Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure

					Initial Cost to ELS				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/24
Real Estate (1)	Location		Encumbrances		Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total (3)		Accumulated Depreciation		Date of Acquisition
Properties Held for Long Term
Hidden Cove	Arley	AL	$	—	$	212	$	610	$	—	$	2,162	$	212	$	2,772	$	2,984	$	(822)	2006
Apache East	Apache Junction	AZ	(4,425)		2,236		4,181		—		406		2,236		4,587		6,823		(2,154)		2011
Countryside RV	Apache Junction	AZ	(7,196)		2,056		6,241		—		2,000		2,056		8,241		10,297		(5,690)		2002
Denali Park	Apache Junction	AZ	—		2,394		4,016		—		811		2,394		4,827		7,221		(2,114)		2011
Dolce Vita	Apache Junction	AZ	(40,337)		52,803		37,245		—		9,040		52,803		46,285		99,088		(9,670)		2020
Golden Sun RV	Apache Junction	AZ	(5,113)		1,678		5,049		—		2,028		1,678		7,077		8,755		(4,259)		2002
Meridian RV Resort	Apache Junction	AZ	—		6,445		5,292		—		707		6,445		5,999		12,444		(1,730)		2020
Valley Vista	Benson	AZ	—		115		429		—		455		115		884		999		(347)		2010
Casita Verde	Casa Grande	AZ	—		719		2,179		—		553		719		2,732		3,451		(1,494)		2006
Fiesta Grande	Casa Grande	AZ	—		2,869		8,653		—		2,759		2,869		11,412		14,281		(6,015)		2006
Foothills West	Casa Grande	AZ	—		747		2,261		—		988		747		3,249		3,996		(1,737)		2006
Sunshine Valley	Chandler	AZ	(27,768)		9,139		12,912		—		1,317		9,139		14,229		23,368		(6,507)		2011
Verde Valley	Cottonwood	AZ	—		1,437		3,390		19		8,409		1,456		11,799		13,255		(4,444)		2004
Casa del Sol East II	Glendale	AZ	—		2,103		6,283		—		4,262		2,103		10,545		12,648		(6,619)		1996
Casa del Sol East III	Glendale	AZ	—		2,450		7,452		—		1,803		2,450		9,255		11,705		(7,328)		1998
Palm Shadows	Glendale	AZ	—		1,400		4,218		—		2,286		1,400		6,504		7,904		(5,350)		1993
Hacienda De Valencia	Mesa	AZ	(16,248)		833		2,701		—		6,322		833		9,023		9,856		(6,468)		1984
Mesa Spirit	Mesa	AZ	(12,787)		17,382		25,238		192		1,936		17,574		27,174		44,748		(9,254)		2014
Monte Vista Resort	Mesa	AZ	(59,428)		11,402		34,355		—		40,466		11,402		74,821		86,223		(33,077)		2004
Seyenna Vistas	Mesa	AZ	—		1,360		4,660		(87)		4,296		1,273		8,956		10,229		(7,021)		1994
The Highlands at Brentwood	Mesa	AZ	(10,154)		1,997		6,024		—		2,894		1,997		8,918		10,915		(7,665)		1993
ViewPoint RV & Golf Resort	Mesa	AZ	(139,697)		24,890		56,340		15		30,305		24,905		86,645		111,550		(49,009)		2004
Apollo Village	Peoria	AZ	—		932		3,219		—		2,145		932		5,364		6,296		(4,476)		1994
Casa del Sol West	Peoria	AZ	—		2,215		6,467		—		3,568		2,215		10,035		12,250		(6,635)		1996
Carefree Manor	Phoenix	AZ	—		706		3,040		—		1,494		706		4,534		5,240		(3,451)		1998
Central Park	Phoenix	AZ	(8,540)		1,612		3,784		—		2,757		1,612		6,541		8,153		(5,180)		1983
Desert Skies	Phoenix	AZ	(3,816)		792		3,126		—		1,330		792		4,456		5,248		(3,459)		1998
Sunrise Heights	Phoenix	AZ	(4,675)		1,000		3,016		—		2,514		1,000		5,530		6,530		(4,255)		1994
Whispering Palms	Phoenix	AZ	—		670		2,141		—		731		670		2,872		3,542		(2,273)		1998
Desert Vista	Salome	AZ	—		66		268		—		536		66		804		870		(323)		2010
Sedona Shadows	Sedona	AZ	—		1,096		3,431		—		4,904		1,096		8,335		9,431		(4,542)		1997
Venture In	Show Low	AZ	(8,697)		2,050		6,188		—		1,371		2,050		7,559		9,609		(4,291)		2006
Paradise	Sun City	AZ	(36,186)		6,414		19,263		11		4,720		6,425		23,983		30,408		(15,632)		2004
The Meadows AZ	Tempe	AZ	(13,606)		2,613		7,887		—		5,588		2,613		13,475		16,088		(10,947)		1994

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/24
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Fairview Manor	Tucson	AZ	—	1,674	4,708	—	3,422	1,674	8,130	9,804	(6,008)	1998
The Crossing at Voyager (2)	Tucson	AZ	—	6,148	—	—	12,659	6,148	12,659	18,807	(456)	2020
Voyager	Tucson	AZ	(37,440)	13,133	63,886	—	3,510	13,133	67,396	80,529	(15,788)	2021
Westpark	Wickenburg	AZ	(15,926)	4,495	10,517	—	5,873	4,495	16,390	20,885	(6,061)	2011
Araby Acres	Yuma	AZ	—	1,440	4,345	—	1,678	1,440	6,023	7,463	(3,706)	2003
Cactus Gardens	Yuma	AZ	(5,459)	1,992	5,984	—	1,009	1,992	6,993	8,985	(4,444)	2004
Capri	Yuma	AZ	—	1,595	4,774	—	845	1,595	5,619	7,214	(3,191)	2006
Desert Paradise	Yuma	AZ	—	666	2,011	—	632	666	2,643	3,309	(1,663)	2004
Foothill Village	Yuma	AZ	—	459	1,402	—	981	459	2,383	2,842	(1,243)	2003
Mesa Verde RV	Yuma	AZ	(3,787)	1,387	4,148	—	1,286	1,387	5,434	6,821	(2,938)	2007
Suni Sands	Yuma	AZ	—	1,249	3,759	—	977	1,249	4,736	5,985	(3,001)	2004
Cultus Lake	Lindell Beach	BC	—	410	968	6	722	416	1,690	2,106	(1,222)	2004
Soledad Canyon	Acton	CA	—	2,933	6,917	39	22,517	2,972	29,434	32,406	(8,933)	2004
Los Ranchos	Apple Valley	CA	—	8,336	15,774	—	8,579	8,336	24,353	32,689	(8,391)	2011
Monte del Lago	Castroville	CA	(39,385)	3,150	9,469	—	7,796	3,150	17,265	20,415	(11,474)	1997
Date Palm Country Club	Cathedral City	CA	—	—	18,179	—	13,107	—	31,286	31,286	(24,706)	1994
Palm Springs Oasis RV Resort	Cathedral City	CA	—	—	216	—	1,533	—	1,749	1,749	(690)	1994
Colony Park	Ceres	CA	(7,601)	890	2,837	—	2,078	890	4,915	5,805	(3,446)	1998
Russian River	Cloverdale	CA	—	368	868	5	1,439	373	2,307	2,680	(908)	2004
Oakzanita Springs	Descanso	CA	—	396	934	5	3,957	401	4,891	5,292	(1,748)	2004
Rancho Mesa	El Cajon	CA	(16,416)	2,130	6,389	—	3,192	2,130	9,581	11,711	(6,641)	1998
Rancho Valley	El Cajon	CA	(21,049)	685	1,902	—	4,374	685	6,276	6,961	(3,264)	1983
Snowflower	Emigrant Gap	CA	—	308	727	4	2,387	312	3,114	3,426	(1,378)	2004
Four Seasons	Fresno	CA	—	756	2,348	—	4,560	756	6,908	7,664	(3,121)	1997
Yosemite Lakes	Groveland	CA	—	2,045	4,823	27	11,863	2,072	16,686	18,758	(6,058)	2004
Royal Holiday	Hemet	CA	—	778	2,643	—	8,778	778	11,421	12,199	(4,653)	1999
Idyllwild	Idyllwild-Pine Cove	CA	—	313	737	4	3,334	317	4,071	4,388	(1,562)	2004
Pio Pico	Jamul	CA	—	2,626	6,194	35	9,329	2,661	15,523	18,184	(6,625)	2004
Tahoe Valley	Lake Tahoe	CA	—	—	5,428	—	2,462	—	7,890	7,890	(4,871)	2004
Sea Oaks	Los Osos	CA	—	871	2,703	—	2,399	871	5,102	5,973	(3,161)	1997
Ponderosa Resort	Lotus	CA	—	900	2,100	—	2,477	900	4,577	5,477	(2,264)	2006
Turtle Beach	Manteca	CA	—	268	633	4	1,888	272	2,521	2,793	(888)	2004
Marina Dunes RV Resort	Marina	CA	—	20,379	8,204	—	1,005	20,379	9,209	29,588	(1,385)	2020
Wilderness Lakes	Menifee	CA	—	2,157	5,088	405	6,762	2,562	11,850	14,412	(5,023)	2004
Coralwood	Modesto	CA	—	—	5,047	—	2,151	—	7,198	7,198	(5,428)	1997

