0001628280-26-008722 | 10-K | XBRL Viewer | Equity Lifestyle Properties INC

The entire disclosure for equity.

Common Stock and Other Equity Related Transactions - ATM Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock
Shares in common stock sold (in shares)	0	4,534,108	0
Total gross proceeds	$ 0	$ 317,388	$ 0
Commissions paid to sales agents	$ 436	$ 4,055	$ 275
Private Placement \| Common Stock
Class of Stock
Shares in common stock sold (in shares)	0	4,534,108	0
Weighted average price (usd per share)	$ 0	$ 70.00	$ 0
Total gross proceeds	$ 0	$ 317,387	$ 0
Commissions paid to sales agents	$ 0	$ 3,174	$ 0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of Quantitative Disclosures for Lessees

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	193,835,561	191,056,527
Common stock, shares outstanding (in shares)	193,835,561	191,056,527

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividend On January 28, 2026, our Board of Directors approved setting the annual dividend rate for 2026 at $2.17 per share of common stock, an increase of $0.11 over the current $2.06 per share of common stock for 2025. Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.

Organization	12 Months Ended
Organization	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Equity LifeStyle Properties, Inc. (“ELS”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our.” We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. We provide our customers the opportunity to place manufactured homes and cottages, RVs and/or boats on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas (“Sites”) or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Commencing with our taxable year ended December 31, 1993, we have elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We believe we have qualified for taxation as a REIT. To maintain our qualification as a REIT, we must meet certain requirements, which are highly technical and complex. If we fail to qualify as a REIT, we could be subject to U.S. federal income tax at regular corporate rates. Additionally, we could remain disqualified as a REIT for four years following the year we first failed to qualify. Even as a REIT, we are subject to certain foreign, state and local taxes on our income and property and U.S. federal income and excise taxes on our undistributed income. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. We are the general partner of the Operating Partnership and own 96.8% as of December 31, 2025. We contributed the proceeds from our various equity offerings, including our initial public offering, to the Operating Partnership. In exchange for these contributions, we received units of common interests in the partnership (“OP Units”) equal to the number of shares of common stock issued in such equity offerings. The limited partners of the Operating Partnership (the “Common OP Unitholders”) receive an allocation of net income that is based on their respective ownership percentage in the Operating Partnership that is presented on the consolidated financial statements as Non-controlling interests—Common OP Units. As of December 31, 2025, the Non-controlling interests—Common OP Units were 6,448,705, which are exchangeable for an equivalent number of shares of our common stock or, at our option, cash. The issuance of additional shares of common stock or OP Units would change the respective ownership of the Operating Partnership for the Common OP Unitholders. Since we have elected to be taxed as a REIT for U.S. federal income tax purposes, certain activities, if performed by us, may not be qualifying REIT activities under the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, we have formed taxable REIT subsidiaries (each, a “TRS”). Our primary TRS is Realty Systems, Inc. (“RSI”) which, along with owning several properties, is engaged in the business of purchasing, selling and leasing factory-built homes located in Properties owned and managed by us. RSI also offers home sale brokerage services to our residents who may choose to sell their homes rather than relocate them when moving from a Property. Subsidiaries of RSI also operate ancillary activities at certain Properties, such as golf courses, pro shops, stores and restaurants.

Consolidated Statements of Changes In Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Redeemable Perpetual Preferred Stock	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income (Loss)	Non- Controlling Interests – Common OP Units
Beginning balance at Dec. 31, 2022	$ 1,517,485	$ 1,916	$ 1,628,618	$ 0	$ (204,248)	$ 19,119	$ 72,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of Common OP Units for Common Stock	0	1	1,237				(1,238)
Issuance of Common Stock through employee stock purchase plan	1,983		1,983
Compensation expenses related to restricted stock and stock options	14,711		14,711
Repurchase of Common Stock or Common OP Units	(1,932)		(1,932)
Adjustment for Common OP Unitholders in the Operating Partnership	0		(20)				20
Adjustment for fair market value of swap	(13,058)					(13,058)
Consolidated net income	329,677			16	314,191		15,470
Distributions	(349,967)			(16)	(333,519)		(16,432)
Other	(278)		(278)
Ending balance at Dec. 31, 2023	1,498,621	1,917	1,644,319	0	(223,576)	6,061	69,900
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of Common OP Units for Common Stock	0		6				(6)
Issuance of Common Stock through employee stock purchase plan	1,790		1,790
Issuance of Common Stock	317,387	45	317,342
Compensation expenses related to restricted stock and stock options	6,702		6,702
Repurchase of Common Stock or Common OP Units	(1,908)		(1,908)
Adjustment for Common OP Unitholders in the Operating Partnership	0		(12,761)				12,761
Adjustment for fair market value of swap	(3,758)					(3,758)
Consolidated net income	384,818			16	366,998		17,804
Distributions	(375,806)			(16)	(358,401)		(17,389)
Other	(4,060)		(4,060)
Ending balance at Dec. 31, 2024	1,823,786	1,962	1,951,430	0	(214,979)	2,303	83,070
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of Common OP Units for Common Stock	(1)	26	24,012				(24,039)
Issuance of Common Stock through employee stock purchase plan	1,505		1,505
Compensation expenses related to restricted stock and stock options	7,252		7,252
Repurchase of Common Stock or Common OP Units	(2,258)		(2,258)
Adjustment for Common OP Unitholders in the Operating Partnership	0		35				(35)
Adjustment for fair market value of swap	(4,511)					(4,511)
Consolidated net income	402,061			16	386,492		15,553
Distributions	(412,572)			(16)	(396,558)		(15,998)
Other	(436)		(436)
Ending balance at Dec. 31, 2025	$ 1,814,826	$ 1,988	$ 1,981,540	$ 0	$ (225,045)	$ (2,208)	$ 58,551

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended													12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies
Intangibles including goodwill		$ 55,600				$ 55,600								$ 55,600	$ 55,600
Intangible assets		38,000				38,000								38,000	38,000
Goodwill		17,600				17,600								17,600	17,600
Accumulated amortization of identified intangible assets		21,100				16,600								21,100	16,600
Expected to be recognized in year five		2,800												2,800
Expected to be recognized in year two		2,800												2,800
Expected to be recognized in year four		2,800												2,800
Expected to be recognized in year one		2,800												2,800
Expected to be recognized in year three		$ 2,800												$ 2,800
Remaining useful life (in years)		5 years												5 years
Restricted cash		$ 18,200				19,000								$ 18,200	19,000
Notes receivable, net		93,358				50,726								93,358	50,726
Deferred financing costs		24,300				25,100								$ 24,300	25,100
Estimated membership upgrade contract term (in years)														24 years
Other income														$ 62,794	75,354	$ 67,407
Expenses related to removal and cleanup														600	7,400
Insurance recovery accrual		$ 800				6,000								800	6,000
Offsetting insurance recovery														$ 12,000	32,400	68,300
OP units to common stock exchange ratio		1												1
Operating loss carryforwards		$ 15,300				46,100								$ 15,300	46,100
Net operating loss carryforward offset tax		0				2,300								0	2,300
Valuation allowance																10,500
Deferred tax assets		12,100				$ 10,800								12,100	10,800
Net investment in notes receivable U.S federal tax basis		63,900												63,900
Aggregate cost in real estate U.S federal tax basis		$ 5,200,000												$ 5,200,000
Quarterly distribution for tax purposes (usd per share)		$ 0.5150	$ 0.5150	$ 0.5150	$ 0.5150	$ 0.4775	$ 0.4775	$ 0.4775	$ 0.4775	$ 0.4475	$ 0.4475	$ 0.4475	$ 0.4475	$ 2.06
Subsequent Event
Significant Accounting Policies
Distribution payable for 2026 (in usd per share)	$ 0.418345
Quarterly distribution for tax purposes (usd per share)	$ 0.096655
Hurricane Ian
Significant Accounting Policies
Business interruption recovery revenue														$ 6,600	7,600	10,600
Expenses related to removal and cleanup																13,400
Insurance recovery accrual										$ 13,400						13,400
Offsetting insurance recovery														$ 4,300	22,300	$ 3,500
Immaterial Overstatement
Significant Accounting Policies
Other income															$ 6,800
Minimum
Significant Accounting Policies
Lessor operating lease term		1 month												1 month
Product subscription, term														2 years
Maximum
Significant Accounting Policies
Lessor operating lease term		6 months												6 months
Product subscription, term														4 years
RVC
Significant Accounting Policies
Notes receivable, net		$ 56,100												$ 56,100
Operating Partnership
Significant Accounting Policies
Ownership interest (percent)		96.80%												96.80%

Derivative Instruments and Hedging Activities - Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest Rate Swaps - USD ($) $ in Thousands		12 Months Ended
	Oct. 03, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative
Amount of (gain)/loss recognized in OCI on derivative for the year ended December 31,		$ 1,620	$ (5,877)	$ (5,039)
Cash Flow Hedging
Derivative
Amount of (gain)/loss reclassified from accumulated OCI into income for the year ended December 31,	$ (4,400)
Cash Flow Hedging \| Interest Expense
Derivative
Amount of (gain)/loss reclassified from accumulated OCI into income for the year ended December 31,		(2,891)	(14,022)	(18,097)
Cash Flow Hedging \| Early Debt Retirement
Derivative
Amount of (gain)/loss reclassified from accumulated OCI into income for the year ended December 31,		$ 0	$ 4,387	$ 0

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

The following table presents the operating lease payments in which we are the lessee:


	For the Years Ended December 31,
(amounts in thousands)	2025		2024		2023
Fixed lease cost:
Ground leases	$	708	$	643	$	671
Office and other leases	4,203		3,795		3,836
Variable lease cost:
Ground leases	2,235		59		1,969

Total lease cost	$	7,146	$	4,497	$	6,476

Summary of Minimum Future Operating Lease Payments

The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of December 31, 2025:


(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2026	$	686	$	3,813	$	4,499
2027	691		3,811		4,502
2028	687		3,369		4,056
2029	629		3,123		3,752
2030	595		2,869		3,464
Thereafter	2,540		5,043		7,583
Total undiscounted rental payments	5,828		22,028		27,856
Less imputed interest	(1,295)		(2,597)		(3,892)
Total lease liabilities	$	4,533	$	19,431	$	23,964

Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Fair Value of Mortgage Debt

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, 2025						As of December 31, 2024
	Stated Interest Rate	Maturity Date	Carrying Value		Fair Value		Weighted Average Interest Rate		Carrying Value		Fair Value		Weighted Average Interest Rate
Mortgage notes payable	2.40% 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

Schedule of Unsecured Debt

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, 2025			As of December 31, 2024
	Number of Encumbered Properties	Gross Carrying Value		Number of Encumbered Properties	Gross Carrying Value
Encumbered Properties	112	$	3,266,579	120	$	3,268,521

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, 2025				As of December 31, 2024
	Stated Interest Rate	Maturity Date	Carrying Value (1)		Effective Interest Rate		Carrying Value (1)		Effective Interest Rate
$240.0 Million Term Loan (2)	SOFR + 1.20% to 1.70%	May 15, 2030	$	240,000	4.74	%	$	—	—	%
$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

_____________________

(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.

Schedule of Aggregate Payments of Principal on Long-Term Borrowings

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
2027	269,482
2028	348,977
2029	335,060
2030	585,423
Thereafter	1,740,140
Total	$	3,345,866

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Equity Method Investments and Joint Ventures [Abstract]

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-11718
Entity Registrant Name	EQUITY LIFESTYLE PROPERTIES, INC.
Entity Incorporation, State	MD
Entity Tax Identification Number	36-3857664
Entity Address, Street Address	Two North Riverside Plaza
Entity Address, Address Line Two	Suite 800
Entity Address, City	Chicago,
Entity Address, State	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	279-1400
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	ELS
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 11,707.3
Entity Common Stock, Shares Outstanding		193,927,571
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE: Part III incorporates by reference portions of the Registrant's Proxy Statement relating to the Annual Meeting of Stockholders to be held on April 28, 2026.
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0000895417

Equity Incentive Awards - Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Dividend Yield	3.30%	3.10%
Risk-Free Interest Rate	3.90%	4.60%
Expected Life	6 years	5 years 9 months 18 days
Expected Volatility	28.60%	28.70%
Weighted Average Grant Date Fair Value Per Share (usd per share)	$ 15.06	$ 15.28

Investment in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) site joint_venture	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments
Number of Sites \| site	3,903
Investment in unconsolidated joint ventures	$ 85,041	$ 83,772
Equity in income from unconsolidated joint ventures	6,520	6,248	$ 2,713
Adjustment depreciation	$ 5,700	4,800	4,600
Various \| RVC
Schedule of Equity Method Investments
Number of Sites \| site	1,489
Economic Interest (percent)	80.00%
Investment in unconsolidated joint ventures	$ 56,638	61,505
Equity in income from unconsolidated joint ventures	$ (2,952)	(1,630)	(585)
Various \| Other
Schedule of Equity Method Investments
Number of Sites \| site	2,414
Investment in unconsolidated joint ventures	$ 28,403	22,267
Equity in income from unconsolidated joint ventures	$ 9,472	$ 7,878	$ 3,298
Various \| Other \| Maximum
Schedule of Equity Method Investments
Economic Interest (percent)	65.00%
Various \| Other \| Minimum
Schedule of Equity Method Investments
Economic Interest (percent)	49.00%
Various \| Three Joint Ventures
Schedule of Equity Method Investments
Number of Sites \| joint_venture	3
Various \| Operating RVs
Schedule of Equity Method Investments
Number of Sites \| joint_venture	8
Various \| RV Property Under Development
Schedule of Equity Method Investments
Number of Sites \| joint_venture	1

Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Investments in Unconsolidated Joint Ventures

The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands):


	Investment as of
Investment	December 31, 2025		December 31, 2024
RVC (a)	$	56,638	$	61,505
Other (b)	28,403		22,267
	$	85,041	$	83,772


					Income/(Loss) for the Years Ended December 31, (d)
Investment	Location	Number of Sites	Economic Interest (c)		2025		2024		2023
RVC (a)	Various	1,489	80	%	(2,952)		(1,630)		(585)
Other (b)	Various	2,414	49% to 65%		9,472		7,878		3,298
		3,903			$	6,520	$	6,248	$	2,713

_____________________

(a)Includes three joint ventures which include eight operating RV communities and one RV property under development.

