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Borrowing Arrangements
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Borrowing Arrangements 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 December 31, 2025As of December 31, 2024
Stated Interest RateMaturity DateCarrying ValueFair ValueWeighted Average Interest RateCarrying ValueFair ValueWeighted Average Interest Rate
Mortgage notes payable
2.40% to 5.10%
2028 to 2041$2,800,866 $2,404,789 3.77 %$2,952,689 $2,329,253 3.77 %
Less: Deferred financing costs, net$(21,708)$(24,396)
Mortgage notes payable, net$2,779,158 $2,928,293 
The following table presents the number of encumbered Properties and the gross carrying value of such Properties (gross carrying value in thousands):
As of December 31, 2025As of December 31, 2024
Number of Encumbered PropertiesGross Carrying ValueNumber of Encumbered PropertiesGross Carrying Value
Encumbered Properties112 $3,266,579 120 $3,268,521 
During the year ended December 31, 2025, we repaid $86.9 million of principal on eight mortgage loans using our line of credit (“LOC”). These mortgage loans had a weighted average interest rate of 3.45% per annum and were secured by four RV communities and four MH communities.
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 December 31, 2025As of December 31, 2024
Stated Interest RateMaturity 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$240,000 4.74 %$— — %
$200.0 Million Term Loan
SOFR + 0.10% + 1.20% to 1.70%
January 21, 2027$200,000 4.88 %$200,000 4.88 %
Line of Credit Borrowing (3)
SOFR + 0.10% + 1.25% to 1.65%
July 18, 2028$105,000 5.01 %$77,000 5.65 %
Less: Deferred Financing Costs, net$(2,545)$(656)
Total unsecured debt, net$542,455 $276,344 
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(1)Carrying value approximates fair value.
(2)During the year ended December 31, 2025, we entered into a $240.0 million unsecured term loan agreement (the “$240 million Term Loan”) and drew $150.0 million and $90.0 million in May 2025 and July 2025, respectively.
(3)As of December 31, 2025, our LOC had a remaining borrowing capacity of $394.9 million.
We previously entered into a Third Amended and Restated Credit Agreement (“Credit Agreement”), pursuant to which we have access to a $500.0 million LOC and a $300.0 million senior unsecured term loan (the “$300 million Term Loan”). We have the option to increase the borrowing capacity by $200.0 million, subject to certain conditions. On March 1, 2023, we amended the Credit Agreement to transition the LIBOR rate borrowings to SOFR borrowings. The LOC bears interest at a rate of SOFR plus 0.10% plus 1.25% to 1.65% and requires an annual facility fee of 0.20% to 0.35%. For both the LOC and the $300 million Term Loan, the spread over SOFR is variable based on leverage throughout the respective loan terms. On July 18, 2024, we entered into a Second Amendment to the Third Amended and Restated Credit Agreement (the “Second Amendment”). Pursuant to the Second Amendment, the LOC maturity date was extended to July 18, 2028, and this term can be extended for two additional six-month terms, subject to certain conditions. All other material terms, including interest rate terms, remain the same. On October 3, 2024, we repaid the $300 million Term Loan in conjunction with the sale of shares under our prior ATM (see Note 5. Common Stock and Other Equity Related Transactions).
Future Maturities of Debt
The following table presents the aggregate scheduled payments of principal on long-term borrowings for each of the next five years and thereafter as of December 31, 2025:
(amounts in thousands)Amount
2026$66,784 
2027269,482 
2028348,977 
2029335,060 
2030585,423 
Thereafter1,740,140 
Total$3,345,866 

As of December 31, 2025, we were in compliance in all material respects with the covenants in our borrowing arrangements.