Group 1 - The article emphasizes that from a real estate perspective, investing in the United States is considered a strong bet regardless of political administration or leadership [1] - The article promotes a research service that provides in-depth analysis on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] Group 2 - There is a mention of a beneficial long position in the shares of REXR, indicating a positive outlook on this specific stock [2] - The article expresses that the opinions shared are personal and not influenced by any external compensation or business relationships [2]

Group 1 - The iREIT®+HOYA Capital investment group focuses on various income-oriented alternatives including REITs, BDCs, MLPs, and Preferreds, supported by a team with over 100 years of combined experience [1] - The iREIT® Tracker provides comprehensive data on more than 250 tickers, including quality scores and buy/trimming targets [1] - Brad Thomas, a key figure in the investment group, has over 30 years of experience in real estate investing and has been involved in transactions exceeding $1 billion [2]

Group 1 - The article promotes iREIT on Alpha as a source for in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] - It highlights the satisfaction of investors with 438 testimonials, most of which are rated 5 stars, indicating a strong positive reception [1] - The quote from John D. Rockefeller emphasizes the pleasure derived from receiving dividends, aligning with the investment focus on income generation [1] Group 2 - The article includes a disclosure stating that past performance does not guarantee future results, which is a common disclaimer in investment discussions [2] - It clarifies that no specific investment recommendations are being made, and opinions expressed may not reflect the views of Seeking Alpha as a whole [2] - The article notes that the analysts contributing to the content may not be licensed or certified, indicating a diverse range of perspectives from both professional and individual investors [2]

Company Overview - Equity LifeStyle Properties, Inc. is a fully integrated owner of lifestyle-oriented properties, owning or having an interest in 455 properties predominantly located in the United States, consisting of 173,340 sites as of July 21, 2025 [5]. Dividend Announcement - The Board of Directors declared a third quarter 2025 dividend of $0.515 per common share, which annualizes to $2.06 per common share [1]. - The dividend is scheduled to be paid on October 10, 2025, to stockholders of record at the close of business on September 26, 2025 [1]. Forward-Looking Statements - The press release includes forward-looking statements that involve estimates, projections, and assumptions regarding future events and the expected effects of acquisitions [2]. - These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed [2][4]. Management and Operations - The company is a self-administered, self-managed real estate investment trust (REIT) headquartered in Chicago [5]. - Management's expectations and beliefs about future events are the basis for the forward-looking statements, which are inherently susceptible to uncertainty and changes in circumstances [4].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________ FORM 10-Q _________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-11718 ______________________ ...

Core Viewpoint - Equity Lifestyle Properties (NYSE: ELS) has underperformed compared to both REIT indices (VNQ) and broader market indices (SPY) over the past one and five years [1] Performance Analysis - The share price performance of Equity Lifestyle Properties has lagged behind its peers in the REIT sector and the overall market [1]

Group 1 - Equity LifeStyle Properties (NYSE: ELS) has underperformed over the past year, with a 9% decline in share value [1] - The company's shares have not participated in the broader equity market rally and are currently near a 52-week low [1]

