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, 2026, we owned or had an ownership interest in a portfolio of 453 Properties located throughout the United States and Canada containing 173,559 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, 2026, we owned or had an ownership interest in a portfolio of 453 Properties located throughout the United States and Canada containing 173,623 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/(loss) of unconsolidated joint ventures in 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 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 in the Consolidated Statements of Income and Comprehensive Income.

Previous wording

(2)Primarily utilized to service approximately 107,900 members. Includes approximately 6,000 Sites rented on an annual basis.

Current wording

(2)Primarily utilized to service approximately 107,400 members. Includes approximately 6,200 Sites rented on an annual basis.

Previous wording

For the quarter ended June 30, 2026, property operating revenues in our Core Portfolio increased 4.9% and property operating expenses in our Core Portfolio, excluding property management, increased 2.9% from the same period in 2025, resulting in increased Income from property operations, excluding property management, of 6.5%.

Current wording

For the quarter ended September 30, 2026, property operating revenues in our Core Portfolio increased 4.4% and property operating expenses in our Core Portfolio, excluding property management, increased 1.3% from the same period in 2025, resulting in increased Income from property operations, excluding property management, of 6.7%.

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 93.8% for the quarter ended June 30, 2026, 94.3% for the quarter ended June 30, 2025 and 94.0% for the quarter ended December 31, 2025. The decline in average occupancy compared to the quarter ended June 30, 2025 was primarily driven by 503 expansion sites that were added since June 30, 2025. During the quarter ended June 30, 2026, our Core Portfolio occupancy increased by 13 sites, which included increases in rental occupancy of 11 sites and homeowner occupancy of 2 sites compared to March 31, 2026. As of June 30, 2026, we had 2,146 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 September 30, 2026, 94.3% for the quarter ended September 30, 2025 and 94.0% for the quarter ended December 31, 2025. The decline in average occupancy compared to the quarter ended September 30, 2025 was primarily driven by 503 expansion sites that were added since September 30, 2025. During the quarter ended September 30, 2026, our Core Portfolio occupied sites increased by 99, which included increases in rental occupied sites of 128, offset by a decrease in homeowner occupied sites of 29 compared to June 30, 2026. As of September 30, 2026, we had 2,274 occupied rental homes in our Core MH communities.

Previous wording

RV and marina base rental income in our Core Portfolio increased 1.8% for the quarter ended June 30, 2026, compared to the same period in 2025, due to an increase in Core Annual RV and marina base rental income of 5.4%, offset by decreases in Core Seasonal and Transient RV and marina base rental income of 11.2% and 8.9%, respectively. The increase in Core Annual RV and marina base rental income was driven by a 5.3% increase in rate and a 0.1% gain in occupancy since the quarter ended June 30, 2025. The decreases in Core Seasonal and Transient RV and marina base rental income were primarily due to lower occupancy.

Current wording

RV and marina base rental income in our Core Portfolio increased 2.1% for the quarter ended September 30, 2026, compared to the same period in 2025, due to an increase in Core Annual RV and marina base rental income of 5.3%, offset by decreases in Core Seasonal and Transient RV and marina base rental income of 4.4% and 5.8%, respectively. The increase in Core Annual RV and marina base rental income was driven by 4.9% growth from rate increases and a 0.4% increase in occupancy since the quarter ended September 30, 2025. The decreases in Core Seasonal and Transient RV and marina base rental income were primarily due to lower occupancy.

Previous wording

We closed 98 new home sales during the quarter ended June 30, 2026 compared to 117 new home sales during the quarter ended June 30, 2025.

Current wording

We closed 97 new home sales during the quarter ended September 30, 2026 compared to 119 new home sales during the quarter ended September 30, 2025.

Previous wording

Our gross investment in real estate increased $234.3 million to $8,413.0 million as of June 30, 2026 from $8,178.7 million as of December 31, 2025, primarily due to the consolidation of our investments in certain RVC joint ventures of $103.3 million and capital improvements during the six months ended June 30, 2026.

Current wording

Our gross investment in real estate increased $304.7 million to $8,483.4 million as of September 30, 2026 from $8,178.7 million as of December 31, 2025, primarily due to the consolidation of our investments in certain RVC joint ventures of $103.3 million and capital improvements during the nine months ended September 30, 2026.

