EQUITY LIFESTYLE PROPERTIES INC

Previous wording

•Net income per share of common stock (“Common Share”) on a fully diluted basis was $1.96 for the year ended December 31, 2024, 16.0% higher than the year ended December 31, 2023.

Current wording

•Net income per share of common stock (“Common Share”) on a fully diluted basis was $2.01 for the year ended December 31, 2025, 2.6% higher than the year ended December 31, 2024.

Previous wording

•Normalized FFO per Common Share on a fully diluted basis was $2.91 for the year ended December 31, 2024, 5.9% higher than the year ended December 31, 2023.

Current wording

•Normalized FFO per Common Share on a fully diluted basis was $3.06 for the year ended December 31, 2025, 5.0% higher than the year ended December 31, 2024.

Previous wording

•Added 736 expansion sites during the year ended December 31, 2024.

Current wording

•Added 362 expansion sites during the year ended December 31, 2025.

Previous wording

•Core portfolio generated growth of 6.5% in income from property operations, excluding property management, for the year ended December 31, 2024, compared to the year ended December 31, 2023.

Current wording

•Core portfolio generated growth of 4.8% in income from property operations, excluding property management, for the year ended December 31, 2025, compared to the year ended December 31, 2024, exceeding our long-term quarterly average of 4.5%.(2)

Previous wording

•Core RV and marina base rental income for the year ended December 31, 2024 increased by 3.0%, compared to the year ended December 31, 2023.

Current wording

•Core MH base rental income for the year ended December 31, 2025 increased by $39.2 million, or 5.5%, compared to the year ended December 31, 2024.

Previous wording

•Core Annual RV and marina base rental income for the year ended December 31, 2024 increased by 6.5%, compared to the year ended December 31, 2023.

Current wording

•Core Annual RV and marina base rental income for the year ended December 31, 2025 increased by $12.2 million, or 4.1%, compared to the year ended December 31, 2024. During the second half of 2025, we increased Annual RV occupancy by 506 sites on a net basis.

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 December 31, 2024, we owned or had an ownership interest in a portfolio of 452 Properties located throughout the United States and Canada containing 173,201 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 December 31, 2025, we owned or had an ownership interest in a portfolio of 453 Properties located throughout the United States and Canada containing 173,371 individual developed areas (“Sites”). These Properties are located in 35 states and British Columbia.

Previous wording

We believe the demand from baby boomers for MH and RV communities will continue to be strong over the long term. It is estimated that approximately 10,000 Americans turn 65 years old every day and all baby boomers will be at least age 65 by 2030. These individuals, seeking an active lifestyle, will continue to drive the market for second-home sales as vacation properties, investment opportunities or retirement retreats. We expect it is likely that over the next decade, 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. We also believe the Millennial and Generation Z demographic will contribute to our future long-term customer pipeline. After conducting a comprehensive study of RV ownership, according to the Recreational Vehicle Industry Association (“RVIA”), data suggested that RV sales are expected to benefit from an increase in demand from those born in the United States from 1980 to 2003, or Millennials and Gen Z, over the coming years. We believe the demand from baby boomers and these younger generations will continue to outpace supply for MH and RV communities. The entitlement process to develop new MH and RV communities is extremely restrictive. As a result, there have been limited new communities developed in our target geographic markets.

Current wording

We believe the demand from baby boomers for MH and RV communities will continue to be strong over the long term. It is estimated that approximately 10,000 Americans turn 65 years old every day and all baby boomers will be at least age 65 by 2030. These individuals, seeking an active lifestyle, will continue to drive the market for second-home sales as vacation properties, investment opportunities or retirement retreats. We expect 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. We also believe the Millennial and Generation Z demographic will contribute to our future long-term customer pipeline. After conducting a comprehensive study of RV ownership, according to the Recreational Vehicle Industry Association (“RVIA”), data suggested that RV sales are expected to benefit from an increase in demand from those born in the United States from 1980 to 2003, or Millennials and Gen Z, over the coming years. We believe the demand from baby boomers and these younger generations will continue to outpace supply for MH and RV communities. The entitlement process to develop new MH and RV communities is extremely restrictive. As a result, there have been limited new communities developed in our target geographic markets.

