

						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)						Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land			Depreciable Property			Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Properties Held for Long Term
Hidden Cove	Arley	AL	$	—		$	212	$	610	$	—		$	181		$	212	$	791	$	1,003	$	(315	)	2006
Apache East	Apache Junction	AZ	(5,156		)	2,236		4,181		—			162			2,236		4,343		6,579		(1,290		)	2011
Countryside RV	Apache Junction	AZ	(8,409		)	2,056		6,241		—			1,651			2,056		7,892		9,948		(4,126		)	2002
Denali Park	Apache Junction	AZ	—			2,394		4,016		—			243			2,394		4,259		6,653		(1,245		)	2011
Golden Sun RV	Apache Junction	AZ	(5,963		)	1,678		5,049		—			673			1,678		5,722		7,400		(3,006		)	2002
Valley Vista	Benson	AZ	—			115		429		—			182			115		611		726		(179		)	2010
Casita Verde RV	Casa Grande	AZ	—			719		2,179		—			244			719		2,423		3,142		(978		)	2006
Fiesta Grande RV	Casa Grande	AZ	—			2,869		8,653		—			1,142			2,869		9,795		12,664		(3,918		)	2006
Foothills West RV	Casa Grande	AZ	—			747		2,261		—			440			747		2,701		3,448		(1,134		)	2006
Sunshine Valley	Chandler	AZ	(23,157		)	9,139		12,912		—			446			9,139		13,358		22,497		(3,929		)	2011
Verde Valley	Cottonwood	AZ	—			1,437		3,390		19			2,629			1,456		6,019		7,475		(2,243		)	2004
Casa del Sol East II	Glendale	AZ	—			2,103		6,283		—			3,219			2,103		9,502		11,605		(4,985		)	1996
Casa del Sol East III	Glendale	AZ	—			2,450		7,452		—			1,101			2,450		8,553		11,003		(5,562		)	1998
Palm Shadows	Glendale	AZ	(5,512		)	1,400		4,218		—			1,470			1,400		5,688		7,088		(4,381		)	1993
Hacienda De Valencia	Mesa	AZ	(20,801		)	833		2,701		—			5,056			833		7,757		8,590		(5,586		)	1984
Mesa Spirit	Mesa	AZ	(17,129		)	17,382		25,238		192			(107		)	17,574		25,131		42,705		(4,020		)	2014
Monte Vista	Mesa	AZ	(21,598		)	11,402		34,355		—			16,921			11,402		51,276		62,678		(19,324		)	2004
Seyenna Vistas	Mesa	AZ	—			1,360		4,660		(87		)	3,085			1,273		7,745		9,018		(5,513		)	1994
The Highlands at Brentwood	Mesa	AZ	(13,069		)	1,997		6,024		—			2,285			1,997		8,309		10,306		(6,347		)	1993
Viewpoint	Mesa	AZ	(50,795		)	24,890		56,340		15			18,613			24,905		74,953		99,858		(32,466		)	2004
Apollo Village	Peoria	AZ	—			932		3,219		—			1,714			932		4,933		5,865		(3,525		)	1994
Casa del Sol West I	Peoria	AZ	—			2,215		6,467		—			2,523			2,215		8,990		11,205		(5,133		)	1996
Carefree Manor	Phoenix	AZ	—			706		3,040		—			983			706		4,023		4,729		(2,610		)	1998
Central Park	Phoenix	AZ	(12,423		)	1,612		3,784		—			1,861			1,612		5,645		7,257		(4,770		)	1983
Desert Skies	Phoenix	AZ	(4,763		)	792		3,126		—			843			792		3,969		4,761		(2,625		)	1998
Sunrise Heights	Phoenix	AZ	(5,835		)	1,000		3,016		—			1,796			1,000		4,812		5,812		(3,324		)	1994
Whispering Palms	Phoenix	AZ	—			670		2,141		—			411			670		2,552		3,222		(1,748		)	1998
Desert Vista	Salome	AZ	—			66		268		—			226			66		494		560		(159		)	2010
Sedona Shadows	Sedona	AZ	—			1,096		3,431		—			1,911			1,096		5,342		6,438		(3,248		)	1997
Venture In	Show Low	AZ	—			2,050		6,188		—			636			2,050		6,824		8,874		(2,886		)	2006
Paradise	Sun City	AZ	(13,142		)	6,414		19,263		11			2,652			6,425		21,915		28,340		(11,207		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
The Meadows	Tempe	AZ	$	(16,952	)	$	2,613	$	7,887	$	—	$	4,510	$	2,613	$	12,397	$	15,010	$	(8,775	)	1994
Fairview Manor	Tucson	AZ	—			1,674		4,708		—		2,339		1,674		7,047		8,721		(4,582		)	1998
Westpark	Wickenburg	AZ	(8,777		)	4,495		10,517		—		864		4,495		11,381		15,876		(3,198		)	2011
Araby	Yuma	AZ	—			1,440		4,345		—		1,084		1,440		5,429		6,869		(2,581		)	2003
Cactus Gardens	Yuma	AZ	(6,370		)	1,992		5,984		—		536		1,992		6,520		8,512		(3,097		)	2004
Capri RV	Yuma	AZ	—			1,595		4,774		—		436		1,595		5,210		6,805		(2,121		)	2006
Desert Paradise	Yuma	AZ	—			666		2,011		—		336		666		2,347		3,013		(1,155		)	2004
Foothill	Yuma	AZ	—			459		1,402		—		367		459		1,769		2,228		(837		)	2003
Mesa Verde	Yuma	AZ	(4,714		)	1,387		4,148		—		686		1,387		4,834		6,221		(1,900		)	2007
Suni Sands	Yuma	AZ	—			1,249		3,759		—		614		1,249		4,373		5,622		(2,094		)	2004
Cultus Lake	Lindell Beach	BC	—			410		968		6		390		416		1,358		1,774		(625		)	2004
Soledad Canyon	Acton	CA	—			2,933		6,917		39		5,452		2,972		12,369		15,341		(4,718		)	2004
Los Ranchos	Apple Valley	CA	—			8,336		15,774		—		777		8,336		16,551		24,887		(4,793		)	2011
Monte del Lago	Castroville	CA	(32,542		)	3,150		9,469		—		4,490		3,150		13,959		17,109		(8,537		)	1997
Date Palm Country Club	Cathedral City	CA	—			—		18,179		—		8,006		—		26,185		26,185		(19,158		)	1994
Date Palm RV	Cathedral City	CA	—			—		216		—		497		—		713		713		(448		)	1994
Colony Park	Ceres	CA	—			890		2,837		—		1,303		890		4,140		5,030		(2,596		)	1998
Russian River	Cloverdale	CA	—			368		868		5		427		373		1,295		1,668		(530		)	2004
Oakzanita Springs	Descanso	CA	—			396		934		5		1,590		401		2,524		2,925		(1,013		)	2004
Rancho Mesa	El Cajon	CA	—			2,130		6,389		—		1,170		2,130		7,559		9,689		(4,899		)	1998
Rancho Valley	El Cajon	CA	(6,580		)	685		1,902		—		1,701		685		3,603		4,288		(2,803		)	1983
Snowflower	Emigrant Gap	CA	—			308		727		4		1,631		312		2,358		2,670		(681		)	2004
Four Seasons	Fresno	CA	—			756		2,348		—		1,590		756		3,938		4,694		(2,119		)	1997
Yosemite Lakes	Groveland	CA	—			2,045		4,823		27		3,562		2,072		8,385		10,457		(3,175		)	2004
Royal Holiday	Hemet	CA	—			778		2,643		—		3,026		778		5,669		6,447		(2,938		)	1999
Pio Pico	Jamul	CA	—			2,626		6,194		35		3,671		2,661		9,865		12,526		(3,934		)	2004
Tahoe Valley	Lake Tahoe	CA	—			—		5,428		—		974		—		6,402		6,402		(2,987		)	2004
Sea Oaks	Los Osos	CA	—			871		2,703		—		889		871		3,592		4,463		(2,301		)	1997
Ponderosa	Lotus	CA	—			900		2,100		—		2,264		900		4,364		5,264		(1,202		)	2006
Turtle Beach	Manteca	CA	—			268		633		4		1,334		272		1,967		2,239		(460		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Wilderness Lake	Menifee	CA	$	—		$	2,157	$	5,088	$	29	$	2,138	$	2,186	$	7,226	$	9,412	$	(3,056	)	2004
Coralwood	Modesto	CA	—			—		5,047		—		1,494		—		6,541		6,541		(4,077		)	1997
Morgan Hill	Morgan Hill	CA	—			1,856		4,378		25		3,804		1,881		8,182		10,063		(2,574		)	2004
Lake Minden	Nicolaus	CA	—			961		2,267		13		1,329		974		3,596		4,570		(1,571		)	2004
Pacific Dunes Ranch	Oceana	CA	—			1,940		5,632		—		1,330		1,940		6,962		8,902		(3,018		)	2004
Lake of the Springs	Oregon House	CA	—			1,062		2,504		14		1,828		1,076		4,332		5,408		(1,681		)	2004
Concord Cascade	Pacheco	CA	(10,284		)	985		3,016		—		3,158		985		6,174		7,159		(4,426		)	1983
San Francisco RV	Pacifica	CA	—			1,660		4,973		—		2,380		1,660		7,353		9,013		(2,726		)	2005
San Benito	Paicines	CA	—			1,411		3,328		19		2,702		1,430		6,030		7,460		(2,273		)	2004
Palm Springs	Palm Desert	CA	—			1,811		4,271		24		1,850		1,835		6,121		7,956		(2,567		)	2004
Idyllwild	Pine Cove	CA	—			313		737		4		1,737		317		2,474		2,791		(839		)	2004
Las Palmas	Rialto	CA	—			1,295		3,866		—		916		1,295		4,782		6,077		(2,190		)	2004
Parque La Quinta	Rialto	CA	—			1,799		5,450		—		874		1,799		6,324		8,123		(2,903		)	2004
Quail Meadows	Riverbank	CA	—			1,155		3,469		—		854		1,155		4,323		5,478		(2,746		)	1998
California Hawaiian	San Jose	CA	(37,009		)	5,825		17,755		—		4,667		5,825		22,422		28,247		(14,870		)	1997
Nicholson Plaza	San Jose	CA	—			—		4,512		—		393		—		4,905		4,905		(3,521		)	1997
Sunshadow	San Jose	CA	—			—		5,707		—		944		—		6,651		6,651		(4,344		)	1997
Village of the Four Seasons	San Jose	CA	(20,926		)	5,229		15,714		—		1,835		5,229		17,549		22,778		(8,084		)	2004
Westwinds (4 properties)	San Jose	CA	—			—		17,616		—		10,550		—		28,166		28,166		(18,347		)	1997
Laguna Lake	San Luis Obispo	CA	—			2,845		6,520		—		1,213		2,845		7,733		10,578		(5,109		)	1998
Contempo Marin	San Rafael	CA	(38,301		)	4,787		16,379		—		4,171		4,787		20,550		25,337		(15,745		)	1994
Rancho Oso	Santa Barbara	CA	—			860		2,029		12		1,773		872		3,802		4,674		(1,421		)	2004
DeAnza Santa Cruz	Santa Cruz	CA	(11,925		)	2,103		7,201		—		3,955		2,103		11,156		13,259		(7,601		)	1994
Meadowbrook	Santee	CA	(24,076		)	4,345		12,528		—		2,903		4,345		15,431		19,776		(9,976		)	1998
Santa Cruz Ranch RV	Scotts Valley	CA	—			1,595		3,937		—		606		1,595		4,543		6,138		(1,643		)	2007
Lamplighter	Spring Valley	CA	(30,606		)	633		2,201		—		1,936		633		4,137		4,770		(3,196		)	1983
Santiago Estates	Sylmar	CA	(24,160		)	3,562		10,767		—		2,976		3,562		13,743		17,305		(8,437		)	1998
Royal Oaks	Visalia	CA	—			602		1,921		—		1,505		602		3,426		4,028		(1,844		)	1997
Hillcrest Village	Aurora	CO	(41,174		)	1,912		5,202		289		5,682		2,201		10,884		13,085		(7,706		)	1983
Cimarron	Broomfield	CO	—			863		2,790		—		1,636		863		4,426		5,289		(3,496		)	1983



