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 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.

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 March 31, 2026, we owned or had an ownership interest in a portfolio of 453 Properties located throughout the United States and Canada containing 173,419 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 baby boomers are turning 65 daily through 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 Generation 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 Generation 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

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

Current wording

(2)Primarily utilized to service approximately 107,100 members. Includes approximately 6,000 Sites rented on an annual basis.

Previous wording

In the manufactured housing industry, options for home financing, also known as chattel financing, are limited. Chattel financing options available today include community owner-funded programs or third-party lender programs that provide subsidized financing to customers and often require the community owner to guarantee customer defaults. Third-party lender programs have stringent underwriting criteria, sizable down payment requirements, short term loan amortization and high interest rates. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties.

Current wording

In the manufactured housing industry, options for home financing, also known as chattel financing, are limited. Chattel financing options available today include community owner-funded programs or third-party lender programs that provide subsidized financing to customers and often require the community owner to guarantee customer defaults. Third-party lender programs have stringent underwriting criteria, sizable down payment requirements, short term loan amortization and high interest rates.

Previous 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.

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 93.8% for the quarter ended March 31, 2026, 94.4% for the quarter ended March 31, 2025 and 94.0% for the quarter ended December 31, 2025. The decline in average occupancy compared to the quarter ended March 31, 2025 was primarily driven by 362 expansion sites that were added since March 31, 2025. During the quarter ended March 31, 2026, our Core Portfolio occupancy increased by 54 sites, which included increases in rental occupancy of 24 sites and homeowner occupancy of 30 sites compared to December 31, 2025. As of March 31, 2026, we had 2,135 occupied rental homes in our Core MH communities.

Previous wording

RV and marina base rental income in our Core Portfolio for the quarter ended September 30, 2025 decreased $0.4 million, or 0.4%, from the quarter ended September 30, 2024 driven by decreases in Seasonal and Transient RV and marina base rental income of 14.5% and 8.1%, respectively. The decreases in Core Seasonal RV and marina base rental income was primarily due to returning competitor supply and a moderation in demand. The decrease in Core Transient RV and marina base rental income was primarily due to returning competitor supply following a period of weather-related disruption, a moderation in demand, and a loss of Canadian guests. The decreases in Core Seasonal and Transient RV and marina income were partially offset by an increase in Core Annual RV and marina base rental income of 3.9%.

Current wording

RV and marina base rental income in our Core Portfolio decreased 1.4% for the quarter ended March 31, 2026, compared to the same period in 2025, due to an increase in Core Annual RV and marina rental income of 4.2%, offset by decreases in Core Seasonal and Transient RV and marina rental income of 14.8% and 6.9%, respectively. The increase in Core Annual RV and marina base rental income was driven by a 5.1% increase in rate, offset by a 0.9% decline in occupancy since the quarter ended March 31, 2025. The decreases in Core Seasonal and Transient RV and marina rental income were driven by a moderation in demand driven in part by the loss of Canadian guests.

Previous 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.

Current wording

We closed 87 new home sales during the quarter ended March 31, 2026 compared to 117 new home sales during the quarter ended March 31, 2025. The decrease in new home sales during the quarter ended March 31, 2026 was driven by timing of supply of new homes resulting in fewer homes being sold this quarter as compared to the quarter ended March 31, 2025.

Previous 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.

Current wording

Our gross investment in real estate increased $55.6 million to $8,234.3 million as of March 31, 2026 from $8,178.7 million as of December 31, 2025, primarily due to capital improvements during the quarter ended March 31, 2026.

Previous wording

We believe investors should review Income from property operations and Core Portfolio, FFO and Normalized FFO, along with GAAP net income and cash flow from operating activities, investing activities and financing activities, when evaluating an equity REIT’s operating performance. A discussion of Income from property operations and Core Portfolio, FFO and Normalized FFO, and a reconciliation to net income are included below.

Current wording

We believe investors should review Income from property operations and Core Portfolio, FFO and Normalized FFO, along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT’s operating performance. A discussion of Income from property operations and Core Portfolio, FFO and Normalized FFO, and a reconciliation to net income are included below.

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 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 Property operating and maintenance 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

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:

Current wording

The following table reconciles Net income available for Common Stockholders to Income from property operations:

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 nine months ended September 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:

Previous 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.

Current wording

This section discusses the comparison of our results of operations for the quarters ended March 31, 2026 and 2025. Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio consists of our Properties owned and operated during all of 2025 and 2026. Our Non-Core Portfolio includes all Properties that were not owned and operated during all of 2025 and 2026, 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 ended March 31, 2025 and March 31, 2024 and discussion of our operating activities, investing activities and financing activities for the quarters ended March 31, 2025 and March 31, 2024, 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 March 31, 2025, filed with the SEC on April 30, 2025.