Financial Data and Key Metrics Changes - Year-to-date NOI increased by 5% compared to the previous year, with normalized per share FFO growth of 5.7% [5][6] - Second quarter normalized FFO was $0.69 per share, aligning with the midpoint of guidance [18] - Core NOI growth for the second quarter was 6.4%, exceeding guidance by 70 basis points [19] - Full year normalized FFO guidance maintained at $3.06 per share, representing an estimated 0.9% growth compared to 2024 [22][23] Business Line Data and Key Metrics Changes - The manufactured housing (MH) portfolio generated revenue growth of 5.5% in the quarter, with occupancy over 94% [7][12] - Annual RV revenue grew by 3.9% year-to-date, driven by retention across park models and RV accommodations [8][15] - Core RV and Marina annual base rental income increased by 3.7% in the second quarter [19] Market Data and Key Metrics Changes - Approximately 70% of annual revenue comes from Sunbelt locations, catering to active adults, primarily retirees [9] - The company reported a decline in seasonal rent by 5.6% and transient rent by 8.6% year-to-date [19] Company Strategy and Development Direction - The company focuses on maintaining high occupancy and revenue growth through strategic investments in new home inventory [12][13] - Continued development of MH and RV sites, with 1,500 MH sites and 2,900 RV sites delivered over the last five years [17] - Emphasis on community engagement and customer retention to support long-term value creation [8][10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the business model amid broader market uncertainties, supported by strong demographics [6] - The company expects to see consistent demand across the MH portfolio, with a focus on rate increases in the upcoming quarters [42] - Management acknowledged challenges in the RV segment due to higher turnover rates in specific regions but remains optimistic about future demand [36][44] Other Important Information - The company has no secured debt maturing before 2028, with a well-positioned balance sheet [26] - The company closed on an unsecured term loan of $240 million, enhancing liquidity [27] Q&A Session Summary Question: What caused the revised outlook for core RV Marina revenue? - Management noted that the annual customer base is split between winter and summer seasons, with occupancy impacting guidance for the remainder of the year [31][32] Question: How does the weakness in RV growth affect pricing power for 2026? - Management indicated consistent demand across the MH portfolio and expects to establish budget rates for 2026 in the upcoming months [41][42] Question: What is the impact of occupancy loss on future revenue? - Management clarified that the occupancy change was negligible, with low delinquency rates maintained [46][47] Question: What are the expectations for home sales moving forward? - Management acknowledged lower sales but indicated that this aligns with pre-COVID levels and is influenced by inventory mix [77][78] Question: How is the transient RV Marina business expected to stabilize? - Management stated that the transient business is volatile but remains a feeder for the annual business, with new properties being added [113][114] Question: What is driving the reduction in expense guidance? - The reduction is primarily due to compensation savings from open positions and expected savings from legal and administrative expenses [98][99]

Financial Data and Key Metrics Changes - Year-to-date NOI increased by 5% compared to the previous year, with normalized FFO growth per share at 5.7% [4][5] - Second quarter normalized FFO was $0.69 per share, aligning with the midpoint of guidance [17] - Core NOI growth for the second quarter was 6.4%, exceeding guidance by 70 basis points [18] - Year-to-date core property operating income growth is projected at 5% [22] Business Line Data and Key Metrics Changes - The manufactured housing (MH) portfolio generated revenue growth of 5.5% in the quarter, with occupancy over 94% [6][11] - Annual RV revenue grew by 3.9% year-to-date, driven by retention across various accommodations [7] - Core RV and Marina annual base rental income increased by 3.7% in the second quarter [19] Market Data and Key Metrics Changes - Approximately 70% of annual revenue comes from Sunbelt locations, catering primarily to active adults [8] - The company has seen a decline in seasonal and transient rental income, with decreases of 5.6% and 8.6% respectively [19] Company Strategy and Development Direction - The company maintains full-year guidance for FFO per share, supported by strong demographics for MH and RV portfolios [5] - Strategic investments are being made in communities to enhance long-term success, including adding new home inventory [11] - The company is focused on maintaining high occupancy rates and stable revenue streams through community engagement [6][10] Management Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the business model, particularly during periods of market uncertainty [5] - The company expects to see consistent demand across the MH portfolio, with rate increases planned for the upcoming year [40] - Management remains optimistic about the RV business, despite recent turnover and occupancy challenges [34][41] Other Important Information - The company has no secured debt maturing before 2028, with a well-positioned balance sheet [25] - The company closed on a $240 million unsecured term loan to enhance capital flexibility [26] Q&A Session Summary Question: What caused the revised outlook for core RV Marina revenue? - Management noted that occupancy was the primary driver of the miss, with higher attrition rates in the North and Northeast impacting results [34][35] Question: How does the weakness in RV growth affect pricing power for 2026? - Management indicated that consistent demand remains, and they will establish budget rates for 2026 in the upcoming months [40][41] Question: What is the impact of Canadian customers on demand? - Management observed a lower take rate on early bird reservations from Canadian customers but expects demand to pick up as the season changes [49][50] Question: Can you explain the turnover in the annual RV segment? - Management confirmed that turnover was elevated in specific properties, primarily due to storm damage and seasonal factors [60][61] Question: What is the outlook for home sales for the rest of the year? - Management noted that home sales are currently lower than pre-COVID levels but are in line with historical averages [76][78] Question: What is the expected timeline for backfilling lost occupancy in the annual RV segment? - Management indicated that lost occupancy would be targeted for recovery in the next year through marketing efforts [94] Question: What is driving the reduction in property management and G&A guidance? - The reduction is primarily due to compensation savings from open positions and expected savings from legal and administrative expenses [96]

[Executive Summary & Financial Highlights](index=1&type=section&id=ELS%20REPORTS%20SECOND%20QUARTER%20RESULTS) The company reports solid Q2 and H1 2025 results, driven by Normalized FFO growth and strong operational performance [Financial Performance Overview](index=1&type=section&id=FINANCIAL%20RESULTS) The company achieved Normalized FFO per share growth of 4.7% for Q2 and 5.7% for H1 2025, meeting guidance Key Financial Results (Per Common Share and OP Unit) | Metric | Quarters Ended June 30, 2025 | Quarters Ended June 30, 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Income per Common Share | $0.42 | $0.42 | $— | (0.7)% | | FFO per Common Share and OP Unit | $0.69 | $0.69 | $— | 0.3% | | Normalized FFO per Common Share and OP Unit | $0.69 | $0.66 | $0.03 | 4.7% | | **Six Months Ended June 30,** | **2025** | **2024** | **$ Change** | **% Change** | | Net Income per Common Share | $0.99 | $1.01 | $(0.02) | (2.0)% | | FFO per Common Share and OP Unit | $1.52 | $1.55 | $(0.03) | (1.4)% | | Normalized FFO per Common Share and OP Unit | $1.52 | $1.44 | $0.08 | 5.7% | - **Normalized FFO per Common Share and OP Unit increased 4.7%** for the quarter and **5.7% for the six months** ended June 30, 2025, meeting the midpoint of previous guidance[4](index=4&type=chunk) [Operational Performance Update](index=1&type=section&id=Operations%20Update) Core property operating revenues and income grew, driven by strong rental income and controlled expense growth - Core property operating revenues **increased 3.5% for the quarter** and **3.2% for the six months** ended June 30, 2025, compared to the same periods in 2024[4](index=4&type=chunk) - Core property operating expenses were **flat for the quarter** and **increased 0.7% for the six months** ended June 30, 2025, compared to the same periods in 2024[4](index=4&type=chunk)[8](index=8&type=chunk) - Core income from property operations, excluding property management, **increased 6.4% for the quarter** and **5.0% for the six months** ended June 30, 2025, compared to the same periods in 2024[4](index=4&type=chunk) [Manufactured Home (MH) Operations](index=1&type=section&id=MH) Core