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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-K
x☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 20182019
or
o☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to                     
Commission File Number: 1-11718
 
EQUITY LIFESTYLE PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
Maryland 36-3857664
(State or Other Jurisdictionother jurisdiction of
Incorporation or Organization)
incorporation)
(I.R.S. Employer
Identification No.)
  (IRS Employer Identification Number)
Two North Riverside Plaza,
Suite 800
Chicago,Illinois 60606
(Address of Principal Executive Offices) (Zip Code)
(312)
(312) 279-1400
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueELSNew York Stock Exchange
(Title of Class)(Name of exchange on which registered)

Securities registered pursuant to Section 12(g) of the Act:
None
 
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yesx☒    No  o☐
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.     Yes  o☐Nox☒
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yesx☒    No  o☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yesx☒    No  o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of the Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  o☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filero☐Smaller reporting companyo☐Emerging Growth Companyo☐
Non-accelerated filero☐    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  o☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  o☐    No  x☒
The aggregate market value of voting stock held by non-affiliates was approximately $7,583.0$10,255.4 million as of June 30, 20182019 based upon the closing price of $91.90$60.67 on such date using beneficial ownership of stock rules adopted pursuant to Section 13 of the Securities Exchange Act of 1934 to exclude voting stock owned by Directors and Officers, some of whom may not be held to be affiliates upon judicial determination.
As of February 20, 2019, 89,929,6092020, 182,129,331 shares of the Registrant's common stock were outstanding.
 
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 30, 2019.28, 2020.





Equity LifeStyle Properties, Inc.
TABLE OF CONTENTS
 
    
   Page
PART I.   
    
 Item 1.Business
1
 Item 1A.Risk Factors
9
 Item 1B.Unresolved Staff Comments
19
 Item 2.Properties
20
 Item 3.Legal Proceedings
32
 Item 4.Mine Safety Disclosures
32
    
PART II.   
    
 Item 5.Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
33
 Item 6.Selected Financial Data
34
 Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations
35
 Item 7A.Quantitative and Qualitative Disclosures About Market Risk
5251
  Forward-Looking Statements
5352
 Item 8.Financial Statements and Supplementary Data
5453
 Item 9.Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
5453
 Item 9A.Controls and Procedures
5453
 Item 9B.Other Information
5453
    
PART III.   
    
 Item 10.Directors, Executive Officers and Corporate Governance
5554
 Item 11.Executive Compensation
5554
 Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
5554
 Item 13.Certain Relationships and Related Transactions, and Director Independence
5554
 Item 14.Principal Accounting Fees and Services
5554
    
PART IV.   
    
 Item 15.Exhibits, Financial Statement Schedules
5655
 Item 16.Form 10-K Summary
5856
 


 


-i-




PART I
Item 1. Business
Equity LifeStyle Properties, Inc.
General
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 elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with our taxable year ended December 31, 1993.
We are a fully integrated owner and operator of lifestyle-oriented properties ("Properties") consisting primarily of manufactured home ("MH") and recreational vehicle ("RV") communities. We were formed in December 1992 to continue the property operations, business objectives and acquisition strategies of an entity that had owned and operated Properties since 1969. 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 have a unique business model where we own the land upon which we provide our customers the opportunity to place factory-built homes including manufactured homes, cottages or RVs 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. Compared to other types of real estate companies, our business model is characterized by low maintenance costs and low customer turnover costs. Our portfolio is geographically diversified across highly desirable locations with a focus on bothnear retirement and vacation destinations. Our properties attract retirees, vacationing familiesdestinations and second homeowners, while providing a lower cost home ownership alternative.urban areas across the United States. We have more than 90 Properties with lake, river or ocean frontage and more than 120 Properties within 10 miles of the coastal United States. Our Properties generally attract retirees, vacationing families, second homeowners and first-time homebuyers by providing a community experience and a lower-cost home ownership alternative.
We are one of the nation's largest real estate networks with a portfolio as of December 31, 2018, of 414413 Properties (including joint venture Properties) consisting of 155,447156,513 Sites located throughout the United States and Canada. These Properties are located in 33 states in the U.S. and British Columbia.Columbia in Canada as of December 31, 2019.
maps2018.jpg
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1.Above map excludes five properties classified as held for sale as of December 31, 2018.





Our Properties are designed and improved for homehousing options of various sizes and designslayouts that are produced off-site by third-party manufacturers, installed and set on designated Sites ("Site Set") within the Properties. TheseManufactured homes and cottages can range from approximately 400 to over 2,000 square feet. Properties may also have Sites that can accommodate a variety of RVs. Properties generally containWe also have marinas that offer boat slip and dry storage rentals. In addition to centralized entrances, internal road systems and designated Sites. In addition,Sites, our Properties oftengenerally provide a clubhouse for social activities and recreation and other amenities, which maycan include swimming pools, shuffleboard courts, tennis courts, pickleball courts, golf courses, lawn bowling, restaurants, laundry facilities, cable television and internet service. Some Properties provide utilities, including water and sewer service, through municipal or regulated utilities, while others provide these services to customers from on-site facilities.
Employees and Organizational Structure
We have an annual average of approximately 4,1004,200 full-time, part-time and seasonal employees dedicated to carrying out our operating philosophy while focusing on delivering an exceptional customer experience for our residents and guests. Our Propertyproperty operations are managed internally by wholly-owned affiliates of the Operating Partnership and are coordinated by an on-site team of employees that typically includes a manager, clerical staff and maintenance workers, each of whom works to provide maintenance and care to the Properties. The on-site team at each Property also provides customer service and coordinatesmay coordinate lifestyle-oriented activities for customers.our residents and guests. Direct supervision of on-site management is the responsibility of our regional vice presidents and regional and district managers, who have substantial experience addressing thecustomer needs of customers and creating innovative approaches to maximize value for both customersresidents and the Companyguests, which we believe also creates value for our stockholders, through focused and effective property management. Complementing the field management staff are approximately 400 full-time corporate and regional employees who assist in all functions related to the management of our Properties.
Our Formation
Our Properties are primarily owned by our Operating Partnership and managed internally by affiliates of our Operating Partnership. We are the general partner of the Operating Partnership. 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 1993 and subsequent offeringsthe partnership ("OP Units") equal to our Operating Partnershipthe number of shares of common stock that have been issued in such equity offerings.
We have elected to be taxed as a REIT for partnership interests. The financial results of our Operating Partnership and our Subsidiaries are included in our consolidated financial statements, which can be found beginning on page F-1 of this Form 10-K. In addition, sinceU.S. federal income tax purposes. Since certain activities, if performed by us, may not be qualifying REIT activities under the Internal Revenue Code of 1986, as amended (the "Code"), we have formed taxable REIT Subsidiaries, as defined in the Code,subsidiaries (each, a "TRS") to engage in such activities.
Realty Systems, Inc. ("RSI") is our wholly owned taxable REIT subsidiarywholly-owned TRS, which owns several Properties. Additionally, RSI is engaged in the business of purchasing, and selling orand leasing factory-built homes that are located in Properties owned and managed by us. RSI also offers home sale brokerage services to our residents at such Properties who may choose to movesell their homes rather than relocate them when moving from a Property without relocating their homes.Property. Subsidiaries of RSI also operate ancillary activities at certain Properties, such as golf courses, pro shops, stores and restaurants. Several Properties
The financial results of the Operating Partnership and Subsidiaries are also wholly owned byincluded in our taxable REIT Subsidiaries.consolidated financial statements, which can be found beginning on page F-1 of this Form 10-K.
Business Objectives and Operating Strategies
Our primary business objective is to create value for stockholders through effective management of the Properties. Our operating strategy is to own and operate the highest quality Properties in sought-after locations near retirement and vacation destinations and urban areas across the United States. Through management of desirable Properties that provide an exceptional customer experience, we create communities valued by residents and guests while delivering value for stockholders.
We focus on Properties that have strong cash flowflows and plan to hold such Properties for long-term investment and capital appreciation. In determining cash flow potential, we evaluate our ability to attract high quality customers to our Properties and retain these customers who take pride in the Property and in their homes. Our operating, investment and financing strategies include:
Consistently providing high levels of services and amenities in attractive surroundings to foster a strong sense of community and pride of home ownership;
Efficiently managing the Properties to add value, grow occupancy, maintain competitive market rents and control expenses;
Achieving growth and increasing property values through strategic expansion and, where appropriate, renovation of the Properties;
Utilizing technology to evaluate potential acquisitions, identify and track competing properties and monitor existing and prospective customer satisfaction;


Selectively acquiring properties that offer opportunities for us to add value and enhance or create property concentrations in and around retirement or vacation destinations and major metropolitanurban areas to capitalize on operating synergies and incremental efficiencies;
Selecting joint venture partners that share business objectives, growth initiatives, and risk profiles similar to ours;


Managing our debt balancesbalance in order to maintain financial flexibility, minimize exposure to interest rate fluctuations and maintain an appropriate degree of leverage to maximize return on capital; and
Developing and maintaining relationships with various capital providers.
These business objectives and their implementation are consistent with business strategieswere determined by our management team and ratified by our Board of Directors and may be subject to change or amendment at any time.
Acquisitions and Dispositions
We invest in Propertiesproperties in sought-after locations near retirement and vacation destinations and urban areas across the United States with a focus on delivering value for both customersresidents and guests as well as stockholders. Over the last decade, we have continued to increase the number of Properties in our portfolio (including joint venture Properties), from approximately 309304 Properties with over 112,000110,500 Sites to 414413 Properties with over 155,400156,500 Sites as of December 31, 2018.2019. During the year ended December 31, 2018,2019, we acquired eightfour Properties (four MH and four(all RV communities) with approximately 3,7001,614 Sites. We also completed the acquisition of the remaining interest in a joint venture investment of 11 marinas in Florida. We continually review the Properties in our portfolio to ensure we are delivering on our business and customer service objectives. Over the last five years, we redeployed capital to Properties in markets we believe have greater long-term potential and sold five all-age MH communities located in Indiana and Michigan that were not aligned with our long-term goals.
We believe thatthere continues to be opportunities for property acquisitions are still available.acquisitions. Based on industry reports, we estimate there are approximately 50,000 manufactured home properties and approximately 8,000 RV properties (excluding government owned properties) in North America. MostMany of these properties are not operated by large owner/owners/operators, and approximately 3,6003,700 of the MHmanufactured home properties and 1,100 of the RV properties contain 200 Sitessites or more. We believe this relatively high degree of fragmentation provides us the opportunity to purchase additional properties. We also believe we have a competitive advantage in the acquisition of additional properties due to our experienced management, significant presence in major real estate markets and access to capital resources. We are actively seeking to acquire and are engaged at any time in various stages of negotiations relating to the possible acquisition of additional properties, which may include outstanding contracts to acquire properties that are subject to the satisfactory completion of our due diligence review.
We anticipate that new acquisitions will generally be located in the United States, although we may consider other geographic locations provided they meet our acquisition criteria. We utilize market information systems to identify and evaluate acquisition opportunities, including the use of a market database to review the primary economic indicators of the various locations in which we expect to expand our operations.
Acquisitions will be financed from the most efficient available sources of capital, which may include undistributed fundsFunds from operations,Operations ("FFO"), issuance of additional equity securities, sales of investments, collateralized and uncollateralized borrowings and issuance of debt securities. In addition, we have acquired and expect to acquire properties in transactions that include the issuance of limited partnership interests in our Operating Partnership ("OP Units")Units as consideration for the acquired properties. We believe that an ownership structure that includes our Operating Partnership has permitted and will permit us to acquire additional properties in transactions that may defer all or a portion of the sellers' tax consequences.
When evaluating potential acquisitions, we consider, among others, the following factors:
Current and projected cash flowflows of the property;
Geographic area and the type of property;
Replacement cost of the property, including land values, entitlements and zoning;
Location, construction quality, condition and design of the property;
Potential for capital appreciation of the property;
Terms of tenant leases or usage rights;
Opportunity to enhance the customer experience and add value through management expertise;
Potential for economies of scale through property concentrations;
Potential for economic growth and the tax and regulatory environment of the community in which the property is located;
Potential for expansion, including increasing the number of Sites;
Occupancy and demand by customers for properties of a similar type in the vicinity;
Prospects for liquidity through sale, financing or refinancing of the property;



Competition from existing properties and the potential for the construction of new properties in the area; and
Working capital demands.
When evaluating potential dispositions, we consider, among others, the following factors:
Whether the Property meets our current investment criteria;
Our desire to exit certain non-core markets and reallocate the capital into core markets; and
Our ability to sell the Property at a price that we believe will provide an appropriate return for our stockholders.


When investing capital, we consider all potential uses of the capital, including returning capital to our stockholders. Our Board of Directors periodically reviews the conditions under which we may repurchase our stock. These conditions include, but are not limited to, market price, balance sheet flexibility, other opportunities and capital requirements.
Property Expansions
Development - Current Portfolio. Integral to An integral part of our growth and investment strategy is to evaluate each Property is evaluated for expansion opportunities. Investment evaluation consists of:of reviewing the following: local market conditions, demographic trends, zoning and entitlements, infrastructure requirements, financial feasibility, and projected performance and conducting an operational review.property operations. When justified, development of land available for expansion ("Expansion Sites") allows us to leverage existing facilities and amenities. We believe our ability to increase density translates to greater value creation and cash flowflows through operational efficiencies. Overall, approximately 110125 of our Properties have potential Expansion Sites, offering approximately 5,2005,300 available acres. Refer to Item 2. Properties, which includes detail regarding the developable acres available at each property.
Acquisition - Expanding Portfolio. In selecting acquisition targets, we pursue properties with existing operations in place and contiguous Expansion Sites. Underwriting a project with these features allows us to access the previously untapped potential of such properties. For example, over the past three years, we have acquired 1526 Properties and twofour vacant land parcels that contain approximately 231194 acres for future expansion.
Leases or Usage Rights
At our Properties, a typical lease for the rental of a Site between us and the owner or renter of a home is month-to-month or for a one-year term, renewable upon the consent of both parties or, in some instances, as provided by statute. These leases are cancelable, depending on applicable law, for non-payment of rent, violation of Property rules and regulations or other specified defaults. Long-term leases are in effect at approximately 10,9009,250 Sites in 1715 of our Properties. Some of these leases are subject to rental rate increases based on the Consumer Price Index ("CPI"), in some instances allowing for pass-throughs of certain items such as real estate taxes, utility expenses and capital expenditures. Generally, adjustments to our rental rates, if appropriate, are made on an annual basis.
In Florida, in connection with offering a Site in a MH community for rent, the MH community owner must deliver to the prospective resident a Prospectus required by Florida Statutes Chapter 723.001, et. seq., which must be approved by the applicable regulatory agency. The Prospectus contains certain required disclosures regarding the community, the rights and obligations of the MH community owner and residents, and a copy of the lease agreement. A Prospectus may contain limitations on the rights of the MH community owner to increase rental rates. However, in the absence of such limitations, the MH community owner may increase rental rates to market, subject to certain advance notice requirements and a statutory requirement that the rental rates be reasonable. See further discussion below related to rent control legislation.
At Properties zoned for RV use, we have long-term relationships with many of our customers,seasonal and transient residents and guests, who typically enter into short-term rental agreements. Many customers also leave deposits to reserve a Site for the following year. Generally, these customersresidents and guests cannot live full time on these Properties for reasons including their seasonal nature. Many of them also leave deposits to reserve a Site for the following year.
At Properties operated under the Thousand Trails brand designated for useare primarily utilized to serve subscription members. Available Sites within these Properties may also be utilized by customers, who have entered a right-to-use ornon-members. A membership contract, the contract generallysubscription grants the customermember access to designatedthese Properties on a continuous basis of up to 14 days in exchange for an annual dues payments. The customer may makepayment. In addition, members are eligible to upgrade their subscriptions, which increase usage rights during the membership term. Each membership upgrade requires a non-refundable upfront payment, for which we offer financing options to upgrade the contract which increases usage rights during the contract term. We may finance the non-refundable upfront payment.eligible members. Most of the subscription contracts provide for an annual dues increase, usually based on increases in the CPI.




Regulations and Insurance
General. Our Properties are subject to a variety of laws, ordinances and regulations, including regulations relating to recreational facilities such as swimming pools, clubhouses and other common areas, regulations relating to providing utility services, such as electricity, and regulations relating to operating water and wastewater treatment facilities at certain of our Properties. We believe that each Property has all material permits and approvals necessary to operate. We renew these permits and approvals in the ordinary course of business.
Insurance. Our Properties are insured against risks that may cause property damage and business interruption, including events such as fire, flood, earthquake, or windstorm. The relevant insurance policies contain deductible requirements, coverage limits and particular exclusions. Our current property and casualty insurance policies with respect to our MH and RV Properties, which we plan to renew, expire on April 1, 2019.2020. We have a $100.0 million loss limit per occurrence with respect to our MH and RV all-risk property insurance program including named windstorms. This loss limit is subject to additional sub-limits as set forth in the policy form, including, among others, a $25 million aggregate loss limit for earthquakes in California. The deductibles for this policy primarily range from a $500,000 minimum to


5.0% per unit of insurance for most catastrophic events. For most catastrophic events, there is an additional one-time $500,000 aggregate deductible. We have separate insurance policies with respect to the 11 Florida marinas as to which we acquired the remaining interest on September 10, 2019. Those policies, which we plan to renew, expire on November 1, 2020, and the property insurance program has a minimum deductible of $100,000. A deductible indicates our maximum exposure, subject to policy limits and sub-limits, in the event of a loss.
Rent Control Legislation. At certain of our Properties, state and local rent control laws dictate the structure of rent increases and, in some cases, outline the ability to recover the costs of capital improvements. Enactment of such laws has been considered at various times in other jurisdictions. We presently expect to continue to maintain Properties and may purchase additional properties in markets that are either subject to rent control or in which rent related legislation exists or may be enacted. For example, Florida law requires that rental increases be reasonable, and Delaware law requires rental increases greater than the changechanges in the CPI to be justified. Also, certain jurisdictions in California in which we own Properties limit rent increases to changes in the CPI or some percentage of the CPI. As part of our effort to realize the value of Properties subject to restrictive regulation,regulations, we have initiated lawsuits at various times against various municipalities imposing such regulations in an attempt to balance the interests of our stockholders with the interests of our customers.residents and guests.
Membership Properties. Many states also have consumer protection laws regulating right-to-use or campground membership sales and the financing of such sales. Some states have laws requiring us to register with a state agency and obtain a permit to market (see Item 1A. Risk Factors). At certain of our Properties primarily used as membership campgrounds, state statutes limit our ability to close a Property unless a reasonable substitute Property is made available for members'members to use.
Industry
We believe that demand from baby boomers for manufactured housing and RV communities will continue to outpace supply for several years.in the near future. We alsoexpect much of this demand will continue to come from baby boomers, who may seek an active RV lifestyle or a permanent retirement or vacation establishment. In addition, we expect the exposure to Millennials and Generation X will contribute to the demand, as these groups focus on affordability, prefer housing quality over size and pursue unique experiences. We believe that our Properties and our business model provide an attractive destination for customers as they seek value in their housing and recreational options. Positive trends in categories such as customer demographics, the quality of MHmanufactured housing construction and limited property supply, among others, fuel our belief that our Properties are well positioned for the future:
•
Barriers to Entry: We believe that the supply of new properties in locations we target will be constrained by barriers to entry. While we have seen a moderate increase in ground-up development, primarily of RV properties, the most significant barrier continues to be the difficulty of securing zoning permits from local authorities. This has been the result of (i) the public perception of manufactured housing, and (ii) the fact that MH and RV communities generate less tax revenue than conventional housing properties because the homes are treated as personal property (a benefit to the homeowner) rather than real property. Further, the length of time between investment in a property's development and the attainment of stabilized occupancy and the generation of profit is significant. The initial development of the infrastructure may take up to three years and once a property is ready for occupancy, it may be difficult to attract customers to an empty property.
•
Customer Base: We believe that properties tend to achieve and maintain a stable rate of occupancy due to the following factors: (i) customers typically own their own homes, (ii) properties tend to foster a sense of community as a result of amenities, such as clubhouses and recreational and social activities, (iii) customers often sell their homes in-place (similar to site-built residential housing), resulting in no interruption of rental payments to us, and (iv) moving a factory-built home from one property to another involves substantial cost and effort.
Barriers to Entry: We believe that the supply of new properties in locations we target will be constrained by barriers to entry. The most significant barrier has been the difficulty of securing zoning permits from local authorities. This has been the result of (i) the public's perception of manufactured housing, and (ii) the fact that MH and RV communities generate less tax revenue than conventional housing properties because the homes are treated as personal property (a benefit to the homeowner) rather than real property. Further, the length of time between investment in a property's development and the attainment of stabilized occupancy and the generation of revenues is significant. The initial development of the infrastructure may take up to two or three years and once a property is ready for occupancy, it may be difficult to attract customers to an empty property.

Customer Base: We believe that properties tend to achieve and maintain a stable rate of occupancy due to the following factors: (i) customers typically own their own homes, (ii) properties tend to foster a sense of community as a result of amenities, such as clubhouses and recreational and social activities, (iii) customers often sell their homes in-place (similar to site-built residential housing) resulting in no interruption of rental payments to us, and (iv) moving a Site Set home from one property to another involves substantial cost and effort.
Lifestyle Choice: According to the Recreational Vehicle Industry Association ("RVIA"), in a survey conducted by the University of Michigan in 2011, approximately 8.9 million or 8.5% of U.S. vehicle-owning households owned an RV. The 77 million people born in the United States from 1946 to 1964, or "baby boomers", make up the largest and one of the fastest growing segments in this market. According to Pew Research Center in 2010, every day 10,000 Americans turn 65 years old. We believe that this population segment, seeking an active lifestyle, will provide opportunities for our future growth. As RV owners age and move beyond the more active RV lifestyle, they will often seek permanent retirement or vacation establishments. Site Set housing has become an increasingly popular housing alternative for retirement, second-home, and "empty-nest" living. According to 2018 U.S. Census Bureau National Population Projections figures, the population of people ages 55 and older is expected to grow 19% within the next 15 years.
•
Lifestyle Choice: There are currently over 1 million RV camp sites in privately owned RV parks and campgrounds in the United States per the National Association of RV Parks and Campgrounds ("ARVC"). According to the Recreational Vehicle Industry Association ("RVIA") in 2019, RV ownership has reached record levels. More than nine million households now own an RV, a 16% increase since 2011 and a 64% increase since 1980. The 73 million people born in the United States from 1946 to 1964, or "baby boomers," make up one of the largest and fastest growing segments in this market. According to the U.S. Census Bureau in 2019, every day 10,000 Americans turn 65 years old, and all baby boomers will be at least age 65 by 2030. We believe that this population segment, seeking an active lifestyle, will provide opportunities for our future growth. As RV owners age and move beyond the more active RV lifestyle, they will often seek permanent retirement or vacation establishments. Manufactured homes and cottages have become an increasingly popular housing alternative. According to 2018 U.S. Census Bureau National Population Projections figures, the population of people ages 55 and older is expected to grow 18% within the next 15 years.
We believe that the housing choices in our Properties are especially attractive to such individuals throughout this lifestyle cycle. Our Properties offer an appealing amenity package, close proximity to local services, social activities, low maintenance and a secure environment. In fact, many of our Properties allow for this cycle to occur within a single Property.
Construction Quality: The Department of Housing and Urban Development's ("HUD") standards for Site Set housing construction qualityAdditionally, RV sales are the only federal standards governing housing quality of any typeexpected to benefit from an increase in demand from those born in the United States. Site Set homes produced since 1976 have received a "redStates from 1980 to 1995, or "Millennials," over the coming years, according to the RVIA. The number of consumers between age 30 and silver" government seal certifying that they were built45 is expected to total 72 million by 2025, 13% higher than in compliance with2015. Data collected on RV retail registrations found the federal code.share of RV ownership has increased in the younger age brackets between 2015 and 2018. RV ownership for those aged 35 to 44 increased from 18.4% in 2015 to 20.8% in 2018. For those aged 25 to 34, RV ownership increased from 5.0% in 2015 to 8.1% in 2018. The code regulates Site Set home design and construction, strength and durability, fire resistance and energy efficiency, and the installation and performance of heating, plumbing, air conditioning, thermal and electrical systems. In newer homes, top grade lumber and dry wall materials are common. Also, manufacturers are required to follow the same fire codes as builders of site-built structures. In 1994, following the devastation left by Hurricane Andrew,


HUD introduced regulations that established different wind zones across the country. As a result, any homes set in place since 1994 must be able to withstand wind speeds of 70 miles per hour in Zone 1, 100 miles per hour in Zone 2 and 110 miles per hour in Zone 3. While most of the Unites States is designated wind Zone 1, areasconsumers most likely to be impactedpurchase RVs, according to a study conducted with Nielsen in 2016 by hurricanesGo RVing, a coalition of RV industry trade groups, are either Zone 2 or Zone 3.families searching for adventures, individuals looking for locations with natural beauty and opportunities for outdoor sports and recreation, and kid-free adult adventurers enjoying the freedom, convenience and low-cost options of RVs.
•
Construction Quality: The Department of Housing and Urban Development's ("HUD") standards for manufactured housing construction quality are the only federal standards governing housing quality of any type in the United States. Manufactured homes produced since 1976 have received a "red and silver" government seal certifying that they were built in compliance with the federal code. The code regulates manufactured home design and construction, strength and durability, fire resistance and energy efficiency, and the installation and performance of heating, plumbing, air conditioning, thermal and electrical systems. In newer homes, top grade lumber and dry wall materials are common. Also, manufacturers are required to follow the same fire codes as builders of site-built structures. In 1994, following the devastation left by Hurricane Andrew, HUD introduced regulations that established different wind zones across the country. As a result, any homes set in place since 1994 must be able to withstand wind speeds of 70 miles per hour in Zone 1, 100 miles per hour in Zone 2 and 110 miles per hour in Zone 3. While most of the United States is designated wind Zone 1, areas most likely to be impacted by hurricanes are either Zone 2 or Zone 3.
Although construction of cottages, which are generally smaller homes, do not come under the same HUD regulations, they are built and certified in accordance with NFPANational Fire Protection Association ("NFPA") 1192-15 and ANSIAmerican National Standards Institute ("ANSI") A119.5 consensus standards for park model recreational vehicles and have many of the same quality features. RVIA operates a safety standards and inspection program that requires member manufacturers of all recreation vehicles, including park model RVs, to certify that each unit built complies with the requirements of the applicable standards.
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Comparability to Site-Built Homes: Since inception, the manufactured housing industry has experienced a trend toward multi-section homes. The average current manufactured homes are approximately 1,438 square feet. Many such homes have nine-foot or vaulted ceilings, fireplaces and as many as four bedrooms, and closely resemble single-family ranch-style site-built homes at a fraction of the price. At our Properties, there is an active resale or rental market for these larger homes. According to the 2018 U.S. Census American Community Survey, manufactured homes represent 8.5% of single-family housing units.
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Second Home and Vacation Home Demographics: According to 2014 National Association of Realtors ("NAR") reports, there were approximately 8.0 million vacation homes in 2013 and a typical vacation homebuyer was 43 years old. In the 2017 NAR reports, sales of second homes in 2016 accounted for 31% of residential transactions, or 1.9 million second-home sales. Additionally, 18% of vacation homebuyers plan to own their home for future retirement. According to 2018 NAR reports, of vacation homebuyers in 2018, 33% purchased in beach areas, 21% purchased on a lake front and 15% purchased in rural areas. Looking ahead, we expect continued strong demand from baby boomers and Generation X. We believe these individuals will continue to drive the market for second-home sales as vacation properties, investment opportunities, or retirement retreats. We believe it is likely that over the next decade we will continue to see high levels
Comparability to Site-Built Homes: Since inception, the Site Set housing industry has experienced a trend toward multi-section homes. The average current Site Set homes are approximately 1,426 square feet. Many such homes have nine-foot ceilings or vaulted ceilings, fireplaces and as many as four bedrooms, and closely resemble single-family ranch-style site-built homes at a fraction of the price. At our Properties, there is an active resale or rental market for these larger homes. According to the 2017 U.S. Census American Community Survey, manufactured homes represent 9.1% of single-family housing units.


Second Home and Vacation Home Demographics: According to 2017 National Association of Realtors ("NAR") reports, sales of second homes in 2016 accounted for 31% of residential transactions, or 1.9 million second-home sales in 2016 and a typical vacation-home buyer earned $89,900 in 2016. According to 2014 NAR reports, there were approximately 8.0 million vacation homes in 2013 and a typical vacation-home buyer was 43 years old. According to the 2018 NAR reports, approximately 33% of vacation homes were purchased in resort areas. Of vacation buyers who purchased homes in 2018, 33% purchased in beach areas, 21% purchased on a lake front and 15% purchased in rural areas. According to the 2017 NAR reports, 18% of vacation home buyers plan to own their home for future retirement. Looking ahead, we expect continued strong demand from baby boomers. It is estimated that approximately 10,000 baby boomers will turn 65 daily through 2030. Additionally, the population of people age 55 in the U.S. and older is expected to grow 19% from 2019 to 2034. We believe these individuals will continue to drive the market for second-home sales as vacation properties, investment opportunities, or retirement retreats. We believe it is likely that over the next decade we will continue to see high levels of second-home sales and that homes and cottages in our Properties will continue to provide a viable second-home alternative to site-built homes.
Notwithstanding our belief that the industry information highlighted above provides us with significant long-term growth opportunities, our short-term growth opportunities could be disrupted by the following:
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Shipments: According to statistics compiled by the U.S. Census Bureau, manufactured home shipments to dealers increased each year from 2010 to 2018, before declining slightly in 2019. Shipments in 2019 decreased 2.1% to 94,600 units as compared to shipments of 96,600 units in 2018. According to the RVIA, wholesale shipments of RVs decreased 16.0% in 2019 to approximately 406,100 units as compared to 2018. Although RV shipments have been trending downwards, the RV market remains healthy and robust as 2019 was the fourth highest annual shipment year in the industry.
Shipments: According to statistics compiled by the U.S. Census Bureau, MH shipments have increased each year from 2010 to 2018. Shipments in 2018 increased 3.98% to 96,600 units as compared to shipments in 2017 of 92,900 units. According to the RVIA, wholesale shipments of RVs decreased 4.2% in 2018 to approximately 483,700 units as compared to 2017, a small dip in the otherwise positive trend in RV shipments that started in late 2009.



mhandrvshipmentswdecdata.jpgmhrvgraph.jpg
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1.U.S. Census: Manufactured Homes SurveySource: RVIA
2.Source: RVIAU.S. Census: Manufactured Homes Survey




Sales: Retail sales of RVs totaled approximately 436,440 in 2018, a 3.6% increase from 2017 RV sales of 421,436 and a 17.0% increase from 2016 RV sales of 373,032. We believe that consumers remain concerned about the current economy, and the potential for stagnant economic conditions in the future. However, the enduring appeal of the RV lifestyle has translated into continued strength in RV sales. RV sales could continue to benefit as aging baby-boomers continue to enter the age range in which RV ownership is highest. RV dealers typically have relationships with third party lenders who provide financing for the purchase of an RV.
Availability of financing: Although RV financing is readily available, the economic and legislative environment has generally made it difficult for purchasers of both manufactured homes and RVs to obtain financing. Legislation enacted in 2010 known as the Safe Mortgage Licensing (SAFE) Act requires community owners interested in providing financing for customer purchases of manufactured homes to register as mortgage loan originators in states where they engage in such financing. In comparison to financing available to purchasers of site-built homes, the few third party financing sources available to purchasers of manufactured homes offer financing with higher down payments, higher rates and shorter maturities, and loan approval is subject to more stringent underwriting criteria. In 2013, we entered into a joint venture, ECHO Financing, LLC, to buy and sell homes and purchase loans made by an unaffiliated lender to residents at our Properties. Please see our risk factors in Item 1A. Risk Factors and consolidated financial statements and related notes beginning on page F-1 of this Form 10-K for more detailed information.
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Sales: Retail sales of RVs totaled approximately 411,813 in 2019, a 6.6% decrease from 2018 RV sales of 440,994 and a 2.3% decrease from 2017 RV sales of 421,436. We believe consumers are concerned about the current economy and the potential for stagnant economic conditions in the near future. However, the enduring appeal of the RV lifestyle has translated into continued strength in RV sales, as 2019 is the third highest sales year for the industry. RV sales could continue to benefit from the increased demand from the baby boomers and Millennials. Financing options are also available as RV dealers typically have relationships with third-party lenders, who provide financing for the purchase of a RV.
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Availability of financing: Although RV financing is readily available, the economic and legislative environment has generally made it difficult for buyers of both manufactured homes and RVs to obtain financing. Legislation enacted in 2008 and effective in 2010, known as the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) requires community owners interested in providing financing to buyers of manufactured homes to register as mortgage loan originators in states where they engage in such financing. In comparison to financing available to buyers of site-built homes, the few third-party financing sources available to buyers of manufactured homes offer financing with higher down payments, higher rates and shorter maturities, and loan approval is subject to more stringent underwriting criteria. In 2013, we entered into a joint venture, ECHO Financing, LLC, to buy and sell homes and purchase loans made by an unaffiliated lender to residents at our Properties. See Item 1A. Risk Factors and consolidated financial statements and related notes beginning on page F-1 of this Form 10-K for more detailed information.
In 2017, the Federal Housing Finance Agency ("FHFA") published Fannie Mae's and Freddie Mac's Underserved Markets Plans for 2018-2020 (the "Plans") under the duty-to-serve provisions mandated by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008. The FHFA


mandate requires Fannie Mae and Freddie Mac to serve three specific underserved markets, one of which is the manufactured housing sector. The Plans outline four duty-to-serve focus areas related to manufactured housing, including home purchase financing for customers placing manufactured homes in land lease communities. While this may have positive impact on the ability of our customers' abilitycustomers to obtain chattel financing, the actual impact on us as well as the industry cannot be determined at this time. In addition, the U.S. Department of the Treasury released the Housing Reform Plan in September 2019, which outlined a plan to end the conservatorships of the government sponsored enterprises. The Housing Reform Plan could have an impact on the Plans.





Available Information
We file reports electronically with the Securities and Exchange Commission ("SEC"). The SEC maintains a website that contains reports, proxy information and statements and other information regarding issuers that file electronically with the SEC at http://www.sec.gov. We also maintain a website with information about us as well as our press releases, investor presentations, and filings with the SEC at http://www.equitylifestyleproperties.com, which can be accessed free of charge. We intend to post material on our website from time to time that contains material non-public information. The posting of such information is intended to comply with our disclosure requirements under Regulation Fair Disclosure. Accordingly, in addition to following our SEC filings and public conference calls, we encourage investors, the media and others interested in us to review the business and financial information we post on our website. The information contained on our website, or available by hyperlink from our website, is not incorporated into this Form 10-K or other documents we file with, or furnish to, the SEC.
Previously, in addition to posting investor presentations on our website, we electronically furnished investor presentations to the SEC as exhibits to Current Reports on Form 8-K. Although we may continue to furnish our investor presentations as exhibits to Current Reports on Form 8-K, we intend to make our future investor presentations available only through our website. Requests for copies of our filings with the SEC and other investor inquiries should be directed to:
Investor Relations Department
Equity LifeStyle Properties, Inc.
Two North Riverside Plaza
Chicago, Illinois 60606
Phone: 1-800-247-5279
e-mail: investor_relations@equitylifestyle.com





8




Item 1A. Risk Factors
The following risk factors could cause our actual results to differ materially from those expressed or implied in forward-looking statements made in this Form 10-K and presented elsewhere by our management from time to time. These risk factors may have a material adverse effect on our business, financial condition, operating results and cash flows. Additional risks and uncertainties not presently known to us or that are currently not believed to be material may also affect our actual results.
Risks Relating to Our Operations and Real Estate Investments
Adverse Economic Conditions and Other Factors Could Adversely Affect theThe Economic Performance and Value of Our Properties and Our Cash FlowsAre Subject to Risks Associated with The Real Estate Industry.
Several factors may adversely affect theThe economic performance and value of our Properties andcould be adversely affected by various factors, many of which are outside of our cash flows.control. These factors include:include but are not limited to the following:
changes in the national, regional and/or local economic climate;economies;
the attractiveness of our Properties to customers, competition from other manufactured homeMH and RV communities and lifestyle-oriented properties and alternative forms of housing (such as apartment buildings and site-built single-family homes);
the ability of manufactured homeMH and RV manufacturers to adapt to changes in the economic climateeconomy and the availability of units from these manufacturers;
the ability of our potential customers to sell or lease their existing site-built residences in order to purchase homes or cottages at our Properties, and heightened price sensitivity for seasonal and second homebuyers;
the possible reduced ability of our potential customers to obtain financing on the purchase of homes, cottages or RVs;
theour ability ofto attract new customers and retain them for our potential customers to obtain affordable chattel financing from manufactured home lenders;membership subscriptions and upgrade sales business;
our ability to collect rent, annual payments and principal and interest from customers and pay or control maintenance, insurance and other operating costs, (includingincluding real estate taxes), which could increase over time;
unfavorable weather conditions, especially on holiday weekends in the spring and summer months, could reduce the economic performance at our Properties;
change in climate and the occurrence of natural disasters or catastrophic events;taxes;
the failureability of our assets to generate income sufficient to pay our expenses, service our debt and maintain our Properties;
our ability to diversify and sell our Properties timely due to the illiquid nature of real estate investments;
unfavorable weather conditions, especially on holiday weekends in the spring and summer months, which are our peak business periods;
changes in climate and the occurrence of natural disasters or catastrophic events, including acts of war and terrorist attacks;
fluctuations in the exchange rate of the U.S. dollar to other currencies, primarily the Canadian dollar due to Canadian customers, who frequently visit our southern Properties;
changes in U.S. social, economic and political conditions, laws and governmental regulations, including policies governing rent control, property zoning, taxation, minimum wages, chattel financing, health care, foreign trade, regulatory compliance, manufacturing, development and investment; and
fiscal policies, instability or inaction at the U.S. federal government level, which may lead to federal government shutdowns or negative impacts on the U.S. economy.
Changes in or the occurrence of any of these factors could adversely affect our financial condition, results of operations, market price of our common stock and our ability to make expected distributions to our stockholders or may result in claims, including, but not limited to, foreclosure by a lender in the event of our inability to service our debt;debt.
fluctuation in the exchange rate of the U.S. dollar to other currencies, primarily the Canadian dollar, as many of our customers who visit our northern and southern Properties are Canadians;
changes in U.S. social, political, economic conditions, laws, governmental regulations (including rent control laws and regulations governing usage, zoning and taxes and chattel financing), and policies governing health care systems and drug prices, tax laws, foreign trade, manufacturing, and development and investment;
fiscal policies or inaction at the U.S. federal government level, which may lead to federal government shutdowns or negative impacts on the U.S. economy;
changes in laws and governmental regulations related to minimum wage increases; and
our ability to attract customers to enter new or upgraded right-to-use contracts and to retain customers who have previously entered right-to-use contracts.
Economic Downturn in the States or Markets with a Large Concentration of Our Properties May Adversely Affect Our Financial Condition, Results of Operations, Cash Flows Financial Condition and Ability to Make Distributions.
Our success is dependent upon economic conditions in the U.S. generally and in the geographic areas in whichwhere a substantial number of our Properties are located. Changes in national economic conditions and in the economic conditions of the regions in which we conduct substantial business may have an adverse effect on the real estate values of our Properties, our financial performance and the market price of our common stock. As we have a large concentration of properties in certain markets, most notably Florida, California and Arizona, which comprise 43.5%, 13.3% and 9.5%, respectively, of our total property operating revenue, adverse market and economic conditions in these areas of high concentration, whichcould significantly affect factors, such factors as occupancy and rental rates, and could have a significant impact on our revenues,financial condition, results of operations, cash flows financial condition and ability to make distributions. In a recession or under other adverse economic conditions, such as during a government shutdown, non-earning assets and write-downs are likely to increase as debtors fail to meet their payment obligations. Although we maintain reserves for credit losses and an allowance for doubtful accounts in amounts that we believe should beare sufficient to provide adequate protection against potential write-downs in our portfolio, these amounts could prove to be insufficient.
Certain of Our Properties, Primarily ourOur RV Communities, are Subject to Seasonality and Cyclicality.
Some of our RV communities are used primarily by vacationers and campers. These Properties experience seasonal demand, which generally increases in the spring and summer months and decreases in the fall and winter months. As such, results for a certain quarter may not be indicative of the results of future quarters. In addition, becausesince our RV communities are primarily used


by vacationers and campers, economic cyclicality resulting in a downturn that affects discretionary spending and disposable income for leisure-time activities as well as unfavorable weather conditions during the spring and summer months, could adversely affect our cash flows.


