Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

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 12/31/25
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	$	—	$	2,195	$	212	$	2,805	$	3,017	$	(962)	2006
Apache East	Apache Junction	AZ	—		2,236		4,181		—		425		2,236		4,606		6,842		(2,302)		2011
Countryside RV	Apache Junction	AZ	—		2,056		6,241		—		2,165		2,056		8,406		10,462		(5,954)		2002
Denali Park	Apache Junction	AZ	—		2,394		4,016		—		920		2,394		4,936		7,330		(2,277)		2011
Dolce Vita	Apache Junction	AZ	(38,890)		52,803		37,245		—		10,032		52,803		47,277		100,080		(11,373)		2020
Golden Sun RV	Apache Junction	AZ	—		1,678		5,049		—		2,156		1,678		7,205		8,883		(4,498)		2002
Meridian RV Resort	Apache Junction	AZ	—		6,445		5,292		—		816		6,445		6,108		12,553		(2,103)		2020
Casita Verde	Casa Grande	AZ	—		719		2,179		—		625		719		2,804		3,523		(1,617)		2006
Fiesta Grande	Casa Grande	AZ	—		2,869		8,653		—		2,848		2,869		11,501		14,370		(6,416)		2006
Foothills West	Casa Grande	AZ	—		747		2,261		—		1,208		747		3,469		4,216		(1,886)		2006
Sunshine Valley	Chandler	AZ	(27,304)		9,139		12,912		—		1,400		9,139		14,312		23,451		(6,953)		2011
Verde Valley	Cottonwood	AZ	—		1,437		3,390		19		8,632		1,456		12,022		13,478		(4,941)		2004
Casa del Sol East II	Glendale	AZ	—		2,103		6,283		—		4,431		2,103		10,714		12,817		(6,919)		1996
Casa del Sol East III	Glendale	AZ	—		2,450		7,452		—		1,969		2,450		9,421		11,871		(7,634)		1998
Palm Shadows	Glendale	AZ	—		1,400		4,218		—		2,491		1,400		6,709		8,109		(5,423)		1993
Hacienda De Valencia	Mesa	AZ	(15,373)		833		2,701		—		6,704		833		9,405		10,238		(6,637)		1984
Mesa Spirit	Mesa	AZ	(11,947)		17,382		25,238		192		2,247		17,574		27,485		45,059		(10,188)		2014
Monte Vista Resort	Mesa	AZ	(57,291)		11,402		34,355		—		40,964		11,402		75,319		86,721		(35,653)		2004
Seyenna Vistas	Mesa	AZ	—		1,360		4,660		(87)		4,437		1,273		9,097		10,370		(7,150)		1994
The Highlands at Brentwood	Mesa	AZ	(9,589)		1,997		6,024		—		3,092		1,997		9,116		11,113		(7,753)		1993
ViewPoint RV & Golf Resort	Mesa	AZ	(134,675)		24,890		56,340		15		30,651		24,905		86,991		111,896		(51,865)		2004
Apollo Village	Peoria	AZ	—		932		3,219		—		2,280		932		5,499		6,431		(4,544)		1994
Casa del Sol West	Peoria	AZ	—		2,215		6,467		—		3,704		2,215		10,171		12,386		(6,910)		1996
Carefree Manor	Phoenix	AZ	—		706		3,040		—		1,595		706		4,635		5,341		(3,602)		1998
Central Park	Phoenix	AZ	(7,785)		1,612		3,784		—		2,982		1,612		6,766		8,378		(5,270)		1983
Desert Skies	Phoenix	AZ	(3,634)		792		3,126		—		1,416		792		4,542		5,334		(3,612)		1998
Sunrise Heights	Phoenix	AZ	(4,451)		1,000		3,016		—		2,628		1,000		5,644		6,644		(4,337)		1994
Whispering Palms	Phoenix	AZ	—		670		2,141		—		814		670		2,955		3,625		(2,367)		1998
Sedona Shadows	Sedona	AZ	—		1,096		3,431		—		5,033		1,096		8,464		9,560		(4,817)		1997
Venture In	Show Low	AZ	(8,707)		2,050		6,188		—		1,530		2,050		7,718		9,768		(4,543)		2006
Paradise	Sun City	AZ	(36,218)		6,414		19,263		11		5,423		6,425		24,686		31,111		(16,412)		2004
The Meadows AZ	Tempe	AZ	(12,958)		2,613		7,887		—		6,418		2,613		14,305		16,918		(11,122)		1994

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/25
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	—	3,588	1,674	8,296	9,970	(6,273)	1998
The Crossing at Voyager (2)	Tucson	AZ	—	6,148	—	—	14,180	6,148	14,180	20,328	(912)	2020
Voyager	Tucson	AZ	(36,567)	13,133	63,886	—	4,388	13,133	68,274	81,407	(19,370)	2021
Westpark	Wickenburg	AZ	(15,942)	4,495	10,517	—	6,100	4,495	16,617	21,112	(6,591)	2011
Araby Acres	Yuma	AZ	—	1,440	4,345	—	1,857	1,440	6,202	7,642	(3,913)	2003
Cactus Gardens	Yuma	AZ	—	1,992	5,984	—	1,166	1,992	7,150	9,142	(4,682)	2004
Capri	Yuma	AZ	—	1,595	4,774	—	900	1,595	5,674	7,269	(3,413)	2006
Desert Paradise	Yuma	AZ	—	666	2,011	—	729	666	2,740	3,406	(1,752)	2004
Foothill Village	Yuma	AZ	—	459	1,402	—	1,075	459	2,477	2,936	(1,334)	2003
Mesa Verde RV	Yuma	AZ	(3,607)	1,387	4,148	—	1,378	1,387	5,526	6,913	(3,163)	2007
Suni Sands	Yuma	AZ	—	1,249	3,759	—	1,064	1,249	4,823	6,072	(3,170)	2004
Cultus Lake	Lindell Beach	BC	—	410	968	6	788	416	1,756	2,172	(1,379)	2004
Soledad Canyon	Acton	CA	—	2,933	6,917	39	23,257	2,972	30,174	33,146	(9,957)	2004
Los Ranchos	Apple Valley	CA	—	8,336	15,774	—	9,499	8,336	25,273	33,609	(9,197)	2011
Monte del Lago	Castroville	CA	(38,729)	3,150	9,469	—	8,075	3,150	17,544	20,694	(12,037)	1997
Date Palm Country Club	Cathedral City	CA	—	—	18,179	—	13,868	—	32,047	32,047	(25,192)	1994
Palm Springs Oasis RV Resort	Cathedral City	CA	—	—	216	—	1,816	—	2,032	2,032	(757)	1994
Colony Park	Ceres	CA	(7,610)	890	2,837	—	2,186	890	5,023	5,913	(3,597)	1998
Russian River	Cloverdale	CA	—	368	868	5	1,863	373	2,731	3,104	(1,022)	2004
Oakzanita Springs	Descanso	CA	—	396	934	5	4,329	401	5,263	5,664	(1,947)	2004
Rancho Mesa	El Cajon	CA	(16,426)	2,130	6,389	—	3,360	2,130	9,749	11,879	(6,965)	1998
Rancho Valley	El Cajon	CA	(21,066)	685	1,902	—	4,518	685	6,420	7,105	(3,397)	1983
Snowflower	Emigrant Gap	CA	—	308	727	4	2,457	312	3,184	3,496	(1,483)	2004
Four Seasons	Fresno	CA	—	756	2,348	—	5,045	756	7,393	8,149	(3,354)	1997
Yosemite Lakes	Groveland	CA	—	2,045	4,823	27	12,845	2,072	17,668	19,740	(6,782)	2004
Royal Holiday	Hemet	CA	—	778	2,643	—	8,941	778	11,584	12,362	(5,027)	1999
Idyllwild	Idyllwild-Pine Cove	CA	—	313	737	4	3,403	317	4,140	4,457	(1,745)	2004
Pio Pico	Jamul	CA	—	2,626	6,194	35	11,848	2,661	18,042	20,703	(7,201)	2004
Tahoe Valley	Lake Tahoe	CA	—	—	5,428	—	2,672	—	8,100	8,100	(5,225)	2004
Sea Oaks	Los Osos	CA	—	871	2,703	—	2,541	871	5,244	6,115	(3,333)	1997
Ponderosa Resort	Lotus	CA	—	900	2,100	—	2,590	900	4,690	5,590	(2,384)	2006
Turtle Beach	Manteca	CA	—	268	633	4	1,924	272	2,557	2,829	(999)	2004
Marina Dunes RV Resort	Marina	CA	—	20,379	8,204	—	1,087	20,379	9,291	29,670	(1,747)	2020