MH base rental income grew consistently by 5.5%, complemented by new home sales activity - Core MH base rental income **increased 5.5%** for both the quarter and six months ended June 30, 2025, compared to the same periods in 2024[5](index=5&type=chunk) - The company sold **116 new homes** during the quarter and **233 new homes** during the six months ended June 30, 2025[5](index=5&type=chunk) [RV and Marina Operations](index=2&type=section&id=RV%20and%20Marina) Core RV and marina base rental income showed modest growth, with stronger performance in annual rentals - Core RV and marina base rental income **increased 0.7% for the quarter** and **0.4% for the six months** ended June 30, 2025, compared to the same periods in 2024[7](index=7&type=chunk) - Core RV and marina annual base rental income **increased 3.7% for the quarter** and **3.9% for the six months** ended June 30, 2025, compared to the same periods in 2024[7](index=7&type=chunk) [Property Operating Expenses](index=2&type=section&id=Property%20Operating%20Expenses) Core property operating expenses remained flat for the quarter and saw a slight increase for the six-month period - Core property operating expenses, excluding property management, were **flat for the quarter** ended June 30, 2025, compared to the same period in 2024, and **increased 0.7% for the six months**[8](index=8&type=chunk) [Balance Sheet and Financing Activities](index=2&type=section&id=Balance%20Sheet%20Activity) The company secured a new term loan, repaid maturing mortgage debt, and executed several swap agreements - Entered into a **$240.0 million unsecured term loan agreement**, drawing $150.0 million in May 2025 and $90.0 million in July 2025, with the loan maturing on May 15, 2030[9](index=9&type=chunk) - Repaid **$86.9 million of principal** on eight mortgage loans with a weighted average interest rate of 3.45%, covering all debt maturing in 2025[9](index=9&type=chunk) - Entered into six swap agreements with an aggregate notional value of **$240.0 million** and a weighted average fixed interest rate of **4.74% per annum**, maturing on May 15, 2030[10](index=10&type=chunk) [Financial Guidance](index=4&type=section&id=Guidance%20Update) The company provides its financial outlook for Q3 and the full year 2025, including key performance metrics [Third Quarter and Full Year 2025 Guidance](index=4&type=section&id=2025%20Guidance%20Table) The company projects Net Income, FFO, and Normalized FFO per share for the third quarter and full year 2025 2025 Financial Guidance (Per Common Share and OP Unit) | Metric | Third Quarter 2025 | Full Year 2025 | | :--- | :--- | :--- | | Net Income per Common Share | $0.46 to $0.52 | $1.94 to $2.04 | | FFO per Common Share and OP Unit | $0.72 to $0.78 | $3.01 to $3.11 | | Normalized FFO per Common Share and OP Unit | $0.72 to $0.78 | $3.01 to $3.11 | [Core Portfolio Growth Rate Guidance](index=4&type=section&id=Core%20Portfolio%3A%20Third%20Quarter%20Full%20Year%20Third%20Quarter%20Full%20Year) Guidance indicates continued growth in MH rental income and property operating revenues for Q3 and full year 2025 Core Portfolio 2025 Growth Rate Guidance | Metric | Third Quarter 2025 Growth Rate | Full Year 2025 Growth Rate | | :--- | :--- | :--- | | MH base rental income | 5.0% to 5.6% | 4.9% to 5.9% | | RV and marina base rental income | -0.1% to 0.5% | 0.6% to 1.6% | | Property operating revenues | 2.8% to 3.4% | 2.8% to 3.8% | | Property operating expenses, excluding property management | 0.6% to 1.2% | 0.7% to 1.7% | | Income from property operations, excluding property management | 4.6% to 5.2% | 4.5% to 5.5% | - Core RV and marina annual revenue is projected to grow **4.0% to 4.6% in Q3 2025** and **3.8% to 4.8% for the full year 2025**[12](index=12&type=chunk) [Other Guidance Assumptions](index=4&type=section&id=Other%20Guidance%20Assumptions%3A) Additional guidance assumptions for full year 2025 cover non-core operations, administrative expenses, and debt metrics Other Full Year 2025 Guidance Assumptions | Metric | Full Year 2025 Range | | :--- | :--- | | Non-Core Income from property operations, excluding property management | $7.6 to $11.6 | | Property management and general administrative | $115.8 to $121.8 | | Other income and expenses | $26.5 to $32.5 | | Weighted average debt outstanding | $3,170 to $3,370 | | Interest