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Holiday Village	Colorado Springs	CO	$	—		$	567	$	1,759	$	—	$	2,380	$	567	$	4,139	$	4,706	$	(2,785	)	1983
Bear Creek	Denver	CO	(6,225		)	1,100		3,359		—		746		1,100		4,105		5,205		(2,632		)	1998
Holiday Hills	Denver	CO	(53,349		)	2,159		7,780		—		7,721		2,159		15,501		17,660		(11,792		)	1983
Golden Terrace	Golden	CO	—			826		2,415		—		2,855		826		5,270		6,096		(3,483		)	1983
Golden Terrace South	Golden	CO	—			750		2,265		—		1,009		750		3,274		4,024		(2,094		)	1997
Golden Terrace West	Golden	CO	—			1,694		5,065		—		7,381		1,694		12,446		14,140		(6,311		)	1986
Pueblo Grande	Pueblo	CO	—			241		1,069		—		1,382		241		2,451		2,692		(1,625		)	1983
Woodland Hills	Thornton	CO	(30,583		)	1,928		4,408		—		3,950		1,928		8,358		10,286		(5,870		)	1994
Stonegate Manor	North Windham	CT	(6,465		)	6,011		12,336		—		407		6,011		12,743		18,754		(3,823		)	2011
Waterford Estates	Bear	DE	(40,453		)	5,250		16,202		—		2,492		5,250		18,694		23,944		(8,419		)	1996
McNicol	Lewes	DE	—			562		1,710		—		267		562		1,977		2,539		(1,289		)	1998
Whispering Pines	Lewes	DE	—			1,536		4,609		—		2,235		1,536		6,844		8,380		(5,622		)	1988
Mariners Cove	Millsboro	DE	(20,101		)	990		2,971		—		6,703		990		9,674		10,664		(6,873		)	1987
Sweetbriar	Millsboro	DE	—			498		1,527		—		797		498		2,324		2,822		(1,457		)	1998
Aspen Meadows	Rehoboth	DE	—			1,148		3,460		—		713		1,148		4,173		5,321		(2,785		)	1998
Camelot Meadows	Rehoboth	DE	—			527		2,058		1,251		4,645		1,778		6,703		8,481		(4,364		)	1998
Riverside RV	Arcadia	FL	—			8,400		11,905		—		398		8,400		12,303		20,703		(1,750		)	2016
Toby’s	Arcadia	FL	(3,435		)	1,093		3,280		—		667		1,093		3,947		5,040		(1,860		)	2003
Sunshine Key	Big Pine Key	FL	—			5,273		15,822		—		13,381		5,273		29,203		34,476		(9,408		)	2004
Manatee	Bradenton	FL	—			2,300		6,903		—		1,180		2,300		8,083		10,383		(3,852		)	2004
Windmill Manor	Bradenton	FL	(13,128		)	2,153		6,125		—		2,134		2,153		8,259		10,412		(5,266		)	1998
Clover Leaf Farms	Brooksville	FL	(33,556		)	13,684		24,106		—		1,442		13,684		25,548		39,232		(7,372		)	2011
Clover Leaf Forest	Brooksville	FL	—			1,092		2,178		—		300		1,092		2,478		3,570		(585		)	2011
Glen Ellen	Clearwater	FL	—			619		1,882		—		346		619		2,228		2,847		(1,145		)	2002
Hillcrest	Clearwater	FL	—			1,278		3,928		—		1,513		1,278		5,441		6,719		(3,587		)	1998
Holiday Ranch	Clearwater	FL	—			925		2,866		—		663		925		3,529		4,454		(2,279		)	1998
Shady Lane Oaks	Clearwater	FL	(5,164		)	4,984		8,482		—		394		4,984		8,876		13,860		(2,697		)	2011
Shady Lane Village	Clearwater	FL	—			3,102		5,480		—		236		3,102		5,716		8,818		(1,733		)	2011
Silk Oak	Clearwater	FL	—			1,649		5,028		—		466		1,649		5,494		7,143		(2,830		)	2002
Serendipity	Clearwater	FL	(17,510		)	18,944		11,782		—		150		18,944		11,932		30,876		(1,770		)	2018
Clerbrook	Clermont	FL	—			3,883		11,700		—		2,278		3,883		13,978		17,861		(5,706		)	2006