Our Properties May Not Be Readily Adaptable to Other Uses.
Properties in our portfolio, including marinas and certain RV communities, are specific-use properties and may contain features or assets that have limited alternative uses. These Properties may also have distinct operational functions that involve specific procedures and training. If the operations of any of our Properties become unprofitable due to industry competition, operational execution or otherwise, then it may not be feasible to operate the Property for another use, and the value of certain features or assets used at the Property, or the Property itself, may be impaired. Should any of these events occur, our financial condition, results of operations and cash flows could be adversely impacted.
Competition for Acquisitions May Result in Increased Prices for Properties and Associated Costs and Increased Costs of Financing.
We expect that otherOther real estate investors with significant capital willmay compete with us for attractive investment opportunities. Such competition increasescould increase prices for Properties and can also result in increased fixed costs, such asincluding real estate taxes. To the extent we are unable to effectively compete or acquire properties with more favorable terms than we are able to negotiate, our business may be adversely affected. Further, we expect to acquire Properties with cash from sources including but not limited to secured or unsecured financings, proceeds from offerings of equity or debt, offerings of OP Units, undistributed funds from operations and sales of investments. We may not be in a position or have the opportunity in the future to make suitable Property acquisitions on favorable terms, or at all, and increased competition can cause difficulties obtaining new financing or securing favorable financing terms.our ability to expand our business could be adversely affected.
New Acquisitions May Fail to Perform as Expected and the Intended Benefits May Not Be Realized, Which Could Have a Negative Impact on Our Operations and the Market Price of Our Common Stock.
We intend to continue to acquire Properties. However, newly acquired Properties may fail to perform as expected and could pose risks for our ongoing operations including the following:
integration may prove costly or time-consuming and may divert management'sour attention from the management of daily operations;
difficulties or an inabilitywe may be unable to access capital or we may encounter difficulties, such as increases in financing costs;
we may incur costs and expenses associated with any undisclosed or potential liabilities;
unforeseen difficulties may arise in integrating an acquisition into our portfolio;
expected synergies may not materialize; and
we may acquire properties in new markets where we face risks associated with lack of market knowledge such as understanding of the local economy, the local governmental and/or local permit procedures.


As a result of the foregoing, we may not accurately estimate or identify all costs necessary to bring an acquired Property up to standards established for our intended market position. As such, we cannot provide assurance that any acquisition that we make will be accretive to us in the near term or at all. Furthermore, if we fail to realize the intended benefits of an acquisition, the market price of our common stock could decline to the extent that the market price reflects those benefits.
Development and Expansion Properties May Fail to Perform as Expected and the Intended Benefits May Not Be Realized, Which Could Have a Negative Impact on Our Operations and the Market Price of Our Common Stock.


We may periodically consider development and expansion activities, which are subject to risks such as construction costs exceeding original estimates and construction and lease-up delays resulting in increased construction costs and lower than expected revenues. Additionally, there can be no assurance that these properties will operate better as a result of development or expansion activities due to various factors, including lower than anticipated occupancy and rental rates causing a property to be unprofitable or less profitable than originally estimated.
We Regularly Expend Capital to Maintain, Repair and Renovate Our Properties, Which Could Negatively Impact Our Financial Condition, and Results of Operations.Operations and Cash Flows.
We may, or we may be required to, from time to time make significant capital expenditures to maintain or enhance the competitiveness of our Properties, including the factory-built homes that are located in these Properties. There canAs most of our residents own their homes, the replacement, repairs and refurbishment of these homes may not be within our control. In addition, there is no assurancesassurance that any such expenditurescapital expenditure would result in higher occupancy or higher rental rates.
Real Estate Investments Are Illiquid. Therefore, We May Not be Able to Sell The age and quality of the homes in our Properties.
Real estate investments generally cannot be sold quickly. We may not be able to vary can impact the desirability of a community and our portfolio promptly in response to economic or other conditions, forcing us to accept lower than market value. This inability to respond promptly to changes in the performance of our investments could adversely affect our financial condition and ability to service debtattract high quality residents and make distributionsguests. To the extent that the expenditures exceed our available cash, we may need to our stockholders.secure new financing.
Our Ability to Renew Ground Leases Could Adversely Affect Our Financial Condition and Results of Operations.
We own the buildings and leasehold improvements at certain Properties that are subject to long-term ground leases. For various reasons, landowners may not want to renew the ground lease agreements with similar terms and conditions, if at all, which


may could adversely impact our ability to operate these Properties and generate revenues. We have 13 Properties in our portfolio subject to ground lease agreements for land, which we do not own. Four of the 13 Properties, which generated approximately $5.7$5.4 million of income from operations for the year ended December 31, 2018,2019, are subject to ground lease agreements with a final expiration date before 2023. We intend to pursue renewal of these ground leases prior to expiration, but can provide no assurance that we will be successful in our efforts.See Item 8. Financial Statements and Supplementary Data—Note 16. Commitment and Contingencies.


Our Ability to Sell or Rent Manufactured Homes Could beBe Impaired, Resulting in Reduced Cash Flows.
Selling and renting homes is a primary part of our business.Our ability to sell or rent manufactured homes could be adversely affected by any of the following factors:
downturnsdisruptions in economic conditions disrupting the single-family housing market;
local conditions, such as an oversupply of lifestyle-oriented properties or a reduction in demand for lifestyle-oriented properties;
increased costs to acquire homes;
our ability to obtain an adequate supply of homes at reasonable costs from MH suppliers;
the ability of customers to obtain affordable financing; and
demographics, such as the retirement of the "baby boomers", and their demand for access to our lifestyle-oriented Properties.
Regulation of Chattel Financing May Affect Our Ability to Sell Homes.
Since 2010, the regulatory environment has made it difficult for purchasers of manufactured homes and RVs to obtain financing. LegislationThe Secure and Fair Enforcement for Mortgage Licensing Act, enacted in 2008 and effective in 2010, known as the SAFE Act (Safe Mortgage Licensing Act) requires community owners interested in providing financing for customer purchases of manufactured homes to register as mortgage loan originators in states where they engage in such financing. In addition, the Dodd-Frank Wall Street Reform and Consumer Protection Act amended the Truth in Lending Act and other consumer protection laws by adding requirements for residential mortgage loans, including limitations on mortgage origination activities, restrictions on high-cost mortgages and new standards for appraisals. The law also requires lenders to make a reasonable investigation into a borrower's ability to repay a loan. These requirements make it more difficult for homeowners to obtain affordable financing and especially for individuals with moderate income to obtain loans to purchase manufactured housing or RVs. Homeowners' ability to obtain affordable financing could affect our ability to sell homes.
Our Investments in Joint Ventures Could beBe Adversely Affected by Our Lack of Sole Decision-Making Authority Regarding Major Decisions, Our Reliance on Our Joint Venture Partners' Financial Condition, Any Disputes that mayThat May Arise Between Us and Our Joint Venture Partners and Our Exposure to Potential Losses fromFrom the Actions of Our Joint Venture Partners.
We have joint ventures with other investors. We currently and may continue in the future to acquire properties or make investments in joint ventures with other persons or entities when we believe circumstances warrant the use of such structures. Joint venture investments involve risks not present with respect to our wholly owned Properties, including the following:
our joint venture partners might experience financial distress, become bankrupt or fail to fund their share of required capital contributions, which may delay construction or development of a property or increase our financial commitment to the joint venture;
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our joint venture partners may experience financial distress, become bankrupt or fail to fund their share of required capital contributions, which could delay construction or development of a property or increase our financial commitment to the joint venture;
our joint venture partners may have business interests or goals with respect to a property that conflict with our business interests and goals, which could increase the likelihood of disputes regarding the ownership, management or disposition of the property; and
we may be unable to take actions that are opposed by our joint venture partners under arrangements that require us to share decision-making authority over major decisions affecting the ownership or operation of the joint venture and any property owned by the joint venture, such as the sale or financing of the property or the making of additional capital contributions for the benefit of the venture.
At times we have entered into agreements providing for joint and several liability with our partners. Frequently, we and our partners may each have the right to trigger a buy-sell arrangement, which could cause us to sell our interest, or acquire our partners' interest, at a time when we otherwise would not have initiated such a transaction. Any of these risks could materially and adversely affect our ability to generate and recognize attractive returns on our joint venture investments, which could have a material adverse effect on our results of operations, financial condition and distributions to our stockholders.
There is a Risk of Accidents Occurring at Our Properties Which May Negatively Impact Our Operations.
While we maintain and promote safety at our Properties, there are inherent risks associated with certain features, assets and activities at our communities. An accident or an injury at any of our communities, particularly an accident or injury involving the safety of residents and guests and employees, may be associated with claims against us involving higher assertions of damages and/or higher public visibility. The occurrence of an accident or an injury at any of our communities could also cause damage to our brand or reputation, lead to loss of consumer confidence in us, reduce occupancy at our communities and negatively impact our results of operations.




Our Success Depends, in Part, on Our Ability to Attract and Retain Talented Employees.
Our ability to attract, retain and motivate talented employees could significantly impact our future performance. Competition for these individuals is intense, and we cannot assure youthere is no assurance that we will retain our key officers and employees or that we will be able to attract and retain other highly qualified individuals in the future.


Our Business Operations Areare Dependent On Software And Computer Systems Operated And Maintained By Third-Party Vendors.the Effective Operation of Technology.


We rely on the software and computer systems of third-party vendors to process and store information required for our business operations. Any disruption in the operations ofto these systems or to third-party vendors that maintain these systems could adversely affect our business operations. While we maintain and require allour vendors to maintain appropriate back-up copies of our information, transitioning to a new system or vendor can be time-consuming and disruptive, whichdisruptive. Additionally, it is important for us to explore and evolve with new developments in technology to stay competitive. For example, our consumers rely on our technology platforms to make reservations, and therefore, these user interfaces must be understandable and easy to use. It may require investment of both time and expense to implement a new system or upgrade our existing technology. Interruptions to any of the above could lead to lost revenues, interruptions in our business operations and damage to our business reputation.
Risks Relating to Governmental Regulation and Potential Litigation
Changes to Federal and State Laws and Regulations Could Adversely Affect Our Operations and the Market Price of Our Common Stock.
Our business operations are subject to certain federal and state laws and regulations including but not limited to the following:
Rent Control Legislation
Certain of our Properties are subject to state and local rent control regulations that dictate rent increases and our ability to recover increases in operating expenses and the costs of capital improvements. In addition, in certain jurisdictions, such regulations allow residents to sell their homes for a price that includes a premium above the intrinsic value of the homes. The premium represents the value of the future discounted rent-controlled rents, which is fully capitalized into the prices of the homes sold. In our view, such regulations result in a transfer to the residents of the value of our land, which would otherwise be reflected in market rents. As part of our effort to realize the value of Properties subject to restrictive regulation, we have initiated lawsuits at various times against various municipalities imposing such regulations in an attempt to balance the interests of our stockholders with the interests of our customers. In addition, we operate certain of our Properties, and may acquire additional properties, in high cost markets where the demand for affordable housing may result in the adoption of new rent control legislation that may impact rent increases.
We also own Properties in certain areas of the country where the rental rates at our Properties have not increased as fast as real estate values either because of locally imposed rent control or long term leases. In such areas, certain local government entities have at times investigated the possibility of seeking to take our Properties by eminent domain at values below the value of the underlying land. While no such eminent domain proceeding has been commenced, and we anticipate exercising all of our rights in connection with any such proceeding, successful condemnation proceedings by municipalities could adversely affect our financial condition.
Resident groups have previously filed lawsuits against us seeking to limit rent increases and/or seeking large damage awards for our alleged failure to properly maintain certain Properties or other resident related matters. An adverse finding against us in any such proceeding could materially and adversely affect our results of operations, financial condition and distributions to our stockholders.
Occupational, Safety and Health Act
Our Properties are subject to regulation under the federal Occupational, Safety and Health Act ("OSHA"), which requires employers to provide employees with an environment free from hazards, such as exposure to toxic chemicals, excessive noise levels, mechanical dangers, heat or cold stress and unsanitary conditions. Although we believe that our Properties are in compliance in all material respects with applicable requirements, complying with OSHA and similar laws can be costly and any failure to comply with these regulations could result in penalties or potential litigation.





Americans with Disabilities Act
Under the Americans with Disabilities Act ("("ADA"), all public accommodations and commercial facilities must meet certain federal requirements related to access and use by disabled persons. Although we believe that our Properties are in compliance in all material respects with applicable requirements, noncompliance with the ADA or related laws or regulations could result in the U.S. government imposing fines or private litigants being awarded damages against us. Such costs may adversely affect our ability to make distributions or payments to our investors. Compliance with the ADA requirements could involve removal of structural barriers to access or use by disabled persons. Other federal, state and local laws may require modifications to or restrict further renovations of our Properties with respect to such access. 




access or use. 
Laws and Regulations Relating to Campground Membership Sales and Properties Could Adversely Affect the Value of Certain Properties and Our Cash Flow.Flows.
Many of the states in which we do businessoperate have laws regulating right-to-use or campground membership sales.sales and properties. These laws generally require comprehensive disclosure to prospective purchasers, and usually give purchasers the right to rescind their purchase between three to five days after the date of sale. Some states have laws requiring us to register with a state agency and obtain a permit to market. We are subject to changes, from time to time, in the application or interpretation of such laws that can affect our business or the rights of our members.
In some states, including California, Oregon and Washington, laws place limitations on the ability of the owner of a campground property to close the property unless the customers at the property receive access to a comparable property. The impact of the rights of customers under these laws is uncertain and could adversely affect the availability or timing of sale opportunities or our ability to realize recoveries from Property sales.
Certain consumer rights and defenses that vary from jurisdiction to jurisdiction may affect our portfolio of contracts receivable. Examples of such laws include state and federal consumer credit and truth-in-lending laws requiring the disclosure of finance charges, and usury and retail installment sales laws regulating permissible finance charges.
Environmental Risks
Natural Disasters Could Adversely Affect the Value of Our Properties, Our Financial Condition, Results of Operations and Cash Flows:Flows; Climate Change Could Increase the Frequency and Severity of Natural Disasters.
We are subject to risks associated with natural disasters, including but not limited to hurricanes, storms, fires and earthquakes.As of December 31, 2018,2019, we owned or had an ownership interest in 414413 Properties, located in 33 statesincluding 133 Properties and British Columbia, including 144 Properties11 marinas located in Florida and 49 Properties located in California.The occurrence of a natural disaster or other catastrophic event in any of these areas may cause a sudden decrease in the value of our Properties and result in an adverse effect to our cash flows, financial condition, and results of operations.operations and cash flows.
To the extent climate change causes changes in weather patterns, our markets could experience increases in storm intensity, frequency and magnitude of wildfires and rising sea levels. Over time, these conditions could result in declining demand for our coastal Properties or our inability to operateand increased difficulties operating them. Climate change may also have indirect effects on our business by increasing the cost of (or making unavailable) property insurance on terms we find acceptable, increasing the cost of energy at our propertiesProperties and requiring us to expend funds as we seek to repair and protect our propertiesProperties against such risks. The incurrence of theseThese losses, costs or business interruptions maycould adversely affect our operatingfinancial condition and financialoperating results.
Environmental and Utility-Related Problems are Possible and Can beBe Costly.
Federal, state and local laws and regulations relating to the protection of the environment may require a current or previous owner or operator of real property to investigate and clean up hazardous or toxic substances or lead or petroleum product releases at such property. The owner or operator may have to pay a governmental entity or third parties for property damage and for investigation and clean-up costs incurred by such parties in connection with the contamination. Properties containing lead may require removal of the material. This can be costly and, if the lead infiltrates the groundwater or other water supply, further remediation may be necessary. Such laws typically impose clean-up responsibility and liability without regard to whether the owner or operator knew of or caused the presence of the contaminants. Even if more than one person may have been responsible for the contamination, each person covered by the environmental laws may be held responsible for all of the clean-up costs incurred. In addition, third parties maycould sue the owner or operator of a site for damages and costs resulting from environmental contamination emanating from that site.
Environmental laws also govern the presence, maintenance and removal of asbestos.environmental contamination, including asbestos and wastewater discharge. Such laws require that owners or operators of propertyproperties containing hazardous or toxic substances to


properly manage them. Owners or operators of properties containing asbestos properly manage and maintain the asbestos, that theymust notify and train those who may come into contact with asbestos and that they undertake special precautions, including removal or other abatement, if asbestos would be disturbed during renovation or demolition of a building. Such laws may impose fines and penalties on real property owners or operators who fail to comply with these requirements and may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers.
Utility-related laws and regulations also govern the provision of utility services. Such laws regulate, for example, how and to what extent owners or operators of property can charge renters for provision of utilities. Such laws also regulate the operations and performance of utility systems and may impose fines and penalties on real property owners or operators who fail to comply with these requirements. The regulations may also require capital investment to maintain compliance.



Changes in Oil and Gasoline Prices May Have an Adverse Impact on Our Properties and the RV Industry.
In the event the cost to power RVs increases, customers may reduce the amount of time spent traveling in their RVs. This may negatively impact revenues at our Properties that target these customers.
Risks Relating to Debt and the Financial Markets
Our Substantial Indebtedness Could Adversely Affect Our Financial Condition and Results of Operations.
Our business is subject to risks normally associated with debt financing. The total principal amount of our outstanding indebtedness was approximately $2,385.9$2,432.4 million as of December 31, 2018,2019, of which approximately $117.0$48.3 million, or 4.9%2.1%, matures in 2020.2020 and approximately $168.9 million, or 7.4%, matures in 2021. Our substantial indebtedness and the cash flows associated with serving our indebtedness could have important consequences, including the risks that:
our cash flows could be insufficient to pay distributions at expected levels and meet required payments of principal and interest;
we might be required to use a substantial portion of our cash flows from operations to pay our indebtedness, thereby reducing the availability of our cash flows to fund the implementation of our business strategy, acquisitions, capital expenditures and other general corporate purposes;
our debt service obligations could limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;
terms of refinancing may not be as favorable as the terms of existing indebtedness, resulting in higher interest rates that could adversely affect net income, cash flows and our ability to service debt and make distributions to stockholders;
if principal payments due at maturity cannot be refinanced, extended or paid with proceeds of other capital transactions, such as new equity capital, our cash flows may not be sufficient in all years to repay all maturing debt; and
to the extent that any Property is cross-collateralized with any other Properties, any default under the mortgage note relating to one Property willcould result in a default under the financing arrangements relating to other Properties that also provide security for that mortgage note or are cross-collateralized with such mortgage note.
Our Ability to Obtain Mortgage Financing Oror Refinance Maturing Mortgages May Adversely Affect Our Financial Condition.
Lenders' demands on borrowers as to the quality of the collateral and related cash flows may make it challenging to secure financing on attractive terms or at all. Future market factors including increases in the U.S. federal reserve funds rate will likelymay result in an increase in market interest rates, which maycould increase the costs of refinancing existing indebtedness or obtaining new debt.
Additionally, future disruptions in capital and credit markets, including potential reforms to Fannie Mae and Freddie Mac, could impact both the capacity and liquidity of lenders, resulting in financing terms that are less attractive to us and/or the unavailability of certain types of debt financing. This could have an adverse effect on our ability to refinance maturing debt and/or react to changing economic and business conditions.  
Financial Covenants Could Adversely Affect Our Financial Condition.
If a Property is mortgaged to secure payment of indebtedness, and we are unable to meet mortgage payments, the mortgagee could foreclose on the Property, resulting in loss of income and asset value. The mortgages on our Properties contain customary negative covenants, which among other things limit our ability, without the prior consent of the lender, to further mortgage the Property and to discontinue insurance coverage. In addition, our unsecured credit facilities contain certain customary restrictions, requirements and other limitations on our ability to incur indebtedness, including total debt-to-assets ratios, debt service coverage ratios and minimum ratios of unencumbered assets to unsecured debt. Foreclosure on mortgaged Properties or an inability to refinance existing indebtedness would likely have a negative impact on our financial condition and results of operations.
Our Degree of Leverage Could Limit Our Ability to Obtain Additional Financing.
Our debt-to-market-capitalization ratio (total debt as a percentage of total debt plus the market value of the outstanding common stock and OP Units held by parties other than us) was approximately 20.4%15.2% as of December 31, 2018.2019. The degree of leverage could have important consequences to stockholders, including an adverse effect on our ability to obtain additional financing


in the future for working capital, capital expenditures, acquisitions, development or other general corporate purposes, and makescould make us more vulnerable to a downturn in business or the economy generally.




We May Be Able Toto Incur Substantially More Debt, Which Would Increase Thethe Risks Associated With Our Substantial Leverage.
Despite our current indebtedness levels, we may still be able to incur substantially more debt in the future. If new debt is added to our current debt levels, an even greater portion of our cash flow will be needed to satisfy our debt service obligations. As a result, the related risks that we now face could intensify and increase the risk of a default on our indebtedness.

We May Be Adversely Affected By Changes in LIBOR Reporting Practices Or Theor the Method Inin Which LIBOR Is Determined.

In July 2017, the Financial Conduct Authority announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee ("ARRC") has proposed that the Secured Overnight Financing Rate ("SOFR") is the rate that represents best practice as the alternative to USD-LIBOR for use in derivatives and other financial contracts that are currently indexed to USD-LIBOR. ARRC has proposed a market transition plan to SOFR from USD-LIBOR and organizations are currently working on industry wide and company specific transition plans as it relates to derivatives and cash markets exposed to USD-LIBOR. Our floating rate borrowings and derivative instruments are indexed to USD-LIBOR and we are monitoring this activity and evaluating the related risks. Although the full impact of such reforms and actions, together with any transition away from LIBOR, including the potential or actual discontinuance of LIBOR publication, remains unclear, these changes maycould have a material adverse impact on the availability of financing, including LIBOR-based loans, and as a result on our financing costs.
Risks Related to Our Company Ownership
Provisions of Our Charter and Bylaws Could Inhibit Changes of Control.
Certain provisions of our charter and bylaws may delay or prevent a change of control or other transactions that could provide our stockholders with a premium over the then-prevailing market price of their common stock or future series of preferred stock, if any, which might otherwise be in the best interest of our stockholders. These include the Ownership Limit described below. Also, any future series of preferred stock may have certain voting provisions that could delay or prevent a change of control or other transaction that might involve a premium price or otherwise be beneficial to our stockholders.
Maryland Law Imposes Certain Limitations on Changes of Control.
Certain provisions of the Maryland lawGeneral Corporation Law ("MGCL") prohibit "business combinations" (including certain issuances of equity securities) with any person who beneficially owns 10% or more of the voting power of our outstanding common stock, or with an affiliate of ours, who, at any time within the two-year period prior to the date in question, was the owner of 10% or more of the voting power of our outstanding voting stock (an "Interested Stockholder"), or with an affiliate of an Interested Stockholder. These prohibitions last for five years after the most recent date on which the Interested Stockholder became an Interested Stockholder. After the five-year period, a business combination with an Interested Stockholder must be approved by two super-majority stockholder votes unless, among other conditions, our common stockholders receive a minimum price for their shares and the consideration is received in cash or in the same form as previously paid by the Interested Stockholder for shares of our common stock. The Board of Directors has exempted from these provisions under Maryland law any business combination with Samuel Zell, who is Chairman of our Board of Directors, certain holders of OP Units who received them at the time of our initial public offering, and our officers who acquired common stock at the time we were formed and each and every affiliate of theirs.
Additionally, Subtitle 8 of Title 3 of the MGCL permits our Board of Directors, without stockholder approval and regardless of what is currently provided in our charter or bylaws, to elect to be subject to certain provisions relating to corporate governance that may have the effect of delaying, deferring or preventing a transaction or a change of control of our company that might involve a premium to the market price of our common stock or otherwise be in our stockholders’ best interests. These provisions include a classified board; two-thirds vote to remove a director; that the number of directors may only be fixed by the Board of Directors; that vacancies on the board as a result of an increase in the size of the board or due to death, resignation or removal can only be filled by the board, and the director appointed to fill the vacancy serves for the remainder of the full term of the class of director in which the vacancy occurred; and a majority requirement for the calling by stockholders of special meetings. Through provisions in our charter and bylaws unrelated to Subtitle 8, we already (a) require a two-thirds vote for the removal of any director from the board and (b) vest in the board the exclusive power to fix the number of directorships provided that, if there is stock outstanding and so long as there are three or more stockholders, the number is not less than three. In the future, our Board of Directors may elect, without stockholder approval, to make us subject to the provisions of Subtitle 8 to which we are not currently subject.


Our Board of Directors has power to adopt, alter or repeal any provision of our bylaws or make new bylaws, provided, however, that our stockholders may, with certain exceptions, alter or repeal any provision of our bylaws and adopt new bylaws if any such alteration, repeal or adoption is approved by the affirmative vote of a majority of all votes entitled to be cast on the matter.
Changes in Our Investment and Financing Policies May Be Made Without Stockholder Approval.
Our investment and financing policies, and our policies with respect to certain other activities, including our growth, debt, capitalization, distributions, REIT status, and operating policies, are determined by our Board of Directors. Although our Board of Directors has no present intention to do so, these policies may be amended or revised from time to time at the discretion of our Board of Directors without notice to or a vote of our stockholders. Accordingly, stockholders may not have control over changes in our policies and changes in our policies may not fully serve the interests of all stockholders.
Conflicts of Interest Could Influence Our Decisions.
Certain stockholders could exercise influence in a manner inconsistent with stockholders' best interests. Mr. Zell and certain related entities, directly or indirectly, beneficially own shares of our common stock and OP Units as disclosed in our Proxy Statement on Schedule 14A for the 20192020 Annual Meeting incorporated by reference herein. Mr. Zell is the chairman of our Board of Directors. Accordingly, Mr. Zell has significant influence on our management and operation. Such influence could be exercised in a manner that is inconsistent with the interests of other stockholders. In addition, Mr. Zell and related entities continue to be involved in other investment activities. Mr. Zell and related entities have a broad and varied range of investment interests, including interests in other real estate investment companies that own other forms of housing, including multifamily housing. Mr. Zell and related entities may acquire interests in other companies. Mr. Zell may not be able to control whether any such company competes with us.
Risks Relating to Our Common Stock
We Depend on Our Subsidiaries' Dividends and Distributions.
Substantially all of our assets are owned indirectly by the Operating Partnership. As a result, we have no source of cash flowflows other than distributions from our Operating Partnership. For us to pay dividends to holders of our common stock and preferred


stock, the Operating Partnership must first distribute cash to us. Before it can distribute the cash, our Operating Partnership must first satisfy its obligations to its creditors.
Market Interest Rates May Have an Effect on the Value of Our Common Stock.
One of the factors that investors consider important in deciding whether to buy or sell shares of a REIT is the distribution rates with respect to such shares (as a percentage of the price of such shares) relative to market interest rates. If market interest rates go up, prospective purchasers of REIT shares may expect a higher distribution rate. Higher interest rates would not, however, result in more of our funds to distribute and, in fact, would likely increase our borrowing costs and potentially decrease funds available for distribution. Thus, higher market interest rates could cause the market price of our publicly traded securities to go down.
Issuances or Sales of ourOur Common Stock May Be Dilutive.
The issuance or sale of substantial amounts of our common stock could have a dilutive effect on our actual and expected earnings per share, Funds From Operations (“FFO”)FFO per share and Normalized Funds Fromfrom Operations ("Normalized FFO") per share. We may sell shares of our common sharesstock under our at-the-market ("ATM") equity offering program from time-to-time. During the year ended December 31, 2018,2019, we sold 861,141 of common1,010,472 shares through our then-existing ATM equity offering program in connection with theto finance acquisitions during the year. As of December 31, 2019, there was $140.7 million available for issuance under our ATM equity program. The actual amount of dilution cannot be determined at this time and would be dependent upon numerous factors which are not currently known to us.
Our Share Price Could Be Volatile and Could Decline, Resulting in A Substantial or Complete Loss on Our Stockholders’ Investment.
We list our common stock on the New York Stock Exchange (the "NYSE"), and our common stock could experience significant price and volume fluctuations. Investors in our common stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects. The price of our common stock could be subject to wide fluctuations in response to a number of factors, including:
issuances of other equity securities in the future, including new series or classes of preferred stock;
our operating performance and the performance of other similar companies;
our ability to maintain compliance with covenants contained in our debt facilities;
actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity;


changes in expectations of future financial performance or changes in our earnings estimates or those of analysts;
changes in our distribution policy;
publication of research reports about us or the real estate industry generally;
increases in market interest rates that lead purchasers of our common stock to demand a higher dividend yield;
changes in market valuations of similar companies;
adverse market reaction to the amount of our debt outstanding at any time, the amount of our debt maturing in the near-term and medium-term and our ability to refinance our debt, or our plans to incur additional debt in the future;
additions or departures of key management personnel;
speculation in the press or investment community;
equity issuances by us, or share resales by our stockholders or the perception that such issuances or resales may occur;
actions by institutional stockholders; and
general market and economic conditions.
Many of the factors listed above are beyond our control. Those factors may cause the market price of our common stock to decline significantly, regardless of our financial condition, results of operations and prospects. It is impossible to provide any assurance that the market price of our common stock will not fall in the future, and it may be difficult for holders to resell shares of our common stock at prices they find attractive, or at all. In the past, securities class action litigation has often been instituted against companies following periods of volatility in their stock price. This type of litigation could result in substantial costs and divert our management’s attention and resources.
Risks Relating to REITs and Income Taxes
We are Dependent on External Sources of Capital.
To qualify as a REIT, we must distribute to our stockholders each year at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and excluding any net capital gain). In addition, we intend to distribute all or substantially all of our net income so that we will generally not be subject to U.S. federal income tax on our earnings. Because of these distribution requirements, it is not likely that we will be able to fund all future capital needs, including acquisitions, from income from operations. We therefore will have to rely on third-party sources of debt and equity capital financing, which may or may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of things, including conditions in the capital markets generally and the market's perception of our growth potential and our current and potential future earnings. It may be difficult for us to meet one or more of the requirements for qualification as a REIT, including but not limited to our distribution requirement. Moreover, additional equity offerings may result in substantial dilution of stockholders' interests, and additional debt financing may substantially increase our leverage.
We Have a Stock Ownership Limit for REIT Tax Purposes.
To remain qualified as a REIT for U.S. federal income tax purposes, not more than 50% in value of our outstanding shares of capital stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the federal income tax laws applicable to REITs) at any time during the last half of any taxable year. To facilitate maintenance of our REIT qualification, our charter, subject to certain exceptions, prohibits Beneficial Ownership (as defined in our charter) by any single stockholder of more than 5% (in value or number of shares, whichever is more restrictive) of our outstanding capital stock. We refer to this as the "Ownership Limit." Within certain limits, our charter permits the Board of Directors to increase the Ownership Limit with respect to any class or series of stock. The Board of Directors, upon receipt of a ruling from the IRS, opinion of counsel, or other evidence satisfactory to the Board of Directors and upon 15 days prior written notice of a proposed transfer which, if consummated, would result in the transferee owning shares in excess of the Ownership Limit, and upon such other conditions as the Board of Directors may direct, may exempt a stockholder from the Ownership Limit. Absent any such exemption, capital stock acquired or held in violation of the Ownership Limit will be transferred by operation of law to us as trustee for the benefit of the person to whom such capital stock is ultimately transferred, and the stockholder's rights to distributions and to vote would terminate. Such stockholder would be entitled to receive, from the proceeds of any subsequent sale of the capital stock we transferred as trustee, the lesser of (i) the price paid for the capital stock or, if the owner did not pay for the capital stock (for example, in the case of a gift, devise or other such transaction), the market price of the capital stock on the date of the event causing the capital stock to be transferred to us as trustee or (ii) the amount realized from such sale. A transfer of capital stock may be void if it causes a person to violate the Ownership Limit. The Ownership Limit could delay or prevent a change in control of us and, therefore, could adversely affect our stockholders' ability to realize a premium over the then-prevailing market price for their common stock or adversely affect the best interest of our stockholders.






Our Qualification as a REIT isIs Dependent on Compliance with U.S. Federal Income Tax Requirements.
We believe we have been organized and operated in a manner so as to qualify for taxation as a REIT, and we intend to continue to operate so as to qualify as a REIT for U.S. federal income tax purposes. Our current and continuing qualification as a REIT depends on our ability to meet the various requirements imposed by the Code, which relate to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If we qualify for taxation as a REIT, we are generally not subject to U.S. federal income tax on our taxable income that is distributed to our stockholders. However, qualification as a REIT for U.S. federal income tax purposes is governed by highly technical and complex provisions of the Code for which there are only limited judicial or administrative interpretations. In connection with certain transactions, we have received, and relied upon, advice of counsel as to the impact of such transactions on our qualification as a REIT. Our qualification as a REIT requires analysis of various facts and circumstances that may not be entirely within our control, and we cannot provide any assurance that the Internal Revenue Service (the "IRS") will agree with our analysis or the analysis of our tax counsel. In particular, the proper U.S. federal income tax treatment of right-to-use membership contracts and rental income from certain short-term stays at RV communities is uncertain and there is no assurance that the IRS will agree with our treatment of such contracts or rental income. If the IRS were to disagree with our analysis or our tax counsel's analysis of various facts and circumstances, our ability to qualify as a REIT could be adversely affected.
In addition, legislation, new regulations, administrative interpretations or court decisions might significantly change the tax laws with respect to the requirements for qualification as a REIT or the U.S. federal income tax consequences of qualification as a REIT.
If, with respect to any taxable year, we failed to maintain our qualification as a REIT (and if specified relief provisions under the Code were not applicable to such disqualification), we would be disqualified from treatment as a REIT for the four taxable years following the year during which qualification was lost. If we lost our REIT status, we could not deduct distributions to stockholders in computing our net taxable income at regular corporate rates and we would be subject to U.S. federal income tax on our net taxable incomes. If we had to pay U.S. federal income tax, the amount of money available to distribute to stockholders and pay indebtedness would be reduced for the year or years involved, and we would no longer be required to distribute money to stockholders. Although we currently intend to operate in a manner designed to allow us to qualify as a REIT, future economic, market, legal, tax or other considerations may cause us to revoke the REIT election.
Furthermore, we own a direct interest in a subsidiary REIT, and in the past we have owned interests in other subsidiary REITs, each of which elected to be taxed as REITs under Sections 856 through 860 of the Code. Provided that each subsidiary REIT that we own qualifies as a REIT, our interest in such subsidiary REIT will be treated as a qualifying real estate asset for purposes of the REIT asset tests, and any dividend income or gains derived by us from such subsidiary REIT will generally be treated as income that qualifies for purposes of the REIT gross income tests. To qualify as a REIT, the subsidiary REIT must independently satisfy all of the REIT qualification requirements. If such subsidiary REIT were to fail to qualify as a REIT, and certain relief provisions did not apply, it would be treated as a regular taxable corporation and its income would be subject to U.S. federal income tax. In addition, a failure of the subsidiary REIT to qualify as a REIT could have an adverse effect on our ability to comply with the REIT income and asset tests, and thus our ability to qualify as a REIT.
We May Pay Some Taxes, Reducing Cash Available for Stockholders.
Even if we qualify as a REIT for U.S. federal income tax purposes, we may be subject to some U.S. federal, foreign, state and local taxes on our income and property. Since January 1, 2001, certain of our corporate subsidiaries have elected to be treated as "taxable REIT subsidiaries" for U.S. federal income tax purposes, and are taxable as regular corporations and subject to certain limitations on intercompany transactions. If tax authorities determine that amounts paid by our taxable REIT subsidiaries to us are greater than what would be paid under similar arrangements among unrelated parties, we could be subject to a 100% penalty tax on the excess payments, and ongoing intercompany arrangements could have to change, resulting in higher ongoing tax payments. To the extent we are required to pay U.S. federal, foreign, state or local taxes or U.S. federal penalty taxes due to existing laws or changes to them, we will have less cash available for distribution to our stockholders.
Recent Changes to U.S. Tax Laws and Related Interpretations Could Adversely Impact Us.
On December 22, 2017, H.R. 1, commonly referred to as the Tax Cuts and Jobs Act was signed into law making significant changes to the Internal Revenue Code of 1986, as amended (the "Code").
While the changes in the Tax Cuts and Jobs Act generally appear to be favorable with respect to REITs, the extensive changes to non-REIT provisions in the Code may have unanticipated effects on us or our stockholders. The Tax Cuts and Jobs Act lacks clarification with regard to many aspects and is likely subject to potential amendments and technical corrections, as well as interpretations and implementing regulations by the U.S. Treasury Department and Internal Revenue Service, any of which could lessen or increase the impact of the Tax Cuts and Jobs Act. In addition, it remains unclear how these U.S. federal income tax


changes will affect state and local taxation, which often uses federal taxable income as a starting point for computing state and local tax liabilities.
As a result of the changes to U.S. federal tax laws implemented by the Tax Cuts and Jobs Act, our taxable income and the amount of distributions to our stockholders required in order to maintain our REIT status, and our relative tax advantage as a REIT, may change. The long-term impact of the Tax Cuts and Jobs Act on the overall economy, government revenues, our tenants, us, and the real estate industry cannot be reliably predicted at this stage of the law’s implementation. There can be no assurance that the Tax Cuts and Jobs Act will not negatively impact our operating results, financial condition, and future business operations. 


