025-12-310000895417els:MeadowbrookMember2025-12-310000895417els:MeadowbrookMemberus-gaap:LandMember2025-12-310000895417els:MeadowbrookMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SantaCruzRanchRVMemberels:CityMember2025-01-012025-12-310000895417els:SantaCruzRanchRVMemberels:StateMember2025-01-012025-12-310000895417els:SantaCruzRanchRVMember2025-12-310000895417els:SantaCruzRanchRVMemberus-gaap:LandMember2025-12-310000895417els:SantaCruzRanchRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LamplighterMemberels:CityMember2025-01-012025-12-310000895417els:LamplighterMemberels:StateMember2025-01-012025-12-310000895417els:LamplighterMember2025-12-310000895417els:LamplighterMemberus-gaap:LandMember2025-12-310000895417els:LamplighterMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SantiagoEstatesMemberels:CityMember2025-01-012025-12-310000895417els:SantiagoEstatesMemberels:StateMember2025-01-012025-12-310000895417els:SantiagoEstatesMember2025-12-310000895417els:SantiagoEstatesMemberus-gaap:LandMember2025-12-310000895417els:SantiagoEstatesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RoyalOaksMemberels:CityMember2025-01-012025-12-310000895417els:RoyalOaksMemberels:StateMember2025-01-012025-12-310000895417els:RoyalOaksMember2025-12-310000895417els:RoyalOaksMemberus-gaap:LandMember2025-12-310000895417els:RoyalOaksMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PilotKnobRVResortMemberels:CityMember2025-01-012025-12-310000895417els:PilotKnobRVResortMemberels:StateMember2025-01-012025-12-310000895417els:PilotKnobRVResortMember2025-12-310000895417els:PilotKnobRVResortMemberus-gaap:LandMember2025-12-310000895417els:PilotKnobRVResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HillcrestVillageMemberels:CityMember2025-01-012025-12-310000895417els:HillcrestVillageMemberels:StateMember2025-01-012025-12-310000895417els:HillcrestVillageMember2025-12-310000895417els:HillcrestVillageMemberus-gaap:LandMember2025-12-310000895417els:HillcrestVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CimarronMemberels:CityMember2025-01-012025-12-310000895417els:CimarronMemberels:StateMember2025-01-012025-12-310000895417els:CimarronMember2025-12-310000895417els:CimarronMemberus-gaap:LandMember2025-12-310000895417els:CimarronMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HolidayVillageMemberels:CityMember2025-01-012025-12-310000895417els:HolidayVillageMemberels:StateMember2025-01-012025-12-310000895417els:HolidayVillageMember2025-12-310000895417els:HolidayVillageMemberus-gaap:LandMember2025-12-310000895417els:HolidayVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BearCreekMemberels:CityMember2025-01-012025-12-310000895417els:BearCreekMemberels:StateMember2025-01-012025-12-310000895417els:BearCreekMember2025-12-310000895417els:BearCreekMemberus-gaap:LandMember2025-12-310000895417els:BearCreekMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HolidayHillsMemberels:CityMember2025-01-012025-12-310000895417els:HolidayHillsMemberels:StateMember2025-01-012025-12-310000895417els:HolidayHillsMember2025-12-310000895417els:HolidayHillsMemberus-gaap:LandMember2025-12-310000895417els:HolidayHillsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GoldenTerraceMemberels:CityMember2025-01-012025-12-310000895417els:GoldenTerraceMemberels:StateMember2025-01-012025-12-310000895417els:GoldenTerraceMember2025-12-310000895417els:GoldenTerraceMemberus-gaap:LandMember2025-12-310000895417els:GoldenTerraceMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GoldenTerraceSouthMemberels:CityMember2025-01-012025-12-310000895417els:GoldenTerraceSouthMemberels:StateMember2025-01-012025-12-310000895417els:GoldenTerraceSouthMember2025-12-310000895417els:GoldenTerraceSouthMemberus-gaap:LandMember2025-12-310000895417els:GoldenTerraceSouthMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GoldenTerraceWestMemberels:CityMember2025-01-012025-12-310000895417els:GoldenTerraceWestMemberels:StateMember2025-01-012025-12-310000895417els:GoldenTerraceWestMember2025-12-310000895417els:GoldenTerraceWestMemberus-gaap:LandMember2025-12-310000895417els:GoldenTerraceWestMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BlueMesaRecreationalRanchMemberels:CityMember2025-01-012025-12-310000895417els:BlueMesaRecreationalRanchMemberels:StateMember2025-01-012025-12-310000895417els:BlueMesaRecreationalRanchMember2025-12-310000895417els:BlueMesaRecreationalRanchMemberus-gaap:LandMember2025-12-310000895417els:BlueMesaRecreationalRanchMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PuebloGrandeMemberels:CityMember2025-01-012025-12-310000895417els:PuebloGrandeMemberels:StateMember2025-01-012025-12-310000895417els:PuebloGrandeMember2025-12-310000895417els:PuebloGrandeMemberus-gaap:LandMember2025-12-310000895417els:PuebloGrandeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WoodlandHillsMemberels:CityMember2025-01-012025-12-310000895417els:WoodlandHillsMemberels:StateMember2025-01-012025-12-310000895417els:WoodlandHillsMember2025-12-310000895417els:WoodlandHillsMemberus-gaap:LandMember2025-12-310000895417els:WoodlandHillsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:StonegateManorMemberels:CityMember2025-01-012025-12-310000895417els:StonegateManorMemberels:StateMember2025-01-012025-12-310000895417els:StonegateManorMember2025-12-310000895417els:StonegateManorMemberus-gaap:LandMember2025-12-310000895417els:StonegateManorMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WaterfordMemberels:CityMember2025-01-012025-12-310000895417els:WaterfordMemberels:StateMember2025-01-012025-12-310000895417els:WaterfordMember2025-12-310000895417els:WaterfordMemberus-gaap:LandMember2025-12-310000895417els:WaterfordMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:McNicolMemberels:CityMember2025-01-012025-12-310000895417els:McNicolMemberels:StateMember2025-01-012025-12-310000895417els:McNicolMember2025-12-310000895417els:McNicolMemberus-gaap:LandMember2025-12-310000895417els:McNicolMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WhisperingPinesMemberels:CityMember2025-01-012025-12-310000895417els:WhisperingPinesMemberels:StateMember2025-01-012025-12-310000895417els:WhisperingPinesMember2025-12-310000895417els:WhisperingPinesMemberus-gaap:LandMember2025-12-310000895417els:WhisperingPinesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MarinersCoveMemberels:CityMember2025-01-012025-12-310000895417els:MarinersCoveMemberels:StateMember2025-01-012025-12-310000895417els:MarinersCoveMember2025-12-310000895417els:MarinersCoveMemberus-gaap:LandMember2025-12-310000895417els:MarinersCoveMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SweetbriarMemberels:CityMember2025-01-012025-12-310000895417els:SweetbriarMemberels:StateMember2025-01-012025-12-310000895417els:SweetbriarMember2025-12-310000895417els:SweetbriarMemberus-gaap:LandMember2025-12-310000895417els:SweetbriarMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:AspenMeadowsMemberels:CityMember2025-01-012025-12-310000895417els:AspenMeadowsMemberels:StateMember2025-01-012025-12-310000895417els:AspenMeadowsMember2025-12-310000895417els:AspenMeadowsMemberus-gaap:LandMember2025-12-310000895417els:AspenMeadowsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CamelotMeadowsMemberels:CityMember2025-01-012025-12-310000895417els:CamelotMeadowsMemberels:StateMember2025-01-012025-12-310000895417els:CamelotMeadowsMember2025-12-310000895417els:CamelotMeadowsMemberus-gaap:LandMember2025-12-310000895417els:CamelotMeadowsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RiversideRVMemberels:CityMember2025-01-012025-12-310000895417els:RiversideRVMemberels:StateMember2025-01-012025-12-310000895417els:RiversideRVMember2025-12-310000895417els:RiversideRVMemberus-gaap:LandMember2025-12-310000895417els:RiversideRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TobysMemberels:CityMember2025-01-012025-12-310000895417els:TobysMemberels:StateMember2025-01-012025-12-310000895417els:TobysMember2025-12-310000895417els:TobysMemberus-gaap:LandMember2025-12-310000895417els:TobysMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:AventuraMarinaMemberels:CityMember2025-01-012025-12-310000895417els:AventuraMarinaMemberels:StateMember2025-01-012025-12-310000895417els:AventuraMarinaMember2025-12-310000895417els:AventuraMarinaMemberus-gaap:LandMember2025-12-310000895417els:AventuraMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HiLiftMarinaMemberels:CityMember2025-01-012025-12-310000895417els:HiLiftMarinaMemberels:StateMember2025-01-012025-12-310000895417els:HiLiftMarinaMember2025-12-310000895417els:HiLiftMarinaMemberus-gaap:LandMember2025-12-310000895417els:HiLiftMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SunshineKeyMemberels:CityMember2025-01-012025-12-310000895417els:SunshineKeyMemberels:StateMember2025-01-012025-12-310000895417els:SunshineKeyMember2025-12-310000895417els:SunshineKeyMemberus-gaap:LandMember2025-12-310000895417els:SunshineKeyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ManateeMemberels:CityMember2025-01-012025-12-310000895417els:ManateeMemberels:StateMember2025-01-012025-12-310000895417els:ManateeMember2025-12-310000895417els:ManateeMemberus-gaap:LandMember2025-12-310000895417els:ManateeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WindmillManorMemberels:CityMember2025-01-012025-12-310000895417els:WindmillManorMemberels:StateMember2025-01-012025-12-310000895417els:WindmillManorMember2025-12-310000895417els:WindmillManorMemberus-gaap:LandMember2025-12-310000895417els:WindmillManorMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CloverLeafFarmsMemberels:CityMember2025-01-012025-12-310000895417els:CloverLeafFarmsMemberels:StateMember2025-01-012025-12-310000895417els:CloverLeafFarmsMember2025-12-310000895417els:CloverLeafFarmsMemberus-gaap:LandMember2025-12-310000895417els:CloverLeafFarmsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CloverLeafForestMemberels:CityMember2025-01-012025-12-310000895417els:CloverLeafForestMemberels:StateMember2025-01-012025-12-310000895417els:CloverLeafForestMember2025-12-310000895417els:CloverLeafForestMemberus-gaap:LandMember2025-12-310000895417els:CloverLeafForestMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ResortAtTranquilityLakeMemberels:CityMember2025-01-012025-12-310000895417els:ResortAtTranquilityLakeMemberels:StateMember2025-01-012025-12-310000895417els:ResortAtTranquilityLakeMember2025-12-310000895417els:ResortAtTranquilityLakeMemberus-gaap:LandMember2025-12-310000895417els:ResortAtTranquilityLakeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PalmHarbourMarinaMemberels:CityMember2025-01-012025-12-310000895417els:PalmHarbourMarinaMemberels:StateMember2025-01-012025-12-310000895417els:PalmHarbourMarinaMember2025-12-310000895417els:PalmHarbourMarinaMemberus-gaap:LandMember2025-12-310000895417els:PalmHarbourMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GlenEllenMemberels:CityMember2025-01-012025-12-310000895417els:GlenEllenMemberels:StateMember2025-01-012025-12-310000895417els:GlenEllenMember2025-12-310000895417els:GlenEllenMemberus-gaap:LandMember2025-12-310000895417els:GlenEllenMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HillcrestMemberels:CityMember2025-01-012025-12-310000895417els:HillcrestMemberels:StateMember2025-01-012025-12-310000895417els:HillcrestMember2025-12-310000895417els:HillcrestMemberus-gaap:LandMember2025-12-310000895417els:HillcrestMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HolidayRanchMemberels:CityMember2025-01-012025-12-310000895417els:HolidayRanchMemberels:StateMember2025-01-012025-12-310000895417els:HolidayRanchMember2025-12-310000895417els:HolidayRanchMemberus-gaap:LandMember2025-12-310000895417els:HolidayRanchMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SerendipityMemberels:CityMember2025-01-012025-12-310000895417els:SerendipityMemberels:StateMember2025-01-012025-12-310000895417els:SerendipityMember2025-12-310000895417els:SerendipityMemberus-gaap:LandMember2025-12-310000895417els:SerendipityMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ShadyLaneOaksMemberels:CityMember2025-01-012025-12-310000895417els:ShadyLaneOaksMemberels:StateMember2025-01-012025-12-310000895417els:ShadyLaneOaksMember2025-12-310000895417els:ShadyLaneOaksMemberus-gaap:LandMember2025-12-310000895417els:ShadyLaneOaksMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ShadyLaneVillageMemberels:CityMember2025-01-012025-12-310000895417els:ShadyLaneVillageMemberels:StateMember2025-01-012025-12-310000895417els:ShadyLaneVillageMember2025-12-310000895417els:ShadyLaneVillageMemberus-gaap:LandMember2025-12-310000895417els:ShadyLaneVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SilkOakMemberels:CityMember2025-01-012025-12-310000895417els:SilkOakMemberels:StateMember2025-01-012025-12-310000895417els:SilkOakMember2025-12-310000895417els:SilkOakMemberus-gaap:LandMember2025-12-310000895417els:SilkOakMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ClerbrookMemberels:CityMember2025-01-012025-12-310000895417els:ClerbrookMemberels:StateMember2025-01-012025-12-310000895417els:ClerbrookMember2025-12-310000895417els:ClerbrookMemberus-gaap:LandMember2025-12-310000895417els:ClerbrookMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeMagicMemberels:CityMember2025-01-012025-12-310000895417els:LakeMagicMemberels:StateMember2025-01-012025-12-310000895417els:LakeMagicMember2025-12-310000895417els:LakeMagicMemberus-gaap:LandMember2025-12-310000895417els:LakeMagicMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:OrangeLakeMemberels:CityMember2025-01-012025-12-310000895417els:OrangeLakeMemberels:StateMember2025-01-012025-12-310000895417els:OrangeLakeMember2025-12-310000895417els:OrangeLakeMemberus-gaap:LandMember2025-12-310000895417els:OrangeLakeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:OrlandoMemberels:CityMember2025-01-012025-12-310000895417els:OrlandoMemberels:StateMember2025-01-012025-12-310000895417els:OrlandoMember2025-12-310000895417els:OrlandoMemberus-gaap:LandMember2025-12-310000895417els:OrlandoMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CortezVillageMarinaMemberels:CityMember2025-01-012025-12-310000895417els:CortezVillageMarinaMemberels:StateMember2025-01-012025-12-310000895417els:CortezVillageMarinaMember2025-12-310000895417els:CortezVillageMarinaMemberus-gaap:LandMember2025-12-310000895417els:CortezVillageMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CrystalIslesMemberels:CityMember2025-01-012025-12-310000895417els:CrystalIslesMemberels:StateMember2025-01-012025-12-310000895417els:CrystalIslesMember2025-12-310000895417els:CrystalIslesMemberus-gaap:LandMember2025-12-310000895417els:CrystalIslesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CheronVillageMemberels:CityMember2025-01-012025-12-310000895417els:CheronVillageMemberels:StateMember2025-01-012025-12-310000895417els:CheronVillageMember2025-12-310000895417els:CheronVillageMemberus-gaap:LandMember2025-12-310000895417els:CheronVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CarriageCoveMemberels:CityMember2025-01-012025-12-310000895417els:CarriageCoveMemberels:StateMember2025-01-012025-12-310000895417els:CarriageCoveMember2025-12-310000895417els:CarriageCoveMemberus-gaap:LandMember2025-12-310000895417els:CarriageCoveMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:DaytonaBeachMarinaMemberels:CityMember2025-01-012025-12-310000895417els:DaytonaBeachMarinaMemberels:StateMember2025-01-012025-12-310000895417els:DaytonaBeachMarinaMember2025-12-310000895417els:DaytonaBeachMarinaMemberus-gaap:LandMember2025-12-310000895417els:DaytonaBeachMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeHavenMemberels:CityMember2025-01-012025-12-310000895417els:LakeHavenMemberels:StateMember2025-01-012025-12-310000895417els:LakeHavenMember2025-12-310000895417els:LakeHavenMemberus-gaap:LandMember2025-12-310000895417els:LakeHavenMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:Marker1MarinaMemberels:CityMember2025-01-012025-12-310000895417els:Marker1MarinaMemberels:StateMember2025-01-012025-12-310000895417els:Marker1MarinaMember2025-12-310000895417els:Marker1MarinaMemberus-gaap:LandMember2025-12-310000895417els:Marker1MarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CoquinaCrossingMemberels:CityMember2025-01-012025-12-310000895417els:CoquinaCrossingMemberels:StateMember2025-01-012025-12-310000895417els:CoquinaCrossingMember2025-12-310000895417els:CoquinaCrossingMemberus-gaap:LandMember2025-12-310000895417els:CoquinaCrossingMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ColonyCoveMemberels:CityMember2025-01-012025-12-310000895417els:ColonyCoveMemberels:StateMember2025-01-012025-12-310000895417els:ColonyCoveMember2025-12-310000895417els:ColonyCoveMemberus-gaap:LandMember2025-12-310000895417els:ColonyCoveMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RidgewoodEstatesMemberels:CityMember2025-01-012025-12-310000895417els:RidgewoodEstatesMemberels:StateMember2025-01-012025-12-310000895417els:RidgewoodEstatesMember2025-12-310000895417els:RidgewoodEstatesMemberus-gaap:LandMember2025-12-310000895417els:RidgewoodEstatesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HaseltonVillageMemberels:CityMember2025-01-012025-12-310000895417els:HaseltonVillageMemberels:StateMember2025-01-012025-12-310000895417els:HaseltonVillageMember2025-12-310000895417els:HaseltonVillageMemberus-gaap:LandMember2025-12-310000895417els:HaseltonVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SouthernPalmsMemberels:CityMember2025-01-012025-12-310000895417els:SouthernPalmsMemberels:StateMember2025-01-012025-12-310000895417els:SouthernPalmsMember2025-12-310000895417els:SouthernPalmsMemberus-gaap:LandMember2025-12-310000895417els:SouthernPalmsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BulowPlantationMemberels:CityMember2025-01-012025-12-310000895417els:BulowPlantationMemberels:StateMember2025-01-012025-12-310000895417els:BulowPlantationMember2025-12-310000895417els:BulowPlantationMemberus-gaap:LandMember2025-12-310000895417els:BulowPlantationMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BulowVillageRVMemberels:CityMember2025-01-012025-12-310000895417els:BulowVillageRVMemberels:StateMember2025-01-012025-12-310000895417els:BulowVillageRVMember2025-12-310000895417els:BulowVillageRVMemberus-gaap:LandMember2025-12-310000895417els:BulowVillageRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CarefreeCoveMemberels:CityMember2025-01-012025-12-310000895417els:CarefreeCoveMemberels:StateMember2025-01-012025-12-310000895417els:CarefreeCoveMember2025-12-310000895417els:CarefreeCoveMemberus-gaap:LandMember2025-12-310000895417els:CarefreeCoveMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:EvergladesLakeMemberels:CityMember2025-01-012025-12-310000895417els:EvergladesLakeMemberels:StateMember2025-01-012025-12-310000895417els:EvergladesLakeMember2025-12-310000895417els:EvergladesLakeMemberus-gaap:LandMember2025-12-310000895417els:EvergladesLakeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ParkCityWestMemberels:CityMember2025-01-012025-12-310000895417els:ParkCityWestMemberels:StateMember2025-01-012025-12-310000895417els:ParkCityWestMember2025-12-310000895417els:ParkCityWestMemberus-gaap:LandMember2025-12-310000895417els:ParkCityWestMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SunshineHolidayRVMemberels:CityMember2025-01-012025-12-310000895417els:SunshineHolidayRVMemberels:StateMember2025-01-012025-12-310000895417els:SunshineHolidayRVMember2025-12-310000895417els:SunshineHolidayRVMemberus-gaap:LandMember2025-12-310000895417els:SunshineHolidayRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CrystalLakesFortMyersMemberels:CityMember2025-01-012025-12-310000895417els:CrystalLakesFortMyersMemberels:StateMember2025-01-012025-12-310000895417els:CrystalLakesFortMyersMember2025-12-310000895417els:CrystalLakesFortMyersMemberus-gaap:LandMember2025-12-310000895417els:CrystalLakesFortMyersMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FishTaleMarinaMemberels:CityMember2025-01-012025-12-310000895417els:FishTaleMarinaMemberels:StateMember2025-01-012025-12-310000895417els:FishTaleMarinaMember2025-12-310000895417els:FishTaleMarinaMemberus-gaap:LandMember2025-12-310000895417els:FishTaleMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FortMyersBeachResortMemberels:CityMember2025-01-012025-12-310000895417els:FortMyersBeachResortMemberels:StateMember2025-01-012025-12-310000895417els:FortMyersBeachResortMember2025-12-310000895417els:FortMyersBeachResortMemberus-gaap:LandMember2025-12-310000895417els:FortMyersBeachResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GulfAirResortMemberels:CityMember2025-01-012025-12-310000895417els:GulfAirResortMemberels:StateMember2025-01-012025-12-310000895417els:GulfAirResortMember2025-12-310000895417els:GulfAirResortMemberus-gaap:LandMember2025-12-310000895417els:GulfAirResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakesideTerraceMemberels:CityMember2025-01-012025-12-310000895417els:LakesideTerraceMemberels:StateMember2025-01-012025-12-310000895417els:LakesideTerraceMember2025-12-310000895417els:LakesideTerraceMemberus-gaap:LandMember2025-12-310000895417els:LakesideTerraceMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GrandIslandMemberels:CityMember2025-01-012025-12-310000895417els:GrandIslandMemberels:StateMember2025-01-012025-12-310000895417els:GrandIslandMember2025-12-310000895417els:GrandIslandMemberus-gaap:LandMember2025-12-310000895417els:GrandIslandMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HolidayTravelParkMemberels:CityMember2025-01-012025-12-310000895417els:HolidayTravelParkMemberels:StateMember2025-01-012025-12-310000895417els:HolidayTravelParkMember2025-12-310000895417els:HolidayTravelParkMemberus-gaap:LandMember2025-12-310000895417els:HolidayTravelParkMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HollywoodMarinaMemberels:CityMember2025-01-012025-12-310000895417els:HollywoodMarinaMemberels:StateMember2025-01-012025-12-310000895417els:HollywoodMarinaMember2025-12-310000895417els:HollywoodMarinaMemberus-gaap:LandMember2025-12-310000895417els:HollywoodMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SouthMiamiMarinaMemberels:CityMember2025-01-012025-12-310000895417els:SouthMiamiMarinaMemberels:StateMember2025-01-012025-12-310000895417els:SouthMiamiMarinaMember2025-12-310000895417els:SouthMiamiMarinaMemberus-gaap:LandMember2025-12-310000895417els:SouthMiamiMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BarringtonHillsMemberels:CityMember2025-01-012025-12-310000895417els:BarringtonHillsMemberels:StateMember2025-01-012025-12-310000895417els:BarringtonHillsMember2025-12-310000895417els:BarringtonHillsMemberus-gaap:LandMember2025-12-310000895417els:BarringtonHillsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:JupiterMarinaMemberels:CityMember2025-01-012025-12-310000895417els:JupiterMarinaMemberels:StateMember2025-01-012025-12-310000895417els:JupiterMarinaMember2025-12-310000895417els:JupiterMarinaMemberus-gaap:LandMember2025-12-310000895417els:JupiterMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SherwoodForestMemberels:CityMember2025-01-012025-12-310000895417els:SherwoodForestMemberels:StateMember2025-01-012025-12-310000895417els:SherwoodForestMember2025-12-310000895417els:SherwoodForestMemberus-gaap:LandMember2025-12-310000895417els:SherwoodForestMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SherwoodForestRVMemberels:CityMember2025-01-012025-12-310000895417els:SherwoodForestRVMemberels:StateMember2025-01-012025-12-310000895417els:SherwoodForestRVMember2025-12-310000895417els:SherwoodForestRVMemberus-gaap:LandMember2025-12-310000895417els:SherwoodForestRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TropicalPalmsKissimmeeMemberels:CityMember2025-01-012025-12-310000895417els:TropicalPalmsKissimmeeMemberels:StateMember2025-01-012025-12-310000895417els:TropicalPalmsKissimmeeMember2025-12-310000895417els:TropicalPalmsKissimmeeMemberus-gaap:LandMember2025-12-310000895417els:TropicalPalmsKissimmeeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeWorthVillageMemberels:CityMember2025-01-012025-12-310000895417els:LakeWorthVillageMemberels:StateMember2025-01-012025-12-310000895417els:LakeWorthVillageMember2025-12-310000895417els:LakeWorthVillageMemberus-gaap:LandMember2025-12-310000895417els:LakeWorthVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BeaconHillColonyMemberels:CityMember2025-01-012025-12-310000895417els:BeaconHillColonyMemberels:StateMember2025-01-012025-12-310000895417els:BeaconHillColonyMember2025-12-310000895417els:BeaconHillColonyMemberus-gaap:LandMember2025-12-310000895417els:BeaconHillColonyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BeaconTerraceMemberels:CityMember2025-01-012025-12-310000895417els:BeaconTerraceMemberels:StateMember2025-01-012025-12-310000895417els:BeaconTerraceMember2025-12-310000895417els:BeaconTerraceMemberus-gaap:LandMember2025-12-310000895417els:BeaconTerraceMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:KingsQueensMemberels:CityMember2025-01-012025-12-310000895417els:KingsQueensMemberels:StateMember2025-01-012025-12-310000895417els:KingsQueensMember2025-12-310000895417els:KingsQueensMemberus-gaap:LandMember2025-12-310000895417els:KingsQueensMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakelandHarborMemberels:CityMember2025-01-012025-12-310000895417els:LakelandHarborMemberels:StateMember2025-01-012025-12-310000895417els:LakelandHarborMember2025-12-310000895417els:LakelandHarborMemberus-gaap:LandMember2025-12-310000895417els:LakelandHarborMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakelandJunctionMemberels:CityMember2025-01-012025-12-310000895417els:LakelandJunctionMemberels:StateMember2025-01-012025-12-310000895417els:LakelandJunctionMember2025-12-310000895417els:LakelandJunctionMemberus-gaap:LandMember2025-12-310000895417els:LakelandJunctionMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LantanaMarinaMemberels:CityMember2025-01-012025-12-310000895417els:LantanaMarinaMemberels:StateMember2025-01-012025-12-310000895417els:LantanaMarinaMember2025-12-310000895417els:LantanaMarinaMemberus-gaap:LandMember2025-12-310000895417els:LantanaMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MaralagoCayMemberels:CityMember2025-01-012025-12-310000895417els:MaralagoCayMemberels:StateMember2025-01-012025-12-310000895417els:MaralagoCayMember2025-12-310000895417els:MaralagoCayMemberus-gaap:LandMember2025-12-310000895417els:MaralagoCayMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SouthLantanaMarinaMemberels:CityMember2025-01-012025-12-310000895417els:SouthLantanaMarinaMemberels:StateMember2025-01-012025-12-310000895417els:SouthLantanaMarinaMember2025-12-310000895417els:SouthLantanaMarinaMemberus-gaap:LandMember2025-12-310000895417els:SouthLantanaMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:DownYonderMemberels:CityMember2025-01-012025-12-310000895417els:DownYonderMemberels:StateMember2025-01-012025-12-310000895417els:DownYonderMember2025-12-310000895417els:DownYonderMemberus-gaap:LandMember2025-12-310000895417els:DownYonderMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:EastBayOaksMemberels:CityMember2025-01-012025-12-310000895417els:EastBayOaksMemberels:StateMember2025-01-012025-12-310000895417els:EastBayOaksMember2025-12-310000895417els:EastBayOaksMemberus-gaap:LandMember2025-12-310000895417els:EastBayOaksMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:EldoradoVillageMemberels:CityMember2025-01-012025-12-310000895417els:EldoradoVillageMemberels:StateMember2025-01-012025-12-310000895417els:EldoradoVillageMember2025-12-310000895417els:EldoradoVillageMemberus-gaap:LandMember2025-12-310000895417els:EldoradoVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ParadiseParkLargoMemberels:CityMember2025-01-012025-12-310000895417els:ParadiseParkLargoMemberels:StateMember2025-01-012025-12-310000895417els:ParadiseParkLargoMember2025-12-310000895417els:ParadiseParkLargoMemberus-gaap:LandMember2025-12-310000895417els:ParadiseParkLargoMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ShangriLaMemberels:CityMember2025-01-012025-12-310000895417els:ShangriLaMemberels:StateMember2025-01-012025-12-310000895417els:ShangriLaMember2025-12-310000895417els:ShangriLaMemberus-gaap:LandMember2025-12-310000895417els:ShangriLaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:VacationVillageMemberels:CityMember2025-01-012025-12-310000895417els:VacationVillageMemberels:StateMember2025-01-012025-12-310000895417els:VacationVillageMember2025-12-310000895417els:VacationVillageMemberus-gaap:LandMember2025-12-310000895417els:VacationVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WhisperingPinesLargoMemberels:CityMember2025-01-012025-12-310000895417els:WhisperingPinesLargoMemberels:StateMember2025-01-012025-12-310000895417els:WhisperingPinesLargoMember2025-12-310000895417els:WhisperingPinesLargoMemberus-gaap:LandMember2025-12-310000895417els:WhisperingPinesLargoMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CoachwoodMemberels:CityMember2025-01-012025-12-310000895417els:CoachwoodMemberels:StateMember2025-01-012025-12-310000895417els:CoachwoodMember2025-12-310000895417els:CoachwoodMemberus-gaap:LandMember2025-12-310000895417els:CoachwoodMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MidFloridaLakesMemberels:CityMember2025-01-012025-12-310000895417els:MidFloridaLakesMemberels:StateMember2025-01-012025-12-310000895417els:MidFloridaLakesMember2025-12-310000895417els:MidFloridaLakesMemberus-gaap:LandMember2025-12-310000895417els:MidFloridaLakesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FiestaKeyMemberels:CityMember2025-01-012025-12-310000895417els:FiestaKeyMemberels:StateMember2025-01-012025-12-310000895417els:FiestaKeyMember2025-12-310000895417els:FiestaKeyMemberus-gaap:LandMember2025-12-310000895417els:FiestaKeyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PascoMemberels:CityMember2025-01-012025-12-310000895417els:PascoMemberels:StateMember2025-01-012025-12-310000895417els:PascoMember2025-12-310000895417els:PascoMemberus-gaap:LandMember2025-12-310000895417els:PascoMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CoralCayMemberels:CityMember2025-01-012025-12-310000895417els:CoralCayMemberels:StateMember2025-01-012025-12-310000895417els:CoralCayMember2025-12-310000895417els:CoralCayMemberus-gaap:LandMember2025-12-310000895417els:CoralCayMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakewoodVillageMemberels:CityMember2025-01-012025-12-310000895417els:LakewoodVillageMemberels:StateMember2025-01-012025-12-310000895417els:LakewoodVillageMember2025-12-310000895417els:LakewoodVillageMemberus-gaap:LandMember2025-12-310000895417els:LakewoodVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MiamiEvergladesMemberels:CityMember2025-01-012025-12-310000895417els:MiamiEvergladesMemberels:StateMember2025-01-012025-12-310000895417els:MiamiEvergladesMember2025-12-310000895417els:MiamiEvergladesMemberus-gaap:LandMember2025-12-310000895417els:MiamiEvergladesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SouthernaireMemberels:CityMember2025-01-012025-12-310000895417els:SouthernaireMemberels:StateMember2025-01-012025-12-310000895417els:SouthernaireMember2025-12-310000895417els:SouthernaireMemberus-gaap:LandMember2025-12-310000895417els:SouthernaireMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CountryPlaceMemberels:CityMember2025-01-012025-12-310000895417els:CountryPlaceMemberels:StateMember2025-01-012025-12-310000895417els:CountryPlaceMember2025-12-310000895417els:CountryPlaceMemberus-gaap:LandMember2025-12-310000895417els:CountryPlaceMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HaciendaVillageMemberels:CityMember2025-01-012025-12-310000895417els:HaciendaVillageMemberels:StateMember2025-01-012025-12-310000895417els:HaciendaVillageMember2025-12-310000895417els:HaciendaVillageMemberus-gaap:LandMember2025-12-310000895417els:HaciendaVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HarborViewMemberels:CityMember2025-01-012025-12-310000895417els:HarborViewMemberels:StateMember2025-01-012025-12-310000895417els:HarborViewMember2025-12-310000895417els:HarborViewMemberus-gaap:LandMember2025-12-310000895417els:HarborViewMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BayLakeEstatesMemberels:CityMember2025-01-012025-12-310000895417els:BayLakeEstatesMemberels:StateMember2025-01-012025-12-310000895417els:BayLakeEstatesMember2025-12-310000895417els:BayLakeEstatesMemberus-gaap:LandMember2025-12-310000895417els:BayLakeEstatesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeVillageMemberels:CityMember2025-01-012025-12-310000895417els:LakeVillageMemberels:StateMember2025-01-012025-12-310000895417els:LakeVillageMember2025-12-310000895417els:LakeVillageMemberus-gaap:LandMember2025-12-310000895417els:LakeVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RoyalCoachmanMemberels:CityMember2025-01-012025-12-310000895417els:RoyalCoachmanMemberels:StateMember2025-01-012025-12-310000895417els:RoyalCoachmanMember2025-12-310000895417els:RoyalCoachmanMemberus-gaap:LandMember2025-12-310000895417els:RoyalCoachmanMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BuccaneerMemberels:CityMember2025-01-012025-12-310000895417els:BuccaneerMemberels:StateMember2025-01-012025-12-310000895417els:BuccaneerMember2025-12-310000895417els:BuccaneerMemberus-gaap:LandMember2025-12-310000895417els:BuccaneerMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:IslandVistaMemberels:CityMember2025-01-012025-12-310000895417els:IslandVistaMemberels:StateMember2025-01-012025-12-310000895417els:IslandVistaMember2025-12-310000895417els:IslandVistaMemberus-gaap:LandMember2025-12-310000895417els:IslandVistaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeFairwaysMemberels:CityMember2025-01-012025-12-310000895417els:LakeFairwaysMemberels:StateMember2025-01-012025-12-310000895417els:LakeFairwaysMember2025-12-310000895417els:LakeFairwaysMemberus-gaap:LandMember2025-12-310000895417els:LakeFairwaysMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PineLakesMemberels:CityMember2025-01-012025-12-310000895417els:PineLakesMemberels:StateMember2025-01-012025-12-310000895417els:PineLakesMember2025-12-310000895417els:PineLakesMemberus-gaap:LandMember2025-12-310000895417els:PineLakesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PioneerVillageMemberels:CityMember2025-01-012025-12-310000895417els:PioneerVillageMemberels:StateMember2025-01-012025-12-310000895417els:PioneerVillageMember2025-12-310000895417els:PioneerVillageMemberus-gaap:LandMember2025-12-310000895417els:PioneerVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SunseekersMemberels:CityMember2025-01-012025-12-310000895417els:SunseekersMemberels:StateMember2025-01-012025-12-310000895417els:SunseekersMember2025-12-310000895417els:SunseekersMemberus-gaap:LandMember2025-12-310000895417els:SunseekersMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HeritageMemberels:CityMember2025-01-012025-12-310000895417els:HeritageMemberels:StateMember2025-01-012025-12-310000895417els:HeritageMember2025-12-310000895417els:HeritageMemberus-gaap:LandMember2025-12-310000895417els:HeritageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WindmillVillageMemberels:CityMember2025-01-012025-12-310000895417els:WindmillVillageMemberels:StateMember2025-01-012025-12-310000895417els:WindmillVillageMember2025-12-310000895417els:WindmillVillageMemberus-gaap:LandMember2025-12-310000895417els:WindmillVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FoxwoodMemberels:CityMember2025-01-012025-12-310000895417els:FoxwoodMemberels:StateMember2025-01-012025-12-310000895417els:FoxwoodMember2025-12-310000895417els:FoxwoodMemberus-gaap:LandMember2025-12-310000895417els:FoxwoodMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:OakBendMemberels:CityMember2025-01-012025-12-310000895417els:OakBendMemberels:StateMember2025-01-012025-12-310000895417els:OakBendMember2025-12-310000895417els:OakBendMemberus-gaap:LandMember2025-12-310000895417els:OakBendMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:VillasAtSpanishOaksMemberels:CityMember2025-01-012025-12-310000895417els:VillasAtSpanishOaksMemberels:StateMember2025-01-012025-12-310000895417els:VillasAtSpanishOaksMember2025-12-310000895417els:VillasAtSpanishOaksMemberus-gaap:LandMember2025-12-310000895417els:VillasAtSpanishOaksMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SilverDollarMemberels:CityMember2025-01-012025-12-310000895417els:SilverDollarMemberels:StateMember2025-01-012025-12-310000895417els:SilverDollarMember2025-12-310000895417els:SilverDollarMemberus-gaap:LandMember2025-12-310000895417els:SilverDollarMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:OkeechobeeRVResortMemberels:CityMember2025-01-012025-12-310000895417els:OkeechobeeRVResortMemberels:StateMember2025-01-012025-12-310000895417els:OkeechobeeRVResortMember2025-12-310000895417els:OkeechobeeRVResortMemberus-gaap:LandMember2025-12-310000895417els:OkeechobeeRVResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:AudubonMemberels:CityMember2025-01-012025-12-310000895417els:AudubonMemberels:StateMember2025-01-012025-12-310000895417els:AudubonMember2025-12-310000895417els:AudubonMemberus-gaap:LandMember2025-12-310000895417els:AudubonMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HiddenValleyMemberels:CityMember2025-01-012025-12-310000895417els:HiddenValleyMemberels:StateMember2025-01-012025-12-310000895417els:HiddenValleyMember2025-12-310000895417els:HiddenValleyMemberus-gaap:LandMember2025-12-310000895417els:HiddenValleyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:StarlightRanchMemberels:CityMember2025-01-012025-12-310000895417els:StarlightRanchMemberels:StateMember2025-01-012025-12-310000895417els:StarlightRanchMember2025-12-310000895417els:StarlightRanchMemberus-gaap:LandMember2025-12-310000895417els:StarlightRanchMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HolidayVillageOrmondBeachMemberels:CityMember2025-01-012025-12-310000895417els:HolidayVillageOrmondBeachMemberels:StateMember2025-01-012025-12-310000895417els:HolidayVillageOrmondBeachMember2025-12-310000895417els:HolidayVillageOrmondBeachMemberus-gaap:LandMember2025-12-310000895417els:HolidayVillageOrmondBeachMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SunshineHolidayMHMemberels:CityMember2025-01-012025-12-310000895417els:SunshineHolidayMHMemberels:StateMember2025-01-012025-12-310000895417els:SunshineHolidayMHMember2025-12-310000895417els:SunshineHolidayMHMemberus-gaap:LandMember2025-12-310000895417els:SunshineHolidayMHMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PalmBeachGardensMarinaMemberels:CityMember2025-01-012025-12-310000895417els:PalmBeachGardensMarinaMemberels:StateMember2025-01-012025-12-310000895417els:PalmBeachGardensMarinaMember2025-12-310000895417els:PalmBeachGardensMarinaMemberus-gaap:LandMember2025-12-310000895417els:PalmBeachGardensMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MeadowsAtPalmBeachGardensMemberels:CityMember2025-01-012025-12-310000895417els:MeadowsAtPalmBeachGardensMemberels:StateMember2025-01-012025-12-310000895417els:MeadowsAtPalmBeachGardensMember2025-12-310000895417els:MeadowsAtPalmBeachGardensMemberus-gaap:LandMember2025-12-310000895417els:MeadowsAtPalmBeachGardensMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TerraCeiaMemberels:CityMember2025-01-012025-12-310000895417els:TerraCeiaMemberels:StateMember2025-01-012025-12-310000895417els:TerraCeiaMember2025-12-310000895417els:TerraCeiaMemberus-gaap:LandMember2025-12-310000895417els:TerraCeiaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakesAtCountrywoodMemberels:CityMember2025-01-012025-12-310000895417els:LakesAtCountrywoodMemberels:StateMember2025-01-012025-12-310000895417els:LakesAtCountrywoodMember2025-12-310000895417els:LakesAtCountrywoodMemberus-gaap:LandMember2025-12-310000895417els:LakesAtCountrywoodMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MeadowsAtCountrywoodMemberels:CityMember2025-01-012025-12-310000895417els:MeadowsAtCountrywoodMemberels:StateMember2025-01-012025-12-310000895417els:MeadowsAtCountrywoodMember2025-12-310000895417els:MeadowsAtCountrywoodMemberus-gaap:LandMember2025-12-310000895417els:MeadowsAtCountrywoodMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:OaksAtCountrywoodMemberels:CityMember2025-01-012025-12-310000895417els:OaksAtCountrywoodMemberels:StateMember2025-01-012025-12-310000895417els:OaksAtCountrywoodMember2025-12-310000895417els:OaksAtCountrywoodMemberus-gaap:LandMember2025-12-310000895417els:OaksAtCountrywoodMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BreezyHillRVMemberels:CityMember2025-01-012025-12-310000895417els:BreezyHillRVMemberels:StateMember2025-01-012025-12-310000895417els:BreezyHillRVMember2025-12-310000895417els:BreezyHillRVMemberus-gaap:LandMember2025-12-310000895417els:BreezyHillRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HiddenHarbourMarinaMemberels:CityMember2025-01-012025-12-310000895417els:HiddenHarbourMarinaMemberels:StateMember2025-01-012025-12-310000895417els:HiddenHarbourMarinaMember2025-12-310000895417els:HiddenHarbourMarinaMemberus-gaap:LandMember2025-12-310000895417els:HiddenHarbourMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HighlandWoodRVMemberels:CityMember2025-01-012025-12-310000895417els:HighlandWoodRVMemberels:StateMember2025-01-012025-12-310000895417els:HighlandWoodRVMember2025-12-310000895417els:HighlandWoodRVMemberus-gaap:LandMember2025-12-310000895417els:HighlandWoodRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:InletHarborMarinaMemberels:CityMember2025-01-012025-12-310000895417els:InletHarborMarinaMemberels:StateMember2025-01-012025-12-310000895417els:InletHarborMarinaMember2025-12-310000895417els:InletHarborMarinaMemberus-gaap:LandMember2025-12-310000895417els:InletHarborMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HarborLakesMemberels:CityMember2025-01-012025-12-310000895417els:HarborLakesMemberels:StateMember2025-01-012025-12-310000895417els:HarborLakesMember2025-12-310000895417els:HarborLakesMemberus-gaap:LandMember2025-12-310000895417els:HarborLakesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LighthousePointeMemberels:CityMember2025-01-012025-12-310000895417els:LighthousePointeMemberels:StateMember2025-01-012025-12-310000895417els:LighthousePointeMember2025-12-310000895417els:LighthousePointeMemberus-gaap:LandMember2025-12-310000895417els:LighthousePointeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PickwickMemberels:CityMember2025-01-012025-12-310000895417els:PickwickMemberels:StateMember2025-01-012025-12-310000895417els:PickwickMember2025-12-310000895417els:PickwickMemberus-gaap:LandMember2025-12-310000895417els:PickwickMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RoseBayMemberels:CityMember2025-01-012025-12-310000895417els:RoseBayMemberels:StateMember2025-01-012025-12-310000895417els:RoseBayMember2025-12-310000895417els:RoseBayMemberus-gaap:LandMember2025-12-310000895417els:RoseBayMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:EmeraldLakeMemberels:CityMember2025-01-012025-12-310000895417els:EmeraldLakeMemberels:StateMember2025-01-012025-12-310000895417els:EmeraldLakeMember2025-12-310000895417els:EmeraldLakeMemberus-gaap:LandMember2025-12-310000895417els:EmeraldLakeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GulfViewMemberels:CityMember2025-01-012025-12-310000895417els:GulfViewMemberels:StateMember2025-01-012025-12-310000895417els:GulfViewMember2025-12-310000895417els:GulfViewMemberus-gaap:LandMember2025-12-310000895417els:GulfViewMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TropicalPalmsPuntaGordaMemberels:CityMember2025-01-012025-12-310000895417els:TropicalPalmsPuntaGordaMemberels:StateMember2025-01-012025-12-310000895417els:TropicalPalmsPuntaGordaMember2025-12-310000895417els:TropicalPalmsPuntaGordaMemberus-gaap:LandMember2025-12-310000895417els:TropicalPalmsPuntaGordaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:KingswoodMemberels:CityMember2025-01-012025-12-310000895417els:KingswoodMemberels:StateMember2025-01-012025-12-310000895417els:KingswoodMember2025-12-310000895417els:KingswoodMemberus-gaap:LandMember2025-12-310000895417els:KingswoodMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PalmLakeMemberels:CityMember2025-01-012025-12-310000895417els:PalmLakeMemberels:StateMember2025-01-012025-12-310000895417els:PalmLakeMember2025-12-310000895417els:PalmLakeMemberus-gaap:LandMember2025-12-310000895417els:PalmLakeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RivieraBeachMarinaMemberels:CityMember2025-01-012025-12-310000895417els:RivieraBeachMarinaMemberels:StateMember2025-01-012025-12-310000895417els:RivieraBeachMarinaMember2025-12-310000895417els:RivieraBeachMarinaMemberus-gaap:LandMember2025-12-310000895417els:RivieraBeachMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:IndianOaksMemberels:CityMember2025-01-012025-12-310000895417els:IndianOaksMemberels:StateMember2025-01-012025-12-310000895417els:IndianOaksMember2025-12-310000895417els:IndianOaksMemberus-gaap:LandMember2025-12-310000895417els:IndianOaksMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SpaceCoastRVResortMemberels:CityMember2025-01-012025-12-310000895417els:SpaceCoastRVResortMemberels:StateMember2025-01-012025-12-310000895417els:SpaceCoastRVResortMember2025-12-310000895417els:SpaceCoastRVResortMemberus-gaap:LandMember2025-12-310000895417els:SpaceCoastRVResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CovingtonEstatesMemberels:CityMember2025-01-012025-12-310000895417els:CovingtonEstatesMemberels:StateMember2025-01-012025-12-310000895417els:CovingtonEstatesMember2025-12-310000895417els:CovingtonEstatesMemberus-gaap:LandMember2025-12-310000895417els:CovingtonEstatesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WindsOfStArmandsNorthMemberels:CityMember2025-01-012025-12-310000895417els:WindsOfStArmandsNorthMemberels:StateMember2025-01-012025-12-310000895417els:WindsOfStArmandsNorthMember2025-12-310000895417els:WindsOfStArmandsNorthMemberus-gaap:LandMember2025-12-310000895417els:WindsOfStArmandsNorthMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WindsOfStArmandsSouthMemberels:CityMember2025-01-012025-12-310000895417els:WindsOfStArmandsSouthMemberels:StateMember2025-01-012025-12-310000895417els:WindsOfStArmandsSouthMember2025-12-310000895417els:WindsOfStArmandsSouthMemberus-gaap:LandMember2025-12-310000895417els:WindsOfStArmandsSouthMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TopicsMemberels:CityMember2025-01-012025-12-310000895417els:TopicsMemberels:StateMember2025-01-012025-12-310000895417els:TopicsMember2025-12-310000895417els:TopicsMemberus-gaap:LandMember2025-12-310000895417els:TopicsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PineIslandResortMemberels:CityMember2025-01-012025-12-310000895417els:PineIslandResortMemberels:StateMember2025-01-012025-12-310000895417els:PineIslandResortMember2025-12-310000895417els:PineIslandResortMemberus-gaap:LandMember2025-12-310000895417els:PineIslandResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:StPeteMarinaMemberels:CityMember2025-01-012025-12-310000895417els:StPeteMarinaMemberels:StateMember2025-01-012025-12-310000895417els:StPeteMarinaMember2025-12-310000895417els:StPeteMarinaMemberus-gaap:LandMember2025-12-310000895417els:StPeteMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RiverwatchMarinaMemberels:CityMember2025-01-012025-12-310000895417els:RiverwatchMarinaMemberels:StateMember2025-01-012025-12-310000895417els:RiverwatchMarinaMember2025-12-310000895417els:RiverwatchMarinaMemberus-gaap:LandMember2025-12-310000895417els:RiverwatchMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CarefreeVillageMemberels:CityMember2025-01-012025-12-310000895417els:CarefreeVillageMemberels:StateMember2025-01-012025-12-310000895417els:CarefreeVillageMember2025-12-310000895417els:CarefreeVillageMemberus-gaap:LandMember2025-12-310000895417els:CarefreeVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TarponGlenMemberels:CityMember2025-01-012025-12-310000895417els:TarponGlenMemberels:StateMember2025-01-012025-12-310000895417els:TarponGlenMember2025-12-310000895417els:TarponGlenMemberus-gaap:LandMember2025-12-310000895417els:TarponGlenMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FeatherockMemberels:CityMember2025-01-012025-12-310000895417els:FeatherockMemberels:StateMember2025-01-012025-12-310000895417els:FeatherockMember2025-12-310000895417els:FeatherockMemberus-gaap:LandMember2025-12-310000895417els:FeatherockMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BayIndiesMemberels:CityMember2025-01-012025-12-310000895417els:BayIndiesMemberels:StateMember2025-01-012025-12-310000895417els:BayIndiesMember2025-12-310000895417els:BayIndiesMemberus-gaap:LandMember2025-12-310000895417els:BayIndiesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RamblersRestMemberels:CityMember2025-01-012025-12-310000895417els:RamblersRestMemberels:StateMember2025-01-012025-12-310000895417els:RamblersRestMember2025-12-310000895417els:RamblersRestMemberus-gaap:LandMember2025-12-310000895417els:RamblersRestMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CountrysideMemberels:CityMember2025-01-012025-12-310000895417els:CountrysideMemberels:StateMember2025-01-012025-12-310000895417els:CountrysideMember2025-12-310000895417els:CountrysideMemberus-gaap:LandMember2025-12-310000895417els:CountrysideMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HeritagePlantationMemberels:CityMember2025-01-012025-12-310000895417els:HeritagePlantationMemberels:StateMember2025-01-012025-12-310000895417els:HeritagePlantationMember2025-12-310000895417els:HeritagePlantationMemberus-gaap:LandMember2025-12-310000895417els:HeritagePlantationMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HeronCayMemberels:CityMember2025-01-012025-12-310000895417els:HeronCayMemberels:StateMember2025-01-012025-12-310000895417els:HeronCayMember2025-12-310000895417els:HeronCayMemberus-gaap:LandMember2025-12-310000895417els:HeronCayMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HolidayVillageVeroMemberels:CityMember2025-01-012025-12-310000895417els:HolidayVillageVeroMemberels:StateMember2025-01-012025-12-310000895417els:HolidayVillageVeroMember2025-12-310000895417els:HolidayVillageVeroMemberus-gaap:LandMember2025-12-310000895417els:HolidayVillageVeroMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SunshineTravelMemberels:CityMember2025-01-012025-12-310000895417els:SunshineTravelMemberels:StateMember2025-01-012025-12-310000895417els:SunshineTravelMember2025-12-310000895417els:SunshineTravelMemberus-gaap:LandMember2025-12-310000895417els:SunshineTravelMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:VeroBeachMarinaMemberels:CityMember2025-01-012025-12-310000895417els:VeroBeachMarinaMemberels:StateMember2025-01-012025-12-310000895417els:VeroBeachMarinaMember2025-12-310000895417els:VeroBeachMarinaMemberus-gaap:LandMember2025-12-310000895417els:VeroBeachMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:VeroPalmMemberels:CityMember2025-01-012025-12-310000895417els:VeroPalmMemberels:StateMember2025-01-012025-12-310000895417els:VeroPalmMember2025-12-310000895417els:VeroPalmMemberus-gaap:LandMember2025-12-310000895417els:VeroPalmMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:VillageGreenMemberels:CityMember2025-01-012025-12-310000895417els:VillageGreenMemberels:StateMember2025-01-012025-12-310000895417els:VillageGreenMember2025-12-310000895417els:VillageGreenMemberus-gaap:LandMember2025-12-310000895417els:VillageGreenMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PeaceRiverMemberels:CityMember2025-01-012025-12-310000895417els:PeaceRiverMemberels:StateMember2025-01-012025-12-310000895417els:PeaceRiverMember2025-12-310000895417els:PeaceRiverMemberus-gaap:LandMember2025-12-310000895417els:PeaceRiverMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PalmBeachColonyMemberels:CityMember2025-01-012025-12-310000895417els:PalmBeachColonyMemberels:StateMember2025-01-012025-12-310000895417els:PalmBeachColonyMember2025-12-310000895417els:PalmBeachColonyMemberus-gaap:LandMember2025-12-310000895417els:PalmBeachColonyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ParkwoodCommunitiesMemberels:CityMember2025-01-012025-12-310000895417els:ParkwoodCommunitiesMemberels:StateMember2025-01-012025-12-310000895417els:ParkwoodCommunitiesMember2025-12-310000895417els:ParkwoodCommunitiesMemberus-gaap:LandMember2025-12-310000895417els:ParkwoodCommunitiesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ThreeFlagsRVResortMemberels:CityMember2025-01-012025-12-310000895417els:ThreeFlagsRVResortMemberels:StateMember2025-01-012025-12-310000895417els:ThreeFlagsRVResortMember2025-12-310000895417els:ThreeFlagsRVResortMemberus-gaap:LandMember2025-12-310000895417els:ThreeFlagsRVResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WinterGardenMemberels:CityMember2025-01-012025-12-310000895417els:WinterGardenMemberels:StateMember2025-01-012025-12-310000895417els:WinterGardenMember2025-12-310000895417els:WinterGardenMemberus-gaap:LandMember2025-12-310000895417els:WinterGardenMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CrystalLakeZephyrhillsMemberels:CityMember2025-01-012025-12-310000895417els:CrystalLakeZephyrhillsMemberels:StateMember2025-01-012025-12-310000895417els:CrystalLakeZephyrhillsMember2025-12-310000895417els:CrystalLakeZephyrhillsMemberus-gaap:LandMember2025-12-310000895417els:CrystalLakeZephyrhillsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ForestLakeEstatesMemberels:CityMember2025-01-012025-12-310000895417els:ForestLakeEstatesMemberels:StateMember2025-01-012025-12-310000895417els:ForestLakeEstatesMember2025-12-310000895417els:ForestLakeEstatesMemberus-gaap:LandMember2025-12-310000895417els:ForestLakeEstatesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ForestLakeVillageMemberels:CityMember2025-01-012025-12-310000895417els:ForestLakeVillageMemberels:StateMember2025-01-012025-12-310000895417els:ForestLakeVillageMember2025-12-310000895417els:ForestLakeVillageMemberus-gaap:LandMember2025-12-310000895