(b)Includes various other joint ventures

(c)The percentages shown approximate our economic interest as of December 31, 2025. Our legal ownership interest may differ. We do not exercise control over these entities.

(d)Net of depreciation expense of $5.7 million, $4.8 million and $4.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Investment in Real Estate	12 Months Ended
Investment in Real Estate	Dec. 31, 2025
Real Estate [Abstract]
Investment in Real Estate	Investment in Real Estate Dispositions During the year ended December 31, 2025, we disposed of two RV communities in the Property Operations segment for gross proceeds of $2.8 million. The dispositions resulted in a gain on sale of $1.4 million, which is included in Gain/(Loss) on sale of real estate and impairment, net in the Consolidated Statements of Income and Comprehensive Income. Impairment During the years ended December 31, 2024 and 2023, we recorded a $2.7 million reduction in the carrying value of certain assets related to Hurricanes Milton and Helene and a $3.6 million reduction to the carrying value of certain assets as a result of property damage caused by weather events, respectively, which are included in Gain/(Loss) on sale of real estate and impairment, net in the Consolidated Statements of Income and Comprehensive Income.

Equity Incentive Awards

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity Incentive Awards

Grants Issued Under the 2014 Plan

Our 2014 Equity Incentive Plan (the “2014 Plan”) was adopted by the Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014.

Our 2024 Equity Incentive Plan (the “2024 Plan”) was adopted by our Board of Directors on February 6, 2024 and approved by our stockholders on April 30, 2024. A maximum of 3,766,336 shares of common stock are available for grant under the 2024 Plan. The 2024 Plan replaced the 2014 Plan and is the sole plan available to us to provide equity incentive compensation to eligible participants as of its adoption.

The table below presents shares issued by the Company under the 2014 Plan and the 2024 Plan (grant date fair value amounts in thousands):


Plan	Grant Date	Time-Based Awards	Performance Based Awards	Total Awards	Exercise Price		Grant Date Fair Value
2014 Equity Incentive Plan	February 6, 2024	45,187	45,191	90,378	$	67.05	$	4,040
2024 Equity Incentive Plan	May 1, 2024	16,626	—	16,626	$	60.29	$	1,002
2024 Equity Incentive Plan	February 4, 2025	49,881	49,884	99,765	$	64.97	$	4,372
2024 Equity Incentive Plan	April 29, 2025	18,227	—	18,227	$	63.79	$	1,163

Restricted stock and options under the 2014 Plan and 2024 Plan have a maximum contractual term of ten years from the date of grant and have an exercise price not less than the fair value of the stock on the grant date. Individual grants could have different vesting periods but generally no longer than 3.5 years. All restricted stock awards have non-forfeitable rights to dividend payments even if the underlying stock does not entirely vest. For performance-based awards to be vested, performance conditions as established by the Compensation Committee in the year of the vesting period must be met. Awards are valued using the closing price at the grant date when all the key terms and conditions are known to all parties.

For the shares under the 2014 Plan awarded on February 6, 2024, 45,187 shares are time-based awards and 45,191 are performance-based awards and vest in equal installments over a three-year period on February 4, 2025, February 3, 2026 and February 2, 2027, subject to the achievement of performance goals. The time-based awards have a grant date fair value of $3.0 million. The 15,062 shares of restricted stock subject to 2024 performance goals have a grant date fair value of $1.0 million.

Time-based awards for the shares under the 2024 Plan granted on May 1, 2024 are subject to various vesting dates between November 1, 2024 and April 30, 2027.

For the shares under the 2024 Plan awarded on February 4, 2025, 47,503 are time-based awards and vest in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, with the remaining 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027. These time-based awards have a grant date fair value of $3.2 million. The remaining 47,506 shares are performance-based awards and vest in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, subject to the achievement of performance goals, with the remaining 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027. The 17,418 shares of restricted stock subject to 2024 performance goals have a grant date fair value of $1.1 million.

Time-based awards for the shares under the 2024 Plan granted on April 29, 2025 are subject to various vesting dates between October 29, 2025 and April 28, 2028.

As of December 31, 2025, 3,641,498 shares remained available for future grants.

Restricted Stock

A summary of our restricted stock activities and related information is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2022	266,382	$69.24
Granted	143,275	$56.63
Forfeited/Cancelled	—	$—
Vested	(228,478)	$72.25
Balance at December 31, 2023	181,179	$55.84
Granted	107,004	$66.00
Forfeited/Cancelled	(9,780)	$69.95
Vested	(99,462)	$70.11
Balance at December 31, 2024	178,941	$69.51
Granted	117,992	$64.79
Forfeited/Cancelled	—	$—
Vested	(95,241)	$70.38
Balance at December 31, 2025	201,692	$66.34

Compensation expense to be recognized subsequent to December 31, 2025 for restricted stock granted during or prior to 2025 that have not yet vested was $3.8 million, which is expected to be recognized over a weighted average term of 1.6 years.

Stock Options

The fair value of stock options granted was estimated on the grant date using the Black-Scholes-Merton model. The following table includes the assumptions made in the valuation:


	2025	2024
Dividend Yield	3.3%	3.1%
Risk-Free Interest Rate	3.9%	4.6%
Expected Life	6.0 years	5.8 years
Expected Volatility	28.6%	28.7%
Weighted Average Grant Date Fair Value Per Share	$15.06	$15.28

No options were forfeited or expired for the years ended December 31, 2025, 2024 and 2023. A summary of our stock option activity and related information is as follows:


	Shares Subject To Options	Weighted Average Exercise Price Per Share	Weighted Average Outstanding Contractual Life (in years)	Average Intrinsic Value (in thousands)
Balance at December 31, 2022	80,985	$54.94	6.2	$994
Options issued	8,450	$68.01
Balance at December 31, 2023	89,435	$56.18	5.6	$1,351
Options issued	29,855	$60.29
Balance at December 31, 2024	119,290	$57.21	5.8	$1,265
Options issued	15,680	$63.79
Options exercised	(41,500)	$40.65		$1,126
Balance at December 31, 2025	93,470	$65.66	7.1	$10
Exercisable at December 31, 2025	62,720	$67.42	6.2	$5

The table below provides the amount of stock-based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income:


	For the Years Ended December 31,
(amount in thousands)	2025		2024		2023 (1)
Stock-Based Compensation Expense	$	7,252	$	6,702	$	14,711

_____________________

(1)Includes accelerated vesting of stock-based compensation expense of $6.3 million recognized during the quarter ended June 30, 2023, as a result of the passing of a member of our Board of Directors.

Notes Receivable, net (Details) - USD ($) $ in Thousands	12 Months Ended
Notes Receivable, net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable
Notes receivable, net	$ 93,358	$ 50,726
Contract Receivable
Accounts, Notes, Loans and Financing Receivable
Contract receivables	$ 29,568	42,255
Loans receivable, amortization term (in years)	3 years 9 months 18 days
Chattel Loans
Accounts, Notes, Loans and Financing Receivable
Loans receivable, amortization term (in years)	11 years 1 month 6 days
Notes receivable, net	$ 7,428	8,471
RVC
Accounts, Notes, Loans and Financing Receivable
Loans receivable, amortization term (in years)	6 months
Notes receivable, net	$ 56,362	$ 0
Weighted Average \| Contract Receivable
Accounts, Notes, Loans and Financing Receivable
Contracts receivable, average stated interest rate per annum (percent)	11.90%
Weighted Average \| Chattel Loans
Accounts, Notes, Loans and Financing Receivable
Loans receivable, average stated interest rate per annum (percent)	7.60%
Weighted Average \| RVC
Accounts, Notes, Loans and Financing Receivable
Loans receivable, average stated interest rate per annum (percent)	5.00%

Equity Incentive Awards - Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Compensation expense related to incentive plans		$ 7,252	$ 6,702	$ 14,711
Accelerated share-based compensation expense	$ 6,300

Summary of Significant Accounting Policies - Property Plant and Equipment (Details)	Dec. 31, 2025
Furniture, Fixture and Equipment
Property, Plant and Equipment
Useful Lives (in years)	5 years
Minimum \| Land and Building Improvements
Property, Plant and Equipment
Useful Lives (in years)	10 years
Minimum \| Manufactured Homes
Property, Plant and Equipment
Useful Lives (in years)	10 years
Maximum \| Land and Building Improvements
Property, Plant and Equipment
Useful Lives (in years)	30 years
Maximum \| Manufactured Homes
Property, Plant and Equipment
Useful Lives (in years)	25 years

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment

Depreciation is computed on a straight-line basis based on the estimated useful lives of the associated real estate assets.


						Useful Lives (in years)
Land and Building Improvements						10-30
Manufactured Homes						10-25
Furniture, Fixture and Equipment						5
In-place leases						Expected term
Above and below-market leases						Applicable lease term

Schedule of Allowance for Credit Loss

Our allowance for credit losses was as follows:


	December 31,
(amounts in thousands):	2025		2024
Balance, beginning of year	$	23,576	$	19,475

Provision for losses	7,065		5,865
Write-offs	(10,577)		(1,764)
Balance, end of year	$	20,064	$	23,576

Schedule of Tax Treatment Of Dividends And Distributions Table

Our tax treatment of common stock distributions was as follows:


	For the Years Ended December 31,
	2025		2024		2023
Tax status of common stock distributions deemed paid during the year:
Ordinary income	$	1.876	$	1.801	$	1.649
Long-term capital gains	0.010		—		0.005
Non-dividend distributions	0.078		0.109		0.141
Distributions declared per common stock outstanding	$	1.964	$	1.910	$	1.795

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Lessor

Rental income derived from customers renting our Sites is recognized over the term of the respective operating lease or the length of a customer’s stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our communities.

The leases entered into between the customer and us for a rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Cancelable, long-term leases are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into cancelable, long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements.

Lessee

We lease land under non-cancelable operating leases at 14 Properties expiring at various dates between 2028 and 2056. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space, expiring at various dates through 2033. For the years ended December 31, 2025, 2024 and 2023, total operating lease payments were $7.1 million, $4.5 million and $6.5 million, respectively.

The following table presents the operating lease payments in which we are the lessee:


	For the Years Ended December 31,
(amounts in thousands)	2025		2024		2023
Fixed lease cost:
Ground leases	$	708	$	643	$	671
Office and other leases	4,203		3,795		3,836
Variable lease cost:
Ground leases	2,235		59		1,969

Total lease cost	$	7,146	$	4,497	$	6,476


(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2026	$	686	$	3,813	$	4,499
2027	691		3,811		4,502
2028	687		3,369		4,056
2029	629		3,123		3,752
2030	595		2,869		3,464
Thereafter	2,540		5,043		7,583
Total undiscounted rental payments	5,828		22,028		27,856
Less imputed interest	(1,295)		(2,597)		(3,892)
Total lease liabilities	$	4,533	$	19,431	$	23,964

Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $20.8 million and $24.0 million, respectively, as of December 31, 2025. The weighted average remaining lease term for our operating leases was seven years, and the weighted average incremental borrowing rate was 4.1% at December 31, 2025.

ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $23.9 million and $27.1 million, respectively, as of December 31, 2024. The weighted average remaining lease term for our operating leases was eight years, and the weighted average incremental borrowing rate was 4.1% at December 31, 2024.

Leases

Lessor

Lessee

The following table presents the operating lease payments in which we are the lessee:


	For the Years Ended December 31,
(amounts in thousands)	2025		2024		2023
Fixed lease cost:
Ground leases	$	708	$	643	$	671
Office and other leases	4,203		3,795		3,836
Variable lease cost:
Ground leases	2,235		59		1,969

Total lease cost	$	7,146	$	4,497	$	6,476


(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2026	$	686	$	3,813	$	4,499
2027	691		3,811		4,502
2028	687		3,369		4,056
2029	629		3,123		3,752
2030	595		2,869		3,464
Thereafter	2,540		5,043		7,583
Total undiscounted rental payments	5,828		22,028		27,856
Less imputed interest	(1,295)		(2,597)		(3,892)
Total lease liabilities	$	4,533	$	19,431	$	23,964

Notes Receivable, net

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Notes Receivable, net

Notes receivable generally are presented at their outstanding unpaid principal balances, net of any allowances and unamortized discounts or premiums. Interest income is accrued on the unpaid principal balance. Discounts or premiums are amortized to income using the interest method.

Contracts receivable represents financing for non-refundable upfront payments required for membership upgrades. Chattel loans represents purchases of loans made by an unaffiliated lender to finance the sales of homes to our customers at our Properties.