For additional discussion of the Tax Cuts and Jobs Act, see "Recent U.S. Federal Income Tax Legislation."  You are urged to consult with your tax advisor with respect to the status of legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our shares.
Other Risk Factors Affecting Our Business
Some Potential Losses Are Not Covered by Insurance.
We carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business interruption claims on all of our Properties. In addition, we carry liability coverage for other activities not specifically related to property operations. These coverages include, but are not limited to, Directors & Officers liability, Employer Practices liability, Fiduciary liability and Cyber liability. We believe that the policy specifications and coverage limits of these policies should be adequate and appropriate. There are, however, certain types of losses, such as punitive damages, lease and other contract claims that generally are not insured. Should an uninsured loss or a loss in excess of coverage limits occur, we could lose all or a portion of the capital we have invested in a Property or the anticipated future revenue from a Property. In such an event, we might nevertheless remain obligated for any mortgage debt or other financial obligations related to the Property.
Our current property and casualty insurance policies with respect to our MH and RV Properties, which we plan to renew, expire on April 1, 2019.2020. We have a $100 million loss limit per occurrence with respect to our MH and RV all-risk property insurance program including named windstorms, which include, for example, hurricanes. This loss limit is subject to additional sub-limits as set forth in the policy form, including, among others, a $25 million aggregate loss limit for earthquake(s) in California. The deductibles for this policy primarily range from a $500,000 minimum to 5% per unit of insurance for most catastrophic events. For most catastrophic events, there is an additional one-time $500,000 aggregate deductible. We have separate insurance policies with respect to the 11 Florida marinas as to which we acquired the remaining interest on September 10, 2019. Those policies, which we plan to renew, expire on November 1, 2020, and the property insurance program has a minimum deductible of $100,000. A deductible indicates our maximum exposure, subject to policy limits and sub-limits, in the event of a loss.
We Face Risks Relating to Cybersecurity Incidents.
We rely extensively on internally and externally hosted computer systems to process transactions and manage our business. Critical components of our systems are dependent upon third-party providers and a significant portion of our business operations are conducted over the internet. These systems and websites require access to telecommunications or the internet, each of which isare subject to system security risks, cybersecurity breaches, outages and other risks. These could include attempts to gain unauthorized access to our data and computer systems, or steal confidential information, including credit card information from our customers, breaches due to employee error, malfeasance or other disruptions, including disruptions that result in our and our customers' loss of access to our information systems. Attacks can be both individual or highly organized attempts by very sophisticated hacking organizations. We employ a number of measures to prevent, detect and mitigate these threats. While we continue to improve our cybersecurity and take measures to protect our business, there is no guarantee such efforts will be successful in preventing a cybercybersecurity incident and that our financial results will not be negatively impacted by such an incident. A cybersecurity incident could compromise the confidential information of our employees, customers and vendors to the extent such information exists on our systems or on the systems of third-party providers. Such an incident could result in potential liability, damage our reputation and disrupt and affect our business operations and result in lawsuits against us.
Social Media Platforms or Social Media Sites Could Cause Us to Suffer Brand Damage or Information Leakage.
    The use ofNegative information about us, or our officers, employees, directors or Properties, even if untrue, could damage our reputation. In particular, information shared on social media platforms could cause us to suffer brand damage or information leakage. Negative posts or comments about us, our officers, employees or directors or our Properties on any social networking platform could damage our image, or our Properties' reputations. The considerable increase in the use ofbecause social media over recent years hasplatforms have increased the rapidity of the dissemination and greatly expanded the potential scope and scale and increased the rapidity of the disseminationimpact of negative publicity that could be generated by negative posts and comments. In addition,publicity. While employees are held to internal policies related to posting on public platforms including social media sites, employees or others might disclose non-public sensitive information relating to our business through external media channels. The continuing evolution of social media will present us with new challenges and risks.




Interpretation of and Changes to Accounting Policies and Standards Could Adversely Affect Our Reported Financial Results.
Our accounting policies and methods are fundamental to the manner in which we record and report our financial condition and results of operations. Management must exercise judgment in selecting and applying many of these accounting policies and methods in order to ensure that they comply with generally accepted accounting principles and reflect management's judgment as to the most appropriate manner in which to record and report our financial condition and results of operations. In some cases, management must select the accounting policy or method to apply from two or more alternatives, any of which might be reasonable under the circumstances yet might result in reporting materially different amounts than would have been reported under a different alternative.
Additionally, the bodies that set accounting standards for public companies, including the Financial Accounting Standards Board ("FASB"), the SEC and others, periodically change or revise existing interpretations of the accounting and reporting standards that govern the way that we report our financial condition, results of operations and cash flows. These changes can be difficult to predict and can materially impact our reported financial results. In some cases, we could be required to apply a new or revised accounting standard, or a revised interpretation of an accounting standard, retroactively, which could have a negative impact on reported results or result in the restatement of our financial statements for prior periods.
Any Weaknesses Identified in Our Internal Control Over Financial Reporting Could Have an Adverse Effect on Our Stock Price.
Section 404 of the Sarbanes-Oxley Act 2002 requires us to evaluate and report on our internal control over financial reporting. If we identify one or more material weaknesses in our internal control over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports. which in turn could have an adverse effect on our stock price.

Item 1B. Unresolved Staff Comments
None.

19




Item 2. Properties


General
Our Properties provide common area facilities and attractive amenities and common facilities that create a comfortable and attractive homean inviting community for our customers, with most offeringresidents and guests. These common area facilities generally include a clubhouse, a swimming pool, laundry facilities, cable television and internet service. Many Properties also offer additional amenities such as sauna/whirlpool spas, golf courses, tennis, pickleball, shuffleboard and basketball courts, sauna/whirlpool spas, exercise rooms and various social activities. Since most ofIt is our customers generally own their home and live in our communities for a long time, it is their responsibility to maintainprovide maintenance of the common area facilities and amenities and to ensure that our residents and guests comply with our community policies, including maintaining their homes and the surrounding area. It isMost of our roleresidents own their homes, and therefore, also have a vested interest to ensure that customers complycare for their homes. We hold regular meetings with management personnel at our Property policiesProperties to understand and address the needs of our residents and guests and to provide maintenance of the common areas, facilities and amenities. We hold periodic meetings with our Property management personnel for training and implementation of our strategies. Thenecessary trainings. Our Properties historically have had, and we believe they will continue to have, low turnover and high occupancy rates.
Property Portfolio
As of December 31, 2018,2019, we owned or had an ownership interest in a portfolio of 414413 Properties located throughout the United States and British Columbia containing 155,447156,513 Sites. A total of 118116 of the Properties arewere encumbered by debt as of December 31, 2018 (see Note 8 to the ConsolidatedItem 8. Financial Statements for a description of this debt)and Supplementary Data—Note 9. Borrowing Arrangements). The distribution of our Properties throughout the United States reflects our belief that geographic diversification helps to insulate the total portfolio from regional economic influences. We intend to target new acquisitions in or near markets where our Properties are located and will also consider acquisitions of properties outside such markets.
Our two largest Properties as determined by property operating revenues, areexcluding deferrals, were Colony Cove, located in Ellenton, Florida, and Viewpoint Resort, located in Mesa, Arizona. Each accounted for approximately 2.0% of our total property operating revenues, includingexcluding deferrals, for the year ended December 31, 2018.2019.
The following table sets forth certain information relating to our 397 wholly owned407 wholly-owned Properties containing 149,506152,914 Sites as of December 31, 2018. These Properties are categorized according to major markets and exclude2019, not including Properties owned through joint ventures. TheThese Properties are categorized by major market. For RV and marina Properties, the total number of annual Sites presented for the RV communities represents Sites occupied by annual customersresidents and are presented as 100%. Percentage occupied. Annual Site occupancy percentage subtotals by marketsmarket and grand totals for all marketstotal are presented on a weighted average basis.



Property City State MH/RV 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/18 Total Number of Annual Sites as of 12/31/18 Annual Site Occupancy as of 12/31/18  City State Property Type 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/19 Total Number of Annual Sites as of 12/31/19 Annual Site Occupancy as of 12/31/19 
Florida                  
East Coast:  
Cheron Village Davie FL MH 30 202 202 100.0%  Davie FL MH 30 202 202 100.0% 
Carriage Cove Daytona Beach FL MH 59 418 418 89.2%  Daytona Beach FL MH 59 418 418 91.4% 
Coquina Crossing Elkton FL MH 316 26 596 596 93.5%  Elkton FL MH 316 26 596 596 94.3% 
Bulow Plantation Flagler Beach FL MH 323 181 276 276 100.0%  Flagler Beach FL MH 323 90 276 276 100.0% 
Bulow Village RV Flagler Beach FL RV (e) 352 112 100.0% 
Bulow RV Flagler Beach FL RV (f) 91 352 122 100.0% 
Carefree Cove Fort Lauderdale FL MH 20 164 164 93.3%  Fort Lauderdale FL MH 20 164 164 93.3% 
Everglades Lakes (c) Fort Lauderdale FL MH 103 612 612 97.9%  Fort Lauderdale FL MH 103 612 612 96.6% 
Park City West Fort Lauderdale FL MH 60 363 363 98.3%  Fort Lauderdale FL MH 60 363 363 97.5% 
Sunshine Holiday MH Fort Lauderdale FL MH 32 245 245 98.0%  Fort Lauderdale FL MH 32 245 245 97.6% 
Sunshine Holiday RV Fort Lauderdale FL RV (e) 130 53 100.0%  Fort Lauderdale FL RV (f) 130 50 100.0% 
Lake Worth Village Lake Worth FL MH 117 823 823 91.1%  Lake Worth FL MH 117 823 823 93.4% 
Maralago Cay Lantana FL MH 102 602 602 99.8%  Lantana FL MH 102 602 602 98.7% 
Coral Cay Plantation Margate FL MH 121 818 818 99.5%  Margate FL MH 121 818 818 99.0% 






Property City State MH/RV 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/18 Total Number of Annual Sites as of 12/31/18 Annual Site Occupancy as of 12/31/18  City State Property Type 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/19 Total Number of Annual Sites as of 12/31/19 Annual Site Occupancy as of 12/31/19 
Lakewood Village Melbourne FL MH 68 349 349 86.0%  Melbourne FL MH 68 349 349 88.0% 
Miami Everglades Miami FL RV 34 303 97 100.0%  Miami FL RV 34 2 303 74 100.0% 
Loggerhead Marinas (11 properties) (c) (e) Multiple FL Marina 87 2,343 1,643 100.0% 
Holiday Village Ormond Beach FL MH 43 301 301 87.7%  Ormond Beach FL MH 43 301 301 89.0% 
Sunshine Holiday Ormond Beach FL RV 69 349 134 100.0%  Ormond Beach FL RV 69 3 349 132 100.0% 
The Meadows, FL Palm Beach Gardens FL MH 55 378 378 97.4%  Palm Beach Gardens FL MH 55 378 378 97.6% 
Breezy Hill RV Pompano Beach FL RV 52 762 399 100.0%  Pompano Beach FL RV 52 762 387 100.0% 
Highland Wood RV Pompano Beach FL RV 15 148 18 100.0%  Pompano Beach FL RV 15 148 19 100.0% 
Lighthouse Pointe Port Orange FL MH 64 433 433 83.8%  Port Orange FL MH 64 433 433 84.1% 
Pickwick Port Orange FL MH 84 6 432 432 100.0%  Port Orange FL MH 84 2 432 432 100.0% 
Rose Bay Port Orange FL RV 21 303 203 100.0%  Port Orange FL RV 21 2 303 209 100.0% 
Palm Lake (c) Riviera Beach FL MH 154 915 915 70.8% 
Palm Lake Riviera Beach FL MH 154 — 915 915 69.0% 
Indian Oaks Rockledge FL MH 38 208 208 99.5%  Rockledge FL MH 38 208 208 99.5% 
Space Coast Rockledge FL RV 24 270 149 100.0%  Rockledge FL RV 24 270 156 100.0% 
Countryside Vero Beach FL MH 125 644 644 93.8%  Vero Beach FL MH 125 644 644 95.7% 
Heritage Plantation Vero Beach FL MH 64 437 437 86.0%  Vero Beach FL MH 64 437 437 87.9% 
Heron Cay Vero Beach FL MH 130 588 588 89.1%  Vero Beach FL MH 130 588 588 90.8% 
Holiday Village, FL Vero Beach FL MH 20 128 128 —%  Vero Beach FL MH 18 18 128 128 —% 
Sunshine Travel Vero Beach FL RV 30 6 300 134 100.0%  Vero Beach FL RV 30 6 300 130 100.0% 
Vero Palm Vero Beach FL MH 64 285 285 86.7%  Vero Beach FL MH 64 285 285 88.8% 
Village Green Vero Beach FL MH 174 782 782 88.6%  Vero Beach FL MH 174 8 782 782 89.9% 
Palm Beach Colony West Palm Beach FL MH 48 284 284 100.0%  West Palm Beach FL MH 48 284 284 100.0% 
  
Central:  
Clover Leaf Farms Brooksville FL MH 227 18 778 778 99.4%  Brooksville FL MH 227 27 778 778 99.7% 
Clover Leaf Forest Brooksville FL RV 30 277 147 100.0%  Brooksville FL RV 30 277 150 100.0% 
Clerbrook Golf & RV Resort Clermont FL RV 288 1,255 479 100.0%  Clermont FL RV 288 1,255 486 100.0% 
Lake Magic Clermont FL RV 69 471 151 100.0%  Clermont FL RV 69 471 156 100.0% 
Orange Lake Clermont FL MH 38 242 242 98.3%  Clermont FL MH 38 242 242 99.2% 
Orlando Clermont FL RV 270 30 850 150 100.0%  Clermont FL RV 270 30 850 178 100.0% 
Haselton Village Eustis FL MH 52 291 291 100.0%  Eustis FL MH 52 291 291 100.0% 
Southern Palms Eustis FL RV 120 950 358 100.0%  Eustis FL RV 120 950 354 100.0% 
Lakeside Terrace Fruitland Park FL MH 39 241 241 99.2%  Fruitland Park FL MH 39 241 241 99.2% 
Grand Island Grand Island FL MH 35 362 362 72.9%  Grand Island FL MH 35 362 362 76.8% 
Sherwood Forest Kissimmee FL MH 124 769 769 98.2%  Kissimmee FL MH 124 769 769 98.4% 
Sherwood Forest RV Park Kissimmee FL RV 107 513 151 100.0%  Kissimmee FL RV 107 513 153 100.0% 
Tropical Palms Kissimmee FL RV 59 566 203 100.0%  Kissimmee FL RV 59 566 246 100.0% 
Beacon Hill Colony Lakeland FL MH 31 201 201 100.0%  Lakeland FL MH 31 201 201 99.0% 
Beacon Terrace Lakeland FL MH 55 297 297 100.0%  Lakeland FL MH 55 297 297 100.0% 
Kings & Queens Lakeland FL MH 18 107 107 100.0%  Lakeland FL MH 18 107 107 99.1% 
Lakeland Harbor Lakeland FL MH 65 504 504 99.4% 






Property City State MH/RV 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/18 Total Number of Annual Sites as of 12/31/18 Annual Site Occupancy as of 12/31/18  City State Property Type 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/19 Total Number of Annual Sites as of 12/31/19 Annual Site Occupancy as of 12/31/19 
Lakeland Harbor Lakeland FL MH 65 504 504 99.6% 
Lakeland Junction Lakeland FL MH 23 193 193 100.0%  Lakeland FL MH 23 193 193 100.0% 
Coachwood Colony Leesburg FL MH 29 201 201 91.5%  Leesburg FL MH 29 201 201 94.5% 
Mid-Florida Lakes Leesburg FL MH 290 1,225 1,225 88.2%  Leesburg FL MH 290 1,225 1,225 89.5% 
Southernaire Mt. Dora FL MH 14 114 114 89.5%  Mt. Dora FL MH 14 114 114 90.4% 
Foxwood Farms Ocala FL MH 56 365 365 87.1%  Ocala FL MH 56 365 365 88.5% 
Oak Bend Ocala FL MH 62 17 262 262 89.7%  Ocala FL MH 62 17 262 262 93.1% 
Villas at Spanish Oaks Ocala FL MH 69 455 455 87.9%  Ocala FL MH 69 454 454 87.9% 
Audubon Orlando FL MH 40 280 280 99.6%  Orlando FL MH 40 2 280 280 100.0% 
Hidden Valley Orlando FL MH 50 303 303 99.7%  Orlando FL MH 50 303 303 99.7% 
Starlight Ranch Orlando FL MH 130 783 783 91.3%  Orlando FL MH 130 783 783 93.7% 
Covington Estates Saint Cloud FL MH 59 241 241 99.6%  Saint Cloud FL MH 59 241 241 98.3% 
Parkwood Communities Wildwood FL MH 121 694 694 98.4%  Wildwood FL MH 121 694 694 98.7% 
Three Flags RV Resort Wildwood FL RV 23 221 50 100.0%  Wildwood FL RV 23 221 54 100.0% 
Winter Garden Winter Garden FL RV 27 350 159 100.0%  Winter Garden FL RV 27 350 161 100.0% 
  
Gulf Coast (Tampa/Naples):  
Riverside RV Arcadia FL RV 196 499 124 100.0%  Arcadia FL RV 196 8 499 162 100.0% 
Toby's RV Arcadia FL RV 44 379 265 100.0%  Arcadia FL RV 44 379 268 100.0% 
Sunshine Key RV Resort Big Pine Key FL RV 54 409 55 100.0%  Big Pine Key FL RV 54 409 55 100.0% 
Windmill Manor Bradenton FL MH 49 292 292 98.3%  Bradenton FL MH 49 292 292 99.3% 
Winter Quarters Manatee Bradenton FL RV 42 415 238 100.0%  Bradenton FL RV 42 415 232 100.0% 
Glen Ellen Clearwater FL MH 12 106 106 90.6%  Clearwater FL MH 12 106 106 90.6% 
Hillcrest Clearwater FL MH 25 278 278 96.4%  Clearwater FL MH 25 278 278 96.4% 
Holiday Ranch Clearwater FL MH 12 150 150 94.7%  Clearwater FL MH 12 150 150 94.7% 
Serendipity (c) Clearwater FL MH 55 425 425 96.0% 
Serendipity Clearwater FL MH 55 426 426 97.4% 
Shady Lane Oaks Clearwater FL MH 31 249 249 96.8%  Clearwater FL MH 31 249 249 97.6% 
Shady Lane Village Clearwater FL MH 19 156 156 96.2%  Clearwater FL MH 19 156 156 96.2% 
Silk Oak Clearwater FL MH 19 181 181 95.6%  Clearwater FL MH 19 181 181 95.6% 
Crystal Isles Crystal River FL RV 38 260 82 100.0%  Crystal River FL RV 38 260 72 100.0% 
Lake Haven Dunedin FL MH 48 379 379 99.2%  Dunedin FL MH 48 379 379 98.9% 
Colony Cove Ellenton FL MH 538 61 2,206 2,206 98.6%  Ellenton FL MH 538 60 2,206 2,206 98.5% 
The Oaks at Colony Cove (d) Ellenton FL MH (f) 93 93 1.1% 
Ridgewood Estates Ellenton FL MH 77 380 380 100.0%  Ellenton FL MH 77 380 380 100.0% 
Fort Myers Beach Resort Fort Myers FL RV 31 306 133 100.0%  Fort Myers FL RV 31 306 125 100.0% 
Gulf Air Travel Fort Myers Beach FL RV 25 246 159 100.0%  Fort Myers Beach FL RV 25 246 164 100.0% 
Holiday Travel Park (c) Holiday FL RV 45 613 540 100.0% 
Holiday Travel Park Holiday FL RV 45 613 530 100.0% 
Barrington Hills Hudson FL RV 28 392 250 100.0%  Hudson FL RV 28 392 255 100.0% 
Down Yonder Largo FL MH 50 361 361 99.7%  Largo FL MH 50 361 361 100.0% 
East Bay Oaks Largo FL MH 40 328 328 99.7%  Largo FL MH 40 328 328 98.8% 
Eldorado Village Largo FL MH 25 227 227 98.7%  Largo FL MH 25 227 227 98.7% 
Paradise Park - Largo Largo FL MH 15 108 108 99.1%  Largo FL MH 15 108 108 100.0% 
Shangri La Largo FL MH 14 160 160 93.8% 






Property City State MH/RV 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/18 Total Number of Annual Sites as of 12/31/18 Annual Site Occupancy as of 12/31/18  City State Property Type 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/19 Total Number of Annual Sites as of 12/31/19 Annual Site Occupancy as of 12/31/19 
Shangri La Largo FL MH 14 160 160 93.1% 
Vacation Village Largo FL RV 29 293 169 100.0%  Largo FL RV 29 293 161 100.0% 
Whispering Pines - Largo Largo FL MH 55 393 393 93.4%  Largo FL MH 55 393 393 96.2% 
Fiesta Key Long Key FL RV 28 4 324 13 100.0%  Long Key FL RV 28 4 324 6 100.0% 
Pasco Lutz FL RV 27 255 206 100.0%  Lutz FL RV 27 255 204 100.0% 
Country Place New Port Richey FL MH 82 515 515 99.8%  New Port Richey FL MH 82 515 515 100.0% 
Hacienda Village New Port Richey FL MH 66 505 505 99.8%  New Port Richey FL MH 66 505 505 99.6% 
Harbor View New Port Richey FL MH 69 471 471 98.5%  New Port Richey FL MH 69 471 471 99.8% 
Bay Lake Estates Nokomis FL MH 34 228 228 99.6%  Nokomis FL MH 34 228 228 99.6% 
Lake Village Nokomis FL MH 65 391 391 99.5%  Nokomis FL MH 65 391 391 99.2% 
Royal Coachman Nokomis FL RV 111 546 456 100.0%  Nokomis FL RV 111 2 546 458 100.0% 
Buccaneer North Fort Myers FL MH 223 39 971 971 99.7%  North Fort Myers FL MH 223 39 971 971 99.3% 
Island Vista North Fort Myers FL MH 121 616 616 78.6%  North Fort Myers FL MH 121 616 616 80.4% 
Lake Fairways North Fort Myers FL MH 259 896 896 100.0%  North Fort Myers FL MH 259 896 896 99.9% 
Pine Lakes North Fort Myers FL MH 314 584 584 100.0%  North Fort Myers FL MH 314 599 599 98.3% 
Pioneer Village North Fort Myers FL RV 90 733 386 100.0%  North Fort Myers FL RV 90 733 383 100.0% 
Sunseekers RV Resort (c) North Fort Myers FL RV 16 241 145 100.0% 
Sunseekers RV Resort North Fort Myers FL RV 16 241 156 100.0% 
The Heritage North Fort Myers FL MH 214 22 453 453 99.1%  North Fort Myers FL MH 214 6 453 453 98.9% 
Windmill Village North Fort Myers FL MH 69 491 491 92.3%  North Fort Myers FL MH 69 491 491 94.7% 
Silver Dollar Resort Odessa FL RV 412 459 386 100.0%  Odessa FL RV 412 459 381 100.0% 
Terra Ceia Palmetto FL RV 18 203 156 100.0%  Palmetto FL RV 18 203 152 100.0% 
The Arbors at Countrywood Plant City FL MH (e) 62 62 —% 
The Arbors at Countrywood (g) Plant City FL MH (f) 62 62 —% 
The Lakes at Countrywood Plant City FL MH 122 424 424 95.5%  Plant City FL MH 122 424 424 96.7% 
The Meadows at Countrywood Plant City FL MH 140 13 737 737 104.5%  Plant City FL MH 140 10 737 737 104.2% 
The Oaks at Countrywood Plant City FL MH 44 168 168 89.3%  Plant City FL MH 44 168 168 94.0% 
Harbor Lakes Port Charlotte FL RV 80 528 348 100.0%  Port Charlotte FL RV 80 528 354 100.0% 
Emerald Lake Punta Gorda FL MH 28 201 201 100.0%  Punta Gorda FL MH 28 201 201 100.0% 
Gulf View Punta Gorda FL RV 78 206 78 100.0%  Punta Gorda FL RV 78 206 85 100.0% 
Tropical Palms Punta Gorda FL MH 50 294 294 92.5%  Punta Gorda FL MH 50 2 294 294 95.6% 
Kingswood (c) Riverview FL MH 52 229 229 99.1% 
Kingswood Riverview FL MH 52 229 229 99.1% 
Winds of St Armands North Sarasota FL MH 74 471 471 100.0%  Sarasota FL MH 74 471 471 99.6% 
Winds of St Armands South Sarasota FL MH 61 20 306 306 100.0%  Sarasota FL MH 61 13 306 306 99.7% 
Topics RV Spring Hill FL RV 35 230 177 100.0%  Spring Hill FL RV 35 230 179 100.0% 
Pine Island RV Resort St. James City FL RV 31 363 94 100.0%  St. James City FL RV 31 363 88 100.0% 
Carefree Village Tampa FL MH 58 397 397 98.2%  Tampa FL MH 58 397 397 98.0% 
Tarpon Glen Tarpon Springs FL MH 24 169 169 94.7%  Tarpon Springs FL MH 24 168 168 97.6% 
Featherock Valrico FL MH 84 521 521 99.8%  Valrico FL MH 84 521 521 100.0% 
Bay Indies Venice FL MH 210 1,309 1,309 99.6%  Venice FL MH 210 1,309 1,309 99.4% 
Ramblers Rest Venice FL RV 117 647 390 100.0%  Venice FL RV 117 647 386 100.0% 
Peace River Wauchula FL RV 72 454 43 100.0% 






Property City State MH/RV 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/18 Total Number of Annual Sites as of 12/31/18 Annual Site Occupancy as of 12/31/18  City State Property Type 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/19 Total Number of Annual Sites as of 12/31/19 Annual Site Occupancy as of 12/31/19 
Peace River Wauchula FL RV 72 454 41 100.0% 
Crystal Lake-Zephyrhills Zephyrhills FL MH 147 26 366 366 86.1%  Zephyrhills FL MH 147 38 366 366 88.8% 
Forest Lake Estates Zephyrhills FL MH 164 66 892 892 100.0%  Zephyrhills FL MH 164 89 892 892 100.0% 
Forest Lake Village Zephyrhills FL RV 42 274 179 100.0%  Zephyrhills FL RV 42 274 179 100.0% 
Sixth Avenue Zephyrhills FL MH 14 140 140 77.9%  Zephyrhills FL MH 14 140 140 77.1% 
Other Multiple FL MH 7 — 65 65 13.8% 
Total Florida Market 10,840 535 57,022 47,596 95.6%  10,932 595 59,537 49,485 95.8% 
  
California  
Northern California:  
Monte del Lago Castroville CA MH 54 310 310 99.7%  Castroville CA MH 54 310 310 99.0% 
Colony Park Ceres CA MH 20 186 186 96.8%  Ceres CA MH 20 186 186 97.8% 
Russian River Cloverdale CA RV 41 135 11 100.0%  Cloverdale CA RV 41 135 9 100.0% 
Snowflower (f) Emigrant Gap CA RV 612 268 — —% 
Snowflower (g) Emigrant Gap CA RV 612 268 — —% 
Four Seasons Fresno CA MH 40 242 242 97.5%  Fresno CA MH 40 242 242 100.0% 
Yosemite Lakes Groveland CA RV 403 30 299 1 100.0% 
Tahoe Valley (d) (f) Lake Tahoe CA RV 86 413 — —% 
Yosemite Lakes (g) Groveland CA RV 403 30 299 — —% 
Tahoe Valley (e) (g) Lake Tahoe CA RV 86 413 — —% 
Sea Oaks Los Osos CA MH 18 1 125 125 99.2%  Los Osos CA MH 18 1 125 125 99.2% 
Ponderosa Lotus CA RV 22 170 15 100.0%  Lotus CA RV 22 170 14 100.0% 
Turtle Beach Manteca CA RV 39 79 19 100.0%  Manteca CA RV 39 79 21 100.0% 
Coralwood (d) Modesto CA MH 22 194 194 99.5% 
Coralwood (e) Modesto CA MH 22 194 194 99.0% 
Lake Minden Nicolaus CA RV 165 82 323 8 100.0%  Nicolaus CA RV 165 82 323 9 100.0% 
Lake of the Springs Oregon House CA RV 954 507 541 67 100.0%  Oregon House CA RV 954 507 541 66 100.0% 
Concord Cascade Pacheco CA MH 31 283 283 100.0%  Pacheco CA MH 31 283 283 100.0% 
San Francisco RV (f) Pacifica CA RV 12 122 — —% 
San Francisco RV (g) Pacifica CA RV 12 122 — —% 
Quail Meadows Riverbank CA MH 20 146 146 97.3%  Riverbank CA MH 20 146 146 98.6% 
California Hawaiian San Jose CA MH 50 418 418 100.0%  San Jose CA MH 50 418 418 100.0% 
Sunshadow (d) San Jose CA MH 30 121 121 100.0% 
Sunshadow San Jose CA MH 30 121 121 100.0% 
Village of the Four Seasons San Jose CA MH 30 271 271 100.0%  San Jose CA MH 30 271 271 100.0% 
Westwinds (4 Properties) (d) San Jose CA MH 88 723 723 100.0% 
Westwinds (4 Properties) (e) San Jose CA MH 88 723 723 100.0% 
Laguna Lake San Luis Obispo CA MH 100 300 300 100.0%  San Luis Obispo CA MH 100 300 300 100.0% 
Contempo Marin San Rafael CA MH 63 396 396 100.0%  San Rafael CA MH 63 1 396 396 100.0% 
De Anza Santa Cruz Santa Cruz CA MH 30 198 198 99.5%  Santa Cruz CA MH 30 198 198 99.5% 
Santa Cruz Ranch RV Resort (f) Scotts Valley CA RV 7 106 — —% 
Santa Cruz Ranch RV Resort (g) Scotts Valley CA RV 7 106 — —% 
Royal Oaks Visalia CA MH 20 149 149 85.2%  Visalia CA MH 20 149 149 94.0% 
 
  
Southern California:  
Soledad Canyon Acton CA RV 273 1,251 18 100.0%  Acton CA RV 273 1,251 11 100.0% 
Los Ranchos Apple Valley CA MH 30 389 389 99.0% 
Date Palm Country Club (d) Cathedral City CA MH 232 3 538 538 98.7% 
Date Palm RV Cathedral City CA RV (e) 140 20 100.0% 






Property City State MH/RV 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/18 Total Number of Annual Sites as of 12/31/18 Annual Site Occupancy as of 12/31/18  City State Property Type 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/19 Total Number of Annual Sites as of 12/31/19 Annual Site Occupancy as of 12/31/19 
Los Ranchos Apple Valley CA MH 30 389 389 98.5% 
Date Palm Country Club (e) Cathedral City CA MH 232 3 538 538 98.5% 
Date Palm RV Cathedral City CA RV (f) 140 27 100.0% 
Oakzanita Springs Descanso CA RV 145 5 146 18 100.0%  Descanso CA RV 145 5 146 17 100.0% 
Rancho Mesa El Cajon CA MH 20 158 158 98.7%  El Cajon CA MH 20 158 158 98.7% 
Rancho Valley El Cajon CA MH 19�� 140 140 100.0%  El Cajon CA MH 19 140 140 100.0% 
Royal Holiday Hemet CA MH 22 198 198 61.1%  Hemet CA MH 22 198 198 66.2% 
Idyllwild Idyllwild CA RV 191 287 52 100.0%  Idyllwild-Pine Cove CA RV 191 287 51 100.0% 
Pio Pico Jamul CA RV 176 10 512 74 100.0%  Jamul CA RV 176 10 512 91 100.0% 
Wilderness Lakes Menifee CA RV 73 529 53 100.0%  Menifee CA RV 73 529 47 100.0% 
Morgan Hill Morgan Hill CA RV 62 339 13 100.0% 
Pacific Dunes Ranch (f) Oceana CA RV 48 215 — —% 
Morgan Hill (g) Morgan Hill CA RV 62 5 339 — —% 
Pacific Dunes Ranch (g) Oceana CA RV 48 215 — —% 
San Benito Paicines CA RV 199 23 523 46 100.0%  Paicines CA RV 199 23 523 44 100.0% 
Palm Springs Palm Desert CA RV 35 401 17 100.0%  Palm Desert CA RV 35 401 18 100.0% 
Las Palmas Rialto CA MH 18 136 136 99.3%  Rialto CA MH 18 136 136 100.0% 
Parque La Quinta Rialto CA MH 19 166 166 100.0%  Rialto CA MH 19 166 166 100.0% 
Rancho Oso Santa Barbara CA RV 310 40 187 23 100.0%  Santa Barbara CA RV 310 40 187 19 100.0% 
Meadowbrook Santee CA MH 43 338 338 99.7%  Santee CA MH 43 338 338 99.7% 
Lamplighter Spring Valley CA MH 32 270 270 99.6%  Spring Valley CA MH 32 270 270 100.0% 
Santiago Estates Sylmar CA MH 113 9 300 300 96.3%  Sylmar CA MH 113 9 300 300 96.3% 
Total California Market 5,017 710 13,681 7,150 98.0%  5,017 716 13,681 7,139 98.4% 
  
Arizona:  
Apache East Apache Junction AZ MH 17 123 123 100.0%  Apache Junction AZ MH 17 123 123 100.0% 
Countryside RV Apache Junction AZ RV 53 560 296 100.0%  Apache Junction AZ RV 53 560 303 100.0% 
Denali Park Apache Junction AZ MH 33 5 162 162 98.8%  Apache Junction AZ MH 33 5 162 162 98.8% 
Golden Sun RV Apache Junction AZ RV 33 329 197 100.0%  Apache Junction AZ RV 33 329 198 100.0% 
Valley Vista Benson AZ RV 6 145 5 100.0%  Benson AZ RV 6 145 3 100.0% 
Casita Verde RV Resort Casa Grande AZ RV 14 192 87 100.0%  Casa Grande AZ RV 14 192 92 100.0% 
Fiesta Grande RV Resort Casa Grande AZ RV 77 767 523 100.0%  Casa Grande AZ RV 77 767 529 100.0% 
Foothills West RV Resort Casa Grande AZ RV 16 188 122 100.0%  Casa Grande AZ RV 16 188 126 100.0% 
Sunshine Valley Chandler AZ MH 55 381 381 96.3%  Chandler AZ MH 55 381 381 99.0% 
Verde Valley Cottonwood AZ RV 273 118 352 105 100.0%  Cottonwood AZ RV 273 178 414 115 100.0% 
Casa del Sol East II Glendale AZ MH 29 239 239 95.4%  Glendale AZ MH 29 239 239 96.7% 
Casa del Sol East III Glendale AZ MH 28 236 236 96.6%  Glendale AZ MH 28 236 236 97.5% 
Palm Shadows Glendale AZ MH 33 293 293 91.8%  Glendale AZ MH 33 293 293 92.2% 
Hacienda De Valencia Mesa AZ MH 51 364 364 98.6%  Mesa AZ MH 51 364 364 99.2% 
Mesa Spirit Mesa AZ RV 90 1,600 746 100.0%  Mesa AZ RV 90 1,600 765 100.0% 
Monte Vista Mesa AZ RV 142 33 947 768 100.0%  Mesa AZ RV 142 18 1,185 793 100.0% 
Seyenna Vistas Mesa AZ MH 60 4 407 407 98.8% 
The Highlands at Brentwood Mesa AZ MH 45 268 268 98.5% 
Viewpoint Mesa AZ RV 332 15 2,188 1,759 100.0% 






Property City State MH/RV 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/18 Total Number of Annual Sites as of 12/31/18 Annual Site Occupancy as of 12/31/18  City State Property Type 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/19 Total Number of Annual Sites as of 12/31/19 Annual Site Occupancy as of 12/31/19 
Seyenna Vistas Mesa AZ MH 60 4 407 407 97.8% 
The Highlands at Brentwood Mesa AZ MH 45 268 268 99.3% 
Viewpoint Mesa AZ RV 332 2,414 1,814 100.0% 
Apollo Village Peoria AZ MH 29 3 238 238 96.2%  Peoria AZ MH 29 3 238 238 96.2% 
Casa del Sol West I Peoria AZ MH 31 245 245 99.2%  Peoria AZ MH 31 245 245 98.0% 
Carefree Manor Phoenix AZ MH 16 130 130 95.4%  Phoenix AZ MH 16 130 130 96.9% 
Central Park Phoenix AZ MH 37 293 293 95.6%  Phoenix AZ MH 37 293 293 95.6% 
Desert Skies Phoenix AZ MH 24 166 166 98.8%  Phoenix AZ MH 24 166 166 98.2% 
Sunrise Heights Phoenix AZ MH 28 199 199 95.5%  Phoenix AZ MH 28 199 199 97.0% 
Whispering Palms Phoenix AZ MH 15 116 116 94.8%  Phoenix AZ MH 15 116 116 94.8% 
Desert Vista Salome AZ RV 10 125 1 100.0% 
Desert Vista (g) Salome AZ RV 10 125 — —% 
Sedona Shadows Sedona AZ MH 48 2 198 198 99.0%  Sedona AZ MH 48 2 198 198 99.0% 
Venture In RV Resort Show Low AZ RV 26 389 273 100.0%  Show Low AZ RV 26 389 270 100.0% 
Paradise Sun City AZ RV 80 950 738 100.0%  Sun City AZ RV 80 950 750 100.0% 
The Meadows Tempe AZ MH 60 390 390 99.5%  Tempe AZ MH 60 390 390 99.2% 
Fairview Manor Tucson AZ MH 28 235 235 99.6%  Tucson AZ MH 28 235 235 97.4% 
Westpark Wickenburg AZ MH 48 7 231 231 97.0%  Wickenburg AZ MH 48 7 231 231 96.5% 
Araby Yuma AZ RV 25 3 337 292 100.0%  Yuma AZ RV 25 3 337 277 100.0% 
Cactus Gardens Yuma AZ RV 43 430 248 100.0%  Yuma AZ RV 43 430 239 100.0% 
Capri RV Park Yuma AZ RV 20 303 190 100.0%  Yuma AZ RV 20 303 181 100.0% 
Desert Paradise Yuma AZ RV 26 260 105 100.0%  Yuma AZ RV 26 260 103 100.0% 
Foothill Yuma AZ RV 18 180 59 100.0%  Yuma AZ RV 18 180 48 100.0% 
Mesa Verde Yuma AZ RV 28 345 276 100.0%  Yuma AZ RV 28 345 271 100.0% 
Suni Sands Yuma AZ RV 34 336 169 100.0%  Yuma AZ RV 34 336 161 100.0% 
Total Arizona Market 2,061 190 15,837 11,873 98.9%  2,061 220 16,363 11,952 99.0% 
  
Colorado:  
Hillcrest Village Aurora CO MH 72 602 602 99.8%  Aurora CO MH 72 602 602 99.7% 
Cimarron Village Broomfield CO MH 50 327 327 100.0%  Broomfield CO MH 50 327 327 100.0% 
Holiday Village CO Colorado Springs CO MH 38 240 240 99.6%  Colorado Springs CO MH 38 240 240 98.3% 
Bear Creek Denver CO MH 12 121 121 97.5%  Denver CO MH 12 121 121 95.9% 
Holiday Hills Denver CO MH 99 736 736 97.6%  Denver CO MH 99 736 736 98.4% 
Golden Terrace Golden CO MH 32 263 263 100.0%  Golden CO MH 32 263 263 100.0% 
Golden Terrace South Golden CO MH 15 80 80 100.0%  Golden CO MH 15 80 80 100.0% 
Golden Terrace South RV (f) Golden CO RV (e) 80 — —% 
Golden Terrace South RV (g) Golden CO RV (f) 80 — —% 
Golden Terrace West Golden CO MH 39 7 311 311 100.0%  Golden CO MH 39 311 311 100.0% 
Pueblo Grande Pueblo CO MH 33 252 252 62.3%  Pueblo CO MH 33 251 251 75.3% 
Woodland Hills Thornton CO MH 55 434 434 100.0%  Thornton CO MH 55 434 434 100.0% 
Total Colorado Market 445 7 3,446 3,366 98.9%  445 — 3,445 3,365 97.5% 
 
 
 






