EQUITY LIFESTYLE PROPERTIES INC

Previous wording

We are a self-administered and self-managed real estate investment trust (“REIT”) with headquarters in Chicago, Illinois. 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. As of June 30, 2025, we owned or had an ownership interest in a portfolio of 455 Properties located throughout the United States and Canada containing 173,340 individual developed areas (“Sites”). These Properties are located in 35 states and British Columbia.

Current wording

We are a self-administered and self-managed real estate investment trust (“REIT”) with headquarters in Chicago, Illinois. 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. As of September 30, 2025, we owned or had an ownership interest in a portfolio of 455 Properties located throughout the United States and Canada containing 173,341 individual developed areas (“Sites”). These Properties are located in 35 states and British Columbia.

Previous wording

We generate the majority of our revenues from customers renting our Sites or entering into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. The revenue from seasonal and transient Sites is generally higher during the first and third quarters. We consider the transient revenue stream to be our most volatile as it is subject to weather conditions and other factors affecting the marginal RV customer’s vacation and travel preferences. We also generate revenue from customers renting our marina dry storage. Additionally, we have interests in joint venture Properties for which revenue is classified as Equity in income of unconsolidated joint ventures on the Consolidated Statements of Income and Comprehensive Income.

Current wording

We generate the majority of our revenues from customers renting our Sites or entering into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. The revenue from seasonal and transient Sites is generally higher during the first and third quarters. We consider the transient revenue stream to be our most volatile as it is subject to weather conditions and other factors affecting the marginal RV customer’s vacation and travel preferences. We also generate revenue from customers renting our marina dry storage. Additionally, we have interests in joint venture Properties for which revenue is classified as Equity in income/(loss) of unconsolidated joint ventures on the Consolidated Statements of Income and Comprehensive Income.

Previous wording

(1)Primarily utilized to service approximately 112,500 members. Includes approximately 5,800 Sites rented on an annual basis.

Current wording

(1)Primarily utilized to service approximately 111,900 members. Includes approximately 6,000 Sites rented on an annual basis.

Previous wording

Core property operating revenues increased 3.5% and Core income from property operations, excluding property management increased 6.4% for the quarter ended June 30, 2025, compared to the quarter ended June 30, 2024.

Current wording

Core property operating revenues increased 3.1% and Core income from property operations, excluding property management, increased 5.3% for the quarter ended September 30, 2025, compared to the quarter ended September 30, 2024.

Previous wording

We continue to focus on the quality of occupancy growth by increasing the number of manufactured homeowners in our Core Portfolio. Our Core Portfolio average occupancy includes both homeowners and renters in our MH communities and was 94.3% for the quarter ended June 30, 2025 and 94.9% for each of the quarters ended December 31, 2024 and June 30, 2024. During the quarter ended June 30, 2025, our Core Portfolio occupancy decreased by 40 sites, which included a decrease in homeowner occupancy of 127 sites and an increase in rental occupancy of 87 sites compared to March 31, 2025. While we continue to focus on increasing the number of manufactured homeowners in our Core Portfolio, we also believe renting our vacant homes represents an attractive source of occupancy and an opportunity to potentially convert the renter to a new homebuyer in the future. We continue to expect there to be fluctuations in the sources of occupancy depending on local market conditions, availability of vacant sites and success with converting renters to homeowners. As of June 30, 2025, we had 2,005 occupied rental homes in our Core MH communities.

Current wording

While we continue to focus on increasing the number of manufactured homeowners in our Core Portfolio, we also believe that renting our vacant homes represents an attractive source of occupancy and an opportunity to potentially convert the renter to a new homebuyer in the future. We continue to expect there to be fluctuations in the sources of occupancy gains depending on local market conditions, availability of vacant sites and success with converting renters to homeowners. Our Core Portfolio average occupancy includes both homeowners and renters in our MH communities and was 94.3% for the quarter ended September 30, 2025, 95.0% for the quarter ended September 30, 2024 and 94.9% for the quarter ended December 31, 2024. During the quarter ended September 30, 2025, our Core Portfolio occupancy increased by 4 sites, which included an increase in rental occupancy of 86 sites and a decrease in homeowner occupancy of 82 sites compared to June 30, 2025. As of September 30, 2025, we had 2,091 occupied rental homes in our Core MH communities.