The following table summarizes our notes receivable and related accrued interest, net of allowance (amounts in thousands):


	As of December 31,				As December 31, 2025
	2025		2024		Weighted Average Interest Rate	Weighted Average Remaining Term
Contracts receivable	$	29,568	$	42,255	11.9%	3.8 years
Chattel loans	$	7,428	$	8,471	7.6%	11.1 years
RVC loan	$	56,362	$	—	5.0%	0.5 years
Notes Receivable, net	$	93,358	$	50,726

Deferred Revenue of Membership Upgrade Sales and Deferred Commission Expense (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Change in Deferred Revenue and Deferred Commissions

The components of the change in Deferred revenue from membership upgrades and Deferred commission expense were as follows:


	As of December 31,
(amounts in thousands)	2025		2024
Deferred revenue, beginning	$	218,164	$	206,625
Deferred membership upgrade revenue	6,743		27,529
Revenue recognized from membership upgrades	(13,736)		(16,433)
Net increase (decrease) in deferred revenue	(6,993)		11,096
Deferred revenue, ending (1)	$	211,171	$	217,721

Deferred commission expense, beginning	$	56,516	$	53,641
Deferred commission expense	6,602		7,452
Commission expense recognized	(4,969)		(4,577)
Net increase in deferred commission expense	1,633		2,875
Deferred commission expense, ending	$	58,149	$	56,516

_____________________

(1)Included in Deferred membership revenue on the Consolidated Balance Sheets.

Savings Plan (Details) - USD ($) $ in Millions	12 Months Ended
Savings Plan (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
401(k) plan, deferral of eligible compensation, pre-tax basis (percent)	60.00%
401(k) plan, employer matching percentage for the first 3% of participants' contribution (percent)	100.00%
401(k) plan, employer matching percentage for the second 20% of participants' contribution (percent)	3.00%
401(k) plan, employer matching percentage for the second 2% of participants' contribution (percent)	50.00%
401(k) plan, employer matching percentage for the next 50% of participants' contribution (percent)	2.00%
401(k) plan, maximum employer matching contribution (percent)	4.00%
401(k) plan, total contributions	$ 3.1	$ 3.2	$ 2.8

Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments (Details) - Designated as Hedging Instrument - Interest Rate Swaps - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative
Other assets, net	$ 0	$ 2,303
Accounts payable and other liabilities	$ 2,208	$ 0

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-7A

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-22

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-21

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-20

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-15

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-12

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477439/946-210-55-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 32: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-7A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-22

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-21

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-20

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-15

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities

Cash Flow Hedges of Interest Rate Risk

We record all derivatives at fair value. Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The changes in the fair value of the designated derivative that qualify as a cash flow hedge are recorded in Accumulated other comprehensive income/(loss) on the Consolidated Balance Sheets and subsequently reclassified into earnings on the Consolidated Statements of Income and Comprehensive Income in the period that the hedged forecasted transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made. Proceeds or payments from premiums and periodic settlements of derivative instruments are classified in the same section of the Company’s Consolidated Statements of Cash Flows as the underlying hedged item.

The following table presents the terms of our derivative financial instruments (notional amounts in thousands):

As of December 31, 2025

Interest Rate Derivatives

Number of Instruments

Notional Amount

Weighted Average Interest Rate

Index

Weighted Average Remaining Term (Years)

Interest rate swaps

$440,000

4.81%

SOFR

2.9

As of December 31, 2024

Interest Rate Derivatives

Number of Instruments

Notional Amount

Weighted Average Interest Rate

Index

Weighted Average Remaining Term (Years)

Interest rate swaps

$200,000

4.88%

SOFR

2.1

On October 3, 2024, we terminated interest rate swap agreements with an aggregate loss of $4.4 million. The Company determined that it was probable the hedge forecasted transactions would not occur during the original periods, and therefore, the $4.4 million of losses in Accumulated other comprehensive income/(loss) was reclassified to Early debt retirement in the Consolidated Statements of Income and Comprehensive Income in our Annual Report on Form 10-K for the year ended December 31, 2024.

Our derivative financial instruments are classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our derivative financial instruments:


		As of December 31,
(amounts in thousands)	Balance Sheet Location	2025		2024
Interest rate swaps	Other assets, net	$	—	$	2,303
Interest rate swaps	Accounts payable and other liabilities	$	2,208	$	—


The following table presents the amount of (gain)/loss recognized in Other comprehensive income/(loss) on derivatives on the Consolidated Statements of Income and Comprehensive Income (in thousands):

		For the Years ended December 31,
Derivatives in Cash Flow Hedging Relationship		2025		2024		2023
Interest rate swaps		$	1,620	$	(5,877)	$	(5,039)

The following table presents the amount of (gain)/loss reclassified from Accumulated other comprehensive income/(loss) into income on the Consolidated Statements of Income and Comprehensive Income (in thousands):

Derivatives in Cash Flow Hedging Relationship	Location of (gain)/ loss reclassified from Accumulated OCI into income	For the Years ended December 31,
		2025		2024		2023
Interest rate swaps	Interest expense	$	(2,891)	$	(14,022)	$	(18,097)
	Early debt retirement	$	—	$	4,387	$	—

During the next twelve months, we estimate that $0.8 million will be reclassified as an increase to interest expense. This estimate may be subject to change as the underlying SOFR changes. We determined that no adjustment was necessary for non-performance risk on our derivative obligations. As of December 31, 2025, we had not posted any collateral related to the interest rate swaps.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 185
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-185

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 184
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-184

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 181
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-181

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 15
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480960/815-15-50-3

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 183
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-183

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4I

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4F
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4F

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

Summary of Significant Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of year	$ 23,576	$ 19,475
Provision for losses	7,065	5,865
Write-offs	(10,577)	(1,764)
Balance, end of year	$ 20,064	$ 23,576

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Chicago, Illinois

Savings Plan	12 Months Ended
Savings Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
Savings Plan	Savings Plan We maintain a qualified retirement plan under which eligible employees may defer compensation for income tax purposes under Section 401(k) of the Internal Revenue Code (the “401K Plan”). The 401K Plan permits eligible employees and those of any Subsidiary to defer up to 60.0% of their compensation on a pre-tax basis subject to certain limits. In addition, we match 100.0% of their contribution up to the first 3.0% and then 50.0% of the next 2.0% for a maximum potential match of 4.0%. Both employee contributions and our matching contributions vest immediately. Our contribution to the 401K Plan was approximately $3.1 million, $3.2 million and $2.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Share-Based Payment Arrangement [Abstract]

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Subsequent Events (Details) - $ / shares		3 Months Ended													12 Months Ended
Subsequent Events (Details) - $ / shares	Jan. 28, 2026	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025
Subsequent Event
Quarterly distribution for tax purposes (usd per share)			$ 0.5150	$ 0.5150	$ 0.5150	$ 0.5150	$ 0.4775	$ 0.4775	$ 0.4775	$ 0.4775	$ 0.4475	$ 0.4475	$ 0.4475	$ 0.4475	$ 2.06
Subsequent Event
Subsequent Event
Quarterly distribution for tax purposes (usd per share)		$ 0.096655
Annual dividend rate (usd per share)	$ 2.17
Increase in common stock (usd per share)	$ 0.11

Equity Incentive Awards (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Grant Date Fair Value

The table below presents shares issued by the Company under the 2014 Plan and the 2024 Plan (grant date fair value amounts in thousands):


Plan	Grant Date	Time-Based Awards	Performance Based Awards	Total Awards	Exercise Price		Grant Date Fair Value
2014 Equity Incentive Plan	February 6, 2024	45,187	45,191	90,378	$	67.05	$	4,040
2024 Equity Incentive Plan	May 1, 2024	16,626	—	16,626	$	60.29	$	1,002
2024 Equity Incentive Plan	February 4, 2025	49,881	49,884	99,765	$	64.97	$	4,372
2024 Equity Incentive Plan	April 29, 2025	18,227	—	18,227	$	63.79	$	1,163

Summary of Restricted Stock Activities and Related Information

A summary of our restricted stock activities and related information is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2022	266,382	$69.24
Granted	143,275	$56.63
Forfeited/Cancelled	—	$—
Vested	(228,478)	$72.25
Balance at December 31, 2023	181,179	$55.84
Granted	107,004	$66.00
Forfeited/Cancelled	(9,780)	$69.95
Vested	(99,462)	$70.11
Balance at December 31, 2024	178,941	$69.51
Granted	117,992	$64.79
Forfeited/Cancelled	—	$—
Vested	(95,241)	$70.38
Balance at December 31, 2025	201,692	$66.34

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of stock options granted was estimated on the grant date using the Black-Scholes-Merton model. The following table includes the assumptions made in the valuation:


	2025	2024
Dividend Yield	3.3%	3.1%
Risk-Free Interest Rate	3.9%	4.6%
Expected Life	6.0 years	5.8 years
Expected Volatility	28.6%	28.7%
Weighted Average Grant Date Fair Value Per Share	$15.06	$15.28

Summary of Stock Option Activity

A summary of our stock option activity and related information is as follows:


	Shares Subject To Options	Weighted Average Exercise Price Per Share	Weighted Average Outstanding Contractual Life (in years)	Average Intrinsic Value (in thousands)
Balance at December 31, 2022	80,985	$54.94	6.2	$994
Options issued	8,450	$68.01
Balance at December 31, 2023	89,435	$56.18	5.6	$1,351
Options issued	29,855	$60.29
Balance at December 31, 2024	119,290	$57.21	5.8	$1,265
Options issued	15,680	$63.79
Options exercised	(41,500)	$40.65		$1,126
Balance at December 31, 2025	93,470	$65.66	7.1	$10
Exercisable at December 31, 2025	62,720	$67.42	6.2	$5

Schedule of Share-Based Compensation

The table below provides the amount of stock-based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income:


	For the Years Ended December 31,
(amount in thousands)	2025		2024		2023 (1)
Stock-Based Compensation Expense	$	7,252	$	6,702	$	14,711

_____________________

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Rental income	$ 1,282,532	$ 1,233,252	$ 1,178,959
Other income	62,794	75,354	67,407
Total revenues	1,531,382	1,526,166	1,489,423
Expenses:
Real estate taxes	85,148	81,966	77,993
Membership sales and marketing	16,069	22,063	20,974
Annual membership subscriptions
Revenues:
Contract revenue	69,266	65,883	65,379
Membership upgrade revenue
Revenues:
Contract revenue	12,412	16,433	14,719
Property management
Expenses:
Cost of ancillary services	80,784	78,114	76,170
Operating Segments
Revenues:
Other income	62,794	75,354
Total revenues	1,513,038	1,508,654	1,471,683
Expenses:
Total expenses	762,260	774,996	780,170
NOI	750,778	733,658	691,513
Operating Segments \| Core Property Operations
Revenues:
Rental income	1,268,243	1,219,534	1,164,333
Other income			67,407
Total revenues	1,456,083	1,422,422	1,361,792
Expenses:
Utility expense	164,397	159,058	155,160
Payroll	120,715	120,204	120,310
Repairs & maintenance	99,178	93,997	94,424
Insurance and other	103,914	101,510	94,618
Real estate taxes	85,148	81,966	77,993
Membership sales and marketing	16,069	22,063	20,974
Ancillary operating expenses	20,648	21,401	21,551
Total expenses	711,640	701,838	685,392
NOI	744,443	720,584	676,400
Operating Segments \| Core Property Operations \| Annual membership subscriptions
Revenues:
Contract revenue	69,266	65,883	65,379
Operating Segments \| Core Property Operations \| Membership upgrade revenue
Revenues:
Contract revenue	12,412	16,433	14,719
Operating Segments \| Core Property Operations \| Gross revenues from ancillary services
Revenues:
Contract revenue	43,368	45,218	49,954
Expenses:
Cost of ancillary services	20,787	23,525	24,192
Operating Segments \| Core Property Operations \| Property management
Expenses:
Cost of ancillary services	80,784	78,114	76,170
Operating Segments \| Home Sales and Rentals Operations
Revenues:
Rental income	14,289	13,718	14,626
Total revenues	56,955	86,232	109,891
Expenses:
Rental home operating and maintenance	5,208	5,669	5,400
Home selling expenses	5,864	6,243	5,902
Total expenses	50,620	73,158	94,778
NOI	6,335	13,074	15,113
Operating Segments \| Home Sales and Rentals Operations \| Home sales and brokered resales
Revenues:
Contract revenue	42,666	72,514	95,265
Expenses:
Cost of ancillary services	$ 39,548	$ 61,246	$ 83,476

Derivative Instruments and Hedging Activities - Additional Information (Details) - Interest Rate Swaps - Cash Flow Hedging - USD ($) $ in Millions	Oct. 03, 2024	Dec. 31, 2025
Derivative
Interest expense	$ 4.4
Estimated accumulated other comprehensive income (loss) expected to be reclassified to expenses		$ 0.8

Equity Incentive Awards - Grant Date Fair Value (Details) - USD ($) $ / shares in Units, $ in Thousands						12 Months Ended
	Apr. 29, 2025	Feb. 07, 2025	May 01, 2024	Feb. 07, 2024	Feb. 06, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
2014 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Exercise Price (usd per share)				$ 67.05
Performance Based Awards (in shares)				90,378
2024 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Exercise Price (usd per share)	$ 63.79	$ 64.97	$ 60.29
Performance Based Awards (in shares)	18,227	99,765	16,626
Performance Shares \| 2014 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Grant date fair value				$ 4,040
Performance Based Awards (in shares)				45,191	45,191
Performance Shares \| 2024 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Grant date fair value	$ 1,163	$ 4,372	$ 1,002		$ 1,000
Performance Based Awards (in shares)	0	49,884	0			47,506
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Performance Based Awards (in shares)						117,992	107,004	143,275
Restricted Stock \| 2014 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Grant date fair value					$ 3,000
Performance Based Awards (in shares)				45,187	45,187
Restricted Stock \| 2024 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Grant date fair value						$ 3,200
Performance Based Awards (in shares)	18,227	49,881	16,626			47,503

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Derivative Instruments

The following table presents the terms of our derivative financial instruments (notional amounts in thousands):

As of December 31, 2025

Interest Rate Derivatives

Number of Instruments

Notional Amount

Weighted Average Interest Rate

Index

Weighted Average Remaining Term (Years)

Interest rate swaps

$440,000

4.81%

SOFR

2.9

As of December 31, 2024

Interest Rate Derivatives

Number of Instruments

Notional Amount

Weighted Average Interest Rate

Index

Weighted Average Remaining Term (Years)

Interest rate swaps

$200,000

4.88%

SOFR

2.1

Schedule of Fair Value of Derivative Financial Instruments

Our derivative financial instruments are classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our derivative financial instruments:


		As of December 31,
(amounts in thousands)	Balance Sheet Location	2025		2024
Interest rate swaps	Other assets, net	$	—	$	2,303
Interest rate swaps	Accounts payable and other liabilities	$	2,208	$	—

Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations


The following table presents the amount of (gain)/loss recognized in Other comprehensive income/(loss) on derivatives on the Consolidated Statements of Income and Comprehensive Income (in thousands):

		For the Years ended December 31,
Derivatives in Cash Flow Hedging Relationship		2025		2024		2023
Interest rate swaps		$	1,620	$	(5,877)	$	(5,039)

The following table presents the amount of (gain)/loss reclassified from Accumulated other comprehensive income/(loss) into income on the Consolidated Statements of Income and Comprehensive Income (in thousands):

Derivatives in Cash Flow Hedging Relationship	Location of (gain)/ loss reclassified from Accumulated OCI into income	For the Years ended December 31,
		2025		2024		2023
Interest rate swaps	Interest expense	$	(2,891)	$	(14,022)	$	(18,097)
	Early debt retirement	$	—	$	4,387	$	—

Reportable Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Reportable Segments

Operating segments are defined as components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”). We have identified two reportable segments: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the total portfolio from regional economic influences.