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. 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.

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, expenses and benefits related to deferred tax valuation allowances and reversals, 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

Casualty-related charges/(recoveries), net for the quarter and six months ended June 30, 2026 includes insurance recovery revenue of $7.1 million for reimbursement of capital expenditures.

Current wording

Casualty-related charges/(recoveries), net for the quarter ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.4 million and insurance recovery revenue of $0.2 million. Casualty-related charges/(recoveries), net for the nine months ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.5 million and insurance recovery revenue of $7.3 million, including $7.1 million for reimbursement of capital expenditures.

Previous wording

(1)Represents expenses of $0.9 million and $2.0 million related to non-operating legal expenses during the quarter and six months ended June 30, 2026, respectively.

Current wording

(2)Represents expenses of $0.4 million and $2.4 million related to non-operating legal expenses during the quarter and nine months ended September 30, 2026, respectively.

Previous wording

This section discusses the comparison of our results of operations for the quarters and six months ended June 30, 2026 and 2025 and our operating activities, investing activities and financing activities for the six months ended June 30, 2026 and 2025. Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. For the comparison of our results of operations for the quarters and six months ended June 30, 2025 and June 30, 2024 and discussion of our operating activities, investing activities and financing activities for the six months ended June 30, 2025 and June 30, 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 June 30, 2025, filed with the SEC on July 29, 2025.

Current wording

This section discusses the comparison of our results of operations for the quarters and nine months ended September 30, 2026 and 2025 and our operating activities, investing activities and financing activities for the nine months ended September 30, 2026 and 2025. Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. For the comparison of our results of operations for the quarters and nine months ended September 30, 2025 and September 30, 2024 and discussion of our operating activities, investing activities and financing activities for the nine months ended September 30, 2025 and September 30, 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 September 30, 2025, filed with the SEC on October 28, 2025.

Previous wording

Total Portfolio income from property operations for the quarter ended June 30, 2026 increased $11.8 million, or 6.7%, from the same period in 2025 driven by increases of $11.5 million, or 6.6%, from our Core Portfolio and $0.3 million from our Non-Core Portfolio.

Current wording

Total Portfolio income from property operations for the quarter ended September 30, 2026 increased $13.8 million, or 7.4%, from the same period in 2025 driven by increases of $12.6 million, or 6.9%, from our Core Portfolio and $1.2 million from our Non-Core Portfolio.

Previous wording

MH base rental income in our Core Portfolio for the quarter ended June 30, 2026 increased $10.7 million, or 5.8%, from the same period in 2025, which reflects 5.8% growth from rate increases. The average monthly MH base rental income per Site in our Core Portfolio increased to approximately $956 for the quarter ended June 30, 2026 from approximately $904 for the quarter ended June 30, 2025.

Current wording

MH base rental income in our Core Portfolio for the quarter ended September 30, 2026 increased $10.7 million, or 5.7%, from the same period in 2025, which reflects 5.6% growth from rate increases and a gain in occupancy of 0.1%. The average monthly MH base rental income per Site in our Core Portfolio increased to approximately $963 for the quarter ended September 30, 2026 from approximately $912 for the quarter ended September 30, 2025. Average occupancy for the Core Portfolio was 93.8% and 94.4% for the quarters ended September 30, 2026 and 2025, respectively.

Previous wording

RV and marina base rental income in our Core Portfolio for the quarter ended June 30, 2026 increased $1.9 million, or 1.8%, from the same period in 2025 due to an increase in Core Annual RV and marina base rental income of 5.4%, offset by decreases in Core Seasonal and Transient RV and marina base rental income of 11.2% and 8.9%, respectively. The increase in Core Annual RV and marina base rental income was driven by an increase in rate of 5.3%. The decrease in Core Transient RV and marina base rental income was primarily due to lower occupancy in the South, Pacific West and Central regions.

Current wording

RV and marina base rental income in our Core Portfolio for the quarter ended September 30, 2026 increased $2.3 million, or 2.1%, from the same period in 2025 due to an increase in Core Annual RV and marina base rental income of 5.3%, offset by decreases in Core Seasonal and Transient RV and marina base rental income of 4.4% and 5.8%, respectively. The increase in Core Annual RV and marina base rental income was driven by growth from rate increases of 4.9% and a 0.4% increase in occupancy. The decrease in Core Transient RV and marina base rental income was primarily due to lower occupancy in the South and Central regions.