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Lake Magic	Clermont	FL	$	—		$	1,595	$	4,793	$	—	$	1,264	$	1,595	$	6,057	$	7,652	$	(2,804	)	2004
Orange Lake	Clermont	FL	(4,764		)	4,303		6,815		—		815		4,303		7,630		11,933		(2,227		)	2011
Orlando	Clermont	FL	—			2,975		7,017		40		6,429		3,015		13,446		16,461		(4,657		)	2004
Crystal Isles	Crystal River	FL	—			926		2,787		10		3,213		936		6,000		6,936		(2,140		)	2004
Cheron Village	Davie	FL	(5,075		)	10,393		6,217		—		248		10,393		6,465		16,858		(2,239		)	2011
Carriage Cove	Daytona Beach	FL	(17,511		)	2,914		8,682		—		1,882		2,914		10,564		13,478		(6,970		)	1998
Lake Haven	Dunedin	FL	(14,502		)	1,135		4,047		—		4,024		1,135		8,071		9,206		(5,974		)	1983
Coquina Crossing	Elkton	FL	(30,012		)	5,274		5,545		—		19,139		5,274		24,684		29,958		(12,163		)	1999
Colony Cove	Ellenton	FL	(102,797		)	28,660		92,457		35,859		11,306		64,519		103,763		168,282		(28,582		)	2011
Ridgewood Estates	Ellenton	FL	—			8,769		8,791		—		519		8,769		9,310		18,079		(2,786		)	2011
Haselton Village	Eustis	FL	—			3,800		8,955		—		624		3,800		9,579		13,379		(2,661		)	2011
Southern Palms	Eustis	FL	—			2,169		5,884		—		3,861		2,169		9,745		11,914		(6,122		)	1998
Bulow Plantation	Flagler Beach	FL	—			3,637		949		—		7,082		3,637		8,031		11,668		(4,764		)	1994
Bulow Village RV	Flagler Beach	FL	—			—		228		—		2,085		—		2,313		2,313		(854		)	1994
Carefree Cove	Fort Lauderdale	FL	—			1,741		5,170		—		803		1,741		5,973		7,714		(2,819		)	2004
Everglades Lakes	Fort Lauderdale	FL	—			53,850		18,797		—		7		53,850		18,804		72,654		(832		)	2018
Park City West	Fort Lauderdale	FL	—			4,184		12,561		—		1,193		4,184		13,754		17,938		(6,673		)	2004
Sunshine Holiday RV	Fort Lauderdale	FL	(9,550		)	3,099		9,286		—		1,666		3,099		10,952		14,051		(4,898		)	2004
Vacant Land	Fort Myers	FL	—			1,047		—		—		—		1,047		—		1,047		—			2018
Fort Myers Beach Resort	Fort Myers	FL	—			1,188		3,548		—		623		1,188		4,171		5,359		(2,090		)	2004
Gulf Air Resort	Fort Myers Beach	FL	(6,283		)	1,609		4,746		—		700		1,609		5,446		7,055		(2,608		)	2004
Lakeside Terrace	Fruitland Park	FL	—			3,275		7,165		—		616		3,275		7,781		11,056		(2,197		)	2011
Grand Island	Grand Island	FL	—			1,723		5,208		125		5,266		1,848		10,474		12,322		(5,295		)	2001
Holiday Travel Park	Holiday	FL	—			9,240		13,284		—		284		9,240		13,568		22,808		(1,593		)	2018
Barrington Hills	Hudson	FL	(4,497		)	1,145		3,437		—		998		1,145		4,435		5,580		(2,087		)	2004
Sherwood Forest	Kissimmee	FL	—			4,852		14,596		—		7,268		4,852		21,864		26,716		(13,609		)	1998
Sherwood Forest RV	Kissimmee	FL	—			2,870		3,621		567		3,570		3,437		7,191		10,628		(4,335		)	1998
Tropical Palms	Kissimmee	FL	—			5,677		17,116		—		11,839		5,677		28,955		34,632		(13,184		)	2004
Lake Worth Village	Lake Worth	FL	(6,053		)	14,959		24,501		—		3,037		14,959		27,538		42,497		(7,963		)	2011
Beacon Hill Colony	Lakeland	FL	—			3,775		6,405		—		318		3,775		6,723		10,498		(1,896		)	2011
Beacon Terrace	Lakeland	FL	(10,343		)	5,372		9,153		—		540		5,372		9,693		15,065		(2,828		)	2011
Kings & Queens	Lakeland	FL	—			1,696		3,064		—		216		1,696		3,280		4,976		(976		)	2011