The CODM, who is our Vice Chairman and Chief Executive Officer, uses Net Operating Income (“NOI”) as the primary financial measure to evaluate segment performance. NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income and depreciation and amortization. The CODM regularly uses NOI predominately in comparing current financial performance with past financial performance, identifying business trends, and forecasting future periods in making resource allocation decisions and managing expenses to maximize value for the Company and its shareholders.

All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the years ended December 31, 2025, 2024 and 2023.

The following tables summarize our segment financial information:


	For the Year Ended December 31, 2025
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	1,456,083		56,955		1,513,038
Operations expenses	(711,640)		(50,620)		(762,260)
NOI	744,443		6,335		750,778
Reconciliation to consolidated net income:
Depreciation and amortization					(208,895)
Gain/(Loss) on sale of real estate and impairment, net					919
Interest income					9,572
Income from other investments, net					8,772
General and administrative					(37,510)
Casualty-related charges/(recoveries), net					4,487
Other expenses					(4,850)
Interest and related amortization					(131,005)
Income tax benefit					3,273
Equity in income of unconsolidated joint ventures					6,520

Consolidated net income					$	402,061

Total assets	$	5,466,181	$	279,212	$	5,745,393
Capital improvements	$	219,613	$	17,478	$	237,091


	For the Year Ended December 31, 2024
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	1,422,422		86,232		1,508,654
Operations expenses	(701,838)		(73,158)		(774,996)
NOI	720,584		13,074		733,658
Reconciliation to consolidated net income:
Depreciation and amortization					(203,879)
Gain/(Loss) on sale of real estate and impairment, net					(2,466)
Interest income					9,238
Income from other investments, net					8,274
General and administrative					(38,483)
Casualty-related charges/(recoveries), net					20,950
Other expenses					(5,533)
Interest and related amortization					(137,710)
Income tax benefit					354
Equity in income of unconsolidated joint ventures					6,248
Early debt retirement					(5,833)
Consolidated net income					$	384,818

Total assets	$	5,402,509	$	243,143	$	5,645,652
Capital improvements	$	227,942	$	13,337	$	241,279


	For the Year Ended December 31, 2023
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	1,361,792		109,891		1,471,683
Operations expenses	(685,392)		(94,778)		(780,170)
NOI	676,400		15,113		691,513
Reconciliation to consolidated net income:
Depreciation and amortization					(203,738)
Gain/(Loss) on sale of real estate and impairment, net					(3,581)
Interest income					9,037
Income from other investments, net					8,703
General and administrative					(47,280)
Other expenses					(5,768)
Interest and related amortization					(132,342)
Income tax benefit					10,488
Equity in income of unconsolidated joint ventures					2,713
Early debt retirement					(68)
Consolidated net income					329,677

Total assets	5,342,386		$	271,347	$	5,613,733
Capital Improvements	$	290,081	$	27,005	$	317,086

The following table summarizes our financial information for the Property Operations segment:


	For the Years Ended December 31,
(amounts in thousands)	2025		2024		2023
Revenues:
Rental income	$	1,268,243	$	1,219,534	$	1,164,333
Annual membership subscriptions	69,266		65,883		65,379
Membership upgrade revenue	12,412		16,433		14,719
Other income	62,794		75,354		67,407
Gross revenues from ancillary services	43,368		45,218		49,954
Total property operations revenues	1,456,083		1,422,422		1,361,792
Expenses:
Utility expense	164,397		159,058		155,160
Payroll	120,715		120,204		120,310
Repairs & maintenance	99,178		93,997		94,424
Insurance and other	103,914		101,510		94,618
Real estate taxes	85,148		81,966		77,993
Membership sales and marketing	16,069		22,063		20,974
Cost of ancillary services	20,787		23,525		24,192
Ancillary operating expenses	20,648		21,401		21,551
Property management	80,784		78,114		76,170
Total property operations expenses	711,640		701,838		685,392
NOI	$	744,443	$	720,584	$	676,400

The following table summarizes our financial information for the Home Sales and Rentals Operations segment:


	For the Years Ended December 31,
(amounts in thousands)	2025		2024		2023
Revenues:
Rental income (1)	$	14,289	$	13,718	$	14,626
Gross revenue from home sales and brokered resales	42,666		72,514		95,265

Total revenues	56,955		86,232		109,891
Expenses:
Cost of home sales and brokered resales	39,548		61,246		83,476
Home selling expenses	5,864		6,243		5,902
Rental home operating and maintenance	5,208		5,669		5,400
Total expenses	50,620		73,158		94,778
NOI	$	6,335	$	13,074	$	15,113

_____________________

(1) Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Schedule of Net of Allowance and Unamortized Discounts or Premiums

Leases - Summary of Minimum Future Operating Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Lease Liabilities, Payments Due
2026	$ 4,499
2027	4,502
2028	4,056
2029	3,752
2030	3,464
Thereafter	7,583
Total undiscounted rental payments	27,856
Less imputed interest	(3,892)
Total lease liabilities	23,964	$ 27,100
Ground Leases
Operating Lease Liabilities, Payments Due
2026	686
2027	691
2028	687
2029	629
2030	595
Thereafter	2,540
Total undiscounted rental payments	5,828
Less imputed interest	(1,295)
Total lease liabilities	4,533
Office and Other Leases
Operating Lease Liabilities, Payments Due
2026	3,813
2027	3,811
2028	3,369
2029	3,123
2030	2,869
Thereafter	5,043
Total undiscounted rental payments	22,028
Less imputed interest	(2,597)
Total lease liabilities	$ 19,431

Notes Receivable, net (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

The following table summarizes our notes receivable and related accrued interest, net of allowance (amounts in thousands):


	As of December 31,				As December 31, 2025
	2025		2024		Weighted Average Interest Rate	Weighted Average Remaining Term
Contracts receivable	$	29,568	$	42,255	11.9%	3.8 years
Chattel loans	$	7,428	$	8,471	7.6%	11.1 years
RVC loan	$	56,362	$	—	5.0%	0.5 years
Notes Receivable, net	$	93,358	$	50,726

Equity Incentive Awards - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares Subject To Options
Beginning balance (in shares)	119,290	89,435	80,985
Options issued (in shares)	15,680	29,855	8,450
Options exercised (in shares)	(41,500)
Ending balance (in shares)	93,470	119,290	89,435	80,985
Exercisable, period end (in shares)	62,720
Weighted Average Exercise Price Per Share
Beginning balance (usd per share)	$ 57.21	$ 56.18	$ 54.94
Options issued (usd per share)	63.79	60.29	68.01
Options exercised (usd per share)	40.65
Ending balance (usd per share)	65.66	$ 57.21	$ 56.18	$ 54.94
Exercisable, period end (usd per share)	$ 67.42
Weighted Average Outstanding Contractual Life (in years)
Weighted Average Remaining Term (Years)	7 years 1 month 6 days	5 years 9 months 18 days	5 years 7 months 6 days	6 years 2 months 12 days
Exercisable, period end (in years)	6 years 2 months 12 days
Average Intrinsic Value (in millions)
Beginning and ending balance	$ 10	$ 1,265	$ 1,351	$ 994
Options exercised	1,126
Exercisable, period end	$ 5

Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Summary of Segment Financial Information

The following tables summarize our segment financial information:


	For the Year Ended December 31, 2025
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	1,456,083		56,955		1,513,038
Operations expenses	(711,640)		(50,620)		(762,260)
NOI	744,443		6,335		750,778
Reconciliation to consolidated net income:
Depreciation and amortization					(208,895)
Gain/(Loss) on sale of real estate and impairment, net					919
Interest income					9,572
Income from other investments, net					8,772
General and administrative					(37,510)
Casualty-related charges/(recoveries), net					4,487
Other expenses					(4,850)
Interest and related amortization					(131,005)
Income tax benefit					3,273
Equity in income of unconsolidated joint ventures					6,520

Consolidated net income					$	402,061

Total assets	$	5,466,181	$	279,212	$	5,745,393
Capital improvements	$	219,613	$	17,478	$	237,091


	For the Year Ended December 31, 2024
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	1,422,422		86,232		1,508,654
Operations expenses	(701,838)		(73,158)		(774,996)
NOI	720,584		13,074		733,658
Reconciliation to consolidated net income:
Depreciation and amortization					(203,879)
Gain/(Loss) on sale of real estate and impairment, net					(2,466)
Interest income					9,238
Income from other investments, net					8,274
General and administrative					(38,483)
Casualty-related charges/(recoveries), net					20,950
Other expenses					(5,533)
Interest and related amortization					(137,710)
Income tax benefit					354
Equity in income of unconsolidated joint ventures					6,248
Early debt retirement					(5,833)
Consolidated net income					$	384,818

Total assets	$	5,402,509	$	243,143	$	5,645,652
Capital improvements	$	227,942	$	13,337	$	241,279


	For the Year Ended December 31, 2023
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	1,361,792		109,891		1,471,683
Operations expenses	(685,392)		(94,778)		(780,170)
NOI	676,400		15,113		691,513
Reconciliation to consolidated net income:
Depreciation and amortization					(203,738)
Gain/(Loss) on sale of real estate and impairment, net					(3,581)
Interest income					9,037
Income from other investments, net					8,703
General and administrative					(47,280)
Other expenses					(5,768)
Interest and related amortization					(132,342)
Income tax benefit					10,488
Equity in income of unconsolidated joint ventures					2,713
Early debt retirement					(68)
Consolidated net income					329,677

Total assets	5,342,386		$	271,347	$	5,613,733
Capital Improvements	$	290,081	$	27,005	$	317,086

Summary of Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment:


	For the Years Ended December 31,
(amounts in thousands)	2025		2024		2023
Revenues:
Rental income	$	1,268,243	$	1,219,534	$	1,164,333
Annual membership subscriptions	69,266		65,883		65,379
Membership upgrade revenue	12,412		16,433		14,719
Other income	62,794		75,354		67,407
Gross revenues from ancillary services	43,368		45,218		49,954
Total property operations revenues	1,456,083		1,422,422		1,361,792
Expenses:
Utility expense	164,397		159,058		155,160
Payroll	120,715		120,204		120,310
Repairs & maintenance	99,178		93,997		94,424
Insurance and other	103,914		101,510		94,618
Real estate taxes	85,148		81,966		77,993
Membership sales and marketing	16,069		22,063		20,974
Cost of ancillary services	20,787		23,525		24,192
Ancillary operating expenses	20,648		21,401		21,551
Property management	80,784		78,114		76,170
Total property operations expenses	711,640		701,838		685,392
NOI	$	744,443	$	720,584	$	676,400

The following table summarizes our financial information for the Home Sales and Rentals Operations segment:


	For the Years Ended December 31,
(amounts in thousands)	2025		2024		2023
Revenues:
Rental income (1)	$	14,289	$	13,718	$	14,626
Gross revenue from home sales and brokered resales	42,666		72,514		95,265

Total revenues	56,955		86,232		109,891
Expenses:
Cost of home sales and brokered resales	39,548		61,246		83,476
Home selling expenses	5,864		6,243		5,902
Rental home operating and maintenance	5,208		5,669		5,400
Total expenses	50,620		73,158		94,778
NOI	$	6,335	$	13,074	$	15,113