Previous wording

Utility and other income in our Core Portfolio for the quarter ended June 30, 2026 increased $2.2 million, or 6.6%, from the same period in 2025. The increase was primarily due to increases of $1.8 million and $0.4 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, electric, trash and water. The utility recovery rate (utility income divided by utility expenses) for the quarters ended June 30, 2026 and 2025 were approximately 50.5% and 48.8%, respectively. The increase in pass-through income was primarily driven by increases in real estate tax pass-throughs to customers in Florida.

Current wording

Utility and other income in our Core Portfolio for the quarter ended September 30, 2026 increased $0.9 million, or 2.6%, from the same period in 2025. The increase was primarily due to increases of $0.6 million and $0.3 million in utility income and pass-through income, respectively. The increase in utility income was driven by higher recovery rates and higher expenses driving additional recovery primarily in electric, trash and sewer recovery income, partially offset by lower water income. The increase in pass-through income was due to increases in real estate tax pass-throughs to customers in Florida. The utility recovery rate (utility income divided by utility expenses) for the quarters ended September 30, 2026 and 2025 was approximately 48.5% and 48.0%, respectively.

Previous wording

Property operating expenses, excluding property management, in our Core Portfolio for the quarter ended June 30, 2026 increased $4.3 million, or 2.9%, from the same period in 2025, driven by increases in Utility expense of $2.2 million and Repairs and maintenance of $1.4 million, partially offset by a decrease in Insurance and other of $0.5 million. The increase in Utility expense was due to increases in sewer, water and trash expenses. The increase in Repair and maintenance expense was due to increases in extraordinary repair and maintenance expense, lawn and common area maintenance expense and pool expense. The decrease in Insurance and other was due primarily to a decrease in insurance expense as a result of our April 1, 2026 property and casualty insurance renewal.

Current wording

Property operating expenses, excluding property management, in our Core Portfolio for the quarter ended September 30, 2026 increased $2.1 million, or 1.3%, from the same period in 2025, driven by increases in Real estate taxes of $1.3 million, Repairs and maintenance of $1.3 million and Utility expense of $0.9 million, partially offset by a decrease in Insurance and other of $2.4 million. The increase in Real estate taxes was due to higher real estate taxes in Florida. The increase in Repairs and maintenance was due to increases in extraordinary repairs and maintenance, contract repairs and lawn and common area maintenance. The increase in Utility expense was due to increases in trash, sewer and water expenses, partially offset by a decrease in electric expense. The decrease in Insurance and other was due primarily to a decrease in insurance expense as a result of our April 1, 2026 property and casualty insurance renewal.

Previous wording

Gross revenues from brokered resales and ancillary services and Cost of brokered resales and ancillary services increased by $0.5 million and $0.6 million, respectively, during the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025. The increases were the result of higher revenue and cost of sales related to ancillary services offered at our Properties.

Current wording

Gross revenues from brokered resales and ancillary services and Cost of brokered resales and ancillary services increased by $0.5 million and $0.5 million, respectively, during the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025. The increases were the result of higher revenue and cost of sales related to ancillary services offered at our Properties.

Previous wording

(1)Consists of Site rental income and home rental income. Approximately $6.0 million and $5.2 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 June 30, 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.

Current wording

(1)Consists of Site rental income and home rental income. Approximately $6.3 million and $5.5 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 September 30, 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 $1.2 million, or 13.4%, higher during the quarter ended June 30, 2026 compared to the same period in 2025 primarily due to a 8.9% growth in occupancy and a 4.5% growth in rate.

Current wording

Rental operations revenues were $1.2 million, or 12.9%, higher during the quarter ended September 30, 2026 compared to the same period in 2025 primarily due to a 8.9% growth in occupancy and a 4.0% growth in rate.

Previous wording

Total other income and expenses, net decreased $2.2 million, or 2.4%, for the quarter ended June 30, 2026 compared to the same period in 2025 primarily due to higher Interest and related amortization, Other expenses, and General and administrative, partially offset by an increase in Income from other investments, net.