417els:ForestLakeVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SixthAveMemberels:CityMember2025-01-012025-12-310000895417els:SixthAveMemberels:StateMember2025-01-012025-12-310000895417els:SixthAveMember2025-12-310000895417els:SixthAveMemberus-gaap:LandMember2025-12-310000895417els:SixthAveMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CoachRoyaleMemberels:CityMember2025-01-012025-12-310000895417els:CoachRoyaleMemberels:StateMember2025-01-012025-12-310000895417els:CoachRoyaleMember2025-12-310000895417els:CoachRoyaleMemberus-gaap:LandMember2025-12-310000895417els:CoachRoyaleMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MapleGroveMemberels:CityMember2025-01-012025-12-310000895417els:MapleGroveMemberels:StateMember2025-01-012025-12-310000895417els:MapleGroveMember2025-12-310000895417els:MapleGroveMemberus-gaap:LandMember2025-12-310000895417els:MapleGroveMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ShenandoahEstatesMemberels:CityMember2025-01-012025-12-310000895417els:ShenandoahEstatesMemberels:StateMember2025-01-012025-12-310000895417els:ShenandoahEstatesMember2025-12-310000895417els:ShenandoahEstatesMemberus-gaap:LandMember2025-12-310000895417els:ShenandoahEstatesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WestMeadowEstatesMemberels:CityMember2025-01-012025-12-310000895417els:WestMeadowEstatesMemberels:StateMember2025-01-012025-12-310000895417els:WestMeadowEstatesMember2025-12-310000895417els:WestMeadowEstatesMemberus-gaap:LandMember2025-12-310000895417els:WestMeadowEstatesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:OConnellsMemberels:CityMember2025-01-012025-12-310000895417els:OConnellsMemberels:StateMember2025-01-012025-12-310000895417els:OConnellsMember2025-12-310000895417els:OConnellsMemberus-gaap:LandMember2025-12-310000895417els:OConnellsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PheasantLakeEstatesMemberels:CityMember2025-01-012025-12-310000895417els:PheasantLakeEstatesMemberels:StateMember2025-01-012025-12-310000895417els:PheasantLakeEstatesMember2025-12-310000895417els:PheasantLakeEstatesMemberus-gaap:LandMember2025-12-310000895417els:PheasantLakeEstatesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PineCountryMemberels:CityMember2025-01-012025-12-310000895417els:PineCountryMemberels:StateMember2025-01-012025-12-310000895417els:PineCountryMember2025-12-310000895417els:PineCountryMemberus-gaap:LandMember2025-12-310000895417els:PineCountryMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WillowLakeEstatesMemberels:CityMember2025-01-012025-12-310000895417els:WillowLakeEstatesMemberels:StateMember2025-01-012025-12-310000895417els:WillowLakeEstatesMember2025-12-310000895417els:WillowLakeEstatesMemberus-gaap:LandMember2025-12-310000895417els:WillowLakeEstatesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GolfVistasEstatesMemberels:CityMember2025-01-012025-12-310000895417els:GolfVistasEstatesMemberels:StateMember2025-01-012025-12-310000895417els:GolfVistasEstatesMember2025-12-310000895417els:GolfVistasEstatesMemberus-gaap:LandMember2025-12-310000895417els:GolfVistasEstatesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:IndianLakesMemberels:CityMember2025-01-012025-12-310000895417els:IndianLakesMemberels:StateMember2025-01-012025-12-310000895417els:IndianLakesMember2025-12-310000895417els:IndianLakesMemberus-gaap:LandMember2025-12-310000895417els:IndianLakesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HorseshoeLakeMemberels:CityMember2025-01-012025-12-310000895417els:HorseshoeLakeMemberels:StateMember2025-01-012025-12-310000895417els:HorseshoeLakeMember2025-12-310000895417els:HorseshoeLakeMemberus-gaap:LandMember2025-12-310000895417els:HorseshoeLakeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TwinMillsRVMemberels:CityMember2025-01-012025-12-310000895417els:TwinMillsRVMemberels:StateMember2025-01-012025-12-310000895417els:TwinMillsRVMember2025-12-310000895417els:TwinMillsRVMemberus-gaap:LandMember2025-12-310000895417els:TwinMillsRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakesideMemberels:CityMember2025-01-012025-12-310000895417els:LakesideMemberels:StateMember2025-01-012025-12-310000895417els:LakesideMember2025-12-310000895417els:LakesideMemberus-gaap:LandMember2025-12-310000895417els:LakesideMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:DaleHollowStateParkMarinaMemberels:CityMember2025-01-012025-12-310000895417els:DaleHollowStateParkMarinaMemberels:StateMember2025-01-012025-12-310000895417els:DaleHollowStateParkMarinaMember2025-12-310000895417els:DaleHollowStateParkMarinaMemberus-gaap:LandMember2025-12-310000895417els:DaleHollowStateParkMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:DiamondCavernsResortGolfClubMemberels:CityMember2025-01-012025-12-310000895417els:DiamondCavernsResortGolfClubMemberels:StateMember2025-01-012025-12-310000895417els:DiamondCavernsResortGolfClubMember2025-12-310000895417els:DiamondCavernsResortGolfClubMemberus-gaap:LandMember2025-12-310000895417els:DiamondCavernsResortGolfClubMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GatewayToCapeCodMemberels:CityMember2025-01-012025-12-310000895417els:GatewayToCapeCodMemberels:StateMember2025-01-012025-12-310000895417els:GatewayToCapeCodMember2025-12-310000895417els:GatewayToCapeCodMemberus-gaap:LandMember2025-12-310000895417els:GatewayToCapeCodMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HillcrestRocklandMemberels:CityMember2025-01-012025-12-310000895417els:HillcrestRocklandMemberels:StateMember2025-01-012025-12-310000895417els:HillcrestRocklandMember2025-12-310000895417els:HillcrestRocklandMemberus-gaap:LandMember2025-12-310000895417els:HillcrestRocklandMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GlenMemberels:CityMember2025-01-012025-12-310000895417els:GlenMemberels:StateMember2025-01-012025-12-310000895417els:GlenMember2025-12-310000895417els:GlenMemberus-gaap:LandMember2025-12-310000895417els:GlenMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:OldChathamRVMemberels:CityMember2025-01-012025-12-310000895417els:OldChathamRVMemberels:StateMember2025-01-012025-12-310000895417els:OldChathamRVMember2025-12-310000895417els:OldChathamRVMemberus-gaap:LandMember2025-12-310000895417els:OldChathamRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SturbridgeMemberels:CityMember2025-01-012025-12-310000895417els:SturbridgeMemberels:StateMember2025-01-012025-12-310000895417els:SturbridgeMember2025-12-310000895417els:SturbridgeMemberus-gaap:LandMember2025-12-310000895417els:SturbridgeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FernwoodMemberels:CityMember2025-01-012025-12-310000895417els:FernwoodMemberels:StateMember2025-01-012025-12-310000895417els:FernwoodMember2025-12-310000895417els:FernwoodMemberus-gaap:LandMember2025-12-310000895417els:FernwoodMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WilliamsEstatesAndPeppermintWoodsMemberels:CityMember2025-01-012025-12-310000895417els:WilliamsEstatesAndPeppermintWoodsMemberels:StateMember2025-01-012025-12-310000895417els:WilliamsEstatesAndPeppermintWoodsMember2025-12-310000895417els:WilliamsEstatesAndPeppermintWoodsMemberus-gaap:LandMember2025-12-310000895417els:WilliamsEstatesAndPeppermintWoodsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MtDesertNarrowsMemberels:CityMember2025-01-012025-12-310000895417els:MtDesertNarrowsMemberels:StateMember2025-01-012025-12-310000895417els:MtDesertNarrowsMember2025-12-310000895417els:MtDesertNarrowsMemberus-gaap:LandMember2025-12-310000895417els:MtDesertNarrowsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PattonPondMemberels:CityMember2025-01-012025-12-310000895417els:PattonPondMemberels:StateMember2025-01-012025-12-310000895417els:PattonPondMember2025-12-310000895417els:PattonPondMemberus-gaap:LandMember2025-12-310000895417els:PattonPondMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PinehirstRVParkMemberels:CityMember2025-01-012025-12-310000895417els:PinehirstRVParkMemberels:StateMember2025-01-012025-12-310000895417els:PinehirstRVParkMember2025-12-310000895417els:PinehirstRVParkMemberus-gaap:LandMember2025-12-310000895417els:PinehirstRVParkMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:NarrowsTooMemberels:CityMember2025-01-012025-12-310000895417els:NarrowsTooMemberels:StateMember2025-01-012025-12-310000895417els:NarrowsTooMember2025-12-310000895417els:NarrowsTooMemberus-gaap:LandMember2025-12-310000895417els:NarrowsTooMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MoodyBeachMemberels:CityMember2025-01-012025-12-310000895417els:MoodyBeachMemberels:StateMember2025-01-012025-12-310000895417els:MoodyBeachMember2025-12-310000895417els:MoodyBeachMemberus-gaap:LandMember2025-12-310000895417els:MoodyBeachMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BearCaveResortMemberels:CityMember2025-01-012025-12-310000895417els:BearCaveResortMemberels:StateMember2025-01-012025-12-310000895417els:BearCaveResortMember2025-12-310000895417els:BearCaveResortMemberus-gaap:LandMember2025-12-310000895417els:BearCaveResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:StClairMemberels:CityMember2025-01-012025-12-310000895417els:StClairMemberels:StateMember2025-01-012025-12-310000895417els:StClairMember2025-12-310000895417els:StClairMemberus-gaap:LandMember2025-12-310000895417els:StClairMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CedarKnollsMemberels:CityMember2025-01-012025-12-310000895417els:CedarKnollsMemberels:StateMember2025-01-012025-12-310000895417els:CedarKnollsMember2025-12-310000895417els:CedarKnollsMemberus-gaap:LandMember2025-12-310000895417els:CedarKnollsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CimarronParkMemberels:CityMember2025-01-012025-12-310000895417els:CimarronParkMemberels:StateMember2025-01-012025-12-310000895417els:CimarronParkMember2025-12-310000895417els:CimarronParkMemberus-gaap:LandMember2025-12-310000895417els:CimarronParkMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RockfordRiverviewEstatesMemberels:CityMember2025-01-012025-12-310000895417els:RockfordRiverviewEstatesMemberels:StateMember2025-01-012025-12-310000895417els:RockfordRiverviewEstatesMember2025-12-310000895417els:RockfordRiverviewEstatesMemberus-gaap:LandMember2025-12-310000895417els:RockfordRiverviewEstatesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RosemountWoodsMemberels:CityMember2025-01-012025-12-310000895417els:RosemountWoodsMemberels:StateMember2025-01-012025-12-310000895417els:RosemountWoodsMember2025-12-310000895417els:RosemountWoodsMemberus-gaap:LandMember2025-12-310000895417els:RosemountWoodsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BoathouseMarinaMemberels:CityMember2025-01-012025-12-310000895417els:BoathouseMarinaMemberels:StateMember2025-01-012025-12-310000895417els:BoathouseMarinaMember2025-12-310000895417els:BoathouseMarinaMemberus-gaap:LandMember2025-12-310000895417els:BoathouseMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ForestLakeMemberels:CityMember2025-01-012025-12-310000895417els:ForestLakeMemberels:StateMember2025-01-012025-12-310000895417els:ForestLakeMember2025-12-310000895417els:ForestLakeMemberus-gaap:LandMember2025-12-310000895417els:ForestLakeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ScenicMemberels:CityMember2025-01-012025-12-310000895417els:ScenicMemberels:StateMember2025-01-012025-12-310000895417els:ScenicMember2025-12-310000895417els:ScenicMemberus-gaap:LandMember2025-12-310000895417els:ScenicMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WaterwayRVMemberels:CityMember2025-01-012025-12-310000895417els:WaterwayRVMemberels:StateMember2025-01-012025-12-310000895417els:WaterwayRVMember2025-12-310000895417els:WaterwayRVMemberus-gaap:LandMember2025-12-310000895417els:WaterwayRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TwinLakesMemberels:CityMember2025-01-012025-12-310000895417els:TwinLakesMemberels:StateMember2025-01-012025-12-310000895417els:TwinLakesMember2025-12-310000895417els:TwinLakesMemberus-gaap:LandMember2025-12-310000895417els:TwinLakesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:EmeraldIsleRVResortMemberels:CityMember2025-01-012025-12-310000895417els:EmeraldIsleRVResortMemberels:StateMember2025-01-012025-12-310000895417els:EmeraldIsleRVResortMember2025-12-310000895417els:EmeraldIsleRVResortMemberus-gaap:LandMember2025-12-310000895417els:EmeraldIsleRVResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TopsailSoundRVMemberels:CityMember2025-01-012025-12-310000895417els:TopsailSoundRVMemberels:StateMember2025-01-012025-12-310000895417els:TopsailSoundRVMember2025-12-310000895417els:TopsailSoundRVMemberus-gaap:LandMember2025-12-310000895417els:TopsailSoundRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GreenMountainParkMemberels:CityMember2025-01-012025-12-310000895417els:GreenMountainParkMemberels:StateMember2025-01-012025-12-310000895417els:GreenMountainParkMember2025-12-310000895417els:GreenMountainParkMemberus-gaap:LandMember2025-12-310000895417els:GreenMountainParkMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeGastonMemberels:CityMember2025-01-012025-12-310000895417els:LakeGastonMemberels:StateMember2025-01-012025-12-310000895417els:LakeGastonMember2025-12-310000895417els:LakeGastonMemberus-gaap:LandMember2025-12-310000895417els:LakeGastonMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeMyersRVMemberels:CityMember2025-01-012025-12-310000895417els:LakeMyersRVMemberels:StateMember2025-01-012025-12-310000895417els:LakeMyersRVMember2025-12-310000895417els:LakeMyersRVMemberus-gaap:LandMember2025-12-310000895417els:LakeMyersRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BoguePinesMemberels:CityMember2025-01-012025-12-310000895417els:BoguePinesMemberels:StateMember2025-01-012025-12-310000895417els:BoguePinesMember2025-12-310000895417els:BoguePinesMemberus-gaap:LandMember2025-12-310000895417els:BoguePinesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GooseCreekMemberels:CityMember2025-01-012025-12-310000895417els:GooseCreekMemberels:StateMember2025-01-012025-12-310000895417els:GooseCreekMember2025-12-310000895417els:GooseCreekMemberus-gaap:LandMember2025-12-310000895417els:GooseCreekMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WhisperingPinesNorthCarolinaMemberels:CityMember2025-01-012025-12-310000895417els:WhisperingPinesNorthCarolinaMemberels:StateMember2025-01-012025-12-310000895417els:WhisperingPinesNorthCarolinaMember2025-12-310000895417els:WhisperingPinesNorthCarolinaMemberus-gaap:LandMember2025-12-310000895417els:WhisperingPinesNorthCarolinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HarborPointRVMemberels:CityMember2025-01-012025-12-310000895417els:HarborPointRVMemberels:StateMember2025-01-012025-12-310000895417els:HarborPointRVMember2025-12-310000895417els:HarborPointRVMemberus-gaap:LandMember2025-12-310000895417els:HarborPointRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WhiteOakShoresMemberels:CityMember2025-01-012025-12-310000895417els:WhiteOakShoresMemberels:StateMember2025-01-012025-12-310000895417els:WhiteOakShoresMember2025-12-310000895417els:WhiteOakShoresMemberus-gaap:LandMember2025-12-310000895417els:WhiteOakShoresMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BuenaVistaMemberels:CityMember2025-01-012025-12-310000895417els:BuenaVistaMemberels:StateMember2025-01-012025-12-310000895417els:BuenaVistaMember2025-12-310000895417els:BuenaVistaMemberus-gaap:LandMember2025-12-310000895417els:BuenaVistaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MeadowParkMemberels:CityMember2025-01-012025-12-310000895417els:MeadowParkMemberels:StateMember2025-01-012025-12-310000895417els:MeadowParkMember2025-12-310000895417els:MeadowParkMemberus-gaap:LandMember2025-12-310000895417els:MeadowParkMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SandyBeachRVMemberels:CityMember2025-01-012025-12-310000895417els:SandyBeachRVMemberels:StateMember2025-01-012025-12-310000895417els:SandyBeachRVMember2025-12-310000895417els:SandyBeachRVMemberus-gaap:LandMember2025-12-310000895417els:SandyBeachRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PineAcresResortMemberels:CityMember2025-01-012025-12-310000895417els:PineAcresResortMemberels:StateMember2025-01-012025-12-310000895417els:PineAcresResortMember2025-12-310000895417els:PineAcresResortMemberus-gaap:LandMember2025-12-310000895417els:PineAcresResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TuxburyResortMemberels:CityMember2025-01-012025-12-310000895417els:TuxburyResortMemberels:StateMember2025-01-012025-12-310000895417els:TuxburyResortMember2025-12-310000895417els:TuxburyResortMemberus-gaap:LandMember2025-12-310000895417els:TuxburyResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:KingNummyMemberels:CityMember2025-01-012025-12-310000895417els:KingNummyMemberels:StateMember2025-01-012025-12-310000895417els:KingNummyMember2025-12-310000895417els:KingNummyMemberus-gaap:LandMember2025-12-310000895417els:KingNummyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:AcornCampgroundMemberels:CityMember2025-01-012025-12-310000895417els:AcornCampgroundMemberels:StateMember2025-01-012025-12-310000895417els:AcornCampgroundMember2025-12-310000895417els:AcornCampgroundMemberus-gaap:LandMember2025-12-310000895417els:AcornCampgroundMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WhippoorwillRVMemberels:CityMember2025-01-012025-12-310000895417els:WhippoorwillRVMemberels:StateMember2025-01-012025-12-310000895417els:WhippoorwillRVMember2025-12-310000895417els:WhippoorwillRVMemberus-gaap:LandMember2025-12-310000895417els:WhippoorwillRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MaysLandingResortMemberels:CityMember2025-01-012025-12-310000895417els:MaysLandingResortMemberels:StateMember2025-01-012025-12-310000895417els:MaysLandingResortMember2025-12-310000895417els:MaysLandingResortMemberus-gaap:LandMember2025-12-310000895417els:MaysLandingResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:EchoFarmsCampgroundMemberels:CityMember2025-01-012025-12-310000895417els:EchoFarmsCampgroundMemberels:StateMember2025-01-012025-12-310000895417els:EchoFarmsCampgroundMember2025-12-310000895417els:EchoFarmsCampgroundMemberus-gaap:LandMember2025-12-310000895417els:EchoFarmsCampgroundMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeShoreMemberels:CityMember2025-01-012025-12-310000895417els:LakeShoreMemberels:StateMember2025-01-012025-12-310000895417els:LakeShoreMember2025-12-310000895417els:LakeShoreMemberus-gaap:LandMember2025-12-310000895417els:LakeShoreMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PineHavenMemberels:CityMember2025-01-012025-12-310000895417els:PineHavenMemberels:StateMember2025-01-012025-12-310000895417els:PineHavenMember2025-12-310000895417els:PineHavenMemberus-gaap:LandMember2025-12-310000895417els:PineHavenMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RedOakShoresCampgroundMemberels:CityMember2025-01-012025-12-310000895417els:RedOakShoresCampgroundMemberels:StateMember2025-01-012025-12-310000895417els:RedOakShoresCampgroundMember2025-12-310000895417els:RedOakShoresCampgroundMemberus-gaap:LandMember2025-12-310000895417els:RedOakShoresCampgroundMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ChestnutLakeMemberels:CityMember2025-01-012025-12-310000895417els:ChestnutLakeMemberels:StateMember2025-01-012025-12-310000895417els:ChestnutLakeMember2025-12-310000895417els:ChestnutLakeMemberus-gaap:LandMember2025-12-310000895417els:ChestnutLakeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SeaPinesMemberels:CityMember2025-01-012025-12-310000895417els:SeaPinesMemberels:StateMember2025-01-012025-12-310000895417els:SeaPinesMember2025-12-310000895417els:SeaPinesMemberus-gaap:LandMember2025-12-310000895417els:SeaPinesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PineRidgeAtCrestwoodMemberels:CityMember2025-01-012025-12-310000895417els:PineRidgeAtCrestwoodMemberels:StateMember2025-01-012025-12-310000895417els:PineRidgeAtCrestwoodMember2025-12-310000895417els:PineRidgeAtCrestwoodMemberus-gaap:LandMember2025-12-310000895417els:PineRidgeAtCrestwoodMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MountainViewNVMemberels:CityMember2025-01-012025-12-310000895417els:MountainViewNVMemberels:StateMember2025-01-012025-12-310000895417els:MountainViewNVMember2025-12-310000895417els:MountainViewNVMemberus-gaap:LandMember2025-12-310000895417els:MountainViewNVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BonanzaMemberels:CityMember2025-01-012025-12-310000895417els:BonanzaMemberels:StateMember2025-01-012025-12-310000895417els:BonanzaMember2025-12-310000895417els:BonanzaMemberus-gaap:LandMember2025-12-310000895417els:BonanzaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BoulderCascadeMemberels:CityMember2025-01-012025-12-310000895417els:BoulderCascadeMemberels:StateMember2025-01-012025-12-310000895417els:BoulderCascadeMember2025-12-310000895417els:BoulderCascadeMemberus-gaap:LandMember2025-12-310000895417els:BoulderCascadeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CabanaMemberels:CityMember2025-01-012025-12-310000895417els:CabanaMemberels:StateMember2025-01-012025-12-310000895417els:CabanaMember2025-12-310000895417els:CabanaMemberus-gaap:LandMember2025-12-310000895417els:CabanaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FlamingoWestMemberels:CityMember2025-01-012025-12-310000895417els:FlamingoWestMemberels:StateMember2025-01-012025-12-310000895417els:FlamingoWestMember2025-12-310000895417els:FlamingoWestMemberus-gaap:LandMember2025-12-310000895417els:FlamingoWestMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LasVegasMemberels:CityMember2025-01-012025-12-310000895417els:LasVegasMemberels:StateMember2025-01-012025-12-310000895417els:LasVegasMember2025-12-310000895417els:LasVegasMemberus-gaap:LandMember2025-12-310000895417els:LasVegasMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:VillaBoregaMemberels:CityMember2025-01-012025-12-310000895417els:VillaBoregaMemberels:StateMember2025-01-012025-12-310000895417els:VillaBoregaMember2025-12-310000895417els:VillaBoregaMemberus-gaap:LandMember2025-12-310000895417els:VillaBoregaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RondoutValleyResortMemberels:CityMember2025-01-012025-12-310000895417els:RondoutValleyResortMemberels:StateMember2025-01-012025-12-310000895417els:RondoutValleyResortMember2025-12-310000895417els:RondoutValleyResortMemberus-gaap:LandMember2025-12-310000895417els:RondoutValleyResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:AlpineLakeMemberels:CityMember2025-01-012025-12-310000895417els:AlpineLakeMemberels:StateMember2025-01-012025-12-310000895417els:AlpineLakeMember2025-12-310000895417els:AlpineLakeMemberus-gaap:LandMember2025-12-310000895417els:AlpineLakeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeGeorgeEscapeMemberels:CityMember2025-01-012025-12-310000895417els:LakeGeorgeEscapeMemberels:StateMember2025-01-012025-12-310000895417els:LakeGeorgeEscapeMember2025-12-310000895417els:LakeGeorgeEscapeMemberus-gaap:LandMember2025-12-310000895417els:LakeGeorgeEscapeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WoodlandsMemberels:CityMember2025-01-012025-12-310000895417els:WoodlandsMemberels:StateMember2025-01-012025-12-310000895417els:WoodlandsMember2025-12-310000895417els:WoodlandsMemberus-gaap:LandMember2025-12-310000895417els:WoodlandsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GreenwoodVillageMemberels:CityMember2025-01-012025-12-310000895417els:GreenwoodVillageMemberels:StateMember2025-01-012025-12-310000895417els:GreenwoodVillageMember2025-12-310000895417els:GreenwoodVillageMemberus-gaap:LandMember2025-12-310000895417els:GreenwoodVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BrennanBeachMemberels:CityMember2025-01-012025-12-310000895417els:BrennanBeachMemberels:StateMember2025-01-012025-12-310000895417els:BrennanBeachMember2025-12-310000895417els:BrennanBeachMemberus-gaap:LandMember2025-12-310000895417els:BrennanBeachMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeGeorgeSchroonValleyMemberels:CityMember2025-01-012025-12-310000895417els:LakeGeorgeSchroonValleyMemberels:StateMember2025-01-012025-12-310000895417els:LakeGeorgeSchroonValleyMember2025-12-310000895417els:LakeGeorgeSchroonValleyMemberus-gaap:LandMember2025-12-310000895417els:LakeGeorgeSchroonValleyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:KeniseeLakeMemberels:CityMember2025-01-012025-12-310000895417els:KeniseeLakeMemberels:StateMember2025-01-012025-12-310000895417els:KeniseeLakeMember2025-12-310000895417els:KeniseeLakeMemberus-gaap:LandMember2025-12-310000895417els:KeniseeLakeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BayPointMarinaMemberels:CityMember2025-01-012025-12-310000895417els:BayPointMarinaMemberels:StateMember2025-01-012025-12-310000895417els:BayPointMarinaMember2025-12-310000895417els:BayPointMarinaMemberus-gaap:LandMember2025-12-310000895417els:BayPointMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WilmingtonMemberels:CityMember2025-01-012025-12-310000895417els:WilmingtonMemberels:StateMember2025-01-012025-12-310000895417els:WilmingtonMember2025-12-310000895417els:WilmingtonMemberus-gaap:LandMember2025-12-310000895417els:WilmingtonMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BendMemberels:CityMember2025-01-012025-12-310000895417els:BendMemberels:StateMember2025-01-012025-12-310000895417els:BendMember2025-12-310000895417els:BendMemberus-gaap:LandMember2025-12-310000895417els:BendMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ShadowbrookMemberels:CityMember2025-01-012025-12-310000895417els:ShadowbrookMemberels:StateMember2025-01-012025-12-310000895417els:ShadowbrookMember2025-12-310000895417els:ShadowbrookMemberus-gaap:LandMember2025-12-310000895417els:ShadowbrookMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PacificCityMemberels:CityMember2025-01-012025-12-310000895417els:PacificCityMemberels:StateMember2025-01-012025-12-310000895417els:PacificCityMember2025-12-310000895417els:PacificCityMemberus-gaap:LandMember2025-12-310000895417els:PacificCityMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FalconWoodVillageMemberels:CityMember2025-01-012025-12-310000895417els:FalconWoodVillageMemberels:StateMember2025-01-012025-12-310000895417els:FalconWoodVillageMember2025-12-310000895417els:FalconWoodVillageMemberus-gaap:LandMember2025-12-310000895417els:FalconWoodVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PortlandFairviewMemberels:CityMember2025-01-012025-12-310000895417els:PortlandFairviewMemberels:StateMember2025-01-012025-12-310000895417els:PortlandFairviewMember2025-12-310000895417els:PortlandFairviewMemberus-gaap:LandMember2025-12-310000895417els:PortlandFairviewMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:QuailHollowMemberels:CityMember2025-01-012025-12-310000895417els:QuailHollowMemberels:StateMember2025-01-012025-12-310000895417els:QuailHollowMember2025-12-310000895417els:QuailHollowMemberus-gaap:LandMember2025-12-310000895417els:QuailHollowMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SouthJettyMemberels:CityMember2025-01-012025-12-310000895417