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Lakeland Harbor	Lakeland	FL	$	(15,073	)	$	10,446	$	17,376	$	—	$	534	$	10,446	$	17,910	$	28,356	$	(5,193	)	2011
Lakeland Junction	Lakeland	FL	(3,670		)	3,018		4,752		—		163		3,018		4,915		7,933		(1,480		)	2011
Maralago Cay	Lantana	FL	(40,591		)	5,325		15,420		—		6,221		5,325		21,641		26,966		(14,035		)	1997
Down Yonder	Largo	FL	—			2,652		7,981		—		1,332		2,652		9,313		11,965		(4,765		)	1998
East Bay Oaks	Largo	FL	(9,658		)	1,240		3,322		—		1,689		1,240		5,011		6,251		(4,105		)	1983
Eldorado Village	Largo	FL	(6,452		)	778		2,341		—		1,450		778		3,791		4,569		(2,988		)	1983
Paradise Park- Largo	Largo	FL	(5,636		)	3,523		4,026		—		531		3,523		4,557		8,080		(759		)	2017
Shangri La	Largo	FL	—			1,722		5,200		—		378		1,722		5,578		7,300		(2,697		)	2004
Vacation Village	Largo	FL	(4,620		)	1,315		3,946		—		803		1,315		4,749		6,064		(2,174		)	2004
Whispering Pines - Largo	Largo	FL	—			8,218		14,054		—		650		8,218		14,704		22,922		(4,328		)	2011
Coachwood	Leesburg	FL	—			1,602		4,822		—		871		1,602		5,693		7,295		(2,637		)	2004
Mid-Florida Lakes	Leesburg	FL	(62,267		)	5,997		20,635		—		12,728		5,997		33,363		39,360		(22,586		)	1994
Fiesta Key	Long Key	FL	—			16,611		7,338		—		6,874		16,611		14,212		30,823		(1,974		)	2013
Pasco	Lutz	FL	(3,942		)	1,494		4,484		—		975		1,494		5,459		6,953		(2,575		)	2004
Coral Cay Plantation	Margate	FL	(20,260		)	5,890		20,211		—		8,903		5,890		29,114		35,004		(21,197		)	1994
Lakewood Village	Melbourne	FL	—			1,862		5,627		—		2,176		1,862		7,803		9,665		(5,752		)	1994
Miami Everglades	Miami	FL	—			5,362		6,238		—		666		5,362		6,904		12,266		(1,439		)	2015
Southernaire	Mt. Dora	FL	—			796		2,395		—		328		796		2,723		3,519		(1,265		)	2004
Country Place (2)	New Port Richey	FL	(19,992		)	663		—		18		8,018		681		8,018		8,699		(6,206		)	1986
Hacienda Village	New Port Richey	FL	(17,318		)	4,297		13,088		—		3,597		4,297		16,685		20,982		(8,159		)	2002
Harbor View	New Port Richey	FL	(18,615		)	4,030		12,146		—		955		4,030		13,101		17,131		(6,835		)	2002
Bay Lake Estates	Nokomis	FL	(11,720		)	990		3,390		—		2,353		990		5,743		6,733		(3,819		)	1994
Lake Village	Nokomis	FL	(16,321		)	15,850		18,099		—		529		15,850		18,628		34,478		(5,410		)	2011
Royal Coachman	Nokomis	FL	(10,912		)	5,321		15,978		—		1,728		5,321		17,706		23,027		(8,704		)	2004
Sunseekers	North Fort Myers	FL	—			4,224		2,299		—		49		4,224		2,348		6,572		(64		)	2018
Buccaneer	North Fort Myers	FL	(32,548		)	4,207		14,410		—		4,412		4,207		18,822		23,029		(13,560		)	1994
Lake Fairways	North Fort Myers	FL	(40,081		)	6,075		18,134		35		3,776		6,110		21,910		28,020		(16,353		)	1994
Pine Lakes	North Fort Myers	FL	—			6,306		14,579		21		8,545		6,327		23,124		29,451		(16,973		)	1994
Pioneer Village	North Fort Myers	FL	(13,680		)	4,116		12,353		—		2,613		4,116		14,966		19,082		(7,162		)	2004
The Heritage	North Fort Myers	FL	—			1,438		4,371		346		4,657		1,784		9,028		10,812		(6,453		)	1993
Windmill Village	North Fort Myers	FL	—			1,417		5,440		—		3,555		1,417		8,995		10,412		(7,005		)	1983
Island Vista	North Fort Myers	FL	—			5,004		15,066		—		2,432		5,004		17,498		22,502		(6,560		)	2006