Previous wording

RV and marina base rental income in our Core Portfolio increased 0.7% for the quarter ended June 30, 2025, compared to the same period in 2024, driven primarily by an increase in Annual RV rental income. Core RV and marina base rental income from annuals represents 76.1% of total Core RV and marina base rental income and increased 3.7% for the quarter ended June 30, 2025, compared to the quarter ended June 30, 2024, due to a 6.2% increase in rate, offset by a decline of 2.5% in occupancy. Core seasonal and transient RV and marina base rental income decreased 6.5% and 8.2%, respectively, for the quarter ended June 30, 2025, compared to the quarter ended June 30, 2024 due to returning supply following a period of weather-related disruption and a moderation in demand due in part to cooler weather and elevated levels of precipitation in the Northern and South Central United States that led to fewer transient stays.

Current wording

RV and marina base rental income in our Core Portfolio decreased 0.4% for the quarter ended September 30, 2025, compared to the same period in 2024, driven primarily by a decrease in Core Seasonal and Transient RV rental income, partially offset by an increase in Core Annual RV rental income. Core Seasonal and Core Transient RV and marina base rental income decreased 14.5% and 8.1%, respectively, for the quarter ended September 30, 2025, compared to the quarter ended September 30, 2024 due to returning competitor supply following a period of weather-related disruption, a moderation in demand, and a loss of Canadian customers in the Northeastern United States that led to fewer seasonal and transient stays. Core RV and marina base rental income from annuals represents 71.0% of total Core RV and marina base rental income and increased 3.9% for the quarter ended September 30, 2025, compared to the quarter ended September 30, 2024, due to a 6.0% increase in rate, offset by a 2.1% decline in occupancy since the quarter ended September 30, 2024. We have increased Core Annual RV occupancy by approximately 475 sites during the quarter ended September 30, 2025.

Previous wording

We closed 117 new home sales during the quarter ended June 30, 2025 compared to 255 new home sales during the quarter ended June 30, 2024, a decrease of 54.1%. The decrease in new home sales during the quarter ended June 30, 2025 was driven by a moderation in demand, primarily in the Florida market, resulting in fewer homes being sold, and a change in overall sales mix, resulting in a higher volume of lower priced homes being sold, this quarter as compared to the quarter ended June 30, 2024.

Current wording

We closed 119 new home sales during the quarter ended September 30, 2025 compared to 174 new home sales during the quarter ended September 30, 2024. The decrease in new home sales during the quarter ended September 30, 2025 was driven by a moderation in demand, primarily in the Florida market, resulting in fewer homes being sold this quarter as compared to the quarter ended September 30, 2024.

Previous wording

Our gross investment in real estate increased $112.8 million to $8,028.5 million as of June 30, 2025 from $7,915.7 million as of December 31, 2024, primarily due to capital improvements during the six months ended June 30, 2025.

Current wording

Our gross investment in real estate increased $192.9 million to $8,108.6 million as of September 30, 2025 from $7,915.7 million as of December 31, 2024, primarily due to capital improvements during the nine months ended September 30, 2025.

Previous wording

The following table reconciles net income available for Common Stockholders to income from property operations for the quarters and six months ended June 30, 2025 and 2024:

Current wording

The following table reconciles Net income available for Common Stockholders to Income from property operations for the quarters and nine months ended September 30, 2025 and 2024:

Previous wording

(2)Casualty-related charges/(recoveries), net for the quarter ended June 30, 2025 includes debris removal and cleanup costs related to hurricane events of $0.3 million and insurance recovery revenue of $0.8 million, including $0.6 million for reimbursement of capital expenditures. Casualty-related charges/(recoveries), net for the six months ended June 30, 2025 includes debris removal and cleanup costs related to hurricane events of $1.1 million and insurance recovery revenue of $1.5 million, including $0.6 million for reimbursement of capital expenditures.