els:SouthJettyMemberels:StateMember2025-01-012025-12-310000895417els:SouthJettyMember2025-12-310000895417els:SouthJettyMemberus-gaap:LandMember2025-12-310000895417els:SouthJettyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SeasideMemberels:CityMember2025-01-012025-12-310000895417els:SeasideMemberels:StateMember2025-01-012025-12-310000895417els:SeasideMember2025-12-310000895417els:SeasideMemberus-gaap:LandMember2025-12-310000895417els:SeasideMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WhalersRestMemberels:CityMember2025-01-012025-12-310000895417els:WhalersRestMemberels:StateMember2025-01-012025-12-310000895417els:WhalersRestMember2025-12-310000895417els:WhalersRestMemberus-gaap:LandMember2025-12-310000895417els:WhalersRestMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HopeValleyMemberels:CityMember2025-01-012025-12-310000895417els:HopeValleyMemberels:StateMember2025-01-012025-12-310000895417els:HopeValleyMember2025-12-310000895417els:HopeValleyMemberus-gaap:LandMember2025-12-310000895417els:HopeValleyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MtHoodMemberels:CityMember2025-01-012025-12-310000895417els:MtHoodMemberels:StateMember2025-01-012025-12-310000895417els:MtHoodMember2025-12-310000895417els:MtHoodMemberus-gaap:LandMember2025-12-310000895417els:MtHoodMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GreenbriarVillageMemberels:CityMember2025-01-012025-12-310000895417els:GreenbriarVillageMemberels:StateMember2025-01-012025-12-310000895417els:GreenbriarVillageMember2025-12-310000895417els:GreenbriarVillageMemberus-gaap:LandMember2025-12-310000895417els:GreenbriarVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SunValleyMemberels:CityMember2025-01-012025-12-310000895417els:SunValleyMemberels:StateMember2025-01-012025-12-310000895417els:SunValleyMember2025-12-310000895417els:SunValleyMemberus-gaap:LandMember2025-12-310000895417els:SunValleyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GreenAcresMemberels:CityMember2025-01-012025-12-310000895417els:GreenAcresMemberels:StateMember2025-01-012025-12-310000895417els:GreenAcresMember2025-12-310000895417els:GreenAcresMemberus-gaap:LandMember2025-12-310000895417els:GreenAcresMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GettysburgFarmMemberels:CityMember2025-01-012025-12-310000895417els:GettysburgFarmMemberels:StateMember2025-01-012025-12-310000895417els:GettysburgFarmMember2025-12-310000895417els:GettysburgFarmMemberus-gaap:LandMember2025-12-310000895417els:GettysburgFarmMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TimothyLakeNorthMemberels:CityMember2025-01-012025-12-310000895417els:TimothyLakeNorthMemberels:StateMember2025-01-012025-12-310000895417els:TimothyLakeNorthMember2025-12-310000895417els:TimothyLakeNorthMemberus-gaap:LandMember2025-12-310000895417els:TimothyLakeNorthMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TimothyLakeSouthMemberels:CityMember2025-01-012025-12-310000895417els:TimothyLakeSouthMemberels:StateMember2025-01-012025-12-310000895417els:TimothyLakeSouthMember2025-12-310000895417els:TimothyLakeSouthMemberus-gaap:LandMember2025-12-310000895417els:TimothyLakeSouthMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:DrummerBoyMemberels:CityMember2025-01-012025-12-310000895417els:DrummerBoyMemberels:StateMember2025-01-012025-12-310000895417els:DrummerBoyMember2025-12-310000895417els:DrummerBoyMemberus-gaap:LandMember2025-12-310000895417els:DrummerBoyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RoundTopMemberels:CityMember2025-01-012025-12-310000895417els:RoundTopMemberels:StateMember2025-01-012025-12-310000895417els:RoundTopMember2025-12-310000895417els:RoundTopMemberus-gaap:LandMember2025-12-310000895417els:RoundTopMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CircleMMemberels:CityMember2025-01-012025-12-310000895417els:CircleMMemberels:StateMember2025-01-012025-12-310000895417els:CircleMMember2025-12-310000895417els:CircleMMemberus-gaap:LandMember2025-12-310000895417els:CircleMMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HersheyMemberels:CityMember2025-01-012025-12-310000895417els:HersheyMemberels:StateMember2025-01-012025-12-310000895417els:HersheyMember2025-12-310000895417els:HersheyMemberus-gaap:LandMember2025-12-310000895417els:HersheyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RobinHillMemberels:CityMember2025-01-012025-12-310000895417els:RobinHillMemberels:StateMember2025-01-012025-12-310000895417els:RobinHillMember2025-12-310000895417els:RobinHillMemberus-gaap:LandMember2025-12-310000895417els:RobinHillMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:DutchCountyMemberels:CityMember2025-01-012025-12-310000895417els:DutchCountyMemberels:StateMember2025-01-012025-12-310000895417els:DutchCountyMember2025-12-310000895417els:DutchCountyMemberus-gaap:LandMember2025-12-310000895417els:DutchCountyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SpringGulchMemberels:CityMember2025-01-012025-12-310000895417els:SpringGulchMemberels:StateMember2025-01-012025-12-310000895417els:SpringGulchMember2025-12-310000895417els:SpringGulchMemberus-gaap:LandMember2025-12-310000895417els:SpringGulchMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LilWolfMemberels:CityMember2025-01-012025-12-310000895417els:LilWolfMemberels:StateMember2025-01-012025-12-310000895417els:LilWolfMember2025-12-310000895417els:LilWolfMemberus-gaap:LandMember2025-12-310000895417els:LilWolfMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ScotrunMemberels:CityMember2025-01-012025-12-310000895417els:ScotrunMemberels:StateMember2025-01-012025-12-310000895417els:ScotrunMember2025-12-310000895417els:ScotrunMemberus-gaap:LandMember2025-12-310000895417els:ScotrunMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:AppalachianMemberels:CityMember2025-01-012025-12-310000895417els:AppalachianMemberels:StateMember2025-01-012025-12-310000895417els:AppalachianMember2025-12-310000895417els:AppalachianMemberus-gaap:LandMember2025-12-310000895417els:AppalachianMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MountainViewPaMemberels:CityMember2025-01-012025-12-310000895417els:MountainViewPaMemberels:StateMember2025-01-012025-12-310000895417els:MountainViewPaMember2025-12-310000895417els:MountainViewPaMemberus-gaap:LandMember2025-12-310000895417els:MountainViewPaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TimberCreekMemberels:CityMember2025-01-012025-12-310000895417els:TimberCreekMemberels:StateMember2025-01-012025-12-310000895417els:TimberCreekMember2025-12-310000895417els:TimberCreekMemberus-gaap:LandMember2025-12-310000895417els:TimberCreekMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CarolinaLandingMemberels:CityMember2025-01-012025-12-310000895417els:CarolinaLandingMemberels:StateMember2025-01-012025-12-310000895417els:CarolinaLandingMember2025-12-310000895417els:CarolinaLandingMemberus-gaap:LandMember2025-12-310000895417els:CarolinaLandingMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:InletOaksMemberels:CityMember2025-01-012025-12-310000895417els:InletOaksMemberels:StateMember2025-01-012025-12-310000895417els:InletOaksMember2025-12-310000895417els:InletOaksMemberus-gaap:LandMember2025-12-310000895417els:InletOaksMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CarolinaShoresRVMemberels:CityMember2025-01-012025-12-310000895417els:CarolinaShoresRVMemberels:StateMember2025-01-012025-12-310000895417els:CarolinaShoresRVMember2025-12-310000895417els:CarolinaShoresRVMemberus-gaap:LandMember2025-12-310000895417els:CarolinaShoresRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RiversEdgeMarinaMemberels:CityMember2025-01-012025-12-310000895417els:RiversEdgeMarinaMemberels:StateMember2025-01-012025-12-310000895417els:RiversEdgeMarinaMember2025-12-310000895417els:RiversEdgeMarinaMemberus-gaap:LandMember2025-12-310000895417els:RiversEdgeMarinaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:OaksAtPointSouthMemberels:CityMember2025-01-012025-12-310000895417els:OaksAtPointSouthMemberels:StateMember2025-01-012025-12-310000895417els:OaksAtPointSouthMember2025-12-310000895417els:OaksAtPointSouthMemberus-gaap:LandMember2025-12-310000895417els:OaksAtPointSouthMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:NatchezTraceMemberels:CityMember2025-01-012025-12-310000895417els:NatchezTraceMemberels:StateMember2025-01-012025-12-310000895417els:NatchezTraceMember2025-12-310000895417els:NatchezTraceMemberus-gaap:LandMember2025-12-310000895417els:NatchezTraceMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CherokeeLandingMemberels:CityMember2025-01-012025-12-310000895417els:CherokeeLandingMemberels:StateMember2025-01-012025-12-310000895417els:CherokeeLandingMember2025-12-310000895417els:CherokeeLandingMemberus-gaap:LandMember2025-12-310000895417els:CherokeeLandingMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:AlamoPalmsMemberels:CityMember2025-01-012025-12-310000895417els:AlamoPalmsMemberels:StateMember2025-01-012025-12-310000895417els:AlamoPalmsMember2025-12-310000895417els:AlamoPalmsMemberus-gaap:LandMember2025-12-310000895417els:AlamoPalmsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BayLandingMemberels:CityMember2025-01-012025-12-310000895417els:BayLandingMemberels:StateMember2025-01-012025-12-310000895417els:BayLandingMember2025-12-310000895417els:BayLandingMemberus-gaap:LandMember2025-12-310000895417els:BayLandingMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ColoradoRiverMemberels:CityMember2025-01-012025-12-310000895417els:ColoradoRiverMemberels:StateMember2025-01-012025-12-310000895417els:ColoradoRiverMember2025-12-310000895417els:ColoradoRiverMemberus-gaap:LandMember2025-12-310000895417els:ColoradoRiverMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:VictoriaPalmsMemberels:CityMember2025-01-012025-12-310000895417els:VictoriaPalmsMemberels:StateMember2025-01-012025-12-310000895417els:VictoriaPalmsMember2025-12-310000895417els:VictoriaPalmsMemberus-gaap:LandMember2025-12-310000895417els:VictoriaPalmsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeTexomaMemberels:CityMember2025-01-012025-12-310000895417els:LakeTexomaMemberels:StateMember2025-01-012025-12-310000895417els:LakeTexomaMember2025-12-310000895417els:LakeTexomaMemberus-gaap:LandMember2025-12-310000895417els:LakeTexomaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakewoodMemberels:CityMember2025-01-012025-12-310000895417els:LakewoodMemberels:StateMember2025-01-012025-12-310000895417els:LakewoodMember2025-12-310000895417els:LakewoodMemberus-gaap:LandMember2025-12-310000895417els:LakewoodMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ParadiseParkRVMemberels:CityMember2025-01-012025-12-310000895417els:ParadiseParkRVMemberels:StateMember2025-01-012025-12-310000895417els:ParadiseParkRVMember2025-12-310000895417els:ParadiseParkRVMemberus-gaap:LandMember2025-12-310000895417els:ParadiseParkRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SunshineRVMemberels:CityMember2025-01-012025-12-310000895417els:SunshineRVMemberels:StateMember2025-01-012025-12-310000895417els:SunshineRVMember2025-12-310000895417els:SunshineRVMemberus-gaap:LandMember2025-12-310000895417els:SunshineRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TropicWindsMemberels:CityMember2025-01-012025-12-310000895417els:TropicWindsMemberels:StateMember2025-01-012025-12-310000895417els:TropicWindsMember2025-12-310000895417els:TropicWindsMemberus-gaap:LandMember2025-12-310000895417els:TropicWindsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MedinaLakeMemberels:CityMember2025-01-012025-12-310000895417els:MedinaLakeMemberels:StateMember2025-01-012025-12-310000895417els:MedinaLakeMember2025-12-310000895417els:MedinaLakeMemberus-gaap:LandMember2025-12-310000895417els:MedinaLakeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ParadiseSouthMemberels:CityMember2025-01-012025-12-310000895417els:ParadiseSouthMemberels:StateMember2025-01-012025-12-310000895417els:ParadiseSouthMember2025-12-310000895417els:ParadiseSouthMemberus-gaap:LandMember2025-12-310000895417els:ParadiseSouthMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeConroeKOAMemberels:CityMember2025-01-012025-12-310000895417els:LakeConroeKOAMemberels:StateMember2025-01-012025-12-310000895417els:LakeConroeKOAMember2025-12-310000895417els:LakeConroeKOAMemberus-gaap:LandMember2025-12-310000895417els:LakeConroeKOAMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeTawakoniMemberels:CityMember2025-01-012025-12-310000895417els:LakeTawakoniMemberels:StateMember2025-01-012025-12-310000895417els:LakeTawakoniMember2025-12-310000895417els:LakeTawakoniMemberus-gaap:LandMember2025-12-310000895417els:LakeTawakoniMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FunNSunRVMemberels:CityMember2025-01-012025-12-310000895417els:FunNSunRVMemberels:StateMember2025-01-012025-12-310000895417els:FunNSunRVMember2025-12-310000895417els:FunNSunRVMemberus-gaap:LandMember2025-12-310000895417els:FunNSunRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CountrySunshineMemberels:CityMember2025-01-012025-12-310000895417els:CountrySunshineMemberels:StateMember2025-01-012025-12-310000895417els:CountrySunshineMember2025-12-310000895417els:CountrySunshineMemberus-gaap:LandMember2025-12-310000895417els:CountrySunshineMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LeisureWorldMemberels:CityMember2025-01-012025-12-310000895417els:LeisureWorldMemberels:StateMember2025-01-012025-12-310000895417els:LeisureWorldMember2025-12-310000895417els:LeisureWorldMemberus-gaap:LandMember2025-12-310000895417els:LeisureWorldMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SouthernComfortMemberels:CityMember2025-01-012025-12-310000895417els:SouthernComfortMemberels:StateMember2025-01-012025-12-310000895417els:SouthernComfortMember2025-12-310000895417els:SouthernComfortMemberus-gaap:LandMember2025-12-310000895417els:SouthernComfortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TrailsEndRVMemberels:CityMember2025-01-012025-12-310000895417els:TrailsEndRVMemberels:StateMember2025-01-012025-12-310000895417els:TrailsEndRVMember2025-12-310000895417els:TrailsEndRVMemberus-gaap:LandMember2025-12-310000895417els:TrailsEndRVMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeWhitneyMemberels:CityMember2025-01-012025-12-310000895417els:LakeWhitneyMemberels:StateMember2025-01-012025-12-310000895417els:LakeWhitneyMember2025-12-310000895417els:LakeWhitneyMemberus-gaap:LandMember2025-12-310000895417els:LakeWhitneyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeConroeMemberels:CityMember2025-01-012025-12-310000895417els:LakeConroeMemberels:StateMember2025-01-012025-12-310000895417els:LakeConroeMember2025-12-310000895417els:LakeConroeMemberus-gaap:LandMember2025-12-310000895417els:LakeConroeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WestwoodVillageMemberels:CityMember2025-01-012025-12-310000895417els:WestwoodVillageMemberels:StateMember2025-01-012025-12-310000895417els:WestwoodVillageMember2025-12-310000895417els:WestwoodVillageMemberus-gaap:LandMember2025-12-310000895417els:WestwoodVillageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:StGeorgeMemberels:CityMember2025-01-012025-12-310000895417els:StGeorgeMemberels:StateMember2025-01-012025-12-310000895417els:StGeorgeMember2025-12-310000895417els:StGeorgeMemberus-gaap:LandMember2025-12-310000895417els:StGeorgeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:AllSeasonsMemberels:CityMember2025-01-012025-12-310000895417els:AllSeasonsMemberels:StateMember2025-01-012025-12-310000895417els:AllSeasonsMember2025-12-310000895417els:AllSeasonsMemberus-gaap:LandMember2025-12-310000895417els:AllSeasonsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MeadowsOfChantillyMemberels:CityMember2025-01-012025-12-310000895417els:MeadowsOfChantillyMemberels:StateMember2025-01-012025-12-310000895417els:MeadowsOfChantillyMember2025-12-310000895417els:MeadowsOfChantillyMemberus-gaap:LandMember2025-12-310000895417els:MeadowsOfChantillyMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:HarborViewIIMemberels:CityMember2025-01-012025-12-310000895417els:HarborViewIIMemberels:StateMember2025-01-012025-12-310000895417els:HarborViewIIMember2025-12-310000895417els:HarborViewIIMemberus-gaap:LandMember2025-12-310000895417els:HarborViewIIMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LynchburgMemberels:CityMember2025-01-012025-12-310000895417els:LynchburgMemberels:StateMember2025-01-012025-12-310000895417els:LynchburgMember2025-12-310000895417els:LynchburgMemberus-gaap:LandMember2025-12-310000895417els:LynchburgMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ChesapeakeBayMemberels:CityMember2025-01-012025-12-310000895417els:ChesapeakeBayMemberels:StateMember2025-01-012025-12-310000895417els:ChesapeakeBayMember2025-12-310000895417els:ChesapeakeBayMemberus-gaap:LandMember2025-12-310000895417els:ChesapeakeBayMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BayportDevelopmentMemberels:CityMember2025-01-012025-12-310000895417els:BayportDevelopmentMemberels:StateMember2025-01-012025-12-310000895417els:BayportDevelopmentMember2025-12-310000895417els:BayportDevelopmentMemberus-gaap:LandMember2025-12-310000895417els:BayportDevelopmentMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:VirginiaLandingMemberels:CityMember2025-01-012025-12-310000895417els:VirginiaLandingMemberels:StateMember2025-01-012025-12-310000895417els:VirginiaLandingMember2025-12-310000895417els:VirginiaLandingMemberus-gaap:LandMember2025-12-310000895417els:VirginiaLandingMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GreysPointMemberels:CityMember2025-01-012025-12-310000895417els:GreysPointMemberels:StateMember2025-01-012025-12-310000895417els:GreysPointMember2025-12-310000895417els:GreysPointMemberus-gaap:LandMember2025-12-310000895417els:GreysPointMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BethpageMemberels:CityMember2025-01-012025-12-310000895417els:BethpageMemberels:StateMember2025-01-012025-12-310000895417els:BethpageMember2025-12-310000895417els:BethpageMemberus-gaap:LandMember2025-12-310000895417els:BethpageMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WilliamsburgMemberels:CityMember2025-01-012025-12-310000895417els:WilliamsburgMemberels:StateMember2025-01-012025-12-310000895417els:WilliamsburgMember2025-12-310000895417els:WilliamsburgMemberus-gaap:LandMember2025-12-310000895417els:WilliamsburgMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RegencyLakesMemberels:CityMember2025-01-012025-12-310000895417els:RegencyLakesMemberels:StateMember2025-01-012025-12-310000895417els:RegencyLakesMember2025-12-310000895417els:RegencyLakesMemberus-gaap:LandMember2025-12-310000895417els:RegencyLakesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BirchBayMemberels:CityMember2025-01-012025-12-310000895417els:BirchBayMemberels:StateMember2025-01-012025-12-310000895417els:BirchBayMember2025-12-310000895417els:BirchBayMemberus-gaap:LandMember2025-12-310000895417els:BirchBayMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:MountVernonMemberels:CityMember2025-01-012025-12-310000895417els:MountVernonMemberels:StateMember2025-01-012025-12-310000895417els:MountVernonMember2025-12-310000895417els:MountVernonMemberus-gaap:LandMember2025-12-310000895417els:MountVernonMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ChehalisMemberels:CityMember2025-01-012025-12-310000895417els:ChehalisMemberels:StateMember2025-01-012025-12-310000895417els:ChehalisMember2025-12-310000895417els:ChehalisMemberus-gaap:LandMember2025-12-310000895417els:ChehalisMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:GrandyCreekMemberels:CityMember2025-01-012025-12-310000895417els:GrandyCreekMemberels:StateMember2025-01-012025-12-310000895417els:GrandyCreekMember2025-12-310000895417els:GrandyCreekMemberus-gaap:LandMember2025-12-310000895417els:GrandyCreekMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TallChiefMemberels:CityMember2025-01-012025-12-310000895417els:TallChiefMemberels:StateMember2025-01-012025-12-310000895417els:TallChiefMember2025-12-310000895417els:TallChiefMemberus-gaap:LandMember2025-12-310000895417els:TallChiefMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:KlosheIllaheeMemberels:CityMember2025-01-012025-12-310000895417els:KlosheIllaheeMemberels:StateMember2025-01-012025-12-310000895417els:KlosheIllaheeMember2025-12-310000895417els:KlosheIllaheeMemberus-gaap:LandMember2025-12-310000895417els:KlosheIllaheeMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LaConnerMemberels:CityMember2025-01-012025-12-310000895417els:LaConnerMemberels:StateMember2025-01-012025-12-310000895417els:LaConnerMember2025-12-310000895417els:LaConnerMemberus-gaap:LandMember2025-12-310000895417els:LaConnerMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LeavenworthMemberels:CityMember2025-01-012025-12-310000895417els:LeavenworthMemberels:StateMember2025-01-012025-12-310000895417els:LeavenworthMember2025-12-310000895417els:LeavenworthMemberus-gaap:LandMember2025-12-310000895417els:LeavenworthMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ThunderbirdMemberels:CityMember2025-01-012025-12-310000895417els:ThunderbirdMemberels:StateMember2025-01-012025-12-310000895417els:ThunderbirdMember2025-12-310000895417els:ThunderbirdMemberus-gaap:LandMember2025-12-310000895417els:ThunderbirdMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LittleDiamondMemberels:CityMember2025-01-012025-12-310000895417els:LittleDiamondMemberels:StateMember2025-01-012025-12-310000895417els:LittleDiamondMember2025-12-310000895417els:LittleDiamondMemberus-gaap:LandMember2025-12-310000895417els:LittleDiamondMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:OceanaMemberels:CityMember2025-01-012025-12-310000895417els:OceanaMemberels:StateMember2025-01-012025-12-310000895417els:OceanaMember2025-12-310000895417els:OceanaMemberus-gaap:LandMember2025-12-310000895417els:OceanaMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:CrescentBarMemberels:CityMember2025-01-012025-12-310000895417els:CrescentBarMemberels:StateMember2025-01-012025-12-310000895417els:CrescentBarMember2025-12-310000895417els:CrescentBarMemberus-gaap:LandMember2025-12-310000895417els:CrescentBarMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LongBeachMemberels:CityMember2025-01-012025-12-310000895417els:LongBeachMemberels:StateMember2025-01-012025-12-310000895417els:LongBeachMember2025-12-310000895417els:LongBeachMemberus-gaap:LandMember2025-12-310000895417els:LongBeachMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ParadiseSilverCreekMemberels:CityMember2025-01-012025-12-310000895417els:ParadiseSilverCreekMemberels:StateMember2025-01-012025-12-310000895417els:ParadiseSilverCreekMember2025-12-310000895417els:ParadiseSilverCreekMemberus-gaap:LandMember2025-12-310000895417els:ParadiseSilverCreekMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RainbowLakeManorMemberels:CityMember2025-01-012025-12-310000895417els:RainbowLakeManorMemberels:StateMember2025-01-012025-12-310000895417els:RainbowLakeManorMember2025-12-310000895417els:RainbowLakeManorMemberus-gaap:LandMember2025-12-310000895417els:RainbowLakeManorMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:FremontMemberels:CityMember2025-01-012025-12-310000895417els:FremontMemberels:StateMember2025-01-012025-12-310000895417els:FremontMember2025-12-310000895417els:FremontMemberus-gaap:LandMember2025-12-310000895417els:FremontMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:YukonTrailsMemberels:CityMember2025-01-012025-12-310000895417els:YukonTrailsMemberels:StateMember2025-01-012025-12-310000895417els:YukonTrailsMember2025-12-310000895417els:YukonTrailsMemberus-gaap:LandMember2025-12-310000895417els:YukonTrailsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:BlackhawkRVResortMemberels:CityMember2025-01-012025-12-310000895417els:BlackhawkRVResortMemberels:StateMember2025-01-012025-12-310000895417els:BlackhawkRVResortMember2025-12-310000895417els:BlackhawkRVResortMemberus-gaap:LandMember2025-12-310000895417els:BlackhawkRVResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakelandRVResortMemberels:CityMember2025-01-012025-12-310000895417els:LakelandRVResortMemberels:StateMember2025-01-012025-12-310000895417els:LakelandRVResortMember2025-12-310000895417els:LakelandRVResortMemberus-gaap:LandMember2025-12-310000895417els:LakelandRVResortMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:WestwoodEstatesMemberels:CityMember2025-01-012025-12-310000895417els:WestwoodEstatesMemberels:StateMember2025-01-012025-12-310000895417els:WestwoodEstatesMember2025-12-310000895417els:WestwoodEstatesMemberus-gaap:LandMember2025-12-310000895417els:WestwoodEstatesMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:PlymouthRockMemberels:CityMember2025-01-012025-12-310000895417els:PlymouthRockMemberels:StateMember2025-01-012025-12-310000895417els:PlymouthRockMember2025-12-310000895417els:PlymouthRockMemberus-gaap:LandMember2025-12-310000895417els:PlymouthRockMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:TranquilTimbersMemberels:CityMember2025-01-012025-12-310000895417els:TranquilTimbersMemberels:StateMember2025-01-012025-12-310000895417els:TranquilTimbersMember2025-12-310000895417els:TranquilTimbersMemberus-gaap:LandMember2025-12-310000895417els:TranquilTimbersMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:LakeoftheWoodsMemberels:CityMember2025-01-012025-12-310000895417els:LakeoftheWoodsMemberels:StateMember2025-01-012025-12-310000895417els:LakeoftheWoodsMember2025-12-310000895417els:LakeoftheWoodsMemberus-gaap:LandMember2025-12-310000895417els:LakeoftheWoodsMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:NeshonocLakesideMemberels:CityMember2025-01-012025-12-310000895417els:NeshonocLakesideMemberels:StateMember2025-01-012025-12-310000895417els:NeshonocLakesideMember2025-12-310000895417els:NeshonocLakesideMemberus-gaap:LandMember2025-12-310000895417els:NeshonocLakesideMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ArrowheadMemberels:CityMember2025-01-012025-12-310000895417els:ArrowheadMemberels:StateMember2025-01-012025-12-310000895417els:ArrowheadMember2025-12-310000895417els:ArrowheadMemberus-gaap:LandMember2025-12-310000895417els:ArrowheadMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:SubtotalOfPropertiesHeldForLongTermMember2025-12-310000895417els:SubtotalOfPropertiesHeldForLongTermMemberus-gaap:LandMember2025-12-310000895417els:SubtotalOfPropertiesHeldForLongTermMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:RealtySystemsIncMember2025-12-310000895417els:RealtySystemsIncMemberus-gaap:LandMember2025-12-310000895417els:RealtySystemsIncMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417els:ManagementBusinessAndOtherMember2025-12-310000895417els:ManagementBusinessAndOtherMemberus-gaap:LandMember2025-12-310000895417els:ManagementBusinessAndOtherMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310000895417us-gaap:LandMember2025-12-310000895417us-gaap:BuildingAndBuildingImprovementsMember2025-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to Commission File Number: 1-11718