Current wording

Total Other income and expenses, net decreased $5.8 million, or 6.3%, for the quarter ended September 30, 2026 compared to the same period in 2025 primarily due to higher Depreciation and amortization, Interest and related amortization, General and administrative and lower Interest income.

Previous wording

During the quarter ended June 30, 2025, we recognized expenses of approximately $0.3 million related to debris removal and cleanup costs from hurricane events, with insurance recovery revenue accrual of approximately $0.2 million related to the expenses incurred during the same period. During the quarters ended June 30, 2026 and 2025, we also recognized excess insurance recovery revenue of approximately $7.1 million and $0.6 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 presented in Casualty-related charges/(recoveries), net in the Consolidated Statements of Income and Comprehensive Income.

Current wording

During the quarter ended September 30, 2026, we recognized expenses of approximately $0.4 million for debris removal and other costs related to hurricane events, with an insurance recovery revenue accrual of $0.2 million. During the quarter ended September 30, 2025 we recognized excess insurance recovery revenue of approximately $3.7 million, for reimbursement of capital expenditures related to Hurricane Ian. The debris removal, cleanup and other costs and offsetting recovery accrual and reimbursement of capital expenditures are presented in Casualty-related charges/(recoveries), net in the Consolidated Statements of Income and Comprehensive Income.

Previous wording

Comparison of the Six Months Ended June 30, 2026 to the Six Months Ended June 30, 2025

Current wording

Comparison of the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025

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, 2026 and 2025:

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, 2026 and 2025:

Previous wording

(3)Membership upgrade revenue is net of deferrals of $0.2 million for the six months ended June 30, 2025.

Current wording

(3)Membership upgrade revenue is net of deferrals of $0.2 million for the nine months ended September 30, 2025.

Previous wording

Total Portfolio income from property operations for the six months ended June 30, 2026 increased $23.2 million, or 6.2%, from the same period in 2025 driven by an increase of $23.8 million, or 6.5%, from our Core Portfolio, offset by adecrease of $0.6 million from our Non-Core Portfolio.

Current wording

Total Portfolio income from property operations for the nine months ended September 30, 2026 increased $36.9 million, or 6.6%, from the same period in 2025 driven by an increase of $36.4 million, or 6.6%, fromour Core Portfolio and an increase of $0.5 million from our Non-Core Portfolio.

Previous wording

MHbase rental income in our Core Portfolio for the six months ended June 30, 2026 increased$21.3 million, or 5.7%, from the same period in 2025, which reflects 5.9% growth from rate increases and a decline in occupancy of 0.2%. The average monthly MH base rental income per Site in our Core Portfolio increased to approximately $952 for the six months ended June 30, 2026 from approximately $899 for the six months ended June 30, 2025. Average occupancy for the Core Portfolio was 93.8% and 94.4% for the six months ended June 30, 2026 and 2025, respectively.

Current wording

MHbase rental income in our Core Portfolio for the nine months ended September 30, 2026 increased $31.9 million, or 5.7%, from the same period in 2025, which reflects 5.8% growth from rate increases and a decline in occupancy of 0.1%. The average monthly MH base rental income per Site in our Core Portfolio increased to approximately $956 for the nine months ended September 30, 2026 from approximately $904 for the nine months ended September 30, 2025. Average occupancy for the Core Portfolio was 93.8% and 94.4% for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

RVand marina base rental income in our Core Portfolio for the six months ended June 30, 2026 increased$0.2 million, or 0.1%, from the same period in 2025 due to an increase in Annual RV and marina base rental income of 4.8%, partially offset by decreases in Seasonal and Transient RV and marina base rental income of 14.1% and 8.1%, respec tively. The increase in Core Annual RV and marina base rental income was driven by an increase in rate of 5.2%. The decreases in Seasonal and Transient RV and marina base rental income were primarily due to lower occupancy in the South and Central regions.

Current wording

RVand marina base rental income in our Core Portfolio for the nine months ended September 30, 2026 increased $2.6 million, or 0.8%, from the same period in 2025 due to an increase in Core Annual RV and marina base rental income of 5.0%, partially offset by decreases in Core Seasonal and Transient RV and marina base rental income of 12.6% and 7.0%, respec tively. The increase in Core Annual RV and marina base rental income was driven by an increase in rate of 5.1%, offset by a decline in occupancy of 0.1%. The decreases in Core Seasonal and Transient RV and marina base rental income were primarily due to lower occupancy in the South, West and Central regions.