Current wording

(1)Casualty-related charges/(recoveries), net for the quarter ended September 30, 2025 includes $3.7 million for reimbursement of capital expenditures. Casualty-related charges/(recoveries), net for the nine months ended September 30, 2025 includes debris removal and cleanup costs related to hurricane events of $1.0 million and insurance recovery revenue of $5.1 million, including $4.3 million for reimbursement of capital expenditures.

Previous wording

The following table presents a calculation of FFO available for Common Stock and OP Unitholders and Normalized FFO available for Common Stock and OP Unitholders for the quarters and six months ended June 30, 2025 and 2024:

Current wording

The following table presents a calculation of FFO available for Common Stock and OP Unitholders and Normalized FFO available for Common Stock and OP Unitholders for the quarters and nine months ended September 30, 2025 and 2024:

Previous wording

This section discusses the comparison of our results of operations for the quarters and six months ended June 30, 2025 and 2024 and our operating activities, investing activities and financing activities for the six months ended June 30, 2025 and 2024. Our Core Portfolio consists of our Properties owned and operated during all of 2024 and 2025. Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2024 and 2025, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events. For the comparison of our results of operations for the quarters and six months ended June 30, 2024 and June 30, 2023 and discussion of our operating activities, investing activities and financing activities for the six months ended June 30, 2024 and June 30, 2023, refer to Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024, filed with the SEC on July 30, 2024.

Current wording

This section discusses the comparison of our results of operations for the quarters and nine months ended September 30, 2025 and 2024 and our operating activities, investing activities and financing activities for the nine months ended September 30, 2025 and 2024. Our Core Portfolio consists of our Properties owned and operated during all of 2024 and 2025. Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2024 and 2025, including six properties in Florida impacted by Hurricane Ian and two properties in California that were impacted by storm and flooding events. For the comparison of our results of operations for the quarters and nine months ended September 30, 2024 and September 30, 2023 and discussion of our operating activities, investing activities and financing activities for the nine months ended September 30, 2024 and September 30, 2023, refer to Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024, filed with the SEC on October 30, 2024.

Previous wording

(1)Rental income consists of the following total portfolio income items in this table: 1) MH base rental income, 2) Rental home income, 3) RV and marina base rental income and 4) Utility income, which is calculated by subtracting Other income on the Consolidated Statements of Income and Comprehensive Income from Utility and other income in this table. The difference between the sum of the total portfolio income items and Rental income on the Consolidated Statements of Income and Comprehensive Income is bad debt expense, which is presented in Property operating and maintenance expense in this table.

Current wording

(1)Rental income consists of the following total portfolio income items in this table: 1) MH base rental income, 2) Rental home income, 3) RV and marina base rental income and 4) Utility income, which is calculated by subtracting Other income on the Consolidated Statements of Income and Comprehensive Income from Utility and other income in this table. The difference between the sum of the total portfolio income items and Rental income on the Consolidated Statements of Income and Comprehensive Income is bad debt expense, which is presented in Insurance and other in this table.

Previous wording

(3)Membership upgrade revenue is net of deferrals of $3.1 million and $4.7 million for the quarters ended June 30, 2025 and 2024, respectively.

Current wording

(3)Membership upgrade revenue is net of deferrals of $3.1 million and $5.9 million for the quarters ended September 30, 2025 and 2024, respectively.

Previous wording

(5)Membership sales and marketing expense is net of sales commission deferrals of $0.9 million for the quarters ended June 30, 2025 and 2024.

Current wording

(5)Membership sales and marketing expense is net of sales commission deferrals of $0.9 million and $1.2 million for the quarters ended September 30, 2025 and 2024, respectively.