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)					Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land			Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Foxwood	Ocala	FL	$	—		$	3,853	$	7,967	$	—		$	1,376	$	3,853	$	9,343	$	13,196	$	(2,674	)	2011
Oak Bend	Ocala	FL	—			850		2,572		—			1,897		850		4,469		5,319		(3,067		)	1993
Villas at Spanish Oaks	Ocala	FL	—			2,250		6,922		—			2,608		2,250		9,530		11,780		(6,901		)	1993
Silver Dollar	Odessa	FL	—			4,107		12,431		240			3,138		4,347		15,569		19,916		(7,389		)	2004
Audubon	Orlando	FL	—			4,622		7,200		—			623		4,622		7,823		12,445		(2,276		)	2011
Hidden Valley	Orlando	FL	(8,307		)	11,398		12,861		—			758		11,398		13,619		25,017		(4,012		)	2011
Starlight Ranch	Orlando	FL	(33,911		)	13,543		20,388		—			1,898		13,543		22,286		35,829		(6,677		)	2011
Holiday Village	Ormond Beach	FL	—			2,610		7,837		—			913		2,610		8,750		11,360		(4,517		)	2002
Sunshine Holiday MH	Ormond Beach	FL	—			2,001		6,004		—			974		2,001		6,978		8,979		(3,439		)	2004
The Meadows	Palm Beach Gardens	FL	(9,646		)	3,229		9,870		—			6,865		3,229		16,735		19,964		(8,730		)	1999
Terra Ceia	Palmetto	FL	—			965		2,905		—			449		965		3,354		4,319		(1,582		)	2004
Lakes at Countrywood	Plant City	FL	(9,093		)	2,377		7,085		—			2,783		2,377		9,868		12,245		(5,213		)	2001
Meadows at Countrywood	Plant City	FL	(20,002		)	4,514		13,175		75			10,584		4,589		23,759		28,348		(14,014		)	1998
Oaks at Countrywood	Plant City	FL	(3,715		)	846		2,513		(75		)	1,880		771		4,393		5,164		(2,282		)	1998
Breezy Hill RV	Pompano Beach	FL	(18,357		)	5,424		16,555		—			2,496		5,424		19,051		24,475		(9,959		)	2002
Highland Wood RV	Pompano Beach	FL	—			1,043		3,130		42			406		1,085		3,536		4,621		(1,871		)	2002
Harbor Lakes	Port Charlotte	FL	(18,268		)	3,384		10,154		—			1,241		3,384		11,395		14,779		(5,452		)	2004
Lighthouse Pointe	Port Orange	FL	—			2,446		7,483		23			1,911		2,469		9,394		11,863		(6,188		)	1998
Pickwick	Port Orange	FL	(18,306		)	2,803		8,870		—			1,678		2,803		10,548		13,351		(7,002		)	1998
Rose Bay	Port Orange	FL	—			3,866		3,528		—			487		3,866		4,015		7,881		(1,286		)	2016
Emerald Lake	Punta Gorda	FL	(4,464		)	3,598		5,197		—			481		3,598		5,678		9,276		(1,656		)	2011
Gulf View	Punta Gorda	FL	—			717		2,158		—			1,418		717		3,576		4,293		(1,745		)	2004
Tropical Palms	Punta Gorda	FL	—			2,365		7,286		—			2,883		2,365		10,169		12,534		(3,538		)	2006
Kingswood	Riverview	FL	—			9,094		8,365		—			720		9,094		9,085		18,179		(1,127		)	2018
Palm Lake	Riviera Beach	FL	—			56,323		27,418		—			6		56,323		27,424		83,747		—			2018
Indian Oaks	Rockledge	FL	—			1,089		3,376		—			1,175		1,089		4,551		5,640		(3,025		)	1998
Space Coast	Rockledge	FL	—			2,413		3,716		—			1,364		2,413		5,080		7,493		(781		)	2014
Covington Estates	Saint Cloud	FL	(9,418		)	3,319		7,253		—			241		3,319		7,494		10,813		(2,224		)	2011
Winds of St. Armands North	Sarasota	FL	(24,934		)	1,523		5,063		—			3,644		1,523		8,707		10,230		(7,141		)	1983
Winds of St. Armands South	Sarasota	FL	(16,253		)	1,106		3,162		1,744			1,489		2,850		4,651		7,501		(3,973		)	1983
Topics	Spring Hill	FL	(2,312		)	844		2,568		—			710		844		3,278		4,122		(1,535		)	2004
Pine Island Resort	St. James City	FL	—			1,678		5,044		—			1,382		1,678		6,426		8,104		(2,224		)	2007



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Carefree Village	Tampa	FL	$	—		$	6,799	$	10,421	$	—	$	892	$	6,799	$	11,313	$	18,112	$	(3,383	)	2011
Tarpon Glen	Tarpon Springs	FL	—			2,678		4,016		—		528		2,678		4,544		7,222		(1,341		)	2011
Featherock	Valrico	FL	—			11,369		22,770		—		962		11,369		23,732		35,101		(6,564		)	2011
Bay Indies	Venice	FL	(64,467		)	10,483		31,559		10		7,786		10,493		39,345		49,838		(29,722		)	1994
Ramblers Rest	Venice	FL	—			4,646		14,201		—		7,949		4,646		22,150		26,796		(7,816		)	2006
Countryside	Vero Beach	FL	—			3,711		11,133		—		8,110		3,711		19,243		22,954		(11,901		)	1998
Heritage Plantation	Vero Beach	FL	—			2,403		7,259		—		2,856		2,403		10,115		12,518		(7,427		)	1994
Heron Cay	Vero Beach	FL	(29,112		)	14,368		23,792		—		1,603		14,368		25,395		39,763		(7,173		)	2011
Holiday Village	Vero Beach	FL	—			350		1,374		—		224		350		1,598		1,948		(1,103		)	1998
Sunshine Travel	Vero Beach	FL	—			1,603		4,813		—		1,005		1,603		5,818		7,421		(2,610		)	2004
Vero Palm	Vero Beach	FL	(11,685		)	6,697		9,025		—		930		6,697		9,955		16,652		(2,794		)	2011
Village Green	Vero Beach	FL	(49,001		)	15,901		25,175		—		1,795		15,901		26,970		42,871		(8,033		)	2011
Peace River	Wauchula	FL	—			900		2,100		—		1,259		900		3,359		4,259		(1,211		)	2006
Palm Beach Colony	West Palm Beach	FL	(11,337		)	5,930		10,113		8		928		5,938		11,041		16,979		(3,192		)	2011
Parkwood Communities	Wildwood	FL	(8,913		)	6,990		15,115		—		898		6,990		16,013		23,003		(4,672		)	2011
Three Flags RV Resort	Wildwood	FL	—			228		684		—		559		228		1,243		1,471		(490		)	2006
Winter Garden	Winter Garden	FL	—			2,321		6,962		—		700		2,321		7,662		9,983		(2,903		)	2007
Crystal Lake-Zephyrhills	Zephyrhills	FL	—			3,767		6,834		110		3,697		3,877		10,531		14,408		(2,236		)	2011
Forest Lake Estates	Zephyrhills	FL	(20,549		)	40,716		33,918		—		594		40,716		34,512		75,228		(7,649		)	2016
Forest Lake Village	Zephyrhills	FL	—			—		537		—		140		—		677		677		(79		)	2016
Sixth Avenue	Zephyrhills	FL	—			837		2,518		—		126		837		2,644		3,481		(1,301		)	2004
Coach Royale	Boise	ID	—			465		1,685		—		112		465		1,797		2,262		(550		)	2011
Maple Grove	Boise	ID	—			1,358		5,151		—		255		1,358		5,406		6,764		(1,665		)	2011
Shenandoah Estates	Boise	ID	—			1,287		7,603		—		441		1,287		8,044		9,331		(2,171		)	2011
West Meadow Estates	Boise	ID	(7,640		)	1,371		6,770		—		231		1,371		7,001		8,372		(2,004		)	2011
O'Connell's	Amboy	IL	(3,707		)	1,648		4,974		—		2,540		1,648		7,514		9,162		(3,169		)	2004
Pheasant Lake Estates	Beecher	IL	(40,783		)	12,764		42,183		—		685		12,764		42,868		55,632		(9,141		)	2013
Pine Country	Belvidere	IL	—			53		166		—		2,226		53		2,392		2,445		(265		)	2006
Willow Lake Estates	Elgin	IL	—			6,138		21,033		—		9,099		6,138		30,132		36,270		(20,734		)	1994
Golf Vistas Estates	Monee	IL	(10,695		)	2,842		4,719		—		7,205		2,842		11,924		14,766		(7,428		)	1997
Indian Lakes	Batesville	IN	—			450		1,061		6		4,647		456		5,708		6,164		(1,308		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Horseshoe Lake	Clinton	IN	$	—		$	155	$	365	$	2	$	633	$	157	$	998	$	1,155	$	(365	)	2004
Twin Mills RV	Howe	IN	—			1,399		4,186		—		471		1,399		4,657		6,056		(1,861		)	2006
Lakeside	New Carlisle	IN	—			426		1,281		—		229		426		1,510		1,936		(709		)	2004
Diamond Caverns Resort & Golf Club	Park City	KY	—			530		1,512		—		400		530		1,912		2,442		(790		)	2006
Gateway to Cape Cod	Rochester	MA	—			91		288		—		371		91		659		750		(269		)	2006
Hillcrest	Rockland	MA	(1,726		)	2,034		3,182		—		137		2,034		3,319		5,353		(997		)	2011
The Glen	Rockland	MA	—			940		1,680		—		6		940		1,686		2,626		(517		)	2011
Old Chatham RV	South Dennis	MA	(6,970		)	1,760		5,293		—		442		1,760		5,735		7,495		(2,448		)	2005
Sturbridge	Sturbridge	MA	—			110		347		—		727		110		1,074		1,184		(338		)	2006
Fernwood	Capitol Heights	MD	(13,429		)	6,556		11,674		—		1,017		6,556		12,691		19,247		(3,594		)	2011
Williams Estates and Peppermint Woods	Middle River	MD	—			22,774		42,575		—		1,435		22,774		44,010		66,784		(12,679		)	2011
Mt. Desert Narrows	Bar Harbor	ME	—			1,037		3,127		—		394		1,037		3,521		4,558		(1,267		)	2007
Patton Pond	Ellsworth	ME	—			267		802		—		181		267		983		1,250		(368		)	2007
Pinehirst RV Park	Old Orchard Beach	ME	(10,570		)	1,942		5,827		—		2,017		1,942		7,844		9,786		(3,110		)	2005
Narrows Too	Trenton	ME	—			1,451		4,408		—		243		1,451		4,651		6,102		(1,691		)	2007
Moody Beach	Wells	ME	—			93		292		—		721		93		1,013		1,106		(284		)	2006
Bear Cave Resort	Buchanan	MI	—			176		516		—		357		176		873		1,049		(319		)	2006
St. Clair	St. Clair	MI	—			453		1,068		6		704		459		1,772		2,231		(721		)	2004
Cedar Knolls	Apple Valley	MN	(14,767		)	10,021		14,357		—		1,129		10,021		15,486		25,507		(4,676		)	2011
Cimarron Park	Lake Elmo	MN	(19,703		)	11,097		23,132		—		2,145		11,097		25,277		36,374		(7,098		)	2011
Rockford Riverview Estates	Rockford	MN	—			2,959		8,882		—		729		2,959		9,611		12,570		(2,802		)	2011
Rosemount Woods	Rosemount	MN	—			4,314		8,932		—		375		4,314		9,307		13,621		(2,699		)	2011
Forest Lake	Advance	NC	—			986		2,325		13		998		999		3,323		4,322		(1,413		)	2004
Scenic	Asheville	NC	—			1,183		3,511		—		681		1,183		4,192		5,375		(1,601		)	2006
Waterway RV	Cedar Point	NC	(5,306		)	2,392		7,185		—		908		2,392		8,093		10,485		(3,779		)	2004
Twin Lakes	Chocowinity	NC	—			1,709		3,361		—		973		1,709		4,334		6,043		(1,940		)	2004
Green Mountain Park	Lenoir	NC	—			1,037		3,075		—		2,019		1,037		5,094		6,131		(1,551		)	2006
Lake Gaston	Littleton	NC	—			130		409		—		1,443		130		1,852		1,982		(366		)	2006
Lake Myers RV	Mocksville	NC	—			1,504		4,587		—		699		1,504		5,286		6,790		(2,083		)	2006
Bogue Pines	Newport	NC	—			1,476		2,592		—		56		1,476		2,648		4,124		(542		)	2015