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/24
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Morgan Hill	Morgan Hill	CA	—	1,856	4,378	980	9,616	2,836	13,994	16,830	(4,854)	2004
Lake Minden	Nicolaus	CA	—	961	2,267	13	2,575	974	4,842	5,816	(2,573)	2004
Pacific Dunes Ranch	Oceana	CA	—	1,940	5,632	—	4,166	1,940	9,798	11,738	(4,697)	2004
Oceanside RV	Oceanside	CA	—	27,781	16,596	—	2,172	27,781	18,768	46,549	(3,194)	2022
Lake of the Springs	Oregon House	CA	—	1,062	2,504	14	3,974	1,076	6,478	7,554	(2,837)	2004
Concord Cascade	Pacheco	CA	(23,835)	985	3,016	—	6,183	985	9,199	10,184	(5,189)	1983
San Francisco RV	Pacifica	CA	—	1,660	4,973	—	4,086	1,660	9,059	10,719	(5,587)	2005
San Benito	Paicines	CA	—	1,411	3,328	19	10,157	1,430	13,485	14,915	(3,929)	2004
Palm Springs	Palm Desert	CA	—	1,811	4,271	24	4,526	1,835	8,797	10,632	(4,058)	2004
Las Palmas Estates	Rialto	CA	—	1,295	3,866	—	1,447	1,295	5,313	6,608	(3,199)	2004
Parque La Quinta	Rialto	CA	—	1,799	5,450	—	2,595	1,799	8,045	9,844	(4,272)	2004
Quail Meadows	Riverbank	CA	—	1,155	3,469	—	1,336	1,155	4,805	5,960	(3,686)	1998
California Hawaiian	San Jose	CA	(28,904)	5,825	17,755	—	8,444	5,825	26,199	32,024	(19,567)	1997
Sunshadow	San Jose	CA	—	12,334	5,707	8	1,880	12,342	7,587	19,929	(5,843)	1997
Village of the Four Seasons	San Jose	CA	(16,793)	5,229	15,714	—	2,906	5,229	18,620	23,849	(11,724)	2004
Laguna Lake	San Luis Obispo	CA	(18,776)	2,845	6,520	—	4,530	2,845	11,050	13,895	(6,915)	1998
Contempo Marin	San Rafael	CA	(33,796)	4,787	16,379	—	6,741	4,787	23,120	27,907	(19,594)	1994
Rancho Oso	Santa Barbara	CA	—	860	2,029	12	9,967	872	11,996	12,868	(2,753)	2004
De Anza Santa Cruz	Santa Cruz	CA	(46,165)	2,103	7,201	—	8,489	2,103	15,690	17,793	(9,944)	1994
Meadowbrook	Santee	CA	(19,320)	4,345	12,528	—	7,285	4,345	19,813	24,158	(13,249)	1998
Santa Cruz Ranch	Scotts Valley	CA	—	1,595	3,937	—	1,926	1,595	5,863	7,458	(2,652)	2007
Lamplighter Village	Spring Valley	CA	(35,984)	633	2,201	—	4,685	633	6,886	7,519	(3,706)	1983
Santiago Estates	Sylmar	CA	(19,388)	3,562	10,767	—	5,750	3,562	16,517	20,079	(11,381)	1998
Royal Oaks	Visalia	CA	—	602	1,921	—	3,405	602	5,326	5,928	(2,675)	1997
Pilot Knob RV Resort	Winterhaven	CA	—	581	1,151	—	968	581	2,119	2,700	(481)	2022
Hillcrest Village CO	Aurora	CO	(35,107)	1,912	5,202	289	10,466	2,201	15,668	17,869	(9,033)	1983
Cimarron Village	Broomfield	CO	(29,892)	863	2,790	—	2,501	863	5,291	6,154	(3,848)	1983
Holiday Village CO	Colorado Springs	CO	(19,752)	567	1,759	—	3,955	567	5,714	6,281	(3,277)	1983
Bear Creek Village	Denver	CO	(5,109)	1,100	3,359	—	1,638	1,100	4,997	6,097	(3,530)	1998
Holiday Hills Village	Denver	CO	(64,129)	2,159	7,780	—	21,357	2,159	29,137	31,296	(13,405)	1983
Golden Terrace	Golden	CO	—	826	2,415	—	11,126	826	13,541	14,367	(4,316)	1983
Golden Terrace South	Golden	CO	—	750	2,265	—	1,163	750	3,428	4,178	(2,731)	1997
Golden Terrace West	Golden	CO	—	1,694	5,065	—	7,850	1,694	12,915	14,609	(7,774)	1986
Blue Mesa Recreational Ranch	Gunnison	CO	—	5,126	8,217	—	1,117	5,126	9,334	14,460	(2,812)	2022
Pueblo Grande	Pueblo	CO	—	241	1,069	—	6,058	241	7,127	7,368	(2,466)	1983