Previous wording

Approximately one quarter of our rental agreements on MH Sites contain rent increase provisions that are directly or indirectly connected to the published CPI statistics issued from June through September of the year prior to the increase effective date. Approximately two-thirds of these rental agreements are subject to a CPI floor of approximately 3.0% to 5.0%.

Current wording

Approximately one quarter of our rental agreements on MH Sites contain rent increase provisions that are directly or indirectly connected to published CPI statistics. Approximately half of these rental agreements are subject to a CPI floor of approximately 2.0% to 6.0%.

Previous wording

State and local rent control regulations affect 28 wholly-owned Properties, including 14 of our 47 California Properties, all 7 of our Delaware Properties, 1 of our 2 Maryland Properties, 1 of our 5 Massachusetts Properties, 1 of our 11 New Jersey Properties, 1 of our 7 New York Properties and 3 of our 11 Oregon Properties. These rent control regulations govern rent increases and generally permit us to increase rates by a percentage of the increase in the national, regional or local CPI, depending on the rent control ordinance. These rate increases generally range from 60.0% to 100.0% of CPI with certain limits depending on the jurisdiction.

Current wording

State and local rent control regulations or rent-regulating governmental bodies affect 33 wholly-owned Properties, including 14 of our 47 California Properties, our 1 Connecticut Property, all 7 of our Delaware Properties, 1 of our 2 Maryland Properties, 1 of our 5 Massachusetts Properties, 1 of our 11 New Jersey Properties, 1 of our 7 New York Properties, 1 of our 14 Washington Properties, and 6 of our 11 Oregon Properties. These rent control regulations govern rent increases and generally permit us to increase rates by either a defined percentage or a percentage of the increase in the national, regional or local CPI, depending on the rent control ordinance, which CPI-based increases generally range from 60.0% to 100.0% of CPI with certain limits depending on the jurisdiction.

Previous wording

(1)Primarily utilized to service the approximately 113,600 members. Includes approximately 5,900 Sites rented on an annual basis.

Current wording

(1)Primarily utilized to service the approximately 108,700 members. Includes approximately 6,000 Sites rented on an annual basis.

Previous wording

Membership Sites are primarily utilized to service approximately 113,600 annual subscription members, including 21,500 free trial members added through our RV dealer program. The majority of the remaining 92,100 have purchased a Thousand Trails Camping (“TTC”) membership, which is an annual subscription providing the member access to our Properties in one to five geographic regions of the United States. In 2024, a TTC membership for a single geographic region required an annual payment of $725. In addition, members are eligible to upgrade their subscriptions. A membership upgrade may offer (1) increased length of consecutive stay; (2) the ability to make earlier advance reservations; (3) discounts on rental accommodations and (4) access to additional properties, including non-membership recreational vehicle ("RV") properties. Certain membership upgrades require a non-refundable upfront payment, for which we offer financing options to eligible customers. As a customer acquisition tool, we have relationships with a network of RV dealers to provide each new RV owner with a free one-year trial subscription to a TTC membership.

Current wording

Membership Sites are primarily utilized to service approximately 108,700 annual subscription members, including 20,700 free trial members added through our RV dealer program. The majority of the remaining 88,000 have purchased a Thousand Trails Camping (“TTC”) membership, which is an annual subscription providing the member access to our Properties in one to five geographic regions of the United States. In 2025, a TTC membership for a single geographic region required an annual payment of $755. 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. Prior to the introduction of subscription-based upgrade products, membership upgrades required non-refundable upfront payments. Members who purchased an upgrade with a non-refundable upfront payment and remain in good standing are entitled to enhanced benefits for as long as they choose to remain in the program.