Previous wording

Total Portfolio Income from property operations for the quarter ended June 30, 2025 increased $9.7 million, or 5.8%, from the quarter ended June 30, 2024 driven by an increase of $10.3 million, or 6.3%, from our Core Portfolio, offset by a decrease of $0.6 million from our Non-Core Portfolio. The increase in Income from property operations from our Core Portfolio was primarily due to higher Property operating revenues, primarily in MH base rental income and Utility and other income. Property operating expenses for the quarter ended June 30, 2025 were comparable to the same period in 2024.

Current wording

Total Portfolio Income from property operations for the quarter ended September 30, 2025 increased $9.9 million, or 5.6%, from the quarter ended September 30, 2024 driven by an increase of $10.1 million, or 5.8%, from our Core Portfolio, offset by a decrease of $0.2 million from our Non-Core Portfolio. The increase in Income from property operations from our

Previous wording

MH base rental income in our Core Portfolio for the quarter ended June 30, 2025 increased $9.7 million, or 5.5%, from the quarter ended June 30, 2024, which reflects 5.8% growth from rate increases offset by a decrease of 0.3% in occupancy. The average monthly base rental income per Site in our Core Portfolio increased to approximately $904 for the quarter ended June 30, 2025 from approximately $854 for the quarter ended June 30, 2024. The average occupancy for our Core Portfolio was 94.3% and 94.9% for the quarters ended June 30, 2025 and 2024, respectively.

Current wording

MH base rental income in our Core Portfolio for the quarter ended September 30, 2025 increased $9.8 million, or 5.5%, from the quarter ended September 30, 2024, which reflects 6.0% growth from rate increases offset by a 0.5% decrease in occupancy. The average monthly MH base rental income per Site in our Core Portfolio increased to approximately $912 for the quarter ended September 30, 2025 from approximately $861 for the quarter ended September 30, 2024. The average occupancy for our Core Portfolio was 94.3% and 95.0% for the quarters ended September 30, 2025 and 2024, respectively.

Previous wording

Utility and other income in our Core Portfolio for the quarter ended June 30, 2025 increased $1.5 million, or 4.9%, from the quarter ended June 30, 2024. The increase was primarily due to a $1.0 million and $0.4 million increase in utility income and pass-through income, respectively. The utility recovery rate (utility income divided by utility expenses) for the quarters ended June 30, 2025 and 2024 was approximately 49% and 46%, respectively.

Current wording

Utility and other income in our Core Portfolio for the quarter ended September 30, 2025 increased $1.3 million, or 3.8%, from the quarter ended September 30, 2024. The increase was primarily due to a $1.5 million and $0.4 million increase in utility income and pass-through income, respectively, partially offset by a decrease of$0.6 million in insurance proceeds. The utility recovery rate (utility income divided by utility expenses) for the quarters ended September 30, 2025 and 2024 was approximately 48% and 47%, respectively.

Previous wording

Property operating expenses, excluding property management, in our Core Portfolio for the quarter ended June 30, 2025 were in line with the quarter ended June 30, 2024, driven by increases in Repairs and maintenance expenses of $2.0 million, Real estate taxes of $1.5 million, and Utilities expense of $0.2 million, partially offset by a decrease in Membership sales and marketing of $2.1 million, Insurance and other of $1.2 million, and Rental home operating and maintenance of $0.3 million. The increase in Repairs and maintenance expenses is primarily due to higher lawn and common area maintenance expense, contract repairs and extraordinary repairs and maintenance expenses. The increase in Real estate taxes was primarily driven by higher real estate taxes in Florida. The increase in Utilities expense is due to increases in trash, water and electric expense. The decrease in Membership sales and marketing expense was driven by a decrease in allowances for credit losses related to financed membership products that are no longer being offered beginning in the first quarter of 2025. The decrease in Insurance and other expenses was primarily driven by a decrease in administrative, insurance and rental home expense.