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/24
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Woodland Hills	Thornton	CO	(36,759)	1,928	4,408	—	5,120	1,928	9,528	11,456	(7,470)	1994
Stonegate Manor	North Windham	CT	—	6,011	12,336	—	735	6,011	13,071	19,082	(6,240)	2011
Waterford Estates	Bear	DE	(35,669)	5,250	16,202	—	4,322	5,250	20,524	25,774	(11,079)	1996
McNicol Place	Lewes	DE	—	562	1,710	—	357	562	2,067	2,629	(1,684)	1998
Whispering Pines	Lewes	DE	—	1,536	4,609	—	2,884	1,536	7,493	9,029	(6,096)	1988
Mariner's Cove	Millsboro	DE	(17,004)	990	2,971	—	14,598	990	17,569	18,559	(8,541)	1987
Sweetbriar	Millsboro	DE	—	498	1,527	—	1,149	498	2,676	3,174	(1,922)	1998
Aspen Meadows	Rehoboth	DE	(12,668)	1,148	3,460	—	1,192	1,148	4,652	5,800	(3,634)	1998
Camelot Meadows	Rehoboth	DE	—	527	2,058	1,251	5,231	1,778	7,289	9,067	(5,735)	1998
Riverside RV Resort	Arcadia	FL	—	8,400	11,905	11,085	5,516	19,485	17,421	36,906	(6,838)	2016
Toby’s RV Resort	Arcadia	FL	—	1,093	3,280	—	1,274	1,093	4,554	5,647	(2,663)	2003
Aventura Marina	Aventura	FL	—	813	811	—	7	813	818	1,631	(188)	2019
Hi-Lift Marina	Aventura	FL	—	21,444	4,178	—	2,018	21,444	6,196	27,640	(1,358)	2021
Sunshine Key	Big Pine Key	FL	—	5,273	15,822	—	18,253	5,273	34,075	39,348	(15,952)	2004
Windmill Manor	Bradenton	FL	(9,035)	2,153	6,125	—	2,996	2,153	9,121	11,274	(7,027)	1998
Winter Quarters Manatee	Bradenton	FL	—	2,300	6,903	—	2,612	2,300	9,515	11,815	(5,633)	2004
Clover Leaf Farms	Brooksville	FL	(29,591)	13,684	24,106	—	16,041	13,684	40,147	53,831	(13,371)	2011
Clover Leaf Forest	Brooksville	FL	—	1,092	2,178	—	1,128	1,092	3,306	4,398	(1,203)	2011
Resort at Tranquility Lake	Cape Coral	FL	—	12,572	—	44	38,652	12,616	38,652	51,268	(2,573)	2020
Palm Harbour Marina	Cape Haze	FL	—	13,228	6,310	—	(451)	13,228	5,859	19,087	(1,068)	2021
Glen Ellen	Clearwater	FL	—	619	1,882	—	751	619	2,633	3,252	(1,639)	2002
Hillcrest FL	Clearwater	FL	—	1,278	3,928	—	4,111	1,278	8,039	9,317	(4,815)	1998
Holiday Ranch	Clearwater	FL	—	925	2,866	—	822	925	3,688	4,613	(2,998)	1998
Serendipity	Clearwater	FL	(15,656)	18,944	11,782	—	2,461	18,944	14,243	33,187	(5,836)	2018
Shady Lane Oaks	Clearwater	FL	—	4,984	8,482	—	1,040	4,984	9,522	14,506	(4,434)	2011
Shady Lane Village	Clearwater	FL	—	3,102	5,480	—	692	3,102	6,172	9,274	(2,874)	2011
Silk Oak Lodge	Clearwater	FL	—	1,649	5,028	—	1,013	1,649	6,041	7,690	(3,978)	2002
Clerbrook Golf & RV Resort	Clermont	FL	—	3,883	11,700	—	5,614	3,883	17,314	21,197	(8,900)	2006
Lake Magic	Clermont	FL	—	1,595	4,793	—	2,659	1,595	7,452	9,047	(4,141)	2004
Orange Lake	Clermont	FL	—	4,303	6,815	—	2,148	4,303	8,963	13,266	(3,780)	2011
Orlando	Clermont	FL	—	2,975	7,017	40	26,395	3,015	33,412	36,427	(9,997)	2004
Cortez Village Marina	Cortez	FL	—	17,936		—	865	17,936	4,821	22,757	(962)	2021
Crystal Isles	Crystal River	FL	—	926	2,787	10	6,079	936	8,866	9,802	(3,519)	2004
Cheron Village	Davie	FL	—	10,393	6,217	—	509	10,393	6,726	17,119	(3,420)	2011

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/24
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Carriage Cove	Daytona Beach	FL	(13,688)	2,914	8,682	—	4,561	2,914	13,243	16,157	(9,263)	1998
Daytona Beach Marina	Daytona Beach	FL	—	1,962	9,034	—	795	1,962	9,829	11,791	(2,075)	2019
Lake Haven	Dunedin	FL	(11,601)	1,135	4,047	—	4,831	1,135	8,878	10,013	(6,817)	1983
Marker 1 Marina	Dunedin	FL	—	21,685	15,758	—	1,593	21,685	17,351	39,036	(3,755)	2020
Coquina Crossing	Elkton	FL	(24,002)	5,274	5,545	—	31,033	5,274	36,578	41,852	(17,656)	1999
Colony Cove	Ellenton	FL	(82,610)	28,660	92,457	38,094	43,364	66,754	135,821	202,575	(52,296)	2011
Ridgewood Estates	Ellenton	FL	(24,843)	8,769	8,791	—	1,541	8,769	10,332	19,101	(4,625)	2011
Haselton Village	Eustis	FL	—	3,800	8,955	—	1,501	3,800	10,456	14,256	(4,596)	2011
Southern Palms RV	Eustis	FL	—	2,169	5,884	—	7,134	2,169	13,018	15,187	(8,288)	1998
Bulow Plantation	Flagler Beach	FL	—	3,637	949	—	7,866	3,637	8,815	12,452	(6,370)	1994
Bulow RV	Flagler Beach	FL	—	—	228	—	2,896	—	3,124	3,124	(1,415)	1994
Carefree Cove	Fort Lauderdale	FL	—	1,741	5,170	—	1,651	1,741	6,821	8,562	(4,078)	2004
Everglades Lakes	Fort Lauderdale	FL	—	53,850	18,797	—	3,786	53,850	22,583	76,433	(5,949)	2018
Park City West	Fort Lauderdale	FL	(25,467)	4,184	12,561	—	2,406	4,184	14,967	19,151	(9,529)	2004
Sunshine Holiday MH	Fort Lauderdale	FL	(16,374)	3,099	9,286	—	3,141	3,099	12,427	15,526	(7,266)	2004
Crystal Lakes-Fort Myers	Fort Myers	FL	—	1,047	—	1,754	1,554	2,801	1,554	4,355	(180)	2018
Fish Tale Marina	Fort Myers	FL	—	24,027	5,555	—	2,066	24,027	7,621	31,648	(1,009)	2021
Fort Myers Beach	Fort Myers	FL	—	1,188	3,548	849	9,920	2,037	13,468	15,505	(3,527)	2004
Gulf Air	Fort Myers Beach	FL	—	1,609	4,746	—	9,478	1,609	14,224	15,833	(4,127)	2004
Lakeside Terrace	Fruitland Park	FL	—	3,275	7,165	—	1,014	3,275	8,179	11,454	(3,736)	2011
Grand Island Resort	Grand Island	FL	—	1,723	5,208	125	7,909	1,848	13,117	14,965	(7,665)	2001
Holiday Travel Park	Holiday	FL	—	9,240	13,284	—	2,568	9,240	15,852	25,092	(6,682)	2018
Hollywood Marina	Hollywood	FL	—	14,638	4,065	—	1,274	14,638	5,339	19,977	(1,224)	2019
South Miami Marina	Homestead	FL	—	—	13,144	—	471	—	13,615	13,615	(2,937)	2019
Barrington Hills	Hudson	FL	(5,912)	1,145	3,437	—	3,036	1,145	6,473	7,618	(3,112)	2004
Jupiter Marina	Jupiter	FL	—	5,090	4,842	—	1,522	5,090	6,364	11,454	(1,846)	2019
Sherwood Forest - MHP	Kissimmee	FL	—	4,852	14,596	—	14,137	4,852	28,733	33,585	(18,260)	1998
Sherwood Forest RV	Kissimmee	FL	—	2,870	3,621	568	5,619	3,438	9,240	12,678	(5,866)	1998
Tropical Palms	Kissimmee	FL	—	5,677	17,116	—	20,159	5,677	37,275	42,952	(19,570)	2004
Lake Worth Village	Lake Worth	FL	—	14,959	24,501	—	6,091	14,959	30,592	45,551	(13,415)	2011
Beacon Hill Colony	Lakeland	FL	—	3,775	6,405	—	1,120	3,775	7,525	11,300	(3,235)	2011
Beacon Terrace	Lakeland	FL	(8,088)	5,372	9,153	216	1,599	5,588	10,752	16,340	(4,720)	2011
Kings & Queens	Lakeland	FL	—	1,696	3,064	—	521	1,696	3,585	5,281	(1,630)	2011
Lakeland Harbor	Lakeland	FL	(35,408)	10,446	17,376	—	1,800	10,446	19,176	29,622	(8,686)	2011
Lakeland Junction	Lakeland	FL	(2,870)	3,018	4,752	—	495	3,018	5,247	8,265	(2,457)	2011