Previous wording

For the year ended December 31, 2024, property operating revenues in our Core Portfolio, increased 4.8% and property operating expenses in our Core Portfolio, excluding property management, increased 2.6%, from the year ended December 31, 2023, resulting in increased income from property operations, excluding property management, of 6.5%.

Current wording

For the year ended December 31, 2025, property operating revenues in our Core Portfolio increased 3.2% and property operating expenses in our Core Portfolio, excluding property management, increased 1.0% from the year ended December 31, 2024, resulting in increased income from property operations, excluding property management, of 4.8%.

Previous wording

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 gains depending on local market conditions, availability of vacant sites and success with converting renters to homeowners. Our Core

Current wording

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 gains depending on local market conditions, availability of vacant sites and success with converting renters to homeowners. On a weighted average basis, our Core Portfolio was comprised of approximately 92% homeowners and 3% renters, and our average aggregate occupancy in our MH communities was approximately 94% and 95% for the years ended December 31, 2025 and December 31, 2024, respectively. For the year ended December 31, 2025, our Core Portfolio occupancy decreased by 279 sites, which included an increase in rental occupancy of 190 sites and a decrease in homeowner occupancy of 469 sites. The decrease of 279 sites was primarily driven by hurricane activity in late 2024. During the year ended December 31, 2025, we also added 362 expansion sites in the Core Portfolio. In addition to maintaining occupancy, we have experienced rental rate increases during the year ended December 31, 2025, which contributed to a growth of 5.5% in Core MH base rental income compared to the same period in 2024.

Previous wording

RV and marina base rental income in our Core Portfolio for the year ended December 31, 2024, was 3.0% higher than the same period in 2023 and was driven by an increase in annual revenues. Core RV and marina base rental income from annuals represents 70.3% of total Core RV and marina base rental income and increased 6.5% for the year ended December 31, 2024 compared to the same period in 2023. Core seasonal RV and marina base rental income decreased 4.7% for the year ended December 31, 2024 compared to the same period in 2023. Core transient RV and marina base rental income decreased 4.3% for the year ended December 31, 2024 compared to the same period in 2023.

Current wording

RV and marina base rental income in our Core Portfolio for the year ended December 31, 2025 was 0.2% higher than the same period in 2024 and was driven by an increase in annual revenues. Core RV and marina base rental income from annuals represents 73.1% of total Core RV and marina base rental income and increased 4.1% for the year ended December 31, 2025 compared to the same period in 2024. Core seasonal RV and marina base rental income decreased 9.9% for the year ended December 31, 2025 compared to the same period in 2024. Core transient RV and marina base rental income decreased 8.5% for the year ended December 31, 2025 compared to the same period in 2024.

Previous wording

We continue to experience a stable membership base within our Thousand Trails portfolio. For the year ended December 31, 2024, annual membership subscriptions revenue increased 0.8% over the same period in 2023. During the year ended December 31, 2024, we sold 19,539 TTC memberships and activated 23,552 TTC memberships through our RV dealer program.

Current wording

We continue to generate stable revenue from our Thousand Trails membership base within our Thousand Trails portfolio. For the year ended December 31, 2025, annual membership subscriptions revenue increased 5.1% over the same period in 2024. During the year ended December 31, 2025, we sold 17,150 TTC memberships and activated 23,002 TTC memberships through our RV dealer program.

Previous wording

Demand for our homes and communities is strong, as evidenced by factors including our high occupancy levels. Additionally, we closed 756 new home sales during the year ended December 31, 2024 compared to 905 new home sales during the year ended December 31, 2023. Our strategy of converting existing residents to home buyers continues to be successful, with approximately 25% of our home sales during the year ended December 31, 2023 coming from individuals who already reside in our communities as an existing renters or homeowners.

Current wording

Demand for our homes and communities is strong, as evidenced by factors including our high occupancy levels. Additionally, we closed 439 new home sales during the year ended December 31, 2025 compared to 756 new home sales during the year ended December 31, 2024. Our strategy of converting existing residents to home buyers continues to be successful, with approximately 20% of our home sales during the year ended December 31, 2025 coming from individuals who already reside in our communities as existing renters or homeowners.