Current wording

Property operating expenses, excluding property management, in our Core Portfolio for the quarter ended September 30, 2025 increased$0.8 million, or 0.5%, from the quarter ended September 30, 2024, driven by increases in Utility expense of $2.3 million, Insurance and other of $0.6 million and Repairs and maintenance of $0.5 million, partially offset by a decrease in Membership sales and marketing of $2.2 million and Real estate taxes of $0.2 million. The increase in Utility expense was due to increases in sewer, water and trash expense. The increase in Insurance and other was primarily driven by an increase in miscellaneous expense and bad debt expense, partially offset by a decrease in insurance expense. The increase in Repairs and maintenance was primarily due to higher lawn and common area maintenance expense and contract repairs, partially offset by a decrease in extraordinary repairs and maintenance expenses. The decrease in Membership sales and marketing expense was driven by a decrease in commissions and allowances for credit losses related to financed membership products that are no longer being offered beginning in the first quarter of 2025. The decrease in Real estate taxes was primarily driven by lower real estate taxes in Florida.

Previous wording

Gross revenues from new home sales decreased $13.3 million and Cost of new home sales decreased $10.7 million during the quarter ended June 30, 2025 compared to the quarter ended June 30, 2024 as a result of a moderation in demand, primarily in the Florida market, resulting in fewer homes being sold, and a change in overall sales mix, resulting in a higher volume of lower priced homes being sold, during the quarter ended June 30, 2025 as compared to the quarter ended June 30, 2024.

Current wording

Gross revenues from new home sales decreased $5.6 million and Cost of new home sales decreased $4.3 million during the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 as a result of a change in overall sales mix, resulting in a higher percentage of lower priced homes being sold, primarily in the Florida market, during the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024.

Previous wording

(1)Consists of Site rental income and home rental income. Approximately $5.2 million for the quarters ended June 30, 2025 and 2024 of Site rental income is included in MH base rental income in the Core Portfolio Income from Property Operations table. The remainder of home rental income is included in Rental home income in our Core Portfolio Income from Property Operations table.

Current wording

(1)Consists of Site rental income and home rental income. Approximately $5.5 million and $5.1 million for the quarters ended September 30, 2025 and 2024 of Site rental income is included in MH base rental income in the Core Portfolio Income from Property Operations table. The remainder of home rental income is included in Rental home income in our Core Portfolio Income from Property Operations table.

Previous wording

Rental operations revenues were $0.2 million, or 1.8%, higher during the quarter ended June 30, 2025 compared to the quarter ended June 30, 2024 primarily due to increases in rate.

Current wording

Rental operations revenues were $0.6 million, or 6.8%, higher during the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 primarily due to an increase in the number of occupied rentals.

Previous wording

Total Other income and expenses, net decreased $1.7 million for the quarter ended June 30, 2025 compared to the quarter ended June 30, 2024 primarily due to lower Interest and related amortization and Other expenses, partially offset by higher General and administrative expense and Depreciation and amortization.

Current wording

Total Other income and expenses, net decreased $2.8 million forthe quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 primarily due to lower Interest and related amortization, Other expenses and General and Administrative expense, and higher Interest income, partially offset by higher Depreciation and amortization.

Previous wording

During the quarters ended June 30, 2025 and 2024, we recognized expenses of approximately $0.3 million and $0.7 million, respectively, related to debris removal and cleanup costs from hurricane events, with insurance recovery revenue accruals of approximately $0.2 million and $0.7 million related to the expenses incurred during the same periods. During the quarters ended June 30, 2025 and 2024, we also recognized excess insurance recovery revenue of approximately $0.6 million and $6.2 million, respectively, for reimbursement of capital expenditures related to Hurricane Ian. The debris and cleanup costs and offsetting recovery accrual and reimbursement of capital expenditures are reflected in Casualty-related charges/(recoveries), net on the Consolidated Statements of Income and Comprehensive Income.

Current wording

During the quarter ended September 30, 2024, we recognized expenses of approximately $2.3 million related to debris removal and cleanup costs from hurricane events, with insurance recovery revenue accruals of approximately $1.3 million related to the expenses incurred during the same period. During the quarters ended September 30, 2025 and 2024, we also recognized excess insurance recovery revenue of approximately $3.7 million and $0.5 million, respectively, for reimbursement of capital expenditures related to Hurricane Ian. The debris and cleanup costs and offsetting recovery accrual and reimbursement of capital expenditures are reflected in Casualty-related charges/(recoveries), net on the Consolidated Statements of Income and Comprehensive Income.