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/24
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Lantana Marina	Lantana	FL	—	8,276	5,108	—	(59)	8,276	5,049	13,325	(1,545)	2019
Maralago Cay	Lantana	FL	(35,826)	5,325	15,420	—	8,144	5,325	23,564	28,889	(18,371)	1997
South Lantana Marina	Lantana	FL	—	2,345	1,894	—	585	2,345	2,479	4,824	(798)	2019
Down Yonder	Largo	FL	—	2,652	7,981	—	2,628	2,652	10,609	13,261	(6,701)	1998
East Bay Oaks	Largo	FL	(7,728)	1,240	3,322	—	2,430	1,240	5,752	6,992	(4,472)	1983
Eldorado Village	Largo	FL	(5,165)	778	2,341	—	2,399	778	4,740	5,518	(3,389)	1983
Paradise Park - Largo	Largo	FL	(4,994)	3,523	4,026	—	823	3,523	4,849	8,372	(2,113)	2017
Shangri-La Mobile Home Park	Largo	FL	—	1,722	5,200	—	599	1,722	5,799	7,521	(3,840)	2004
Vacation Village	Largo	FL	(5,471)	1,315	3,946	—	1,245	1,315	5,191	6,506	(3,209)	2004
Whispering Pines - Largo	Largo	FL	—	8,218	14,054	—	2,297	8,218	16,351	24,569	(7,284)	2011
Coachwood Colony	Leesburg	FL	—	1,602	4,822	—	1,878	1,602	6,700	8,302	(3,899)	2004
Mid-Florida Lakes	Leesburg	FL	(54,998)	5,997	20,635	—	18,785	5,997	39,420	45,417	(29,343)	1994
Fiesta Key	Long Key	FL	—	16,611	7,338	—	20,147	16,611	27,485	44,096	(6,821)	2013
Winter Quarters Pasco	Lutz	FL	(7,907)	1,494	4,484	—	2,892	1,494	7,376	8,870	(3,868)	2004
Coral Cay Plantation	Margate	FL	(87,512)	5,890	20,211	—	11,839	5,890	32,050	37,940	(26,716)	1994
Lakewood Village	Melbourne	FL	—	1,862	5,627	—	3,836	1,862	9,463	11,325	(7,306)	1994
Miami Everglades	Miami	FL	—	5,362	6,238	—	3,725	5,362	9,963	15,325	(3,893)	2015
Southernaire	Mt. Dora	FL	—	796	2,395	—	708	796	3,103	3,899	(1,866)	2004
Country Place (2)	New Port Richey	FL	(15,614)	663	—	18	8,955	681	8,955	9,636	(7,301)	1986
Hacienda Village	New Port Richey	FL	(13,542)	4,297	13,088	—	5,427	4,297	18,515	22,812	(11,635)	2002
Harbor View Mobile Manor	New Port Richey	FL	(14,835)	4,030	12,146	—	6,617	4,030	18,763	22,793	(9,830)	2002
Bay Lake Estates	Nokomis	FL	(9,343)	990	3,390	—	3,765	990	7,155	8,145	(4,957)	1994
Lake Village	Nokomis	FL	(12,790)	15,850	18,099	10,408	4,950	26,258	23,049	49,307	(9,231)	2011
Royal Coachman	Nokomis	FL	—	5,321	15,978	—	2,820	5,321	18,798	24,119	(12,345)	2004
Buccaneer Estates	North Fort Myers	FL	—	4,207	14,410	—	32,216	4,207	46,626	50,833	(18,573)	1994
Island Vista Estates	North Fort Myers	FL	—	5,004	15,066	—	8,421	5,004	23,487	28,491	(10,735)	2006
Lake Fairways	North Fort Myers	FL	(31,295)	6,075	18,134	35	6,043	6,110	24,177	30,287	(20,878)	1994
Pine Lakes	North Fort Myers	FL	(58,036)	6,306	14,579	24,941	12,154	31,247	26,733	57,980	(21,818)	1994
Pioneer Village	North Fort Myers	FL	(15,873)	4,116	12,353	—	5,775	4,116	18,128	22,244	(10,411)	2004
Sunseekers RV Resort	North Fort Myers	FL	—	4,224	2,299	—	2,696	4,224	4,995	9,219	(1,974)	2018
The Heritage	North Fort Myers	FL	—	1,438	4,371	346	7,618	1,784	11,989	13,773	(8,308)	1993
Windmill Village - N. Ft. Myers	North Fort Myers	FL	—	1,417	5,440	—	6,421	1,417	11,861	13,278	(7,921)	1983
Foxwood Farms	Ocala	FL	—	3,853	7,967	—	3,309	3,853	11,276	15,129	(4,672)	2011
Oak Bend	Ocala	FL	—	850	2,572	—	13,521	850	16,093	16,943	(4,716)	1993
Villas at Spanish Oaks	Ocala	FL	—	2,250	6,922	—	4,982	2,250	11,904	14,154	(8,667)	1993