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/25
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Wilderness Lakes	Menifee	CA	—	2,157	5,088	405	7,756	2,562	12,844	15,406	(5,497)	2004
Coralwood	Modesto	CA	—	—	5,047	—	2,205	—	7,252	7,252	(5,661)	1997
Morgan Hill	Morgan Hill	CA	—	1,856	4,378	980	10,512	2,836	14,890	17,726	(5,412)	2004
Lake Minden	Nicolaus	CA	—	961	2,267	13	3,042	974	5,309	6,283	(2,750)	2004
Pacific Dunes Ranch	Oceana	CA	—	1,940	5,632	—	5,140	1,940	10,772	12,712	(5,098)	2004
Oceanside RV	Oceanside	CA	—	27,781	16,596	—	3,108	27,781	19,704	47,485	(3,999)	2022
Lake of the Springs	Oregon House	CA	—	1,062	2,504	14	5,219	1,076	7,723	8,799	(3,071)	2004
Concord Cascade	Pacheco	CA	(23,860)	985	3,016	—	6,889	985	9,905	10,890	(5,409)	1983
San Francisco RV	Pacifica	CA	—	1,660	4,973	—	4,444	1,660	9,417	11,077	(5,842)	2005
San Benito	Paicines	CA	—	1,411	3,328	19	12,872	1,430	16,200	17,630	(4,467)	2004
Palm Springs	Palm Desert	CA	—	1,811	4,271	24	5,375	1,835	9,646	11,481	(4,398)	2004
Las Palmas Estates	Rialto	CA	—	1,295	3,866	—	1,531	1,295	5,397	6,692	(3,377)	2004
Parque La Quinta	Rialto	CA	—	1,799	5,450	—	2,716	1,799	8,166	9,965	(4,550)	2004
Quail Meadows	Riverbank	CA	—	1,155	3,469	—	1,446	1,155	4,915	6,070	(3,841)	1998
California Hawaiian	San Jose	CA	(27,347)	5,825	17,755	—	9,746	5,825	27,501	33,326	(20,464)	1997
Sunshadow	San Jose	CA	—	12,334	5,707	8	2,050	12,342	7,757	20,099	(6,111)	1997
Village of the Four Seasons	San Jose	CA	(15,993)	5,229	15,714	—	3,168	5,229	18,882	24,111	(12,348)	2004
Laguna Lake	San Luis Obispo	CA	(18,794)	2,845	6,520	—	4,780	2,845	11,300	14,145	(7,285)	1998
Contempo Marin	San Rafael	CA	(32,926)	4,787	16,379	—	6,896	4,787	23,275	28,062	(19,777)	1994
Rancho Oso	Santa Barbara	CA	—	860	2,029	12	11,732	872	13,761	14,633	(3,237)	2004
De Anza Santa Cruz	Santa Cruz	CA	(46,204)	2,103	7,201	—	8,963	2,103	16,164	18,267	(10,204)	1994
Meadowbrook	Santee	CA	(18,400)	4,345	12,528	—	7,562	4,345	20,090	24,435	(13,942)	1998
Santa Cruz Ranch	Scotts Valley	CA	—	1,595	3,937	—	2,045	1,595	5,982	7,577	(2,854)	2007
Lamplighter Village	Spring Valley	CA	(35,367)	633	2,201	—	5,068	633	7,269	7,902	(3,850)	1983
Santiago Estates	Sylmar	CA	(18,464)	3,562	10,767	—	6,068	3,562	16,835	20,397	(11,923)	1998
Royal Oaks	Visalia	CA	—	602	1,921	—	4,123	602	6,044	6,646	(2,862)	1997
Pilot Knob RV Resort	Winterhaven	CA	—	581	1,151	—	983	581	2,134	2,715	(682)	2022
Hillcrest Village CO	Aurora	CO	—	1,912	5,202	289	11,262	2,201	16,464	18,665	(9,345)	1983
Cimarron Village	Broomfield	CO	(29,918)	863	2,790	—	2,651	863	5,441	6,304	(3,927)	1983
Holiday Village CO	Colorado Springs	CO	(19,772)	567	1,759	—	4,519	567	6,278	6,845	(3,408)	1983
Bear Creek Village	Denver	CO	(4,894)	1,100	3,359	—	1,728	1,100	5,087	6,187	(3,696)	1998
Holiday Hills Village	Denver	CO	(63,048)	2,159	7,780	—	27,517	2,159	35,297	37,456	(14,148)	1983
Golden Terrace	Golden	CO	—	826	2,415	—	14,436	826	16,851	17,677	(4,780)	1983