Previous wording

Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024

Current wording

Comparison of the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024

Previous wording

The following table summarizes certain financial and statistical data for the Core Portfolio and the total portfolio for the six months ended June 30, 2025 and 2024:

Current wording

The following table summarizes certain financial and statistical data for the Core Portfolio and the total portfolio for the nine months ended September 30, 2025 and 2024:

Previous wording

(1)Rental income consists of the following total portfolio income items: 1) MH base rental income, 2) Rental home income, 3) RV and marina base rental income and 4) Utility income, which is calculated by subtracting Other income on the Consolidated Statements of Income and Comprehensive Income from Utility and other income in this table. The difference between the sum of the total portfolio income items and Rental income on the Consolidated Statements of Income and Comprehensive Income is bad debt expense, which is presented in Property operating maintenance expense in this table.

Current wording

(1)Rental income consists of the following total portfolio income items: 1) MH base rental income, 2) Rental home income, 3) RV and marina base rental income and 4) Utility income, which is calculated by subtracting Other income on the Consolidated Statements of Income and Comprehensive Income from Utility and other income in this table. The difference between the sum of the total portfolio income items and Rental income on the Consolidated Statements of Income and Comprehensive Income is bad debt expense, which is presented in Insurance and other in this table.

Previous wording

(3)Membership upgrade revenue is net of deferrals of $4.0 million and $8.3 million for the six months ended June 30, 2025 and 2024, respectively.

Current wording

(3)Membership upgrade revenue is net of deferrals of $7.1 million and $14.2 million for the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

(5)Membership sales and marketing expense is net of sales commission deferrals of $1.1 million and $1.3 million the six months ended June 30, 2025 and 2024, respectively.

Current wording

(5)Membership sales and marketing expense is net of sales commission deferrals of $2.0 million and $2.4 million the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

Total Portfolio Income from property operations for the six months ended June 30, 2025 increased $15.5 million, or 4.3%, from the same period in 2024 driven by an increase of $17.4 million, or 5.0%, from our Core Portfolio, offset by a decrease of $1.9 million from our Non-Core Portfolio. The increase in Income from property operations from our Core Portfolio was primarily due to higher Property operating revenues, primarily in MH base rental income and Utility and other income, partially offset by an increase in Repairs and maintenance and Real estate taxes.

Current wording

Total Portfolio Income from property operations for the nine months ended September 30, 2025 increased $25.4 million, or 4.8%, from the same period in 2024 driven by an increase of $27.4 million, or 5.3%, from our Core Portfolio, offset by a decrease of $2.0 million from our Non-Core Portfolio. The increase in Income from property operations from our Core Portfolio was primarily due to higher Property operating revenues, primarily in MH base rental income and Utility and other income, and lower Membership sales and marketing expense, partially offset by an increase in Repairs and maintenance, Utility expense and Real estate taxes.

Previous wording

MH base rental income in our Core Portfolio for the six months ended June 30, 2025 increased $19.2 million, or 5.5%, from the same period in 2024, which reflects 5.7% growth from rate increases and a decline in occupancy of 0.2%. The average monthly base rental income per Site in our Core Portfolio increased to approximately $899 for the six months ended June 30, 2025 from approximately $851 for the six months ended June 30, 2024. The average occupancy for the Core Portfolio was 94.4% and 94.9% for the six months ended June 30, 2025 and 2024, respectively.