EQUITY LIFESTYLE PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

Maryland

36-3857664

(State or other jurisdiction of incorporation)

(IRS Employer Identification Number)

Two North Riverside Plaza, Suite 800

Chicago,

Illinois

60606

(Address of Principal Executive Offices)

(Zip Code)

(312) 279-1400

Registrant's telephone number, including area code


Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value	ELS	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Smaller reporting company

☐

Emerging Growth Company

☐

Non-accelerated filer

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of voting stock held by non-affiliates was approximately $11,707.3 million as of June 30, 2025 based upon the closing price of $61.67 on such date using beneficial ownership of stock rules adopted pursuant to Section 13 of the Securities Exchange Act of 1934 to exclude voting stock owned by Directors and Officers, some of whom may not be held to be affiliates upon judicial determination.

As of February 13, 2026, 193,927,571 shares of the Registrant's common stock were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE:

Part III incorporates by reference portions of the Registrant's Proxy Statement relating to the Annual Meeting of Stockholders to be held on April 28, 2026.

Equity LifeStyle Properties, Inc.

TABLE OF CONTENTS



			Page
PART I.

	Item 1.	Business	1
	Item 1A.	Risk Factors	10
	Item 1B.	Unresolved Staff Comments	24
	Item 1C.	Cybersecurity	25
	Item 2.	Properties	27
	Item 3.	Legal Proceedings	40
	Item 4.	Mine Safety Disclosures	40

PART II.

	Item 5.	Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	41
	Item 6.	[Reserved]	41
	Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	42
	Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	55
		Forward-Looking Statements	57
	Item 8.	Financial Statements and Supplementary Data	58
	Item 9.	Changes In and Disagreements with Accountants on Accounting and Financial Disclosure	58
	Item 9A.	Controls and Procedures	58
	Item 9B.	Other Information	58
	Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	59

PART III.

	Item 10.	Directors, Executive Officers and Corporate Governance	60
	Item 11.	Executive Compensation	60
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	60
	Item 13.	Certain Relationships and Related Transactions, and Director Independence	60
	Item 14.	Principal Accounting Fees and Services	60

PART IV.

	Item 15.	Exhibits, Financial Statement Schedules	61
	Item 16.	Form 10-K Summary	63

-i-

PART I

Item 1. Business

Equity LifeStyle Properties, Inc.

General

Equity LifeStyle Properties, Inc. (“ELS” or the “Company”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our”. We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. We were formed in December 1992 to continue the property operations, business objectives and acquisition strategies of an entity that had owned and operated Properties since 1969. Mr. Samuel Zell served as Chairman of our Board of Directors (the “Board”) from the Company’s initial public offering until his passing in May 2023. Mr. Zell is recognized as a founder of the modern real estate investment trust (“REIT”) industry. Commencing with our taxable year ended December 31, 1993, we have elected to be taxed as a REIT for U.S. federal income tax purposes.

We have a unique business model where we own the land which we lease to customers who own manufactured homes and cottages, RVs and/or boats either on a long-term or short-term basis. Our customers may lease individual developed areas (“Sites”) or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Compared to other types of real estate companies, our business model is characterized by low maintenance costs and low customer turnover costs. Our portfolio is geographically diversified across highly desirable locations near retirement and vacation destinations and urban areas across the United States. Our Properties generally attract retirees, vacationing families, second homeowners and first-time homebuyers by providing a community experience and a lower-cost home ownership alternative.

We are one of the nation’s largest real estate networks with a portfolio of 453 Properties (including joint venture Properties) consisting of 173,371 Sites located throughout 35 states in the U.S. and British Columbia in Canada as of December 31, 2025.

Master_ELS-Properties_Map_453_JAN_2026_v6 (002).jpg

Our Properties are generally designed and improved for housing options of various sizes and layouts that are produced off-site by third-party manufacturers, installed and set on designated Sites within the Properties. Manufactured homes and cottages can range from approximately 400 to over 2,000 square feet. Properties may also have Sites that can accommodate RVs of varying sizes. We also have marinas that offer boat slip and dry storage rentals. In addition to centralized entrances, internal road systems and designated Sites, our Properties generally provide a clubhouse for social activities and recreation and other amenities, which can include swimming pools, shuffleboard courts, tennis courts, pickleball courts, golf courses, lawn bowling, restaurants, laundry facilities, cable television and internet service. Some Properties provide utilities, including water and sewer service, through municipal or regulated utilities, while others provide these services to customers from on-site facilities.

Our Formation

Our Properties are primarily owned by our Operating Partnership and managed internally by affiliates of our Operating Partnership. We are the general partner of the Operating Partnership. We contributed the proceeds from our various equity offerings to the Operating Partnership. In exchange for these contributions, we received units of common interests in the Operating Partnership (“OP Units”) equal to the number of shares of common stock that have been issued in such equity offerings.

We have elected to be taxed as a REIT for U.S. federal income tax purposes. Since certain activities, if performed by us, may not be qualifying REIT activities under the Internal Revenue Code of 1986, as amended (the “Code”), we have formed taxable REIT subsidiaries (each, a “TRS”). Our primary TRS is Realty Systems, Inc. (“RSI”) which, along with owning several Properties and other businesses, also purchases, sells and leases factory-built homes located in Properties owned and managed by us. RSI also offers home sale brokerage services to our residents who may choose to sell their homes rather than relocate them when moving from a Property. Subsidiaries of RSI also operate ancillary activities at certain Properties, such as golf courses, pro shops, stores and restaurants.

The financial results of the Operating Partnership and Subsidiaries are included in our consolidated financial statements, which can be found beginning on page F-1 of this Form 10-K.