Property City State MH/RV 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/18 Total Number of Annual Sites as of 12/31/18 Annual Site Occupancy as of 12/31/18  City State Property Type 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/19 Total Number of Annual Sites as of 12/31/19 Annual Site Occupancy as of 12/31/19 
 
Northeast:  
Stonegate Manor North Windham CT MH 114 372 372 95.2%  North Windham CT MH 114 372 372 93.5% 
Waterford Estates Bear DE MH 159 2 731 731 99.3%  Bear DE MH 159 2 731 731 99.5% 
McNicol Lewes DE MH 25 93 93 100.0%  Lewes DE MH 25 93 93 100.0% 
Whispering Pines Lewes DE MH 67 2 393 393 98.0%  Lewes DE MH 67 2 393 393 98.5% 
Mariners Cove Millsboro DE MH 101 374 374 95.7%  Millsboro DE MH 101 374 374 96.3% 
Sweetbriar Millsboro DE MH 38 146 146 93.8%  Millsboro DE MH 38 146 146 93.2% 
Aspen Meadows Rehoboth Beach DE MH 46 200 200 100.0%  Rehoboth Beach DE MH 46 200 200 100.0% 
Camelot Meadows Rehoboth Beach DE MH 61 301 301 100.0%  Rehoboth Beach DE MH 61 301 301 100.0% 
Gateway to Cape Cod Rochester MA RV 80 25 194 60 100.0%  Rochester MA RV 80 25 194 67 100.0% 
Hillcrest-MA Rockland MA MH 19 79 79 94.9%  Rockland MA MH 19 79 79 94.9% 
The Glen Rockland MA MH 24 36 36 100.0%  Rockland MA MH 24 36 36 100.0% 
Old Chatham Road RV South Dennis MA RV 47 312 255 100.0%  South Dennis MA RV 47 312 249 100.0% 
Sturbridge Sturbridge MA RV 223 125 155 76 100.0%  Sturbridge MA RV 223 125 155 82 100.0% 
Fernwood Capitol Heights MD MH 40 6 329 329 97.9%  Capitol Heights MD MH 40 6 329 329 98.2% 
Williams Estates and Peppermint Woods Middle River MD MH 121 803 803 100.0%  Middle River MD MH 121 803 803 100.0% 
Mount Desert Narrows Bar Harbor ME RV 90 12 206 9 100.0%  Bar Harbor ME RV 90 12 206 9 100.0% 
Patten Pond Ellsworth ME RV 43 60 137 12 100.0%  Ellsworth ME RV 43 60 137 13 100.0% 
Pinehirst RV Resort Old Orchard Beach ME RV 58 550 482 100.0%  Old Orchard Beach ME RV 58 550 467 100.0% 
Narrows Too Trenton ME RV 42 8 207 8 100.0%  Trenton ME RV 42 8 207 9 100.0% 
Moody Beach Wells ME RV 48 10 203 94 100.0%  Wells ME RV 48 10 203 91 100.0% 
Sandy Beach RV Resort Contoocook NH RV 40 190 99 100.0%  Contoocook NH RV 40 190 95 100.0% 
Pine Acres Raymond NH RV 100 421 287 100.0%  Raymond NH RV 100 421 264 100.0% 
Tuxbury Resort South Hampton NH RV 193 100 305 216 100.0%  South Hampton NH RV 193 100 305 232 100.0% 
King Nummy (c) Cape May Court House NJ RV 83 313 258 100.0% 
King Nummy Cape May Court House NJ RV 83 313 258 100.0% 
Mays Landing Mays Landing NJ RV 18 168 80 100.0%  Mays Landing NJ RV 18 168 69 100.0% 
Echo Farms Ocean View NJ RV 31 237 206 100.0%  Ocean View NJ RV 31 237 205 100.0% 
Lake & Shore Ocean View NJ RV 162 401 269 100.0%  Ocean View NJ RV 162 401 275 100.0% 
Chestnut Lake Port Republic NJ RV 32 185 55 100.0%  Port Republic NJ RV 32 185 53 100.0% 
Sea Pines Swainton NJ RV 75 32 549 321 100.0%  Swainton NJ RV 75 32 549 310 100.0% 
Pine Ridge at Crestwood Whiting NJ MH 188 1,035 1,035 86.1%  Whiting NJ MH 188 1,035 1,035 88.2% 
Rondout Valley Resort Accord NY RV 184 94 398 100 100.0%  Accord NY RV 184 94 398 87 100.0% 
Alpine Lake RV Resort Corinth NY RV 200 54 500 338 100.0%  Corinth NY RV 200 54 500 324 100.0% 
Lake George Escape Lake George NY RV 178 576 52 100.0%  Lake George NY RV 178 576 68 100.0% 
The Woodlands Lockport NY MH 225 76 1,192 1,192 91.4%  Lockport NY MH 225 76 1,226 1,226 92.1% 
Greenwood Village Manorville NY MH 79 14 512 512 97.7%  Manorville NY MH 79 512 512 98.0% 
Brennan Beach Pulaski NY RV 201 1,377 1,212 100.0%  Pulaski NY RV 201 1,377 1,194 100.0% 
Lake George Schroon Valley Warrensburg NY RV 151 151 86 100.0%  Warrensburg NY RV 151 151 87 100.0% 
Greenbriar Village Bath PA MH 63 319 319 98.7% 






Property City State MH/RV 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/18 Total Number of Annual Sites as of 12/31/18 Annual Site Occupancy as of 12/31/18  City State Property Type 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/19 Total Number of Annual Sites as of 12/31/19 Annual Site Occupancy as of 12/31/19 
Greenbriar Village Bath PA MH 63 319 319 97.8% 
Sun Valley Bowmansville PA RV 86 3 265 155 100.0%  Bowmansville PA RV 86 3 265 165 100.0% 
Green Acres Breinigsville PA MH 149 595 595 96.1%  Breinigsville PA MH 149 595 595 92.8% 
Gettysburg Farm Dover PA RV 124 62 265 85 100.0%  Dover PA RV 124 62 265 81 100.0% 
Timothy Lake North East Stroudsburg PA RV 93 323 95 100.0%  East Stroudsburg PA RV 93 323 82 100.0% 
Timothy Lake South East Stroudsburg PA RV 65 327 146 100.0%  East Stroudsburg PA RV 65 327 138 100.0% 
Drummer Boy (c) Gettysburg PA RV 89 465 194 100.0% 
Round Top (c) Gettysburg PA RV 52 391 203 100.0% 
Circle M Lancaster PA RV 103 13 380 85 100.0%  Lancaster PA RV 103 13 380 85 100.0% 
Hershey Lebanon PA RV 196 20 297 60 100.0%  Lebanon PA RV 196 20 297 59 100.0% 
Robin Hill Lenhartsville PA RV 44 4 270 131 100.0%  Lenhartsville PA RV 44 4 270 127 100.0% 
Dutch County Manheim PA RV 102 60 269 80 100.0%  Manheim PA RV 102 60 269 93 100.0% 
Spring Gulch New Holland PA RV 114 27 420 144 100.0%  New Holland PA RV 114 27 420 145 100.0% 
Lil Wolf Orefield PA MH 56 269 269 96.7%  Orefield PA MH 56 269 269 94.8% 
Scotrun Scotrun PA RV 63 6 178 123 100.0%  Scotrun PA RV 63 6 178 117 100.0% 
Appalachian Shartlesville PA RV 86 30 358 204 100.0%  Shartlesville PA RV 86 30 358 203 100.0% 
Mountain View-PA Walnutport PA MH 45 187 187 92.0%  Walnutport PA MH 45 1 187 187 90.4% 
Timber Creek (c) Westerly RI RV 108 364 354 100.0% 
Timber Creek Westerly RI RV 108 364 363 100.0% 
Total Northeast Market 5,083 845 19,417 14,203 97.3%  5,224 832 20,307 14,563 97.4% 
  
Southeast:  
Hidden Cove Arley AL RV 99 60 79 56 100.0%  Arley AL RV 99 34 163 55 100.0% 
Diamond Caverns Resort & Golf Club Park City KY RV 714 218 220 24 100.0%  Park City KY RV 714 218 220 32 100.0% 
Forest Lake Advance NC RV 306 34 305 163 100.0%  Advance NC RV 306 34 305 163 100.0% 
Scenic Asheville NC MH 28 2 203 203 95.6%  Asheville NC MH 28 2 194 194 100.0% 
Waterway RV Cedar Point NC RV 27 336 331 100.0%  Cedar Point NC RV 27 336 334 100.0% 
Twin Lakes Chocowinity NC RV 132 11 419 362 100.0%  Chocowinity NC RV 132 11 419 344 100.0% 
Green Mountain Park Lenoir NC RV 1,077 3 447 184 100.0%  Lenoir NC RV 1,077 3 447 157 100.0% 
Lake Gaston Littleton NC RV 69 235 200 100.0%  Littleton NC RV 69 235 205 100.0% 
Lake Myers RV Mocksville NC RV 74 425 266 100.0%  Mocksville NC RV 74 425 259 100.0% 
Bogue Pines Newport NC MH 50 150 150 76.0%  Newport NC MH 50 150 150 77.3% 
Goose Creek Resort Newport NC RV 92 735 670 100.0%  Newport NC RV 92 735 670 100.0% 
Whispering Pines RV Newport NC RV 34 278 191 100.0%  Newport NC RV 34 278 182 100.0% 
White Oak Shores (c) Stella NC RV 158 455 395 100.0% 
Carolina Landing Fair Play SC RV 73 30 192 67 100.0%  Fair Play SC RV 73 30 192 47 100.0% 
Inlet Oaks Murrells Inlet SC MH 35 172 172 100.0%  Murrells Inlet SC MH 35 172 172 100.0% 
The Oaks at Point South Yemassee SC RV 10 93 24 100.0%  Yemassee SC RV 10 93 15 100.0% 
Natchez Trace Hohenwald TN RV 672 340 531 186 100.0%  Hohenwald TN RV 672 340 531 225 100.0% 
Cherokee Landing Saulsbury TN RV 254 124 339 6 100.0%  Saulsbury TN RV 254 124 339 5 100.0% 
Meadows of Chantilly Chantilly VA MH 82 499 499 100.0% 
Harbor View Colonial Beach VA RV 69 146 50 100.0% 
Lynchburg Gladys VA RV 170 59 222 61 100.0% 
Chesapeake Bay Gloucester VA RV 282 80 392 143 100.0% 






Property City State MH/RV 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/18 Total Number of Annual Sites as of 12/31/18 Annual Site Occupancy as of 12/31/18  City State Property Type 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/19 Total Number of Annual Sites as of 12/31/19 Annual Site Occupancy as of 12/31/19 
Meadows of Chantilly Chantilly VA MH 82 499 499 100.0% 
Harbor View Colonial Beach VA RV 69 146 59 100.0% 
Lynchburg Gladys VA RV 170 59 222 58 100.0% 
Chesapeake Bay Gloucester VA RV 282 80 392 147 100.0% 
Virginia Landing Quinby VA RV 863 233 1 100.0%  Quinby VA RV 863 233 7 100.0% 
Grey's Point Topping VA RV 125 16 791 497 100.0%  Topping VA RV 125 16 791 529 100.0% 
Bethpage Urbanna VA RV 271 104 1,034 559 100.0%  Urbanna VA RV 271 104 1,034 595 100.0% 
Williamsburg Williamsburg VA RV 65 10 211 92 100.0%  Williamsburg VA RV 65 10 211 86 100.0% 
Regency Lakes Winchester VA MH 165 523 523 99.4%  Winchester VA MH 165 523 523 99.4% 
Total Southeast Market 5,838 1,091 9,210 5,680 99.2%  5,996 1,065 9,740 6,107 99.4% 
  
Midwest:  
O'Connell's Amboy IL RV 286 89 725 376 100.0%  Amboy IL RV 286 89 725 396 100.0% 
Pheasant Lake Estates Beecher IL MH 160 112 613 613 97.7%  Beecher IL MH 160 112 613 613 97.4% 
Pine Country Belvidere IL RV 131 10 216 146 100.0%  Belvidere IL RV 131 10 185 163 100.0% 
Willow Lake Estates Elgin IL MH 111 616 616 89.4%  Elgin IL MH 111 616 616 88.8% 
Golf Vista Estates Monee IL MH 144 17 408 408 96.6%  Monee IL MH 144 15 408 408 96.3% 
Indian Lakes Batesville IN RV 545 104 1,058 545 100.0%  Batesville IN RV 545 104 1,058 575 100.0% 
Horseshoe Lakes Clinton IN RV 289 66 123 97 100.0%  Clinton IN RV 289 66 123 93 100.0% 
Twin Mills RV Howe IN RV 137 24 501 237 100.0%  Howe IN RV 137 24 501 235 100.0% 
Hoosier Estates (g) Lebanon IN MH 60 288 288 96.9% 
Lakeside New Carlisle IN RV 13 89 88 100.0%  New Carlisle IN RV 13 89 89 100.0% 
Oak Tree Village (g) Portage IN MH 76 361 361 68.4% 
North Glen Village (g) Westfield IN MH 88 282 282 85.1% 
Lake in the Hills (g) Auburn Hills MI MH 51 238 238 92.4% 
Bear Cave Resort Buchanan MI RV 25 10 136 35 100.0%  Buchanan MI RV 25 10 136 46 100.0% 
Saint Claire Saint Claire MI RV 210 100 229 130 100.0%  Saint Claire MI RV 210 100 229 135 100.0% 
Swan Creek (g) Ypsilanti MI MH 59 294 294 95.9% 
Cedar Knolls Apple Valley MN MH 93 457 457 88.8%  Apple Valley MN MH 93 457 457 92.6% 
Cimarron Park Lake Elmo MN MH 230 46 505 505 86.1%  Lake Elmo MN MH 230 46 505 505 88.9% 
Rockford Riverview Estates Rockford MN MH 88 428 428 89.5%  Rockford MN MH 88 428 428 91.8% 
Rosemount Woods Rosemount MN MH 50 182 182 98.9% ��Rosemount MN MH 50 12 182 182 98.9% 
Buena Vista Fargo ND MH 76 399 399 82.7%  Fargo ND MH 76 399 399 78.7% 
Meadow Park Fargo ND MH 17 116 116 82.8%  Fargo ND MH 17 116 116 76.7% 
Kenisee Lake Jefferson OH RV 143 50 119 85 100.0%  Jefferson OH RV 143 50 119 79 100.0% 
Wilmington Wilmington OH RV 109 41 169 121 100.0%  Wilmington OH RV 109 41 169 121 100.0% 
Rainbow Lake Manor Bristol WI MH 99 6 270 270 98.9%  Bristol WI MH 99 14 270 270 97.8% 
Fremont Fremont WI RV 98 5 325 132 100.0%  Fremont WI RV 98 5 325 130 100.0% 
Yukon Trails Lyndon Station WI RV 150 30 214 138 100.0%  Lyndon Station WI RV 150 30 214 138 100.0% 
Blackhawk Milton WI RV 214 24 490 338 100.0%  Milton WI RV 214 24 490 340 100.0% 
Lakeland RV Milton WI RV 107 5 682 427 100.0%  Milton WI RV 107 5 682 423 100.0% 
Westwood Estates Pleasant Prairie WI MH 95 344 344 92.4%  Pleasant Prairie WI MH 95 344 344 93.9% 
Plymouth Rock Plymouth WI RV 133 40 610 423 100.0%  Plymouth WI RV 133 40 610 412 100.0% 
Tranquil Timbers Sturgeon Bay WI RV 125 270 196 100.0% 






Property City State MH/RV 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/18 Total Number of Annual Sites as of 12/31/18 Annual Site Occupancy as of 12/31/18  City State Property Type 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/19 Total Number of Annual Sites as of 12/31/19 Annual Site Occupancy as of 12/31/19 
Tranquil Timbers Sturgeon Bay WI RV 125 270 196 100.0% 
Lake of the Woods (c) Wautoma WI RV 117 303 156 100.0% 
Neshonoc Lakeside West Salem WI RV 48 284 189 100.0%  West Salem WI RV 48 284 189 100.0% 
Arrowhead Wisconsin Dells WI RV 166 40 377 190 100.0%  Wisconsin Dells WI RV 166 40 377 196 100.0% 
Total Midwest Market 4,426 819 12,418 9,694 94.1%  4,209 837 11,227 8,450 95.7% 
  
Nevada, Utah and Idaho:  
Coach Royale Boise ID MH 12 91 91 79.1%  Boise ID MH 12 91 91 92.3% 
Maple Grove Boise ID MH 38 271 271 80.8%  Boise ID MH 38 271 271 87.5% 
Shenandoah Estates Boise ID MH 24 153 153 98.7%  Boise ID MH 24 153 153 100.0% 
West Meadow Estates Boise ID MH 29 178 178 100.0%  Boise ID MH 29 178 178 100.0% 
Mountain View - NV Henderson NV MH 72 354 354 99.7%  Henderson NV MH 72 354 354 100.0% 
Bonanza Las Vegas NV MH 43 353 353 55.5%  Las Vegas NV MH 43 353 353 55.2% 
Boulder Cascade Las Vegas NV MH 39 299 299 76.3%  Las Vegas NV MH 39 299 299 78.9% 
Cabana Las Vegas NV MH 37 263 263 95.1%  Las Vegas NV MH 37 263 263 98.5% 
Flamingo West Las Vegas NV MH 37 258 258 99.2%  Las Vegas NV MH 37 258 258 99.6% 
Las Vegas Las Vegas NV RV 11 217 23 100.0%  Las Vegas NV RV 11 217 22 100.0% 
Villa Borega Las Vegas NV MH 40 293 293 71.7%  Las Vegas NV MH 40 293 293 77.5% 
Westwood Village Farr West UT MH 46 314 314 100.0%  Farr West UT MH 46 314 314 100.0% 
St. George (f)(g) Hurricane UT RV 26 1 123 — —%  Hurricane UT RV 26 4 123 — —% 
All Seasons Salt Lake City UT MH 19 121 121 100.0%  Salt Lake City UT MH 19 121 121 100.0% 
Total Nevada, Utah and Idaho Market 473 1 3,288 2,971 86.5%  473 4 3,288 2,970 88.8% 
  
Northwest:  
Cultus Lake (Canada) (d)(e) Lindell Beach BC RV 15 178 52 100.0%  Lindell Beach BC RV 15 178 51 100.0% 
Thousand Trails Bend Bend OR RV 289 116 351 55 100.0%  Bend OR RV 289 116 351 57 100.0% 
Shadowbrook Clackamas OR MH 21 156 156 99.4%  Clackamas OR MH 21 156 156 100.0% 
Pacific City Cloverdale OR RV 105 50 307 21 100.0%  Cloverdale OR RV 105 50 307 28 100.0% 
Falcon Wood Village Eugene OR MH 23 183 183 100.0%  Eugene OR MH 23 183 183 100.0% 
Portland Fairview Fairview OR RV 30 407 244 100.0%  Fairview OR RV 30 407 263 100.0% 
Quail Hollow (d)(e) Fairview OR MH 21 137 137 100.0%  Fairview OR MH 21 137 137 100.0% 
South Jetty Florence OR RV 57 5 204 8 100.0%  Florence OR RV 57 5 204 6 100.0% 
Seaside Resort Seaside OR RV 80 251 28 100.0%  Seaside OR RV 80 7 251 44 100.0% 
Whaler's Rest Resort South Beach OR RV 39 170 17 100.0%  South Beach OR RV 39 5 170 19 100.0% 
Mt. Hood Welches OR RV 115 30 515 102 100.0%  Welches OR RV 115 10 515 165 100.0% 
Birch Bay Blaine WA RV 31 246 25 100.0%  Blaine WA RV 31 7 246 24 100.0% 
Mt. Vernon Bow WA RV 311 251 30 100.0%  Bow WA RV 311 251 29 100.0% 
Chehalis Chehalis WA RV 309 360 22 100.0%  Chehalis WA RV 309 360 24 100.0% 
Grandy Creek (f) Concrete WA RV 63 179 — —%  Concrete WA RV 63 179 1 100.0% 
Tall Chief (f)(g) Fall City WA RV 71 180 — —%  Fall City WA RV 71 180 — —% 






Property City State MH/RV 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/18 Total Number of Annual Sites as of 12/31/18 Annual Site Occupancy as of 12/31/18  City State Property Type 
Acres (a)
 
Developable
Acres (b)
 Total Number of Sites as of 12/31/19 Total Number of Annual Sites as of 12/31/19 Annual Site Occupancy as of 12/31/19 
Kloshe Illahee Federal Way WA MH 50 258 258 100.0%  Federal Way WA MH 50 258 258 100.0% 
La Conner (d)(e) La Conner WA RV 106 319 44 100.0%  La Conner WA RV 106 319 42 100.0% 
Leavenworth Leavenworth WA RV 255 30 266 19 100.0%  Leavenworth WA RV 255 30 266 15 100.0% 
Thunderbird Resort Monroe WA RV 45 2 136 21 100.0%  Monroe WA RV 45 6 136 19 100.0% 
Little Diamond Newport WA RV 360 30 520 2 100.0%  Newport WA RV 360 30 520 2 100.0% 
Oceana Resort Ocean City WA RV 16 84 10 100.0%  Ocean City WA RV 16 7 84 9 100.0% 
Crescent Bar Resort Quincy WA RV 14 115 18 100.0%  Quincy WA RV 14 115 15 100.0% 
Long Beach Seaview WA RV 17 144 16 100.0%  Seaview WA RV 17 10 144 15 100.0% 
Paradise Resort Silver Creek WA RV 60 214 6 100.0%  Silver Creek WA RV 60 214 8 100.0% 
Total Northwest Market 2,503 263 6,131 1,474 99.9%  2,503 283 6,131 1,570 100.0% 
  
Texas:  
Alamo Palms Alamo TX RV 58 643 321 100.0%  Alamo TX RV 58 643 315 100.0% 
Bay Landing Bridgeport TX RV 443 235 293 68 100.0%  Bridgeport TX RV 443 235 293 73 100.0% 
Colorado River Columbus TX RV 218 51 132 24 100.0%  Columbus TX RV 218 51 132 26 100.0% 
Victoria Palms Donna TX RV 117 1,122 484 100.0%  Donna TX RV 117 1,122 488 100.0% 
Lake Texoma (d)(e) Gordonville TX RV 201 133 301 82 100.0%  Gordonville TX RV 201 120 301 80 100.0% 
Lakewood Harlingen TX RV 30 301 117 100.0%  Harlingen TX RV 30 301 137 100.0% 
Paradise Park RV Harlingen TX RV 60 563 289 100.0%  Harlingen TX RV 60 563 277 100.0% 
Sunshine RV Harlingen TX RV 84 1,027 370 100.0%  Harlingen TX RV 84 1,027 370 100.0% 
Tropic Winds Harlingen TX RV 112 65 531 193 100.0%  Harlingen TX RV 112 65 531 203 100.0% 
Medina Lake Lakehills TX RV 208 50 387 66 100.0%  Lakehills TX RV 208 50 387 60 100.0% 
Paradise South Mercedes TX RV 49 493 196 100.0%  Mercedes TX RV 49 493 194 100.0% 
Lake Tawakoni (d)(e) Point TX RV 324 11 293 111 100.0%  Point TX RV 324 11 293 86 100.0% 
Fun n Sun RV Park San Benito TX RV 135 40 1,435 629 100.0%  San Benito TX RV 135 40 1,435 637 100.0% 
Country Sunshine Weslaco TX RV 37 390 154 100.0%  Weslaco TX RV 37 390 159 100.0% 
Southern Comfort Weslaco TX RV 40 403 315 100.0%  Weslaco TX RV 40 403 323 100.0% 
Lake Whitney Whitney TX RV 403 158 261 35 100.0%  Whitney TX RV 403 158 261 32 100.0% 
Lake Conroe Willis TX RV 129 30 481 237 100.0%  Willis TX RV 129 7 620 253 100.0% 
Total Texas Market 2,648 773 9,056 3,691 100.0%  2,648 737 9,195 3,713 100.0% 
Grand Total All Markets 39,334 5,234 149,506 107,698 96.4%  39,508 5,289 152,914 109,314 96.8% 
 _____________________

(a)
Acres are approximate. Acreage for someFor certain Properties, the acres were estimated based uponon 10 Sites per acre.
(b)
Acres are approximate. There can be no assurance that developable acres will be developed. Development is contingent on many factors including, but not limited to, cost, ability to subdivide, accessibility, infrastructure needs, zoning, entitlement and topography.
(c)
Property acquired in 2018.2019.
(d)
Property developed in 2019.
(e)
Land ishas been leased byto us under a non-cancelable operating lease, (see including one Loggerhead Marina Property (See Item 8. Financial Statements and Supplementary Data—Note 12 to the Consolidated Financial Statements)3. Leases).
(e)
(f)
Acres for this RV park arecommunity have been included in the acres forof the adjacent manufactured home community listed directly above this Property.
(f)
(g)
Property doesdid not containhave annual Sites.Sites for 2019.
(g)Property was classified as held for sale as of December 31, 2018.

31




Item 3. Legal Proceedings
The description of legal proceedings is incorporated herein by reference from Item 8. Financial Statements and Supplementary Data—Note 18.16. Commitment and Contingencies in this Form 10-K.


Item 4. Mine Safety Disclosures
None.



32




PART II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Our shares of common stock isare traded on the New York Stock Exchange ("NYSE")NYSE under the symbol ELS. As of December 31, 2018,2019, there were 280274 holders of record for 182,089,595 outstanding shares of our common stock. Additionally, there were 10,491,222 OP Units outstanding, which are exchangeable for an equivalent number of shares of our common stock or, at our option, cash.
Issuer Purchases of Equity Securities
During the year ended December 31, 2019, we did not repurchase shares of our common stock. Our employees will at times surrender their shares of our common stock to satisfy income tax withholding obligations associated with the vesting of shares of restricted stock.
Period
Total Number of Shares
Purchased (a)
 
Average Price  Paid per Share (a)
 Total Number of Shares Purchased as Part of Publicly Announced Plans  or Programs Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs
10/1/18-10/31/18—
 $—
 None None
11/1/18-11/30/18—
 $—
 None None
12/1/18-12/31/1831,294
 $96.23
 None None
 ____________________
(a)All shares were repurchased at the open market price and represent common stock surrendered to us to satisfy income tax withholding obligations due to primarily the vesting of Restricted Share Grants. Certain of our executive officers and directors may from time to time adopt non-discretionary, written trading plans that comply with Securities and Exchange Commission Rule 10b5-1, or otherwise monetize their equity-based compensation. Securities and Exchange Commission Rule 10b5-1 provides executives with a method to monetize their equity-based compensation in an automatic and non-discretionary manner over time.
Dividends and Distributions
We distribute regular quarterly dividends to our stockholders. In order to maintain our qualification as a REIT, we are required, among other things, to distribute annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and any net capital gain. In addition, we intend to distribute all or substantially all of our net income so that we will generally not be subject to U.S. federal income tax on our earnings.
In general, our Board of Directors makes decisions regarding the nature, frequency and amount of our dividends on a quarterly basis. Because theThe Board considers many factors when making these decisions, including our present and future liquidity needs, our current and projected financial condition and results of operations,operations. As such, there can be no assurance that we will maintain the practice of paying regular quarterly dividends to continue to qualify as a REIT. Please seeSee Item 1A. Risk Factors onin this Form 10-K for a description of factors that may affect our ability to distribute dividends.











33













Item 6. Selected Financial Data
The following table sets forth selected financial and operating information on a historical basis. The historical operating data has been derived from our historical financial statements. The following information should be read in conjunction with all of the consolidated financial statements and notesaccompanying footnotes thereto included elsewhere in this Annual Report on Form 10-K.


Years Ended December 31,Years Ended December 31,
(Amounts in thousands, except for per share and property data)2018 2017 2016 2015 2014
(Amounts in thousands, except for per share and property data (adjusted for stock split))2019 2018 2017 2016 2015
Income Statement Data:                  
Total Revenues$986,653
 $925,312
 $870,435
 $821,654
 $776,809
Total Expenses
(765,206) (718,700) (685,908) (675,231) (644,376)
Total revenues$1,037,256
 $986,653
 $925,312
 $870,435
 $821,654
Total expenses
(802,596) (765,206) (718,700) (685,908) (675,231)
Equity in income from unconsolidated joint ventures4,939
 3,765
 2,605
 4,089
 4,578
8,755
 4,939
 3,765
 2,605
 4,089
Gain on sale of property, net—
 —
 —
 —
 1,457
Gain on sale of real estate, net52,507
 —
 —
 —
 —
Consolidated net income$226,386
 $210,377
 $187,132
 $150,512
 $138,468
$295,922
 $226,386
 $210,377
 $187,132
 $150,512
                  
Net income available for Common Stockholders$212,596
 $189,904
 $164,037
 $130,145
 $118,731
$279,123
 $212,596
 $189,904
 $164,037
 $130,145
                  
Comprehensive income attributable to Common Stockholders$213,866
 $191,048
 $164,339
 $129,988
 $119,234
$276,594
 $213,866
 $191,048
 $164,339
 $129,988
                  
Earnings per Common Share - Basic$2.39
 $2.18
 $1.93
 $1.55
 $1.42
$1.54
 $1.19
 $1.09
 $0.97
 $0.77
                  
Earnings per Common Share - Fully Diluted$2.38
 $2.17
 $1.92
 $1.54
 $1.41
$1.54
 $1.19
 $1.08
 $0.96
 $0.77
                  
Distributions declared per Common Share outstanding$2.20
 $1.95
 $1.70
 $1.50
 $1.30
$1.225
 $1.100
 $0.975
 $0.850
 $0.750
                  
Weighted average Common Shares outstanding - basic88,964
 86,997
 84,778
 84,031
 83,362
Weighted average Common Shares outstanding - fully diluted95,055
 93,425
 92,569
 91,907
 91,511
Weighted average Common Shares outstanding - Basic180,805
 177,928
 173,994
 169,556
 168,062
Weighted average Common Shares outstanding - Fully Diluted191,995
 190,110
 186,850
 185,138
 183,814
                  
Balance Sheet Data:                  
Real estate, before accumulated depreciation$5,273,477
 $4,915,813
 $4,685,336
 $4,477,599
 $4,387,913
$5,743,049
 $5,273,477
 $4,915,813
 $4,685,336
 $4,477,599
Total assets (1)
$3,925,808
 $3,610,032
 $3,478,987
 $3,400,400
 $3,429,225
$4,151,275
 $3,925,808
 $3,610,032
 $3,478,987
 $3,400,400
Total debt(1)
$2,348,352
 $2,200,017
 $2,091,279
 $2,126,052
 $2,195,133
$2,408,458
 $2,348,352
 $2,200,017
 $2,091,279
 $2,126,052
Series C Preferred Stock (2)(1)
$—
 $—
 $136,144
 $136,144
 $136,144
$—
 $—
 $—
 $136,144
 $136,144
Total Common Equity (3)(2)
$1,121,552
 $1,031,954
 $872,399
 $788,924
 $775,849
$1,249,810
 $1,121,552
 $1,031,954
 $872,399
 $788,924
                  
Other Data:                  
Funds from operations (4)
$371,962
 $331,665
 $302,827
 $261,009
 $246,588
Normalized funds from operations (4)
$367,908
 $335,931
 $306,459
 $279,052
 $253,257
Funds from Operations ("FFO") (3)
$405,964
 $371,962
 $331,665
 $302,827
 $261,009
Normalized Funds from Operations ("Normalized FFO") (3)
$401,844
 $367,908
 $335,931
 $306,459
 $279,052
Total Properties (at end of period)414
 406
 391
 387
 384
413
 414
 406
 391
 387
Total Sites (at end of period)155,447
 151,323
 146,610
 143,938
 143,113
156,513
 155,447
 151,323
 146,610
 143,938
__________________________________________________________________ 
1.
Effective January 1, 2016 we adopted Accounting Standard Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs and Accounting Standard Update 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. As a result, we reclassified deferred financing costs to mortgage notes payable in the amount of $18.9 million and $16.1 million as of December 31, 2015 and 2014, respectively. In addition, we reclassified deferred financing costs to term loan in the amount of $0.8 million and $1.0 million as of December 31, 2015 and 2014, respectively. Also, we reclassified deferred financing costs related to our unsecured line of credit to Other assets, net in the amount of $3.7 million and $4.7 million as of December 31, 2015 and 2014, respectively.
2.In 2012, we issued 54,458 shares of Series C Preferred Stock, which were represented by Depositary Shares. In 2017, we redeemed our Series C Preferred Stock for $138.4 million, including accrued dividends. The shares of Series C Preferred Stock that were redeemed now have the status of authorized but unissued preferred stock, without designation as to class or series.
3.
2.
In 2018,2019, we sold 861,1411,010,472 shares of our common stock, par value $0.01 per share, under our ATM equity offering program at a weighted average per share sales price of approximately $91.45$58.71 for gross cash proceeds of approximately $78.8$59.3 million before expenses of approximately $1.0$0.8 million. In 2017,2018, we sold 1,380,0171,722,282 shares of our common stock, par value $0.01 per share, under our ATM equity offering program at a weighted average per share sales price of approximately $87.46$45.73 for gross cash proceeds of approximately $120.7$78.8 million before expenses of approximately $1.5$1.0 million. In 2016,2017, we sold 683,5482,760,034 shares of our common stock, par value $0.01 per share, under our ATM equity offering program at a weighted average per share sales price of approximately $73.15$43.73 for gross cash proceeds of approximately $50.0$120.7 million before expenses of approximately $0.7$1.5 million. As of December 31, 2018, $200.02019, $140.7 million of common stock remained available for issuance under our ATM equity offering program.
4.
3.
Refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations contained in this Form 10-K for information regarding why we present funds from operationsdefinitions of FFO and normalized funds from operationsNormalized FFO and for a reconciliation of these Non-GAAP financial measures to net income available for Common Stockholders.







34




Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying footnotes thereto included in this Annual Report on Form 10-K. All shares of common stock ("Common Shares") and units of common interests in our Operating Partnership ("OP Units") as well as per share results reflect the two-for-one stock split that was completed on October 15, 2019.
20182019 Accomplishments
We continued our strong performance in 2018,2019, marked by key operational and financial accomplishments:


Occupancy of MH Sites within our Core Portfolio (as defined below) increased by 379401 Sites to 95.1%95.7% as of December 31, 20182019 compared to 94.7%95.3% as of December 31, 2017.2018.
Manufactured homeowners within our Core Portfolio increased by 555387 to 63,23162,746 as of December 31, 20182019 compared to 62,67662,359 as of December 31, 2017.2018.
MH and RV revenuerental income within our Core Portfolio increased by 4.6%5.3% and 6.8%4.5%, respectively, as compared to 2017.2018.
Celebrated 50th anniversary of our Thousand Trails portfolio with a 4.1% increase in member count to approximately 115,700 as of December 31, 2019 and an increase in annual membership subscription revenue of 6.8%, compared to 2018.
Core Portfolio generated 4.6%full year growth of 4.4% in income from property operations for the full year.compared to 2018.
2018 Normalized Funds from Operations ("Normalized FFO") per common share on a fully diluted basis was $3.87, 7.5%$2.09, 8.2% higher than in 2017.2018.
Recognized a gain of $52.5 million from selling five all-age MH communities located in Indiana and Michigan.
Acquired eight MH andfour RV communities for $251.7$58.3 million and invested an additional $49.0the remaining interest in our joint venture investment of 11 marinas in Florida.
Invested $87.4 million to fund development activity, including the acquisition of vacant land parcels adjacent to our Properties.parcels.
Raised our annual dividend to $2.20$1.225 per share in 2018,2019, an increase of 12.8%11.4% compared to $1.95$1.100 per share in 2017.2018.
Sold 861,1411,010,472 shares of Common Stock for gross proceeds of $78.8$59.3 million through our ATMat-the-market ("ATM") equity offering program at a weighted average share price of $91.45.$58.71.
ClosedRepaid principal of $66.8 million on approximately $357.8 millionfour mortgage loans, which were scheduled to mature in 2020. As of financing proceeds related to two secured credit facilities and paid debt maturing in 2018 andDecember 31, 2019, of approximately $196.8 million. After closing on these loans, our current secured debt balance hashad a weighted average maturity of 13.813.09 years and approximately 33.9%32.2% of our outstanding debt is fully amortizing.
Overview and Outlook
We are a self-administered and self-managed REITreal estate investment trust ("REIT") with headquarters in Chicago, Illinois. We are a fully integrated owner and operator of Propertiesproperties ("Properties") consisting primarily of MH and RV communities. As of December 31, 2018,2019, we owned or had an ownership interest in a portfolio of 414413 Properties located throughout the United States and Canada containing 155,447 Sites.156,513 individual developed areas ("Sites"). These Properties are located in 33 states and British Columbia, with more than 90 Properties with lake, river or ocean frontage and more than 120 Properties within 10 miles of the coastal United States.
We invest in Propertiesproperties in sought-after locations near retirement and vacation destinations and urban areas across the United States with a focus on increasing operatingdelivering value to our residents and guests as well as stockholders. Our business model is intended to provide an opportunity for increased cash flows.flows and appreciation in value. We seek growth in earnings, fundsFunds from operationsOperations ("FFO") and cash flows by enhancing the profitability and operation of our Properties and investments. We seek to accomplish this by attracting and retaining high quality customers to our Properties, who take pride in our Properties and in their homes, and efficiently managing our Properties by increasing occupancy, maintaining competitive market rents and controlling expenses. We also actively pursue opportunities that fit our acquisition criteria and are currently engaged in various stages of negotiations relating to the possible acquisition of additional properties.
We believe thatthe demand from baby boomers for manufactured housingMH and RV communities will continue to outpace supply for several years. The entitlement process to develop new MH and RV communities is extremely restrictive. As a result, there have been few, if any, new communities developed in our target geographic markets.be strong. It is estimated that approximately 10,000 baby boomers will turnare turning 65 daily through 2030. Additionally,In addition, the population of people age 55 and older is expected to grow 19%18% from 20192020 to 2034. We believe these2035. These individuals, seeking an active lifestyle, will continue to drive the market for second-home sales as vacation properties, investment opportunities or retirement retreats. We believeexpect it is likely that over the next decade, we will continue to see high levels of second-home sales and that manufactured homes and cottages in our Properties will continue to provide a viable second-home alternative to site-built homes.
We also believe the Millennial and Generation X demographic will contribute to our future long-term customer pipeline. Millennials and Generation X combined represent over half of the RV buyers. There is an increasing trend among these groups to adopt a minimalist lifestyle due to its affordability, preference over home quality relative to its size and the overall unique experience that our Propertiescommunities can provide. We believe the demand from baby boomers and these younger generations will continue to outpace supply for MH and RV communities. The entitlement process

35
Management's Discussion and Analysis (continued)

to develop new MH and RV communities is extremely restrictive. As a result, there have been limited new communities developed in our business model provide an opportunity for increased cash flows and appreciation in value. These may be achieved through increasing occupancy and maintaining market rents, as well as expense controls, expansion of existing Properties and opportunistic acquisitions. We actively seek to acquire and are currently engaged in various stages of negotiations relating to the possible acquisition of additional properties, which may include contracts outstanding to acquire such properties that are subject to the satisfactory completion of our due diligence review.target geographic markets.
We generate the majority of our revenues from customers renting our Sites or entering into right-to-use contracts, (also referred toalso known as membership products),subscriptions, which provide our customersthem access to specific Properties for limited stays. Our MH community Sites and annual RV community Sites are leased on an annual basis. Seasonal Sites are leased to customers generally for one to six months. Transient Sites are leased to customers on a short-term basis. The revenuerevenues from seasonal and transient Sites isare generally higher during the first and third quarters. We consider the transient revenue stream to be our most volatile as it is subject to weather conditions and other factors affecting the marginal RV customer's vacation and travel preferences. We also have
Management's Discussiongenerate revenue from customers renting our marina slips and Analysis (continued)

dry storage. Additionally, we have interests in joint venture Properties for which revenue is classified as Equityequity in income from unconsolidated joint ventures on the Consolidated Statements of Income and Comprehensive Income.
Approximately one quarter of our rental agreements on MH community Sites contain rent increase provisions that are directly or indirectly connected to the published CPI statistics that are issued from June through September of the year prior to the increase effective date. Approximately two-thirds of thosethese rental agreements are subject to a CPI floor of approximately 3.0% to 5.0%.
State and local rent control regulations affect 23 wholly owned27 wholly-owned Properties, including 15 of our 48 California Properties, all seven7 of our Delaware Properties, and one1 of our five5 Massachusetts Properties, 1 of our 7 New York Properties, and 3 of our 10 Oregon Properties. These rent control regulations dictate rent increases and generally permit us to increase rates by a percentage of the increase in the CPI, which may be national, regional or local CPI, depending on the rent control ordinance. The mandate on rentThese rate increases maygenerally range from 60.0% to 100.0% of CPI with certain limits depending on the jurisdiction.
The following table shows the breakdown of our Sites by type (amounts are approximate):
 Total Sites as of
 December 31, 20182019
MH Community Sites73,30072,100

RV Community Sites: 
Annual29,10029,600

Seasonal11,30010,200

Transient11,50014,100

Right-to-use Marina Slips (1)
24,3002,300

Membership (2)
24,600
Joint Ventures(2) (3)
5,9003,600

 155,400156,500

_____________________
(1)
On September 10, 2019, we completed the acquisition of the remaining interest in a joint venture investment of 11 marinas in Florida.
(2)
Primarily utilized to service the approximately 115,700 members. Includes approximately 5,900 Sites rented on an annual basis.
(2)
(3)
Includes approximately: 2,700approximately 2,900 annual Sites, 400 seasonal Sites 500and 300 transient Sites and includes approximately 2,300 marina slips.Sites.