Current wording

MHbase rental income in our Core Portfolio for the nine months ended September 30, 2025 increased $29.1 million, or 5.5%, from the same period in 2024, which reflects 5.8% growth from rate increases and a decline in occupancy of 0.3%. The average monthly MH base rental income per Site in our Core Portfolio increased to approxi mately $904 for the nine months ended September 30, 2025 from approximately $854 for the nine months ended September 30, 2024. The average occupancy for the Core Portfolio was 94.4% and 94.9% for the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

RV and marina base rental income in our Core Portfolio for the six months ended June 30, 2025 increased $1.0 million, or 0.4%, from the same period in 2024 due to an increase in Annual RV and marina base rental income of 3.9%, partially offset by decreases in Seasonal and Transient RV and marina base rental income of 5.6% and 8.6%, respectively, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decreases in Seasonal and Transient RV and marina base rental income were primarily driven by returning competitor supply following a period of weather-related disruption, a return to normalized demand and cooler weather and elevated levels of precipitation in the Northern and South Central United States that contributed to fewer stays in the second quarter.

Current wording

RVand marina base rental income in our Core Portfolio for the nine months ended September 30, 2025 increased $0.5 million, or 0.2%, from the same period in 2024 due to an increase in Annual RV and marina base rental income of 3.9%, partially offset by decreases in Seasonal and Transient RV and marina base rental income of 7.1% and 8.4%, respec tively, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decreases in Seasonal and Transient RV and marina base rental income were primarily driven by returning competitor supply following a period of weather-related disruption, a moderation in demand and the loss of Canadian guests.

Previous wording

Utility and other income in our Core Portfolio for the six months ended June 30, 2025 increased $2.7 million, or 4.4%, from the same period in 2024. The increase was primarily due to an increase in utility income and pass-through income of $1.8 million and $1.0 million, respectively. The utility recovery rate (utility income divided by utility expenses) for the six months ended June 30, 2025 and 2024 was approximately 48% and 46%, respectively.

Current wording

Utility and other income in our Core Portfolio for the nine months ended September 30, 2025 increased $4.0 million, or 4.2%, from the same period in 2024. The increase was primarily due to an increase in utility income and pass-through income of $3.3 million and $1.4 million, respectively, partially offset by a decrease in other property income and insurance proceeds. The utility recovery rate (utility income divided by utility expenses) for the nine months ended September 30, 2025 and 2024 was approximately 48% and 47%, respectively.

Previous wording

Property operating expenses, excluding property management, in our Core Portfolio for the six months ended June 30, 2025 increased $2.1 million, or 0.7%, from the same period in 2024 driven by increases in Repairs and maintenance expenses, Real estate taxes, and Utilities expense of $3.4 million, $2.1 million, and $0.9 million, respectively, partially offset by decreases in Membership sales and marketing expenses, Rental home operating and maintenance, and Payroll of $3.5 million, $0.5 million, and $0.3 million, respectively. The increase in Repairs and maintenance expenses was primarily driven by increases in lawn and common area maintenance expenses, contract repairs and extraordinary repairs and maintenance expenses, partially offset by a decrease in maintenance and housekeeping supplies. The increase in Real estate taxes was primarily due to an increase in real estate taxes in our Florida portfolio. The increase in Utilities expense was due to increases in water, trash and electric expense, partially offset by a decrease in cable and sewer expense. The decrease in Membership sales and marketing expense was primarily driven by a decrease in allowances for credit losses related to financed membership products that beginning in the first quarter of 2025 are no longer being offered. The decrease in Rental home operating and maintenance expense was primarily driven by a decrease in rental home repairs and maintenance expenses. The decrease in Payroll expenses was primarily driven by reduced temporary labor and overtime costs.

Current wording

Property operating expenses, excluding property management, in our Core Portfolio for the nine months ended September 30, 2025 increased $2.9 million, or 0.6%, from the same period in 2024 driven by increases in Repairs and maintenance, Utility expense and Real estate taxes of$3.8 million, $3.2 million and $1.8 million, respectively, partially offset by a decrease in Membership sales and marketing expenses of $5.7 million. The increase in Repairs and maintenance was primarily driven by increases in lawn and common area maintenance expenses and contract repairs, partially offset by a decrease in extraordinary repairs and maintenance expenses. The increase in Utility expense was due to increases in trash, water, sewer and electric expense, partially offset by a decrease in cable expense. The increase in Real estate taxes was primarily due to an increase in real estate taxes in our Florida portfolio. The decrease in Membership sales and marketing expense was primarily driven by a decrease in commissions and allowances for credit losses related to financed membership products that beginning in the first quarter of 2025 are no longer being offered.