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/25
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Golden Terrace South	Golden	CO	—	750	2,265	—	1,163	750	3,428	4,178	(2,840)	1997
Golden Terrace West	Golden	CO	—	1,694	5,065	—	7,901	1,694	12,966	14,660	(8,022)	1986
Blue Mesa Recreational Ranch	Gunnison	CO	—	5,126	8,217	—	1,408	5,126	9,625	14,751	(3,672)	2022
Pueblo Grande	Pueblo	CO	—	241	1,069	—	6,110	241	7,179	7,420	(2,657)	1983
Woodland Hills	Thornton	CO	(36,143)	1,928	4,408	—	5,481	1,928	9,889	11,817	(7,588)	1994
Stonegate Manor	North Windham	CT	—	6,011	12,336	—	864	6,011	13,200	19,211	(6,655)	2011
Waterford Estates	Bear	DE	(34,747)	5,250	16,202	—	4,495	5,250	20,697	25,947	(11,550)	1996
McNicol Place	Lewes	DE	—	562	1,710	—	377	562	2,087	2,649	(1,753)	1998
Whispering Pines	Lewes	DE	—	1,536	4,609	—	2,898	1,536	7,507	9,043	(6,183)	1988
Mariner's Cove	Millsboro	DE	(16,405)	990	2,971	—	16,144	990	19,115	20,105	(8,967)	1987
Sweetbriar	Millsboro	DE	—	498	1,527	—	1,200	498	2,727	3,225	(2,005)	1998
Aspen Meadows	Rehoboth	DE	(12,683)	1,148	3,460	—	1,251	1,148	4,711	5,859	(3,787)	1998
Camelot Meadows	Rehoboth	DE	—	527	2,058	1,251	5,264	1,778	7,322	9,100	(5,980)	1998
Riverside RV Resort	Arcadia	FL	—	8,400	11,905	11,085	5,707	19,485	17,612	37,097	(7,768)	2016
Toby’s RV Resort	Arcadia	FL	—	1,093	3,280	—	1,524	1,093	4,804	5,897	(2,820)	2003
Aventura Marina	Aventura	FL	—	813	811	—	7	813	818	1,631	(222)	2019
Hi-Lift Marina	Aventura	FL	—	21,444	4,178	—	2,154	21,444	6,332	27,776	(1,650)	2021
Sunshine Key	Big Pine Key	FL	—	5,273	15,822	—	21,705	5,273	37,527	42,800	(17,133)	2004
Windmill Manor	Bradenton	FL	(8,238)	2,153	6,125	—	3,150	2,153	9,275	11,428	(7,330)	1998
Winter Quarters Manatee	Bradenton	FL	—	2,300	6,903	—	2,716	2,300	9,619	11,919	(5,957)	2004
Clover Leaf Farms	Brooksville	FL	(28,833)	13,684	24,106	—	19,209	13,684	43,315	56,999	(14,706)	2011
Clover Leaf Forest	Brooksville	FL	—	1,092	2,178	—	1,273	1,092	3,451	4,543	(1,331)	2011
Resort at Tranquility Lake	Cape Coral	FL	—	12,572	—	44	48,711	12,616	48,711	61,327	(4,020)	2020
Palm Harbour Marina	Cape Haze	FL	—	13,228	6,310	—	213	13,228	6,523	19,751	(1,292)	2021
Glen Ellen	Clearwater	FL	—	619	1,882	—	833	619	2,715	3,334	(1,727)	2002
Hillcrest FL	Clearwater	FL	—	1,278	3,928	—	4,282	1,278	8,210	9,488	(5,078)	1998
Holiday Ranch	Clearwater	FL	—	925	2,866	—	1,019	925	3,885	4,810	(3,120)	1998
Serendipity	Clearwater	FL	(15,290)	18,944	11,782	—	2,904	18,944	14,686	33,630	(6,470)	2018
Shady Lane Oaks	Clearwater	FL	—	4,984	8,482	—	1,285	4,984	9,767	14,751	(4,736)	2011
Shady Lane Village	Clearwater	FL	—	3,102	5,480	—	829	3,102	6,309	9,411	(3,075)	2011
Silk Oak Lodge	Clearwater	FL	—	1,649	5,028	—	1,853	1,649	6,881	8,530	(4,201)	2002
Clerbrook Golf & RV Resort	Clermont	FL	—	3,883	11,700	—	9,246	3,883	20,946	24,829	(9,575)	2006
Lake Magic	Clermont	FL	—	1,595	4,793	—	2,863	1,595	7,656	9,251	(4,424)	2004

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/25
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Orange Lake	Clermont	FL	—	4,303	6,815	—	2,248	4,303	9,063	13,366	(4,066)	2011
Orlando	Clermont	FL	—	2,975	7,017	40	27,012	3,015	34,029	37,044	(11,156)	2004
Cortez Village Marina	Cortez	FL	—	17,936	3,956	—	1,387	17,936	5,343	23,279	(1,120)	2021
Crystal Isles	Crystal River	FL	—	926	2,787	10	7,387	936	10,174	11,110	(3,857)	2004
Cheron Village	Davie	FL	—	10,393	6,217	—	570	10,393	6,787	17,180	(3,629)	2011
Carriage Cove	Daytona Beach	FL	(12,953)	2,914	8,682	—	5,140	2,914	13,822	16,736	(9,720)	1998
Daytona Beach Marina	Daytona Beach	FL	—	1,962	9,034	—	901	1,962	9,935	11,897	(2,504)	2019
Lake Haven	Dunedin	FL	(11,044)	1,135	4,047	—	5,004	1,135	9,051	10,186	(6,980)	1983
Marker 1 Marina	Dunedin	FL	—	21,685	15,758	—	5,587	21,685	21,345	43,030	(4,744)	2020
Coquina Crossing	Elkton	FL	(22,850)	5,274	5,545	—	35,876	5,274	41,421	46,695	(18,940)	1999
Colony Cove	Ellenton	FL	(78,660)	28,660	92,457	38,094	47,151	66,754	139,608	206,362	(56,703)	2011
Ridgewood Estates	Ellenton	FL	(24,877)	8,769	8,791	—	1,777	8,769	10,568	19,337	(4,955)	2011
Haselton Village	Eustis	FL	—	3,800	8,955	—	1,690	3,800	10,645	14,445	(4,940)	2011
Southern Palms RV	Eustis	FL	—	2,169	5,884	—	8,330	2,169	14,214	16,383	(8,754)	1998
Bulow Plantation	Flagler Beach	FL	—	3,637	949	—	8,002	3,637	8,951	12,588	(6,616)	1994
Bulow RV	Flagler Beach	FL	—	—	228	—	3,447	—	3,675	3,675	(1,524)	1994
Carefree Cove	Fort Lauderdale	FL	—	1,741	5,170	—	1,805	1,741	6,975	8,716	(4,312)	2004
Everglades Lakes	Fort Lauderdale	FL	—	53,850	18,797	—	4,401	53,850	23,198	77,048	(6,863)	2018
Park City West	Fort Lauderdale	FL	(25,494)	4,184	12,561	—	2,594	4,184	15,155	19,339	(10,039)	2004
Sunshine Holiday MH	Fort Lauderdale	FL	(16,401)	3,099	9,286	—	3,405	3,099	12,691	15,790	(7,688)	2004
Crystal Lakes-Fort Myers	Fort Myers	FL	—	1,047	—	1,754	1,521	2,801	1,521	4,322	(226)	2018
Fish Tale Marina	Fort Myers	FL	—	24,027	5,555	—	3,300	24,027	8,855	32,882	(1,154)	2021
Fort Myers Beach	Fort Myers	FL	—	1,188	3,548	849	12,326	2,037	15,874	17,911	(4,014)	2004
Gulf Air	Fort Myers Beach	FL	—	1,609	4,746	—	9,733	1,609	14,479	16,088	(4,616)	2004
Lakeside Terrace	Fruitland Park	FL	—	3,275	7,165	—	1,244	3,275	8,409	11,684	(3,999)	2011
Grand Island Resort	Grand Island	FL	—	1,723	5,208	125	8,307	1,848	13,515	15,363	(8,106)	2001
Holiday Travel Park	Holiday	FL	—	9,240	13,284	—	2,794	9,240	16,078	25,318	(7,523)	2018
Hollywood Marina	Hollywood	FL	—	14,638	4,065	—	1,536	14,638	5,601	20,239	(1,456)	2019
South Miami Marina	Homestead	FL	—	—	13,144	—	510	—	13,654	13,654	(3,482)	2019
Barrington Hills	Hudson	FL	(5,923)	1,145	3,437	—	4,400	1,145	7,837	8,982	(3,381)	2004
Jupiter Marina	Jupiter	FL	—	5,090	4,842	—	1,807	5,090	6,649	11,739	(2,215)	2019
Sherwood Forest - MHP	Kissimmee	FL	—	4,852	14,596	—	21,845	4,852	36,441	41,293	(19,343)	1998
Sherwood Forest RV	Kissimmee	FL	—	2,870	3,621	568	5,862	3,438	9,483	12,921	(6,204)	1998