Previous wording

(2)Beginning in the first quarter of 2025, membership upgrade product offerings include two- to four-year term subscription products, which are recognized in Annual membership subscriptions. Prices for two-year products range between $4,000 to $8,000 and between approximately $7,000 to $14,000 for the four-year product, which results in approximately $2,500 to $3,000 of earned revenue on an annual basis.

Current wording

(2)Membership upgrade product offerings consist of two- to four-year term subscription products, which are recognized in Annual membership subscriptions. Prices for two-year products range between $4,000 to $8,000 and between approximately $7,000 to $14,000 for the four-year product, which results in approximately $2,500 to $3,000 of earned revenue on an annual basis.

Previous 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.

Current wording

(3)Membership upgrade revenue is net of deferrals of $0.9 million for the quarter ended March 31, 2025.

Previous 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.

Current wording

(5)Membership sales and marketing expense is net of sales commission deferrals of $0.9 million and $0.3 million for the quarters ended March 31, 2026 and 2025, respectively.

Previous wording

(6)See Part I. Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Measures for definitions and reconciliations of these Non-GAAP measures to Net Income available for Common Shareholders.

Current wording

(6)See Non-GAAP Financial Measures section of the Management’s Discussion and Analysis for definitions and reconciliations of these Non-GAAP measures to Net Income available for Common Stockholders.

Previous 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

Current wording

Total Portfolio income from property operations for the quarter ended March 31, 2026 increased $11.3 million, or 5.7%, from the same period in 2025 driven by an increase of $12.3 million, or 6.4%, from our Core Portfolio, offset by a decrease of $1.0 million from our Non-Core Portfolio.

Previous 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.

Current wording

MH base rental income in our Core Portfolio for the quarter ended March 31, 2026 increased $10.6 million, or 5.7%, from the same period in 2025, which reflects 5.9% growth from rate increases. The average monthly MH base rental income per Site in our Core Portfolio increased to approximately $948 for the quarter ended March 31, 2026 from approximately $895 for the quarter ended March 31, 2025.

Previous 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.

Current wording

RV and marina base rental income in our Core Portfolio for the quarter ended March 31, 2026 decreased $1.6 million, or 1.4%, from the same period in 2025 due to an increase in Core Annual RV and marina base rental income of 4.2%, offset by decreases in Core Seasonal and Transient RV and marina base rental income of 14.8% and 6.9%, respectively. The decreases in Core Seasonal and Transient RV and marina base rental income were primarily due to softer demand driven in part by a loss of Canadian customers.

Previous 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.

Current wording

Utility and other income in our Core Portfolio for the quarter ended March 31, 2026 increased $1.8 million, or 5.4%, from the same period in 2025. The increase was primarily due to increases of$1.4 million and $0.3 million in utility income and pass-through income, respectively. The increase in utility income was driven by higher expenses driving additional recovery primarily in sewer, trash, water and cable recovery income. The utility recovery rate (utility income divided by utility expenses) for the quarters ended March 31, 2026 and 2025 were approximately 50% and 48%, respectively. The increase in pass-through income was primarily driven by increases in real estate tax pass-throughs to customers in Florida.

Previous 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.

Current wording

Property operating expenses, excluding property management, in our Core Portfolio for the quarter ended March 31, 2026 increased $2.5 million, or 1.8%, from the same period in 2025, driven by increases in Repairs and maintenance of $1.4 million, Utility expense of $0.7 million and Real estate taxes of $0.4 million. The increase in Repairs and maintenance was primarily driven by higher extraordinary repair and maintenance, lawn and common area maintenance expenses and contract repairs, partially offset by lower security guard expenses. The increase in Utility expense was due to increases in trash, water and sewer expense, partially offset by a decrease in electric expense. The increase in Real estate taxes was primarily due to an increase in real estate taxes in our Florida portfolio.

Previous 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.

Current wording

Gross revenues from new home sales decreased $1.7 million and Cost of new home sales decreased $0.6 millionduring the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025 as a result of a change in overall sales mix, resulting in a higher percentage of lower priced homes being sold during the quarter ended March 31, 2026 as compared to the same period in 2025.

Previous 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.

Current wording

(1)Consists of Site rental income and home rental income. Approximately$6.0 million and $5.0 million of Site rental income is included in MH base rental income in the Core Portfolio Income from Property Operations table for the quarters ended March 31, 2026 and 2025, respectively. 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 $0.6 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.

Current wording

Rental operations revenues were $1.3 million, or 15.8%, higher during the quarter ended March 31, 2026 compared to the same period in 2025 primarily due to a 12.1% growth in occupancy and a 3.7% growth in rate.