Previous wording

Our gross investment in real estate increased $209.4 million to $7,915.7 million as of December 31, 2024, from $7,706.3 million as of December 31, 2023, primarily due to capital improvements during the year ended December 31, 2024.

Current wording

Our gross investment in real estate increased $263.0 million to $8,178.7 million as of December 31, 2025, from $7,915.7 million as of December 31, 2024, primarily due to capital improvements during the year ended December 31, 2025.

Previous wording

The following table identifies our largest markets by number of Sites and provides information regarding our Properties (excluding sixteen Properties owned through our Joint Ventures).

Current wording

The following table identifies our largest markets by number of Sites and provides information regarding our Properties (excluding 18 Properties owned through our Joint Ventures).

Previous wording

We use income from property operations, income from property operations, excluding property management and Core Portfolio income from property operations, excluding property management, as alternative measures to evaluate the operating results of our Properties. Income from property operations represents rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses and property management expenses. Income from property operations, excluding property management, represents income from property operations excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within Insurance and other in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties.

Current wording

We use income from property operations, income from property operations, excluding property management and Core Portfolio income from property operations, excluding property management, as alternative measures to evaluate the operating results of our Properties. Income from property operations represents rental income, membership subscriptions and upgrade revenue, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses and property management expenses. Income from property operations, excluding property management, represents income from property operations excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our Properties, excluding items that are not directly related to the operation of the Properties. For comparative purposes, we present bad debt expense within Insurance and other in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our Properties.

Previous wording

We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items.

Current wording

We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.

Previous wording

(4)Represents an increase in Other income of $6.8 million related to aged prepaid balances that were determined to no longer be liabilities. See Item 8. Financial Statements and Supplementary Data—Note 2. Summary of Significant Accounting Policies

Current wording

(3)Represents expenses of $0.9 million related to non-operating legal expenses during the year ended December 31, 2025 and Other income of $6.8 million related to aged prepaid balances that were determined to no longer be liabilities recognized during the year ended December 31, 2024. See Item 8. Financial Statements and Supplementary Data—Note 2. Summary of Significant Accounting Policies.

Previous wording

(2) Membership upgrade sales revenue is net of deferrals of $15.1 million and $21.0 million for the years ended December 31, 2024 and 2023, respectively.

Current wording

(3) Membership upgrade revenue is net of deferrals of $10.3 million and $15.1 million for the years ended December 31, 2025 and 2024, respectively.

Previous wording

(4) Membership sales and marketing expense is net of sales commission deferrals of $2.6 million and $3.2 million for the years ended December 31, 2024 and 2023, respectively.

Current wording

(5) Membership sales and marketing expense is net of sales commission deferrals of $2.8 million and $2.6 million for the years ended December 31, 2025 and 2024, respectively.

Previous wording

Total portfolio income from property operations for 2024 increased $40.1 million, or 5.9%, from 2023, driven by an increase of $46.2 million, or 7.0%, from our Core Portfolio, partially offset by a decrease of $6.1 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 RV and marina base rental income, as well as utility and other income, partially offset by an increase in property operating expenses, excluding property management. The decrease in income from property operations from our Non-Core Portfolio was primarily attributed to higher business interruption insurance proceeds received in 2023 related to Hurricane Ian and lower property operating income in 2024.

Current wording

Total Portfolio Income from property operations for the year ended December 31, 2025 increased $30.1 million, or 4.2%, from the same period in 2024, driven by an increase of $35.3 million, or 5.0%, from our Core Portfolio, partially offset by a decrease of $5.2 million from our Non-Core Portfolio. The increase in Income from property operations from our Core

Previous wording

MH base rental income in our Core Portfolio for 2024 increased $40.9 million, or 6.1%, from 2023, which was primarily due to growth from rate increases of 5.9%. The average monthly base rental income per Site in our Core portfolio increased to approximately $858 in 2024 from approximately $810 in 2023. The average occupancy in our Core Portfolio was approximately 94.9% in both 2024 and 2023.