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/24
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Silver Dollar Golf & Trap Club Resort	Odessa	FL	—	4,107	12,431	7,158	5,842	11,265	18,273	29,538	(10,814)	2004
Okeechobee RV Resort	Okeechobee	FL	—	14,897	27,337	—	3,683	14,897	31,020	45,917	(8,700)	2021
Audubon Village - Florida	Orlando	FL	—	4,622	7,200	—	1,263	4,622	8,463	13,085	(3,805)	2011
Hidden Valley	Orlando	FL	(24,844)	11,398	12,861	—	1,962	11,398	14,823	26,221	(6,674)	2011
Starlight Ranch	Orlando	FL	(27,019)	13,543	20,388	—	8,662	13,543	29,050	42,593	(11,392)	2011
Holiday Village, Ormond Beach	Ormond Beach	FL	—	2,610	7,837	—	3,644	2,610	11,481	14,091	(6,522)	2002
Sunshine Holiday-Daytona North	Ormond Beach	FL	—	2,001	6,004	—	2,479	2,001	8,483	10,484	(5,006)	2004
Palm Beach Gardens Marina	Palm Beach	FL	—	15,734	4,938	—	338	15,734	5,276	21,010	(1,408)	2019
The Meadows, FL	Palm Beach Gardens	FL	(40,982)	3,229	9,870	—	8,044	3,229	17,914	21,143	(12,126)	1999
Terra Ceia	Palmetto	FL	—	965	2,905	1,833	16,872	2,798	19,777	22,575	(3,413)	2004
Lakes at Countrywood	Plant City	FL	—	2,377	7,085	—	5,784	2,377	12,869	15,246	(7,484)	2001
Meadows at Countrywood	Plant City	FL	—	4,514	13,175	75	16,145	4,589	29,320	33,909	(18,980)	1998
Oaks at Countrywood	Plant City	FL	—	846	2,513	(75)	2,498	771	5,011	5,782	(3,266)	1998
Breezy Hill	Pompano Beach	FL	(25,800)	5,424	16,555	—	4,164	5,424	20,719	26,143	(14,025)	2002
Hidden Harbour Marina	Pompano Beach	FL	—	26,116	12,513	—	1,280	26,116	13,793	39,909	(2,303)	2021
Highland Wood Travel Park	Pompano Beach	FL	—	1,043	3,130	42	1,030	1,085	4,160	5,245	(2,673)	2002
Inlet Harbor Marina	Ponce Inlet	FL	—	11,858	5,485	—	1,621	11,858	7,106	18,964	(1,225)	2021
Harbor Lakes	Port Charlotte	FL	(15,655)	3,384	10,154	—	3,739	3,384	13,893	17,277	(7,941)	2004
Lighthouse Pointe at Daytona Beach	Port Orange	FL	—	2,446	7,483	23	5,462	2,469	12,945	15,414	(8,366)	1998
Pickwick Village	Port Orange	FL	(14,373)	2,803	8,870	—	7,782	2,803	16,652	19,455	(9,709)	1998
Rose Bay	Port Orange	FL	—	3,866	3,528	—	1,010	3,866	4,538	8,404	(2,962)	2016
Emerald Lake	Punta Gorda	FL	(3,577)	3,598	5,197	—	2,058	3,598	7,255	10,853	(2,836)	2011
Gulf View	Punta Gorda	FL	—	717	2,158	—	2,490	717	4,648	5,365	(2,524)	2004
Tropical Palms MH	Punta Gorda	FL	—	2,365	7,286	—	4,734	2,365	12,020	14,385	(5,771)	2006
Kingswood	Riverview	FL	—	9,094	8,365	—	1,918	9,094	10,283	19,377	(3,451)	2018
Palm Lake	Riviera Beach	FL	(17,029)	56,323	27,418	—	14,385	56,323	41,803	98,126	(9,995)	2018
Riviera Beach Marina	Riviera Beach	FL	—	15,725	12,966	—	3,178	15,725	16,144	31,869	(4,472)	2019
Indian Oaks	Rockledge	FL	—	1,089	3,376	—	1,946	1,089	5,322	6,411	(3,959)	1998
Space Coast	Rockledge	FL	—	2,413	3,716	—	2,822	2,413	6,538	8,951	(1,904)	2014
Covington Estates	Saint Cloud	FL	(8,086)	3,319	7,253	—	821	3,319	8,074	11,393	(3,696)	2011
Winds of St. Armands North	Sarasota	FL	(21,126)	1,523	5,063	20	5,025	1,543	10,088	11,631	(7,843)	1983
Winds of St. Armands South	Sarasota	FL	(13,777)	1,106	3,162	4,018	11,013	5,124	14,175	19,299	(5,192)	1983
Topics RV Resort	Spring Hill	FL	(3,429)	844	2,568	—	1,546	844	4,114	4,958	(2,333)	2004
Pine Island	St. James City	FL	—	1,678	5,044	—	11,411	1,678	16,455	18,133	(4,030)	2007

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/24
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
St. Pete Marina	St. Petersburg	FL	—	12,591	19,066	—	863	12,591	19,929	32,520	(5,194)	2019
Riverwatch Marina	Stuart	FL	—	19,994	8,910	—	560	19,994	9,470	29,464	(1,568)	2021
Carefree Village	Tampa	FL	(26,887)	6,799	10,421	—	2,018	6,799	12,439	19,238	(5,596)	2011
Tarpon Glen	Tarpon Springs	FL	—	2,678	4,016	—	1,530	2,678	5,546	8,224	(2,272)	2011
Featherock	Valrico	FL	—	11,369	22,770	—	2,979	11,369	25,749	37,118	(11,356)	2011
Bay Indies	Venice	FL	(188,876)	10,483	31,559	10	17,109	10,493	48,668	59,161	(37,104)	1994
Ramblers Rest RV Resort	Venice	FL	(30,126)	4,646	14,201	—	17,960	4,646	32,161	36,807	(12,901)	2006
Countryside at Vero Beach	Vero Beach	FL	(57,430)	3,711	11,133	—	10,046	3,711	21,179	24,890	(15,702)	1998
Heritage Plantation	Vero Beach	FL	—	2,403	7,259	—	5,809	2,403	13,068	15,471	(9,427)	1994
Heron Cay	Vero Beach	FL	(23,866)	14,368	23,792	—	3,297	14,368	27,089	41,457	(12,218)	2011
Holiday Village, Florida	Vero Beach	FL	—	350	1,374	—	258	350	1,632	1,982	(1,408)	1998
Sunshine Travel-Vero Beach	Vero Beach	FL	—	1,603	4,813	—	5,737	1,603	10,550	12,153	(4,178)	2004
Vero Beach Marina	Vero Beach	FL	—	3,644	5,519	—	2,294	3,644	7,813	11,457	(1,592)	2019
Vero Palm Estates	Vero Beach	FL	(9,584)	6,697	9,025	—	2,126	6,697	11,151	17,848	(4,860)	2011
Village Green	Vero Beach	FL	(57,097)	15,901	25,175	518	5,394	16,419	30,569	46,988	(13,394)	2011
Peace River	Wauchula	FL	—	900	2,100	25	5,417	925	7,517	8,442	(2,351)	2006
Palm Beach Colony	West Palm Beach	FL	(9,037)	5,930	10,113	8	1,470	5,938	11,583	17,521	(5,313)	2011
Parkwood Communities	Wildwood	FL	—	6,990	15,115	—	2,264	6,990	17,379	24,369	(7,979)	2011
Three Flags	Wildwood	FL	—	228	684	—	1,082	228	1,766	1,994	(854)	2006
Winter Garden	Winter Garden	FL	—	2,321	6,962	—	2,731	2,321	9,693	12,014	(4,655)	2007
Crystal Lake Zephyrhills	Zephyrhills	FL	—	3,767	6,834	194	15,558	3,961	22,392	26,353	(5,851)	2011
Forest Lake Estates MH	Zephyrhills	FL	(16,117)	40,716	33,918	1,194	8,734	41,910	42,652	84,562	(18,365)	2016
Forest Lake Village RV	Zephyrhills	FL	—	—	537	—	907	—	1,444	1,444	(361)	2016
Sixth Avenue	Zephyrhills	FL	—	837	2,518	—	962	837	3,480	4,317	(1,888)	2004
Coach Royale	Boise	ID	—	465	1,685	—	455	465	2,140	2,605	(928)	2011
Maple Grove	Boise	ID	—	1,358	5,151	—	1,577	1,358	6,728	8,086	(2,826)	2011
Shenandoah Estates	Boise	ID	(8,242)	1,287	7,603	—	754	1,287	8,357	9,644	(3,737)	2011
West Meadow Estates	Boise	ID	(6,550)	1,371	6,770	—	819	1,371	7,589	8,960	(3,358)	2011
O'Connell's Yogi Bear RV Resort	Amboy	IL	(2,204)	1,648	4,974	—	8,731	1,648	13,705	15,353	(5,406)	2004
Pheasant Lake Estates	Beecher	IL	(35,974)	12,764	42,183	872	6,011	13,636	48,194	61,830	(17,786)	2013
Pine Country	Belvidere	IL	—	53	166	—	3,187	53	3,353	3,406	(928)	2006
Willow Lake Estates	Elgin	IL	(34,849)	6,138	21,033	—	23,699	6,138	44,732	50,870	(28,034)	1994
Golf Vista Estates	Monee	IL	(29,897)	2,842	4,719	1	14,856	2,843	19,575	22,418	(10,790)	1997
Indian Lakes	Batesville	IN	—	450	1,061	6	18,739	456	19,800	20,256	(4,268)	2004
Horseshoe Lakes	Clinton	IN	—	155	365	2	2,301	157	2,666	2,823	(797)	2004