Previous 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.

Current wording

Total other income and expenses, net decreased $6.2 million, or 7.0%, for the quarter ended March 31, 2026 compared to the same period in 2025 primarily due to higher Interest and related amortization, Depreciation and amortization and General and administrative expense.

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 (the “LOC”) and proceeds from issuance of equity and debt securities, including issuances under our at-the-market (“ATM”) equity offering program.

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

On November 1, 2024, we entered into a new 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 September 30, 2025, the full capacity of our 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 March 31, 2026, the full capacity of our current ATM equity offering program remained available for issuance.

Previous 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.

Current wording

As of March 31, 2026, we had available liquidity in the form of approximately 406.1 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.

Previous wording

We also utilize interest rate swaps to add stability to our interest expense and to manage our exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of the designated derivative are recorded in Accumulated other comprehensive income/(loss) on the Consolidated Balance Sheets and subsequently reclassified into earnings on the Consolidated Statements of Income and Comprehensive Income in the period that the hedged forecasted transaction affects earnings. For additional information regarding our interest rate swaps, see Part I. Item 1. Financial Statements—Note 9. Derivative Instruments and Hedging.

Current wording

We also utilize interest rate swaps to add stability to our interest expense and to manage our exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of the designated derivative are recorded in Accumulated other comprehensive income/(loss) on the Consolidated Balance Sheets and subsequently reclassified into earnings on the Consolidated Statements of Income and Comprehensive Income in the period that the hedged forecasted transaction affects earnings. For additional information regarding our interest rate swaps, see Part I. Item 1. Financial Statements—Note 7. Derivative Instruments and Hedging Activities.

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, issuances of equity under our ATM equity offering program and our LOC. As of September 30, 2025, our LOC had a borrowing capacity of $454.9 million.

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, issuances of equity under our ATM equity offering program and our LOC. As of March 31, 2026, our LOC had a remaining borrowing capacity of $410.4 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

Net cash provided by operating activities decreased $19.7 million to $471.7 million for the nine months ended September 30, 2025 from $491.4 million for the nine months ended September 30, 2024. The decrease in net cash provided by operating activities was primarily due to increases in cash outflows related to manufactured homes, net and accounts payable and other liabilities, partially offset by a decrease in cash outflows related to business interruption insurance proceeds, net and an increase in cash inflows related to notes receivable, net.

Current wording

Net cash provided by operating activities increased $0.8 million to $194.2 million for the quarter ended March 31, 2026 from $193.4 million for the quarter ended March 31, 2025. The increase in net cash provided by operating activities was primarily due to an increase in cash inflows related to accounts payable and other liabilities, partially offset by an increase in cash outflows related to manufactured homes, net, a decrease in cash inflows in other assets, net and a decrease in net income.

Previous wording

Net cash used in investing activities increased $71.8 million to $223.7 million for the nine months ended September 30, 2025 from $151.9 million for the nine months ended September 30, 2024. The increase was primarily driven by the $56.1 million term loan to RVC and decreases in proceeds from insurance claims, net and distributions of capital from unconsolidated joint ventures.

Current wording

Net cash used in investing activities increased $2.0 million to $44.3 million for the quarter ended March 31, 2026 from $42.3 million for the quarter ended March 31, 2025. The increase was primarily driven by cash outflows related to capital improvements and decreases in distributions of capital from unconsolidated joint ventures and proceeds from insurance claims, net, offset by a decrease in investment in unconsolidated joint ventures.

Previous wording

(3)Includes $19.0 million and $12.3 million of restoration and improvement capital expenditures related to hurricane events for the nine months ended September 30, 2025 and 2024, respectively.

Current wording

(3)Includes $3.2 million and $7.4 million of restoration and improvement capital expenditures related to hurricane events for the quarters ended March 31, 2026 and 2025, respectively.

Previous wording

Net cash used in financing activities decreased $95.8 million to $233.3 million for the nine months ended September 30, 2025 from $329.0 million for the nine months ended September 30, 2024. The decrease was primarily due to lower net debt repayments of $119.0 million, partially offset by increases in distributions to common stock and OP unit holders of $27.5 million.

Current wording

Net cash used in financing activities increased $8.6 million to $136.8 million for the quarter ended March 31, 2026 from $128.2 million for the quarter ended March 31, 2025. The increase was primarily due to an increase in distributions to common stock holders of $8.6 million.

Previous wording

•impact of the COVID-19 pandemic or other highly infectious or contagious diseases on our business operations, our residents, our customers, our employees and the economy generally;

Current wording

•impact of public health crises, such as highly infectious or contagious diseases on our business operations, our residents, our customers, our employees and the economy generally;