Current wording

MH base rental income in our Core Portfolio for the year ended December 31, 2025 increased $39.2 million, or 5.5%, from the same period in 2024, which was primarily due to growth in rate of 5.8% offset by a 0.3% decline in occupancy. The average monthly MH base rental income per Site in our Core portfolio increased to approximately $908 during the year ended December 31, 2025 from approximately $858 during the same period in 2024. The average occupancy in our Core Portfolio was approximately 94.3% and 94.9% during the years ended December 31, 2025 and 2024, respectively.

Previous wording

Utility and other income in our Core Portfolio for 2024 increased $8.7 million, or 7.2%, from 2023. The increase was primarily due to higher utility income of $5.1 million, pass-through income of $2.8 million and insurance proceeds of $1.2 million, partially offset by a decrease in other property income of $0.4 million. Utility income increased mainly due to higher trash and sewer income in all regions. The increase in pass-through income was due to increases in real estate tax pass-throughs to customers in Florida. The increase in insurance proceeds was primarily due to California flood insurance proceeds received in 2024.

Current wording

Utility and other income in our Core Portfolio for the year ended December 31, 2025 increased $4.5 million, or 3.4%, from the same period in 2024. The increase was primarily due to higher utility income of $4.6 million and pass-through income of $2.0 million, partially offset by a decrease in insurance proceeds of $2.2 million. Utility income increased primarily due to higher trash, water, sewer and cable recovery income, partially offset by lower electric recovery income. The increase in pass-through income was due to increases in real estate tax pass-throughs to customers in Florida. The decrease in insurance proceeds was primarily due to California flood insurance proceeds received during the year ended December 31, 2024. The utility recovery rate (utility income divided by utility expenses) for the years ended December 31, 2025 and 2024 were approximately 49% and 47%, respectively.

Previous wording

Gross revenue from new home sales decreased $22.1 million and Cost of new home sales decreased $20.7 million during the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to a decrease in the number of new homes sold.

Current wording

Gross revenue from new home sales decreased $28.8 million and Cost of new home sales decreased $22.3 million during the year ended December 31, 2025, compared to the year ended December 31, 2024, driven by an overall normalization in demand, primarily in the South and West regions, disruption in demand due to hurricane events and timing of supply of new homes.

Previous wording

(1)Consists of Site rental income and home rental income. Approximately $21.0 million and $24.1 million for the years ended December 31, 2024 and December 31, 2023, respectively, 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 $21.6 million and $21.0 million of Site rental income is included in MH base rental income in the Core Portfolio Income from Property Operations table for the years ended December 31, 2025 and 2024, respectively. The remainder of home rental income is included in rental home income in our Core Portfolio Income from Property Operations table.

Previous wording

Total other income and expenses, net decreased $4.3 million in 2024 compared to 2023, primarily due to lower General and administrative expenses and higher other items, partially offset by higher early debt retirement costs and interest and related amortization expenses. The decrease in General and administrative expenses was primarily due to accelerated vesting of stock-based compensation expense in 2023. The increase in Other items was due to aged prepaid balances that were determined to no longer be liabilities. The increase in Early debt retirement costs is due to the payment of approximately $5.8 million in swap termination fees and the write off of unamortized loan costs in connection with repayment of our $300 million unsecured term loan in 2024. The increase in Interest and related amortization is due to higher interest rates in 2024 compared to 2023.

Current wording

Total other income and expenses, net for the year ended December 31, 2025 decreased $3.2 million, or 0.9%, compared to the same period in 2024, primarily due to lower Interest and related amortization and Early debt retirement costs, partially offset by a decrease in income from Other items. The decrease in Interest and related amortization was primarily due to a decrease in interest expense as a result of loan payoffs and principal payments. The decrease in Early debt retirement costs is due to the payment of approximately $5.8 million in swap termination fees and the write off of unamortized loan costs in connection with repayment of our $300 million unsecured term loan in 2024. The decrease in income from Other items was due to aged prepaid balances that were determined to no longer be liabilities in 2024.