Sites designated as right-to-useMembership Sites are primarily utilized to service the approximately 111,100 membership customers,115,700 annual subscription members, including 20,20019,100 free trial members added through our RV dealer free trial memberships.program. The remaining 90,90096,600 have entered intopurchased a Thousand Trails Camping Pass (“TTC”), membership, which can be purchased foris an annual subscription providing the member access to our Properties in one to five geographic areasregions of the United States and requireStates. In 2019, a TTC membership for a single geographic region required an annual payment of $565.$585. In addition, membership customersmembers are eligible to upgrade their right-to-use contracts from time-to-time. Ansubscriptions. A membership upgrade contract is distinguishable from a new right-to-use contract that a customer would enter by, depending on the type of upgrade, offeringmay offer (1) increased length of consecutive stay by 50% (i.e., up to 21 days); (2) ability to make earlier advance reservations; (3) discounts on rental units; (4) access to additional Properties, which may include use of Sites at non-membership RV communities, andor (5) membership in discount travel programs. Each membership upgrade contract requires a non-refundable upfront payment. Wepayment, for which we offer financing for the non-refundable upfront paymentoptions to eligible customers. As a customer acquisition tool, we have relationships with a network of RV dealers to provide themeach new RV owner with a free one-year trial subscription to a TTC membership to give to their customers in connection with the purchase of a RV.

membership.
In our Home Sales and RentalRentals Operations business, our revenue streams include home sales, home rentals and brokerage services and ancillary activities. We generate revenue through home sales and rental operations by selling or leasing Site setmanufactured homes and cottages that are located in Properties owned and managed by us. We continue to focus on our rental operations, as we believe renting our vacant new homes represents an attractive source of occupancy and thean opportunity to convert the renter to a homebuyer in the future. We also sell and rent homes through our joint venture, ECHO Financing, LLC (the "ECHO JV"). We offerAdditionally, home sale brokerage services are offered to our residents of our Properties who movemay choose to sell their homes as rather than relocate them when moving from a Property but do not relocate their home. In addition,Property. At certain Properties, we operate ancillary activities at certain Properties,facilities, such as golf courses, pro shops, stores and restaurants.

36
Management's Discussion and Analysis (continued)

In the manufactured housing industry, options for home financing, also known as chattel financing, are limited. Chattel financing options available today includesinclude community owner-funded programs or third partythird-party lender programs that provide subsidized financing to customers and often require the community owner to guarantee customer defaults. Third partyThird-party lender programs have stringent underwriting criteria, sizable down payment requirements, short loan amortization and high interest rates. We have a limited program under which we purchase loans made by an unaffiliated lender to purchasers of homeshomebuyers at our Properties.
In 2017, the Federal Housing Finance Agency ("FHFA") published Fannie Mae's and Freddie Mac's Underserved Markets Plans for 2018-2020 (the "Plans") under the duty-to-serve provisions mandated by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008. The FHFA mandate requires
Management's Discussion and Analysis (continued)

Fannie Mae and Freddie Mac to serve three specific underserved markets, one of which is the manufactured housing sector. The Plans outline four duty-to-serve focus areas related to manufactured housing, including home purchase financing for customers placing manufactured homes in land lease communities. While this may have a positive impact on our customers' ability to obtain chattel financing, specific details necessary to evaluate the possible impact on us as well as the industry are not yet available. In addition, the U.S. Department of the Treasury released the Housing Reform Plan in September 2019, which outlined a plan to end the conservatorships of the government sponsored enterprises. The Housing Reform Plan could have an impact on the Plans.
In addition to net income computed in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), we assess and measure our overall financial and operating performance using certain Non-GAAP supplemental measures, which include: (i) Funds from Operations ("FFO"),FFO, (ii) Normalized Funds from Operations ("Normalized FFO"),FFO, (iii) Income from property operations, (iv) Income from property operations, excluding deferrals and property management, (v) Core Portfolio income from property operations, excluding deferrals and property management (operating results for Properties owned and operated in both periods under comparison), and (vi) Income from rental operations, net of depreciation. We use these measures internally to evaluate the operating performance of our portfolio and provide a basis for comparison with other real estate companies. Definitions and reconciliations of these measures to the most comparable GAAP measures are included below in this discussion.
Results Overview
For the year ended December 31, 2018, Net2019, net income available for Common Stockholders increased $22.7$66.5 million, or $0.21$0.35 per fully diluted Common Share, to $212.6$279.1 million, or $2.38$1.54 per fully diluted Common Share, compared to $189.9$212.6 million, or $2.17$1.19 per fully diluted Common Share, for the same period in 2017.2018. For the year ended December 31, 2018,2019, FFO available for Common Stock and OP Unit holders increased $40.3$34.0 million, or $0.36$0.15 per fully diluted Common Share, to $372.0$406.0 million, or $3.91$2.11 per fully diluted Common Share, compared to $331.7$372.0 million, or $3.55$1.96 per fully diluted Common Share, for the same period in 2017.2018. For the year ended December 31, 2018,2019, Normalized FFO available for Common Stock and OP Unit holders increased $32.0$33.9 million, or $0.27$0.15 per fully diluted Common Share, to $367.9$401.8 million, or $3.87$2.09 per fully diluted Common Share, compared to $335.9$367.9 million, or $3.60$1.94 per fully diluted Common Share, for the same period in 2017.2018.
Our Core Portfolio maycould change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio in 20182019 and 20172018 includes all Properties acquired prior to December 31, 20162017 that we have owned and operated continuously since January 1, 2017.2018. During 2017,2018, operations at our two Florida Keys RV Properties - Fiesta Key and Sunshine Key - were interrupted and have been designated as Non-Core Properties. As a result, these two Florida Keys RV Properties were presented as Non-Core Properties for all comparable years 2018, 20172019 and 2016.2018.
For the year ended December 31, 2018,2019, property operating revenues in our Core Portfolio, excluding deferrals, increased 4.8%4.7% and property operating expenses in our Core Portfolio, excluding deferrals and property management, increased 4.3%4.4%, from the year ended December 31, 2017,2018, resulting in an increase in our income from property operations excluding deferrals and property management of 5.2% from the year ended December 31, 2017.5.0%.
WeWhile we continue to focus on the quality of occupancy growth by increasing the number of manufactured homeowners in our Core Portfolio.Portfolio, we also believe renting our vacant homes may represent an attractive source of occupancy and potentially convert the renter to a new homebuyer in the future. We continue to expect there to be fluctuations in the sources of occupancy gains depending on local market conditions, availability of vacant sites and success with converting renters to homeowners. Our Core Portfolio average occupancy, consists of occupied home Sitesincluding both homeowners and renters, in our MH communities (both homeowners and renters) and was 95.1% as of95.4% for the year ended December 31, 2018,2019, compared to 94.7% as of95.0% for the same period in 2018. For the year ended December 31, 2017. As of December 31, 2018,2019, our Core Portfolio occupancy increased by 379401 sites with an increase in homeowner occupancy of 555 sites387 sites. In addition to higher occupancy, we have experienced rental rate increases during the year ended December 31, 2019, contributing to a growth of 4.7% in MH rental income compared to the same period in 2018.
We continue to grow RV rental income in our Core Portfolio as a result of our ability to increase rental rates and occupancy. RV rental income in our Core Portfolio for the year ended December 31, 2017.2019 was 4.5% higher than the same period in 2018. Annual, seasonal and transient revenues for the year ended December 31, 2019 increased 6.0%, 4.0% and 0.8%, respectively.

37
Management's Discussion and Analysis (continued)

We continue to experience strong performance in our membership base within our Thousand Trails portfolio. We sold 19,267 TTC memberships and 2,919 membership upgrades for the year ended December 31, 2019, an increase in membership subscriptions and upgrade revenues of 6.8% and 25.8%, respectively, over the same period in 2018. In addition, we activated approximately 22,217 TTC memberships through our RV dealer program.
The following table provides additional details regarding our TTC memberships for the past five years:
  2019 2018 2017 2016 2015
TTC Origination 41,484
 37,528
 31,618
 29,576
 25,544
    TTC Sales 19,267
 17,194
 14,128
 12,856
 11,877
    RV Dealer TTC Activations 22,217
 20,334
 17,490
 16,720
 13,667
We continue to build on our successful multi-channel marketing campaigns, incorporating social media and advanced marketing analytics. In 2018,2019, we increased our social media fan base to approximately 550,000.over 650,000. Our marketing campaigns encouragecustomers are increasingly choosing self-service options to complete their transactions with us. Our Core RV transient revenue booked through our customers to bookwebsite increased 20% and our online eliminating point-of-sale barriers for our customers through self-service. Our online reservation and sales activity continue to grow and we have seen an 18% increase in RV revenue through digital channels and a 45% increase inof TTC memberships sold online asincreased 27.1% compared to 2017.
We continue to experience growth in RV revenues in our Core Portfolio as a result of our ability to increase rental rates and occupancy. RV revenues in our Core Portfolio for the year ended December 31, 2018 were 6.8% higher than2018.
Demand for our homes and communities remains strong as evidenced by factors including our high occupancy levels. We closed 496 new home sales during the year ended December 31, 2017. Annual, seasonal and transient revenues for the year ended December 31, 2018 increased 6.6%, 7.8% and 6.6%, respectively, from the year ended December 31, 2017.
For the year ended December 31, 2018, we sold approximately 17,194 TTCs and activated approximately 20,334 RV dealer TTCs.



Management's Discussion and Analysis (continued)

The table below provides additional details regarding our TTCs for the past five years:
  2018 2017 2016 2015 2014
TTC Origination 37,528
 31,618
 29,576
 25,544
 18,187
    TTC Sales 17,194
 14,128
 12,856
 11,877
 10,014
    RV Dealer TTC Activations 20,334
 17,490
 16,720
 13,667
 8,173
We see high demand for our homes and communities. We closed2019 compared to 556 new home sales during the year ended December 31, 2018 compared to 5972018. The decline in new home sales duringwas primarily due to certain areas of our portfolio reaching historically high occupancy levels. We continue to believe renting our vacant homes represents an attractive source of occupancy and an opportunity to convert the year ended December 31, 2017. The new home sales duringrenter to a homebuyer in the year ended December 31, 2018 were primarily in our Arizona, Florida, Colorado and California communities.future.
As of December 31, 2018,2019, we had 4,2413,966 occupied rental homes in our Core MH communities. For the years ended December 31, 2018 and 2017, homecommunities, including 289 homes rented through our Echo JV. Our Core Portfolio income from rental program net operating income was $30.3 million and $31.9 million, respectively,operations, net of rental asset depreciation, expense of $9.8was $29.9 million for the year ended December 31, 20182019 and $10.4$28.3 million for the year ended December 31, 2017.2018. Approximately $32.6$31.2 million and $34.6$30.8 million of home rental operations revenue related to Site rental was included in CommunityMH base rental income in our Core Portfolio for the years ended December 31, 20182019 and 2017,2018, respectively.
Our gross investment in real estate has increased $357.7$469.5 million to $5,743.0 million as of December 31, 2019 from $5,273.5 million as of December 31, 2018, from $4,915.8 million as of December 31, 2017, primarily due to new acquisitions as well as capital expendituresimprovements during the year ended December 31, 2018.2019.

38
Management's Discussion and Analysis (continued)

Property AcquisitionsAcquisitions/Dispositions and Joint Ventures
The following chart lists the Properties or portfolios acquired or invested in during the periodsold from January 1, 20172018 through December 31, 20182019 and Sites added through expansion opportunities at our existing Properties.
  Location Type of PropertyTransaction Date Sites
        
Total Sites as of January 1, 20172018 (1) (2)
      146,610
151,300
AcquisitionsAcquisition Properties:       
Paradise Park-LargoLargo, FloridaMHMay 10, 2017108
Bethpage Camp ResortUrbanna, VirginiaRVNovember 15, 20171,034
Grey's Point CampTopping, VirginiaRVNovember 15, 2017728
Kingswood Riverview, Florida MHMarch 8, 2018 229

Serendipity Clearwater, Florida MHMarch 15, 2018 425

Holiday Travel Park Holiday, Florida RVApril 20, 2018 613

Everglades Lakes Fort Lauderdale, Florida MHJuly 20, 2018 612

Sunseekers RV Resort North Fort Myers, Florida RVSeptember 21, 2018 241

Timber Creek RV Resort Westerly, Rhode Island RVNovember 20, 2018 364

Palm Lake Riviera Beach, Florida MHDecember 13, 2018 915

King Nummy Trail Campground Cape May Court House, New Jersey RVDecember 20, 2018 313

Joint Venture:Drummer Boy Camping ResortGettysburg, PennsylvaniaRVMarch 25, 2019465
Lake of the Woods CampgroundWautoma, WisconsinRVMarch 25, 2019303
Round Top RV CampgroundGettysburg, PennsylvaniaRVApril 10, 2019391
White Oak Shores Camping and RV ResortStella, North CarolinaRVMay 29, 2019455
       
CrosswindsJune 15, 2017376
Loggerhead(a)
August 8, 20172,343
Expansion Site Development and other:Development:       
Sites added (reconfigured) in 2017124
Sites added (reconfigured) in 2018      412
419
Total Sites as of December 31, 2018added (reconfigured) in 2019      155,447
891
Dispositions:
Hoosier EstatesLebanon, IndianaMHJanuary 23, 2019(288)
Lake in the HillsAuburn Hills, MichiganMHJanuary 23, 2019(238)
North Glen VillageWestfield, IndianaMHJanuary 23, 2019(282)
Oak Tree VillagePortage, IndianaMHJanuary 23, 2019(361)
Swan CreekYpsilanti, MichiganMHJanuary 23, 2019(294)
Total Sites as of December 31, 2019 (2)
156,500
_____________________
(a)
(1)
Loggerhead sites representIncludes the marina slip count.slips from the acquisition of the remaining interest in our joint venture investment of 11 marinas in Florida.
(2)
Sites are approximate.



39
Management's Discussion and Analysis (continued)


Markets
The following table identifies our largest markets by number of Sites and provides information regarding our Properties (excluding 17six Properties owned through our seven Joint Ventures).
Major Market Total Sites 
Number of
Properties
 
Percent of
Total Sites
 
Percent of Total
Property Operating
Revenues (1)
 Total Sites Number of
Properties		 Percent of
Total Sites		 
Percent of Total
Property Operating
Revenue (1)
Florida 57,022
 130
 38.1% 42.2% 59,537
 141
 38.9% 43.5%
Northeast 19,417
 53
 13.0% 11.0% 20,307
 55
 13.3% 11.3%
Arizona 15,837
 40
 10.6% 9.5% 16,363
 40
 10.7% 9.5%
California 13,681
 48
 9.2% 13.9% 13,681
 48
 8.9% 13.3%
Midwest 12,418
 34
 8.3% 6.6% 11,227
 30
 7.3% 5.7%
Southeast 9,740
 27
 6.4% 4.6%
Texas 9,056
 17
 6.0% 2.8% 9,195
 17
 6.0% 2.8%
Southeast 9,210
 26
 6.2% 4.6%
Northwest 6,131
 25
 4.1% 3.5% 6,131
 25
 4.0% 3.4%
Colorado 3,446
 10
 2.3% 3.4% 3,445
 10
 2.3% 3.4%
Other 3,288
 14
 2.2% 2.5% 3,288
 14
 2.2% 2.5%
Total 149,506
 397
 100.0% 100.0% 152,914
 407
 100.0% 100.0%
_____________________
(1)
Property operating revenues for this calculation excludesExcludes the impact of GAAP deferrals of membership upgrade sales upfront payments and membership sales commissions as well as approximately $6.3$7.8 million of property operating revenuesrevenue not allocated to Properties, which consists primarily of upfront payments from right-to-use contracts.membership upgrade sales.

Qualification as a REIT
We believe thatCommencing with our taxable year ended December 31, 1993, we have qualified for taxationelected to be taxed as a REIT for U.S. federal income tax purposes since our taxable year ended December 31, 1993.purposes. We believe we have met the requirements and have qualified for taxation as a REIT, and we plan to continue to meet thethese requirements. The requirements for taxationqualification as a REIT. Many of these requirements, however,REIT are highly technical and complex, and concernas they pertain to the ownership of our outstanding stock, the nature of our assets, the sources of our income and the amount of our distributions to our stockholders. The factExamples include that we holdat least 95% of our assets throughgross income must come from sources that are itemized in the REIT tax laws and at least 90% of our Operating PartnershipREIT taxable income, computed without regard to our deduction for dividends paid and our Subsidiaries further complicates the application of the REIT requirements.

net capital gain, must be distributed to stockholders annually. If we fail to qualify as a REIT and are unable to correct such failure, we would be subject to U.S. federal income tax at regular corporate rates. Also, unless the IRS granted us relief under certain statutory provisions,Additionally, we wouldcould remain disqualified as a REIT for four years following the year we first failed to qualify. Even if we qualify for taxation 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.
Recent U.S. Federal Income Tax Legislation
On December 22, 2017, H.R. 1, commonly referred to as the Tax Cuts and Jobs Act was signed into law making significant changes to the Internal Revenue Code of 1986, as amended (the "Code"). Relevant changes include, but are not limited to the following:
a decrease in the federal corporate tax rate from 35% to 21% for tax years beginning after December 31, 2017;
an immediate 100% deduction of the cost of certain capital asset investments (generally excluding real estate assets), subject to a gradual decrease of the deduction percentage over time;
a change in recovery periods for certain real property and building improvements (for example, to 15 years for qualified improvement property under the modified accelerated cost recovery system, and to 30 years (previously 40 years) for residential real property and 20 years (previously 40 years) for qualified improvement property under the alternative depreciation system);
restrictions to the deductibility of interest expense by businesses (generally, to 30% of the business’ adjusted taxable income) except, among others, real property businesses electing out of such restriction;
the use of the less favorable alternative depreciation system to depreciate real property in the event a real property business elects to avoid the interest deduction restriction above;
a limitation on net operating losses generated in 2018 or later to offset more than 80% of a taxpayer's taxable income (prior to the application of the dividends paid deduction);
elimination of the corporate alternative minimum tax;
restriction limiting the benefits of like-kind exchanges that defer capital gains for tax purposes to exchanges of real property;
a reduction to the highest marginal income tax rate for individuals to 37% from 39.6% (excluding, in each case, the 3.8% Medicare tax on net investment income);

40
Management's Discussion and Analysis (continued)


a deduction for individuals equal to 20% of certain income from pass-through entities, including ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income), generally resulting in a maximum effective federal income tax rate applicable to such dividends of 29.6% compared to 37% (excluding, in each case, the 3.8% Medicare tax on net investment income); and
a limitation on certain deductions for individuals, including deductions for state and local income taxes, and eliminates deductions for miscellaneous itemized deductions (including certain investment expenses).
Many of the provisions in the Tax Cuts and Jobs Act, in particular those affecting individual taxpayers, expire at the end of 2025.
While the changes in the Tax Cuts and Jobs Act generally appear to be favorable with respect to REITs, the extensive changes to non-REIT provisions in the Code may have unanticipated effects on us or our stockholders. Many of these changes were effective immediately without any transition periods or grandfathering for existing transactions.  The Tax Cuts and Jobs Act lacks clarification with regard to many aspects and is likely subject to potential amendments and technical corrections, as well as interpretations and implementing regulations by the U.S. Treasury Department and Internal Revenue Service, any of which could lessen or increase the impact of the Tax Cuts and Jobs Act. In addition, it remains unclear how these U.S. federal income tax changes will affect state and local taxation, which often uses federal taxable income as a starting point for computing state and local tax liabilities.
As a result of the changes to U.S. federal tax laws implemented by the Tax Cuts and Jobs Act, our taxable income and the amount of distributions to our stockholders required in order to maintain our REIT status, and our relative tax advantage as a REIT, may change. The long-term impact of the Tax Cuts and Jobs Act on the overall economy, government revenues, our tenants, us, and the real estate industry cannot be reliably predicted at this stage of the law’s implementation. Based on our initial review and guidance, we do not anticipate a significant impact to our consolidated financial statements. However, there can be no assurance that the Tax Cuts and Jobs Act will not negatively impact our operating results, financial condition and future business operations.
Non-GAAP Financial Measures
Management's discussion and analysis of financial condition and results of operations include certain Non-GAAP financial measures that in management's view of the business are meaningful as they allow investors the ability to understand key operating details of our business both with and without regard to certain accounting conventions or items that may not always be indicative of recurring annual cash flowflows of the portfolio. These Non-GAAP financial measures as determined and presented by us may not be comparable to similarly titled measures reported by other companies, and include Incomeincome from property operations and Core Portfolio, FFO, Normalized FFO and Incomeincome from rental operation,operations, net of depreciation.
We believe investors should review Incomeincome from property operations and Core Portfolio, FFO, Normalized FFO and Incomeincome from rental operations, net of depreciation, along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance. A discussion of Incomeincome from property operations and Core Portfolio, FFO, Normalized FFO and Income from rental operations, net of depreciation and a reconciliation to net income are included below.
Income from Property Operations and Core Portfolio
We use Incomeincome from property operations, and Incomeincome from property operations, excluding deferrals and property management, and Core Portfolio income from property operations, excluding deferrals and property management, as alternative measures to evaluate the operating results of our MH and RV communities.Properties. Income from property operations represents rental income, membership subscriptions and upgrade sales, utility income and right-to-useother income less property and rental home operating and maintenance expenses, real estate tax,taxes, sales and marketing expenses and property management expenses. Income from property operations, excluding deferrals and property management, represents income from property operations excluding property management expenses and the impact of the GAAP deferraldeferrals of right-to-use contractmembership upgrade sales upfront payments and relatedmembership sales commissions, net. For comparative purposes, we present bad debt expense within Property operating, maintenance and real estate taxes in the current and prior periods.
Our Core Portfolio consists of our Properties owned and operated since January 1, 2017.2018. Core Portfolio income from property operations, excluding deferrals and property management, is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations. Our Non-Core Portfolio (or Acquisitions) includes all Properties that were not owned and operated during 2017all of 2018 and 2018,2019, including Fiesta Key and Sunshine Key RV communities.





41
Management's Discussion and Analysis (continued)


Funds from Operations ("FFO") and Normalized Funds from Operations ("Normalized FFO")
We define FFO as net income, computed in accordance with GAAP, excluding gains and actual or estimated losses from sales of properties, plus real estate related depreciation and amortization impairments, if any,related to real estate, impairment charges and after adjustments forto reflect our share of FFO of unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. We receive up-front non-refundable upfront payments from the entry of right-to-usemembership upgrade contracts. In accordance with GAAP, the non-refundable upfront payments and related commissions are deferred and amortized over the estimated customer life.membership upgrade contract term. Although the NAREIT definition of FFO does not address the treatment of non-refundable right-to-useupfront payments, we believe that it is appropriate to adjust for the impact of the deferral activity in our calculation of FFO.
We define Normalized FFO as FFO excluding the following non-operating income and expense items: a) gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs;costs, and b) property acquisition and other transaction costs related to business combinations; and c) other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.
We believe that FFO and Normalized FFO are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of depreciation, amortization, impairments, if any, and actual or estimated gains or losses from sales of properties, depreciation and amortization related to real estate all ofand impairment charges, which are based on historical costs and which may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our operations. For example, we believe that excluding the early extinguishment of debt property acquisition and other transaction costs related to mergers and acquisitionsmiscellaneous non-comparable items from Normalized FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.
Income from Rental Operations, Net of Depreciation
We use Incomeincome from rental operations, net of depreciation, as an alternative measure to evaluate the operating results of our home rental program. Income from rental operations, net of depreciation, represents income from rental operations less depreciation expense on rental homes. We believe this measure is meaningful for investors as it provides a complete picture of the home rental program operating results including the impact of depreciation, which affects our home rental program investment decisions.
Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flowflows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions.
    












42
Management's Discussion and Analysis (continued)


The following table reconciles Netnet income available for Common Stockholders to Incomeincome from property operations for the years ended December 31, 2019, 2018 2017 and 2016:2017:
 Total Portfolio Total Portfolio
(amounts in thousands) 2018 2017 2016 2019 2018 2017
Computation of Income from Property Operations:            
Net income available for Common Stockholders $212,596
 $189,904
 $164,037
 $279,123
 $212,596
 $189,904
Redeemable perpetual stock dividends and original issuance costs 16
 7,685
 9,226
Income allocated to non-controlling interests - Common OP Units 13,774
 12,788
 13,869
Redeemable preferred stock dividends 16
 16
 7,685
Income allocated to non-controlling interests – Common OP Units 16,783
 13,774
 12,788
Equity in income of unconsolidated joint ventures (4,939) (3,765) (2,605) (8,755) (4,939) (3,765)
Income before equity in income of unconsolidated joint ventures 221,447

206,612

184,527
 287,167

221,447

206,612
Total (other income) / expenses, net 264,073
 246,551
 244,638
Loss from home sales operations and other 1,922
 599
 846
Gain on sale of real estate, net (52,507) —
 —
Total other expenses, net 279,633
 264,073
 246,551
Income from home sales operations and other 1,349
 1,922
 599
Income from property operations $487,442

$453,762

$430,011
 $515,642

$487,442

$453,762
The following table presents a calculation of FFO available for Common Stock and OP Unit holdersUnitholders and Normalized FFO available for Common Stock and OP Unit holdersUnitholders for the years ended December 31, 2019, 2018 2017 and 2016:2017:
(amounts in thousands)2018 2017 20162019 2018 2017
Computation of FFO and Normalized FFO:          
Net income available for Common Stockholders$212,596
 $189,904
 $164,037
$279,123
 $212,596
 $189,904
Income allocated to common OP Units13,774
 12,788
 13,869
Right-to-use contract upfront payments, deferred, net (1)
7,380
 4,108
 3,079
Right-to-use contract commissions, deferred, net(813) (354) (223)
Depreciation on real estate assets120,212
 111,014
 106,736
Depreciation on rental homes9,810
 10,441
 10,664
Amortization of in-place leases7,187
 2,231
 3,373
Income allocated to non-controlling interests – Common OP Units16,783
 13,774
 12,788
Membership upgrade sales upfront payments, deferred, net (1)
10,451
 7,380
 4,108
Membership sales commissions, deferred, net(1,219) (813) (354)
Depreciation and amortization152,110
 137,209
 123,686
Depreciation on unconsolidated joint ventures1,816
 1,533
 1,292
1,223
 1,816
 1,533
Gain on sale of real estate, net(52,507) —
 —
FFO available for Common Stock and OP Unit holders371,962
 331,665
 302,827
405,964
 371,962
 331,665
Insurance proceeds due to catastrophic weather event and other, net (2)
(5,125) 757
 —
(6,205) (5,125) 757
Early debt retirement1,071
 2,785
 —
2,085
 1,071
 2,785
Litigation settlement, net—
 —
 2,415
Transaction costs (3)
—
 724
 1,217
—
 —
 724
Normalized FFO available for Common Stock and OP Unit holders$367,908
 $335,931
 $306,459
$401,844
 $367,908
 $335,931
Weighted average common shares outstanding—Fully Diluted95,055
 93,425
 92,569
Weighted average Common Shares outstanding—Fully Diluted191,995
 190,110
 186,850
(1)
We adopted ASU 2014-09, Revenue from Contracts with Customers, and all related amendments, effective January 1, 2018. As of the adoption date, non-refundable upfront payments related to membership upgrade sales are recognized on a straight-line basis over 20 years to reflect our current estimated customer life for the majority of our upgrade contracts. Results for reporting periods beginning after January 1, 2018 have been presented under ASU 2014-09, while prior period amounts were not adjusted and continued to be reported under the previous accounting standards.
(2)
Represents insurance recovery revenue from reimbursement of capital expenditures related to Hurricane Irma. Additionally, there was $1.6 million related to the settlement of a previously disclosed civil investigation by certain California district attorneys for the year ended December 31, 2018.
(3)
We adopted ASU 2017-01, Business Combinations, effective January 1, 2018. All acquisitions completed subsequent to January 1, 2018 were determined to be asset acquisitions and, as such, the related transaction costs were capitalized. Transaction costs recorded in 2017 acquisitions were included in general and administrative on the Consolidated Statements of Income and Comprehensive Income.

(1) The Company adopted ASU 2014-09, Revenue from Contracts with Customers, and all related amendments, effective January 1, 2018. As of adoption, right-to-use non-refundable upfront payments are recognized on a straight-line basis over 20 years to reflect our current estimated customer life for the majority of our upgrade contracts. Results for reporting periods beginning after January 1, 2018 are presented under ASU 2014-09, while prior period amounts were not adjusted and continue to be reported under the previous accounting standards.
(2) Included $6.7 million of insurance recovery revenue from reimbursement of capital expenditures related to Hurricane Irma and $1.6 million related to the settlement of a previously disclosed civil investigation by certain California district attorneys for the year ended December 31, 2018.
43
(3) The Company adopted ASU 2017-01, Business Combinations, effective January 1, 2018. Upon adoption, transaction costs related to asset acquisitions are capitalized. All acquisitions completed subsequent to January 1, 2018 were determined by the Company to be asset acquisitions and, as such, the related transaction costs were capitalized. Transaction costs related to 2017 acquisitions, occurring prior to the adoption of this guidance, were included in General and administrative on the Consolidated Income Statement.
Management's Discussion and Analysis (continued)


Results of Operations
ComparisonThis section discusses the comparison of Year Ended our results of operations for the years ended December 31, 2019 and December 31, 2018. For the comparison of our results of operations for the years ended December 31, 2018 to Year Ended and December 31, 2017 and discussion of our operating activities, investing activities and financing activities for these years, refer to Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with the SEC on February 26, 2019.
Income from Property Operations
The following table summarizes certain financial and statistical data for our Core Portfolio and total portfolio. Core Portfolio growth percentages exclude the impact of U.S. GAAP deferrals of upfront payments from right-to-use contracts and related commissions.
Core Portfolio Total PortfolioCore Portfolio Total Portfolio
(amounts in thousands)2018 2017 Variance 
%
Change
 2018 2017 Variance 
%
Change
2019 2018 Variance 
%
Change
 2019 2018 Variance 
%
Change
Community base rental income$511,410
 $489,092
 $22,318
 4.6 % $518,252
 $489,613
 $28,639
 5.8 %
MH base rental income$531,895
 $505,278
 $26,617
 5.3 % $547,633
 $518,252
 $29,381
 5.7 %
Rental home income14,329
 14,344
 (15) (0.1)% 14,329
 14,344
 (15) (0.1)%14,816
 13,137
 1,679
 12.8 % 14,934
 14,329
 605
 4.2 %
Resort base rental income225,446
 211,087
 14,359
 6.8 % 239,906
 218,806
 21,100
 9.6 %
Right-to-use annual payments47,766
 45,782
 1,984
 4.3 % 47,778
 45,798
 1,980
 4.3 %
Right-to-use contracts current period, gross15,191
 14,132
 1,059
 7.5 % 15,191
 14,132
 1,059
 7.5 %
RV and marina base rental income (1)
243,888
 233,348
 10,540
 4.5 % 269,909
 239,906
 30,003
 12.5 %
Annual membership subscriptions50,978
 47,769
 3,209
 6.7 % 51,015
 47,778
 3,237
 6.8 %
Membership upgrades sales current period, gross19,111
 15,191
 3,920
 25.8 % 19,111
 15,191
 3,920
 25.8 %
Utility and other income93,744
 91,923
 1,821
 1.9 % 100,562
 93,252
 7,310
 7.8 %90,546
 93,541
 (2,995) (3.2)% 93,987
 100,562
 (6,575) (6.5)%
Property operating revenues, excluding deferrals907,886
 866,360
 41,526
 4.8 % 936,018
 875,945
 60,073
 6.9 %951,234
 908,264
 42,970
 4.7 % 996,589
 936,018
 60,571
 6.5 %
                              
Property operating and maintenance302,179
 288,120
 14,059
 4.9 % 313,003
 294,119
 18,884
 6.4 %314,208
 304,070
 10,138
 3.3 % 331,682
 313,003
 18,679
 6.0 %
Real estate taxes58,664
 54,281
 4,383
 8.1 % 62,338
 55,892
 6,446
 11.5 %
Rental home operating and maintenance6,837
 6,611
 226
 3.4 % 6,836
 6,610
 226
 3.4 %5,562
 6,463
 (901) (13.9)% 5,603
 6,836
 (1,233) (18.0)%
Real estate taxes54,808
 54,728
 80
 0.1 % 55,892
 55,010
 882
 1.6 %
Sales and marketing, gross12,535
 11,437
 1,098
 9.6 % 12,542
 11,438
 1,104
 9.7 %15,583
 12,542
 3,041
 24.2 % 15,583
 12,542
 3,041
 24.2 %
Property operating expenses, excluding deferrals and property management376,359
 360,896
 15,463
 4.3 % 388,273
 367,177
 21,096
 5.7 %394,017
 377,356
 16,661
 4.4 % 415,206
 388,273
 26,933
 6.9 %
Income from property operations, excluding deferrals and property management (1)(2)
531,527
 505,464
 26,063
 5.2 % 547,745
 508,768
 38,977
 7.7 %557,217
 530,908
 26,309
 5.0 % 581,383
 547,745
 33,638
 6.1 %
Property management53,734
 51,250
 2,484
 4.8 % 53,736
 51,252
 2,484
 4.8 %56,509
 53,736
 2,773
 5.2 % 56,509
 53,736
 2,773
 5.2 %
Income from property operations, excluding deferrals (1)(2)
477,793
 454,214
 23,579
 5.2 % 494,009
 457,516
 36,493
 8.0 %500,708
 477,172
 23,536
 4.9 % 524,874
 494,009
 30,865
 6.2 %
Right-to-use contracts, deferred and sales and marketing, deferred, net6,567
 3,754
 2,813
 74.9 % 6,567
 3,754
 2,813
 74.9 %
Membership upgrade sales upfront payments and membership sales commission, deferred, net9,232
 6,567
 2,665
 40.6 % 9,232
 6,567
 2,665
 40.6 %
Income from property operations (1)(2)
$471,226
 $450,460
 $20,766
 4.6 % $487,442
 $453,762
 $33,680
 7.4 %$491,476
 $470,605
 $20,871
 4.4 % $515,642
 $487,442
 $28,200
 5.8 %
_______________________________________________
(1)
Marina rental income has been included in our Non-Core Portfolio since the acquisition of the remaining interest in a joint venture investment of 11 marinas in Florida on September 10, 2019.
(2)
See Non-GAAP Financial Measures section of the Management Discussion and Analysis for definitions and reconciliations of these Non-GAAP measures to Net Income available to Common Shareholders.
Total portfolio income from property operations for 20182019 increased $33.7$28.2 million, or 7.4%5.8%, from 2017,2018, driven by an increase of $20.8$20.9 million, or 4.6%4.4%, from our Core Portfolio and an increase of $12.9$7.3 million from our Non-Core Portfolio. The increase in Core Portfolio Incomeincome from property operations from our Core Portfolio was primarily due to an increase in CommunityMH base rental income and ResortRV base rental income.income, partially offset by an increase in property operating expenses. The increase in Non-Core Portfolio Incomeincome from property operations from our Non-Core Portfolio was mainly due to contributiondriven by $12.8 million from Bethpage Camp Resortour acquisition properties. This was partially offset by a decrease of $5.5 million from the sale of five all-age MH communities located in Indiana and Grey's Point Camp acquired in 2017 and Everglade Lakes acquired in 2018, as well as $4.9 millionMichigan during the first quarter of insurance proceeds received during 2018 related to Hurricane Irma, which we have identified as business interruption recovery at our RV Properties in the Florida Keys.2019.
Property Operating Revenues
CommunityMH base rental income in our Core Portfolio for 20182019 increased $22.3$26.6 million, or 4.6%5.3%, from 2017,2018, which reflects 4.0%4.7% growth from rate increases and 0.6% growth from occupancy gains. The average monthly base rental income per Site in our Core portfolio increased to approximately $634$667 in 20182019 from approximately $610$638 in 2017.2018. The average occupancy in our Core Portfolio increased to 94.7%95.4% in 20182019 from 94.3%95.0% in 2017.2018.
Resort



44
Management's Discussion and Analysis (continued)

RV base rental income in our Core Portfolio for 20182019 increased $14.4$10.5 million, or 6.8%4.5%, from 2017,2018, primarily due to increased rental rates. Resort base rental income iswas comprised of the following:
Core Portfolio Total PortfolioCore Portfolio Total Portfolio
(amounts in thousands)2018 2017 Variance % Change 2018 2017 Variance % Change2019 2018 Variance % Change 2019 2018 Variance % Change
Annual$140,457
 $131,717
 $8,740
 6.6% $148,095
 $133,236
 $14,859
 11.2%$154,354
 $145,649
 $8,705
 6.0% $168,976
 $148,095
 $20,881
 14.1%
Seasonal36,236
 33,615
 2,621
 7.8% 37,674
 36,157
 1,517
 4.2%37,702
 36,260
 1,442
 4.0% 41,474
 37,674
 3,800
 10.1%
Transient48,753
 45,755
 2,998
 6.6% 54,137
 49,413
 4,724
 9.6%51,832
 51,439
 393
 0.8% 59,459
 54,137
 5,322
 9.8%
Resort base rental income$225,446
 $211,087
 $14,359
 6.8% $239,906
 $218,806
 $21,100
 9.6%
Resort and marina base rental income (1)
$243,888
 $233,348
 $10,540
 4.5% $269,909
 $239,906
 $30,003
 12.5%
Management's Discussion and Analysis (continued)_____________________

(1)
Marina rental income has been included in our Non-Core Portfolio following the acquisition of the remaining interest in our joint venture investment of 11 marinas in Florida on September 10, 2019.
Utility and other income in our Core Portfolio for 2019 decreased $3.0 million, or 3.2%, from 2018, increasedprimarily due to insurance proceeds. Other income in 2018 included insurance proceeds of $5.8 million related to various storm events, including hurricanes and flooding. These were partially offset by insurance proceeds of $1.4 million related to California floods received in 2019 and an increase of $1.8 million or 1.9%, from 2017, primarily driven by higherin utility income mainly as a result from $1.2 million and $0.8 million increases in the South and West regions, respectively.2019.
Property Operating Expenses
Property operating expenses, excluding deferrals and property management, in our Core Portfolio for 20182019 increased $15.5$16.7 million, or 4.3%4.4%, from 2017.2018. The increase was primarily due to an increase of $14.1 million in property operating and maintenance expenses of $10.1 million, driven by an increase of $4.5 million in utility expense from increased electric, trash and sewer expenses, an increase of $4.5 million in property payroll of $3.0 million as a result of 2018 salary increases, an increase in utility expense of $2.6 million from increased electric and trash expenses and an increase in repairs and maintenance expense of $2.9$2.3 million. Higher costs in landscaping, sewer and water systems maintenance and security guard expenses in 2019 were partially offset by Hurricane Irma clean up costs of $2.2 million in insurance expense as a resultrecorded during the first quarter of increased premiums for our 2018 policy renewal.2018.
Home Sales and Other
The following table summarizes certain financial and statistical data for our Home Sales Operations.
(amounts in thousands, except home sales volumes)2018 2017 Variance % Change
Gross revenues from new home sales (1)
$27,833
 $25,759
 $2,074
 8.1 %
Cost of new home sales (1)
(27,220) (25,188) (2,032) (8.1)%
Gross profit from new home sales613
 571
 42
 7.4 %
        
Gross revenues from used home sales8,231
 10,543
 (2,312) (21.9)%
Cost of used home sales(10,255) (11,325) 1,070
 9.4 %
Loss from used home sales(2,024) (782) (1,242) (158.8)%
        
Brokered resale revenues and ancillary services revenues, net3,584
 3,798
 (214) (5.6)%
Home selling expenses(4,095) (4,186) 91
 2.2 %
Loss from home sales operations and other$(1,922) $(599) $(1,323) (220.9)%
Home sales volumes:       
New home sales (2)
556
 597
 (41) (6.9)%
               New Home Sales Volume - ECHO JV100
 158
 (58) (36.7)%
Used home sales1,091
 1,280
 (189) (14.8)%
Brokered home resales852
 880
 (28) (3.2)%
_____________________
(1)New home sales gross revenues and costs of new home sales does not include the revenues and costs associated with our ECHO JV.
(2)Total new home sales volume includes home sales from our ECHO JV for the years ended December 31, 2018 and 2017, respectively.