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Goose Creek	Newport	NC	$	(14,782	)	$	4,612	$	13,848	$	750	$	2,277	$	5,362	$	16,125	$	21,487	$	(7,713	)	2004
Whispering Pines - NC	Newport	NC	—			3,096		5,081		1		137		3,097		5,218		8,315		(1,006		)	2015
Buena Vista	Fargo	ND	—			4,563		14,949		—		950		4,563		15,899		20,462		(4,502		)	2011
Meadow Park	Fargo	ND	—			943		2,907		—		263		943		3,170		4,113		(949		)	2011
Sandy Beach RV	Contoocook	NH	—			1,755		5,265		—		248		1,755		5,513		7,268		(2,459		)	2005
Pine Acres	Raymond	NH	—			3,096		2,102		—		402		3,096		2,504		5,600		(677		)	2014
Tuxbury Resort	South Hampton	NH	—			3,557		3,910		—		1,146		3,557		5,056		8,613		(1,725		)	2007
King Nummy	Cape May Court House	NJ	—			4,027		3,584		—		—		4,027		3,584		7,611		—			2018
Mays Landing	Mays Landing	NJ	—			536		289		—		996		536		1,285		1,821		(131		)	2014
Echo Farms	Ocean View	NJ	—			2,840		3,045		—		2,117		2,840		5,162		8,002		(832		)	2014
Lake & Shore	Ocean View	NJ	—			378		1,192		—		2,125		378		3,317		3,695		(1,285		)	2006
Chestnut Lake	Port Republic	NJ	—			337		796		5		1,233		342		2,029		2,371		(629		)	2004
Sea Pines	Swainton	NJ	—			198		625		—		2,016		198		2,641		2,839		(687		)	2006
Pine Ridge at Crestwood	Whiting	NJ	—			17,367		33,127		—		2,828		17,367		35,955		53,322		(10,132		)	2011
Mountain View - NV	Henderson	NV	(28,553		)	16,665		25,915		—		614		16,665		26,529		43,194		(7,626		)	2011
Bonanza	Las Vegas	NV	—			908		2,643		—		2,013		908		4,656		5,564		(3,796		)	1983
Boulder Cascade	Las Vegas	NV	(7,511		)	2,995		9,020		—		2,908		2,995		11,928		14,923		(7,775		)	1998
Cabana	Las Vegas	NV	(8,333		)	2,648		7,989		—		1,232		2,648		9,221		11,869		(7,081		)	1994
Flamingo West	Las Vegas	NV	—			1,730		5,266		—		2,022		1,730		7,288		9,018		(5,432		)	1994
Las Vegas	Las Vegas	NV	—			1,049		2,473		14		1,478		1,063		3,951		5,014		(1,441		)	2004
Villa Borega	Las Vegas	NV	—			2,896		8,774		—		1,346		2,896		10,120		13,016		(6,980		)	1997
Rondout Valley Resort	Accord	NY	—			1,115		3,240		—		1,092		1,115		4,332		5,447		(1,606		)	2006
Alpine Lake	Corinth	NY	—			4,783		14,125		153		3,053		4,936		17,178		22,114		(6,940		)	2005
Lake George Escape	Lake George	NY	—			3,562		10,708		—		4,791		3,562		15,499		19,061		(5,879		)	2005
The Woodlands	Lockport	NY	(44,504		)	12,183		39,687		—		2,569		12,183		42,256		54,439		(11,866		)	2011
Greenwood Village	Manorville	NY	—			3,667		9,414		484		6,618		4,151		16,032		20,183		(9,494		)	1998
Brennan Beach	Pulaski	NY	—			7,325		21,141		—		5,885		7,325		27,026		34,351		(11,245		)	2005
Lake George Schroon Valley	Warrensburg	NY	—			540		1,626		—		274		540		1,900		2,440		(646		)	2008
Kenisee Lake	Jefferson	OH	—			295		696		4		386		299		1,082		1,381		(426		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Wilmington	Wilmington	OH	$	—		$	235	$	555	$	3	$	497	$	238	$	1,052	$	1,290	$	(380	)	2004
Bend	Bend	OR	—			733		1,729		10		1,536		743		3,265		4,008		(1,193		)	2004
Shadowbrook	Clackamas	OR	—			1,197		3,693		—		684		1,197		4,377		5,574		(2,966		)	1997
Pacific City	Cloverdale	OR	—			1,076		2,539		15		1,654		1,091		4,193		5,284		(1,885		)	2004
Falcon Wood Village	Eugene	OR	—			1,112		3,426		—		761		1,112		4,187		5,299		(2,794		)	1997
Portland Fairview	Fairview	OR	—			7,330		10,278		—		243		7,330		10,521		17,851		(1,879		)	2016
Quail Hollow	Fairview	OR	—			—		3,249		—		757		—		4,006		4,006		(2,652		)	1997
South Jetty	Florence	OR	—			678		1,598		9		1,078		687		2,676		3,363		(974		)	2004
Seaside	Seaside	OR	—			891		2,101		12		928		903		3,029		3,932		(1,338		)	2004
Whalers Rest	South Beach	OR	—			754		1,777		10		849		764		2,626		3,390		(1,146		)	2004
Mt. Hood	Welches	OR	—			1,817		5,733		—		4,364		1,817		10,097		11,914		(3,640		)	2002
Greenbriar Village	Bath	PA	—			8,359		16,941		—		453		8,359		17,394		25,753		(4,927		)	2011
Sun Valley	Bowmansville	PA	—			866		2,601		—		995		866		3,596		4,462		(1,021		)	2009
Green Acres	Breinigsville	PA	(37,483		)	2,680		7,479		—		5,407		2,680		12,886		15,566		(10,211		)	1988
Gettysburg Farm	Dover	PA	—			111		350		—		565		111		915		1,026		(245		)	2006
Timothy Lake North	East Stroudsburg	PA	—			296		933		—		792		296		1,725		2,021		(566		)	2006
Timothy Lake South	East Stroudsburg	PA	—			206		649		—		232		206		881		1,087		(314		)	2006
Circle M	Lancaster	PA	—			330		1,041		—		1,517		330		2,558		2,888		(814		)	2006
Hershey	Lebanon	PA	—			1,284		3,028		17		2,057		1,301		5,085		6,386		(2,063		)	2004
Robin Hill	Lenhartsville	PA	—			1,263		3,786		—		523		1,263		4,309		5,572		(1,392		)	2009
Dutch County	Manheim	PA	—			88		278		—		317		88		595		683		(189		)	2006
Spring Gulch	New Holland	PA	—			1,593		4,795		—		929		1,593		5,724		7,317		(2,697		)	2004
Lil Wolf	Orefield	PA	—			5,627		13,593		—		2,778		5,627		16,371		21,998		(4,164		)	2011
Scotrun	Scotrun	PA	—			153		483		—		503		153		986		1,139		(288		)	2006
Appalachian	Shartlesville	PA	—			1,666		5,044		—		764		1,666		5,808		7,474		(2,276		)	2006
Mountain View - PA	Walnutport	PA	—			3,207		7,182		—		426		3,207		7,608		10,815		(2,173		)	2011
Timber Creek	Westerly	RI	—			12,618		8,489		—		3		12,618		8,492		21,110		(166		)	2018
Carolina Landing	Fair Play	SC	—			457		1,078		6		593		463		1,671		2,134		(677		)	2004
Inlet Oaks	Murrells Inlet	SC	—			1,546		4,642		—		308		1,546		4,950		6,496		(2,047		)	2006
The Oaks at Point South	Yemassee	SC	—			267		810		—		237		267		1,047		1,314		(394		)	2006
Natchez Trace	Hohenwald	TN	—			533		1,257		7		1,112		540		2,369		2,909		(937		)	2004
Cherokee Landing	Saulsbury	TN	—			118		279		2		161		120		440		560		(191		)	2004
Alamo Palms Resort	Alamo	TX	(6,120		)	1,562		7,924		—		379		1,562		8,303		9,865		(2,324		)	2012
Bay Landing	Bridgeport	TX	—			438		1,033		6		1,671		444		2,704		3,148		(742		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Colorado River	Columbus	TX	$	—		$	466	$	1,099	$	6	$	1,099	$	472	$	2,198	$	2,670	$	(689	)	2004
Victoria Palms Resort	Donna	TX	(10,354		)	2,849		12,305		—		2,037		2,849		14,342		17,191		(4,124		)	2012
Lake Texoma	Gordonville	TX	—			488		1,151		6		1,726		494		2,877		3,371		(1,062		)	2004
Lakewood RV	Harlingen	TX	—			325		979		—		424		325		1,403		1,728		(660		)	2004
Paradise Park RV	Harlingen	TX	—			1,568		4,705		—		1,131		1,568		5,836		7,404		(2,776		)	2004
Sunshine RV	Harlingen	TX	—			1,494		4,484		—		1,642		1,494		6,126		7,620		(2,823		)	2004
Tropic Winds	Harlingen	TX	—			1,221		3,809		—		850		1,221		4,659		5,880		(2,433		)	2002
Medina Lake	Lakehills	TX	—			936		2,208		13		1,392		949		3,600		4,549		(1,549		)	2004
Paradise South	Mercedes	TX	—			448		1,345		—		617		448		1,962		2,410		(859		)	2004
Lake Tawakoni	Point	TX	—			35		2,320		—		587		35		2,907		2,942		(1,261		)	2004
Fun N Sun RV	San Benito	TX	(5,853		)	2,533		5,560		412		6,850		2,945		12,410		15,355		(7,874		)	1998
Country Sunshine	Weslaco	TX	—			627		1,881		—		1,122		627		3,003		3,630		(1,440		)	2004
Southern Comfort	Weslaco	TX	(4,430		)	1,108		3,323		—		637		1,108		3,960		5,068		(1,905		)	2004
Lake Whitney	Whitney	TX	—			679		1,602		10		1,366		689		2,968		3,657		(1,127		)	2004
Lake Conroe	Willis	TX	—			1,363		3,214		18		12,488		1,381		15,702		17,083		(3,058		)	2004
Westwood Village	Farr West	UT	—			1,346		4,179		—		2,490		1,346		6,669		8,015		(4,236		)	1997
St. George	Hurricane	UT	—			64		264		2		603		66		867		933		(217		)	2010
All Seasons	Salt Lake City	UT	—			510		1,623		—		697		510		2,320		2,830		(1,494		)	1997
Meadows of Chantilly	Chantilly	VA	(41,303		)	5,430		16,440		—		8,032		5,430		24,472		29,902		(17,388		)	1994
Harbor View	Colonial Beach	VA	—			64		202		—		729		64		931		995		(277		)	2006
Lynchburg	Gladys	VA	—			266		627		3		633		269		1,260		1,529		(432		)	2004
Chesapeake Bay	Gloucester	VA	—			1,230		2,900		16		2,507		1,246		5,407		6,653		(2,159		)	2004
Virginia Landing	Quinby	VA	—			602		1,419		8		399		610		1,818		2,428		(831		)	2004
Grey's Point	Topping	VA	(23,165		)	33,491		17,104		—		459		33,491		17,563		51,054		(2,599		)	2017
Bethpage	Urbanna	VA	(38,666		)	45,415		38,149		—		292		45,415		38,441		83,856		(3,922		)	2017
Williamsburg	Williamsburg	VA	—			111		350		—		391		111		741		852		(247		)	2006
Regency Lakes	Winchester	VA	(9,069		)	9,757		19,055		—		1,924		9,757		20,979		30,736		(5,868		)	2011
Birch Bay	Blaine	WA	—			502		1,185		7		228		509		1,413		1,922		(648		)	2004
Mount Vernon	Bow	WA	—			621		1,464		8		1,758		629		3,222		3,851		(1,099		)	2004
Chehalis	Chehalis	WA	—			590		1,392		8		2,217		598		3,609		4,207		(1,120		)	2004
Grandy Creek	Concrete	WA	—			475		1,425		—		471		475		1,896		2,371		(669		)	2008
Tall Chief	Fall City	WA	—			314		946		—		542		314		1,488		1,802		(490		)	2010
Kloshe Illahee	Federal Way	WA	(20,306		)	2,408		7,286		—		932		2,408		8,218		10,626		(5,655		)	1997