Previous wording

Utility and other income in our Core Portfolio for the six months ended June 30, 2026 increased$3.9 million, or 6.0%, from the same period in 2025. The increase was primarily due to an increase in utility income and pass-through income of $3.2 million and $0.7 million, respectively. The increase in utility income was driven by higher expenses driving additional recovery primarily in water, sewer and trash, and the increase in pass-through income was primarily driven by increases in real estate tax pass-throughs to customers in Florida. The utility recovery rate (utility income divided by utility expenses) for the six months ended June 30, 2026 and 2025 was approximately 50.4% and 48.2%, respectively.

Current wording

Utility and other income in our Core Portfolio for the nine months ended September 30, 2026 increased $4.9 million, or 4.8%, from the same period in 2025. The increase was primarily due to an increase in utility income and pass-through income of $3.8 million and $0.9 million, respectively. The increase in utility income was driven by higher recovery rates and higher expenses driving additional recovery primarily in trash, sewer and electric income, and the increase in pass-through income was primarily driven by increases in real estate tax pass-throughs to customers in Florida. The utility recovery rate (utility income divided by utility expenses) for the nine months ended September 30, 2026 and 2025 was approximately 49.7% and 48.1%, respectively.

Previous wording

Property operating expenses, excluding property management, in our Core Portfolio for the six months ended June 30, 2026 increased $6.8 million, or 2.3%, from the same period in 2025 driven by increases in Utility expense of $2.9 million, Repairs and maintenance of $2.8 million and Real estate taxes of $0.4 million, partially offset by a decrease in Insurance and other expenses of $0.7 million. The increase in Utility expense was due to increases in sewer, water and trash expenses, partially offset by decreases in gas and cable expenses. The increase in Repair and maintenance expense was driven by increases in extraordinary repairs and maintenance as a result of adverse weather events, lawn and common area maintenance, contract repairs, pool and maintenance and housekeeping supplies expenses, partially offset by a decrease in security guard expenses. The increase in Real estate taxes was primarily due to an increase in our Florida, Kentucky, Ohio and Wisconsin portfolios, partially offset by lower real estate tax assessments in our Texas portfolio. The decrease in Insurance and other expenses was due to a decrease in insurance expense as a result of our property and casualty renewal on April 1, 2026, partially offset by an increase in administrative and rental home expenses.

Current wording

Property operating expenses, excluding property management, in our Core Portfolio for the nine months ended September 30, 2026 increased $8.9 million, or 2.0%, from the same period in 2025 driven by increases in Repairs and maintenance of $4.0 million, Utility expense of $3.7 million and Real estate taxes of $1.7 million, partially offset by a decrease in Insurance and other expenses of $3.0 million. The increase in Repairs and maintenance expense was driven by increases in extraordinary repairs and maintenance, lawn and common area maintenance and contract repairs, partially offset by a decrease in security guard expense. The increase in Utility expense was due to increases in trash, sewer and water expenses, partially offset by decreases in electric and gas expenses. The increase in Real estate taxes was primarily due to an increase in our Florida, Ohio, Rhode Island, Virginia and Wisconsin portfolios, partially offset by lower real estate tax assessments in our Texas portfolio. The decrease in Insurance and other expenses was due primarily to a decrease in insurance expense as a result of our property and casualty renewal on April 1, 2026.

Previous wording

Gross revenues from new home sales decreased $2.1 million and Cost of new home sales decreased $0.9 million during the six months ended June 30, 2026 compared to the same period in 2025 as a result of a change in overall sales mix, resulting in a higher percentage of lower priced homes being sold during the six months ended June 30, 2026 as compared to the same period in 2025.

Current wording

Gross revenues from new home sales decreased $2.7 million and Cost of new home sales decreased $1.3 million during the nine months ended September 30, 2026 compared to the same period in 2025 as a result of a change in overall sales mix.

Previous wording

(1)Consists of Site rental income and home rental income in our Core Portfolio. Approximately $12.0 million and $10.2 million of Site rental income for the six months ended June 30, 2026 and 2025, 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 in our Core Portfolio Income from Property Operations table.