Operating Strategies

Our operating strategy is to own and operate the highest quality Properties in sought-after locations near retirement and vacation destinations and urban areas across the United States. Through management of desirable Properties that provide an exceptional customer experience, we create communities valued by residents and guests while delivering value for stockholders.

We focus on Properties that have strong cash flows and plan to hold such Properties for long-term investment and capital appreciation. In determining cash flow potential, we evaluate our ability to attract high quality customers to our Properties and to retain customers who take pride in the Property and in their homes. Our operating, investment and financing initiatives include:

•Consistently providing high levels of services and amenities in attractive surroundings to foster a strong sense of community and pride of home ownership;

•Efficiently managing the Properties to add value, grow occupancy, maintain competitive market rents and control expenses;

•Incorporating sustainability considerations into our business and ensuring sustainability is embedded in our business operations;

•Achieving growth and increasing property values through strategic expansion and, where appropriate, renovation of the Properties;

•Utilizing technology to evaluate potential acquisitions, identify and track competing properties, attract new customers and monitor existing and prospective customer satisfaction;

•Selectively acquiring properties that offer opportunities for us to add value and enhance or create property concentrations in and around retirement or vacation destinations and urban areas to capitalize on operating synergies;

•Selectively acquiring parcels of land adjacent to our Properties that offer opportunities for us to expand our existing communities with additional Sites;

•Selecting joint venture partners that share business objectives, growth initiatives and risk profiles similar to ours;

•Managing our capital structure in order to maintain financial flexibility, minimize exposure to interest rate fluctuations and maintain an appropriate degree of leverage to maximize return on capital; and

•Developing and maintaining relationships with various capital providers.

These initiatives and their implementation were determined by our management team and ratified by our Board of Directors and may be subject to change or amendment at any time.

Acquisitions and Dispositions

We invest in properties in sought-after locations near retirement and vacation destinations and urban areas across the United States with a focus on delivering value for residents and guests as well as stockholders. Over the last decade, we have continued to increase the number of Properties in our portfolio (including joint venture Properties), from approximately 387 Properties with over 143,900 Sites to 453 Properties with approximately 173,400 Sites as of December 31, 2025.

We are actively seeking to acquire and at any given time are engaged in various stages of negotiations relating to the possible acquisition of additional properties, which may include outstanding contracts to acquire properties that are subject to the satisfactory completion of our due diligence review. We believe there continues to be opportunities for property acquisitions. Based on industry reports, we estimate there are approximately 50,000 MH properties and approximately 8,700 RV properties (excluding government owned properties) in North America and approximately 4,500 marinas in the U.S. Many of these properties are not operated by large owners/operators and approximately 3,800 of the MH properties, 1,300 of the RV properties and 500 of the marinas contain 200 sites or more. We believe this fragmentation provides us the opportunity to purchase additional properties. We also believe we have a competitive advantage in the acquisition of additional properties due to our experienced management, significant presence in major real estate markets and access to capital resources. We utilize market information systems to identify and evaluate acquisition opportunities, including the use of a market database to review the primary economic indicators of the various locations in which we expect to expand our operations.

Acquisitions will be financed with the most efficient available sources of capital, which may include undistributed Funds from Operations (“FFO”), collateralized and uncollateralized borrowings, including our existing line of credit, issuance of additional equity securities, including under our at-the-market (“ATM”) equity offering program, and sales of investments. In addition, we have acquired and expect to acquire properties in transactions that include the issuance of OP Units as consideration for the acquired properties. We believe that an acquisition structure that includes our Operating Partnership has permitted and will permit us to acquire additional properties in transactions that may defer all or a portion of the sellers’ tax consequences.

When evaluating potential acquisitions, we consider, among others, the following factors:

•Current and projected cash flows of the property;

•Geographic area and the type of property;

•Replacement cost of the property, including land values, entitlements and zoning;

•Location, construction quality, condition and design of the property, including vacant land and its location relative to one or more of our existing Properties;

•Potential for capital appreciation of the property;

•Terms of tenant leases or usage rights;

•Climate risk;

•REIT tax compliance;

•Sellers’ reputation;

•Opportunity to enhance the customer experience and add value through management expertise;

•Potential for economies of scale through property concentrations;

•Potential for economic growth and the tax and regulatory environment of the community in which the property is located;

•Potential for expansion, including increasing the number of Sites;

•Occupancy and demand by customers for properties of a similar type in the vicinity;

•Prospects for liquidity through sale, financing or refinancing of the property;

•Competition from existing properties and the potential for the construction of new properties in the area; and

•Working capital demands.

When evaluating potential dispositions, we consider, among others, the following factors:

•Whether the Property meets our current investment criteria;

•Our desire to exit certain non-core markets and reallocate the capital into core markets; and

•Our ability to sell the Property at a price that we believe will provide an appropriate return for our stockholders.

When investing capital, we consider all potential uses of the capital, including returning capital to our stockholders. Our Board of Directors periodically reviews the conditions under which we may repurchase our stock. These conditions include, but are not limited to, market price, balance sheet flexibility, other opportunities and capital requirements.

Property Expansions

Development - Current Portfolio. An integral part of our growth and investment strategy is to evaluate each Property for expansion opportunities. Investment evaluation consists of reviewing the following: local market conditions, demographic trends, zoning and entitlements, infrastructure requirements, financial feasibility, projected performance and property operations. When justified, development of land available for expansion (“Expansion Sites”) allows us to leverage existing facilities and amenities. We believe our ability to increase density translates to greater value creation and cash flows through operational efficiencies. Overall, approximately 117 of our Properties have potential Expansion Sites, offering approximately 6,300 available acres. Refer to Item 2. Properties, which includes detail regarding the developable acres available at each property.

Acquisition - Expanding Portfolio. In selecting acquisition targets, we focus on properties with existing operations in place and contiguous Expansion Sites. Underwriting a project with these features allows us to access the previously untapped potential of such properties. For example, over the past three years, we have acquired four Properties and three land parcels.

Human Capital Management

We recognize that our success is driven by our employees. Through investment in their development and leadership, our employees build strong, innovative relationships that enhance the experience of our residents and guests and create lasting value.

We have an annual average of approximately 3,700 full-time, part-time and seasonal employees dedicated to carrying out our operating philosophy while focusing on delivering a memorable customer experience for our residents and guests. Our property operations are managed internally by affiliates of the Operating Partnership and are coordinated by an on-site team of employees. Complementing the on-site team are approximately 500 full-time employees in our home and regional offices who assist in all functions related to the management of our Properties.

We provide equal employment opportunities to all persons, in accordance with the principles and requirements of the Equal Employment Opportunities Commission and the principles and requirements of the Americans with Disabilities Act. As of December 31, 2025, more than 50% of our workforce self-identified as female and more than 50% of our management positions are held by individuals self-identifying as female.

Our employees are fairly compensated, without regard to gender, race and ethnicity and are routinely recognized for outstanding performance. Our compensation program is designed to attract and retain talent. All employees are supported with a strong training and development program and a well rounded benefits plan, including medical, dental and vision insurance and life and disability insurance. We encourage our employees to take time away from work to focus on their physical and mental well-being and offer a comprehensive benefit package that includes paid mental health and well-being days and paid parental and paid family leave programs that exceed minimum regulatory requirements, amongst others. In addition, we offer a competitive 401(k) plan that provides for an employer match of up to 4% with 100% vesting of all contributions immediately upon eligibility and an Employee Stock Purchase Plan providing a 15% discount for all eligible employees.

Providing a safe and healthy work environment for our team members is a top priority and we empower them to take ownership in this effort. Each employee is assigned a safety-related training curriculum tailored to their job responsibilities. All employees are encouraged to report any conditions in their workplace that raise health, safety, ethics or compliance concerns without fear of retaliation, which can be done through our third-party confidential hotline.

ELS is a place where talent is recognized and internal growth is promoted. We recognize the importance of experienced leadership and, as of December 31, 2025, the average tenure for the executive team was 20 years. The average age of our employees is 50, with ages spanning multiple generations, similar to our residents and guests. We invest in our people and their continuous development by providing valuable professional experiences, tailored skill and leadership development programs and meaningful opportunities to learn from internal and external experts. We conduct annual performance, career development and compensation reviews for all employees to reward our employees based on merit and their contributions.

We continually evaluate employee satisfaction and engagement using employee surveys to measure progress against key engagement metrics and identify opportunities for program enhancement.

Sustainability Strategy

We believe that sustainable practices are vital to our overall success and building long-term shareholder value. Mindful of the impact we have locally and nationally, we are committed to incorporating sustainability considerations into our business.

Our sustainability team supports our on-going commitment to environmental, social, governance and other public policy matters relevant to us (collectively, “Sustainability matters”) and assists Company management and the Board with setting strategies and objectives, implementing initiatives, overseeing stakeholder communications, and monitoring risks and opportunities. Overseen by our President and Chief Operating Officer, the sustainability team is comprised of a cross-functional team of employees from asset management, investor relations, compliance, communications, operations, marketing, risk management, financial reporting, legal, human resources, tax and IT.

On a quarterly basis, the sustainability team reports on Sustainability matters to the Compensation, Nominating and Corporate Governance Committee (the “Compensation Committee”) of the Board. The Compensation Committee is responsible for the review of our sustainability strategy and initiatives. The Strategic Planning Committee of the Board of Directors further assists the Board in assessing sustainability strategies. Quarterly committee meetings with the Board include briefings from management regarding a wide variety of strategic initiatives, including Sustainability matters. Additionally, the Audit Committee of the Board of Directors is responsible for the discussion and review of policies with respect to risk assessment and risk management, including, but not limited to, human capital, climate, cyber security and other sustainability risks.

Information on our sustainability practices can be found in our 2024-25 Sustainability Report published in December 2025, which references the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD) frameworks. The Sustainability Report also includes information on our environmental performance and methodology for energy, greenhouse gas emissions and water metrics. These reports and other sustainability policies and collaborations are available at www.equitylifestyleproperties.com/sustainability. The information on our internet site is not part of, nor incorporated into, this Annual Report on Form 10-K.

Leases or Usage Rights

At our Properties, a typical lease for the rental of a Site between us and the owner or renter of a home is month-to-month or for a one-year term, renewable upon the consent of both parties or, in some instances, as provided by statute. These leases are cancelable, depending on applicable law, for non-payment of rent, violation of Property rules and regulations or other specified defaults. Cancelable, long-term leases are in effect at approximately 11,932 Sites in 29 of our MH Properties. Some of these leases are subject to rental rate increases based on the Consumer Price Index (“CPI”), in some instances allowing for pass-throughs of certain items such as real estate taxes, utility expenses and capital expenditures. Generally, adjustments to our rental rates, if appropriate, are made on an annual basis.

In Florida, which represents approximately 38% of total sites and 46% of total property operating revenues, in connection with offering a Site in a MH community for rent, the MH community owner must deliver to the prospective resident a prospectus required by Florida Statutes Chapter 723.011, which must first be approved by the state’s regulatory agency. The prospectus contains certain required disclosures regarding the community, the rights and obligations of the MH community owner and residents and a copy of the lease agreement. A prospectus may describe what factors the MH community owner can use to justify a rental rate increase and may contain limitations on the rights of the MH community to increase rental rates. However, in the absence of such limitations, the MH community owner may increase rental rates to market, subject to certain advance notice requirements and a statutory requirement that the rental increase and rental rates be reasonable. See further discussion below related to rent control legislation.

At Properties zoned for RV use, we have entered into agreements with residents who have usage rights on an annual basis and we have long-term relationships with many of our seasonal and transient residents and guests, who typically enter into short-term rental agreements. Generally, these residents and guests cannot live full time on these Properties for reasons including their seasonal nature. Many of them also submit deposits to reserve a Site for the following year.

Properties operated under the Thousand Trails brand are primarily utilized to serve subscription members. Available Sites within these Properties may also be utilized by non-members. A membership subscription grants the member access to these Properties on a continuous basis of up to 21 days in exchange for an annual payment. In addition, members are eligible to upgrade their subscriptions, which increase usage rights during the membership term. Beginning in the first quarter of 2025, we introduced subscription-based upgrade products with two- to four-year terms and higher annual dues. Prior to the introduction of subscription-based upgrade products, membership upgrades required non-refundable upfront payments and members in good standing are entitled to enhanced benefits for as long as they choose to remain in the program. Most of the subscription contracts provide for dues increases following the initial term.

Regulations and Insurance

General. Our Properties are subject to a variety of laws, ordinances and regulations, including regulations relating to recreational facilities such as swimming pools, clubhouses and other common areas, regulations relating to providing utility services, such as electricity, and regulations relating to operating water and wastewater treatment facilities at certain Properties. We believe that each Property has all material permits and approvals necessary to operate. We renew these permits and approvals in the ordinary course of business.

Insurance. Our Properties are insured against risks that may cause property damage and business interruption, including events such as fire, flood, earthquake, or windstorm. The relevant insurance policies contain deductible requirements, coverage limits and particular exclusions. Our current property and casualty insurance policies with respect to our MH and RV Properties, which we plan to renew, expire on April 1, 2026. We have a $125.0 million per occurrence limit with respect to our MH and RV all-risk property insurance program, which includes approximately $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. The deductibles for this policy primarily range from a $500,000 minimum to 5.0% per unit of insurance for most catastrophic events. For most catastrophic events, there is an additional one-time aggregate deductible of $10.0 million, which is capped at $5.0 million per occurrence. We have separate insurance policies with respect to our marina Properties. Those casualty policies will expire on November 1, 2026, and the property insurance program, which we plan to renew, expires on April 1, 2026. The marina property insurance program has a $30.0 million per occurrence limit, subject to self-insurance and a minimum deductible of $100,000 plus, for named windstorms, 5.0% per unit of insurance subject to a $500,000 minimum. A deductible indicates our maximum exposure, subject to policy limits and sub-limits, in the event of a loss.

Rent Control Legislation. At certain Properties, state and local rent control laws dictate the structure of rent increases and in some cases, outline the ability to recover the costs of capital improvements. Enactment of such laws has been considered at various times in other jurisdictions. We presently expect to continue to maintain Properties and may purchase additional properties in markets that are either subject to rent control or in which rent related legislation exists or may be enacted. For example, Florida law requires that rental increases be reasonable and Delaware law requires rental increases greater than the changes in the CPI to be justified. Also, certain jurisdictions in California in which we own Properties limit rent increases to changes in the CPI or some percentage of the CPI. As part of our effort to realize the value of Properties subject to restrictive regulations, we have initiated lawsuits at times against various municipalities imposing such regulations in an attempt to balance the interests of our stockholders with the interests of our residents and guests.

Membership Properties. Many states also have consumer protection laws regulating right-to-use or campground membership sales and the financing of such sales. Some states have laws requiring us to register with a state agency and obtain a permit to market (see Item 1A. Risk Factors). At certain Properties primarily used as membership campgrounds, state statutes limit our ability to close a Property unless a reasonable substitute Property is made available for members to use.

Industry

We believe that demand for manufactured housing, RV communities and marinas will continue to outpace supply in the near future. We expect much of this demand will continue to come from baby boomers, who may seek an active RV lifestyle or a permanent retirement or vacation establishment. In addition, we expect the exposure to Generation X, Millennials and Gen Z will contribute to the demand, as these groups focus on affordability, prefer housing quality over size and pursue unique experiences. We believe that our Properties and our business model provide an attractive destination for customers as they seek value in their housing and recreational options. Positive trends in categories such as customer demographics, the quality of manufactured housing construction and limited property supply, among others, fuel our belief that our Properties are well positioned for the future:

•Barriers to Entry: We believe that the supply of new properties in locations we target will be constrained by barriers to entry. While we have seen a modest increase in ground-up development, primarily of RV properties, the most significant barrier continues to be the difficulty of securing zoning permits from local authorities, particularly in geographic areas we target for investment. This has been the result of (i) the public perception of manufactured housing and (ii) the fact that MH and RV communities generate less tax revenue than conventional housing properties because the homes are treated as personal property (a benefit to the homeowner) rather than real property. Further, the length of time between investment in a property’s development and the attainment of stabilized occupancy and the generation of profit is significant.

•Customer Base: We believe that our Properties tend to achieve and maintain a stable rate of occupancy due to the following factors: (i) customers typically own their own homes and display pride of ownership in maintenance and

upkeep of their homes, (ii) properties tend to foster a sense of community as a result of amenities, such as clubhouses and recreational and social activities, (iii) customers often sell their homes in-place (similar to site-built residential housing), resulting in no interruption of rental payments to us and (iv) moving a factory-built home from one property to another involves substantial cost and effort.

•Lifestyle Choice: The RV industry is experiencing strong demand, outpacing available infrastructure and creating significant growth opportunities. While more than 8 million households currently own an RV, there are only 1 million privately-owned RV campsites across the U.S. according to the National Association of RV Parks and Campgrounds, underscoring a gap between supply and demand. This imbalance is set to grow, as 16.9 million households express interest in purchasing an RV within the next five years according to the Recreational Vehicle Industry Association’s 2025 Go RVing RV Owner Demographic Profile. RV ownership spans diverse demographics, including various age groups, with a shift towards younger, diverse families, a growing number of RV intenders being in the 35-54 age group (46%) and more families with children under 18 joining the lifestyle. Additionally, camping remains a key driver of demand, with 82.4 million Americans camping in 2025 (The Dyrt’s 2026 Camping Report).

According to the U.S. Census Bureau in 2019, every day 10,000 Americans turn 65 years old and all baby boomers will be at least age 65 by 2030. We believe that this population segment, seeking an active lifestyle, will provide opportunities for our future growth. As RV owners age and move beyond the more active RV lifestyle, they will often seek permanent retirement or vacation establishments. Manufactured homes and cottages have become an increasingly popular housing alternative. According to 2023 U.S. Census Bureau National Population Projections figures, the population of people ages 55 and older is expected to grow 14% from 2025 to 2040.

We believe that the housing choices in our Properties are especially attractive to such individuals throughout this lifestyle cycle. Our Properties offer an appealing amenity package, close proximity to local services, social activities, low maintenance and a secure environment. In fact, many of our Properties allow for this cycle to occur within a single Property.

The National Marine Manufacturers Association (“NMMA”) estimates that approximately 85 million Americans, or roughly one third of U.S. adults, participate in recreational boating annually, underscoring a broad and durable consumer demand base. The United States has approximately 12 million registered recreational boats, with ownership disproportionately concentrated among higher income households, which supports demand stability and resilience across economic cycles.

•Construction Quality: The Department of Housing and Urban Development’s (“HUD”) standards for manufactured housing construction quality are the only federal standards governing housing quality of any type in the United States. Manufactured homes produced since 1976 have received a “red and silver” government seal certifying that they were built in compliance with the federal code. The code regulates manufactured home design and construction, strength and durability, fire resistance and energy efficiency and the installation and performance of heating, plumbing, air conditioning, thermal and electrical systems. In newer homes, top grade lumber and dry wall materials are common. Also, manufacturers are required to follow the same fire codes as builders of site-built structures. In 1994, following the devastation left by Hurricane Andrew, HUD introduced regulations that established different wind zones across the country. As a result, any homes set in place since 1994 must be able to withstand wind speeds of 70 miles per hour in Zone 1, 100 miles per hour in Zone 2 and 110 miles per hour in Zone 3. While most of the United States is designated wind Zone 1, areas most likely to be impacted by hurricanes are either Zone 2 or Zone 3.

Although construction of cottages, which are generally smaller homes, do not come under the same HUD regulations, they are built and certified in accordance with National Fire Protection Association (“NFPA”) 1192-15 and American National Standards Institute (“ANSI”) A119.5 consensus standards for park model recreational vehicles and have many of the same quality features. The RV Industry Association (“RVIA”) operates a safety standards and inspection program that requires member manufacturers of all recreation vehicles, including park model RVs, to certify that each unit built complies with the requirements of the applicable standards.

•Comparability to Site-Built Homes: Since inception, the manufactured housing industry has experienced a trend toward multi-section homes. The average manufactured homes are approximately 1,460 square feet. Many such homes have nine-foot or vaulted ceilings, fireplaces and as many as four bedrooms and closely resemble single-family ranch-style site-built homes at a fraction of the price. At our Properties, there is an active resale or rental market for these larger homes. According to the 2023 U.S. Census American Housing Survey, manufactured homes represent 5.4% of single-family housing units.

•Second-Home and Vacation Home Demographics: According to the National Association of Home Builders (“NAHB”) estimates of the 2023 American Community Survey, the U.S. had approximately 5.7 million second homes in 2023, representing approximately 4% of total housing stock, with a meaningful concentration in leisure-oriented

states such as Florida, Arizona, Michigan, North Carolina and coastal and mountain markets across the Northeast and West and a focus toward seasonal, retirement and life-style driven demand, which closely aligns with our core resident demographic and portfolio composition. We believe it is likely that we will continue to see high levels of second-home sales and that manufactured homes and cottages in our Properties will continue to provide a viable second-home alternative to site-built homes.

Notwithstanding our belief that the industry information highlighted above provides us with significant long-term growth opportunities, our short-term growth opportunities could be disrupted by the following:

•Shipments: Manufacturers quote production volume in terms of shipments, which can represent one section of a home or an entire home. According to statistics compiled by the U.S. Census Bureau, 2025 and 2024 shipments of manufactured homes were closer to pre-pandemic levels. 2022 shipments of manufactured homes appeared to be the highest in over a decade, marking the first time that shipments exceeded over 100,000 for two consecutive years. According to the RVIA, wholesale shipments of RVs for 2025 ended with 342,121 shipments, a modest increase from 333,733 in 2024.

———————————————————————————————————————————

1.Source: RVIA

2.U.S. Census: Manufactured Homes Survey

•Sales: We believe consumers view RVs as a safe way to enjoy an active outdoor lifestyle, travel and see the country. While 2025 retail sales of RVs were 318,863, down approximately 0.8% from 2024, the enduring appeal of the RV lifestyle has translated into continued strength in RV sales, as 2021 marked the highest sales year for the industry at 516,565. RV sales could continue to benefit from the increased demand from the baby boomers and Millennials. Financing options are also available as RV dealers typically have relationships with third-party lenders, who provide financing for the purchase of a RV.

•Availability of financing: Although RV financing is readily available, the economic and legislative environment has generally made it difficult for buyers of both manufactured homes and RVs to obtain financing. Legislation enacted in 2008 and effective in 2010, known as the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) requires community owners interested in providing financing to buyers of manufactured homes to register as mortgage loan originators in states where they engage in such financing. In comparison to financing available to buyers of site-built homes, the few third-party financing sources available to buyers of manufactured homes offer financing with higher down payments, higher rates and shorter maturities and loan approval is subject to more stringent underwriting criteria. See Item 1A. Risk Factors and our consolidated financial statements and related notes beginning on page F-1 of this Form 10-K for more detailed information.