and related amortization | $129.0 to $135.0 | [Company Information & Forward-Looking Statements](index=5&type=section&id=About%20Equity%20LifeStyle%20Properties) This section outlines the company's profile, conference call details, and important forward-looking statement disclaimers [About Equity LifeStyle Properties](index=5&type=section&id=About%20Equity%20LifeStyle%20Properties) Equity LifeStyle Properties is a self-managed REIT with a large portfolio of properties across North America - Equity LifeStyle Properties is a self-administered, self-managed REIT with **455 properties** in 35 states and British Columbia, totaling **173,340 sites** as of July 21, 2025[14](index=14&type=chunk) [Conference Call Information](index=5&type=section&id=Conference%20Call) A conference call was scheduled to discuss the quarterly results, with a replay available online - A live audio webcast of the conference call was scheduled for Tuesday, July 22, 2025, at 10:00 a.m. Central Time, with a replay available for two weeks on the company's investor relations website[15](index=15&type=chunk) [Forward-Looking Statements Disclaimer](index=5&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements subject to various risks that could affect actual results - The press release includes forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially, such as changes in site usage, occupancy, and interest rates[16](index=16&type=chunk) [Supplemental Financial Information](index=6&type=section&id=Supplemental%20Financial%20Information) This section presents detailed financial statements, operational data, and capital structure information [Financial Highlights](index=7&type=section&id=Financial%20Highlights) This section provides a snapshot of key financial metrics and ratios for the past five quarters Financial Highlights (Quarterly Trends) | Metric | June 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Operating Information** | | | | | | | Total revenues ($M) | 376.9 | 387.3 | 372.3 | 387.3 | 380.0 | | Consolidated net income ($M) | 83.5 | 114.4 | 100.6 | 86.9 | 82.1 | | Normalized FFO available for Common Stock and OP Unit holders ($M) | 137.7 | 166.7 | 151.2 | 140.5 | 128.5 | | **Per Share Data** | | | | | | | Net income per Common Share - Fully Diluted ($) | 0.42 | 0.57 | 0.50 | 0.44 | 0.42 | | Normalized FFO per Common Share and OP Unit - Fully Diluted ($) | 0.69 | 0.83 | 0.76 | 0.72 | 0.66 | | Dividends per Common Share ($) | 0.5150 | 0.5150 | 0.4775 | 0.4775 | 0.4775 | | **Balance Sheet** | | | | | | | Total assets ($M) | 5,721 | 5,642 | 5,646 | 5,644 | 5,645 | | Total liabilities ($M) | 3,908 | 3,809 | 3,822 | 4,149 | 4,135 | | Total debt ($M) | 3,273 | 3,199 | 3,230 | 3,502 | 3,499 | | **Ratios** | | | | | | | Total debt / total market capitalization (%) | 20.9 % | 19.3 % | 19.5 % | 20.1 % | 21.5 % | | Total debt / Adjusted EBITDAre | 4.5 | 4.4 | 4.5 | 5.0 | 5.1 | | Interest coverage | 5.6 | 5.4 | 5.2 | 5.1 | 5.1 | [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's detailed consolidated balance sheets and statements of income [Consolidated Balance Sheets](index=8&type=section&id=Assets) Total assets increased to $5.72 billion as of June 30, 2025, driven by growth in real estate investments Consolidated Balance Sheet (Selected Items) | Metric | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | | :--- | :--- | :--- | | Net investment in real estate | 5,290,851 | 5,276,152 | | Cash and restricted cash | 33,008 | 24,576 | | Notes receivable, net | 100,269 | 50,726 | | Total Assets | 5,720,883 | 5,645,652 | | Mortgage notes payable, net | 2,810,199 | 2,928,292 | | Term loans, net | 347,046 | 199,344 | | Unsecured line of credit | 90,000 | 77,000 | | Total Liabilities | 3,907,931 | 3,821,866 | | Total Stockholders' Equity | 1,730,814 | 1,740,716 | | Total Liabilities and Equity | 5,720,883 | 5,645,652 | [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated net income for Q2 2025 was $83.5 million, a slight increase from the prior year Consolidated Statements of Income (Selected Items) | Metric | Quarters Ended June 30, 2025 ($ thousands) | Quarters Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | Total revenues | 376,866 | 380,019 | 764,200 | 766,587 | | Property operating and maintenance | 127,845 | 126,105 | 246,411 | 240,888 | | Real estate taxes | 21,845 | 20,099 | 43,488 | 40,886 | | Depreciation