Previous wording

During the year ended December 31, 2024, we recognized debris removal and cleanup costs related to Hurricane Milton, Hurricane Ian and Hurricane Helene of $3.6 million, $2.6 million, and $1.2 million, respectively, and insurance recovery revenue related to Hurricane Ian and Hurricane Milton of $24.9 million and $3.4 million, respectively, including $22.3 million for reimbursement of capital expenditures, which is included in Casualty related charges/recoveries, net in the Consolidated Statements of Income and Comprehensive Income. During the year ended December 31, 2023, we recognized expenses of $13.4 million related to debris removal and cleanup costs related to Hurricane Ian and an offsetting insurance recovery revenue accrual of $13.4 million related to the expected insurance recovery as a result of Hurricane Ian, which is included in Casualty related charges/recoveries, net in the Consolidated Statements of Income and Comprehensive Income.

Current wording

During the year ended December 31, 2025, we recognized expenses of approximately $0.6 million related to debris removal and cleanup costs from hurricane events, with insurance recovery revenue accruals of approximately $5.1 million related to the expenses incurred during the same period. During the years ended December 31, 2025 and 2024, we also recognized excess insurance recovery revenue of approximately $4.3 million and $22.3 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

Gain/(Loss) on sale of real estate and impairment, net was $1.1 million lower during the year ended December 31, 2024, compared to the year ended December 31, 2023, due to a higher reduction of the carrying value of certain assets, as a result of property damage caused by weather events in 2023.

Current wording

Gain/(Loss) on sale of real estate and impairment, net for the year ended December 31, 2025 was $3.4 million higher compared to the same period in 2024, primarily due to a gain of $1.4 million from the disposition of two properties and lower write down of certain assets of $2.0 million compared to 2024.

Previous wording

Income tax benefit during the year ended December 31, 2024 decreased compared to year ended December 31, 2023, primarily due to the release of the full valuation allowance of $10.5 million related to our taxable REIT subsidiaries deferred tax assets in 2023.

Current wording

Income tax benefit for the year ended December 31, 2025 was $2.9 million higher compared to the same period in 2024, primarily due to net loss related to our taxable REIT subsidiaries.

Previous wording

Our primary demands for liquidity include payment of operating expenses, dividend distributions, debt service, including principal and interest, capital improvements on Properties, home purchases and property acquisitions. We expect similar demand for liquidity will continue for the short-term and long-term. Our primary sources of cash include operating cash flows, proceeds from financings, borrowings under our unsecured Line of Credit (“LOC”) and proceeds from issuance of equity and debt securities.

Current wording

Our primary demands for liquidity include payment of operating expenses, dividend distributions, debt service, including principal and interest, capital improvements on Properties, home purchases and property acquisitions. We expect similar demand for liquidity will continue for the short-term and long-term. Our primary sources of cash include operating cash flows, proceeds from financings, borrowings under our unsecured Line of Credit (“LOC”) and proceeds from issuance of equity and debt securities, including issuances under our at-the-market (“ATM”) equity offering program.

Previous wording

Total secured debt encumbered a total of 120 of our Properties as of both December 31, 2024 and December 31, 2023, and the gross carrying value of such Properties was approximately $3,268.5 million and $3,194.1 million, as of December 31, 2024 and December 31, 2023, respectively.

Current wording

As of December 31, 2025 and 2024, total secured debt encumbered a total of 112 and 120 of our Properties, respectively, and the gross carrying value of such Properties was approximately $3,266.6 million and $3,268.5 million, respectively.