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/25
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Tropical Palms	Kissimmee	FL	—	5,677	17,116	—	20,735	5,677	37,851	43,528	(20,805)	2004
Lake Worth Village	Lake Worth	FL	—	14,959	24,501	—	6,696	14,959	31,197	46,156	(14,381)	2011
Beacon Hill Colony	Lakeland	FL	—	3,775	6,405	—	1,728	3,775	8,133	11,908	(3,479)	2011
Beacon Terrace	Lakeland	FL	(7,654)	5,372	9,153	108	2,375	5,480	11,528	17,008	(5,075)	2011
Kings & Queens	Lakeland	FL	—	1,696	3,064	—	641	1,696	3,705	5,401	(1,749)	2011
Lakeland Harbor	Lakeland	FL	(35,448)	10,446	17,376	—	2,195	10,446	19,571	30,017	(9,297)	2011
Lakeland Junction	Lakeland	FL	(2,715)	3,018	4,752	—	551	3,018	5,303	8,321	(2,628)	2011
Lantana Marina	Lantana	FL	—	8,276	5,108	—	(7)	8,276	5,101	13,377	(1,795)	2019
Maralago Cay	Lantana	FL	(34,906)	5,325	15,420	—	9,915	5,325	25,335	30,660	(19,153)	1997
South Lantana Marina	Lantana	FL	—	2,345	1,894	—	684	2,345	2,578	4,923	(955)	2019
Down Yonder	Largo	FL	—	2,652	7,981	—	2,880	2,652	10,861	13,513	(7,057)	1998
East Bay Oaks	Largo	FL	(7,358)	1,240	3,322	—	2,632	1,240	5,954	7,194	(4,549)	1983
Eldorado Village	Largo	FL	(4,918)	778	2,341	—	2,513	778	4,854	5,632	(3,467)	1983
Paradise Park - Largo	Largo	FL	(4,868)	3,523	4,026	—	892	3,523	4,918	8,441	(2,341)	2017
Shangri-La Mobile Home Park	Largo	FL	—	1,722	5,200	—	708	1,722	5,908	7,630	(4,035)	2004
Vacation Village	Largo	FL	(5,488)	1,315	3,946	—	1,261	1,315	5,207	6,522	(3,382)	2004
Whispering Pines - Largo	Largo	FL	—	8,218	14,054	—	2,585	8,218	16,639	24,857	(7,803)	2011
Coachwood Colony	Leesburg	FL	—	1,602	4,822	—	2,048	1,602	6,870	8,472	(4,127)	2004
Mid-Florida Lakes	Leesburg	FL	(53,592)	5,997	20,635	—	19,530	5,997	40,165	46,162	(29,931)	1994
Fiesta Key	Long Key	FL	—	16,611	7,338	—	20,277	16,611	27,615	44,226	(7,780)	2013
Winter Quarters Pasco	Lutz	FL	(7,927)	1,494	4,484	—	3,408	1,494	7,892	9,386	(4,127)	2004
Coral Cay Plantation	Margate	FL	(87,583)	5,890	20,211	—	13,272	5,890	33,483	39,373	(27,106)	1994
Lakewood Village	Melbourne	FL	—	1,862	5,627	—	4,105	1,862	9,732	11,594	(7,432)	1994
Miami Everglades	Miami	FL	—	5,362	6,238	—	5,988	5,362	12,226	17,588	(4,397)	2015
Southernaire	Mt. Dora	FL	—	796	2,395	—	744	796	3,139	3,935	(1,969)	2004
Country Place (2)	New Port Richey	FL	(14,764)	663	—	18	9,199	681	9,199	9,880	(7,484)	1986
Hacienda Village	New Port Richey	FL	(12,807)	4,297	13,088	—	5,680	4,297	18,768	23,065	(12,251)	2002
Harbor View Mobile Manor	New Port Richey	FL	(14,111)	4,030	12,146	—	8,276	4,030	20,422	24,452	(10,477)	2002
Bay Lake Estates	Nokomis	FL	(8,887)	990	3,390	—	4,294	990	7,684	8,674	(5,079)	1994
Lake Village	Nokomis	FL	(12,105)	15,850	18,099	10,408	5,621	26,258	23,720	49,978	(9,977)	2011
Royal Coachman	Nokomis	FL	—	5,321	15,978	—	2,993	5,321	18,971	24,292	(12,984)	2004
Buccaneer Estates	North Fort Myers	FL	—	4,207	14,410	—	34,832	4,207	49,242	53,449	(19,677)	1994
Island Vista Estates	North Fort Myers	FL	—	5,004	15,066	—	9,333	5,004	24,399	29,403	(11,532)	2006

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/25
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Lake Fairways	North Fort Myers	FL	(29,590)	6,075	18,134	35	6,772	6,110	24,906	31,016	(21,092)	1994
Pine Lakes	North Fort Myers	FL	(58,089)	6,306	14,579	24,941	12,943	31,247	27,522	58,769	(22,217)	1994
Pioneer Village	North Fort Myers	FL	(15,900)	4,116	12,353	—	7,897	4,116	20,250	24,366	(11,042)	2004
Sunseekers RV Resort	North Fort Myers	FL	—	4,224	2,299	—	2,800	4,224	5,099	9,323	(2,346)	2018
The Heritage	North Fort Myers	FL	—	1,438	4,371	346	8,105	1,784	12,476	14,260	(8,559)	1993
Windmill Village - N. Ft. Myers	North Fort Myers	FL	—	1,417	5,440	—	6,762	1,417	12,202	13,619	(8,114)	1983
Foxwood Farms	Ocala	FL	—	3,853	7,967	—	3,669	3,853	11,636	15,489	(5,041)	2011
Oak Bend	Ocala	FL	—	850	2,572	—	14,837	850	17,409	18,259	(5,181)	1993
Villas at Spanish Oaks	Ocala	FL	—	2,250	6,922	—	5,467	2,250	12,389	14,639	(8,851)	1993
Silver Dollar Golf & Trap Club Resort	Odessa	FL	—	4,107	12,431	7,158	7,634	11,265	20,065	31,330	(11,488)	2004
Okeechobee RV Resort	Okeechobee	FL	—	14,897	27,337	—	4,165	14,897	31,502	46,399	(10,753)	2021
Audubon Village - Florida	Orlando	FL	—	4,622	7,200	—	1,485	4,622	8,685	13,307	(4,073)	2011
Hidden Valley	Orlando	FL	(24,878)	11,398	12,861	—	2,304	11,398	15,165	26,563	(7,147)	2011
Starlight Ranch	Orlando	FL	(25,700)	13,543	20,388	—	9,553	13,543	29,941	43,484	(12,339)	2011
Holiday Village, Ormond Beach	Ormond Beach	FL	—	2,610	7,837	—	3,825	2,610	11,662	14,272	(6,917)	2002
Sunshine Holiday-Daytona North	Ormond Beach	FL	—	2,001	6,004	—	3,256	2,001	9,260	11,261	(5,329)	2004
Palm Beach Gardens Marina	Palm Beach	FL	—	15,734	4,938	—	366	15,734	5,304	21,038	(1,638)	2019
The Meadows, FL	Palm Beach Gardens	FL	(41,025)	3,229	9,870	—	8,720	3,229	18,590	21,819	(12,725)	1999
Terra Ceia	Palmetto	FL	—	965	2,905	1,833	16,971	2,798	19,876	22,674	(4,078)	2004
Lakes at Countrywood	Plant City	FL	—	2,377	7,085	—	6,731	2,377	13,816	16,193	(7,937)	2001
Meadows at Countrywood	Plant City	FL	—	4,514	13,175	75	17,374	4,589	30,549	35,138	(19,948)	1998
Oaks at Countrywood	Plant City	FL	—	846	2,513	(75)	2,595	771	5,108	5,879	(3,436)	1998
Breezy Hill	Pompano Beach	FL	(25,844)	5,424	16,555	—	4,466	5,424	21,021	26,445	(14,715)	2002
Hidden Harbour Marina	Pompano Beach	FL	—	26,116	12,513	—	1,382	26,116	13,895	40,011	(2,759)	2021
Highland Wood Travel Park	Pompano Beach	FL	—	1,043	3,130	42	1,085	1,085	4,215	5,300	(2,817)	2002
Inlet Harbor Marina	Ponce Inlet	FL	—	11,858	5,485	—	2,374	11,858	7,859	19,717	(1,518)	2021
Harbor Lakes	Port Charlotte	FL	—	3,384	10,154	—	4,084	3,384	14,238	17,622	(8,428)	2004
Lighthouse Pointe at Daytona Beach	Port Orange	FL	—	2,446	7,483	23	5,663	2,469	13,146	15,615	(8,800)	1998
Pickwick Village	Port Orange	FL	(13,610)	2,803	8,870	—	8,266	2,803	17,136	19,939	(10,259)	1998
Rose Bay	Port Orange	FL	—	3,866	3,528	—	1,255	3,866	4,783	8,649	(3,218)	2016
Emerald Lake	Punta Gorda	FL	(3,406)	3,598	5,197	—	2,422	3,598	7,619	11,217	(3,076)	2011
Gulf View	Punta Gorda	FL	—	717	2,158	—	2,630	717	4,788	5,505	(2,701)	2004
Tropical Palms MH	Punta Gorda	FL	—	2,365	7,286	—	5,304	2,365	12,590	14,955	(6,181)	2006