and amortization | 52,649 | 51,344 | 103,591 | 102,452 | | Interest and related amortization | 32,200 | 36,037 | 63,336 | 69,580 | | Total expenses | 292,643 | 298,471 | 570,485 | 570,051 | | Consolidated net income | 83,493 | 82,127 | 197,886 | 197,398 | | Net income available for Common Stockholders | 79,708 | 78,297 | 188,900 | 188,202 | [Income from Property Operations](index=14&type=section&id=Consolidated%20Income%20from%20Property%20Operations) This section details income from property operations, segmented by consolidated, core, and non-core properties [Consolidated Income from Property Operations](index=14&type=section&id=Consolidated%20Income%20from%20Property%20Operations) Consolidated income from property operations grew to $196.0 million for the quarter and $414.0 million for H1 2025 Consolidated Income from Property Operations (Selected Items) | Metric | Quarters Ended June 30, 2025 ($M) | Quarters Ended June 30, 2024 ($M) | Six Months Ended June 30, 2025 ($M) | Six Months Ended June 30, 2024 ($M) | | :--- | :--- | :--- | :--- | :--- | | MH base rental income | 186.4 | 176.7 | 371.1 | 351.8 | | RV and marina base rental income | 106.1 | 103.4 | 227.7 | 223.5 | | Property operating revenues | 351.4 | 338.6 | 715.1 | 692.3 | | Property operating expenses, excluding property management | 155.4 | 153.5 | 301.1 | 295.8 | | Income from property operations, excluding property management | 196.0 | 185.1 | 414.0 | 396.5 | | MH Occupancy % | 93.9 % | 94.4 % | 93.9 % | 94.4 % | | Monthly base rent per site (MH) | $904 | $854 | $899 | $851 | [Core Income from Property Operations](index=15&type=section&id=Core%20Income%20from%20Property%20Operations) Core income from property operations grew 6.4% for the quarter and 5.0% for the six months ended June 30, 2025 Core Income from Property Operations (Selected Items) | Metric | Quarters Ended June 30, 2025 ($M) | Quarters Ended June 30, 2024 ($M) | Change (%) | Six Months Ended June 30, 2025 ($M) | Six Months Ended June 30, 2024 ($M) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | MH base rental income | 186.2 | 176.5 | 5.5% | 370.7 | 351.5 | 5.5 % | | RV and marina base rental income | 101.6 | 100.8 | 0.7% | 217.7 | 216.7 | 0.4 % | | Property operating revenues | 344.0 | 332.5 | 3.5% | 699.6 | 678.2 | 3.2 % | | Property operating expenses, excluding property management | 150.5 | 150.6 | 0.0% | 292.1 | 290.0 | 0.7 % | | Income from property operations, excluding property management | 193.5 | 181.9 | 6.4% | 407.5 | 388.2 | 5.0 % | | Core MH Occupancy % | 94.3 % | 94.9 % | | 94.4 % | 94.9 % | | | Core RV and marina annual base rental income | 77.3 | 74.6 | 3.7% | 153.7 | 147.9 | 3.9% | | Core utility recovery rate | 48.8 % | 46.3 % | | 48.2 % | 46.4 % | | [Non-Core Income from Property Operations](index=17&type=section&id=Non-Core%20Income%20from%20Property%20Operations) Non-Core properties generated $2.5 million in income from property operations for the quarter Non-Core Income from Property Operations (Selected Items) | Metric | Quarter Ended June 30, 2025 ($M) | Six Months Ended June 30, 2025 ($M) | | :--- | :--- | :--- | | MH base rental income | 0.2 | 0.4 | | RV and marina base rental income | 4.5 | 10.0 | | Property operating revenues | 7.3 | 15.5 | | Property operating expenses, excluding property management | 4.8 | 9.0 | | Income from property operations, excluding property management | 2.5 | 6.5 | [Sales and Rental Operations Data](index=19&type=section&id=Home%20Sales%20-%20Select%20Data) This section provides key data on the company's home sales and rental home operations [Home Sales - Select Data](index=19&type=section&id=Home%20Sales%20-%20Select%20Data) New home sales volume decreased significantly compared to the prior year, while used home sales volume increased Home Sales - Select Data | Metric | Quarters Ended June 30, 2025 | Quarters Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total new home sales volume | 117 | 255 | 234 | 446 | | New home sales gross revenues ($ thousands) | 9,444 | 22,706 | 18,873 | 40,406 | | Total used home sales volume | 85 | 59 | 142 | 113 | | Used home sales gross revenues ($ thousands) | 761 | 1,240 | 1,535 | 2,078 | | Brokered home resales volume | 126 | 152 | 224 | 261 | | Brokered home resales gross revenues ($ thousands) | 454 | 649 | 850 | 1,221 | [Rental Homes - Select