Previous wording

On November 1, 2024, we entered into our current at-the-market (“ATM”) equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $700.0 million. Our prior ATM equity offering program, entered into in February 2024 (the “February ATM”), had an aggregate offering price of up to $500.0 million. During the year ended December 31, 2024, we sold approximately 4.5 million shares of our common stock under our prior ATM equity program for net proceeds of approximately $314.2 million at a share price of $70.00 per Common Share. As of December 31, 2024, the full capacity of our current ATM equity offering program remained available for issuance.

Current wording

On November 1, 2024, we entered into our current ATM equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $700.0 million. As of December 31, 2025, the full capacity of our current ATM equity offering program remained available for issuance.

Previous wording

We expect to meet our short-term liquidity requirements, including principal payments, capital improvements and dividend distributions for the next twelve months, generally through available cash, net cash provided by operating activities and our LOC. As of December 31, 2024, our LOC had a remaining borrowing capacity of $423.0 million with the option to increase the borrowing capacity by $200.0 million, subject to certain conditions. The LOC bears interest at a rate of Secured Overnight Financing Rate plus 0.10% plus 1.25% to 1.65%, requires an annual facility fee of 0.20% to 0.35%. During the year ended December 31, 2024 we entered into an amendment of our credit agreement. Pursuant to the amendment, the maturity of our date was extended to July 18, 2028 and can be extended for two additional six-month terms, subject to certain conditions.

Current wording

We expect to meet our short-term liquidity requirements, including principal payments, capital improvements and dividend distributions for the next twelve months, generally through available cash, net cash provided by operating activities and our LOC. As of December 31, 2025, our LOC had a remaining borrowing capacity of $394.9 million with the option to increase the borrowing capacity by $200.0 million, subject to certain conditions. The LOC bears interest at a rate of SOFR plus 0.10% plus 1.25% to 1.65% and requires an annual facility fee of 0.20% to 0.35%.

Previous wording

We expect to meet certain long-term liquidity requirements, such as scheduled debt maturities, property acquisitions and capital improvements, using long-term collateralized and uncollateralized borrowings including the existing LOC and the issuance of debt securities. During the year ended December 31, 2024, we repaid the $300 million Term Loan in conjunction with the sale of shares under the February ATM equity offering program.

Current wording

We expect to meet certain long-term liquidity requirements, such as scheduled debt maturities, property acquisitions and capital improvements, using long-term collateralized and uncollateralized borrowings, including the existing LOC and the issuance of debt securities. During the year ended December 31, 2025, we entered into a $240.0 million unsecured term loan agreement and drew $150.0 million and $90.0 million in May 2025 and July 2025, respectively.

Previous wording

Net cash provided by operating activities increased $48.7 million to $596.7 million for the year ended December 31, 2024, from $548.0 million for the year ended December 31, 2023. The overall increase in net cash provided by operating activities was primarily due to a net increase in manufactured homes, net and accounts payable and other liabilities.

Current wording

Net cash provided by operating activities decreased by $25.6 million to $571.1 million for the year ended December 31, 2025, from $596.7 million for the year ended December 31, 2024. The overall decrease in net cash provided by operating activities was primarily due to an increase in cash outflows related to manufactured homes, net and accounts payable and other liabilities and decreases in deferred membership revenue and cash inflows related to business interruption insurance proceeds, partially offset by an increase in cash inflows related to notes receivable, net and other assets, net.

Previous wording

Net cash used in investing activities decreased $106.9 million to $217.8 million for the year ended December 31, 2024, from $324.8 million for the year ended December 31, 2023. The decrease in net cash used in investing activities was primarily due to decreases in capital improvements of $75.8 million, proceeds from insurance claims, net of $14.4 million, and distributions of capital from unconsolidated joint ventures of $9.8 million.

Current wording

Net cash used in investing activities increased by $59.2 million to $277.1 million for the year ended December 31, 2025, from $217.8 million for the year ended December 31, 2024. The overall increase in net cash used in investing activities was primarily attributable to funding a $56.1 million term loan and a decrease in proceeds from insurance claims, net, partially offset by a decrease in cash outflows related to capital expenditures.