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/24
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Twin Mills RV	Howe	IN	—	1,399	4,186	—	1,258	1,399	5,444	6,843	(3,017)	2006
Lakeside RV	New Carlisle	IN	—	426	1,281	—	899	426	2,180	2,606	(1,038)	2004
Dale Hollow State Park Marina	Burkesville	KY	—	—	7,399	—	944	—	8,343	8,343	(1,564)	2021
Diamond Caverns	Park City	KY	—	530	1,512	(3)	1,135	527	2,647	3,174	(1,369)	2006
Gateway to Cape Cod	Rochester	MA	—	91	288	—	1,487	91	1,775	1,866	(523)	2006
Hillcrest MA	Rockland	MA	—	2,034	3,182	—	773	2,034	3,955	5,989	(1,661)	2011
The Glen	Rockland	MA	—	940	1,680	—	75	940	1,755	2,695	(835)	2011
Old Chatham	South Dennis	MA	(5,597)	1,760	5,293	—	5,617	1,760	10,910	12,670	(4,118)	2005
Sturbridge	Sturbridge	MA	—	110	347	—	1,404	110	1,751	1,861	(649)	2006
Fernwood	Capitol Heights	MD	(9,871)	6,556	11,674	—	1,946	6,556	13,620	20,176	(6,080)	2011
Williams Estates/Peppermint Woods	Middle River	MD	—	22,774	42,575	—	2,374	22,774	44,949	67,723	(21,085)	2011
Mt. Desert Narrows	Bar Harbor	ME	—	1,037	3,127	—	1,222	1,037	4,349	5,386	(2,138)	2007
Patten Pond	Ellsworth	ME	—	267	802	—	552	267	1,354	1,621	(663)	2007
Pinehirst	Old Orchard Beach	ME	(10,817)	1,942	5,827	—	3,095	1,942	8,922	10,864	(4,876)	2005
Narrows Too	Trenton	ME	—	1,451	4,408	—	1,640	1,451	6,048	7,499	(2,777)	2007
Moody Beach	Wells	ME	—	93	292	—	6,065	93	6,357	6,450	(1,378)	2006
Bear Cave	Buchanan	MI	—	176	516	—	1,046	176	1,562	1,738	(647)	2006
St Clair	St. Clair	MI	—	453	1,068	6	1,646	459	2,714	3,173	(1,224)	2004
Cedar Knolls	Apple Valley	MN	(29,690)	10,021	14,357	—	2,637	10,021	16,994	27,015	(7,744)	2011
Cimarron Park	Lake Elmo	MN	—	11,097	23,132	—	7,469	11,097	30,601	41,698	(12,462)	2011
Rockford Riverview Estates	Rockford	MN	—	2,959	8,882	—	1,855	2,959	10,737	13,696	(4,723)	2011
Rosemount Woods	Rosemount	MN	—	4,314	8,932	—	4,942	4,314	13,874	18,188	(5,009)	2011
Boathouse Marina	Beaufort	NC	—	6,610	13,217	—	2,350	6,610	15,567	22,177	(2,396)	2021
Forest Lake	Advance	NC	—	986	2,325	13	11,455	999	13,780	14,779	(3,241)	2004
Scenic	Asheville	NC	—	1,183	3,511	—	3,008	1,183	6,519	7,702	(2,631)	2006
Waterway RV	Cedar Point	NC	(4,178)	2,392	7,185	—	1,504	2,392	8,689	11,081	(5,481)	2004
Twin Lakes	Chocowinity	NC	—	1,709	3,361	—	3,465	1,709	6,826	8,535	(3,255)	2004
Holiday Trav-L-Park Resort	Emerald Isle	NC	—	17,212	33,520	—	512	17,212	34,032	51,244	(5,952)	2022
Topsail Sound RV	Holly Ridge	NC	—	3,414	5,898	—	7,500	3,414	13,398	16,812	(1,729)	2020
Green Mountain	Lenoir	NC	—	1,037	3,075	—	3,162	1,037	6,237	7,274	(2,847)	2006
Lake Gaston	Littleton	NC	—	130	409	—	3,111	130	3,520	3,650	(990)	2006
Lake Myers RV	Mocksville	NC	—	1,504	4,587	—	2,681	1,504	7,268	8,772	(3,400)	2006
Bogue Pines	Newport	NC	—	1,476	2,592	—	266	1,476	2,858	4,334	(1,073)	2015
Goose Creek	Newport	NC	(11,631)	4,612	13,848	750	3,610	5,362	17,458	22,820	(11,146)	2004
Whispering Pines - NC	Newport	NC	—	3,096	5,081	1	609	3,097	5,690	8,787	(2,047)	2015

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/24
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Harbor Point RV	Sneads Ferry	NC	—	4,633	7,777	—	424	4,633	8,201	12,834	(1,865)	2020
White Oak Shores	Stella	NC	—	5,089	15,416	2,269	22,721	7,358	38,137	45,495	(6,423)	2019
Buena Vista	Fargo	ND	—	4,563	14,949	—	2,240	4,563	17,189	21,752	(7,681)	2011
Meadow Park	Fargo	ND	—	943	2,907	—	494	943	3,401	4,344	(1,556)	2011
Sandy Beach	Contoocook	NH	—	1,755	5,265	—	460	1,755	5,725	7,480	(3,619)	2005
Pine Acres	Raymond	NH	—	3,096	2,102	—	1,347	3,096	3,449	6,545	(1,301)	2014
Tuxbury Resort	South Hampton	NH	—	3,557	3,910	—	2,019	3,557	5,929	9,486	(2,905)	2007
King Nummy	Cape May Court House	NJ	—	4,027	3,584	—	895	4,027	4,479	8,506	(2,749)	2018
Acorn Campground	Green Creek	NJ	—	3,707	4,642	—	1,314	3,707	5,956	9,663	(3,325)	2020
Whippoorwill RV	Marmon	NJ	—	4,201	17,589	—	310	4,201	17,899	22,100	(3,534)	2022
Mays Landing Resort	Mays Landing	NJ	—	536	289	—	3,257	536	3,546	4,082	(632)	2014
Echo Farms	Ocean View	NJ	—	2,840	3,045	—	2,362	2,840	5,407	8,247	(1,866)	2014
Lake and Shore	Ocean View	NJ	—	378	1,192	—	3,409	378	4,601	4,979	(2,145)	2006
Pine Haven	Ocean View	NJ	—	15,586	47,165	—	1,103	15,586	48,268	63,854	(11,488)	2021
Red Oak Shores Campground	Ocean View	NJ	—	2,193	6,759	—	775	2,193	7,534	9,727	(1,439)	2023
Chestnut Lake	Port Republic	NJ	—	337	796	5	2,529	342	3,325	3,667	(1,252)	2004
Sea Pines	Swainton	NJ	—	198	625	—	4,807	198	5,432	5,630	(1,859)	2006
Pine Ridge at Crestwood	Whiting	NJ	(57,008)	17,367	33,127	—	10,373	17,367	43,500	60,867	(17,651)	2011
Mountain View - NV	Henderson	NV	(33,128)	16,665	25,915	—	1,749	16,665	27,664	44,329	(12,757)	2011
Bonanza Village	Las Vegas	NV	—	908	2,643	(1)	3,318	907	5,961	6,868	(4,255)	1983
Boulder Cascade	Las Vegas	NV	—	2,995	9,020	—	6,046	2,995	15,066	18,061	(10,361)	1998
Cabana	Las Vegas	NV	—	2,648	7,989	—	2,028	2,648	10,017	12,665	(8,853)	1994
Flamingo West	Las Vegas	NV	—	1,730	5,266	—	2,498	1,730	7,764	9,494	(6,803)	1994
Las Vegas	Las Vegas	NV	—	1,049	2,473	14	3,221	1,063	5,694	6,757	(2,435)	2004
Villa Borega	Las Vegas	NV	—	2,896	8,774	—	2,464	2,896	11,238	14,134	(9,120)	1997
Rondout Valley	Accord	NY	—	1,115	3,240	—	5,540	1,115	8,780	9,895	(2,935)	2006
Alpine Lake RV Resort	Corinth	NY	—	4,783	14,125	153	4,761	4,936	18,886	23,822	(10,678)	2005
Lake George Escape	Lake George	NY	—	3,562	10,708	—	13,765	3,562	24,473	28,035	(10,526)	2005
The Woodlands	Lockport	NY	(39,353)	12,183	39,687	6	10,984	12,189	50,671	62,860	(20,664)	2011
Greenwood Village	Manorville	NY	—	3,667	9,414	484	8,475	4,151	17,889	22,040	(12,791)	1998
Brennan Beach	Pulaski	NY	—	7,325	21,141	—	11,306	7,325	32,447	39,772	(17,218)	2005
Lake George Schroon Valley	Warrensburg	NY	—	540	1,626	—	602	540	2,228	2,768	(1,182)	2008
Kenisee Lake	Jefferson	OH	—	295	696	4	697	299	1,393	1,692	(764)	2004
Bay Point Marina	Marblehead	OH	—	8,575	17,037	—	2,486	8,575	19,523	28,098	(3,420)	2021