_____________________

(1) Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations

Common Stock and Other Equity Related Transactions - Common Stock, OP Units, and Distributions (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Common Stock Outstanding [Roll Forward]
Shares outstanding at January 1, (in shares)	191,056,527	186,426,281	186,120,298
Common stock issued through the ATM Equity Offering Program and its predecessor (in shares)	0	4,534,108	0
Common stock issued through conversion of OP Units (in shares)	2,655,199	750	160,911
Common stock issued through exercise of options (in shares)	41,500
Common stock issued through restricted stock grants (in shares)	117,992	107,004	143,275
Common stock forfeitures (in shares)	0	(9,780)	0
Common stock issued through ESPP and Dividend Reinvestment Plan (in shares)	23,839	26,765	30,205
Common stock repurchased and retired (in shares)	(34,607)	(28,601)	(28,408)
Shares outstanding at December 31, (in shares)	193,835,561	191,056,527	186,426,281
Common Stock
Common Stock Outstanding [Roll Forward]
Common stock issued through exercise of options (in shares)	16,611	0	0

Borrowing Arrangements - Additional Information (Details)				12 Months Ended
	Oct. 03, 2024 USD ($)	Jul. 18, 2024 extension	Mar. 01, 2023	Dec. 31, 2025 USD ($) loan community	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Debt Instrument
Principal payments and mortgage debt repayment				$ 151,822,000	$ 64,460,000	$ 164,583,000
Line of Credit \| Revolving Credit Facility
Debt Instrument
Effective Interest Rate					5.65%
Line of credit facility, maximum borrowing capacity				500,000,000
Option to increase borrowing capacity				$ 200,000,000
Variable rate basis adjustment (percent)			0.10%	0.10%
Number of extension periods (extension) \| extension		2
Extension period (months)		6 months
Line of Credit \| Revolving Credit Facility \| Minimum
Debt Instrument
Variable rate (percent)			1.25%	1.25%
Annual facility fee (percent)			0.20%
Line of Credit \| Revolving Credit Facility \| Maximum
Debt Instrument
Variable rate (percent)			1.65%	1.65%
Annual facility fee (percent)			0.35%
Mortgage notes payable
Debt Instrument
Effective Interest Rate				3.77%	3.77%
Mortgage notes payable \| Secured Debt
Debt Instrument
Principal payments and mortgage debt repayment				$ 86,900,000
Number of loans \| loan				8
Effective Interest Rate				3.45%
Mortgage notes payable \| Secured Debt \| R V Resort
Debt Instrument
Number of pledged properties \| community				4
Mortgage notes payable \| Secured Debt \| M H Resorts
Debt Instrument
Number of pledged properties \| community				4
Senior Unsecured Term Loan \| Unsecured Debt
Debt Instrument
Face amount				$ 300,000,000			$ 300,000,000
Repayments of debt	$ 300,000,000

Investment in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures

The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands):


	Investment as of
Investment	December 31, 2025		December 31, 2024
RVC (a)	$	56,638	$	61,505
Other (b)	28,403		22,267
	$	85,041	$	83,772


					Income/(Loss) for the Years Ended December 31, (d)
Investment	Location	Number of Sites	Economic Interest (c)		2025		2024		2023
RVC (a)	Various	1,489	80	%	(2,952)		(1,630)		(585)
Other (b)	Various	2,414	49% to 65%		9,472		7,878		3,298
		3,903			$	6,520	$	6,248	$	2,713

_____________________

(a)Includes three joint ventures which include eight operating RV communities and one RV property under development.

(b)Includes various other joint ventures

(c)The percentages shown approximate our economic interest as of December 31, 2025. Our legal ownership interest may differ. We do not exercise control over these entities.

(d)Net of depreciation expense of $5.7 million, $4.8 million and $4.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Approximately $10.8 million, $7.4 million and $2.3 million of the distributions made to us exceeded our investment basis in joint ventures, and as such, were recorded as income from unconsolidated joint ventures for the years ended December 31, 2025, 2024 and 2023, respectively.

During the year ended December 31, 2025, we made a $56.1 million term loan to RVC, which is presented within Notes receivable, net on the Consolidated Balance Sheets. The joint venture used the proceeds to repay its senior secured loan at maturity on June 17, 2025. The term loan has an interest rate of SOFR plus 1.35% to 1.75%, matures on June 17, 2026 and has an option to extend the maturity date by one year subject to our approval. As of December 31, 2025, the note receivable balance is $56.1 million.

Common Stock and Other Equity Related Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 10, 2016	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Nov. 01, 2024	Feb. 28, 2024
Class of Stock
Common stock, par value (usd per share)		$ 0.01	$ 0.01
ESPP, purchase price discount (percent)	85.00%
ESPP, issued during the period (in shares)		21,695	25,918	29,428
ESPP, shares remaining for distribution (in shares)		596,966
Units of partnership interest (in shares)		6,448,705	9,103,904	9,104,654
Share based payment award repurchased shares for taxes (usd per share)		$ 65.25	$ 66.72	$ 68.02
Percentage of ownership interests (percent)		96.80%	95.50%	95.30%
Private Placement
Class of Stock
Common stock, par value (usd per share)					$ 0.01
Aggregate offering price		$ 700,000			$ 700,000	$ 500,000
February At-The-Market ("ATM") Offering Program
Class of Stock
Common stock sold (in shares)			4,500,000
Sale of stock, price (in usd per share)			$ 70.00
Aggregate offering price (up to)		$ 185,000
Common OP Unitholders
Class of Stock
Ownership percentage by noncontrolling owners (percent)		3.20%	4.50%	4.70%
Maximum
Class of Stock
ESPP authorized amount	$ 250

Reportable Segments - Additional Information (Details)	12 Months Ended
Reportable Segments - Additional Information (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Deferred Revenue-entry of Membership Upgrade Sales and Deferred Commission Expense

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Deferred Revenue of Membership Upgrade Sales and Deferred Commission Expense

Deferred Revenue from Membership Upgrades and Deferred Commission Expense

The components of the change in Deferred revenue from membership upgrades and Deferred commission expense were as follows:


	As of December 31,
(amounts in thousands)	2025		2024
Deferred revenue, beginning	$	218,164	$	206,625
Deferred membership upgrade revenue	6,743		27,529
Revenue recognized from membership upgrades	(13,736)		(16,433)
Net increase (decrease) in deferred revenue	(6,993)		11,096
Deferred revenue, ending (1)	$	211,171	$	217,721

Deferred commission expense, beginning	$	56,516	$	53,641
Deferred commission expense	6,602		7,452
Commission expense recognized	(4,969)		(4,577)
Net increase in deferred commission expense	1,633		2,875
Deferred commission expense, ending	$	58,149	$	56,516

_____________________

(1)Included in Deferred membership revenue on the Consolidated Balance Sheets.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Schedule of Stock by Class

Leases - Schedule of Quantitative Disclosures for Lessees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lease Description
Total lease cost	$ 7,146	$ 4,497	$ 6,476
Ground leases
Lease Description
Fixed lease cost	708	643	671
Variable lease cost	2,235	59	1,969
Office and other leases
Lease Description
Fixed lease cost	$ 4,203	$ 3,795	$ 3,836

Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information
Operations revenues	$ 1,531,382	$ 1,526,166	$ 1,489,423
Reconciliation to consolidated net income:
Depreciation and amortization	(208,895)	(203,879)	(203,738)
Income from other investments, net	62,794	75,354	67,407
General and administrative	(37,510)	(38,483)	(47,280)
Casualty-related charges/(recoveries), net	(4,487)	(20,950)	0
Interest and related amortization	(131,005)	(137,710)	(132,342)
Income tax benefit	3,273	354	10,488
Equity in income/(loss) of unconsolidated joint ventures	6,520	6,248	2,713
Early debt retirement	0	(5,833)	(68)
Consolidated net income	402,061	384,818	329,677
Total assets	5,745,393	5,645,652	5,613,733
Capital Improvements	237,091	241,279	317,086
Core Property Operations
Reconciliation to consolidated net income:
Total assets	5,466,181	5,402,509	5,342,386
Capital Improvements	219,613	227,942	290,081
Home Sales and Rentals Operations
Reconciliation to consolidated net income:
Total assets	279,212	243,143	271,347
Capital Improvements	17,478	13,337	27,005
Operating Segments
Segment Reporting Information
Operations revenues	1,513,038	1,508,654	1,471,683
Operations expenses	(762,260)	(774,996)	(780,170)
NOI	750,778	733,658	691,513
Reconciliation to consolidated net income:
Depreciation and amortization	(208,895)	(203,879)	(203,738)
Gain/(Loss) on sale of real estate and impairment, net	919	(2,466)	(3,581)
Income from other investments, net	62,794	75,354
Operating Segments \| Core Property Operations
Segment Reporting Information
Operations revenues	1,456,083	1,422,422	1,361,792
Operations expenses	(711,640)	(701,838)	(685,392)
NOI	744,443	720,584	676,400
Reconciliation to consolidated net income:
Income from other investments, net			67,407
Operating Segments \| Home Sales and Rentals Operations
Segment Reporting Information
Operations revenues	56,955	86,232	109,891
Operations expenses	(50,620)	(73,158)	(94,778)
NOI	6,335	13,074	15,113
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Reconciliation to consolidated net income:
Interest income	9,572	9,238	9,037
Income from other investments, net	8,772	8,274	8,703
General and administrative	(37,510)	(38,483)	(47,280)
Casualty-related charges/(recoveries), net	4,487	20,950
Other expenses	(4,850)	(5,533)	(5,768)
Interest and related amortization	(131,005)	(137,710)	(132,342)
Income tax benefit	3,273	354	10,488
Equity in income/(loss) of unconsolidated joint ventures	$ 6,520	6,248	2,713
Early debt retirement		$ (5,833)	$ (68)

Common Stock and Other Equity Related Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

The following table presents the shares that were issued under our prior ATM equity offering programs:


	For the Years Ended December 31,
(amounts in thousands, except share data)	2025		2024		2023
Shares of common stock sold	—		4,534,108		—
Weighted average price	$	—	$	70.00	$	—
Total gross proceeds	$	—	$	317,387	$	—
Commissions paid to sales agents	$	—	$	3,174	$	—

Schedule of Common Stock Outstanding Roll Forward

The following table presents the changes in our outstanding common stock (excluding OP Units of 6,448,705, 9,103,904 and 9,104,654 outstanding at December 31, 2025, 2024 and 2023, respectively):


	For the Years Ended December 31,
	2025	2024	2023
Shares outstanding at January 1,	191,056,527	186,426,281	186,120,298
Common stock issued through the ATM Equity Offering Program and its predecessor	—	4,534,108	—
Common stock issued through exchange of OP Units	2,655,199	750	160,911
Common stock issued through exercise of options	16,611	—	—
Common stock issued through restricted stock grants	117,992	107,004	143,275
Common stock forfeitures	—	(9,780)	—
Common stock issued through ESPP and Dividend Reinvestment Plan	23,839	26,765	30,205
Common stock repurchased and retired	(34,607)	(28,601)	(28,408)
Shares outstanding at December 31,	193,835,561	191,056,527	186,426,281

Schedule of Dividends Declared

The following regular quarterly distributions have been declared and paid to common stockholders and Common OP Unitholders since January 1, 2023:

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$0.4475

March 31, 2023

April 14, 2023

$0.4475

June 30, 2023

July 14, 2023

$0.4475

September 30, 2023

September 29, 2023

October 13, 2023

$0.4475

December 31, 2023

December 29, 2023

January 12, 2024

$0.4775

March 31, 2024

March 28, 2024

April 12, 2024

$0.4775

June 30, 2024

June 28, 2024

July 12, 2024

$0.4775

September 30, 2024

September 27, 2024

October 11, 2024

$0.4775

December 31, 2024

December 27, 2024

January 10, 2025

$0.5150

March 31, 2025

March 28, 2025

April 11, 2025

$0.5150

June 30, 2025

June 27, 2025

July 11, 2025

$0.5150

September 30, 2025

September 26, 2025

October 10, 2025

$0.5150

December 31, 2025

December 26, 2025

January 9, 2026

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-4

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481142/505-10-45-2

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Summary of Significant Accounting Policies

Schedule III Real Estate and Accumulated Depreciation - Changes in Total Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Carrying amount of real estate investments
Gross real estate, beginning balance	$ 7,915,690	$ 7,706,291	$ 7,369,561
Acquisitions	0	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)
Gross real estate, ending balance	$ 8,178,714	$ 7,915,690	$ 7,706,291

Organization (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Units of partnership interest (in shares)	6,448,705	9,103,904	9,104,654
Operating Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest (percent)	96.80%