LossIncome from home sales operations and other was $1.9 million for 2018, compared to loss from home sales operations and other of $0.6 million for 2017. The increase in loss from home sales operations and other was primarily due to an increase in loss from used home sales.






















Management's Discussion and Analysis (continued)

RentalProperty Operations
The following table summarizes certain financial and statistical data for our MH Rental Operations.Core Portfolio and total portfolio.
(amounts in thousands, except rental unit volumes)2018 2017 Variance % Change
Rental operations revenue (1)
$46,900
 $48,936
 $(2,036) (4.2)%
Rental home operating and maintenance(6,836) (6,610) (226) (3.4)%
Income from rental operations40,064
 42,326
 (2,262) (5.3)%
Depreciation on rental homes (2)
(9,810) (10,441) 631
 6.0 %
Income from rental operations, net of depreciation$30,254
 $31,885
 $(1,631) (5.1)%
        
Gross investment in new manufactured home rental units (3)
$166,500
 $132,478
 $34,022
 25.7 %
Gross investment in used manufactured home rental units$33,887
 $43,374
 $(9,487) (21.9)%
        
Net investment in new manufactured home rental units$136,263
 $105,828
 $30,435
 28.8 %
Net investment in used manufactured home rental units$15,828
 $23,779
 $(7,951) (33.4)%
        
Number of occupied rentals – new, end of period (4)
2,835
 2,533
 302
 11.9 %
Number of occupied rentals—used, end of period1,406
 1,884
 (478) (25.4)%
 Core Portfolio Total Portfolio
(amounts in thousands)2019 2018 Variance 
%
Change
 2019 2018 Variance 
%
Change
MH base rental income$531,895
 $505,278
 $26,617
 5.3 % $547,633
 $518,252
 $29,381
 5.7 %
Rental home income14,816
 13,137
 1,679
 12.8 % 14,934
 14,329
 605
 4.2 %
RV and marina base rental income (1)
243,888
 233,348
 10,540
 4.5 % 269,909
 239,906
 30,003
 12.5 %
Annual membership subscriptions50,978
 47,769
 3,209
 6.7 % 51,015
 47,778
 3,237
 6.8 %
Membership upgrades sales current period, gross19,111
 15,191
 3,920
 25.8 % 19,111
 15,191
 3,920
 25.8 %
Utility and other income90,546
 93,541
 (2,995) (3.2)% 93,987
 100,562
 (6,575) (6.5)%
Property operating revenues, excluding deferrals951,234
 908,264
 42,970
 4.7 % 996,589
 936,018
 60,571
 6.5 %
                
Property operating and maintenance314,208
 304,070
 10,138
 3.3 % 331,682
 313,003
 18,679
 6.0 %
Real estate taxes58,664
 54,281
 4,383
 8.1 % 62,338
 55,892
 6,446
 11.5 %
Rental home operating and maintenance5,562
 6,463
 (901) (13.9)% 5,603
 6,836
 (1,233) (18.0)%
Sales and marketing, gross15,583
 12,542
 3,041
 24.2 % 15,583
 12,542
 3,041
 24.2 %
Property operating expenses, excluding deferrals and property management394,017
 377,356
 16,661
 4.4 % 415,206
 388,273
 26,933
 6.9 %
Income from property operations, excluding deferrals and property management (2)
557,217
 530,908
 26,309
 5.0 % 581,383
 547,745
 33,638
 6.1 %
Property management56,509
 53,736
 2,773
 5.2 % 56,509
 53,736
 2,773
 5.2 %
Income from property operations, excluding deferrals (2)
500,708
 477,172
 23,536
 4.9 % 524,874
 494,009
 30,865
 6.2 %
Membership upgrade sales upfront payments and membership sales commission, deferred, net9,232
 6,567
 2,665
 40.6 % 9,232
 6,567
 2,665
 40.6 %
Income from property operations (2)
$491,476
 $470,605
 $20,871
 4.4 % $515,642
 $487,442
 $28,200
 5.8 %
_____________________
(1)
Rental operations revenue consists of SiteMarina rental income and home rental income. Approximately $32.6 million and $34.6 million for the years ended December 31, 2018 and 2017, respectively, of Site rental income arehas been included in Community base rental incomeour Non-Core Portfolio since the acquisition of the remaining interest in the Income from Property Operations table. The remaindera joint venture investment of home rental income is included11 marinas in Rental home income in the Income from Property Operations table.Florida on September 10, 2019.
(2)
Included in depreciation on real estateSee Non-GAAP Financial Measures section of the Management Discussion and rental homes in the Consolidated StatementsAnalysis for definitions and reconciliations of these Non-GAAP measures to Net Income and Comprehensive Income.
(3)New home cost basis does not include the costs associated with our ECHO JV. Our investment in the ECHO JV was $16.2 million and $15.6 million at December 31, 2018, and 2017, respectively.
(4)Includes 279 and 268 homes rented through our ECHO JV in 2018 and 2017, respectively.available to Common Shareholders.
Total portfolio income from property operations for 2019 increased $28.2 million, or 5.8%, from 2018, driven by an increase of $20.9 million, or 4.4%, from our Core Portfolio and an increase of $7.3 million from our Non-Core Portfolio. The decreaseincrease in income from rentalproperty operations net of depreciationfrom our Core Portfolio was primarily due to a decreasean increase in the number of used occupiedMH base rental units. This wasincome and RV base rental income, partially offset by an increase in the number of occupied new homes.
Other Income and Expenses
property operating expenses. The following table summarizes other income and expenses.
(amounts in thousands)2018 2017 Variance % Change
Depreciation on real estate and rental homes$(130,022) $(121,455) $(8,567) (7.1)%
Amortization of in-place leases(7,187) (2,231) (4,956) (222.1)%
Interest income7,525
 7,580
 (55) (0.7)%
Income from other investments, net10,842
 5,795
 5,047
 87.1 %
General and administrative (excluding transaction costs)(37,684) (31,013) (6,671) (21.5)%
Transaction costs—
 (724) 724
 100.0 %
Other expenses(1,483) (1,148) (335) (29.2)%
Early debt retirement(1,071) (2,785) 1,714
 61.5 %
Interest and related amortization(104,993) (100,570) (4,423) (4.4)%
Total other income and expenses, net$(264,073) $(246,551) $(17,522) (7.1)%

Total other income and expenses, net increased $17.5 million in 2018 compared to 2017, primarily due to an increase in depreciation on real estate and rental homes, general and administrative expenses, amortization of in-place leases and interest and related amortization. These increases wereincome from property operations from our Non-Core Portfolio was driven by $12.8 million from our acquisition properties. This was partially offset by a $5.0decrease of $5.5 million increasefrom the sale of five all-age MH communities located in Indiana and Michigan during the first quarter of 2019.
Property Operating Revenues
MH base rental income in our Core Portfolio for 2019 increased $26.6 million, or 5.3%, from other investments, net, mainly due2018, which reflects 4.7% growth from rate increases and 0.6% growth from occupancy gains. The average monthly base rental income per Site in our Core portfolio increased to insurance recovery for reimbursement of capital expenditures relatedapproximately $667 in 2019 from approximately $638 in 2018. The average occupancy in our Core Portfolio increased to Hurricane Irma.95.4% in 2019 from 95.0% in 2018.





44
Management's Discussion and Analysis (continued)


ComparisonRV base rental income in our Core Portfolio for 2019 increased $10.5 million, or 4.5%, from 2018, primarily due to increased rental rates. Resort base rental income was comprised of Year Ended December 31, 2017the following:
 Core Portfolio Total Portfolio
(amounts in thousands)2019 2018 Variance % Change 2019 2018 Variance % Change
Annual$154,354
 $145,649
 $8,705
 6.0% $168,976
 $148,095
 $20,881
 14.1%
Seasonal37,702
 36,260
 1,442
 4.0% 41,474
 37,674
 3,800
 10.1%
Transient51,832
 51,439
 393
 0.8% 59,459
 54,137
 5,322
 9.8%
Resort and marina base rental income (1)
$243,888
 $233,348
 $10,540
 4.5% $269,909
 $239,906
 $30,003
 12.5%
_____________________
(1)
Marina rental income has been included in our Non-Core Portfolio following the acquisition of the remaining interest in our joint venture investment of 11 marinas in Florida on September 10, 2019.
Utility and other income in our Core Portfolio for 2019 decreased $3.0 million, or 3.2%, from 2018, primarily due to Year Ended December 31, 2016insurance proceeds. Other income in 2018 included insurance proceeds of $5.8 million related to various storm events, including hurricanes and flooding. These were partially offset by insurance proceeds of $1.4 million related to California floods received in 2019 and an increase of $1.8 million in utility income in 2019.
Property Operating Expenses
Property operating expenses, excluding deferrals and property management, in our Core Portfolio for 2019 increased $16.7 million, or 4.4%, from 2018. The increase was primarily due to an increase in property operating and maintenance expenses of $10.1 million, driven by an increase in property payroll of $3.0 million as a result of salary increases, an increase in utility expense of $2.6 million from increased electric and trash expenses and an increase in repairs and maintenance expense of $2.3 million. Higher costs in landscaping, sewer and water systems maintenance and security guard expenses in 2019 were partially offset by Hurricane Irma clean up costs of $2.2 million recorded during the first quarter of 2018.
Income from Property Operations
The following table summarizes certain financial and statistical data for our Core Portfolio and total portfolio:portfolio.
Core Portfolio Total PortfolioCore Portfolio Total Portfolio
(amounts in thousands)2017 2016 Variance 
%
Change
 2017 2016 Variance 
%
Change
2019 2018 Variance 
%
Change
 2019 2018 Variance 
%
Change
Community base rental income$484,484 $462,321 $22,163 4.8% $489,613 $464,745 $24,868 5.4%
MH base rental income$531,895
 $505,278
 $26,617
 5.3 % $547,633
 $518,252
 $29,381
 5.7 %
Rental home income14,344 14,108 236 1.7% 14,344 14,107 237 1.7%14,816
 13,137
 1,679
 12.8 % 14,934
 14,329
 605
 4.2 %
Resort base rental income199,886 188,821 11,065 5.9% 218,806 201,533 17,273 8.6%
Right-to-use annual payments45,748 45,035 713 1.6% 45,798 45,035 763 1.7%
Right-to-use contracts current period, gross14,132 12,327 1,805 14.6% 14,132 12,327 1,805 14.6%
RV and marina base rental income (1)
243,888
 233,348
 10,540
 4.5 % 269,909
 239,906
 30,003
 12.5 %
Annual membership subscriptions50,978
 47,769
 3,209
 6.7 % 51,015
 47,778
 3,237
 6.8 %
Membership upgrades sales current period, gross19,111
 15,191
 3,920
 25.8 % 19,111
 15,191
 3,920
 25.8 %
Utility and other income90,341 80,153 10,188 12.7% 93,252 81,427 11,825 14.5%90,546
 93,541
 (2,995) (3.2)% 93,987
 100,562
 (6,575) (6.5)%
Property operating revenues, excluding deferrals848,935 802,765 46,170 5.8% 875,945 819,174 56,771 6.9%951,234
 908,264
 42,970
 4.7 % 996,589
 936,018
 60,571
 6.5 %
                
Property operating and maintenance281,055 260,607 20,448 7.8% 294,119 268,249 25,870 9.6%314,208
 304,070
 10,138
 3.3 % 331,682
 313,003
 18,679
 6.0 %
Real estate taxes58,664
 54,281
 4,383
 8.1 % 62,338
 55,892
 6,446
 11.5 %
Rental home operating and maintenance6,610 6,882 (272) (4.0)% 6,610 6,883 (273) (4.0)%5,562
 6,463
 (901) (13.9)% 5,603
 6,836
 (1,233) (18.0)%
Real estate taxes53,730 51,892 1,838 3.5% 55,010 53,036 1,974 3.7%
Sales and marketing, gross11,436 11,058 378 3.4% 11,438 11,056 382 3.5%15,583
 12,542
 3,041
 24.2 % 15,583
 12,542
 3,041
 24.2 %
Property operating expenses, excluding deferrals and Property management352,831 330,439 22,392 6.8% 367,177 339,224 27,953 8.2%
Income from property operations, excluding deferrals and Property management (1)
496,104 472,326 23,778 5.0% 508,768 479,950 28,818 6.0%
Property operating expenses, excluding deferrals and property management394,017
 377,356
 16,661
 4.4 % 415,206
 388,273
 26,933
 6.9 %
Income from property operations, excluding deferrals and property management (2)
557,217
 530,908
 26,309
 5.0 % 581,383
 547,745
 33,638
 6.1 %
Property management51,252 47,079 4,173 8.9% 51,252 47,083 4,169 8.9%56,509
 53,736
 2,773
 5.2 % 56,509
 53,736
 2,773
 5.2 %
Income from property operations, excluding deferrals (1)(2)
444,852 425,247 19,605 4.6% 457,516 432,867 24,649 5.7%500,708
 477,172
 23,536
 4.9 % 524,874
 494,009
 30,865
 6.2 %
Right-to-use contracts, deferred and sales and marketing, deferred, net3,754 2,856 898 31.4% 3,754 2,856 898 31.4%
Membership upgrade sales upfront payments and membership sales commission, deferred, net9,232
 6,567
 2,665
 40.6 % 9,232
 6,567
 2,665
 40.6 %
Income from property operations (1)(2)
$441,098 $422,391 $18,707 4.4% $453,762 $430,011 $23,751 5.5%$491,476
 $470,605
 $20,871
 4.4 % $515,642
 $487,442
 $28,200
 5.8 %
_______________________________________________
(1)
Marina rental income has been included in our Non-Core Portfolio since the acquisition of the remaining interest in a joint venture investment of 11 marinas in Florida on September 10, 2019.
(2)
See Non-GAAP measure, see the Results OverviewFinancial Measures section of the Management Discussion and Analysis for Non-GAAP Financial Measure Definitionsdefinitions and reconciliations of these Non-GAAP measures to Net Income available to Common Shareholders.
Total Portfolioportfolio income from property operations for 20172019 increased $23.8$28.2 million, or 5.5%5.8%, from 2016,2018, driven by an increase of $18.7$20.9 million, or 4.4%, infrom our Core Portfolio and an increase of $7.3 million from our Non-Core Portfolio. The increase in income from property operations andfrom our Core Portfolio was primarily due to an increase of $5.1 million in our Non-CoreMH base rental income and RV base rental income, partially offset by an increase in property operating expenses. The increase in income from property operations.operations from our Non-Core Portfolio was driven by $12.8 million from our acquisition properties. This was partially offset by a decrease of $5.5 million from the sale of five all-age MH communities located in Indiana and Michigan during the first quarter of 2019.
Property Operating Revenues
CommunityMH base rental income in our Core Portfolio for 20172019 increased $22.2$26.6 million, or 4.8%5.3%, from 2016,2018, which reflects 3.9%4.7% growth from rate increases and 0.9%0.6% growth from occupancy gains. The average monthly base rental income per Site in our Core Portfolioportfolio increased to approximately $612$667 in 20172019 from approximately $589$638 in 2016.2018. The average occupancy for thein our Core Portfolio increased to 94.2%95.4% in 20172019 from 93.4%95.0% in 2016.2018.
Resort



44
Management's Discussion and Analysis (continued)

RV base rental income in our Core Portfolio for 20172019 increased $11.1$10.5 million, or 5.9%4.5%, from 2016,2018, primarily due to increased rental rates. Resort base rental income iswas comprised of the following:
Core Portfolio Total PortfolioCore Portfolio Total Portfolio
(amounts in thousands)2017 2016 Variance % Change 2017 2016 Variance % Change2019 2018 Variance % Change 2019 2018 Variance % Change
Annual$127,923
 $121,113
 $6,810
 5.6% $133,236
 $124,308
 $8,928
 7.2%$154,354
 $145,649
 $8,705
 6.0% $168,976
 $148,095
 $20,881
 14.1%
Seasonal29,829
 27,370
 2,459
 9.0% 36,157
 31,510
 4,647
 14.7%37,702
 36,260
 1,442
 4.0% 41,474
 37,674
 3,800
 10.1%
Transient42,134
 40,338
 1,796
 4.5% 49,413
 45,715
 3,698
 8.1%51,832
 51,439
 393
 0.8% 59,459
 54,137
 5,322
 9.8%
Resort base rental income$199,886
 $188,821
 $11,065
 5.9% $218,806
 $201,533
 $17,273
 8.6%
Resort and marina base rental income (1)
$243,888
 $233,348
 $10,540
 4.5% $269,909
 $239,906
 $30,003
 12.5%
Right-to-use contracts current period, gross, net of sales and marketing, gross,  increased as a result of a higher number of upgrades sold and an increase in the average upgrade sales price during 2017 compared to 2016. In 2017, there were 2,514 upgrade sales with an average price per sale of $5,621. This compared to 2,477 upgrade sales with an average price per sale of $4,978 in 2016._____________________
Management's Discussion and Analysis (continued)

(1)
Marina rental income has been included in our Non-Core Portfolio following the acquisition of the remaining interest in our joint venture investment of 11 marinas in Florida on September 10, 2019.
Utility and other income in our Core Portfolio for 2017 increased $10.22019 decreased $3.0 million, or 12.7%3.2%, from 2016,2018, primarily due to an insurance recovery revenue accrualproceeds. Other income in 2018 included insurance proceeds of $5.8 million related to Hurricane Irma,various storm events, including hurricanes and flooding. These were partially offset by insurance proceeds of $1.4 million related to prior storm events,California floods received in 2019 and recoverablean increase of $1.8 million in utility expense rate and usage increases during 2017.income in 2019.
Property Operating Expenses
Property operating expenses, excluding deferrals and property management, in our Core Portfolio for 20172019 increased $22.4$16.7 million, or 6.8%4.4%, from 2016.2018. The increase was primarily due to an increase in property operating and maintenance expenses of $20.4$10.1 million, driven by an increase in property payroll of $8.6$3.0 million as a result of salary increases, an increase in utility expense of $2.6 million from increased electric and trash expenses and an increase in repairs and maintenance expense of $2.3 million. Higher costs recorded during 2017, primarily related toin landscaping, sewer and water systems maintenance and security guard expenses in 2019 were partially offset by Hurricane Irma clean up costs as a result of Hurricane Irma and prior storm events, an increase$2.2 million recorded during the first quarter of $4.7 million in utility expense, an increase of $3.4 million in property payroll driven by wage increases and increased headcount and an increase of $1.4 million in administrative costs.2018.
Home Sales Operationsand Other
The following table summarizes certain financial and statistical data for our Home Sales and Other Operations.
(amounts in thousands, except home sales volumes)2017 2016 Variance % Change2019 2018 Variance % Change
Gross revenues from new home sales (1)
$25,759
 $26,074
 $(315) (1.2)%
Gross revenue from new home sales (1)
$27,434
 $27,833
 $(399) (1.4)%
Cost of new home sales (1)
(25,188) (26,028) 840
 3.2 %26,381
 27,220
 (839) (3.1)%
Gross profit from new home sales571
 46
 525
 1,141.3 %1,053
 613
 440
 71.8 %
              
Gross revenues from used home sales10,543
 11,117
 (574) (5.2)%
Gross revenue from used home sales7,221
 8,231
 (1,010) (12.3)%
Cost of used home sales(11,325) (11,428) 103
 0.9 %8,715
 10,255
 (1,540) (15.0)%
Loss from used home sales(782) (311) (471) (151.4)%(1,494) (2,024) 530
 26.2 %
              
Brokered resale revenues and ancillary services revenues, net3,798
 2,994
 804
 26.9 %
Brokered resale revenue and ancillary services revenue, net3,493
 3,584
 (91) (2.5)%
Home selling expenses(4,186) (3,575) (611) (17.1)%4,401
 4,095
 306
 7.5 %
Loss from home sales operations and other$(599) $(846) $247
 (29.2)%
Loss from home sales and other operations$(1,349) $(1,922) $573
 29.8 %
Home sales volumes:              
Total new home sales(2)
597
 658
 (61) (9.3)%
New home sales (2)
496
 556
 (60) (10.8)%
New Home Sales Volume - ECHO JV158
 208
 (50) (24.0)%65
 100
 (35) (35.0)%
Used home sales1,280
 1,266
 14
 1.1 %827
 1,091
 (264) (24.2)%
Brokered home resales880
 792
 88
 11.1 %868
 852
 16
 1.9 %
 _______________________________________________
(1)
New home sales gross revenuesrevenue and costs of new home sales doesdid not include the revenuesrevenue and costs associated with our ECHO JV.
(2)
Total new home sales volume includesincluded home sales throughfrom our ECHO JV for the years ended December 31, 2017 and 2016, respectively.JV.
Loss from home sales operations and other operations was $0.6$1.3 million for 2017,2019, compared to loss from home sales operations and other of $0.8$1.9 million for 2016.2018. The decrease in loss from home sales operations and other was primarily due to an increase in ancillary activities and an increase in the grosshigher profit from new home sales partially offset by an increase in home selling expenses and an increase in thereduced loss from used home sales. The increase insales, partially offset by higher home selling expenses was primarily due to expense of $0.4 million recorded during 2017 related to property damage as a result of Hurricane Irma. The expense recorded during 2017 was offset by revenue recorded of $0.4 million in brokered resale revenues and ancillary services revenues, net in 2017 related to the expected insurance recovery from this loss.expenses.







45
Management's Discussion and Analysis (continued)


Rental Operations
The following table summarizes certain financial and statistical data for our MH Rental Operations.
(amounts in thousands, except rental unit volumes)2017 2016 Variance % Change2019 2018 Variance % Change
       
New Home$27,043
 $25,267
 $1,776
 7.0 %
Used Home21,893
 24,578
 (2,685) (10.9)%
Rental operations revenue (1)
48,936
 49,845
 (909) (1.8)%$45,974
 $43,994
 $1,980
 4.5 %
Rental home operating and maintenance(6,610) (6,883) 273
 4.0 %5,562
 6,463
 (901) (13.9)%
Income from rental operations42,326
 42,962
 (636) (1.5)%40,412
 37,531
 2,881
 7.7 %
Depreciation on rental homes (2)
(10,441) (10,664) 223
 2.1 %10,498
 9,265
 1,233
 13.3 %
Income from rental operations, net of depreciation$31,885
 $32,298
 $(413) (1.3)%$29,914
 $28,266
 $1,648
 5.8 %
              
Gross investment in new manufactured home rental units (3)
$132,478
 $126,455
 $6,023
 4.8 %$226,025
 $158,649
 $67,376
 42.5 %
Gross investment in used manufactured home rental units$43,374
 $51,467
 $(8,093) (15.7)%$20,901
 $29,525
 $(8,624) (29.2)%
              
Net investment in new manufactured home rental units$105,828
 $103,436
 $2,392
 2.3 %$190,965
 $136,473
 $54,492
 39.9 %
Net investment in used manufactured home rental units$23,779
 $32,239
 $(8,460) (26.2)%$8,961
 $14,508
 $(5,547) (38.2)%
              
Number of occupied rentals – new, end of period (4)
2,533
 2,375
 158
 6.7 %3,175
 2,728
 447
 16.4 %
Number of occupied rentals—used, end of period1,884
 2,375
 (491)
 (20.7)%791
 1,224
 (433) (35.4)%
_____________________
(1)
Rental operations revenue consistsConsisted of Site rental income and home rental income. Approximately $34.6$31.2 million and $35.7$30.8 million as offor the years ended December 31, 20172019 and 2016,December 31, 2018, respectively, of Site rental income arewere included in CommunityMH base rental income in the Core Portfolio Income from Property Operations table. The remainder of home rental income iswas included in Rentalrental home income in the Core Portfolio Income from Property Operations table.
(2)
Included in depreciation on real estate and other costsamortization in the Consolidated Statements of Income and Comprehensive Income.
(3)
The newNew home cost basis doesdid not include the costs associated with our ECHO JV. Our investment in the ECHO JV was $15.6$16.9 million and $10.4$16.2 million at December 31, 20172019 and 2016,December 31, 2018, respectively.
(4)
Includes 268Included 289 and 183279 homes rented through our ECHO JV in 20162019 and 2015,2018, respectively.
The decreaseincrease in income from rental operations, net of depreciation, was primarily due to an increase in the number of new occupied rental units. This was partially offset by a decrease in the number of used occupied rental units, partially offset by an increase in the number of occupied new homes at a higher rental rate.units.
Other Income and Expenses
The following table summarizes other income and expenses.
(amounts in thousands)2017 2016 Variance % Change2019 2018 Variance % Change
Depreciation on real estate and rental homes$(121,455) $(117,400) $(4,055) (3.5)%
Amortization of in-place leases(2,231) (3,373) 1,142
 33.9 %
Depreciation and amortization$(152,110) $(137,209) $(14,901) (10.9)%
Interest income7,580
 6,845
 735
 10.7 %7,207
 7,525
 (318) (4.2)%
Income from other investments, net5,795
 7,310
 (1,515) (20.7)%9,528
 10,842
 (1,314) (12.1)%
General and administrative (excluding transaction costs)(31,013) (29,787) (1,226) (4.1)%
Transaction costs(724) (1,217) 493
 40.5 %
General and administrative(35,679) (37,684) 2,005
 5.3 %
Other expenses(1,148) (4,986) 3,838
 77.0 %(2,865) (1,483) (1,382) (93.2)%
Early debt retirement(2,785) —
 (2,785) 100.0 %(1,491) (1,071) (420) (39.2)%
Interest and related amortization(100,570) (102,030) 1,460
 1.4 %(104,223) (104,993) 770
 0.7 %
Total other income and expenses, net$(246,551) $(244,638) $(1,913) (0.8)%$(279,633) $(264,073) $(15,560) (5.9)%
Total other income and expenses, net increased $1.9$15.6 million in 20172019 compared to 20162018, primarily due to an increase in depreciation on real estate and rental homes, early debt retirement costs incurred in 2017amortization and other expenses as a result of the refinancing activities completed during 2017 (See Item 8. Financial Statements and Supplementary Data— Note 8. Borrowing Arrangements for additional detail.) andwell as a decrease in income from other investments, net, due to the termination of Tropical Palms RV ground lease in 2016, partially offset by a decrease in other expenses, primarily due to payment of $2.4 million in 2017 related to the 2016 litigation settlement.net.


46


Management's Discussion and Analysis (continued)


Liquidity and Capital Resources
Liquidity
Our primary demands for liquidity include payment of operating expenses, dividend distributions, debt service, including principal and interest, capital improvements on Properties, new and pre-owned homes purchases and property acquisitions. We expect similar demand for liquidity will continue for the short-term and long-term. Our primary sources of cash include operating cash flows, proceeds from financings, borrowings under our unsecured Line of Credit ("LOC") and proceeds from issuance of equity and debt securities.
Our at-the-market ("ATM")ATM equity offering program allows us to sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $200.0 million. During the year ended December 31, 2018,2019, we sold 861,1411,010,472 shares of our common stock under our ATM equity offering program for gross cash proceeds of approximately $78.8$59.3 million at a weighted average share price of $91.45. On October 26, 2018, we renewed our ATM equity offering program, which resumed the capacity to an aggregate offering price of up to $200.0 million.$58.71. As of December 31, 2018, the full capacity remained2019, there was $140.7 million available for issuance. See Item 8. Financial Statements and Supplementary Data—Note 4. Common Stock and Other Equity Related Transactions.issuance under our ATM equity program.
In addition,On April 30, 2019, our stockholders approved an amendment to our charter to increase the number of shares of our common stock that we are authorized to issue from 200,000,000 to 400,000,000 shares. As of December 31, 2019, we have available liquidity in the form of authorized and unissued preferred stock of approximately 10.0 million shares and approximately 110.1217.9 million shares of authorized butand unissued common stock and 10.0 million shares of authorized and unissued preferred stock registered for sale under the Securities Act of 1933.1933, as amended.
When investing capital, we consider all potential uses of the capital, including returning capital to our stockholders. Our Board of Directors periodically reviews the conditions under which we may repurchase our stock. These conditions include, but are not limited to, market price, balance sheet flexibility, other opportunities and capital requirements.
One of our stated objectives is to maintain financial flexibility. Achieving this objective allows us to take advantage of strategic opportunities that may arise. We believe effective management of our balance sheet, including maintaining various access points to raise capital, managing future debt maturities and borrowing at competitive rates, enables us to meet this objective. Our financing objectives continue to focus on accessingAccessing long-term low-cost secured debt.debt continues to be our focus. The result of our 20182019 efforts included an increase in our weighted average debt maturity from 12 years to 13 years and a reduction of our weighted average rate from 4.46%4.31% to 4.31%4.24%. Additionally, as of December 31, 2018, 33.9%2019, 32.2% of our outstanding debt is fully amortizing.
We also utilize interest rate swaps to add stability to our interest expense and to manage our exposure to interest rate movements. 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 are recorded in Accumulatedaccumulated 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. During the next twelve months, we estimate that an additional $1.4 million will be reclassified as an increase to interest expense. This estimate may be subject to change as the underlying LIBOR changes. For additional information regarding our interest rate swap, see Item 8. Financial Statements and Supplementary Data—Note 9.10. Derivative Instruments and Hedging Activities.
We expect to meet our short-term liquidity requirements, including principal payments, capital improvements and dividend distributions for the next twelve months, generally through available cash, as well as net cash provided by operating activities and our ATM equity offering program and availability underLOC. As of December 31, 2019, our existing LOC. Our LOC has a remaining borrowing capacity of $400.0$240.0 million with the option to increase the borrowing capacity by $200.0 million, subject to certain conditions. The LOC bears interest at a rate of LIBOR plus 1.10% to 1.55%, requires an annual facility fee of 0.15% to 0.35% and matures on October 27, 2021.
We expect to meet certain long-term liquidity requirements, such as scheduled debt maturities, property acquisitions and capital improvements by use of ourusing long-term collateralized and uncollateralized borrowings including the existing LOC and the issuance of debt securities or additionalthe issuance of equity securities.under our ATM equity offering program.
For information regarding our debt activities and related borrowing arrangements, for the years ended December 31, 2018, 2017 and 2016, see Item 8. Financial Statements and Supplementary Data—Note 8.9. Borrowing Arrangements.
The table below summarizes our cash flow activity:
47
  For the years ended December 31,
(amounts in thousands) 2018 2017 2016
Net cash provided by operating activities $411,084
 $377,987
 $352,362
Net cash used in investing activities (398,065) (305,355) (218,602)
Net cash provided by (used in) financing activities 17,324
 (98,796) (158,444)
Net increase (decrease) in cash and cash equivalents $30,343
 $(26,164) $(24,684)

Management's Discussion and Analysis (continued)


The following table summarizes our cash flows activity:
  For the years ended December 31,
(amounts in thousands) 2019 2018 2017
Net cash provided by operating activities $443,520
 $414,084
 $377,987
Net cash used in investing activities (352,089) (398,065) (305,355)
Net cash provided by (used in) financing activities (131,545) 17,324
 (98,796)
Net increase (decrease) in cash and restricted cash $(40,114) $33,343
 $(26,164)

Operating Activities
Net cash provided by operating activities increased $33.1$29.4 million to $411.1$443.5 million for the year ended December 31, 20182019 from $378.0$414.1 million for the year ended December 31, 2017.2018. The overall increase in net cash provided by operating activities was primarily due to an increase in income from property operations of $33.7 million$28.2 million. The increase in rents and other customer payments received in advance and security deposits was offset by the payment of $2.4$4.2 million in 20172019 related to the 2016 litigation settlement, partially offset by a change in other assets and liabilities.
Net cash provided by operating activities increased $25.6 million to $378.0 million for the year ended December 31, 2017 from $352.4 million for the year ended December 31, 2016. The overall increase in net cash provided by operating activities was primarily due to an increase in income from property operations of $23.8 million, long term incentive compensation of $4.8 million paid during the year ended December 31, 2016, which did not recur in 2017, partially offset by payment of $2.4 million in 2017 related to the 2016 litigation settlement.Long-Term Cash Incentive Plan Award.
Investing Activities
Net cash used in investing activities increased $92.7decreased $46.0 million to $352.1 million for the year ended December 31, 2019 from $398.1 million for the year ended December 31, 2018 from $305.4 million for the year ended December 31, 2017.2018. The increasedecrease in net cash used in investing activities was primarily due to an increaseproceeds received of $77.7 million as a result of the sale of five all-age MH properties during the first quarter of 2019 and a decrease in real estate acquisitions and an increase in capital improvements.of $48.7 million for 2019 compared to 2018. The increasedecrease in net cash used in investing activities was partially offset by a decrease in joint venture investments and repayment of a $13.8 million loan from one of our joint ventures.
Net cash used in investing activities increased $86.8 million to $305.4 million for the year ended December 31, 2017 from $218.6 million for the year ended December 31, 2016. Thean increase in net cash used in investing activities was primarily due to higher spending on real estate acquisitions and investment in joint ventures during the year ended December 31, 2017 and the issuancecapital improvements of a short term loan of $13.8 million to one of our joint ventures.

$76.4 million.
Capital improvements
The table below summarizes capital improvements:
 For the years ended December 31, For the years ended December 31,
(amounts in thousands) 2018 2017 2016 2019 2018 2017
Recurring Capital Expenditures (1)
 $44,829
 $39,833
 $37,709
Recurring capital expenditures (1)
 $52,159
 $44,829
 $39,833
Property upgrades and development (2)
 46,161
 34,690
 19,244
 59,324
 46,161
 34,690
New home investments (3) (4)
 84,195
 45,640
 56,651
 138,740
 84,195
 45,640
Used home investments (4)
 3,412
 4,298
 4,961
 2,904
 3,412
 4,298
Total Property 178,597
 124,461
 118,565
Total property improvements 253,127
 178,597
 124,461
Corporate 3,025
 1,589
 872
 4,866
 3,025
 1,589
Total Capital improvements $181,622
 $126,050
 $119,437
Total capital improvements $257,993
 $181,622
 $126,050

_____________________
(1) 
Recurring capital expenditures are primarilyPrimarily comprised of common area, improvements, furnitureutility infrastructure and mechanical improvements.
(2) 
Amounts include $15.0Includes $2.5 million and $4.7$15.0 million of restoration and improvement capital expenditures related to Hurricane Irma for the years ended December 31, 20182019 and 2017,December 31, 2018, respectively.
(3) 
Amounts excludeExcludes new home investments associated with our ECHO JV.
(4) 
Net proceeds from new and used home sale activities are reflected within Operating Activities.