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/24
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	1,529	238	2,084	2,322	(817)	2004
Bend	Bend	OR	—	733	1,729	10	6,717	743	8,446	9,189	(2,379)	2004
Shadowbrook	Clackamas	OR	—	1,197	3,693	—	2,113	1,197	5,806	7,003	(3,982)	1997
Pacific City	Cloverdale	OR	—	1,076	2,539	15	9,553	1,091	12,092	13,183	(3,379)	2004
Falcon Wood Village	Eugene	OR	(14,136)	1,112	3,426	—	2,156	1,112	5,582	6,694	(3,735)	1997
Portland Fairview	Fairview	OR	(19,091)	7,330	10,278	—	1,591	7,330	11,869	19,199	(5,345)	2016
Quail Hollow	Fairview	OR	—	—	3,249	—	1,263	—	4,512	4,512	(3,566)	1997
South Jetty	Florence	OR	—	678	1,598	9	3,504	687	5,102	5,789	(1,953)	2004
Seaside	Seaside	OR	—	891	2,101	12	2,699	903	4,800	5,703	(2,255)	2004
Whalers Rest	South Beach	OR	—	754	1,777	10	2,420	764	4,197	4,961	(1,917)	2004
Hope Valley	Turner	OR	—	7,373	14,517	—	1,041	7,373	15,558	22,931	(2,923)	2021
Mt. Hood Village	Welches	OR	—	1,817	5,733	—	15,635	1,817	21,368	23,185	(7,409)	2002
Greenbriar Village	Bath	PA	—	8,359	16,941	—	1,791	8,359	18,732	27,091	(8,331)	2011
Sun Valley	Bowmansville	PA	—	866	2,601	—	2,450	866	5,051	5,917	(1,939)	2009
Green Acres	Breinigsville	PA	(33,001)	2,680	7,479	—	7,962	2,680	15,441	18,121	(11,430)	1988
Gettysburg Farm	Dover	PA	—	111	350	—	1,464	111	1,814	1,925	(676)	2006
Timothy Lake North	East Stroudsburg	PA	—	296	933	—	1,114	296	2,047	2,343	(955)	2006
Timothy Lake South	East Stroudsburg	PA	—	206	649	—	571	206	1,220	1,426	(591)	2006
Drummer Boy	Gettysburg	PA	—	1,884	20,342	—	1,527	1,884	21,869	23,753	(7,279)	2019
Round Top	Gettysburg	PA	—	1,214	11,355	—	1,358	1,214	12,713	13,927	(6,122)	2019
Circle M	Lancaster	PA	—	330	1,041	—	4,651	330	5,692	6,022	(1,774)	2006
Hershey	Lebanon	PA	—	1,284	3,028	17	3,073	1,301	6,101	7,402	(3,287)	2004
Robin Hill	Lenhartsville	PA	—	1,263	3,786	—	1,125	1,263	4,911	6,174	(2,379)	2009
PA Dutch County	Manheim	PA	—	88	278	—	1,369	88	1,647	1,735	(454)	2006
Spring Gulch	New Holland	PA	—	1,593	4,795	—	1,855	1,593	6,650	8,243	(4,060)	2004
Lil Wolf	Orefield	PA	—	5,627	13,593	—	4,891	5,627	18,484	24,111	(7,474)	2011
Scotrun	Scotrun	PA	—	153	483	—	1,811	153	2,294	2,447	(673)	2006
Appalachian RV	Shartlesville	PA	—	1,666	5,044	—	1,274	1,666	6,318	7,984	(3,600)	2006
Mountain View - PA	Walnutport	PA	—	3,207	7,182	—	1,593	3,207	8,775	11,982	(3,722)	2011
Timber Creek	Westerly	RI	—	12,618	8,489	—	2,307	12,618	10,796	23,414	(6,525)	2018
Carolina Landing	Fair Play	SC	—	457	1,078	6	3,369	463	4,447	4,910	(1,265)	2004
Inlet Oaks Village	Murrells Inlet	SC	—	1,546	4,642	—	682	1,546	5,324	6,870	(3,085)	2006
Carolina Shores RV	Myrtle Beach	SC	—	82,318	35,628	—	2,426	82,318	38,054	120,372	(10,244)	2021
Rivers Edge Marina	North Charleston	SC	—	20,305	6,405	—	231	20,305	6,636	26,941	(1,356)	2021
The Oaks	Yemassee	SC	—	267	810	—	498	267	1,308	1,575	(666)	2006