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows From Operating Activities:
Consolidated net income	$ 402,061	$ 384,818	$ 329,677
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Loss on sale of real estate and impairment, net	(919)	2,466	3,581
Early debt retirement	0	5,833	68
Depreciation and amortization	213,743	209,398	209,101
Amortization of loan costs	5,140	5,228	4,921
Debt premium amortization	0	0	(62)
Equity in (income)/loss of unconsolidated joint ventures	(6,520)	(6,248)	(2,713)
Distributions of income from unconsolidated joint ventures	395	1,331	1,328
Proceeds from insurance claims, net	(4,016)	(26,753)	37,561
Compensation expense related to incentive plans	7,252	9,372	17,833
Revenue recognized from membership upgrade sales upfront payments	(13,736)	(16,433)	(14,719)
Commission expense related to memberships sales	4,969	4,577	4,211
Deferred income tax benefit	(1,222)	(354)	(10,488)
Changes in assets and liabilities:
Manufactured homes, net	(44,701)	12,463	(31,825)
Notes receivable, net	13,245	(4,591)	(4,646)
Deferred commission expense	(6,602)	(7,452)	(7,411)
Other assets, net	5,783	(4,291)	(1,362)
Accounts payable and other liabilities	(7,704)	212	(25,778)
Deferred membership revenue	5,934	31,148	35,313
Rents and other customer payments received in advance and security deposits	(1,954)	(4,003)	3,415
Net cash provided by operating activities	571,148	596,721	548,005
Cash Flows From Investing Activities:
Real estate acquisitions, net	0	(1,334)	(9,326)
Proceeds from sale properties	2,525	0	0
Investment in unconsolidated joint ventures	(9,689)	(10,343)	(9,275)
Distributions of capital from unconsolidated joint ventures	13,924	15,415	5,625
Proceeds from insurance claims, net	9,358	19,703	5,309
Issuance of notes receivable	(56,110)	0	0
Capital improvements	(237,091)	(241,279)	(317,086)
Net cash used in investing activities	(277,083)	(217,838)	(324,753)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	1,506	1,790	1,984
Gross proceeds from the issuance of common stock	0	317,388	0
Distributions:
Common Stockholders	(387,963)	(350,598)	(326,404)
Common OP Unitholders	(17,026)	(17,117)	(16,156)
Preferred Stockholders	(16)	(16)	(16)
Share based award tax withholding payments	(2,258)	(1,908)	(1,932)
Principal payments and mortgage debt repayment	(151,822)	(64,460)	(164,583)
Mortgage notes payable financing proceeds	0	0	463,753
Term loan proceeds	240,000	0	0
Term loan repayment	0	(300,000)	0
Line of credit repayment	(867,000)	(543,500)	(688,000)
Line of credit proceeds	895,000	589,500	521,000
Debt issuance and defeasance costs	(2,494)	(11,268)	(5,033)
Other	(436)	(4,055)	(275)
Net cash used in financing activities	(292,509)	(384,244)	(215,662)
Net increase (decrease) in cash and restricted cash	1,556	(5,361)	7,590
Cash and restricted cash, beginning of period	24,576	29,937	22,347
Cash and restricted cash, end of period	26,132	24,576	29,937
Supplemental information:
Cash paid for interest, net	129,968	139,975	130,234
Cash paid for the purchase of manufactured homes	77,500	43,467	106,627
Real estate acquisitions:
Investment in real estate	0	(1,334)	(10,057)
Other assets, net	0	0	13
Rents and other customer payments received in advance and security deposits	0	0	718
Real estate acquisitions, net	$ 0	$ (1,334)	$ (9,326)

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting PoliciesBasis of Presentation

The consolidated financial statements present the results of operations, financial position and cash flows of ELS, its majority-owned and controlled subsidiaries and variable interest entities (“VIEs”) in which ELS is the primary beneficiary. Intercompany balances and transactions have been eliminated.

The Operating Partnership meets the criteria as a VIE, where we are the general partner and controlling owner of approximately 96.8%. The limited partners do not have substantive kick-out or participating rights. Our sole significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. Additionally, we have the power to direct the Operating Partnership’s activities and the obligation to absorb its losses or the right to receive its benefits. Accordingly, we are the primary beneficiary, and we have continued to consolidate the Operating Partnership.

Equity method of accounting is applied to entities in which ELS does not have a controlling interest but with respect to which it can exercise significant influence over the operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings.

(b)Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All property and site counts and acreage amounts are unaudited.

(c)Investment in Real Estate

Investment in real estate is recorded at cost less accumulated depreciation. Direct and indirect costs related to real estate improvement projects are capitalized, including salaries and related benefits of employees who are directly responsible for and spend their time on the execution and supervision of such projects. Land improvements consist primarily of improvements such as grading, landscaping and infrastructure items, such as streets, sidewalks or water mains. Improvements to buildings and other depreciable property include clubhouses, laundry facilities, maintenance storage facilities, rental units and furniture, fixtures and equipment.

For development and expansion projects, we capitalize direct project costs, such as construction, architectural and legal, as well as, indirect project costs such as interest, real estate taxes and salaries and related benefits of employees who are directly involved in the project. Capitalization of these costs begins when the activities and related expenditures commence and cease when the project, or a portion of the project, is substantially complete and ready for its intended use.

Depreciation is computed on a straight-line basis based on the estimated useful lives of the associated real estate assets.


						Useful Lives (in years)
Land and Building Improvements						10-30
Manufactured Homes						10-25
Furniture, Fixture and Equipment						5
In-place leases						Expected term
Above and below-market leases						Applicable lease term

Repairs and maintenance are expensed as incurred and are recorded in Property operating and maintenance on the Consolidated Statements of Income and Comprehensive Income.

Long-lived assets to be held and used, including our investment in real estate, are evaluated for impairment indicators quarterly or whenever events or changes in circumstances indicate a possible impairment. Our judgments regarding the

existence of impairment indicators are based on factors such as operational performance, market conditions, environmental and legal factors. Future events could occur which would cause us to conclude that impairment indicators exist and an impairment loss is warranted.

If an impairment indicator exists related to a long-lived asset that is held and used, the expected future undiscounted cash flows are compared against the carrying amount of that asset. Forecasting cash flows requires us to make estimates and assumptions on various inputs including, but not limited to, rental revenue and expense growth rates, occupancy, levels of capital expenditure and capitalization rates. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recorded for the carrying amount in excess of the estimated fair value, if any, of the asset.

(d)Acquisitions

We account for acquisitions of investments in real estate by assessing each acquisition to determine if it meets the definition of a business or if it qualifies as an asset acquisition. We apply a screen test to evaluate if substantially all the fair value of the acquired property is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction is accounted for as an asset acquisition or business combination. As most of our real estate acquisitions are concentrated in either a single asset or a group of similar identifiable assets, our real estate transactions are generally accounted for as asset acquisitions, which permits the capitalization of transaction costs to the basis of the acquired property.

In estimating the fair values for purposes of allocating the purchase price, we utilize a number of sources, including independent appraisals or internal valuations that may be available in connection with the acquisition or financing of the respective Property and other market data. We also consider information obtained about each Property as a result of our due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed.

The following methods and assumptions are used to estimate the fair value of each class of asset acquired and liability assumed:

Land – Market approach based on similar, but not identical, transactions in the market. Adjustments to comparable sales are based on both quantitative and qualitative data.

Depreciable property – Cost approach based on market comparable data to replace adjusted for local variations, inflation and other factors.

Manufactured homes – Sales comparison approach based on market prices for similar homes adjusted for differences in age or size.

In-place leases – In-place leases are determined through a combination of estimates of market rental rates and expense reimbursement levels as well as an estimate of the length of time required to replace each lease.

Above-market lease assets/below-market lease liabilities – Income approach based on discounted cash flows comparing contractual cash flows to be paid pursuant to the leases and our estimate of fair market lease rates over the remaining non-cancelable lease terms. For below-market leases, we also consider remaining initial lease terms plus any renewal periods.

Notes receivable – Income approach based on discounted cash flows comparing contractual cash flows at a market rate adjusted based on particular notes’ or note holders’ down payment, credit score and delinquency status.

Mortgage notes payable – Income approach based on discounted cash flows comparing contractual cash flows to cash flows of similar debt discounted based on market rates.

(e)Intangibles and Goodwill

We record acquired intangible assets at their estimated fair value separate and apart from goodwill. We amortize identified intangible assets and liabilities that are determined to have finite lives over the period the assets and liabilities are expected to contribute directly or indirectly to the future cash flows of the Property or business acquired. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value.

The excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed in a business combination is recorded as goodwill. Goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired.

As of December 31, 2025 and 2024, the gross carrying amount of identified intangible assets and goodwill was $55.6 million, which is reported as a component of Other assets, net on the Consolidated Balance Sheets. As of both December 31, 2025 and 2024, this amount was comprised of $38.0 million of identified intangible assets and $17.6 million of goodwill. Accumulated amortization of identified intangibles assets was $21.1 million and $16.6 million as of December 31, 2025 and 2024, respectively. The estimated annual aggregated amortization expense to be recognized over each of the next five years is $2.8 million. The weighted average remaining useful life is approximately five years.

(f)Restricted Cash

As of December 31, 2025 and 2024, restricted cash consisted of $18.2 million and $19.0 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

(g) Fair Value of Financial Instruments

We disclose the estimated fair value of our financial instruments according to a fair value hierarchy. The valuation hierarchy is based on the transparency of the lowest level of input that is significant to the valuation of an asset or a liability as of the measurement date. The three levels are defined as follows:

Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 - Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The carrying values of cash and restricted cash, accounts receivable and accounts payable approximate their fair market values due to the short-term nature of these instruments. The carrying value of notes receivable approximates the fair market value as the interest rates are generally comparable to current market rates. Notes receivable includes a term loan made to an equity method investment of the Company, in the amount of $56.1 million, which is secured by the underlying Properties within the joint venture. Refer to Note 7. Investment in Unconsolidated Joint Ventures.

The fair market value of mortgage notes payable, term loans and interest rate derivative are measured with Level 2 inputs using quoted prices and observable inputs from similar liabilities as disclosed in Note 9. Borrowing Arrangements and Note 10. Derivative Instruments and Hedging Activities.

We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions.

(h) Deferred Financing Costs, Net

Deferred financing costs are amortized over the terms of the respective loans on a straight-line basis. Unamortized deferred financing costs are written-off when debt is retired before the maturity date. Deferred financing costs, net were $24.3 million and $25.1 million as of December 31, 2025 and 2024, respectively.

(i) Allowance for Credit Losses

We account for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for our financial assets, including receivables from tenants, receivables for annual membership subscriptions, notes receivable, contracts receivable and chattel loans, and present the net amount of the financial instrument expected to be collected. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Our allowance for credit losses was as follows:


	December 31,
(amounts in thousands):	2025		2024
Balance, beginning of year	$	23,576	$	19,475

Provision for losses	7,065		5,865
Write-offs	(10,577)		(1,764)
Balance, end of year	$	20,064	$	23,576

(j) Revenue Recognition

Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Our MH Sites and annual RV and marina Sites are leased on an annual basis. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. Leases with our customers are accounted for as operating leases. Rental income is accounted for in accordance with Accounting Standard Codification (ASC) 842, Leases, and is recognized over the term of the respective lease or the length of a customer’s stay. We do not separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental revenue as we meet the practical expedient criteria to combine these lease and non-lease components. We account for and present rental revenue and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income as the timing and pattern of transfer for rental revenue and the associated utility recoveries are the same.

Annual membership subscriptions and membership upgrades are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Upgraded memberships provide enhanced benefits for members in good standing, including longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties. Beginning in the first quarter of 2025, membership upgrade product offerings include two- to four-year term subscription products. Prior to the introduction of subscription-based upgrade products, membership upgrades required non-refundable upfront payments, with an option to finance the upfront payments. Beginning in the first quarter of 2025, upfront payment upgrade products and related financing options are no longer being offered by the Company, but members in good standing are entitled to enhanced benefits for as long as they choose to remain in the program.

Membership subscriptions, including subscription-based membership upgrades, are presented within Annual membership subscriptions on the Consolidated Statements of Income and Comprehensive Income. Payments for membership subscriptions are deferred and recognized on a straight-line basis over the period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Non-refundable upfront payments on our legacy product offerings are recognized on a straight-line basis over 24 years, and are presented within Membership upgrade revenue on the Consolidated Statements of Income and Comprehensive Income. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.

Revenue from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.

During the year ended December 31, 2024, the Company identified aged prepaid balances and determined these to no longer be liabilities of the Company. The reversal of these balances as an out-of-period adjustment resulted in an overstatement

of Other income in the Consolidated Statements of Income and Comprehensive Income of $6.8 million for the year ended December 31, 2024, which is not material to any previously reported periods.

(k) Stock-Based Compensation

Stock-based compensation expense for restricted stock awards with service conditions is measured based on the grant date fair value and recognized on a straight-line basis over the requisite service period of the individual grants.

Stock-based compensation expense for restricted stock awards with performance conditions is measured based on the grant date fair value and recognized on a straight-line basis over the performance period of the individual grants, when achieving the performance targets is considered probable. We estimate and revisit the probability of achieving the performance targets periodically by updating our forecasts throughout the performance period as necessary.

We also issue stock options by estimating the grant date fair value using the Black-Scholes option-pricing model and recognizing over the vesting period for options that are expected to vest. We estimate forfeitures at the time of grant based on historical experience, updated for changes in facts and circumstances, as appropriate, and in subsequent periods if actual forfeitures differ from those estimates. The expected volatility assumption is calculated based on our historical volatility, which is calculated over a period of time commensurate with the expected term of the options being valued. The risk-free interest rate assumption is based upon the U.S. Treasury yield curve in effect at the time of grant. The dividend yield assumption is based on our expectation of dividend payouts.

(l) Insurance Recoveries

We carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business interruption claims on all of our Properties. We record the estimated amount of expected insurance proceeds for property damage, clean-up costs and other losses incurred as an asset (typically a receivable from our insurance carriers) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the losses incurred and any amount of insurance recovery related to business interruption are considered a gain contingency and are recognized in the period in which the insurance proceeds are received.

During the years ended December 31, 2025, 2024 and 2023, we recognized debris removal and cleanup costs related to hurricane events, including Hurricane Ian, of $0.6 million, $7.4 million and $13.4 million, respectively, with $0.8 million, $6.0 million and $13.4 million, respectively, of insurance recovery revenue accruals related to the expenses. During the years ended December 31, 2025, 2024 and 2023, we also recorded $4.3 million, $22.3 million and $3.5 million, respectively, of insurance recovery revenue in excess of expenses and business interruption proceeds related to Hurricane Ian. The debris and cleanup costs and offsetting recovery accrual and reimbursement of capital expenditures are reflected in Casualty-related charges/(recoveries), net on the Consolidated Statements of Income and Comprehensive Income. During the years ended December 31, 2025, 2024 and 2023, we received insurance proceeds of approximately $12.0 million, $32.4 million and $68.3 million, respectively, of which $6.6 million, $7.6 million and $10.6 million, respectively, were identified as business interruption recovery revenue related to Hurricane Ian.