Financing Activities
Net cash provided byused in financing activities was $17.3$131.5 million for the year ended December 31, 2018.2019. Net cash used inprovided by financing activities for the year ended December 31, 20172018 was $98.8$17.3 million. The increase in net cash provided byused in financing activities was primarily due to redemptionincreased distributions of our Series C Preferred Stock during the year ended December 31, 2017 and an increase$26.6 million. Additionally, there were lower proceeds in 2019 from net mortgage debt proceedsactivity of approximately $96.6$297.5 million during the year ended December 31, 2018 compared to the year ended December 31, 2017. The increase in cash provided by financing activities was partially offset by lower proceeds fromand the sale of common stock under our ATM equity program of approximately $41.9 million during the year ended December 31, 2018 compared to the year ended December 31, 2017 and repayment$19.4 million. These were partially offset by net increased borrowing of $30.0$190.0 million on our LOC during the year ended December 31, 2018.2019.
Net cash used in financing activities decreased $59.6 million to $98.8 million for the year ended December 31, 2017 from $158.4 million for the year ended December 31, 2016. The decrease in net cash used in financing activities was primarily due to an increase in net debt proceeds of approximately $153.3 million and an increase in the proceeds from the sale of common stock under our ATM equity program of approximately $70.7 million during the year ended December 31, 2017, partially offset by

48
Management's Discussion and Analysis (continued)


redemption of our Series C Preferred Stock of $136.3 million and an increase in distributions to our common stockholders of $23.7 million during the year ended December 31, 2017.
Contractual Obligations
As of December 31, 2018,2019, we were subject to certain contractual payment obligations as described in the table below:following table:



(amounts in thousands) 
Total (1)
 2019 2020 2021 2022 2023 Thereafter 
Total (1)
 2020 2021 2022 2023 2024 Thereafter
Long Term Borrowings (2)
 $2,384,922
 $55,005
 $168,860
 $229,218
 $179,910
 $341,561
 $1,410,368
 $2,271,306
 $102,942
 $218,780
 $187,653
 $341,796
 $60,856
 $1,359,279
Interest Expense (3)
 906,172
 102,195
 95,963
 87,249
 76,344
 64,521
 479,900
 805,828
 95,113
 88,245
 77,274
 65,071
 58,413
 421,712
Operating Lease 8,669
 2,348
 2,402
 2,068
 569
 530
 752
LOC Maintenance Fee (4)
 1,718
 608
 612
 498
 —
 —
 —
 1,110
 612
 498
 —
 —
 —
 —
Ground Lease (5)
 11,551
 1,832
 1,832
 1,832
 1,362
 417
 4,276
Ground Leases (5)
 11,429
 1,949
 1,949
 1,479
 534
 534
 4,984
Office and Other Leases 7,698
 3,095
 2,469
 782
 552
 368
 432
Total Contractual Obligations $3,313,032
 $161,988

$269,669
 $320,865
 $258,185
 $407,029
 $1,895,296
 $3,097,371
 $203,711

$311,941
 $267,188
 $407,953
 $120,171
 $1,786,407
Weighted average interest rates - Long Term Borrowings 4.25% 4.34% 4.28% 4.21% 4.13% 4.18% 4.24% 4.23% 4.27% 4.22% 4.15% 4.18% 4.21% 4.24%
 _____________________
(1) 
We do not include insurance, property taxes and cancelable contracts in the contractual obligations table.
(2) 
Balances exclude note premiums of $1.0$1.1 million and unamortized deferred financing costs of $26.4$24.0 million. Balances represent debt maturing and scheduled periodic payments including $11.2 million included in Liabilities related to asset held for sale on the Consolidated Balance Sheets.
(3) 
Amounts include interest expected to be incurred on our secured and unsecured debt based on obligations outstanding as of December 31, 2018.2019.
(4) 
As of December 31, 2018,2019, assumes we will not exercise our one-year extension option on October 27, 2021 and assumes we will maintain our current leverage ratios as defined by the LOC.
(5) 
Amounts represent minimum future rental payments for land under non-cancelable operating leases at certain of our Properties expiring at various years through 2054. We operate and manage Westwinds and Nicholson Plaza located in San Jose, California pursuant to ground leases that expire on August 31, 2022 and do not contain extension options. Minimum future rental payments for these Properties in 2020, 2021 and 2022 are approximately $1.4 million, $1.4 million and $0.9 million, respectively.

We believe that we will be able to refinance our maturing debt obligations on a secured or unsecured basis; however, to the extent we are unable to refinance our debt as it matures, we believe that we will be able to repay such maturing debt through available cash as well as operating cash flow,flows, asset sales and/or the proceeds from equity issuances. With respect to any refinancing of maturing debt, our future cash flow requirements could be impacted by significant changes in interest rates or other debt terms, including required amortization payments. As of December 31, 2018,2019, approximately 33.9%32.2% of our outstanding debt wasis fully amortizing.

Westwinds

The Operating Partnership operates and manages Westwinds, a 720 site mobilehome community, and Nicholson Plaza, an adjacent shopping center, both located in San Jose, California pursuant to ground leases that expire on August 31, 2022 and do not contain extension options. Westwinds provides affordable, rent-controlled homes to numerous residents, including families with children and residents over 65 years of age. For the year ended December 31, 2019, Westwinds and Nicholson Plaza generated approximately $5.8 million of net operating income.
The master lessor of these ground leases, The Nicholson Family Partnership (together with its predecessor in interest, the “Nicholsons”), has expressed a desire to redevelop Westwinds, and in a written communication, they claimed that we were obligated to deliver the property free and clear of any and all subtenancies upon the expiration of the ground leases on August 31, 2022. In connection with any redevelopment, the City of San Jose’s conversion ordinance requires, among other things, that the landowner provide relocation, rental and purchase assistance to the impacted residents. We believe the Nicholsons are unlawfully attempting to impose those obligations upon the Operating Partnership.
Westwinds opened in the 1970s and was developed by the original ground lessee with assistance from the Nicholsons. In 1997, the Operating Partnership acquired the leasehold interest in the ground leases. In addition to rent based on the operations of Westwinds, the Nicholsons receive a percentage of gross revenues from the sale of new or used mobile homes in Westwinds.
The Operating Partnership has entered into subtenancy agreements with the mobilehome residents of Westwinds. Because the ground leases with the Nicholsons have an expiration date of August 31, 2022, and no further right of extension, the Operating Partnership has not entered into any subtenancy agreements that extend beyond August 31, 2022. However, the mobilehome residents’ occupancy rights continue by operation of California state and San Jose municipal law beyond the expiration date of the ground leases. Notwithstanding this, the Nicholsons’ have made what we believe to be an unlawful demand that the Operating Partnership deliver the property free and clear of any subtenancies upon the expiration of the ground leases by August 31, 2022. We believe the Nicholsons’ demand (i) violates California state and San Jose municipal law because the Nicholsons are demanding that the Operating Partnership remove all residents without just cause and (ii) conflicts with the terms and conditions of the ground leases, which contain no express or implied requirement that the Operating Partnership deliver the property free and clear of all

49
Management's Discussion and Analysis (continued)

subtenancies at the mobile home park and require, instead, that the Operating Partnership continuously operate the mobilehome park during the lease term.
On December 30, 2019, the Operating Partnership filed a complaint in California Superior Court for Santa Clara County, seeking declaratory relief pursuant to which it requested that the Court determine, among other things, that the Operating Partnership has no obligation to deliver the property free and clear of the mobilehome residents upon the expiration of the ground leases. The Operating Partnership filed an amended complaint on January 29, 2020.
The Nicholsons filed a demand for arbitration on January 28, 2020, which they amended on February 21, 2020, pursuant to which they request a declaration that the Operating Partnership, as the “owner and manager” of Westwinds, is “required by the Ground Leases, and State and local law to deliver the Property free of any encumbrances or third-party claims at the expiration of the lease terms,” and that the Operating Partnership anticipatorily breached the ground leases by publicly repudiating any such obligation. On February 3, 2020, the Nicholsons filed a motion in California Superior Court to compel arbitration and to stay the litigation, which motion is scheduled to be heard on March 24, 2020.
Following the filing of our lawsuit, the City of San Jose has taken steps to accelerate the passage of a general plan amendment previously under review by the City to change the designation for Westwinds from its current general plan designation of Urban Residential (which would allow for higher density redevelopment), to a newly created designation of Mobile Home Park. In addition to requirements imposed by California state and San Jose municipal law, the change in designation would require, among other things, a further amendment to the general plan to a different land use designation by the City Council prior to any change in use. The Nicholsons have expressed opposition to this change in designation, and the matter is scheduled to be heard by the City Council on March 10, 2020.
Critical Accounting Policies and Estimates
Our consolidated financial statements have been prepared in accordance with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosures. Actual results could differ from these estimates.
For additional information regarding our significant accounting policies, see Item 8. Financial Statements and Supplementary Data—Note 2. Summary of Significant Accounting Policies.
Impairment of Long-Lived Assets
We review our Properties for impairment whenever events or changes in circumstances indicate that the carrying value of the Property may not be recoverable. The economic performance and value of our real estate investments could be adversely impacted by many factors including factors outside of our control. We consider impairment indicators including, but not limited to, the following:
•generalnational, regional and/or local economic climate;conditions;
•competition from MH and RV communities and other housing options;
•local conditions, such as an increase in unemployment;
•changes in laws and governmental regulations and the related costs of compliance;
•changes in market rental rates or occupancy; and
•physical damage or environmental indicators.
Any adverse changes in these factors could cause an impairment in our assets, including our investment in real estate and development projects in progress.
If an impairment indicator exists related to a long-lived asset, 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 inputinputs including, but not limited to, rental revenue and expense growth rates, occupancy, and levels of capital expenditure.expenditure and capitalization rates. If the sum of
Management's Discussion and Analysis (continued)

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.
Off Balance Sheet Arrangements
We do not have any off balance sheet arrangements that are reasonably likely to have a material effect on our financial condition, results of operations, liquidity or capital resources.



50
Management's Discussion and Analysis (continued)

Inflation
Substantially all of the leases at our MH communities allow for monthly or annual rent increases which provide us with the ability to increase rent, where justified by the market. Such types of leases generally minimize our risks of inflation. In addition, rental rates for our annual RV communities are generally not subject to leases as rentsand marina Sites are established for these Sites on an annual basis. Our right-to-use contractsmembership subscriptions generally provide for an annual dues increase, but dues may be frozen under the terms of certain contracts if the customer is over 61 years old. Currently, 24.5%23.0% of our dues are frozen.


Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Our primary market risk exposure is interest rate changes primarily as a result of our long-term debt that is used to maintain liquidity and fund our operations. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows. To achieve our objectives, we borrow primarily at fixed rates, and in some cases variable rates. With regard to variable rate financing, we assess interest rate cash flow risk by continually identifying and monitoring changes in interest rate exposure that may adversely impact future cash flows and by evaluating hedging opportunities.
The primary market risk related to our long-term indebtedness is our ability to refinance maturing debt. The fair value of our long-term debt obligations is affected by changes in market interest rates with scheduled maturities from 2020 to 2041, which minimizes the market risk until the debt matures. As of December 31, 2018,2019, we had no outstanding$48.3 million short-term, secured debt.debt outstanding. In addition, 33.9%32.2% of our outstanding debt is fully amortizing, further reducing the risk related to increased interest rates. For each increase in interest rates of 1.0% (or 100 basis points), the fair value of the total outstanding secured debt would decrease by approximately $278.0$251.4 million. For each decrease in interest rates of 1.0% (or 100 basis points), the fair value of the total outstanding debt would increase by approximately $319.4$286.8 million. If theHowever, if interest rates were to increase or decrease by 1.0%, there would be no effect on our interest expense or cash flows as all of our outstanding debt has either fixed interest rates or variables rates subject to cash flows hedges.
Our $200.0 million senior unsecured Term Loan,term loan, which commenced on October 27, 2017, has variable rates based on LIBOR plus 1.20% to 1.90% per annum. The 2017 SwapWe entered into an interest rate swap, which secured the underlying LIBOR at 1.85% per annum for the first three years. See years, maturing on November 1, 2020. For additional information, see Item 8. Financial Statements and Supplementary Data—Note 8.9. Borrowing Arrangements and Note. 9Note 10. Derivative Instruments and Hedging Activities to the consolidated financial statements for definitions of Term Loan and 2017 Swap.Activities.



51




FORWARD-LOOKING STATEMENTS
This report includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:
our ability to control costs and real estate market conditions, our ability to retain customers, the actual use of Sites by customers and our success in acquiring new customers at our Properties (including those that we may acquire);
our ability to maintain historical or increase future rental rates and occupancy with respect to properties currently owned or that we may acquire;
our ability to attract and retain customers entering, renewing and attract customers renewing, upgrading and entering right-to-use contracts;membership subscriptions;
our assumptions about rental and home sales markets;
our ability to manage counter-party risk;
our ability to renew our insurance policies at existing rates and on consistent terms;
in the age-qualified Properties, home sales results could be impacted by the ability of potential home buyershomebuyers to sell their existing residences as well as by financial, credit and capital markets volatility;
results from home sales and occupancy will continue to be impacted by local economic conditions, lack of affordable manufactured home financing and competition from alternative housing options including site-built single-family housing;
impact of government intervention to stabilize site-built single-family housing and not manufactured housing;
effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions;
the completion of future transactions in their entirety, if any, and timing and effective integration with respect thereto;
unanticipated costs or unforeseen liabilities associated with recent acquisitions;
ability to obtain financing or refinance existing debt on favorable terms or at all;
the effect of interest rates;
the effect from any breach of our, or any of our vendor's, data management systems;
the dilutive effects of issuing additional securities;
the effect of changes in accounting for Leases set forth under the Codification Topic "Leases";
the outcome of pending or future lawsuits or actions brought against us, including those disclosed in our filings with the Securities and Exchange Commission; and
other risks indicated from time to time in our filings with the Securities and Exchange Commission.
These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.







52




Item 8.Financial Statements and Supplementary Data
See Index to Consolidated Financial Statements and Schedule on page F-1 of this Form 10-K.
Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial and accounting officer), maintains a system of disclosure controls and procedures, designed to provide reasonable assurance that information we are required to disclose in the reports that we file under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that we will detect or uncover failures to disclose material information otherwise required to be set forth in our periodic reports.
Our management, with the participation of the Chief Executive Officer and the Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2018.2019. Based on that evaluation as of the end of the period covered by this annual report, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective to give reasonable assurances to the timely collection, evaluation and our disclosure of information that would potentially be subject to disclosure under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder as of December 31, 2018.2019.
Changes in Internal Control Over Financial Reporting
There were no material changes in our internal control over financial reporting during the year ended December 31, 2018.2019.
Report of Management on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Based on management's assessment, we maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018.2019. In making this assessment, management used the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in "Internal Control-Integrated Framework" (2013 framework).
The effectiveness of our internal control over financial reporting as of December 31, 20182019 has been audited by our independent registered public accounting firm, as stated in its report on Page F-3.

F-4.
Item 9B. Other Information
None.



53





PART III
Items 10 and 11. Directors, Executive Officers and Corporate Governance, and Executive Compensation
The information required by Items 10 and 11 will be contained in the Proxy Statement on Schedule 14A for the 20192020 Annual Meeting and is therefore incorporated by reference, and thus Items 10 and 11 have been omitted in accordance with General Instruction G(3) to Form 10-K.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Securities Authorized for Issuance Under Equity Compensation Plans
The information regardingfollowing table presents securities authorized for issuance under our equity compensation plans required by Item 12 are as follows:of December 31, 2019:
Plan Category
Number of securities to
be Issued upon Exercise
of Outstanding  Options,
Warrants and Rights
(a)
 Weighted-average Exercise Price of Outstanding Options, Warrants and Rights Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (excluding securities reflected in column (a))
Number of securities to
be Issued upon Exercise
of Outstanding  Options,
Warrants and Rights
(a)
 Weighted-average Exercise Price of Outstanding Options, Warrants and Rights Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (excluding securities reflected in column (a))
Equity compensation plans approved by security holders (1)
2,800
 $18.87
 —
41,500
 $40.65
 5,664,562
Equity compensation plans approved by security holders (2)
20,750
 81.31
 2,927,923
Equity compensation plans not approved by security holders (3)
N/A
 N/A
 416,517
Equity compensation plans not approved by security holders (2)
N/A
 N/A
 774,579
Total23,550
 $73.89
 3,344,440
41,500
 $40.65
 6,439,141
_________________________________ _____________________
(1)
Represents shares of common stock under our Stock Option and Award Plan adopted in December 1992, prior to its expiration.
(2)Represents shares of common stock under our Equity Incentive Plan effective May 13, 2014 (the "2014 Plan").
(3)
(2)
Represents shares of common stock under our Employee Stock Purchase Plan effective July 1997, as amended and restated in May 2016. Under the Employee Stock Purchase Plan, eligible employees may make contributions which are used to purchase shares of common stock at a purchase price equal to 85% of the lesser of the closing price of a share of common stock on the first or last trading day of the purchase period. Purchases of common stock under the Employee Stock Purchase Plan are made on the first business day of the next month after the close of the purchase period. Under New York Stock ExchangeNYSE rules then in effect, stockholder approval was not required for the Employee Stock Purchase Plan because it is a broad-based plan available generally to all employees.
The information required by Item 403 of Regulation S-K "Security Ownership of Certain Beneficial Owners and Management" required by Item 12 will be contained in the Proxy Statement on Schedule 14A for the 20182020 Annual Meeting and is therefore incorporated by reference, and thus has been omitted in accordance with General Instruction G(3) to Form 10-K.
Items 13 and 14. Certain Relationships and Related Transactions, and Director Independence, and Principal Accounting Fees and Services
The information required by Item 13 and Item 14 will be contained in the Proxy Statement on Schedule 14A for the 20192020 Annual Meeting and is therefore incorporated by reference, and thus Items 13 and 14 have been omitted in accordance with General Instruction G(3) to Form 10-K.
























PART IV

Item 15. Exhibits, Financial Statements Schedules


1.Financial Statements
See Index to Financial Statements and Schedule on page F-1 of this Form 10-K.


2.Financial Statement Schedule
See Index to Financial Statements and Schedule on page F-1 of this Form 10-K.


3.Exhibits:


In reviewing the agreements included as exhibits to this Form 10-K, please remember they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:
should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;
have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;
may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and
were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.
Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about us may be found elsewhere in this Form 10-K and our other public filings, which are available without charge through the SEC's website at http://www.sec.gov.
3.1(a)
Articles of Amendment and Restatement of Equity Lifestyle Properties, Inc. effective May 15, 2007
  
3.2(b)
Articles of Amendment of Equity Lifestyle Properties, Inc, effective November 26, 2013
  
3.3(c)
Second Amended and Restated Bylaws effective August 8, 2007
  
3.4(d)
First Amendment to Second Amended and Restated Bylaws, effective as of February 27, 2018
  
4.13.5(e)
Articles of Amendment of Equity Lifestyle Properties, Inc, effective May 2, 2019
4.1(f)
Form of Specimen Stock Certificate Evidencing the Common Stock of Equity LifeStyle Properties, Inc., par value $0.01 per share
  
10.14.2(f)*
Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934
10.1(g)
Second Amended and Restated MHC Operating Limited Partnership Agreement of Limited Partnership, dated March 15, 1996
  
10.2(g)(h)
Amendment to Second Amended and Restated Agreement of Limited Partnership for MHC Operating Limited Partnership, dated February 27, 2004
  
10.3(h)(i)
Second Amendment to the Second Amended and Restated Agreement of Limited Partnership for MHC Operating Limited Partnership effective as of December 31, 2013
  
10.4(i)(j)
Equity LifeStyle Properties, Inc. 2014 Equity Incentive Plan effective May 13, 2014 (the "Plan")
  
10.5(j)(k)
Amended and Restated Equity Lifestyle Properties, Inc. 1997 Non-Qualified Employee Stock Purchase Plan, effective May 10, 2016
  
10.6(k)(l)
Form of Indemnification Agreement
  
10.8(l)(m)
Second Amended and Restated Credit Agreement, dated as of October 27, 2017, by and among MHC Operating Limited Partnership, as Borrower, Equity Lifestyle Properties, Inc., as Parent, Wells Fargo Bank, National Association, as Administrative Agent, and each of the Lenders set forth therein
  
10.10(l)(m)
Second Amended and Restated Guaranty dated as of October 27, 2017 by Equity Lifestyle Properties, Inc. in favor of Wells Fargo Bank, National Association



10.11(m)(n)
Equity Distribution Agreement, dated October 26, 2018, by and among Equity LifeStyle Properties, Inc., MHC Operating Limited Partnership and Goldman Sachs & Co., LLC
  
10.12(m)(n)
Equity Distribution Agreement, dated October 26, 2018, by and among Equity LifeStyle Properties, Inc., MHC Operating Limited Partnership and Merrill Lynch, Pierce, Fenner & Smith Incorporated
  
10.13(m)(n)
Equity Distribution Agreement, dated October 26, 2018, by and among Equity LifeStyle Properties, Inc., MHC Operating Limited Partnership and SunTrust Robinson Humphrey, Inc
  
10.14(m)(n)
Equity Distribution Agreement, dated October 26, 2018, by and among Equity LifeStyle Properties, Inc., MHC Operating Limited Partnership and Wells Fargo Securities, LLC
  
10.15(m)(n)
Equity Distribution Agreement, dated October 26, 2018, by and among Equity LifeStyle Properties, Inc., MHC Operating Limited Partnership and Morgan Stanley & Co., LLC
  
10.16(n)(o)
Form of Restricted Share Award Agreement for the Plan
  
10.17(n)(o)
Form of Option Award Agreement for the Plan
  
14(o)*
Equity LifeStyle Properties, Inc. Business Ethics and Conduct Policy, dated October 31, 201728, 2019
  
21(p)*
Subsidiaries of the Registrant
  
23(p)*
Consent of Independent Registered Public Accounting Firm
  
24.131.1(p)*
Power of Attorney for Philip Calian dated February 26, 2019
24.2(p)
Power of Attorney for David Contis dated February 26, 2019
24.3(p)
Power of Attorney for Constance Freedman dated February 26, 2019
24.4(p)
Power of Attorney for Thomas Heneghan dated February 26, 2019
24.5(p)
Power of Attorney for Tao Huang dated February 26, 2019
24.6(p)
Power of Attorney for Scott Peppet dated February 26, 2019
24.7(p)
Power of Attorney for Sheli Rosenberg dated February 26, 2019
24.8(p)
Power of Attorney for Samuel Zell dated February 26, 2019
31.1(p)
Certification of Chief Financial Officer Pursuant To Section 302 of the Sarbanes-Oxley Act Of 2002
  
31.2(p)*
Certification of Chief Executive Officer Pursuant To Section 302 of the Sarbanes-Oxley Act Of 2002
  
32.1(p)*
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350
  
32.2(p)*
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350
  
101(p)*
The following materials from Equity LifeStyle Properties, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2018,2019, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income and Comprehensive Income, (iii) the Consolidated Statements of Changes in Equity, (iv) the Consolidated Statements of Cash Flow, and (v) the Notes to Consolidated Financial Statements.


The following documents are incorporated herein by reference.
 
(a)Included as an exhibit to our Report on Form 8-K dated May 22, 2007
(b)Included as an exhibit to our Report on Form 8-K dated November 26, 2013
(c)Included as an exhibit to our Report on Form 8-K dated August 10, 2007
(d)Included as an exhibit to our Report on Form 8-K dated February 27, 2018
(e)Included as an exhibit to our Report on Form 8-K dated May 2, 2019
(f)Included as an exhibit to our Report on Form S-3 Registration Statement dated May 6, 2009, file No. 333-159014
(f)(g)Included as an exhibit to our Report on Form 10-Q for the quarter ended June 30, 1996
(g)(h)Included as an exhibit to our Report on Form 10-K for the year ended December 31, 2005
(h)(i)Included as an exhibit to our Report on Form 8-K dated January 2, 2014
(i)(j)Included as Appendix B to our Definitive Proxy Statement dated March 24, 2014, relating to Annual Meeting of Stockholders held on May 13, 2014
(j)(k)Included as an exhibit to our Report on Form 10-Q for the quarter ended June 30, 2016


(k)(l)Included as an exhibit to our Report on Form 10-K for the year ended December 31, 2006
(l)(m)Included as an exhibit to our Report on Form 10-Q for the quarter ended September 30, 2017
(m)(n)Form of Agreement included as an exhibit to our Report on Form 8-K dated October 26, 2018
(n)(o)Included as an exhibit to our Report on Form 8-K dated May 13, 2014

(o)Included as an exhibit to our Report on Form 10-K for the year ended December 31, 2017
(p)
*		Filed herewith





Item 16. Form 10-K Summary
None.











57




SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
     
  
EQUITY LIFESTYLE PROPERTIES, INC.,
a Maryland corporation
    
Date:February 26, 201924, 2020 By:
/s/    MARGUERITE NADER        
    Marguerite Nader
   
President and Chief Executive Officer
(Principal Executive Officer)
    
Date:February 26, 201924, 2020 By:
/s/    PAUL SEAVEY       
    Paul Seavey
    
Executive Vice President and Chief Financial
Officer and Treasurer
    (Principal Financial and Accounting Officer)
    
Date:February 24, 2020By:
/s/    VALERIE HENRY   
Valerie Henry
Vice President and Chief Accounting Officer
(Principal Accounting Officer)



Equity LifeStyle Properties, Inc.—Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
     
Name  Title Date
   
/s/ MARGUERITE NADER
  President, and Chief Executive Officer and Director (Principal Executive Officer) *Attorney in Fact February 26, 201924, 2020
Marguerite Nader  
     
/s/ PAUL SEAVEY
  Executive Vice President and Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) *Attorney in Fact February 26, 201924, 2020
Paul Seavey  
     
*SAMUEL ZELL/s/ VALERIE HENRY
  Chairman of the BoardVice President and Chief Accounting Officer (Principal Accounting Officer) February 26, 201924, 2020
Samuel ZellValerie Henry  
     
*THOMAS HENEGHAN/s/ SAMUEL ZELL
  Vice-ChairmanChairman of the Board February 26, 201924, 2020
Thomas HeneghanSamuel Zell  
     
*PHILIP CALIAN/s/ THOMAS HENEGHAN
Vice-Chairman of the BoardFebruary 24, 2020
Thomas Heneghan
/s/ ANDREW BERKENFIELD
 Director February 26, 201924, 2020
Andrew Berkenfield
/s/ PHILIP CALIAN
DirectorFebruary 24, 2020
Philip Calian  
 ��   
*/s/ DAVID CONTIS
  Director February 26, 201924, 2020
David Contis    
     
*/s/ CONSTANCE FREEDMAN
 Director February 26, 201924, 2020
Constance Freedman  
     
*/s/ TAO HUANG
  Director February 26, 201924, 2020
Tao Huang    
   
*/s/ SCOTT PEPPET
  Director February 26, 201924, 2020
Scott Peppet    
     
*/s/ SHELI ROSENBERG
 Director February 26, 201924, 2020
Sheli Rosenberg    



59




INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
EQUITY LIFESTYLE PROPERTIES, INC.
  Page
   
Report of Independent Registered Public Accounting Firm 
F-2
   
Report of Independent Registered Public Accounting Firm 
F-3F-4
   
Consolidated Balance Sheets as of December 31, 20182019 and 20172018 
F-4F-5
   
Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2019, 2018 2017 and 20162017 
F-5F-6
   
Consolidated Statements of Changes in Equity for the years ended December 31, 2019, 2018 2017 and 20162017 
F-7F-8
   
Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 2017 and 20162017 
F-8F-9
   
Notes to Consolidated Financial Statements 
F-10F-11
   
Schedule III—Real Estate and Accumulated Depreciation 
S-1
   
                                
Note that certain schedules have been omitted, as they are not applicable to us.
 

F-1




Report of Independent Registered Public Accounting Firm


To the Board of Directors and Stockholders of Equity LifeStyle Properties, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Equity LifeStyle Properties, Inc. (the Company) as of December 31, 20182019 and 2017,2018, the related consolidated statements of income and comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2018,2019, and the related notes and financial statement schedule listed in the Index at Item 15 (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 20182019 and 2017,2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2018,2019, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2018,2019, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 26, 201924, 2020 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.


Valuation of Investment in Real Estate
Description of the Matter
At December 31, 2019, the Company’s net consolidated investment in real estate totaled $4.0 billion. As discussed in Note 2 to the consolidated financial statements, the Company’s investment in real estate is reviewed for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. If an impairment indicator exists related to an investment in real estate that is held and used, the expected future undiscounted cash flows are compared against the carrying amount of that asset. 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 excess, if any, of the carrying amount of the asset over its estimated fair value.
Auditing the Company’s evaluation of investment in real estate for impairment was complex and highly subjective. The determination of the undiscounted cash flows for properties where impairment indicators have been identified are sensitive to significant assumptions such as rental revenue and expense growth rates, and capitalization rates used to estimate the property’s residual value, all of which can be affected by expectations about future market conditions, customer demand, and competition, as well as the Company’s intent to hold and operate the property over the term assumed in the analysis.
How We Addressed the Matter in Our Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls related to the Company’s process for evaluating investment in real estate for impairment, including controls over management’s review of the significant assumptions described above.
To test the Company’s process for evaluating investment in real estate for impairment, we performed audit procedures that included, among others, assessing the methodologies, evaluating the significant assumptions discussed above and testing the completeness and accuracy of the underlying data used by the Company in its analysis. We compared the significant assumptions used by the Company to historical operational data of the particular property, current market rates, real estate industry publications, current industry trends and other relevant sources. We also compared the projected net operating income to historical actual results. As part of our evaluation, we assessed the historical accuracy of the Company’s estimates and performed sensitivity analyses of certain assumptions to evaluate the changes in the undiscounted cash flows of certain properties that would result from changes in the assumptions used by management.


/s/ Ernst & Young LLP
We have served as the Company’s auditor since 1996
Chicago, Illinois
February 26, 201924, 2020

F-3




Report of Independent Registered Public Accounting Firm


The Board of Directors and Stockholders of Equity LifeStyle Properties, Inc.


Opinion on Internal Control over Financial Reporting
We have audited Equity LifeStyle Properties, Inc.’s (the Company) internal control over financial reporting as of December 31, 2018,2019, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018,2019, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 20182019 and 2017,2018, the related consolidated statements of income and comprehensive income, changes in equity, and cash flows for each of the three years in the period ended December 31, 2018,2019, and the related notes and financial statement schedule listed in the Index at Item 15 and our report dated February 26, 201924, 2020 expressed an unqualified opinion thereon.


Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Report of Management on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.



/s/ Ernst & Young LLP


Chicago, Illinois
February 26, 201924, 2020

F-4




Equity LifeStyle Properties, Inc.
Consolidated Balance Sheets
(amounts in thousands, except share and per share data)data (adjusted for stock split))
As of December 31, 2018 As of December 31, 2017As of December 31, 2019 As of December 31, 2018
Assets      
Investment in real estate:      
Land$1,408,832
 $1,221,375
$1,525,407
 $1,408,832
Land improvements3,143,745
 3,045,221
3,336,070
 3,143,745
Buildings and other depreciable property720,900
 649,217
881,572
 720,900
5,273,477
 4,915,813
5,743,049
 5,273,477
Accumulated depreciation(1,631,888) (1,516,694)(1,776,224) (1,631,888)
Net investment in real estate3,641,589
 3,399,119
3,966,825
 3,641,589
Cash and restricted cash65,974
 35,631
28,860
 68,974
Notes receivable, net35,041
 49,477
37,558
 35,041
Investment in unconsolidated joint ventures57,755
 53,080
20,074
 57,755
Deferred commission expense40,308
 31,443
41,149
 40,308
Other assets, net49,227
 41,282
56,809
 46,227
Assets held for sale, net35,914
 —
—
 35,914
Total Assets$3,925,808
 $3,610,032
$4,151,275
 $3,925,808
Liabilities and Equity      
Liabilities:      
Mortgage notes payable, net$2,149,726
 $1,971,715
$2,049,509
 $2,149,726
Term loan, net198,626
 198,302
198,949
 198,626
Unsecured line of credit—
 30,000
160,000
 —
Accrued expenses and accounts payable102,854
 80,744
Deferred revenue—upfront payments from right-to-use contracts116,363
 85,596
Deferred revenue—right-to-use annual payments10,055
 9,932
Accounts payable and other liabilities124,665
 102,854
Deferred revenue – upfront payments from membership upgrade sales126,814
 116,363
Deferred revenue – annual membership subscriptions10,599
 10,055
Accrued interest payable8,759
 8,387
8,639
 8,759
Rents and other customer payments received in advance and security deposits81,114
 79,267
91,234
 81,114
Distributions payable52,617
 46,047
58,978
 52,617
Liabilities related to assets held for sale12,350
 —
—
 12,350
Total Liabilities2,732,464
 2,509,990
2,829,387
 2,732,464
Equity:      
Stockholders' Equity:      
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2018 and December 31, 2017; none issued and outstanding.—
 —
Common stock, $0.01 par value, 200,000,000 shares authorized as of December 31, 2018 and December 31, 2017; 89,921,018 and 88,585,160 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively.896
 883
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2019 and December 31, 2018; none issued and outstanding.—
 —
Common stock, $0.01 par value, 400,000,000 and 200,000,000 shares authorized as of December 31, 2019 and December 31, 2018, respectively; 182,089,595 and 179,842,036 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively.1,812
 1,792
Paid-in capital1,329,391
 1,242,109
1,402,696
 1,328,495
Distributions in excess of accumulated earnings(211,034) (211,980)(154,318) (211,034)
Accumulated other comprehensive income2,299
 942
Total Stockholders' Equity1,121,552
 1,031,954
Accumulated other comprehensive income (loss)(380) 2,299
Total Stockholders’ Equity1,249,810
 1,121,552
Non-controlling interests – Common OP Units71,792
 68,088
72,078
 71,792
Total Equity1,193,344
 1,100,042
1,321,888
 1,193,344
Total Liabilities and Equity$3,925,808
 $3,610,032
$4,151,275
 $3,925,808





















The accompanying notes are an integral part of the consolidated financial statements.

F-5




Equity LifeStyle Properties, Inc.
Consolidated Statements of Income and Comprehensive Income
(amounts in thousands, except per share data)data (adjusted for stock split))
Years Ended December 31,Years Ended December 31,
2018 2017 20162019 2018 2017
Revenues:          
Community base rental income$518,252
 $489,613
 $464,745
Rental home income14,329
 14,344
 14,107
Resort base rental income239,906
 218,806
 201,533
Right-to-use annual payments47,778
 45,798
 45,035
Right-to-use contracts current period, gross15,191
 14,132
 12,327
Right-to-use contract upfront payments, deferred, net(7,380) (4,108) (3,079)
Utility and other income100,562
 93,252
 81,427
Rental income$879,635
 $821,114
 $768,416
Annual membership subscriptions51,015
 47,778
 45,798
Membership upgrade sales current period, gross19,111
 15,191
 14,132
Membership upgrade sales upfront payments, deferred, net(10,451) (7,380) (4,108)
Other income43,063
 51,935
 47,599
Gross revenues from home sales36,064
 36,302
 37,191
34,655
 36,064
 36,302
Brokered resale and ancillary services revenues, net3,584
 3,798
 2,994
3,493
 3,584
 3,798
Interest income7,525
 7,580
 6,845
7,207
 7,525
 7,580
Income from other investments, net10,842
 5,795
 7,310
9,528
 10,842
 5,795
Total revenues986,653
 925,312
 870,435
1,037,256
 986,653
 925,312
Expenses:          
Property operating and maintenance313,003
 294,119
 268,249
333,520
 319,839
 300,729
Rental home operating and maintenance6,836
 6,610
 6,883
Real estate taxes55,892
 55,010
 53,036
62,338
 55,892
 55,010
Sales and marketing, gross12,542
 11,438
 11,056
15,583
 12,542
 11,438
Right-to-use contract commissions, deferred, net(813) (354) (223)
Membership sales commissions, deferred, net(1,219) (813) (354)
Property management53,736
 51,252
 47,083
56,509
 53,736
 51,252
Depreciation on real estate assets and rental homes130,022
 121,455
 117,400
Amortization of in-place leases7,187
 2,231
 3,373
Depreciation and amortization152,110
 137,209
 123,686
Cost of home sales37,475
 36,513
 37,456
35,096
 37,475
 36,513
Home selling expenses4,095
 4,186
 3,575
4,401
 4,095
 4,186
General and administrative37,684
 31,737
 31,004
35,679
 37,684
 31,737
Other expenses1,483
 1,148
 4,986
2,865
 1,483
 1,148
Early debt retirement1,071
 2,785
 —
1,491
 1,071
 2,785
Interest and related amortization104,993
 100,570
 102,030
104,223
 104,993
 100,570
Total expenses765,206
 718,700
 685,908
802,596
 765,206
 718,700
Gain on sale of real estate, net52,507
 —
 —
Income before equity in income of unconsolidated joint ventures221,447
 206,612
 184,527
287,167
 221,447
 206,612
Equity in income of unconsolidated joint ventures4,939
 3,765
 2,605
8,755
 4,939
 3,765
Consolidated net income226,386
 210,377
 187,132
295,922
 226,386
 210,377
          
Income allocated to non-controlling interests – Common OP Units(13,774) (12,788) (13,869)(16,783) (13,774) (12,788)
Redeemable perpetual preferred stock dividends and original issuance costs(16) (7,685) (9,226)
Redeemable perpetual preferred stock dividends(16) (16) (7,685)
Net income available for Common Stockholders$212,596
 $189,904
 $164,037
$279,123
 $212,596
 $189,904
          
Consolidated net income$226,386
 $210,377
 $187,132
$295,922
 $226,386
 $210,377
Other comprehensive income (loss):          
Adjustment for fair market value of swap1,357
 1,169
 326
(2,679) 1,357
 1,169
Consolidated comprehensive income227,743
 211,546
 187,458
293,243
 227,743
 211,546
Comprehensive income allocated to non-controlling interests – Common OP Units(13,861) (12,813) (13,893)(16,633) (13,861) (12,813)
Redeemable perpetual preferred stock dividends and original issuance costs(16) (7,685) (9,226)
Redeemable perpetual preferred stock dividends(16) (16) (7,685)
Comprehensive income attributable to Common Stockholders$213,866
 $191,048
 $164,339
$276,594
 $213,866
 $191,048



































The accompanying notes are an integral part of these consolidated financial statements.



Equity LifeStyle Properties, Inc.
Consolidated Statements of Income and Comprehensive Income
(amounts in thousands, except per share data)data (adjusted for stock split))
Years Ended December 31,Years Ended December 31,
2018 2017 20162019 2018 2017
          
Earnings per Common Share – Basic$2.39
 $2.18
 $1.93
$1.54
 $1.19
 $1.09
          
Earnings per Common Share – Fully Diluted$2.38
 $2.17
 $1.92
$1.54
 $1.19
 $1.08
          
Weighted average Common Shares outstanding – Basic88,964
 86,997
 84,778
180,805
 177,928
 173,994
Weighted average Common Shares outstanding – Fully Diluted95,055
 93,425
 92,569
191,995
 190,110
 186,850


 
















 
 










































































The accompanying notes are an integral part of the consolidated financial statements.