Current wording

(1)Consists of Site rental income and home rental income in our Core Portfolio. Approximately $18.3 million and $15.7 million of Site rental income for the nine months ended September 30, 2026 and 2025, 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 in our Core Portfolio Income from Property Operations table.

Previous wording

Rental operations revenues were $2.5 million, or 14.6%, higher during the six months ended June 30, 2026 compared to the same period in 2025 primarily due to a 10.5% growth in occupancy and a 4.1% growth in rate.

Current wording

Rental operations revenues were $3.7 million, or 14.0%, higher during the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to a 9.9% growth in occupancy and a 4.1% growth in rate.

Previous wording

Total other income and expenses, net decreased $8.4 million duringthe six months ended June 30, 2026 compared to the same period in 2025 primarily due to higher Interest and related amortization, Depreciation and amortization, General and administrative expenses and Other expenses and lower Interest Income, partially offset by higher Income from other investments, net.

Current wording

Total Other income and expenses, net decreased $13.5 million duringthe nine months ended September 30, 2026 compared to the same period in 2025 primarily due to higher Depreciation and amortization, Interest and related amortization, General and administrative expenses and Income from other investments, net, partially offset by lower Interest income.

Previous wording

During the six months ended June 30, 2025, we recognized expenses of approximately $1.1 million related to debris removal and cleanup costs from hurricane events, with an insurance recovery revenue accrual of $0.8 million related to the expenses incurred during the same periods. During the six months ended June 30, 2026 and 2025, we also recognized insurance recovery revenue in excess of expenses for Hurricane Ian of $7.1 million and $0.6 million, respectively, within Casualty-related charges/(recoveries), net. The debris and cleanup costs and offsetting recovery accrual and reimbursement of capital expenditures are presented in Casualty-related charges/(recoveries), net in the Consolidated Statements of Income and Comprehensive Income.

Current wording

During the nine months ended September 30, 2026 and 2025, we recognized debris removal, cleanup and other costs related to hurricane events of approximately $0.5 million and $1.0 million, respectively, with an insurance recovery revenue accrual of $0.2 million and $0.8 million, respectively. During the nine months ended September 30, 2026 and 2025, we also recognized insurance recovery revenue in excess of expenses for Hurricane Ian of $7.1 million and $4.3 million, respectively. The debris removal, cleanup and other costs and offsetting recovery accrual and reimbursement of capital expenditures are presented in Casualty-related charges/(recoveries), net in the Consolidated Statements of Income and Comprehensive Income.

Previous wording

During the six months ended June 30, 2026, we recognized an impairment of $0.5 million related to home fixed assets. During the six months ended June 30, 2025, we recognized an impairment of $0.7 million related to the discontinuation of certain capital projects.

Current wording

During the nine months ended September 30, 2026, we recognized an impairment of $0.5 million related to home fixed assets. During the nine months ended September 30, 2025, we recognized an impairment of $0.7 million related to the discontinuation of certain capital projects.

Previous wording

Equity in income/(loss) of unconsolidated joint ventures was $5.1 million lower during the six months ended June 30, 2026 compared to the same period in 2025 primarily due to a distribution from an unconsolidated joint venture that refinanced a secured loan and distributed proceeds in 2025.

Current wording

Equity in income/(loss) of unconsolidated joint ventures was $6.1 million lower during the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to a distribution from an unconsolidated joint venture that refinanced a secured loan and distributed proceeds in 2025.

Previous wording

As of June 30, 2026 and December 31, 2025, secured debt encumbered a total of 112 of our Properties, and the gross carrying value of such Properties was approximately $3,304.6 million and $3,266.6 million, respectively.

Current wording

As of September 30, 2026 and December 31, 2025, secured debt encumbered a total of 112 of our Properties, and the gross carrying value of such Properties was approximately $3,320.7 million and $3,266.6 million, respectively.

Previous wording

As of June 30, 2026, we had available liquidity in the form of approximately 406.0 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, 2026, we had available liquidity in the form of approximately 405.9 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 in 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 8. Derivative Instruments and Hedging Activities.

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 are subsequently reclassified into earnings in 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 8. Derivative Instruments and Hedging Activities.