(m) Non-Controlling Interests

The OP Units are exchangeable for shares of common stock on a one-for-one basis at the option of the Common OP Unitholders, which we may, in our discretion, cause the Operating Partnership to settle in cash. The exchange is treated as a capital transaction, which results in an allocation between stockholders’ equity and non-controlling interests to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership.

Net income is allocated to Common OP Unitholders based on their respective ownership percentage of the Operating Partnership. Such ownership percentage is calculated by dividing the number of OP Units held by the Common OP Unitholders by the total OP Units held by the Common OP Unitholders and the shares of common stock held by the common stockholders. Issuance of additional shares of common stock or OP Units would change the percentage ownership of both the Non-controlling interests – Common OP Units and the common stockholders.

(n) Income Taxes

Due to our structure as a REIT, the results of operations contain no provision for U.S. federal income taxes for the REIT. As of December 31, 2025 and 2024, the REIT had a federal net operating loss carryforward of approximately $15.3 million and

$46.1 million, respectively. The Company utilized zero and $2.3 million of the net operating loss carryforward to offset its tax and distribution requirements for the years ended December 31, 2025 and 2024, respectively. The REIT is entitled to utilize the net operating loss carryforward only to the extent that the REIT taxable income exceeds our deduction for dividends paid. Due to the uncertainty regarding the use of the REIT net operating loss carryforward, no net tax asset for the REIT has been recorded as of December 31, 2025 and 2024.

In addition, we own certain TRSs, which are subject to federal and state income taxes at regular corporate tax rates and have federal net operating loss carryforwards. We regularly assess the need for a valuation allowance against our deferred tax assets and concluded at December 31, 2025 and 2024 that no valuation allowance should be recorded. During the year ended December 31, 2023, we released the full valuation allowance of $10.5 million. As of December 31, 2025 and 2024, our deferred tax assets were $12.1 million and $10.8 million, respectively.

The REIT remains subject to certain foreign, state and local income, excise or franchise taxes; however, they are not material to our operating results or financial position. We do not have unrecognized tax benefit items.

We, or one of our Subsidiaries, file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and Canada. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2022.

As of December 31, 2025, notes receivable had a U.S. federal tax basis of approximately $63.9 million (unaudited). Refer to Schedule III for net investment in real estate U.S. federal tax basis.

Our tax treatment of common stock distributions was as follows:


	For the Years Ended December 31,
	2025		2024		2023
Tax status of common stock distributions deemed paid during the year:
Ordinary income	$	1.876	$	1.801	$	1.649
Long-term capital gains	0.010		—		0.005
Non-dividend distributions	0.078		0.109		0.141
Distributions declared per common stock outstanding	$	1.964	$	1.910	$	1.795

The quarterly distribution paid on January 9, 2026 is a split year distribution with $0.418345 per share of common stock considered a distribution made in 2025 and $0.096655 per share of common stock allocable to 2026 for federal tax purposes.

(o) New Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires additional disaggregated disclosure of the nature of expenses included in the income statement into certain required expense categories. This update is effective for annual periods beginning after December 15, 2026, with early adoption being permitted. We are currently evaluating the impact of ASU 2024-03 on our consolidated financial statements.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investment in real estate:
Land	$ 2,088,174	$ 2,088,682
Land improvements	4,784,223	4,582,815
Buildings and other depreciable property	1,306,317	1,244,193
Investment in real estate	8,178,714	7,915,690
Accumulated depreciation	(2,838,344)	(2,639,538)
Net investment in real estate	5,340,370	5,276,152
Cash and restricted cash	26,132	24,576
Notes receivable, net	93,358	50,726
Investment in unconsolidated joint ventures	85,041	83,772
Deferred commission expense	58,149	56,516
Other assets, net	142,343	153,910
Total Assets	5,745,393	5,645,652
Liabilities:
Mortgage notes payable, net	2,779,158	2,928,292
Term loans, net	437,455	199,344
Unsecured line of credit	105,000	77,000
Accounts payable and other liabilities	152,536	159,225
Deferred membership revenue	221,498	229,301
Accrued interest payable	11,333	10,679
Rents and other customer payments received in advance and security deposits	120,441	122,448
Distributions payable	103,146	95,577
Total Liabilities	3,930,567	3,821,866
Stockholders’ Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2025 and December 31, 2024; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 193,835,561 and 191,056,527 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.	1,988	1,962
Paid-in capital	1,981,540	1,951,430
Distributions in excess of accumulated earnings	(225,045)	(214,979)
Accumulated other comprehensive income/(loss)	(2,208)	2,303
Total Stockholders’ Equity	1,756,275	1,740,716
Non-controlling interests – Common OP Units	58,551	83,070
Total Equity	1,814,826	1,823,786
Total Liabilities and Equity	$ 5,745,393	$ 5,645,652

Derivative Instruments and Hedging Activities - Derivative Instruments (Details) - Interest Rate Swaps $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) instrument	Dec. 31, 2024 USD ($) instrument
Derivative
Number of Instruments \| instrument	7	1
Notional Amount \| $	$ 440	$ 200
Weighted Average Interest Rate	4.81%	4.88%
Weighted Average Remaining Term (Years)	2 years 10 months 24 days	2 years 1 month 6 days

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are involved in various legal and regulatory proceedings (“Proceedings”) arising in the ordinary course of business. The Proceedings include, but are not limited to, legal claims made by employees, vendors and customers, and notices, consent decrees, information requests, additional permit requirements and other similar enforcement actions by governmental agencies relating to our utility infrastructure, including water and wastewater treatment plants and other waste treatment facilities and electrical systems. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these Proceedings taken together do not represent a material liability. In addition, to the extent any such Proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor. Beginning on August 31, 2023 through December 4, 2023, certain private party plaintiffs filed several putative class actions in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc. (“Datacomp”) and several owner/operators of manufactured housing communities, including ELS (the “Datacomp Litigation”), alleging that the community owner/operators used JLT Market Reports produced by Datacomp to conspire to raise manufactured home lot rents in violation of Section 1 of the Sherman Act. ELS purchased Datacomp in connection with the MHVillage/Datacomp acquisition during the year ended December 31, 2021. On December 15, 2023, the plaintiffs filed an amended consolidated complaint captioned, In re Manufactured Home Lot Rents Antitrust Litigation, No. 1:23-cv-6715. Plaintiffs seek both injunctive relief and monetary damages, including attorneys’ fees. The defendants filed a motion to dismiss on January 29, 2024. On December 4, 2025, the Court granted defendants’ motion to dismiss without prejudice. On January 26, 2026, plaintiffs filed an amended complaint. We believe that the Datacomp Litigation is without merit, and we intend to vigorously defend our interests in this matter. As of December 31, 2025, we have not made an accrual as we are unable to predict the outcome of this matter or reasonably estimate any possible loss.

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerators:
Net income available to Common Stockholders—Basic	$ 386,492	$ 366,998	$ 314,191
Amounts allocated to non-controlling interests (dilutive securities)	15,553	17,804	15,470
Net income available to Common Stockholders—Fully Diluted	$ 402,045	$ 384,802	$ 329,661
Denominator:
Weighted average Common Shares outstanding – Basic (in shares)	192,137	187,439	186,061
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares (in shares)	7,922	9,105	9,217
Stock options and restricted stock (in shares)	55	92	151
Weighted average Common Shares outstanding and OP Units – Fully Diluted (in shares)	200,114	196,636	195,429
Earnings per Common Share – Basic (usd per share)	$ 2.01	$ 1.96	$ 1.69
Earnings per Common Share – Fully Diluted (usd per share)	$ 2.01	$ 1.96	$ 1.69

Equity Incentive Awards - Additional Information (Details) - USD ($) $ in Thousands						3 Months Ended	12 Months Ended
	Apr. 29, 2025	Feb. 07, 2025	May 01, 2024	Feb. 07, 2024	Feb. 06, 2024	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)							3 years 6 months
Options forfeited (in shares)							0	0	0
Options expired (in shares)							0	0	0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Performance Based Awards (in shares)							117,992	107,004	143,275
Vested in period (in shares)							95,241	99,462	228,478
Share based compensation expense to be recognized							$ 3,800
Period for recognition of cost not recognized (in years)							1 year 7 months 6 days
Restricted Stock And Options
Share-based Compensation Arrangement by Share-based Payment Award
Contractual term (in years)							10 years
2024 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Options available for grant (in shares)							3,766,336
Performance Based Awards (in shares)	18,227	99,765	16,626
2024 Equity Incentive Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Performance Based Awards (in shares)	18,227	49,881	16,626				47,503
Grant date fair value							$ 3,200
2024 Equity Incentive Plan \| Restricted Stock \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)							3 years
2024 Equity Incentive Plan \| Restricted Stock \| Tranche One \| Installment One
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							33.33%
2024 Equity Incentive Plan \| Restricted Stock \| Tranche One \| Installment Two
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							33.33%
2024 Equity Incentive Plan \| Restricted Stock \| Tranche One \| Installment Three
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							33.33%
2024 Equity Incentive Plan \| Restricted Stock \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Vested in period (in shares)							2,378
2024 Equity Incentive Plan \| Restricted Stock \| Tranche Two \| Installment One
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							66.67%
2024 Equity Incentive Plan \| Restricted Stock \| Tranche Two \| Installment Two
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							33.33%
2024 Equity Incentive Plan \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award
Performance Based Awards (in shares)	0	49,884	0				47,506
Grant date fair value	$ 1,163	$ 4,372	$ 1,002		$ 1,000
Shares issued (in shares)							17,418
Fair value of shares issued						$ 1,100
2024 Equity Incentive Plan \| Performance Shares \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)							3 years
2024 Equity Incentive Plan \| Performance Shares \| Tranche One \| Installment One
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							33.33%
2024 Equity Incentive Plan \| Performance Shares \| Tranche One \| Installment Two
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							33.33%
2024 Equity Incentive Plan \| Performance Shares \| Tranche One \| Installment Three
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							33.33%
2024 Equity Incentive Plan \| Performance Shares \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Vested in period (in shares)							2,378
2024 Equity Incentive Plan \| Performance Shares \| Tranche Two \| Installment One
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							66.67%
2024 Equity Incentive Plan \| Performance Shares \| Tranche Two \| Installment Two
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							33.33%
2014 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Options available for grant (in shares)							3,641,498
Performance Based Awards (in shares)				90,378
2014 Equity Incentive Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)					3 years
Performance Based Awards (in shares)				45,187	45,187
Grant date fair value					$ 3,000
2014 Equity Incentive Plan \| Restricted Stock \| Installment One
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							33.33%
2014 Equity Incentive Plan \| Restricted Stock \| Installment Two
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							33.33%
2014 Equity Incentive Plan \| Restricted Stock \| Installment Three
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							33.33%
2014 Equity Incentive Plan \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award
Performance Based Awards (in shares)				45,191	45,191
Grant date fair value				$ 4,040
Shares issued (in shares)					15,062
2014 Equity Incentive Plan \| Performance Shares \| Installment One
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							33.33%
2014 Equity Incentive Plan \| Performance Shares \| Installment Two
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							33.33%
2014 Equity Incentive Plan \| Performance Shares \| Installment Three
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)							33.33%