The Federal Housing Finance Agency (the “FHFA”), overseer of Fannie Mae, Freddie Mac (the “GSEs”) and the Federal Home Loan Banks, focuses on equitable access to affordable and sustainable housing. Since 2017, the FHFA has developed programs for the GSEs that address leadership in developing loan products and flexible underwriting guidelines in underserved markets to facilitate a secondary market for mortgages on manufactured homes titled as real property or personal property, blanket loans for certain categories of manufactured housing communities, preserving the affordability of housing for renters and homebuyers, and housing in rural markets. While the FHFA and the current programs may have a positive impact on the ability of our customers to obtain chattel loan financing, the impact on us as well as the industry cannot be determined at this time.

Available Information

We file reports electronically with the Securities and Exchange Commission (“SEC”). The SEC maintains a website that contains reports, proxy information and statements and other information regarding issuers that file electronically with the SEC at http://www.sec.gov. We also maintain a website with information about us as well as our press releases, investor presentations and filings with the SEC at http://www.equitylifestyleproperties.com, which can be accessed free of charge. We intend to post material on our website from time to time that contains material non-public information. The posting of such information is intended to comply with our disclosure requirements under Regulation Fair Disclosure. Accordingly, in addition to following our SEC filings and public conference calls, we encourage investors, the media and others interested in us to review the business and financial information we post on our website. The information contained on our website, or available by hyperlink from our website, is not incorporated into this Form 10-K or other documents we file with, or furnish to, the SEC. Requests for copies of our filings with the SEC and other investor inquiries should be directed to:

Investor Relations Department

Equity LifeStyle Properties, Inc.

Two North Riverside Plaza

Chicago, Illinois 60606

Phone: 1-800-247-5279

e-mail: investor_relations@equitylifestyle.com

Item 1A. Risk Factors

The following risk factors could cause our actual results to differ materially from those expressed or implied in forward-looking statements made in this Form 10-K and presented elsewhere by our management from time to time. These risk factors may have a material adverse effect on our business, financial condition, operating results and cash flows. Additional risks and uncertainties not presently known to us or that are currently not believed to be material may also affect our actual results.

Risks Relating to Our Operations and Real Estate Investments

The Economic Performance and Value of Our Properties Are Subject to Risks Associated with the Real Estate Industry.

The economic performance and value of our Properties could be adversely affected by various factors, many of which are outside of our control. These factors include but are not limited to the following:

•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);

•the ability of MH, RV and boat manufacturers to adapt to changes in the economy and the availability of units from these manufacturers;

•the ability of our potential customers to sell or lease their existing residences in order to purchase homes or cottages at our Properties, and heightened price sensitivity for seasonal and second homebuyers;

•the ability of our potential customers to obtain financing on the purchase of manufactured homes and cottages, RVs and/or boats;

•our ability to attract new customers and retain them for our membership subscriptions and upgrade sales business;

•our ability to collect payments from customers and pay or control operating costs, including real estate taxes and insurance;

•the ability of our assets to generate income sufficient to pay our expenses, service our debt and maintain our Properties;

•our ability to diversify, reconfigure our portfolio promptly in response to changing economic or other conditions and sell our Properties timely due to the illiquid nature of real estate investments;

•unfavorable weather conditions, especially on holiday weekends in the spring and summer months, which are peak business periods for our transient customers;

•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. dollar to other currencies, primarily the Canadian dollar due to Canadian customers, who frequently visit our southern Properties;

•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, tariffs, regulatory compliance, manufacturing, development and investment, as well as the impact of those on U.S. and Canadian relations and customer sentiment, which may influence decisions to visit our Properties or continue tenancy;

•an inflationary environment in which the costs to operate and maintain our communities increase at a rate greater than our ability to increase rents;

•a recession or economic downturn;

•supply chain disruptions and tightening labor markets, which have affected and could affect our ability to obtain materials and skilled labor timely without incurring significant costs or delays for any development and expansion activities;

•fiscal policies, instability or inaction at the U.S. federal government level, which may lead to federal government shutdowns or negative impacts on the U.S. economy;

•adverse outcomes of litigation;

•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; and

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

Changes in or the occurrence of any of these factors could adversely affect our financial condition, results of operations, market price of our common stock and our ability to make expected distributions to our stockholders or result in claims, including, but not limited to, foreclosure by a lender in the event of our inability to service our debt.

Significant Inflation Could Negatively Impact Our Business.

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 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, 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, 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.

General Economic Conditions and Economic Downturns in Markets with a Large Concentration of Our Properties May Adversely Affect Our Financial Condition, Results of Operations, Cash Flows and Ability to Make Distributions.

Our success is dependent upon economic conditions in the U.S. 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. Although we maintain reserves for credit losses in amounts that we believe are sufficient to provide adequate protection against potential write-downs in our portfolio, these amounts could prove to be insufficient. We are also exposed to the risks of downturns in the local economy or other local real estate market conditions. As we have a large concentration of Properties in certain markets, most notably Florida, Northeast, California and Arizona, which comprised 45.7%, 11.1%, 10.2% and 10.9%, respectively, of our total property operating revenue for the year ended December 31, 2025, adverse market and economic conditions in these areas could significantly affect factors, such as occupancy and rental rates and could have a significant impact on our financial condition, results of operations, cash flows and ability to make distributions.

Certain of Our Properties, Primarily Our RV Communities and Marinas, are Subject to Seasonality and Cyclicality.

Some of our RV communities and marinas are used primarily by vacationers and campers. These Properties experience seasonal demand, which generally increases in the spring and summer months and decreases in the fall and winter months. As such, results for a certain quarter may not be indicative of the results of future quarters. In addition, since our RV communities and marinas are primarily used by vacationers and campers, economic cyclicality resulting in a downturn that affects discretionary spending and disposable income for leisure-time activities could adversely affect our cash flows.

Our Properties May Not Be Readily Adaptable to Other Uses.

Properties in our portfolio, including marinas and certain RV communities, are specific-use properties and may contain features or assets that have limited alternative uses. These Properties may also have distinct operational functions that involve specific procedures and training. If the operations of any of those Properties becomes unprofitable due to industry competition, operational execution or otherwise, then it may not be feasible to operate that Property for another use and the value of certain features or assets used at that Property, or the Property itself, may be impaired. Should any of these events occur, our financial condition, results of operations and cash flows could be adversely impacted.

Competition for Acquisitions May Result in Increased Prices for Properties and Associated Costs and Increased Costs of Financing.

Other real estate investors with significant capital may compete with us for attractive investment opportunities. Such competition could increase prices for properties and result in increased fixed costs, including real estate taxes. To the extent we are unable to effectively compete or acquire properties on favorable terms, our ability to expand our business could be adversely affected.

New Acquisitions May Fail to Perform as Expected and the Intended Benefits May Not Be Realized, Which Could Have a Negative Impact on Our Operations and the Market Price of Our Common Stock.

We may continue to acquire properties. However, newly acquired properties may fail to perform as expected and could pose risks for our ongoing operations including the following:

•integration may prove costly or time-consuming and may divert our attention from the management of daily operations;

•we may be unable to access capital or we may encounter difficulties, such as increases in financing costs;

•we may incur costs and expenses associated with undisclosed or potential liabilities;

•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;

•expected synergies may not materialize; and

•we may acquire properties in new markets where we face risks associated with lack of market knowledge, such as understanding of the local economy, the local government and/or local permit procedures.

As a result of the foregoing, we may not accurately estimate or identify all costs necessary to bring an acquired property up to standards established for our intended market position. As such, we cannot provide assurance that any acquisition we make will be accretive to us in the near term or at all. Furthermore, if we fail to realize the intended benefits of an acquisition, the market price of our common stock could decline to the extent that the market price reflects those anticipated benefits.

Development and Expansion Properties May Fail to Perform as Expected and the Intended Benefits May Not Be Realized, Which Could Have a Negative Impact on Our Operations and the Market Price of Our Common Stock.

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 has experienced and may at times experience supply chain disruptions, which may impact our ability to complete our development or redevelopment projects timely and/or within our budget, and which may affect our ability to lease to potential customers and adversely affect our business, financial condition and results of operations. To the extent we engage third-party contractors to complete development or expansion activities, there is no guarantee that they can complete these activities on time and in accordance with our plans and specifications. We may also be unable to obtain necessary entitlements and required governmental permits that could result in increased costs or the delay or abandonment of these activities. Additionally, there can be no assurance that these properties will operate better as a result of development or expansion activities due to various factors, including lower than anticipated occupancy and rental rates causing a property to be unprofitable or less profitable than originally estimated.

We Regularly Expend Capital to Maintain, Repair and Renovate Our Properties, Which Could Negatively Impact Our Financial Condition, Results of Operations and Cash Flows.

We have, and we may be required to, from time to time, make significant capital expenditures to maintain or enhance the competitiveness of our Properties, including infrastructure improvements. In addition, as most of our residents own their homes located in our Properties, the replacement, repairs and refurbishment of these homes may not be within our control. If our Properties are not as attractive to current and prospective customers as compared to the properties owned by our competitors, we could lose customers or suffer lower rental rates. There is no assurance that any capital expenditure would result in higher occupancy or higher rental rates. In addition, the price of commodities and skilled labor for our construction projects may increase unpredictably due to external factors, including supply chain disruptions. 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 or additional financing.

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

We own the buildings and leasehold improvements at certain Properties that are subject to long-term ground leases. For various reasons, landowners may not want to renew the ground lease agreements with similar terms and conditions, if at all, which could adversely impact our ability to operate these Properties and generate revenues. As of December 31, 2025, we had 14 Properties in our portfolio subject to ground lease agreements for land.

Our Ability to Sell or Rent Manufactured Homes Could Be Impaired, Resulting in Reduced Cash Flows.

Selling and renting manufactured 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;

•increased costs to acquire homes;

•our ability to obtain an adequate supply of homes at reasonable costs from MH suppliers;

•our ability to acquire or develop existing land suitable for home building;

•the ability of customers to obtain affordable financing; and

•demographics, such as the retirement of “baby boomers” and their demand for access to our lifestyle-oriented Properties.

Regulation of Chattel Financing May Affect Our Ability to Sell Homes.

Since 2010, the regulatory environment has made it difficult for purchasers of manufactured homes and RVs to obtain financing. The Secure and Fair Enforcement for Mortgage Licensing Act requires community owners interested in providing financing for customer purchases of manufactured homes to register as mortgage loan originators in states where they engage in such financing. In addition, the Dodd-Frank Wall Street Reform and Consumer Protection Act amended the Truth in Lending Act and other consumer protection laws by adding requirements for residential mortgage loans, including limitations on mortgage origination activities, restrictions on high-cost mortgages and new standards for appraisals. The law also requires lenders to make a reasonable investigation into a borrower’s ability to repay a loan. These requirements make it more difficult for homeowners to obtain affordable financing to obtain loans to purchase manufactured homes or RVs. Homeowners’ ability to obtain affordable financing could affect our ability to sell homes.

Our Investments in Joint Ventures Could Be Adversely Affected by Our Lack of Sole Decision-Making Authority Regarding Major Decisions, Our Reliance on Our Joint Venture Partners’ Financial Condition, Any Disputes That May Arise Between Us and Our Joint Venture Partners and Our Exposure to Potential Losses From the Actions of Our Joint Venture Partners.

We currently acquire, and may continue to acquire, properties through or make investments in joint ventures with other persons or entities. Joint venture investments involve risks not present with respect to our wholly owned Properties, including the following:

•Our joint venture partners may experience financial distress, become bankrupt or fail to fund their share of required capital contributions, which could delay construction or development of a property, increase our financial commitment to the joint venture or adversely impact the ongoing operations of the joint venture;

•Our joint venture partners may have business interests or goals with respect to a property that conflict with our business interests and goals, which could increase the likelihood of disputes regarding the ownership, management or disposition of the property; and

•We may be unable to take actions that are opposed by our joint venture partners under arrangements that require us to share decision-making authority over major decisions affecting the ownership or operation of the joint venture and any property owned by the joint venture, such as the sale or financing of the property or the making of additional capital contributions for the benefit of the venture.

At times, we have entered into agreements providing for joint and several liability with our partners. Frequently, we and our partners may each have the right to trigger a buy-sell arrangement, which could cause us to sell our interest, or acquire our partners’ interest, at a time when we otherwise would not have initiated such a transaction. 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 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 Properties. An accident, injury or disease outbreak at any of our Properties, 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 Properties could also cause damage to our brand or reputation, lead to loss of consumer confidence in us, reduce occupancy at our Properties and negatively impact our results of operations.

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

Our employees, management, Directors and other key personnel have a significant role in our success. Our ability to attract, retain and motivate talented employees and Directors could significantly impact our future performance. The loss of one or more members of our senior leadership team could materially and adversely affect us. Competition for these individuals is intense, and there is no assurance that we will retain our Directors, key officers and employees or that we will be able to attract and retain other highly qualified individuals in the future.

Our Business Operations are Dependent on the Effective Operation of Technology.

We rely on software and computer systems to process and store information required for our business operations. Any disruption to these systems or to third-party vendors that maintain these systems could adversely affect our business operations. While we maintain and require our vendors to maintain appropriate back-up copies of our information, transitioning to a new system or vendor can be time-consuming and disruptive. Additionally, it is important for us to explore and evolve with new developments in technology to stay competitive. 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, 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. 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.

We May Experience a Decline in the Fair Value of Our Properties or Investments in Joint Ventures and Be Forced to Recognize Impairment Charges, Which Could Adversely Impact Our Financial Condition, Liquidity and Results of Operations and the Market Price of Our Common Stock.

Declines in the value of our Properties or other investments may result in the recognition of impairment charges. We evaluate our Properties and other investments for impairments based on various triggers, including market conditions, our current intentions with respect to holding or disposing of the Properties or other investments in joint ventures and the expected future undiscounted cash flows from the Properties or other investments. Impairments are based on estimates and assumptions that are inherently uncertain, may increase or decrease in the future and may not represent or reflect the ultimate value of, or loss that we ultimately realize with respect to, the relevant Properties or other investments. Any such impairment could have an adverse impact on our results of operations and financial condition.

Risks Relating to Governmental Regulation and Potential Litigation

Changes to Federal and State Laws and Regulations Could Adversely Affect Our Operations and the Market Price of Our Common Stock.

Our Properties and business operations are subject to certain federal, state and local and foreign laws, regulations and policies. Compliance with laws and regulations that govern our operations may require significant expenditures or modifications of business plans that could have a detrimental effect on our Properties and operations. We do not know whether existing requirements will change or whether future requirements will develop, which may require us to spend additional amounts to comply with the regulations, or may restrict our ability to conduct our business operations in ways that are profitable. Failure to comply with these requirements could subject us to significant liability, including governmental fines or

private litigation. There can be no assurance that the application of laws, regulations or policies will not occur in a manner that could have a detrimental effect on our financial condition, results of operations and cash flows.

Rent Control Legislation

Certain of our Properties are subject to state and local rent control regulations that dictate rent increases and our ability to recover increases in operating expenses and the costs of capital improvements. In addition, in certain jurisdictions, such regulations allow residents to sell their homes for a price that includes a premium above the intrinsic value of the homes. The premium represents the value of the future discounted rent-controlled rents, which is fully capitalized into the prices of the homes sold. 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. 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.

We also own Properties in certain areas of the country where rental rates at our Properties have not increased as fast as real estate values either because of locally imposed rent control or long term leases. 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.

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. An adverse finding against us in any such proceeding could materially and adversely affect our results of operations, financial condition and distributions to our stockholders.

Occupational, Safety and Health Act

Our Properties are subject to regulation under the federal Occupational, Safety and Health Act (“OSHA”), which requires employers to provide employees with an environment free from hazards, such as exposure to toxic chemicals, excessive noise levels, mechanical dangers, heat or cold stress and unsanitary conditions. Although we believe that our Properties are in compliance in all material respects with applicable requirements, complying with OSHA and similar laws can be costly and any failure to comply with these regulations could result in penalties or potential litigation.

Americans with Disabilities Act

Under the Americans with Disabilities Act (“ADA”), all public accommodations and commercial facilities must meet certain federal requirements related to access and use by disabled persons. Although we believe that our Properties are in compliance in all material respects with applicable requirements, noncompliance with the ADA or related laws or regulations could result in the U.S. government imposing fines or private litigants being awarded damages against us. Such costs may adversely affect our ability to make distributions or payments to our investors. Compliance with the ADA requirements could involve removal of structural barriers to access or use by disabled persons. Other federal, state and local laws may require modifications to or restrict further renovations of our Properties with respect to such access or use.

Additionally, Title III of the ADA has been interpreted by the U.S. courts to include websites as “places of public accommodations”. For our websites to be ADA compliant, they must be accessible. While no laws have been passed related to website accessibility, the recognized de facto standard in the U.S. is the Web Content Accessibility Guideline. We may incur costs to make our websites ADA compliant or face litigation if they are not compliant.

Laws and Regulations Relating to Campground Membership Sales and Properties Could Adversely Affect the Value of Certain Properties and Our Cash Flows.

Many of the states in which we operate have laws regulating campground membership sales and properties. These laws generally require comprehensive disclosure to prospective purchasers and usually give purchasers the right to rescind their purchase between three to five days after the date of sale. Some states have laws requiring us to register with a state agency and obtain a permit to market. We are subject to changes, from time to time, in the application or interpretation of such laws that can affect our business or the rights of our members.

In some states, including California, Oregon and Washington, laws place limitations on the ability of the owner of a campground property to close the property unless the customers at the property receive access to a comparable property. The impact of the rights of customers under these laws is uncertain and could adversely affect the availability or timing of sale opportunities or our ability to realize recoveries from Property sales.

Certain consumer rights and defenses that vary from jurisdiction to jurisdiction may affect our portfolio of contracts receivable. Examples of such laws include state and federal consumer credit and truth-in-lending laws requiring the disclosure of finance charges and usury and retail installment sales laws regulating permissible finance charges.

Litigation Risk Could Materially and Adversely Affect Our Business.

We are involved and may continue to be involved in legal proceedings, claims, class actions, inquiries and investigations relating to our operations, corporate transactions, dispositions and investments and otherwise in the ordinary course of business. These legal proceedings may include, but are not limited to, proceedings related to consumer, shareholder, securities, anticompetitive, antitrust, employment, environmental, development, tort, eviction and commercial legal issues. Litigation can be lengthy and expensive, and it can divert management’s and our Directors’ attention and resources away from our business. We cannot provide any assurance regarding the outcome of any claims, and an unfavorable outcome in litigation could result in liability material to our financial condition or results of operations. 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 Officers. 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.

Environmental Risks

Natural Disasters Have and Could in the Future Adversely Affect the Value of Our Properties, Our Financial Condition, Results of Operations and Cash Flows.

We are subject to risks associated with natural disasters, including but not limited to hurricanes, storms, fires and earthquakes. As of December 31, 2025, we owned or had an ownership interest in 453 Properties, including 139 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 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 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 impacts 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. 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. 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.

Environmental and Utility-Related Problems are Possible and Can Be Costly.

Federal, state and local laws and regulations relating to the protection of the environment may require a current or previous owner or operator of real property to pay fines and penalties and investigate and clean up hazardous or toxic substances, including lead or petroleum product releases at such property. The owner or operator may have to pay a governmental entity or third parties for property damage and for investigation and clean-up costs incurred by such parties in connection with the contamination. Properties containing lead may require removal of the material. This can be costly and, if

the lead infiltrates the groundwater or other water supply, further remediation may be necessary. Such laws typically impose clean-up responsibility and liability without regard to whether the owner or operator knew of or caused the presence of the contaminants. Even if more than one person may have been responsible for the contamination, each person covered by the applicable laws may be held responsible for all of the clean-up costs incurred. In addition, third parties could sue the owner or operator of a site for damages and costs resulting from environmental contamination emanating from that site.

Environmental laws also govern the presence, maintenance and removal of environmental contamination, including asbestos, wastewater discharge and oil spills. Such laws require that owners or operators of properties containing hazardous or toxic substances to properly manage them, including, but not limited to, requirements to notify and train relevant persons to take special precautions, and to remove or otherwise abate the contaminant. 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. 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.

Utility-related laws and regulations also govern the provision of utility services. 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. The regulations may also require capital investment to maintain compliance.

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.

Risks Relating to Debt and the Financial Markets

Our Substantial Indebtedness Could Adversely Affect Our Financial Condition and Results of Operations.

Our business is subject to risks normally associated with debt financing. The total principal amount of our outstanding indebtedness was approximately $3,345.9 million as of December 31, 2025, of which $105.0 million, or 3.14%, is related to our line of credit. Our substantial indebtedness and the cash flows associated with serving our indebtedness could have important consequences, including the risks that:

•our cash flows could be insufficient to pay distributions at expected levels and meet required payments of principal and interest;

•we might be required to use a substantial portion of our cash flows from operations to pay our indebtedness, thereby reducing the availability of our cash flows to fund the implementation of our business strategy, acquisitions, capital expenditures and other general corporate purposes;

•our debt service obligations could limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;

•terms of refinancing may not be as favorable as the terms of existing indebtedness, resulting in higher interest rates that could adversely affect net income, cash flows and our ability to service debt and make distributions to stockholders;

•if principal payments due at maturity cannot be refinanced, extended or paid with proceeds of other capital transactions, such as new equity capital, our cash flows may not be sufficient in all years to repay all maturing debt; and

•to the extent that any Property is cross-collateralized with any other Properties, any default under the mortgage note relating to one Property could result in a default under the financing arrangements relating to other Properties that also provide security for that mortgage note or are cross-collateralized with such mortgage note.

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 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, 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.

Financial Covenants Could Adversely Affect Our Financial Condition.

If a Property is mortgaged to secure payment of indebtedness and we are unable to meet mortgage payments, the mortgagee could foreclose on the Property, resulting in loss of income and asset value. The mortgages on our Properties contain customary negative covenants, which among other things limit our ability, without the prior consent of the lender, to further mortgage the Property and to discontinue insurance coverage. In addition, our unsecured credit facilities contain certain customary restrictions, requirements and other limitations on our ability to incur indebtedness, including total debt-to-assets ratios, debt service coverage ratios and minimum ratios of unencumbered assets to unsecured debt. Foreclosure on mortgaged Properties or an inability to refinance existing indebtedness would likely have a negative impact on our financial condition and results of operations.

Our Degree of Leverage Could Limit Our Ability to Obtain Additional Financing.

Our debt-to-market-capitalization ratio (total debt as a percentage of total debt plus the market value of the outstanding common stock and OP Units held by parties other than us) was approximately 21.6% as of December 31, 2025. The degree of leverage could have important consequences to stockholders, including an adverse effect on our ability to obtain additional financing in the future for working capital, capital expenditures, acquisitions, development or other general corporate purposes and could make us more vulnerable to a downturn in business or the economy generally.

We May Be Able to Incur Substantially More Debt, Which Would Increase the Risks Associated With Our Substantial Leverage.

Despite our current indebtedness levels, we may still be able to incur substantially more debt in the future. If new debt is added to our current debt levels, an even greater portion of our cash flow will be needed to satisfy our debt service obligations. As a result, the related risks that we now face could intensify and increase the risk of a default on our indebtedness.