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)					Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land			Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
La Conner	La Conner	WA	$	—		$	—	$	2,016	$	—		$	1,274	$	—	$	3,290	$	3,290	$	(1,538	)	2004
Leavenworth	Leavenworth	WA	—			786		1,853		10			1,020		796		2,873		3,669		(1,208		)	2004
Thunderbird	Monroe	WA	—			500		1,178		6			493		506		1,671		2,177		(707		)	2004
Little Diamond	Newport	WA	—			353		834		5			968		358		1,802		2,160		(661		)	2004
Oceana	Oceana City	WA	—			283		668		4			485		287		1,153		1,440		(385		)	2004
Crescent Bar	Quincy	WA	—			314		741		4			557		318		1,298		1,616		(558		)	2004
Long Beach	Seaview	WA	—			321		758		5			503		326		1,261		1,587		(496		)	2004
Paradise	Silver Creek	WA	—			466		1,099		6			674		472		1,773		2,245		(715		)	2004
Rainbow Lake Manor	Bristol	WI	—			4,474		16,594		—			784		4,474		17,378		21,852		(3,734		)	2013
Fremont	Fremont	WI	—			1,437		4,296		—			1,005		1,437		5,301		6,738		(2,476		)	2004
Yukon Trails	Lyndon Station	WI	—			556		1,629		—			253		556		1,882		2,438		(885		)	2004
Blackhawk	Milton	WI	—			1,789		7,613		—			438		1,789		8,051		9,840		(1,551		)	2014
Lakeland	Milton	WI	—			3,159		13,830		—			446		3,159		14,276		17,435		(2,719		)	2014
Westwood Estates	Pleasant Prairie	WI	—			5,382		19,732		—			1,468		5,382		21,200		26,582		(4,519		)	2013
Plymouth Rock	Plymouth	WI	—			2,293		6,879		—			1,425		2,293		8,304		10,597		(2,522		)	2009
Tranquil Timbers	Sturgeon Bay	WI	—			714		2,152		—			511		714		2,663		3,377		(1,098		)	2006
Neshonoc Lakeside	West Salem	WI	(5,088		)	1,106		4,861		(1		)	175		1,105		5,036		6,141		(953		)	2013
Arrowhead	Wisconsin Dells	WI	—			522		1,616		—			596		522		2,212		2,734		(867		)	2006
Subtotal of Properties Held for Long Term			(2,149,726		)	1,365,588		2,796,978		43,244			787,543		1,408,832		3,584,521		4,993,353		(1,554,748		)
Realty Systems, Inc.			—			—		—		—			252,448		—		252,448		252,448		(55,727		)	2002
Management business and other			—			—		436		—			27,676		—		27,676		27,676		(21,413		)	1990
			$	(2,149,726	)	$	1,365,588	$	2,797,414	$	43,244		$	1,067,667	$	1,408,832	$	3,864,645	$	5,273,477	$	(1,631,888	)