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/25
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Kingswood	Riverview	FL	—	9,094	8,365	—	2,467	9,094	10,832	19,926	(3,820)	2018
Palm Lake	Riviera Beach	FL	(17,048)	56,323	27,418	—	15,421	56,323	42,839	99,162	(11,161)	2018
Riviera Beach Marina	Riviera Beach	FL	—	15,725	12,966	—	4,014	15,725	16,980	32,705	(5,355)	2019
Indian Oaks	Rockledge	FL	—	1,089	3,376	—	2,183	1,089	5,559	6,648	(4,136)	1998
Space Coast	Rockledge	FL	—	2,413	3,716	—	3,062	2,413	6,778	9,191	(2,127)	2014
Covington Estates	Saint Cloud	FL	—	3,319	7,253	—	993	3,319	8,246	11,565	(3,956)	2011
Winds of St. Armands North	Sarasota	FL	(20,389)	1,523	5,063	20	6,063	1,543	11,126	12,669	(7,999)	1983
Winds of St. Armands South	Sarasota	FL	(13,298)	1,106	3,162	4,018	15,055	5,124	18,217	23,341	(5,611)	1983
Topics RV Resort	Spring Hill	FL	(3,444)	844	2,568	—	1,705	844	4,273	5,117	(2,480)	2004
Pine Island	St. James City	FL	—	1,678	5,044	—	11,893	1,678	16,937	18,615	(4,622)	2007
St. Pete Marina	St. Petersburg	FL	—	12,591	19,066	—	1,334	12,591	20,400	32,991	(6,086)	2019
Riverwatch Marina	Stuart	FL	—	19,994	8,910	—	671	19,994	9,581	29,575	(1,877)	2021
Carefree Village	Tampa	FL	(26,921)	6,799	10,421	—	2,281	6,799	12,702	19,501	(5,990)	2011
Tarpon Glen	Tarpon Springs	FL	—	2,678	4,016	—	1,824	2,678	5,840	8,518	(2,459)	2011
Featherock	Valrico	FL	—	11,369	22,770	—	3,200	11,369	25,970	37,339	(12,188)	2011
Bay Indies	Venice	FL	(184,793)	10,483	31,559	10	20,775	10,493	52,334	62,827	(37,711)	1994
Ramblers Rest RV Resort	Venice	FL	(30,171)	4,646	14,201	—	19,615	4,646	33,816	38,462	(14,021)	2006
Countryside at Vero Beach	Vero Beach	FL	(57,484)	3,711	11,133	—	10,514	3,711	21,647	25,358	(16,361)	1998
Heritage Plantation	Vero Beach	FL	—	2,403	7,259	—	5,948	2,403	13,207	15,610	(9,600)	1994
Heron Cay	Vero Beach	FL	(22,859)	14,368	23,792	—	3,690	14,368	27,482	41,850	(13,090)	2011
Holiday Village, Florida	Vero Beach	FL	—	350	1,374	—	264	350	1,638	1,988	(1,459)	1998
Sunshine Travel-Vero Beach	Vero Beach	FL	—	1,603	4,813	—	6,646	1,603	11,459	13,062	(4,589)	2004
Vero Beach Marina	Vero Beach	FL	—	3,644	5,519	—	2,319	3,644	7,838	11,482	(1,953)	2019
Vero Palm Estates	Vero Beach	FL	(9,181)	6,697	9,025	—	2,288	6,697	11,313	18,010	(5,227)	2011
Village Green	Vero Beach	FL	(56,147)	15,901	25,175	518	5,910	16,419	31,085	47,504	(14,367)	2011
Peace River	Wauchula	FL	—	900	2,100	25	5,538	925	7,638	8,563	(2,618)	2006
Palm Beach Colony	West Palm Beach	FL	(8,596)	5,930	10,113	8	1,523	5,938	11,636	17,574	(5,683)	2011
Parkwood Communities	Wildwood	FL	—	6,990	15,115	—	2,636	6,990	17,751	24,741	(8,549)	2011
Three Flags	Wildwood	FL	—	228	684	—	1,111	228	1,795	2,023	(918)	2006
Winter Garden	Winter Garden	FL	—	2,321	6,962	—	2,889	2,321	9,851	12,172	(5,007)	2007
Crystal Lake Zephyrhills	Zephyrhills	FL	—	3,767	6,834	194	16,446	3,961	23,280	27,241	(6,609)	2011
Forest Lake Estates MH	Zephyrhills	FL	(15,251)	40,716	33,918	1,194	18,283	41,910	52,201	94,111	(20,414)	2016
Forest Lake Village RV	Zephyrhills	FL	—	—	537	—	1,112	—	1,649	1,649	(450)	2016