Risks Related to Our Company Ownership

Provisions of Our Charter and Bylaws Could Inhibit Changes of Control.

Certain provisions of our charter and bylaws may delay or prevent a change of control or other transactions that could provide our stockholders with a premium over the then-prevailing market price of their common stock or future series of preferred stock, if any, which might otherwise be in the best interest of our stockholders. These include the Ownership Limit described below and advance notice requirements for shareholder proposals and nomination of directors. Also, any future series of preferred stock may have certain voting provisions that could delay or prevent a change of control or other transaction that might involve a premium price or otherwise be beneficial to our stockholders.

Maryland Law Imposes Certain Limitations on Changes of Control.

Certain provisions of the Maryland General Corporation Law (“MGCL”) prohibit “business combinations” (including certain issuances of equity securities) with any person who beneficially owns 10% or more of the voting power of our outstanding common stock, or with an affiliate of ours, who, at any time within the two-year period prior to the date in question,

was the owner of 10% or more of the voting power of our outstanding voting stock (an “Interested Stockholder”), or with an affiliate of an Interested Stockholder. These prohibitions last for five years after the most recent date on which the Interested Stockholder became an Interested Stockholder. After the five-year period, a business combination with an Interested Stockholder must be approved by two super-majority stockholder votes unless, among other conditions, our common stockholders receive a minimum price for their shares and the consideration is received in cash or in the same form as previously paid by the Interested Stockholder for shares of our common stock. The Board of Directors has exempted from these provisions under Maryland law any business combination with certain holders of OP Units who received them at the time of our initial public offering and our officers who acquired common stock at the time we were formed and each and every affiliate of theirs.

Additionally, Subtitle 8 of Title 3 of the MGCL permits our Board of Directors, without stockholder approval and regardless of what is currently provided in our charter or bylaws, to elect to be subject to certain provisions relating to corporate governance that may have the effect of delaying, deferring or preventing a transaction or a change of control of our company that might involve a premium to the market price of our common stock or otherwise be in our stockholders’ best interests. These provisions include a classified board; two-thirds vote to remove a Director; that the number of Directors may only be fixed by the Board of Directors; 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. 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.

Our Board of Directors has power to adopt, alter or repeal any provision of our bylaws or make new bylaws, provided, however, that our stockholders may, with certain exceptions, alter or repeal any provision of our bylaws and adopt new bylaws if any such alteration, repeal or adoption is approved by the affirmative vote of a majority of all votes entitled to be cast on the matter.

Changes in Our Investment and Financing Policies May Be Made Without Stockholder Approval.

Our investment and financing policies and our policies with respect to certain other activities, including our growth, debt, capitalization, distributions, REIT status and operating policies, are determined by our Board of Directors. Although our Board of Directors has no present intention to do so, these policies may be amended or revised from time to time at the discretion of our Board of Directors without notice to or a vote of our stockholders. Accordingly, stockholders may not have control over changes in our policies and changes in our policies may not fully serve the interests of all stockholders.

Our Business Ethics and Conduct Policy May Not Adequately Address All Actual or Perceived Conflicts of Interest That May Arise With Respect to Our Activities.

In order to avoid any actual or perceived conflicts of interest involving any of our Board of Directors, our officers or our employees, we have a business ethics and conduct policy to specifically manage and address some of the potential conflicts relating to our activities. Although under this policy, specified transactions, agreements and relationships involving members of our Board of Directors, officers or employees must be approved pursuant to the terms of the policy, there is no assurance that this policy will be adequate to address all of the conflicts that may arise or will address such conflicts in a manner that is favorable to us. It is possible that actual, potential or perceived conflicts could give rise to investor dissatisfaction or litigation or regulatory enforcement actions. If we fail, or appear to fail, to identify, disclose and appropriately address potential conflicts of interest, there could be an adverse effect on our business or reputation regardless of whether any such claims have merit.

Risks Relating to Our Common Stock

We Depend on Our Subsidiaries’ Dividends and Distributions.

Substantially all of our assets are owned indirectly by the Operating Partnership. As a result, we have no source of cash flows other than distributions from our Operating Partnership. For us to pay dividends to holders of our common stock, the Operating Partnership must first distribute cash to us. Before it can distribute the cash, our Operating Partnership must first satisfy its obligations to its creditors.

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. If market interest rates increase, prospective purchasers of REIT shares may expect a higher distribution rate. Higher interest rates would not, however, result in more of our funds to distribute and, in fact, would likely increase our borrowing costs and potentially decrease funds available for distribution. 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.

The issuance or sale of substantial amounts of our common stock could have a dilutive effect on our actual and expected earnings per share, FFO per share and Normalized Funds from Operations (“Normalized FFO”) per share. 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.

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

•issuances of other equity securities in the future, including new series or classes of preferred stock;

•our operating performance and the performance of other similar companies;

•our ability to maintain compliance with covenants contained in our debt facilities;

•actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity;

•changes in expectations of future financial performance or changes in our earnings estimates or those of analysts;

•changes in our distribution policy;

•publication of research reports about us or the real estate industry generally;

•increases in market interest rates that lead purchasers of our common stock to demand a higher dividend yield;

•changes in market valuations of similar companies;

•adverse market reaction to the amount of our debt outstanding at any time, the amount of our debt maturing in the near-term and medium-term and our ability to refinance our debt, or our plans to incur additional debt in the future;

•additions or departures of key employees, management, Directors and other key personnel;

•speculation in the press or investment community;

•equity issuances by us, or share resales by our stockholders or the perception that such issuances or resales may occur;

•addition to, or removal from, market indexes used by investors to make investment decisions;

•actions by institutional stockholders; and

•general market and economic conditions.

Many of the factors listed above are beyond our control. Those factors may cause the market price of our common stock to decline significantly, regardless of our financial condition, results of operations and prospects. It is impossible to provide any assurance that the market price of our common stock will not fall in the future, and it may be difficult for holders to resell shares of our common stock at prices they find attractive, or at all. In the past, securities class action litigation has often been instituted against companies following periods of volatility in their stock price. This type of litigation could result in substantial costs and divert our management’s attention and resources.

Risks Relating to REITs and Income Taxes

We are Dependent on External Sources of Capital.

To qualify as a REIT, we must distribute to our stockholders each year at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and excluding any net capital gain). In addition, we intend to distribute all or substantially all of our net income so that we will generally not be subject to U.S. federal income tax on our earnings. Because of these distribution requirements, it is not likely that we will be able to fund all future capital needs, including acquisitions, from income from operations. We therefore will have to rely on third-party sources of debt and equity capital financing, which may or may not be available on favorable terms or at all. Our access to third-party sources of capital

depends on a number of factors, including conditions in the capital markets generally and the market’s perception of our growth potential and our current and potential future earnings. It may be difficult for us to meet one or more of the requirements for qualification as a REIT, including but not limited to our distribution requirement. Moreover, additional equity offerings may result in substantial dilution of stockholders’ interests and additional debt financing may substantially increase our leverage.

We Have a Stock Ownership Limit for REIT Tax Purposes.

To remain qualified as a REIT for U.S. federal income tax purposes, not more than 50% in value of our outstanding shares of capital stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the federal income tax laws applicable to REITs) at any time during the last half of any taxable year. To facilitate maintenance of our REIT qualification, our charter, subject to certain exceptions, prohibits Beneficial Ownership (as defined in our charter) by any single stockholder of more than 5% (in value or number of shares, whichever is more restrictive) of our outstanding capital stock. We refer to this as the “Ownership Limit”. 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 Internal Revenue Service (“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. The Ownership Limit could delay or prevent a change in control of us and therefore, could adversely affect our stockholders’ ability to realize a premium over the then-prevailing market price for their common stock or adversely affect the best interest of our stockholders.

Our Qualification as a REIT Is Dependent on Compliance with U.S. Federal Income Tax Requirements.

We believe we have been organized and operated in a manner so as to qualify for taxation as a REIT and we intend to continue to operate so as to qualify as a REIT for U.S. federal income tax purposes. Our current and continuing qualification as a REIT depends on our ability to meet the various requirements imposed by the Code, which relate to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If we qualify for taxation as a REIT, we are generally not subject to U.S. federal income tax on our taxable income that is distributed to our stockholders. However, qualification as a REIT for U.S. federal income tax purposes is governed by highly technical and complex provisions of the Code for which there are only limited judicial or administrative interpretations. In connection with certain transactions, we have received, and relied upon, advice of counsel as to the impact of such transactions on our qualification as a REIT. Our qualification as a REIT requires analysis of various facts and circumstances that may not be entirely within our control and we cannot provide any assurance that the IRS will agree with our analysis or the analysis of our tax counsel. In particular, the proper U.S. federal income tax treatment of right-to-use membership contracts and rental income from certain short-term stays at RV communities is uncertain and there is no assurance that the IRS will agree with our treatment of such contracts or rental income. 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, 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.

In fiscal year 2025, the One Big Beautiful Bill Act was passed, which contained a broad range of tax reform. The Company did not experience any material impact to its tax rates, expenses or obligations from the legislation during fiscal year 2025. Due to the dynamic nature of tax laws, projected tax liabilities could differ significantly from eventual obligations. The total impact and interpretation of the legislation remain uncertain, and misapplication of the new laws could lead to adverse results.

If, with respect to any taxable year, we failed to maintain our qualification as a REIT (and if specified relief provisions under the Code were not applicable to such disqualification), we would be disqualified from treatment as a REIT for the four taxable years following the year during which qualification was lost. If we lost our REIT status, we could not deduct distributions to stockholders in computing our net taxable income at regular corporate rates and we would be subject to U.S. federal income tax on our net taxable incomes. If we had to pay U.S. federal income tax, the amount of money available to

distribute to stockholders and pay indebtedness would be reduced for the year or years involved and we would no longer be required to distribute money to stockholders. Although we currently intend to operate in a manner designed to allow us to qualify as a REIT, future economic, market, legal, tax or other considerations may cause us to revoke the REIT election.

Furthermore, we own a direct interest in a subsidiary REIT, and in the past we have owned interests in other subsidiary REITs, each of which elected to be taxed as REITs under Sections 856 through 860 of the Code. Provided that each subsidiary REIT that we own qualifies as a REIT, our interest in such subsidiary REIT will be treated as a qualifying real estate asset for purposes of the REIT asset tests and any dividend income or gains derived by us from such subsidiary REIT will generally be treated as income that qualifies for purposes of the REIT gross income tests. To qualify as a REIT, the subsidiary REIT must independently satisfy all of the REIT qualification requirements. If such subsidiary REIT were to fail to qualify as a REIT and certain relief provisions did not apply, it would be treated as a regular taxable corporation and its income would be subject to U.S. federal income tax. In addition, a failure of the subsidiary REIT to qualify as a REIT could have an adverse effect on our ability to comply with the REIT income and asset tests and thus our ability to qualify as a REIT.

We May Pay Some Taxes, Reducing Cash Available for Stockholders.

Even if we qualify as a REIT for U.S. federal income tax purposes, we may be subject to some U.S. federal, foreign, state and local taxes on our income and property. Since January 1, 2001, certain of our corporate subsidiaries have elected to be treated as “taxable REIT subsidiaries” for U.S. 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. To the extent we are required to pay U.S. federal, foreign, state or local taxes or U.S. federal penalty taxes due to existing laws or changes to them, we will have less cash available for distribution to our stockholders.

Dividends Payable by REITs Generally Do Not Qualify For the Reduced Tax Rates Available For Some Dividends, Which May Negatively Affect the Value of Our Shares.

Income from “qualified dividends” payable to U.S. stockholders that are individuals, trusts and estates are generally subject to tax at preferential rates, currently at a maximum federal rate of 20%. Dividends payable by REITs, however, generally are not eligible for the preferential tax rates applicable to qualified dividend income. Under the Tax Cuts and Jobs Act, or the TCJA, however, U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning after December 31, 2017. Although this deduction reduces the effective tax rate applicable to certain dividends paid by REITs (generally to 29.6% assuming the shareholder is subject to the 37% maximum rate), such tax rate is still higher than the tax rate applicable to corporate dividends that constitute qualified dividend income. Accordingly, investors who are individuals, trusts and estates may perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could materially and adversely affect the value of the shares of REITs, including the per share trading price of our common stock.

Partnership Tax Audit Rules Could Have a Material Adverse Effect on Us.

The Bipartisan Budget Act of 2015 changed the rules applicable to U.S. federal income tax audits of partnerships. Under the rules, effective for taxable years beginning in 2018, among other changes and subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction, or credit of a partnership (and a partner’s allocable share thereof) is determined and taxes, interest and penalties attributable thereto are assessed and collected, at the partnership level. Unless the partnership makes an election permitted under the new law or takes certain steps to require the partners to pay their tax on their allocable shares of the adjustment, it is possible that partnerships in which we directly or indirectly invest, including the Operating Partnership, would be required to pay additional taxes, interest and penalties as a result of an audit adjustment. We, as a direct or indirect partner of the Operating Partnership and other partnerships, could be required to bear the economic burden of those taxes, interest and penalties even though the Company, as a REIT, may not otherwise have been required to pay additional corporate-level tax. The changes created by these rules are significant for collecting tax in partnership audits and accordingly, there can be no assurance that these rules will not have a material adverse effect on us.

We May be Subject to Adverse Legislative or Regulatory Tax Changes That Could Reduce the Market Price of Our Outstanding Common or Preferred Shares.

The IRS, the United States Treasury Department and Congress frequently review U.S. 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.

federal tax laws, regulations, interpretations or rulings will be adopted. Any legislative action may prospectively or retroactively modify our tax treatment and therefore, may adversely affect our taxation or our Company’s shareholders. We urge you to consult with your tax advisor with respect to the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our stock. Although REITs generally receive certain tax advantages compared to entities taxed as “C” corporations, it is possible that future legislation would result in a REIT having fewer tax advantages and it could become more advantageous for a company that invests in real estate to elect to be treated for U.S. federal income tax purposes as a “C” corporation.

Other Risk Factors Affecting Our Business

We May Identify Material Weaknesses in the Future or Otherwise Fail to Establish and Maintain Effective Internal Control Over Financial Reporting, Which Could Have a Material Adverse Effect on Our Business and Stock Price.

We are subject to Section 404 of the Sarbanes-Oxley Act of 2002, as amended (the “Sarbanes-Oxley Act”), which requires us to maintain internal control over financial reporting and to report any material weaknesses in such internal control. In addition, our independent registered public accounting firm is required to express an opinion on our internal control over financial reporting based on their audit.

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. 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.

Any failure to maintain effective internal control over financial reporting could adversely impact our ability to report our financial position and results of operations on a timely and accurate basis. 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. In any of these cases, there could be an adverse effect on our business, financial condition and results of operations. Ineffective internal control over financial reporting could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our stock.

We May Face Litigation and Other Risks as a Result of the Classification Error and Related Material Weakness in Our Internal Control Over Financial Reporting.

As a result of the classification error and related material weakness described in Part II, Item 9A. 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. However, we can provide no assurance that any litigation or dispute will not arise in the future. Any litigation or dispute, whether successful or not, could have a material adverse effect on our business, results of operations and financial condition.

Some Potential Losses Are Not Covered by Insurance.

We carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business interruption claims on all of our Properties. In addition, we carry liability coverage for other activities not specifically related to property operations. These coverages include, but are not limited to, Directors & Officers liability, Employment Practices liability, Fiduciary liability and Cyber liability. We believe that the policy specifications and coverage limits of these policies should be adequate and appropriate given the relative risk of loss, the cost of insurance and industry practice. There are, however, certain types of losses, such as punitive damages, lease and other contract claims that generally are not insured. Should an uninsured loss or a loss in excess of coverage limits occur, we could lose all or a portion of the capital we have invested in a Property or the anticipated future revenue from a Property. In such an event, we might nevertheless remain obligated for any mortgage debt or other financial obligations related to the Property.

Our current property and casualty insurance policies with respect to our MH and RV Properties, which we plan to renew, expires on April 1, 2026. 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. The deductibles for this policy primarily range from $500,000 minimum to 5.0% per unit of insurance for most catastrophic events. For most catastrophic events, there is an additional one-time aggregate deductible of $10.0 million, which is capped at $5.0 million per occurrence. We have separate insurance policies with respect to our marina Properties. Those casualty policies will expire on November 1, 2026, and the property insurance program, which we plan to renew, expires on April 1, 2026. The marina property insurance program has a $30.0 million per occurrence limit, subject to self-insurance and a minimum deductible of $100,000 plus, for named windstorms, 5.0% per unit of insurance subject to a $500,000 minimum. A deductible indicates our maximum exposure, subject to policy limits and sub-limits, in the event of a loss.

We Face Risks Relating to Cybersecurity Incidents and Privacy Laws.

We rely extensively on internally and externally hosted computer systems to process transactions, manage the privacy and security of data, including customer data, and operate our business. Critical components of our systems are dependent upon third-party providers and a significant portion of our business operations are conducted over the internet. 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. Such risks could include viruses, malware, ransomware, denial-of-service attacks, and cybersecurity attacks, attempts to gain unauthorized access to our data (directly or through third-party vendors) 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 our 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. While we continue to improve our cybersecurity and take measures to protect our business, it may not always be possible to anticipate, detect, or recognize threats to our systems, to implement effective preventive measures, nor to ensure that our business strategy, results of operation or financial results will not be negatively impacted by such an incident. 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. Information and data maintained in digital form are subject to the risks of unauthorized access, modification, exfiltration, destruction or denial of access. 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.

Negative information about us, or our officers, employees, Directors or Properties, even if untrue, could damage our reputation. In particular, information shared on social media platforms could cause us to suffer brand damage because social media platforms have increased the rapidity of the dissemination and greatly expanded the potential scope and scale of the impact of negative publicity. Furthermore, current or former employees, customers or others might make negative comments regarding us, publicly share material that reflects negatively on our reputation or disclose non-public sensitive information relating to our business. While we have customary internal policies related to posting Company information on public platforms, including social media sites, the continuing evolution of social media will present us with new challenges and risks.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Cybersecurity represents an important component of the Company’s overall approach to risk management. The Company’s cybersecurity policies, standards and practices are fully integrated into the Company’s enterprise risk management (“ERM”) approach, and cybersecurity risks are subject to oversight by the Company’s Board of Directors. The Company generally approaches cybersecurity threats through a cross-functional, multilayered approach, with the goals of: (i) identifying, preventing and mitigating cybersecurity threats to the Company; (ii) preserving the confidentiality, security and availability of the information that we collect and store to use in our business; (iii) protecting the Company’s intellectual property; and (iv) maintaining the confidence of our customers, clients and business partners.

Risk Management and Strategy

Consistent with overall ERM policies and practices, the Company’s cybersecurity program focuses on the following areas:

•Vigilance: The Company maintains a primarily domestic presence, with our cybersecurity threat operations designed with the specific goal of identifying, preventing and mitigating cybersecurity threats and responding to cybersecurity incidents in accordance with our established incident response and recovery plans.

•Systems Safeguards: The Company deploys systems safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, software updates and patches, anti-malware functionality and access controls, all of which are evaluated and improved through ongoing vulnerability assessments and cybersecurity threat intelligence.

•Collaboration: The Company utilizes collaboration mechanisms established with public and private entities, including intelligence and enforcement agencies, industry groups and third-party service providers, to identify, assess and respond to cybersecurity threats and risks.

•Third-Party Risk Management: The Company maintains a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of the Company’s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems.

•Training: The Company provides periodic mandatory training for personnel regarding cybersecurity threats, which reinforces the Company’s information security policies, standards and practices, and such training is scaled to reflect the roles, responsibilities and information systems access of such personnel.

•Incident Response and Recovery Planning: The Company has established and maintains incident response and recovery plans that address the Company’s response to a cybersecurity incident and the recovery from a cybersecurity incident, and such plans are tested, evaluated and adjusted periodically.

•Communication and Coordination: The Company utilizes a cross-functional approach to address the risk from cybersecurity threats, involving management personnel from the Company’s technology, operations, legal, risk management, internal audit and other key business functions, as well as the members of the Board of Directors and the Audit Committee in an ongoing dialogue regarding cybersecurity threats and incidents.

A key part of the Company’s strategy for managing risks from cybersecurity threats is the ongoing assessment and testing of the Company’s processes and practices through auditing, assessments, tabletop exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures. The Company regularly engages third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are reported to the Audit Committee and the Board of Directors, and the Company considers adjustments to its cybersecurity policies, standards, processes and practices as necessary based on the information provided by the assessments, audits and reviews.

The Company is not aware of any cybersecurity incidents in the last three years that have materially affected or are reasonably likely to materially affect the business strategy, results of operations, or financial condition of the Company. For more information regarding how cybersecurity threats could materially affect the Company, see “We Face Risks Relating to Cybersecurity Incidents and Privacy Laws.” in Item 1A. Risk Factors.

Governance

The Board of Directors, in coordination with the Audit Committee, oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that the Company’s management implements to

address risks from cybersecurity threats. The Board of Directors and the Audit Committee each receive regular presentations and reports on cybersecurity risks, which address a wide range of topics including, for example, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties. The Board of Directors and the Audit Committee receive prompt and timely information regarding any cybersecurity incident that meets established reporting guidelines. Decisions regarding the disclosure and reporting of such incidents are made by management in a timely manner. The Board of Directors and Audit Committee receive ongoing updates regarding any such incidents until they have been addressed. The Audit Committee regularly interacts with the Company’s ERM function, the Company’s Vice President of Information Technology, other members of management and relevant management committees, including the Company’s Security Advisory Board and Cybersecurity Incident Response Team. On a quarterly basis each year, the Audit Committee discusses the Company’s approach to cybersecurity risk management with the Company’s Vice President of Information Technology.

The Company’s Vice President of Information Technology is the member of the Company’s management that is principally responsible for overseeing the Company’s cybersecurity risk management program, in partnership with other business leaders across the Company. The Vice President of Information Technology works in coordination with the other members of the Security Advisory Board, which includes our Vice Chairman and Chief Executive Officer, Executive Vice President and Chief Financial Officer and Executive Vice President and Chief Legal Officer. The Company’s Vice President of Information Technology has over 27 years in Information Technology leadership including 17 years overseeing security and compliance operations. The Director of Information Security has over 16 years in various security roles in private and public sectors and has attained the professional certification of Certified Information Systems Security Professional (CISSP).

The Company’s Vice President of Information Technology and Director of Information Security, in coordination with the Security Advisory Board and Cybersecurity Incident Response Team, work collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. To facilitate the success of this program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company’s incident response and recovery plans. Through the ongoing communications from these teams, the Vice President of Information Technology and Director of Information Security, in coordination with the Security Advisory Board and Cybersecurity Incident Response Team monitor the prevention, detection, mitigation and remediation of cybersecurity incidents in real time, and report such incidents to the Audit Committee when appropriate.

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%


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%


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%


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%


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%


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%


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%


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%


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%


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%


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

EQUITY LIFESTYLE PROPERTIES INC 10-K