Data](index=19&type=section&id=Rental%20Homes%20-%20Select%20Data) Rental operations revenues remained stable, with a slight decrease in occupied rental sites year-over-year Rental Homes - Select Data | Metric | Quarters Ended June 30, 2025 | Quarters Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Rental operations revenues ($ thousands) | 8,749 | 8,597 | 17,143 | 17,655 | | Rental home operations expense ($ thousands) | 1,300 | 1,557 | 2,446 | 2,926 | | Depreciation on rental homes ($ thousands) | 2,878 | 2,492 | 5,123 | 5,060 | | Total occupied rental sites | 2,005 | 2,016 | | | [Property and Site Information](index=20&type=section&id=Summary%20of%20Total%20Sites%20as%20of%20June%2030%2C%202025) This section provides an overview of the company's property portfolio by site type [Summary of Total Sites](index=20&type=section&id=Summary%20of%20Total%20Sites%20as%20of%20June%2030%2C%202025) The company's portfolio comprised 173,300 sites as of June 30, 2025, primarily MH and RV sites Summary of Total Sites as of June 30, 2025 | Site Type | Number of Sites | | :--- | :--- | | MH sites | 73,200 | | RV sites: | | | Annual | 34,000 | | Seasonal | 11,200 | | Transient | 18,100 | | Marina slips | 6,900 | | Membership | 26,000 | | Joint Ventures | 3,900 | | **Total** | **173,300** | [Membership Campgrounds - Select Data](index=22&type=section&id=Membership%20Campgrounds%20-%20Select%20Data) Total memberships decreased slightly to 112,494 as of June 30, 2025 Membership Campgrounds - Select Data (Six Months Ended June 30, 2025) | Metric | Six Months Ended June 30, 2025 ($ thousands) | | :--- | :--- | | Annual membership subscriptions | 33,244 | | Annual RV base rental income | 14,821 | | Seasonal/Transient RV base rental income | 8,440 | | Membership upgrade revenue | 6,172 | | Utility and other income | 991 | | Total Memberships | 112,494 | | Paid Membership Origination | 9,320 | | Promotional Membership Origination | 12,338 | | Membership Upgrade Volume | 2,959 | | Membership Campground Count | 82 | | Membership Campground RV Site Count | 26,000 | | Annual Site Count | 5,769 | [Capital Structure and Debt](index=23&type=section&id=Capital%20Structure%20as%20of%20June%2030%2C%202025) This section details the company's capital structure and debt maturity schedule [Capital Structure](index=23&type=section&id=Capital%20Structure%20as%20of%20June%2030%2C%202025) Total debt was $3.3 billion as of June 30, 2025, representing 20.9% of total market capitalization Capital Structure as of June 30, 2025 | Metric | Amount ($M) | % of Total Debt | % of Total Market Capitalization | | :--- | :--- | :--- | :--- | | Secured Debt | 2,833 | 86.6 % | | | Unsecured Debt | 440 | 13.4 % | | | **Total Debt** | **3,273** | **100.0 %** | **20.9 %** | | Fair Value of Common Shares and OP Units | 12,351 | | | | **Total Equity** | **12,351** | | **79.1 %** | | **Total Market Capitalization** | **15,624** | | **100.0 %** | [Debt Maturity Schedule](index=25&type=section&id=Debt%20Maturity%20Schedule%20as%20of%20June%2030%2C%202025) The company has no significant debt maturities until 2027, with a well-laddered maturity profile Debt Maturity Schedule as of June 30, 2025 (Selected Years) | Year | Outstanding Debt ($ thousands) | Weighted Average Interest Rate | % of Total Debt | Weighted Average Years to Maturity | | :--- | :--- | :--- | :--- | :--- | | **Secured Debt** | | | | | | 2025 | — | — % | — % | — | | 2026 | — | — % | — % | — | | 2027 | — | — % | — % | — | | 2028 | 193,459 | 4.19 % | 5.91 % | 3.2 | | 2030 | 275,385 | 2.69 % | 8.41 % | 4.7 | | Thereafter | 1,106,273 | 3.95 % | 33.81 % | 13.0 | | **Unsecured Term Loans** | | | | | | 2027 | 200,000 | 4.88 % | 6.11 % | 1.6 | | 2030 | 150,000 | 4.76 % | 4.58 % | 4.9 | | **Total Debt, Net** | **3,247,245** | **4.00%** | **100.00 %** | | [Non-GAAP Financial Measures](index=10&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles Non-GAAP measures used by management to evaluate performance [Non-GAAP Measures Introduction](index=10&type=section&id=Non-GAAP%20Financial%20Measures%20Introduction) Management uses Non-GAAP measures as supplemental tools to evaluate operating performance - Non-GAAP measures are used by management to understand the business and are helpful for investors to evaluate operating performance, but they do not represent GAAP cash flows or net income[30](index=30&type=chunk) [Reconciliation