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/25
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Sixth Avenue	Zephyrhills	FL	—	837	2,518	—	1,055	837	3,573	4,410	(2,011)	2004
Coach Royale	Boise	ID	—	465	1,685	—	539	465	2,224	2,689	(995)	2011
Maple Grove	Boise	ID	—	1,358	5,151	—	1,762	1,358	6,913	8,271	(3,037)	2011
Shenandoah Estates	Boise	ID	(8,254)	1,287	7,603	—	806	1,287	8,409	9,696	(3,996)	2011
West Meadow Estates	Boise	ID	—	1,371	6,770	—	854	1,371	7,624	8,995	(3,597)	2011
O'Connell's RV Campground	Amboy	IL	(1,915)	1,648	4,974	—	9,566	1,648	14,540	16,188	(5,889)	2004
Pheasant Lake Estates	Beecher	IL	(35,046)	12,764	42,183	872	6,670	13,636	48,853	62,489	(19,338)	2013
Pine Country	Belvidere	IL	—	53	166	—	3,273	53	3,439	3,492	(1,049)	2006
Willow Lake Estates	Elgin	IL	(34,881)	6,138	21,033	—	26,648	6,138	47,681	53,819	(28,857)	1994
Golf Vista Estates	Monee	IL	(29,919)	2,842	4,719	1	15,388	2,843	20,107	22,950	(11,432)	1997
Indian Lakes	Batesville	IN	—	450	1,061	6	19,037	456	20,098	20,554	(5,118)	2004
Horseshoe Lakes	Clinton	IN	—	155	365	2	2,317	157	2,682	2,839	(889)	2004
Twin Mills RV	Howe	IN	—	1,399	4,186	—	1,555	1,399	5,741	7,140	(3,238)	2006
Lakeside RV	New Carlisle	IN	—	426	1,281	—	910	426	2,191	2,617	(1,111)	2004
Dale Hollow State Park Marina	Burkesville	KY	—	—	7,399	—	1,087	—	8,486	8,486	(1,957)	2021
Diamond Caverns	Park City	KY	—	530	1,512	(3)	1,193	527	2,705	3,232	(1,490)	2006
Gateway to Cape Cod	Rochester	MA	—	91	288	—	1,707	91	1,995	2,086	(600)	2006
Hillcrest MA	Rockland	MA	—	2,034	3,182	—	875	2,034	4,057	6,091	(1,794)	2011
The Glen	Rockland	MA	—	940	1,680	—	111	940	1,791	2,731	(890)	2011
Old Chatham	South Dennis	MA	(5,330)	1,760	5,293	—	5,823	1,760	11,116	12,876	(4,493)	2005
Sturbridge	Sturbridge	MA	—	110	347	—	1,489	110	1,836	1,946	(712)	2006
Fernwood	Capitol Heights	MD	(9,198)	6,556	11,674	—	2,366	6,556	14,040	20,596	(6,510)	2011
Williams Estates/Peppermint Woods	Middle River	MD	—	22,774	42,575	—	2,448	22,774	45,023	67,797	(22,498)	2011
Mt. Desert Narrows	Bar Harbor	ME	—	1,037	3,127	—	1,319	1,037	4,446	5,483	(2,299)	2007
Patten Pond	Ellsworth	ME	—	267	802	—	569	267	1,371	1,638	(725)	2007
Pinehirst	Old Orchard Beach	ME	(10,827)	1,942	5,827	—	3,182	1,942	9,009	10,951	(5,176)	2005
Narrows Too	Trenton	ME	—	1,451	4,408	—	1,708	1,451	6,116	7,567	(2,997)	2007
Moody Beach	Wells	ME	—	93	292	—	6,298	93	6,590	6,683	(1,626)	2006
Bear Cave	Buchanan	MI	—	176	516	—	1,079	176	1,595	1,771	(724)	2006
St Clair	St. Clair	MI	—	453	1,068	6	1,697	459	2,765	3,224	(1,353)	2004
Cedar Knolls	Apple Valley	MN	(29,724)	10,021	14,357	—	3,035	10,021	17,392	27,413	(8,282)	2011
Cimarron Park	Lake Elmo	MN	—	11,097	23,132	—	9,471	11,097	32,603	43,700	(13,513)	2011
Rockford Riverview Estates	Rockford	MN	—	2,959	8,882	—	1,951	2,959	10,833	13,792	(5,061)	2011

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/25
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Rosemount Woods	Rosemount	MN	—	4,314	8,932	—	5,728	4,314	14,660	18,974	(5,461)	2011
Boathouse Marina	Beaufort	NC	—	6,610	13,217	—	3,005	6,610	16,222	22,832	(3,019)	2021
Forest Lake	Advance	NC	—	986	2,325	13	12,260	999	14,585	15,584	(3,797)	2004
Scenic	Asheville	NC	—	1,183	3,511	—	3,356	1,183	6,867	8,050	(2,852)	2006
Waterway RV	Cedar Point	NC	(3,956)	2,392	7,185	—	1,534	2,392	8,719	11,111	(5,773)	2004
Twin Lakes	Chocowinity	NC	—	1,709	3,361	—	3,741	1,709	7,102	8,811	(3,555)	2004
Emerald Isle RV Resort	Emerald Isle	NC	—	17,212	33,520	—	589	17,212	34,109	51,321	(7,451)	2022
Topsail Sound RV	Holly Ridge	NC	—	3,414	5,898	—	8,572	3,414	14,470	17,884	(2,270)	2020
Green Mountain	Lenoir	NC	—	1,037	3,075	—	3,184	1,037	6,259	7,296	(3,054)	2006
Lake Gaston	Littleton	NC	—	130	409	—	3,138	130	3,547	3,677	(1,117)	2006
Lake Myers RV	Mocksville	NC	—	1,504	4,587	—	2,916	1,504	7,503	9,007	(3,695)	2006
Bogue Pines	Newport	NC	—	1,476	2,592	—	283	1,476	2,875	4,351	(1,160)	2015
Goose Creek	Newport	NC	(11,012)	4,612	13,848	750	4,060	5,362	17,908	23,270	(11,824)	2004
Whispering Pines - NC	Newport	NC	—	3,096	5,081	1	730	3,097	5,811	8,908	(2,270)	2015
Harbor Point RV	Sneads Ferry	NC	—	4,633	7,777	—	451	4,633	8,228	12,861	(2,245)	2020
White Oak Shores	Stella	NC	—	5,089	15,416	2,269	25,671	7,358	41,087	48,445	(8,025)	2019
Buena Vista	Fargo	ND	—	4,563	14,949	—	2,488	4,563	17,437	22,000	(8,240)	2011
Meadow Park	Fargo	ND	—	943	2,907	—	494	943	3,401	4,344	(1,660)	2011
Sandy Beach	Contoocook	NH	—	1,755	5,265	—	506	1,755	5,771	7,526	(3,815)	2005
Pine Acres	Raymond	NH	—	3,096	2,102	—	1,429	3,096	3,531	6,627	(1,439)	2014
Tuxbury Resort	South Hampton	NH	—	3,557	3,910	—	2,336	3,557	6,246	9,803	(3,118)	2007
King Nummy	Cape May Court House	NJ	—	4,027	3,584	—	980	4,027	4,564	8,591	(2,976)	2018
Acorn Campground	Green Creek	NJ	—	3,707	4,642	—	1,695	3,707	6,337	10,044	(4,049)	2020
Whippoorwill RV	Marmon	NJ	—	4,201	17,589	—	670	4,201	18,259	22,460	(4,644)	2022
Mays Landing Resort	Mays Landing	NJ	—	536	289	—	3,309	536	3,598	4,134	(763)	2014
Echo Farms	Ocean View	NJ	—	2,840	3,045	—	2,440	2,840	5,485	8,325	(2,046)	2014
Lake and Shore	Ocean View	NJ	—	378	1,192	—	3,776	378	4,968	5,346	(2,322)	2006
Pine Haven	Ocean View	NJ	—	15,586	47,165	—	(2,722)	15,586	44,443	60,029	(12,676)	2021
Red Oak Shores Campground	Ocean View	NJ	—	2,193	6,759	—	1,306	2,193	8,065	10,258	(1,943)	2023
Chestnut Lake	Port Republic	NJ	—	337	796	5	2,694	342	3,490	3,832	(1,374)	2004
Sea Pines	Swainton	NJ	—	198	625	—	4,976	198	5,601	5,799	(2,067)	2006
Pine Ridge at Crestwood	Whiting	NJ	(57,045)	17,367	33,127	—	12,521	17,367	45,648	63,015	(19,061)	2011
Mountain View - NV	Henderson	NV	(32,554)	16,665	25,915	—	1,986	16,665	27,901	44,566	(13,641)	2011