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

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity represents an important component of the Company’s overall approach to risk management. The Company’s cybersecurity policies, standards and practices are fully integrated into the Company’s enterprise risk management (“ERM”) approach, and cybersecurity risks are subject to oversight by the Company’s Board of Directors. The Company generally approaches cybersecurity threats through a cross-functional, multilayered approach, with the goals of: (i) identifying, preventing and mitigating cybersecurity threats to the Company; (ii) preserving the confidentiality, security and availability of the information that we collect and store to use in our business; (iii) protecting the Company’s intellectual property; and (iv) maintaining the confidence of our customers, clients and business partners. Risk Management and Strategy Consistent with overall ERM policies and practices, the Company’s cybersecurity program focuses on the following areas: •Vigilance: The Company maintains a primarily domestic presence, with our cybersecurity threat operations designed with the specific goal of identifying, preventing and mitigating cybersecurity threats and responding to cybersecurity incidents in accordance with our established incident response and recovery plans. •Systems Safeguards: The Company deploys systems safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, software updates and patches, anti-malware functionality and access controls, all of which are evaluated and improved through ongoing vulnerability assessments and cybersecurity threat intelligence. •Collaboration: The Company utilizes collaboration mechanisms established with public and private entities, including intelligence and enforcement agencies, industry groups and third-party service providers, to identify, assess and respond to cybersecurity threats and risks. •Third-Party Risk Management: The Company maintains a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of the Company’s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. •Training: The Company provides periodic mandatory training for personnel regarding cybersecurity threats, which reinforces the Company’s information security policies, standards and practices, and such training is scaled to reflect the roles, responsibilities and information systems access of such personnel. •Incident Response and Recovery Planning: The Company has established and maintains incident response and recovery plans that address the Company’s response to a cybersecurity incident and the recovery from a cybersecurity incident, and such plans are tested, evaluated and adjusted periodically. •Communication and Coordination: The Company utilizes a cross-functional approach to address the risk from cybersecurity threats, involving management personnel from the Company’s technology, operations, legal, risk management, internal audit and other key business functions, as well as the members of the Board of Directors and the Audit Committee in an ongoing dialogue regarding cybersecurity threats and incidents. A key part of the Company’s strategy for managing risks from cybersecurity threats is the ongoing assessment and testing of the Company’s processes and practices through auditing, assessments, tabletop exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures. The Company regularly engages third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are reported to the Audit Committee and the Board of Directors, and the Company considers adjustments to its cybersecurity policies, standards, processes and practices as necessary based on the information provided by the assessments, audits and reviews. The Company is not aware of any cybersecurity incidents in the last three years that have materially affected or are reasonably likely to materially affect the business strategy, results of operations, or financial condition of the Company. For more information regarding how cybersecurity threats could materially affect the Company, see “We Face Risks Relating to Cybersecurity Incidents and Privacy Laws.” in Item 1A. Risk Factors.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Cybersecurity represents an important component of the Company’s overall approach to risk management. The Company’s cybersecurity policies, standards and practices are fully integrated into the Company’s enterprise risk management (“ERM”) approach, and cybersecurity risks are subject to oversight by the Company’s Board of Directors.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board of Directors, in coordination with the Audit Committee, oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that the Company’s management implements to address risks from cybersecurity threats. The Board of Directors and the Audit Committee each receive regular presentations and reports on cybersecurity risks, which address a wide range of topics including, for example, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties. The Board of Directors and the Audit Committee receive prompt and timely information regarding any cybersecurity incident that meets established reporting guidelines. Decisions regarding the disclosure and reporting of such incidents are made by management in a timely manner. The Board of Directors and Audit Committee receive ongoing updates regarding any such incidents until they have been addressed. The Audit Committee regularly interacts with the Company’s ERM function, the Company’s Vice President of Information Technology, other members of management and relevant management committees, including the Company’s Security Advisory Board and Cybersecurity Incident Response Team. On a quarterly basis each year, the Audit Committee discusses the Company’s approach to cybersecurity risk management with the Company’s Vice President of Information Technology. The Company’s Vice President of Information Technology is the member of the Company’s management that is principally responsible for overseeing the Company’s cybersecurity risk management program, in partnership with other business leaders across the Company. The Vice President of Information Technology works in coordination with the other members of the Security Advisory Board, which includes our Vice Chairman and Chief Executive Officer, Executive Vice President and Chief Financial Officer and Executive Vice President and Chief Legal Officer. The Company’s Vice President of Information Technology has over 27 years in Information Technology leadership including 17 years overseeing security and compliance operations. The Director of Information Security has over 16 years in various security roles in private and public sectors and has attained the professional certification of Certified Information Systems Security Professional (CISSP). The Company’s Vice President of Information Technology and Director of Information Security, in coordination with the Security Advisory Board and Cybersecurity Incident Response Team, work collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. To facilitate the success of this program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company’s incident response and recovery plans. Through the ongoing communications from these teams, the Vice President of Information Technology and Director of Information Security, in coordination with the Security Advisory Board and Cybersecurity Incident Response Team monitor the prevention, detection, mitigation and remediation of cybersecurity incidents in real time, and report such incidents to the Audit Committee when appropriate.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors, in coordination with the Audit Committee, oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that the Company’s management implements to address risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors and the Audit Committee each receive regular presentations and reports on cybersecurity risks, which address a wide range of topics including, for example, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties. The Board of Directors and the Audit Committee receive prompt and timely information regarding any cybersecurity incident that meets established reporting guidelines. Decisions regarding the disclosure and reporting of such incidents are made by management in a timely manner. The Board of Directors and Audit Committee receive ongoing updates regarding any such incidents until they have been addressed. The Audit Committee regularly interacts with the Company’s ERM function, the Company’s Vice President of Information Technology, other members of management and relevant management committees, including the Company’s Security Advisory Board and Cybersecurity Incident Response Team. On a quarterly basis each year, the Audit Committee discusses the Company’s approach to cybersecurity risk management with the Company’s Vice President of Information Technology.
Cybersecurity Risk Role of Management [Text Block]	The Company’s Vice President of Information Technology is the member of the Company’s management that is principally responsible for overseeing the Company’s cybersecurity risk management program, in partnership with other business leaders across the Company. The Vice President of Information Technology works in coordination with the other members of the Security Advisory Board, which includes our Vice Chairman and Chief Executive Officer, Executive Vice President and Chief Financial Officer and Executive Vice President and Chief Legal Officer. The Company’s Vice President of Information Technology has over 27 years in Information Technology leadership including 17 years overseeing security and compliance operations. The Director of Information Security has over 16 years in various security roles in private and public sectors and has attained the professional certification of Certified Information Systems Security Professional (CISSP). The Company’s Vice President of Information Technology and Director of Information Security, in coordination with the Security Advisory Board and Cybersecurity Incident Response Team, work collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. To facilitate the success of this program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company’s incident response and recovery plans. Through the ongoing communications from these teams, the Vice President of Information Technology and Director of Information Security, in coordination with the Security Advisory Board and Cybersecurity Incident Response Team monitor the prevention, detection, mitigation and remediation of cybersecurity incidents in real time, and report such incidents to the Audit Committee when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Company’s Vice President of Information Technology is the member of the Company’s management that is principally responsible for overseeing the Company’s cybersecurity risk management program, in partnership with other business leaders across the Company. The Vice President of Information Technology works in coordination with the other members of the Security Advisory Board, which includes our Vice Chairman and Chief Executive Officer, Executive Vice President and Chief Financial Officer and Executive Vice President and Chief Legal Officer.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Company’s Vice President of Information Technology has over 27 years in Information Technology leadership including 17 years overseeing security and compliance operations. The Director of Information Security has over 16 years in various security roles in private and public sectors and has attained the professional certification of Certified Information Systems Security Professional (CISSP).
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Company’s Vice President of Information Technology and Director of Information Security, in coordination with the Security Advisory Board and Cybersecurity Incident Response Team, work collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. To facilitate the success of this program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company’s incident response and recovery plans. Through the ongoing communications from these teams, the Vice President of Information Technology and Director of Information Security, in coordination with the Security Advisory Board and Cybersecurity Incident Response Team monitor the prevention, detection, mitigation and remediation of cybersecurity incidents in real time, and report such incidents to the Audit Committee when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Borrowing Arrangements - Encumbered Properties (Details) $ in Thousands	Dec. 31, 2025 USD ($) property	Dec. 31, 2024 USD ($) property
Debt Instrument
Gross Carrying Value	$ 5,340,370	$ 5,276,152
Asset Pledged as Collateral
Debt Instrument
Gross Carrying Value	$ 3,266,579	$ 3,268,521
Mortgage notes payable
Debt Instrument
Number of Encumbered Properties \| property	112	120

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

Investment in Real Estate

Deferred Revenue of Membership Upgrade Sales and Deferred Commission Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Movement in Deferred Revenue
Deferred revenue, beginning	$ 229,301
Revenue recognized from membership upgrades	(13,736)	$ (16,433)	$ (14,719)
Net increase (decrease) in deferred revenue	5,934	31,148	35,313
Deferred revenue, beginning	221,498	229,301
Movement in Deferred Costs
Deferred commission expense, beginning	56,516	53,641
Deferred commission expense	6,602	7,452
Commission expense recognized	(4,969)	(4,577)
Net increase in deferred commission expense	1,633	2,875
Deferred commission expense, ending	58,149	56,516	53,641
Membership Subscriptions
Movement in Deferred Revenue
Deferred revenue, beginning	217,721	206,625
Deferred revenue, beginning		218,164
Membership upgrade sales	6,743	27,529
Revenue recognized from membership upgrades	(13,736)	(16,433)
Net increase (decrease) in deferred revenue	(6,993)	11,096
Deferred revenue, beginning	$ 211,171	$ 217,721	$ 206,625

Equity Incentive Awards - Summary of Restricted Stock Activities and Related Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Forfeited/Cancelled (in shares)	0	(9,780)	0
Restricted Stock
Number of Shares
Beginning balance (in shares)	178,941	181,179	266,382
Granted (in shares)	117,992	107,004	143,275
Forfeited/Cancelled (in shares)	0	(9,780)	0
Vested (in shares)	(95,241)	(99,462)	(228,478)
Closing balance (in shares)	201,692	178,941	181,179
Weighted Average Grant Date Fair Value Per Share
Beginning balance (usd per share)	$ 69.51	$ 55.84	$ 69.24
Granted (usd per share)	64.79	66.00	56.63
Forfeited/Cancelled (usd per share)	0	69.95	0
Vested (usd per share)	70.38	70.11	72.25
Beginning balance (usd per share)	$ 66.34	$ 69.51	$ 55.84

Leases - Additional Information (Details) $ in Thousands	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Dec. 31, 2025 USD ($) lease	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lease Description
Number of non-cancelable operating leases, lessee (leases) \| lease	14
Operating lease payments	$ 7,100	$ 4,500	$ 6,500
Right of use asset	20,800	23,900
Operating lease liability	$ 23,964	$ 27,100
Weighted average operating lease term (in years)	7 years	8 years
Operating lease weighted average interest rate (percent)	4.10%	4.10%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets, net	Other assets, net
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable and other liabilities	Accounts payable and other liabilities
Minimum
Lease Description
Lessor operating lease term	1 month
Maximum
Lease Description
Lessor operating lease term	6 months

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Depreciation is computed on a straight-line basis based on the estimated useful lives of the associated real estate assets.


						Useful Lives (in years)
Land and Building Improvements						10-30
Manufactured Homes						10-25
Furniture, Fixture and Equipment						5
In-place leases						Expected term
Above and below-market leases						Applicable lease term

Repairs and maintenance are expensed as incurred and are recorded in Property operating and maintenance on the Consolidated Statements of Income and Comprehensive Income.

Acquisitions

The following methods and assumptions are used to estimate the fair value of each class of asset acquired and liability assumed:

Land – Market approach based on similar, but not identical, transactions in the market. Adjustments to comparable sales are based on both quantitative and qualitative data.

Depreciable property – Cost approach based on market comparable data to replace adjusted for local variations, inflation and other factors.

Manufactured homes – Sales comparison approach based on market prices for similar homes adjusted for differences in age or size.

Mortgage notes payable – Income approach based on discounted cash flows comparing contractual cash flows to cash flows of similar debt discounted based on market rates.

Intangible and Goodwill

Intangibles and Goodwill

Restricted Cash

Fair Value of Financial Instruments

Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions.

Deferred Financing Costs, Net

Deferred Financing Costs, NetDeferred financing costs are amortized over the terms of the respective loans on a straight-line basis. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.

Allowance for Credit Losses

Allowance for Credit LossesWe account for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for our financial assets, including receivables from tenants, receivables for annual membership subscriptions, notes receivable, contracts receivable and chattel loans, and present the net amount of the financial instrument expected to be collected. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions.

Revenue Recognition

Stock Based Compensation

Stock-Based Compensation

Insurance Recoveries

Non-Controlling Interests

Income Taxes

Income TaxesDue to our structure as a REIT, the results of operations contain no provision for U.S. federal income taxes for the REIT.The REIT is entitled to utilize the net operating loss carryforward only to the extent that the REIT taxable income exceeds our deduction for dividends paid. Due to the uncertainty regarding the use of the REIT net operating loss carryforward, no net tax asset for the REIT has been recorded as of December 31, 2025 and 2024.

New Accounting Pronouncements

Investment in Unconsolidated Joint Ventures - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments
Distributions made to us exceeded our investment	$ 10,800	$ 7,400	$ 2,300
Notes receivable, net	$ 93,358	$ 50,726
RVC \| RVC Term Loan \| Medium-Term Note
Schedule of Equity Method Investments
Extension period (months)	1 year
RVC \| RVC Term Loan \| Medium-Term Note \| Minimum
Schedule of Equity Method Investments
Variable rate (percent)	1.35%
RVC \| RVC Term Loan \| Medium-Term Note \| Maximum
Schedule of Equity Method Investments
Variable rate (percent)	1.75%
RVC
Schedule of Equity Method Investments
Notes receivable, net	$ 56,100

Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument
Long-term Debt	$ 3,345,866
Mortgage notes payable
Debt Instrument
Carrying Value	2,800,866	$ 2,952,689
Less: Deferred Financing Costs, net	(21,708)	(24,396)
Long-term Debt	$ 2,779,158	2,928,293
Mortgage notes payable \| Minimum
Debt Instrument
Stated interest rate (percent)	2.40%
Mortgage notes payable \| Maximum
Debt Instrument
Stated interest rate (percent)	5.10%
Fair Value \| Fair Value, Inputs, Level 2 \| Mortgage notes payable
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,404,789	$ 2,329,253

Earnings Per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share


	For the Years Ended December 31,
(amounts in thousands, except per share data)	2025		2024		2023
Numerators:
Net income available to Common Stockholders—Basic	$	386,492	$	366,998	$	314,191
Amounts allocated to non-controlling interests (dilutive securities)	15,553		17,804		15,470
Net income available to Common Stockholders—Fully Diluted	$	402,045	$	384,802	$	329,661
Denominator:
Weighted average Common Shares outstanding—Basic	192,137		187,439		186,061
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	7,922		9,105		9,217
Stock options and restricted stock	55		92		151
Weighted average Common Shares outstanding and OP Units – Fully Diluted	200,114		196,636		195,429


Earnings per Common Share—Basic:	$	2.01	$	1.96	$	1.69

Earnings per Common Share—Fully Diluted:	$	2.01	$	1.96	$	1.69

Borrowing Arrangements - Maturities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 66,784
2027	269,482
2028	348,977
2029	335,060
2030	585,423
Thereafter	1,740,140
Total	$ 3,345,866

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4