Financial Analysis

Commitments and Contingencies We are involved in various legal and regulatory proceedings (Proceedings) arising in the ordinary course of business. The Proceedings include, but are not limited to, legal claims made by employees, vendors and customers, and notices, consent decrees, information requests, additional permit requirements and other similar enforcement actions by governmental agencies relating to our utility infrastructure, including water and wastewater treatment plants and other waste treatment facilities and electrical systems. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these Proceedings taken together do not represent a material liability. In addition, to the extent any such Proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor. Beginning on August 31, 2023 through December 4, 2023, certain private party plaintiffs filed several putative class actions in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc. (Datacomp) and several owner/operators of manufactured housing communities, including ELS (the Datacomp Litigation), alleging that the community owner/operators used JLT Market Reports produced by Datacomp to conspire to raise manufactured home lot rents in violation of Section 1 of the Sherman Act. ELS purchased Datac …

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Equity Incentive Awards Our 2024 Equity Incentive Plan (the 2024 Plan) was adopted by the Board of Directors on February 6, 2024 and approved by our stockholders on April 30, 2024. The table below presents shares issued by the Company (grant date fair value amounts in thousands): Plan Award Date Time-Based Awards Performance Based Awards Total Awards Grant Date Fair Value 2024 Equity Incentive Plan February 4, 2025 49,881 49,884 99,765 $ 4,372 2024 Equity Incentive Plan April 29, 2025 18,227 18,227 $ 1,163 2024 Equity Incentive Plan February 3, 2026 58,739 58,741 117,480 $ 5,418 2024 Equity Incentive Plan April 28, 2026 18,569 18,569 $ 1,162 For the shares awarded on February 4, 2025, 47,503 are time-based awards and vest in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, with the remaining 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027. These time-based awards have a grant date fair value of $3.2 million. The remaining 47,506 shares are performance-based awards and vest in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, subject to the achievement of performance goals, with the remaining 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027, subject to the achievement of performance goals. The 17,418 shares of restricted stock subject to 2025 performance goals have a g …

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Borrowing Arrangements Mortgage Notes Payable The following table presents the carrying value, fair value and weighted average interest rates for our mortgage notes payable (amounts in thousands except percentages): As of June 30, 2026 As of December 31, 2025 Stated Interest Rate Maturity Date Carrying Value Fair Value Weighted Average Interest Rate Carrying Value Fair Value Weighted Average Interest Rate Mortgage notes payable 2.44% to 5.06% 2028 to 2041 $ 2,767,759 $ 2,354,587 3.77 % $ 2,800,866 $ 2,404,789 3.77 % Less: Deferred financing costs, net $ (20,381) $ (21,708) Mortgage notes payable, net $ 2,747,378 $ 2,779,158 The following table presents the number of encumbered Properties and the gross carrying value of such Properties (gross carrying value in thousands): As of June 30, 2026 As of December 31, 2025 Number of Encumbered Properties Gross Carrying Value Number of Encumbered Properties Gross Carrying Value Encumbered Properties 112 $ 3,304,614 112 $ 3,266,579 Unsecured Debt The following table presents the carrying value, fair value and weighted average interest rates for our unsecured debt (amounts in thousands): As of June 30, 2026 As of December 31, 2025 Stated Interest Rate Maturity Date Carrying Value (1) Effective Interest Rate Carrying Value (1) Effective Interest Rate $240.0 Million Term Loan (2) SOFR + 1.20% to 1.70% May 15, 2030 $ 240,000 4.74 % $ 240,000 4.74 % $200.0 Million Term Loan SOFR + 0.10% + 1.20% to 1.70% January 21, 2027 $ 200,000 4.88 % $ 20 …

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Deferred Revenue from Membership Upgrades and Deferred Commission Expense The components of the change in Deferred revenue from membership upgrades and Deferred commission expense were as follows: As of June 30, (amounts in thousands) 2026 2025 Deferred revenue, beginning $ 211,171 $ 218,164 Deferred membership upgrade revenue 2,022 4,246 Revenue recognized from membership upgrades (7,456) (6,572) Net increase (decrease) in deferred revenue (5,434) (2,326) Deferred revenue, ending (1) $ 205,737 $ 215,838 Deferred commission expense, beginning $ 58,149 $ 56,516 Deferred commission expense 2,608 3,603 Commission expense recognized (3,383) (2,271) Net increase (decrease) in deferred commission expense (775) 1,332 Deferred commission expense, ending $ 57,374 $ 57,848 _____________________ (1) Included in Deferred membership revenue on the Consolidated Balance Sheets.

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Reportable Segments We have identified two reportable segments: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. Each segment is primarily evaluated based on Net Operating Income (NOI), which is defined as total operating revenues less total operating expenses. Segments are assessed before interest income and depreciation and amortization. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the total portfolio from regional economic influences. All revenues were from external customers, and there is no customer who contributed 10% or more of our total revenues during the quarters or six months ended June 30, 2026 or 2025. The following tables summarize our segment financial information: Quarter Ended June 30, 2026 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 376,245 $ 14,181 $ 390,426 Operations expenses (191,551) (13,459) (205,010) NOI 184,694 722 185,416 Reconciliation to consolidated net income: Depreciation and amortization (53,637) Gain/(Loss) on sale of real estate and impairment, net (507) Interest income 1,580 Income from other investments, net 5,809 General and administrative (11,872) Casualty-related (charges)/recoveries, net 7,094 …

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Summary of Significant Accounting Policies (a) Revenue Recognition Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Our MH Sites and annual RV and marina Sites are leased on an annual basis. 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. Leases with our customers are accounted for as operating leases. Rental income is accounted for in accordance with Accounting Standards Codification (ASC) 842, Leases , and is recognized over the term of the respective lease or the length of a customers stay. We do not separate expenses reimbursed by our customers (utility recoveries) from the associated rental revenue as we meet the practical expedient criteria to combine these lease and non-lease components. We account for and present rental revenue and utility recoveries as a single component under Rental income in the Consolidated Statements of Income and Comprehensive Income as the timing and pattern of transfer for rental revenue and the associated utility recoveries are the same. The change in allowance for credit losses related to the collectability of lease receivables is presented as a reduction to Rental income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Annual membership subscriptions and membership u …

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Common Stock and Other Equity Related Transactions Common Stockholder Distribution Activity The following quarterly distributions have been declared and paid to Common Stockholders and the Operating Partnership unit (OP Unit) holders since January 1, 2025: Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $0.5150 March 31, 2025 March 28, 2025 April 11, 2025 $0.5150 June 30, 2025 June 27, 2025 July 11, 2025 $0.5150 September 30, 2025 September 26, 2025 October 10, 2025 $0.5150 December 31, 2025 December 26, 2025 January 9, 2026 $0.5425 March 31, 2026 March 27, 2026 April 10, 2026 $0.5425 June 30, 2026 June 26, 2026 July 10, 2026 Exchanges Subject to certain limitations, OP Unit holders can request an exchange of any or all of their OP Units for shares of common stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of common stock, cause the Operating Partnership to pay cash. There were 13,000 OP units exchanged for an equal amount of common stock during the quarter ended June 30, 2026 and 15,406 OP units exchanged for an equal amount of common stock during the six months ended June 30, 2026. There were 43,324 OP units exchanged for an equal amount of common stock during the quarter and six months ended June 30, 2025. Equity Offering Program On November 1, 2024, we entered into our current at-the-market (ATM) equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, …

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