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/25
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Bonanza Village	Las Vegas	NV	—	908	2,643	(1)	3,663	907	6,306	7,213	(4,375)	1983
Boulder Cascade	Las Vegas	NV	—	2,995	9,020	—	6,321	2,995	15,341	18,336	(10,850)	1998
Cabana	Las Vegas	NV	—	2,648	7,989	—	2,307	2,648	10,296	12,944	(8,925)	1994
Flamingo West	Las Vegas	NV	—	1,730	5,266	—	2,611	1,730	7,877	9,607	(6,883)	1994
Las Vegas	Las Vegas	NV	—	1,049	2,473	14	3,502	1,063	5,975	7,038	(2,671)	2004
Villa Borega	Las Vegas	NV	—	2,896	8,774	—	2,798	2,896	11,572	14,468	(9,497)	1997
Rondout Valley	Accord	NY	—	1,115	3,240	—	5,695	1,115	8,935	10,050	(3,251)	2006
Alpine Lake RV Resort	Corinth	NY	—	4,783	14,125	153	5,786	4,936	19,911	24,847	(11,325)	2005
Lake George Escape	Lake George	NY	—	3,562	10,708	—	13,977	3,562	24,685	28,247	(11,353)	2005
The Woodlands	Lockport	NY	(38,356)	12,183	39,687	6	12,073	12,189	51,760	63,949	(22,278)	2011
Greenwood Village	Manorville	NY	—	3,667	9,414	484	8,891	4,151	18,305	22,456	(13,380)	1998
Brennan Beach	Pulaski	NY	—	7,325	21,141	—	11,537	7,325	32,678	40,003	(18,362)	2005
Lake George Schroon Valley	Warrensburg	NY	—	540	1,626	—	678	540	2,304	2,844	(1,259)	2008
Kenisee Lake	Jefferson	OH	—	295	696	4	736	299	1,432	1,731	(844)	2004
Bay Point Marina	Marblehead	OH	—	8,575	17,037	—	2,736	8,575	19,773	28,348	(4,216)	2021
Wilmington	Wilmington	OH	—	235	555	3	1,628	238	2,183	2,421	(911)	2004
Bend	Bend	OR	—	733	1,729	10	7,002	743	8,731	9,474	(2,745)	2004
Shadowbrook	Clackamas	OR	—	1,197	3,693	—	2,851	1,197	6,544	7,741	(4,178)	1997
Pacific City	Cloverdale	OR	—	1,076	2,539	15	10,123	1,091	12,662	13,753	(3,873)	2004
Falcon Wood Village	Eugene	OR	(14,149)	1,112	3,426	—	2,524	1,112	5,950	7,062	(3,926)	1997
Portland Fairview	Fairview	OR	(19,111)	7,330	10,278	—	1,718	7,330	11,996	19,326	(5,945)	2016
Quail Hollow	Fairview	OR	—	—	3,249	—	1,310	—	4,559	4,559	(3,730)	1997
South Jetty	Florence	OR	—	678	1,598	9	3,698	687	5,296	5,983	(2,154)	2004
Seaside	Seaside	OR	—	891	2,101	12	2,877	903	4,978	5,881	(2,450)	2004
Whalers Rest	South Beach	OR	—	754	1,777	10	2,868	764	4,645	5,409	(2,088)	2004
Hope Valley	Turner	OR	—	7,373	14,517	—	1,418	7,373	15,935	23,308	(3,644)	2021
Mt. Hood Village	Welches	OR	—	1,817	5,733	—	16,088	1,817	21,821	23,638	(8,200)	2002
Greenbriar Village	Bath	PA	—	8,359	16,941	—	1,994	8,359	18,935	27,294	(8,930)	2011
Sun Valley	Bowmansville	PA	—	866	2,601	—	2,505	866	5,106	5,972	(2,113)	2009
Green Acres	Breinigsville	PA	(32,161)	2,680	7,479	—	8,432	2,680	15,911	18,591	(11,689)	1988
Gettysburg Farm	Dover	PA	—	111	350	—	1,849	111	2,199	2,310	(792)	2006
Timothy Lake North	East Stroudsburg	PA	—	296	933	—	1,369	296	2,302	2,598	(1,030)	2006
Timothy Lake South	East Stroudsburg	PA	—	206	649	—	579	206	1,228	1,434	(642)	2006

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/25
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Drummer Boy	Gettysburg	PA	—	1,884	20,342	—	1,673	1,884	22,015	23,899	(8,192)	2019
Round Top	Gettysburg	PA	—	1,214	11,355	—	1,445	1,214	12,800	14,014	(6,928)	2019
Circle M	Lancaster	PA	—	330	1,041	—	4,710	330	5,751	6,081	(1,956)	2006
Hershey	Lebanon	PA	—	1,284	3,028	17	3,221	1,301	6,249	7,550	(3,516)	2004
Robin Hill	Lenhartsville	PA	—	1,263	3,786	—	1,144	1,263	4,930	6,193	(2,550)	2009
PA Dutch County	Manheim	PA	—	88	278	—	1,461	88	1,739	1,827	(516)	2006
Spring Gulch	New Holland	PA	—	1,593	4,795	—	1,960	1,593	6,755	8,348	(4,304)	2004
Lil Wolf	Orefield	PA	—	5,627	13,593	—	5,078	5,627	18,671	24,298	(8,072)	2011
Scotrun	Scotrun	PA	—	153	483	—	2,013	153	2,496	2,649	(763)	2006
Appalachian RV	Shartlesville	PA	—	1,666	5,044	—	1,361	1,666	6,405	8,071	(3,860)	2006
Mountain View - PA	Walnutport	PA	—	3,207	7,182	—	1,855	3,207	9,037	12,244	(4,004)	2011
Timber Creek	Westerly	RI	—	12,618	8,489	—	2,411	12,618	10,900	23,518	(6,938)	2018
Carolina Landing	Fair Play	SC	—	457	1,078	6	4,471	463	5,549	6,012	(1,469)	2004
Inlet Oaks Village	Murrells Inlet	SC	—	1,546	4,642	—	718	1,546	5,360	6,906	(3,266)	2006
Carolina Shores RV	Myrtle Beach	SC	—	82,318	35,628	—	5,446	82,318	41,074	123,392	(12,561)	2021
Rivers Edge Marina	North Charleston	SC	—	20,305	6,405	—	575	20,305	6,980	27,285	(1,595)	2021
The Oaks	Yemassee	SC	—	267	810	—	517	267	1,327	1,594	(714)	2006
Natchez Trace	Hohenwald	TN	—	533	1,257	7	5,799	540	7,056	7,596	(2,206)	2004
Cherokee Landing	Saulsbury	TN	—	118	279	2	372	120	651	771	(355)	2004
Alamo Palms	Alamo	TX	(3,442)	1,562	7,924	—	1,996	1,562	9,920	11,482	(4,346)	2012
Bay Landing	Bridgeport	TX	—	438	1,033	6	3,841	444	4,874	5,318	(1,776)	2004
Colorado River	Columbus	TX	—	466	1,099	6	7,137	472	8,236	8,708	(2,145)	2004
Victoria Palms	Donna	TX	(6,138)	2,849	12,305	—	8,893	2,849	21,198	24,047	(8,444)	2012
Lake Texoma	Gordonville	TX	—	488	1,151	6	11,729	494	12,880	13,374	(3,398)	2004
Lakewood	Harlingen	TX	—	325	979	—	1,558	325	2,537	2,862	(1,134)	2004
Paradise Park	Harlingen	TX	—	1,568	4,705	—	3,582	1,568	8,287	9,855	(4,411)	2004
Sunshine RV Resort	Harlingen	TX	—	1,494	4,484	—	3,881	1,494	8,365	9,859	(4,556)	2004
Tropic Winds	Harlingen	TX	—	1,221	3,809	—	2,046	1,221	5,855	7,076	(3,695)	2002
Medina Lake	Lakehills	TX	—	936	2,208	13	3,853	949	6,061	7,010	(2,895)	2004
Paradise South	Mercedes	TX	—	448	1,345	—	2,079	448	3,424	3,872	(1,502)	2004
Lake Conroe KOA	Montgomery	TX	—	2,699	8,430	(3)	841	2,696	9,271	11,967	(1,912)	2021
Lake Tawakoni	Point	TX	—	35	2,320	—	2,516	35	4,836	4,871	(2,403)	2004
Fun N Sun RV	San Benito	TX	—	2,533	5,560	412	10,053	2,945	15,613	18,558	(10,963)	1998