_________________________________


(1)	The schedule excludes Properties in which we have a non-controlling joint venture interest and account for using the equity method of accounting.


(2)	All Properties were acquired, except for Country Place Village, which was constructed.


(3)	Aggregate cost for federal income tax purposes is approximately $3.4 billion.

The changes in total investment in real estate are as follows:



(amounts in thousands)	2018			2017			2016
Balance, beginning of year	$	4,915,813		$	4,685,336		$	4,477,599
Acquisitions	265,129			142,255			122,448
Improvements	181,622			126,279			119,437
Properties held for sale	(49,973		)	—			—
Dispositions and other	(39,114		)	(38,057		)	(34,148		)
Balance, end of year	$	5,273,477		$	4,915,813		$	4,685,336

The changes in accumulated depreciation are as follows:



(amounts in thousands)	2018			2017			2016
Balance, beginning of year	$	1,516,694		$	1,399,531		$	1,282,423
Depreciation expense ^(a)	130,022			121,455			117,400
Amortization of in-place leases	7,187			2,231			3,373
Properties held for sale	(14,547		)	—			—
Dispositions and other	(7,468		)	(6,523		)	(3,665		)
Balance, end of year	$	1,631,888		$	1,516,694		$	1,399,531

________________________


(a)	Includes depreciation from rental operations of $9.8 million, $10.4 million and $10.7 million for the years ended December 31, 2018, 2017 and 2016, respectively.