of Net Income to Non-GAAP Financial Measures (FFO, Normalized FFO, FAD)](index=11&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Non-GAAP%20Financial%20Measures) This section reconciles Net Income to FFO, Normalized FFO, and FAD for quarterly and six-month periods Reconciliation of Net Income to FFO, Normalized FFO, FAD | Metric | Quarters Ended June 30, 2025 ($ thousands) | Quarters Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | Net income available for Common Stockholders | 79,708 | 78,297 | 188,900 | 188,202 | | Depreciation and amortization | 52,649 | 51,344 | 103,591 | 102,452 | | FFO available for Common Stock and OP Unit holders | 138,283 | 134,663 | 304,949 | 302,093 | | Normalized FFO available for Common Stock and OP Unit holders | 137,690 | 128,493 | 304,356 | 281,224 | | Non-revenue producing improvements to real estate | (22,460) | (20,220) | (38,598) | (36,042) | | FAD for Common Stock and OP Unit holders | 115,230 | 108,273 | 265,758 | 245,182 | [Reconciliation of Consolidated Net Income to EBITDAre and Adjusted EBITDAre](index=27&type=section&id=Reconciliation%20of%20Consolidated%20net%20income%20to%20EBITDAre%20and%20Adjusted%20EBITDAre) This section reconciles Consolidated Net Income to EBITDAre and Adjusted EBITDAre to evaluate operating performance Reconciliation of Consolidated Net Income to EBITDAre and Adjusted EBITDAre | Metric | Quarters Ended June 30, 2025 ($ thousands) | Quarters Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | Consolidated net income | 83,493 | 82,127 | 197,886 | 197,398 | | Real estate depreciation and amortization | 52,649 | 51,344 | 103,591 | 102,452 | | Interest and related amortization | 32,200 | 36,037 | 63,336 | 69,580 | | EBITDAre | 170,544 | 170,502 | 368,118 | 371,215 | | Insurance proceeds due to catastrophic weather events, net | (593) | (6,170) | (593) | (21,013) | | Adjusted EBITDAre | 169,951 | 164,332 | 367,525 | 350,585 | [Definitions of Non-GAAP Measures](index=26&type=section&id=Non-GAAP%20Financial%20Measures%20Definitions%20and%20Reconciliations) This section provides detailed definitions for various Non-GAAP financial measures used by the company - **FFO (Funds From Operations)** is defined as net income excluding gains/losses from property sales, real estate depreciation/amortization, and impairment charges, in accordance with NAREIT standards[70](index=70&type=chunk) - **Normalized FFO** is FFO excluding non-operating items like gains/losses from early debt extinguishment and transaction costs, to provide a consistent basis for comparing operating performance[72](index=72&type=chunk) - **FAD (Funds Available for Distribution)** is defined as Normalized FFO less non-revenue producing capital expenditures[73](index=73&type=chunk) - **EBITDAre** is net income excluding interest, taxes, depreciation, amortization, gains/losses from property sales, and impairment charges[77](index=77&type=chunk) - **Adjusted EBITDAre** is EBITDAre excluding non-operating income and expense items such as gains/losses from early debt extinguishment and transaction/pursuit costs[78](index=78&type=chunk) - **Core properties** include those owned and operated during all of 2024 and 2025, used for annual comparisons by removing fluctuations from acquisitions and dispositions[81](index=81&type=chunk) - **Non-Core properties** in 2025 include those not owned and operated during all of 2024 and 2025, such as properties impacted by Hurricane Ian and other storm events[82](index=82&type=chunk) [Forward-Looking Non-GAAP Measures](index=29&type=section&id=FORWARD-LOOKING%20NON-GAAP%20MEASURES) This section reconciles forward-looking Net Income guidance to FFO and Normalized FFO guidance for 2025 Forward-Looking Non-GAAP Measures Reconciliation (2025 Guidance) | Metric | Third Quarter 2025 | Full Year 2025 | | :--- | :--- | :--- | | Net income per Common Share | $0.46 to $0.52 | $1.94 to $2.04 | | Depreciation and amortization | 0.27 | 1.06 | | FFO per Common Share and OP Unit - Fully Diluted | $0.72 to $0.78 | $3.01 to $3.11 | | Normalized FFO per Common Share and OP Unit - Fully Diluted | $0.72 to $0.78 | $3.01 to $3.11 | - A quantitative reconciliation of certain forward-looking Non-GAAP information to GAAP is not provided due to the inability to accurately predict reconciling items without unreasonable effort[84](index=84&type=chunk)