				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/25
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Country Sunshine	Weslaco	TX	—	627	1,881	—	2,358	627	4,239	4,866	(2,317)	2004
Leisure World	Weslaco	TX	—	957	2,575	—	1,267	957	3,842	4,799	(2,337)	2020
Southern Comfort	Weslaco	TX	(3,391)	1,108	3,323	—	1,428	1,108	4,751	5,859	(2,951)	2004
Trails End RV	Weslaco	TX	—	1,115	4,086	—	1,183	1,115	5,269	6,384	(3,110)	2020
Lake Whitney	Whitney	TX	—	679	1,602	10	3,156	689	4,758	5,447	(2,243)	2004
Lake Conroe	Willis	TX	—	1,363	3,214	18	24,496	1,381	27,710	29,091	(8,484)	2004
Westwood Village	Farr West	UT	—	1,346	4,179	—	3,452	1,346	7,631	8,977	(5,786)	1997
St George	Hurricane	UT	—	64	264	2	1,879	66	2,143	2,209	(642)	2010
All Seasons	Salt Lake City	UT	—	510	1,623	—	1,229	510	2,852	3,362	(2,080)	1997
Meadows of Chantilly	Chantilly	VA	(33,718)	5,430	16,440	—	9,924	5,430	26,364	31,794	(22,164)	1994
Harbor View	Colonial Beach	VA	—	64	202	—	1,455	64	1,657	1,721	(635)	2006
Lynchburg	Gladys	VA	—	266	627	3	1,360	269	1,987	2,256	(843)	2004
Chesapeake Bay	Gloucester	VA	—	1,230	2,900	16	9,349	1,246	12,249	13,495	(4,341)	2004
Bayport Development	Jamaica	VA	—	4,942	—	3,279	3,645	8,221	3,645	11,866	(412)	2020
Virginia Landing	Quinby	VA	—	602	1,419	8	649	610	2,068	2,678	(1,318)	2004
Grey's Point Camp	Topping	VA	(17,115)	33,492	17,104	—	6,100	33,492	23,204	56,696	(10,979)	2017
Bethpage Camp Resort	Urbanna	VA	(28,562)	45,415	38,149	—	28,444	45,415	66,593	112,008	(22,286)	2017
Williamsburg	Williamsburg	VA	—	111	350	—	2,023	111	2,373	2,484	(728)	2006
Regency Lakes	Winchester	VA	(45,573)	9,757	19,055	—	2,904	9,757	21,959	31,716	(10,633)	2011
Birch Bay	Blaine	WA	—	502	1,185	7	1,558	509	2,743	3,252	(1,355)	2004
Mount Vernon	Bow	WA	—	621	1,464	8	3,755	629	5,219	5,848	(2,311)	2004
Chehalis	Chehalis	WA	—	590	1,392	8	5,341	598	6,733	7,331	(2,449)	2004
Grandy Creek	Concrete	WA	—	475	1,425	—	1,980	475	3,405	3,880	(1,388)	2008
Tall Chief	Fall City	WA	—	314	946	—	2,515	314	3,461	3,775	(1,223)	2010
Kloshe Illahee	Federal Way	WA	(15,008)	2,408	7,286	—	3,276	2,408	10,562	12,970	(7,734)	1997
La Conner	La Conner	WA	—	—	2,016	—	4,009	—	6,025	6,025	(3,165)	2004
Leavenworth	Leavenworth	WA	—	786	1,853	10	3,840	796	5,693	6,489	(2,281)	2004
Thunderbird Resort	Monroe	WA	—	500	1,178	6	3,562	506	4,740	5,246	(1,536)	2004
Little Diamond	Newport	WA	—	353	834	5	1,613	358	2,447	2,805	(1,345)	2004
Oceana	Oceana City	WA	—	283	668	4	974	287	1,642	1,929	(797)	2004
Crescent Bar	Quincy	WA	—	314	741	4	1,577	318	2,318	2,636	(1,058)	2004
Long Beach	Seaview	WA	—	321	758	5	2,906	326	3,664	3,990	(1,113)	2004
Paradise RV	Silver Creek	WA	—	466	1,099	6	5,357	472	6,456	6,928	(1,767)	2004

					Initial Cost to ELS				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/25
Real Estate (1)	Location		Encumbrances		Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total (3)		Accumulated Depreciation		Date of Acquisition
Rainbow Lake Manor	Bristol	WI	—		4,474		16,594		—		5,810		4,474		22,404		26,878		(8,320)		2013
Fremont Jellystone Park Campground	Fremont	WI	—		1,437		4,296		—		2,286		1,437		6,582		8,019		(3,964)		2004
Yukon Trails	Lyndon Station	WI	—		556		1,629		—		1,177		556		2,806		3,362		(1,501)		2004
Blackhawk Camping Resort	Milton	WI	—		1,789		7,613		—		3,912		1,789		11,525		13,314		(4,035)		2014
Lakeland	Milton	WI	—		3,159		13,830		—		2,875		3,159		16,705		19,864		(6,417)		2014
Westwood Estates	Pleasant Prairie	WI	(19,721)		5,382		19,732		—		3,920		5,382		23,652		29,034		(9,527)		2013
Plymouth Rock	Plymouth	WI	—		2,293		6,879		—		2,732		2,293		9,611		11,904		(4,793)		2009
Tranquil Timbers	Sturgeon Bay	WI	—		714		2,152		—		1,355		714		3,507		4,221		(2,012)		2006
Lake of the Woods RV	Wautoma	WI	—		1,333		2,238		—		608		1,333		2,846		4,179		(2,261)		2019
Neshonoc Lakeside	West Salem	WI	—		1,106		4,861		(1)		931		1,105		5,792		6,897		(2,384)		2013
Arrowhead	Wisconsin Dells	WI	—		522		1,616		—		1,406		522		3,022		3,544		(1,607)		2006
Subtotal of Properties Held for Long Term			(2,779,158)		1,970,073		3,368,128		115,273		2,271,322		2,085,346		5,639,450		7,724,796		(2,703,320)
Realty Systems, Inc.			—		—		—		—		376,949		—		376,949		376,949		(86,119)		2002
Management business and other			—		3,447		578		(619)		73,563		2,828		74,141		76,969		(48,905)
			$	(2,779,158)	$	1,973,520	$	3,368,706	$	114,654	$	2,721,834	$	2,088,174	$	6,090,540	$	8,178,714	$	(2,838,344)

_____________________

(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 (unaudited).

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

(amounts in thousands)	2025		2024		2023
Balance, beginning of year	$	7,915,690	$	7,706,291	$	7,369,561
Acquisitions	—		1,334		10,057
Improvements	230,059		237,215		311,287
Manufactured homes, net	35,388		(26,685)		17,578
Dispositions and other	(2,423)		(2,465)		(2,192)
Balance, end of year	$	8,178,714	$	7,915,690	$	7,706,291

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

(amounts in thousands)	2025		2024		2023
Balance, beginning of year	$	2,639,538	$	2,448,876	$	2,258,540
Depreciation and amortization	209,281		204,936		200,743
Dispositions and other	(10,475)		(14,274)		(10,407)
Balance, end of year	$	2,838,344	$	2,639,538	$	2,448,876