Previous wording

Gross revenues from new home sales decreased $21.5 million and Cost of new home sales decreased $17.6 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 driven by a moderation in demand, primarily in the Florida and Arizona markets, which resulted in fewer homes being sold during the six months ended June 30, 2025, a change in overall sales mix, resulting in a higher volume of lower priced homes being sold, and disruption due to Hurricanes Milton and Helene.

Current wording

Gross revenues from new home sales decreased $27.2 million and Cost of new home sales decreased $21.9 million during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 driven by a moderation in demand, primarily in the South and West regions, disruption in demand due to hurricane events, and a change in overall sales mix, resulting in a higher percentage of lower priced homes being sold.

Previous wording

(1)Consists of Site rental income and home rental income in our Core Portfolio. Approximately $10.2 million and $10.8 million of Site rental income for the six months ended June 30, 2025 and 2024, respectively, are included in MH base rental income within the Core Portfolio Income from Property Operations table. The remainder of home rental income is included in Rental home income within the Core Portfolio Income from Property Operations table.

Current wording

(1)Consists of Site rental income and home rental income in our Core Portfolio. Approximately $15.7 million and $15.9 million of Site rental income for the nine months ended September 30, 2025 and 2024, respectively, are included in MH base rental income within the Core Portfolio Income from Property Operations table. The remainder of home rental income is included in Rental home income within the Core Portfolio Income from Property Operations table.

Previous wording

Rental operations revenues were $0.5 million, or 2.9%, lower during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to a net decrease in the number of occupied rentals.

Current wording

Rental operations revenues were $0.1 million, or 0.2%, higher during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily due to an increase in the number of occupied rentals.

Previous wording

Total Other income and expenses, net decreased $6.3 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to lower Interest and related amortization and General and administrative expenses, partially offset by higher Depreciation and amortization.

Current wording

Total Other income and expenses, net decreased $9.1 million duringthe nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily due to lower Interest and related amortization, General and administrative expenses and Other expenses, partially offset by higher Depreciation and amortization and lower Income from other investments, net.

Previous wording

During the six months ended June 30, 2025 and 2024, we recognized expenses of approximately $1.1 million and $1.2 million, respectively, related to debris removal and cleanup costs from hurricane events, with insurance recovery revenue accruals of $0.8 million and $1.2 million related to the expenses incurred during the same periods. During the six months ended June 30, 2025 and 2024, we also recognized insurance recovery revenue in excess of expenses for Hurricane Ian of $0.6 million and $21.0 million, respectively, within Casualty-related charges/(recoveries), net. The debris and cleanup costs and offsetting recovery accrual and reimbursement of capital expenditures are reflected in Casualty-related charges/(recoveries), net on the Consolidated Statements of Income and Comprehensive Income.

Current wording

During the nine months ended September 30, 2025 and 2024, we recognized expenses of approximately $1.0 million and $3.5 million, respectively, related to debris removal and cleanup costs from hurricane events, with insurance recovery revenue accruals of $0.8 million and $2.5 million, respectively, related to the expenses incurred during the same periods. During the nine months ended September 30, 2025 and 2024, we also recognized insurance recovery revenue in excess of expenses for

Previous wording

As of June 30, 2025, we had available liquidity in the form of approximately 408.8 million shares of authorized and unissued common stock, par value $0.01 per share, and 10.0 million shares of authorized and unissued preferred stock registered for sale under the Securities Act of 1933, as amended.

Current wording

As of September 30, 2025, we had available liquidity in the form of approximately 406.2 million shares of authorized and unissued common stock, par value $0.01 per share, and 10.0 million shares of authorized and unissued preferred stock registered for sale under the Securities Act of 1933, as amended.