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/24
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Natchez Trace	Hohenwald	TN	—	533	1,257	7	4,468	540	5,725	6,265	(1,861)	2004
Cherokee Landing	Saulsbury	TN	—	118	279	2	360	120	639	759	(332)	2004
Alamo Palms	Alamo	TX	(3,426)	1,562	7,924	—	1,851	1,562	9,775	11,337	(4,003)	2012
Bay Landing	Bridgeport	TX	—	438	1,033	6	3,717	444	4,750	5,194	(1,577)	2004
Colorado River	Columbus	TX	—	466	1,099	6	7,127	472	8,226	8,698	(1,833)	2004
Victoria Palms	Donna	TX	(6,130)	2,849	12,305	—	8,604	2,849	20,909	23,758	(7,771)	2012
Lake Texoma	Gordonville	TX	—	488	1,151	6	11,579	494	12,730	13,224	(2,864)	2004
Lakewood	Harlingen	TX	—	325	979	—	1,416	325	2,395	2,720	(1,051)	2004
Paradise Park	Harlingen	TX	—	1,568	4,705	—	3,225	1,568	7,930	9,498	(4,126)	2004
Sunshine RV Resort	Harlingen	TX	—	1,494	4,484	—	3,541	1,494	8,025	9,519	(4,269)	2004
Tropic Winds	Harlingen	TX	—	1,221	3,809	—	1,846	1,221	5,655	6,876	(3,488)	2002
Medina Lake	Lakehills	TX	—	936	2,208	13	3,700	949	5,908	6,857	(2,654)	2004
Paradise South	Mercedes	TX	—	448	1,345	—	1,876	448	3,221	3,669	(1,380)	2004
Lake Conroe KOA	Montgomery	TX	—	2,699	8,430	(3)	797	2,696	9,227	11,923	(1,418)	2021
Lake Tawakoni	Point	TX	—	35	2,320	—	2,370	35	4,690	4,725	(2,208)	2004
Fun N Sun RV	San Benito	TX	—	2,533	5,560	412	9,140	2,945	14,700	17,645	(10,469)	1998
Country Sunshine	Weslaco	TX	—	627	1,881	—	2,282	627	4,163	4,790	(2,178)	2004
Leisure World	Weslaco	TX	—	957	2,575	—	1,160	957	3,735	4,692	(1,917)	2020
Southern Comfort	Weslaco	TX	(3,560)	1,108	3,323	—	1,364	1,108	4,687	5,795	(2,792)	2004
Trails End RV	Weslaco	TX	—	1,115	4,086	—	954	1,115	5,040	6,155	(2,617)	2020
Lake Whitney	Whitney	TX	—	679	1,602	10	3,031	689	4,633	5,322	(2,009)	2004
Lake Conroe	Willis	TX	—	1,363	3,214	18	24,317	1,381	27,531	28,912	(7,544)	2004
Westwood Village	Farr West	UT	—	1,346	4,179	—	3,351	1,346	7,530	8,876	(5,552)	1997
St George	Hurricane	UT	—	64	264	2	1,805	66	2,069	2,135	(568)	2010
All Seasons	Salt Lake City	UT	—	510	1,623	—	1,197	510	2,820	3,330	(1,988)	1997
Meadows of Chantilly	Chantilly	VA	(34,947)	5,430	16,440	—	9,548	5,430	25,988	31,418	(21,887)	1994
Harbor View	Colonial Beach	VA	—	64	202	—	1,223	64	1,425	1,489	(575)	2006
Lynchburg	Gladys	VA	—	266	627	3	1,205	269	1,832	2,101	(774)	2004
Chesapeake Bay	Gloucester	VA	—	1,230	2,900	16	9,109	1,246	12,009	13,255	(3,924)	2004
Bayport Development	Jamaica	VA	—	4,942	—	3,279	3,549	8,221	3,549	11,770	(293)	2020
Virginia Landing	Quinby	VA	—	602	1,419	8	645	610	2,064	2,674	(1,247)	2004
Grey's Point Camp	Topping	VA	(18,111)	33,492	17,104	—	5,684	33,492	22,788	56,280	(9,712)	2017
Bethpage Camp Resort	Urbanna	VA	(30,226)	45,415	38,149	—	27,762	45,415	65,911	111,326	(19,245)	2017
Williamsburg	Williamsburg	VA	—	111	350	—	1,885	111	2,235	2,346	(635)	2006
Regency Lakes	Winchester	VA	(45,534)	9,757	19,055	—	2,731	9,757	21,786	31,543	(9,938)	2011

					Initial Cost to ELS				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/24
Real Estate (1)	Location		Encumbrances		Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total (3)		Accumulated Depreciation		Date of Acquisition
Birch Bay	Blaine	WA	—		502		1,185		7		1,481		509		2,666		3,175		(1,206)		2004
Mount Vernon	Bow	WA	—		621		1,464		8		3,645		629		5,109		5,738		(2,120)		2004
Chehalis	Chehalis	WA	—		590		1,392		8		5,062		598		6,454		7,052		(2,198)		2004
Grandy Creek	Concrete	WA	—		475		1,425		—		1,715		475		3,140		3,615		(1,228)		2008
Tall Chief	Fall City	WA	—		314		946		—		2,319		314		3,265		3,579		(1,085)		2010
Kloshe Illahee	Federal Way	WA	(15,862)		2,408		7,286		—		3,128		2,408		10,414		12,822		(7,389)		1997
La Conner	La Conner	WA	—		—		2,016		—		3,501		—		5,517		5,517		(2,891)		2004
Leavenworth	Leavenworth	WA	—		786		1,853		10		3,440		796		5,293		6,089		(2,067)		2004
Thunderbird Resort	Monroe	WA	—		500		1,178		6		3,416		506		4,594		5,100		(1,315)		2004
Little Diamond	Newport	WA	—		353		834		5		1,547		358		2,381		2,739		(1,210)		2004
Oceana	Oceana City	WA	—		283		668		4		945		287		1,613		1,900		(704)		2004
Crescent Bar	Quincy	WA	—		314		741		4		1,428		318		2,169		2,487		(943)		2004
Long Beach	Seaview	WA	—		321		758		5		2,778		326		3,536		3,862		(950)		2004
Paradise RV	Silver Creek	WA	—		466		1,099		6		5,053		472		6,152		6,624		(1,550)		2004
Rainbow Lake Manor	Bristol	WI	—		4,474		16,594		—		5,192		4,474		21,786		26,260		(7,617)		2013
Fremont Jellystone Park Campground	Fremont	WI	—		1,437		4,296		—		1,974		1,437		6,270		7,707		(3,747)		2004
Yukon Trails	Lyndon Station	WI	—		556		1,629		—		1,141		556		2,770		3,326		(1,397)		2004
Blackhawk Camping Resort	Milton	WI	—		1,789		7,613		—		3,778		1,789		11,391		13,180		(3,638)		2014
Lakeland	Milton	WI	—		3,159		13,830		—		2,777		3,159		16,607		19,766		(5,856)		2014
Westwood Estates	Pleasant Prairie	WI	(19,702)		5,382		19,732		—		3,148		5,382		22,880		28,262		(8,793)		2013
Plymouth Rock	Plymouth	WI	—		2,293		6,879		—		2,449		2,293		9,328		11,621		(4,401)		2009
Tranquil Timbers	Sturgeon Bay	WI	—		714		2,152		—		1,291		714		3,443		4,157		(1,795)		2006
Lake of the Woods RV	Wautoma	WI	—		1,333		2,238		—		566		1,333		2,804		4,137		(2,029)		2019
Neshonoc Lakeside	West Salem	WI	—		1,106		4,861		(1)		889		1,105		5,750		6,855		(2,176)		2013
Arrowhead	Wisconsin Dells	WI	—		522		1,616		1		1,362		523		2,978		3,501		(1,459)		2006
Subtotal of Properties Held for Long Term			(2,928,292)		1,970,254		3,368,825		115,382		2,047,335		2,085,636		5,416,160		7,501,796		(2,517,039)
Realty Systems, Inc.			—		—		—		—		337,479		—		337,479		337,479		(78,430)		2002
Management business and other			—		3,447		578		(401)		72,791		3,046		73,369		76,415		(44,069)
			$	(2,928,292)	$	1,973,701	$	3,369,403	$	114,981	$	2,457,605	$	2,088,682	$	5,827,008	$	7,915,690	$	(2,639,538)

_____________________

(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 The Crossing at Voyager and Country Place, which were constructed.

(3)Aggregate cost for federal income tax purposes is approximately $5.2 billion.

The following table presents the changes in gross investment in real estate:

(amounts in thousands)	2024		2023		2022
Balance, beginning of year	$	7,706,291	$	7,369,561	$	6,989,064
Acquisitions	1,334		10,057		141,588
Improvements	237,215		311,287		249,277
Manufactured homes, net	(26,685)		17,578		14,539
Dispositions and other	(2,465)		(2,192)		(24,907)
Balance, end of year	$	7,915,690	$	7,706,291	$	7,369,561

The following table presents the changes in accumulated depreciation related to investment in real estate:

(amounts in thousands)	2024		2023		2022
Balance, beginning of year	$	2,448,876	$	2,258,540	$	2,103,774
Depreciation and amortization	204,936		200,743		202,566
Dispositions and other	(14,274)		(10,407)		(47,800)
Balance, end of year	$	2,639,538	$	2,448,876	$	2,258,540