F-7




Equity LifeStyle Properties, Inc.
Consolidated Statements of Changes In Equity
(amounts in thousands)thousands; adjusted for stock split)
 
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
 
Total
Equity
Balance, December 31, 2015$843
 $1,039,140
 $136,144
 $(250,506) $(553) $67,623
 $992,691
Exchange of Common OP Units for common stock—
 381
 —
 —
 —
 (381) —
Issuance of common stock through exercise of options4
 11,284
 —
 —
 —
 —
 11,288
Issuance of common stock through employee stock purchase plan—
 1,269
 —
 —
 —
 —
 1,269
Issuance of common stock7
 49,993
 —
 —
 —
 —
 50,000
Compensation expenses related to stock options and restricted stock—
 9,181
 —
 —
 —
 —
 9,181
Repurchase of common stock or Common OP Units—
 (2,652) —
 —
 —
 —
 (2,652)
Adjustment for Common OP Unitholders in the Operating Partnership—
 (4,426) —
 —
 —
 4,426
 —
Adjustment for fair market value of swap—
 —
 —
 —
 326
 —
 326
Consolidated net income—
 —
 9,226
 164,037
 —
 13,869
 187,132
Distributions—
 —
 (9,226) (144,807) —
 (12,233) (166,266)
Other—
 (1,122) —
 —
 —
 —
 (1,122)
Balance, December 31, 2016$854
 $1,103,048
 $136,144
 $(231,276) $(227) $73,304
 $1,081,847
Exchange of Common OP Units for common stock13
 16,436
 —
 —
 —
 (16,449) —
Issuance of common stock through exercise of options2
 4,848
 —
 —
 —
 —
 4,850
Issuance of common stock through employee stock purchase plan—
 2,061
 —
 —
 —
 —
 2,061
Issuance of common stock14
 120,684
 —
 —
 —
 —
 120,698
Compensation expenses related to stock options and restricted stock—
 9,352
 —
 —
 —
 —
 9,352
Repurchase of common stock or Common OP Units—
 (3,087) —
 —
 —
 —
 (3,087)
Adjustment for Common OP Unitholders in the Operating Partnership—
 (10,043) —
 —
 —
 10,043
 —
Adjustment for fair market value of swap—
 —
 —
 —
 1,169
 —
 1,169
Consolidated net income—
 —
 7,685
 189,904
 —
 12,788
 210,377
Distributions—
 —
 (6,928) (170,608) —
 (11,428) (188,964)
Series C Preferred stock redemption—
 —
 (136,144) —
 —
 —
 (136,144)
Series C Preferred stock original issuance costs—
 757
 (757) —
 —
 —
 —
Other—
 (1,947) —
 —
 —
 (170) (2,117)
Balance, December 31, 2017$883
 $1,242,109
 $—
 $(211,980) $942
 $68,088
 $1,100,042
Cumulative effect from the adoption of ASU 2014-09 (as described in Note 2)—
 —
 —
 (15,186) —
 —
 (15,186)
Balance, January 1, 2018883
 1,242,109
 —
 (227,166) 942
 68,088
 1,084,856
Exchange of Common OP Units for common stock1

1,024
 —
 —
 —
 (1,025) —
Issuance of common stock through exercise of options2
 3,821
 —
 —
 —
 —
 3,823
Issuance of common stock through employee stock purchase plan—
 2,043
 —
 —
 —
 —
 2,043
Issuance of common stock10
 78,745
 —
 —
 —
 —
 78,755
Compensation expenses related to stock options and restricted stock—
 9,995
 —
 —
 —
 —
 9,995
Repurchase of common stock or Common OP Units—
 (3,011) —
 —
 —
 —
 (3,011)
Adjustment for Common OP Unitholders in the Operating Partnership—
 (3,684) —
 —
 —
 3,684
 —
Adjustment for fair market value of swap—
 —
 —
 —
 1,357
 —
 1,357
Consolidated net income—
 —
 16
 212,596
 —
 13,774
 226,386
Distributions—
 —
 (16) (196,464) —
 (12,729) (209,209)
Other—
 (1,651) —
 —
 —
 
 (1,651)
Balance, December 31, 2018$896
 $1,329,391
 $—
 $(211,034) $2,299
 $71,792
 $1,193,344
 
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
 
Total
Equity
Balance as of December 31, 2016$1,708
 $1,102,194
 $136,144
 $(231,276) $(227) $73,304
 $1,081,847
Exchange of Common OP Units for Common Stock26
 16,423
 —
 —
 —
 (16,449) —
Issuance of Common Stock through exercise of options4
 4,846
 —
 —
 —
 —
 4,850
Issuance of Common Stock through employee stock purchase plan—
 2,061
 —
 —
 —
 —
 2,061
Issuance of Common Stock28
 120,670
 —
 —
 —
 —
 120,698
Compensation expenses related to restricted stock and stock options—
 9,352
 —
 —
 —
 —
 9,352
Repurchase of Common Stock or Common OP Units—
 (3,087) —
 —
 —
 —
 (3,087)
Adjustment for Common OP Unitholders in the Operating Partnership—
 (10,043) —
 —
 —
 10,043
 —
Adjustment for fair market value of swap—
 —
 —
 —
 1,169
 —
 1,169
Consolidated net income—
 —
 7,685
 189,904
 —
 12,788
 210,377
Distributions—
 —
 (6,928) (170,608) —
 (11,428) (188,964)
Series C Preferred stock redemption—
 —
 (136,144) —
 —
 —
 (136,144)
Series C Preferred stock original issuance costs—
 757
 (757) —
 —
 —
 —
Other—
 (1,947) —
 —
 —
 (170) (2,117)
Balance as of December 31, 2017$1,766
 $1,241,226
 $—
 $(211,980) $942
 $68,088
 $1,100,042
Cumulative effect of change in accounting principle (ASC 606, Revenue Recognition)—
 —
 —
 (15,186) —
 —
 (15,186)
Balance as of January 1, 20181,766
 1,241,226
 —
 (227,166) 942
 68,088
 1,084,856
Exchange of Common OP Units for Common Stock2
 1,023
 —
 —
 —
 (1,025) —
Issuance of Common Stock through exercise of options4
 3,819
 —
 —
 —
 —
 3,823
Issuance of Common Stock through employee stock purchase plan—
 2,043
 —
 —
 —
 —
 2,043
Issuance of Common Stock20
 78,735
 —
 —
 —
 —
 78,755
Compensation expenses related to restricted stock and stock options—
 9,995
 —
 —
 —
 —
 9,995
Repurchase of Common Stock or Common OP Units—
 (3,011) —
 —
 —
 —
 (3,011)
Adjustment for Common OP Unitholders in the Operating Partnership—
 (3,684) —
 —
 —
 3,684
 —
Adjustment for fair market value of swap—
 —
 —
 —
 1,357
 —
 1,357
Consolidated net income—
 —
 16
 212,596
 —
 13,774
 226,386
Distributions—
 —
 (16) (196,464) —
 (12,729) (209,209)
Other—
 (1,651) —
 —
 —
 —
 (1,651)
Balance as of December 31, 2018$1,792
 $1,328,495
 $—
 $(211,034) $2,299
 $71,792
 $1,193,344
Exchange of Common OP Units for Common Stock10

6,539
 —
 —
 —
 (6,549) —
Issuance of Common Stock through exercise of options—
 53
 —
 —
 —
 —
 53
Issuance of Common Stock through employee stock purchase plan—
 2,429
 —
 —
 —
 —
 2,429
Issuance of Common Stock10
 59,309
 —
 —
 —
 —
 59,319
Compensation expenses related to restricted stock and stock options—
 10,481
 —
 —
 —
 —
 10,481
Repurchase of Common Stock or Common OP Units—
 (53)   —
 —
 —
 (53)
Adjustment for Common OP Unitholders in the Operating Partnership—
 (3,210) —
 —
 —
 3,210
 —
Adjustment for fair market value of swap—
 —
 —
 —
 (2,679) —
 (2,679)
Consolidated net income—
 —
 16
 279,123
 —
 16,783
 295,922
Distributions—
 —
 (16) (222,407) —
 (13,158) (235,581)
Other—
 (1,347) —
 —
 —
 —
 (1,347)
Balance as of December 31, 2019$1,812
 $1,402,696
 $—
 $(154,318) $(380) $72,078
 $1,321,888


The accompanying notes are an integral part of the consolidated financial statements.

F-8




Equity LifeStyle Properties, Inc.
Consolidated Statements of Cash Flows
(amounts in thousands)
Years Ended December 31,Years Ended December 31,
2018 2017 20162019 2018 2017
Cash Flows From Operating Activities:          
Consolidated net income$226,386
 $210,377
 $187,132
$295,922
 $226,386
 $210,377
Adjustments to reconcile Consolidated net income to Net cash provided by operating activities:
    
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
    
Gain on sale of real estate, net(52,507) —
 —
Early debt retirement1,071
 2,785
 —
1,491
 1,071
 2,785
Depreciation131,501
 122,720
 118,521
Amortization of in-place leases7,187
 2,231
 3,373
Depreciation and amortization153,980
 138,688
 124,951
Amortization of loan costs3,564
 3,546
 3,878
3,479
 3,564
 3,546
Debt premium amortization(2,259) (2,211) (3,382)(483) (2,259) (2,211)
Equity in income of unconsolidated joint ventures(4,939) (3,765) (2,605)(8,755) (4,939) (3,765)
Distributions of income from unconsolidated joint ventures4,122
 3,003
 2,819
5,133
 4,122
 3,003
Proceeds from insurance claims, net(8,525) (2,722) (12,198)(3,530) (8,525) (2,722)
Compensation expense related to restricted stock and stock options9,995
 9,352
 9,181
10,481
 9,995
 9,352
Revenue recognized from right-to-use contract upfront payments(7,811) (10,020) (9,248)
Commission expense recognized related to right-to-use contracts3,609
 4,509
 4,149
Revenue recognized from membership upgrade sales upfront payments(8,660) (7,811) (10,020)
Commission expense recognized related to membership sales3,667
 3,609
 4,509
Long-term incentive plan compensation1,176
 1,347
 (2,929)(2,843) 1,176
 1,347
Provision for (recovery of) uncollectible rents receivable322
 (333) (744)
Changes in assets and liabilities:          
Notes receivable activity, net(247) (1,510) 217
Notes receivable, net(2,836) (247) (1,510)
Deferred commission expense(4,274) (4,577) (4,659)(4,508) (4,274) (4,577)
Other assets, net32,364
 37,838
 33,993
11,621
 26,898
 31,056
Accrued expenses and accounts payable827
 (11,184) 10,322
Deferred revenue – upfront payments from right-to-use contracts15,191
 14,132
 12,327
Deferred revenue – right-to-use annual payments123
 115
 (61)
Rents received in advance and security deposits1,701
 2,354
 2,276
Accounts payable and other liabilities15,578
 9,615
 (4,735)
Deferred revenue – upfront payments from membership upgrade sales19,111
 15,191
 14,132
Deferred revenue – annual membership subscriptions544
 123
 115
Rents and other customer payments received in advance and security deposits6,635
 1,701
 2,354
Net cash provided by operating activities411,084
 377,987
 352,362
443,520
 414,084
 377,987
Cash Flows From Investing Activities:          
Real estate acquisitions, net(234,108) (136,552) (98,244)(185,411) (234,108) (136,552)
Proceeds from disposition of properties, net77,746
 —
 —
Investment in unconsolidated joint ventures(4,497) (33,345) (5,134)(983) (4,497) (33,345)
Distributions of capital from unconsolidated joint ventures396
 789
 3,068
6,352
 396
 789
Proceeds from insurance claims7,943
 3,626
 1,145
8,200
 7,943
 3,626
Repayments of notes receivable13,823
 —
 —
—
 13,823
 —
Issuance of notes receivable—
 (13,823) —
—
 —
 (13,823)
Capital improvements(181,622) (126,050) (119,437)(257,993) (181,622) (126,050)
Net cash used in investing activities(398,065) (305,355) (218,602)(352,089) (398,065) (305,355)
Cash Flows From Financing Activities:          
Proceeds from stock options and employee stock purchase plan5,813
 6,911
 12,557
2,482
 5,813
 6,911
Gross proceeds from sale of Common Stock78,755
 120,698
 50,000
Gross proceeds from the issuance of common stock59,319
 78,755
 120,698
Distributions:          
Common Stockholders(190,211) (163,770) (140,057)(216,098) (190,211) (163,770)
Common OP Unitholders(12,411) (11,631) (11,888)(13,104) (12,411) (11,631)
Preferred Stockholders(16) (6,928) (9,226)(16) (16) (6,928)
Stock repurchase and Unit redemption—
 —
 (229)
Share based award tax withholding payments(2,958) (3,087) (2,423)(53) (2,958) (3,087)
Principal payments and mortgage debt payoff(245,335) (270,530) (142,731)
New mortgage notes payable financing proceeds421,774
 350,369
 88,050
Principal payments and mortgage debt repayment(121,028) (245,335) (270,530)
Mortgage notes payable financing proceeds—
 421,774
 350,369
Line of Credit payoff(284,000) (101,000) —
(155,500) (284,000) (101,000)
Line of Credit proceeds254,000
 131,000
 —
315,500
 254,000
 131,000
Debt issuance and defeasance costs(6,436) (12,567) (1,375)(1,700) (6,436) (12,567)
Redemption of preferred stock—
 (136,314) —
—
 —
 (136,314)
Other, primarily ATM offering costs(1,651) (1,947) (1,122)
Other(1,347) (1,651) (1,947)
Net cash provided by (used in) financing activities17,324
 (98,796) (158,444)(131,545) 17,324
 (98,796)
Net increase (decrease) in Cash and restricted cash30,343
 (26,164) (24,684)
Cash and restricted cash, beginning of year35,631
 61,795
 86,479
Cash and restricted cash, end of year$65,974
 $35,631
 $61,795
Net increase (decrease) in cash and restricted cash(40,114) 33,343
 (26,164)
Cash and restricted cash, beginning of period68,974
 35,631
 61,795
Cash and restricted cash, end of period$28,860
 $68,974
 $35,631









The accompanying notes are an integral part of the consolidated financial statements.



Equity LifeStyle Properties, Inc.
Consolidated Statements of Cash Flows
(amounts in thousands)
Years Ended December 31,Years Ended December 31,
2018 2017 20162019 2018 2017
Supplemental information:          
Cash paid during the period for interest$102,377
 $102,570
 $105,556
Building and other depreciable property – reclassification of rental homes$39,587
 $38,350
 $34,707
Cash paid for interest$102,027
 $102,377
 $102,570
Net investment in real estate – reclassification of rental homes$28,260
 $30,799
 $30,732
Other assets, net – reclassification of rental homes$(39,587) $(38,350) $(34,707)$(28,260) $(30,799) $(30,732)
          
Real estate acquisitions:          
Investment in real estate$(265,129) $(142,255) $(122,448)$(249,197) $(265,129) $(142,255)
Investment in unconsolidated joint ventures35,789
 —
 —
Other assets, net(59) (229) (20)(1,646) (59) (229)
Debt assumed9,200
 5,900
 22,010
19,212
 9,200
 5,900
Debt financed8,786
 —
 —
—
 8,786
 —
Accrued expenses and accounts payable794
 32
 1,883
Other liabilities12,300
 —
 331
10,431
 13,094
 32
Real estate acquisitions, net$(234,108) $(136,552) $(98,244)$(185,411) $(234,108) $(136,552)
          
Real estate dispositions:     
Investment in real estate$35,572
 $—
 $—
Notes receivable, net295
 —
 —
Other assets, net97
 —
 —
Mortgage notes payable, net(11,175) —
 —
Other liabilities450
 —
 —
Gain on sale of real estate, net52,507
 —
 —
Real estate dispositions, net$77,746
 $—
 $—














































































































































The accompanying notes are an integral part of these consolidated financial statements.

F-10
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements











Note 1—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," "the Company," and "our." We are a fully integrated owner and operator of lifestyle-oriented properties ("Properties") consisting primarily of manufactured home ("MH") and recreational vehicle ("RV") communities. We provide our customers the opportunity to place factory builtmanufactured homes, cottages cabins or RVs 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. Our Properties are designed and improved for home options of various sizes and designs that are produced off-site by third party manufacturers, installed and set on designated Sites ("Site Set") within the Properties.
We believe thatCommencing with our taxable year ended December 31, 1993, we have qualified for taxationelected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes since our taxable year ended December 31, 1993.purposes. We plan to continue to meet the requirementsbelieve we have qualified for taxation as a REIT. Many of theseTo maintain our qualification as a REIT, we must meet certain requirements, however,which are highly technical and complex. For example, to qualify as a REIT, at least 95% of our gross income must come from sources that are itemized in the REIT tax laws. We must meet a number of organizational requirements, including a requirement to distribute to stockholders at least 90% of our REIT taxable income computed without regard to our deduction for dividends paid and our net capital gain.
If we fail to qualify as a REIT, we could be subject to U.S. federal income tax at regular corporate rates. Also, unless the IRS granted us relief under certain statutory provisions,Additionally, we wouldcould remain disqualified as a REIT for four years following the year we first failed to qualify. Even if we qualify for taxation 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 wholly-owned affiliates of the Operating Partnership. We are the general partner of the Operating Partnership and own 94.6% as of December 31, 2019. We contributed the proceeds from our various equity offerings, including our initial public offering, and subsequent offerings to the Operating PartnershipPartnership. In exchange for these contributions, we received units of common interests in the partnership ("OP Units"), and we currently hold a number of OP Units equal to the number of our outstandingshares of common shares. In addition, we are the general partner of the Operating Partnership. The financial results of the Operating Partnership and the Subsidiaries are consolidated in our consolidated financial statements. In addition, since certain activities, if performed by us, may cause us to earn income which is not qualifying for the REIT gross income tests, we have formed taxable REIT Subsidiaries, as defined in the Internal Revenue Code of 1986, as amended (the "Code"), to engagestock issued in such activities.
Several Properties are wholly-owned by Realty Systems, Inc. ("RSI"), one of our taxable REIT Subsidiaries. In addition, RSI is engaged in the business of purchasing, selling and leasing Site Set homes that are located in Properties we own and manage. RSI also provides brokerage services to residents at such Properties for those residents who move from a Property but do not relocate their homes. RSI may provide brokerage services, in competition with other local brokers, by seeking buyers for the Site Set homes. RSI also operates ancillary activities at certain Properties consisting of operations such as golf courses, pro shops, stores and restaurants.
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 shownpresented on the consolidated financial statements as Non-controllingnon-controlling interests—Common OP Units.units. As of December 31, 2018,2019, the Non-controllingnon-controlling interests—Common OP Units represented 5,745,966 OP Unitsunits were 10,491,222, which are exchangeable intofor an equivalent number of shares of our common stock.stock or, at our option, cash. The issuance of additional shares of common stock or Common OP Units changeswould change the respective ownership of the Operating Partnership for the Non-controlling interests—Common OP Units.Unitholders.

Since certain activities, if performed by us, may not be qualifying REIT activities under the Internal Revenue Code of 1986, as amended (the "Code"), we have formed Taxable REIT subsidiaries (each, a "TRS") to engage in such activities. Realty Systems, Inc. ("RSI") is our wholly-owned TRS, which owns several Properties. Additionally, RSI 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 sales brokerage services to our residents who choose to sell their homes as opposed to relocating them when moving from a Property. Subsidiaries of RSI also operates ancillary activities at certain Properties consisting of operations such as golf courses, pro shops, stores and restaurants.


F-11
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements











Note 2—Summary of Significant Accounting Policies

(a)Basis 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 93.8%94.6%. 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 or for VIEs in which ELS is not considered the primary beneficiary, 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.
On October 15, 2019, we effected a 2-for-one-stock split of our common stock. Pursuant to the anti-dilution provision in the Operating Partnership's Agreement of Limited Partnership, the stock split also effected a two-for-one unit split of the outstanding OP Units. All shares of common stock and OP Units and per share data in the consolidated financial statements and accompanying footnotes, for all periods presented, have been adjusted to reflect the stock split.
Certain prior period amounts have been reclassified on ourthe consolidated financial statements to conform with current year presentation.
(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.

F-12
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 2—Summary of Significant Accounting Policies (continued)

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

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
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 2—Summary of Significant Accounting Policies (continued)

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. For the periods presented, no impairment losses were recorded.
(d)Acquisitions
On January 1, 2018, we adopted ("ASU 2017-01") Business Combinations: Clarifying the Definition of a Business (Topic 805). See section (o) Recently Adopted Accounting Pronouncements within this Note 2 on a prospective basis. 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 further discussion.as an asset acquisition or business combination. As most of our real estate acquisitions are concentrated in either a single 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 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 via 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 assets/below-market 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.

F-13
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 2—Summary of Significant Accounting Policies (continued)

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.
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 2—Summary of Significant Accounting Policies (continued)

As of December 31, 20182019 and 2017,2018, the gross carrying amountsamount of identified intangible assets and goodwill werewas approximately $12.1 million, which is reported as a component of Otherother assets, net on the Consolidated Balance Sheets. As of December 31, 20182019 and 2017,2018, this amount was comprised of approximately $4.3 million of identified intangible assets and approximately $7.8 million of goodwill. Accumulated amortization of identified intangibles assets was approximately $3.0$3.1 million and $2.9$3.0 million as of December 31, 2019 and 2018, and 2017, respectively. For the years ended December 31, 2018, 2017, and 2016, amortization expense for the identified intangible assets was approximately $0.1 million, $0.1 million and $0.2 million, respectively.
(f)    Assets Held for Sale
(f)Assets Held for Sale
In determining whether to classify a real estate asset held for sale, we consider whether: (i) management has committed to a plan to sell the asset; (ii) the asset is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) we have initiated a program to locate a buyer; (iv) we believe that the sale of the real estate asset is probable within one year; (v) we are actively marketing the investment property for sale at a price that is reasonable in relation to its current value, and (vi) actions required for us to complete the plan indicate that it is unlikely that any significant changes will be made. If all of the above criteria are met, we classify the real estate asset as held for sale. When all of the above the criteria are met, we discontinue depreciation or amortization of the asset, measure it at the lower of its carrying amount or its fair value less estimated cost to sell, and present it separately as Assetsassets held for sale, net on the Consolidated Balance Sheets. We also present the Liabilitiesliabilities related to assets held for sale, if any, separately on the Consolidated Balance Sheets. In connection with the held for sale evaluation, if the disposal represents a strategic shift that has, or will have, a major effect on the consolidation financial statement, then the transaction is presented as discontinued operations.     
(g)Restricted Cash
As of December 31, 20182019 and 2017,2018, restricted cash consists of $21.1$25.1 million and $17.2$24.1 million, respectively, primaryprimarily related to cash reserved for customer deposits and amounts escrowed for insurance and real estate taxes.
(h)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.

F-14
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 2—Summary of Significant Accounting Policies (continued)

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


The carrying values of cash and restricted cash, notes receivable, accounts receivable and accounts payable approximate their fair market values due to the short-term nature of these instruments. The carrying value of the notes receivable approximates the fair market value as the interest rates are generally comparable to current market rates. Concentrations of credit risk with respect to notes receivable are limited due to the size of the receivable and geographic diversity of the underlying Properties.
OurThe fair market values of mortgage notes payable, and term loan excluding amounts presented as Liabilities related to assets held for sale of $11.2 million as of December 31, 2018 and deferred financing costs of $26.4 million and $23.7 million as of December 31, 2018 and 2017, respectively, had a carrying value of $2,374.7 million and $2,193.7 million as of December 31, 2018 and 2017, respectively, and a fair value of $2,364.6 million and $2,184.0 million as of December 31, 2018 and 2017, respectively. The fair value isinterest rate derivative are measured with Level 2 inputs using quoted prices and observable inputs from similar liabilities.
We consider our own credit riskliabilities as well as the credit risk of our counterparties when evaluating the fair value of our derivatives. Our cash flow hedge of interest rate risk is measured at fair market value with Level 2 inputs using quoted pricesdisclosed in Note 9. Borrowing Arrangements and observable inputs from similar assets and liabilities. See Note 9.10. Derivative Instruments and Hedging Activities for further discussion.Activities.
We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions as disclosed in section (d) Acquisitions within this Note 2 and Note 5.6. Investment in Real Estate.
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 2—Summary of Significant Accounting Policies (continued)

(i)Deferred Financing Costs, Net
Deferred financing costs are being 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. Accumulated amortization for suchDeferred financing costs, was $36.6net were $24.0 million and $33.9$26.4 million as of December 31, 20182019 and 2017,2018, respectively.
(j)     Allowance for Doubtful Accounts
Our allowance for doubtful accounts is comprised of our reserves for receivable from tenants, receivable for annual membership subscriptions, Contracts Receivable and Chattel Loans (Refer to(See Note 7.8. Notes Receivable, Net for definition of these terms). The allowance reflects our best estimate of collectibility risks on outstanding receivables. Our allowance for doubtful accounts was as follows:
  December 31,
(amounts in thousands): 2019 2018 2017
Balance, beginning of year $5,230
 $5,545
 $5,378
Provision for losses 3,929
 4,154
 4,181
Write-offs (2,573) (4,469) (4,014)
Balance, end of year $6,586
 $5,230
 $5,545
  December 31,
(amounts in thousands): 2018 2017 2016
Balance, beginning of year $5,545
 $5,378
 $6,470
Provision for losses 4,154
 4,181
 3,926
Write-offs (4,469) (4,014) (5,018)
Balance, end of year $5,230
 $5,545
 $5,378

(k)Revenue Recognition
Our revenue streams are predominantly derived from customers renting our Sites or entering right-to-use contracts.into membership subscriptions. Our MH community Sites and annual RV communityand 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 the lease accounting standardAccounting Standard Codification (ASC) 842, Leases, and is recognized over the term of the respective lease or the length of a customer's stay. For more information on the adoption of the new lease accounting standard, see section (p) New(o) Recently Adopted Accounting Pronouncements within this Note 2 for further discussion.
A right-to-use contractmembership subscription gives the customer the right to a set schedule of usage at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period in which access to Sites at certain Properties are provided. Right-to-use upgrade contractsMembership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. On January 1, 2018, we adopted (“ASU 2014-09”), Revenue from Contracts with Customers. See section (o) Recently Adopted Accounting Pronouncements within this Note 2 for further discussion.
years, which is our estimated membership upgrade contract term. Income 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 transferredtransferred. Sales from membership subscriptions, upgrades and home sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers.
(l)Stock Based Compensation
(l)    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.

F-15
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 2—Summary of Significant Accounting Policies (continued)

Stock-based compensation expense for restricted stock awards with performance conditions is measured based on the grant date fair value and primarily 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.
(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 the Companywe may, in itsour discretion, cause the Operating Partnership to settle in cash. The exchange is treated
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 2—Summary of Significant Accounting Policies (continued)

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 Company.shares of common stock held by the common stockholders. Issuance of additional shares of common stock or OP Units changeswould change the percentage ownership of both the Non-controllingnon-controlling interests – Common OP Unitsunits and the Company.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 both December 31, 20182019 and 2017,2018, the REIT had a federal net operating loss carryforward of approximately $74.1 million. In 2017, the Company utilized approximately $14.0 million of the net operating loss carryforward to offset its tax and distribution requirements. 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 has been recorded as of December 31, 20182019 and 2017.2018.
In addition, we have several taxable REIT Subsidiaries ("TRSs"),own certain TRSs, which are subject to federal and state income taxes at regular corporate tax rates. Overall, the TRSs have federal net operating loss carryforwards. Due to the uncertainty regarding the realization of these deferred tax assets, we have maintained a full valuation allowance as of December 31, 20182019 and 20172018 .
The REIT is stillremains 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 2014.2016.
As of December 31, 2018,2019, net investment in real estate and notes receivable had a U.S. federal tax basis of approximately $3.4$3.7 billion (unaudited) and $37.1$39.6 million (unaudited), respectively.
During the years ended December 31, 2019, 2018 2017 and 2016,2017, our tax treatment of common stock distributions, wereas adjusted for the stock split, was as follows (unaudited):
 2019 2018 2017
Tax status of common stock distributions deemed paid during the year:     
Ordinary income$1.241
 $1.069
 $0.829
Long-term capital gains—
 —
 0.359
Non-dividend distributions—
 —
 —
Distributions declared per common stock outstanding$1.241
 $1.069
 $1.188


F-16
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 2—Summary of Significant Accounting Policies (continued)
 2018 2017 2016
Tax status of Common Shares distributions deemed paid during the year:     
Ordinary income$2.137
 $1.657
 $1.471
Long-term capital gains—
 0.718
 —
Non-dividend distributions—
 —
 0.179
Distributions declared per common stock outstanding$2.137
 $2.375
 $1.650

The quarterly distributiondividend paid on January 11, 2019 is a split yearsplit-year distribution with $0.487000$0.031500 (unaudited) per share of common sharestock considered a distribution made in 20182019 for federal income tax purposes. The quarterly distribution paid on January 10, 2020 is a split year distribution with $0.290788 (unaudited) per share of common stock considered a distribution made in 2019 and $0.063000$0.015462 (unaudited) allocable to 20192020 for federal income tax purposes.
(o)Recently Adopted Accounting Pronouncements
On January 1, 2018, we adopted In February 2016, the FASB issued ("ASU 2017-01 on a prospective basis.2016-02") Leases. This new guidance, clarifiesincluding the definitionrelated subsequently issued ASUs, provides the principles for the recognition, measurement, presentation and disclosure of a business and provides a screen to determine when an integrated set ofleases, including the requirement that lessees recognize right-of-use ("ROU") assets and activities is not considered a business and, thus, is accountedlease liabilities for as an asset acquisition rather than a business combination. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not considered a business. Under this new guidance, transaction costs associated with asset acquisitions are capitalized, while transaction costs associated with business combinations are expensed as incurred. All of the acquisitions completed subsequent to January 1, 2018 met the screen and, therefore, were accounted for as asset acquisitions and, as such, the related transaction costs of $5.8 million were capitalized for the year ended December 31, 2018.
On January 1, 2018, we adopted (“ASU 2016-18”) Statement of Cash Flows: Restricted Cash (Topic 230). This guidance requires companies to include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Statement of Cash Flows. The adoption of this guidance did not have any effect on the consolidated financial statements.
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 2—Summary of Significant Accounting Policies (continued)

On January 1, 2018, we adopted (“ASU 2016-15”) Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230) on a retrospective basis. This update adds or clarifies guidance on the classification of certain cash receipts and paymentsleases on the Consolidated Statements of Cash Flows. The retrospective adoption of this guidance resulted inBalance Sheets.
We adopted the reclassification of $3.6 million and $1.1 million of insurance proceeds from Operating Activities to Investing Activities for the years ended December 31, 2017 and 2016, respectively. Additionally, the retrospective adoption of this guidance resulted in the reclassification of distributions from equity method investments of $0.8 million from Operating Activities to Investing Activities for the year ended December 31, 2017 and $1.0 million from Investing Activities to Operating Activities for the year ended December 31, 2016.

Onnew lease standard effective January 1, 2018, we adopted ASU 2014-09, which is a comprehensive new revenue recognition model that requires revenue2019 and have elected to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. We applied the modified retrospective method to our right-to-use upgrade contracts and related commissions that were not fully amortized as ofuse January 1, 2018.2019 as our date of initial application. Results for reporting periods beginning after January 1, 2018 were2019 are presented under ASU 2014-09, while prior period amountsthe new lease standard. We made an accounting policy election to not recognize ROU assets and lease liabilities for leases with a term of 12 months or less. We elected the package of practical expedients permitted under the transition guidance within the new standard and were not adjustedrequired to reassess the following upon adoption: (i) whether an expired or existing contract met the definition of a lease, (ii) the lease classification at January 1, 2019 for existing leases and (iii) whether leasing costs previously capitalized as initial direct costs would continue to be reported underamortized. Upon adoption, we did not have an adjustment to the previous accounting standards. opening balance of retained earnings due to the election of these practical expedients.
As a resultlessor, we adopted the practical expedient that allowed us not to separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental revenue if certain criteria were met. We assessed these criteria and concluded the timing and pattern of transfer for rental revenue and the cumulative impact of adopting this guidance,associated utility recoveries are the same and as our leases qualify as operating leases, we recorded a net reduction to retained earnings of approximately $15.2 million as of January 1, 2018 in Distributions in excess of accumulated earnings in the Consolidated Statement of Changes in Equity. There have not been significant changes to our business processes, systems, or internal controlsaccounted for and presented rental revenue and utility recoveries as a result of implementing the standard. See Note 10. Reportable Segments for further disaggregation ofsingle component under Rental income in our various revenue streams by major source.
The cumulative effect adjustments resulting from the adoption of ASU 2014-09 as of January 1, 2018 were as follows:
(amounts in thousands) Balance at December 31, 2017 Adjustment due to ASU 2014-09 Adoption Balance at January 1, 2018
Assets      
Deferred commission expense $31,443
 $8,200
 $39,643
       
Liabilities      
Deferred revenue-upfront payment from right-to-use contracts $85,596
 $23,386
 $108,982
       
Equity      
Distribution in excess of accumulated earnings $(211,980) $(15,186) $(227,166)
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 2—Summary of Significant Accounting Policies (continued)

The impact of ASU 2014-09 on the Consolidated Statements of Income and Comprehensive Income for 2019 and 2018. In addition, the year ended December 31, 2018 was as follows:
(amounts in thousands, except per share data) As Reported Balances Without Adoption of ASU 2014-09 (a) Effect of Change Higher/(Lower)
Revenues      
Right-to-use contract upfront payments, deferred, net $(7,380) $(4,400) $2,980
Total revenues $986,653
 $989,633
 $(2,980)
       
Expenses      
Right-to-use contract commissions, deferred, net $(813) $55
 $868
Total expenses $765,206
 $766,074
 $(868)
       
Consolidated net income $226,386
 $228,488
 $(2,102)
Net income available for Common Stockholders $212,596
 $214,585
 $(1,989)
Earnings per Common Share - Basic $2.39
 $2.41
 $(0.02)
Earnings per Common Share - Fully Diluted $2.38
 $2.40
 $(0.02)
_________________________
(a)     Represents the amounts that would have been reported under GAAP that existed priornew standard requires our expected credit loss related to the collectability of lease receivables to be reflected as an adjustment to the line item Rental income prospectively starting from January 1, 2019. For 2018, adoptionthe credit loss related to the collectability of ASU 2014-09.

On October 1, 2018, we early adopted ("ASU 2017-12") Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 provides guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. The entire change in fair value for qualifying hedge instruments including ineffectiveness is recorded in other comprehensive income ("OCI") and amounts deferred in OCI is reclassified to earningslease receivables was recognized in the same income statement line item in which the earnings effectProperty operating and maintenance and was not significant. The guidance regarding capitalization of the hedged item is reported. The new guidance also amends the presentation and disclosure requirements. The intention is to align hedge accounting with companies' risk management strategies more closely, thereby simplifying the application of hedge accounting and increase transparency as to the scope and results of hedging programs. The adoption of this guidanceleasing costs did not have any effect on theour consolidated financial statements.
On January 1, 2019, we recognized ROU assets of $17.5 million and lease liabilities of $18.7 million on the Consolidated Balance Sheets, principally for our ground and office space leases, in which we are the lessee.
For more disclosure on the adoption of the new lease accounting standard, see Note 3. Leases.
(p)New Accounting Pronouncements
In August 2018, the FASB issued ("ASU 2018-15") Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 provides clarity on the accounting for implementation costs of a cloud computing arrangement that is a service contract. The project stage (that is, preliminary project stage, application development stage, or post implementation stage) and the nature of the implementation costs determine which costs to capitalize as an asset related to the service contract and which ones to expense. This update also requires the capitalized implementation costs to be expensed over the term of the arrangement and presented in the same line item in the consolidated financial statements as the fees associated with the service of the arrangement. ASU 2018-15 is effective in fiscal years beginning after December 15, 2019, including interim periods within those years. Early adoption is permitted. ThisThe updated guidance canwill be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently inwill adopt the process of evaluating the potential impact, if any, thatnew standard effective January 1, 2020 and do not expect the adoption of this standard mayguidance to have a material impact on theour consolidated financial statements and related disclosures.statements.
In June 2018, the SEC issued a final rule, Inline XBRL Filing of Tagged Data, which will require the use of the Inline eXtensible Business Reporting Language (XBRL) format for the submission of operating company financial statement information. In addition, the final rule will eliminate the requirement for operating companies to post “Interactive Data Files” (i.e., machine-readable computer code that presents information in XBRL format) on their websites. Large accelerated filers that prepare their financial statements in accordance with GAAP will be subject to Inline XBRL requirements beginning with the fiscal period ending on or after June 15, 2019. We expect to use Inline XBRL starting with the Form 10-Q for the quarter ending June 30, 2019. 
In June 2016, the FASB issued (“ASU 2016-13”) Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 2—Summary of Significant Accounting Policies (continued)

their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. ASU 2016-13 will be effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are in the process of evaluating the potential impact, if any, that adoption of this standard may have on our consolidated financial statements and related disclosures.
In February 2016, the FASB issued ("ASU 2016-02") Leases, regarding the accounting for leases for both lessees and lessors. The pronouncement generally requires lessees to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. In July 2018, ASU 2016-02 was amended, providing another transition method by allowing companies to initially apply the new lease standard in the period of adoption, recognizing a cumulative-effect adjustment to the opening balance sheet of retained earnings, if necessary. The lease standard amendment also provided a practical expedient for an accounting policy election for lessors, by class of underlying asset, to not separate nonlease components from the associated lease components, if certain requirements are met. The new guidance is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2018.
We will adopt thisthe new guidance onstandard effective January 1, 20192020 using the modified retrospective approach. We will elect the package of practical expedients permitted under the transition guidance, which allows ushave receivables for annual membership subscriptions, membership upgrades and chattel financing that are subject to carryforward our historical lease classification, our assessment on whether a contract is or contains a lease, and our initial direct costs for any leases that exist prior to adoption of thethis new standard. As of January 1, 2019, we expect to recognize operating lease assets of approximately $18.0 million, net of our existing straight-line ground rent liability of $1.0 million, and corresponding lease liabilities of approximately $19.0 million related to operating leases where we are the lessee, such as ground leases and office leases. For leasesguidance. Our current allowance model, consistent with a term of 12 months or less, we will make an accounting policy election by class of underlying asset to not recognize the right of use assets and associated lease liabilities.
For leases where we are the lessor, the accounting for lease components will be largely unchanged from existing GAAP, and we will electreserves for credit losses when the practical expedient to not separate non-lease components from lease components based upon the predominant component for these operating leases.probable recognition threshold is


F-17
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements










Note 2—Summary of Significant Accounting Policies (continued)


met. This new guidance replaces the probable recognition threshold for credit losses with a methodology that estimates credit losses expected over the life of financial assets. We have developed an allowance model that incorporates this principle, which calculates reserves over the life of the receivable and is largely driven by risk characteristics of our receivable portfolio. We use assumptions primarily based on the existing probability of default and incorporated information on current conditions and forecast information, where applicable. We expect to recognize a cumulative-effect adjustment of $3.9 million, which will decrease the opening retained earnings as of January 1, 2020.

Note 3—Leases
Lessor
Rental income derived from customers renting our Sites is accounted for in accordance with ASC 842, Leases, and is recognized over the term of the respective operating lease or the length of a customer's stay. 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. 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. Long-term leases that are non-cancelable by the tenants 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 long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:

(amounts in thousands) As of December 31, 2019
2020 $77,031
2021 77,457
2022 47,978
2023 20,001
2024 20,024
Thereafter 78,836
Total $321,327

Lessee
We lease land under non-cancelable operating leases at 13 Properties expiring at various dates through 2054. 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 2026. For the years ended December 31, 2019, 2018 and 2017, total operating lease payments were $9.3 million, $8.3 million and $8.0 million, respectively.








F-18
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 3—Leases (continued)

The following table presents the operating lease payments for the year ended December 31, 2019, 2018 and 2017:
  Years Ended December 31,
(amounts in thousands) 2019 2018 2017
Fixed lease cost:      
Ground leases $5,727
 $5,537
 $5,248
Office and other leases 2,869
 2,114
 2,135
Variable lease cost:      
Ground leases 639
 599
 562
Office and other leases 72
 39
 10
Total lease cost $9,307
 $8,289
 $7,955

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, 2019:


(amounts in thousands) Ground Leases Office and Other Leases Total
2020 $1,949
 $3,095
 $5,044
2021 1,949
 2,469
 4,418
2022 1,479
 782
 2,261
2023 534
 552
 1,086
2024 534
 368
 902
Thereafter 4,984
 432
 5,416
Total undiscounted rental payments 11,429
 7,698
 19,127
Less imputed interest (2,399) (569) (2,968)
Total lease liabilities $9,030
 $7,129
 $16,159


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 $15.1 million and $16.2 million, respectively, as of December 31, 2019. The weighted average remaining lease term for our operating leases was 7 years and the weighted average incremental borrowing rate was 4.4% at December 31, 2019.

F-19
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 4—Earnings Per Common Share

Basic and fully diluted earnings per share are based on the weighted average shares outstanding during each year. The following table sets forth the computation of basic and diluted earnings per share of common share:stock (Common Share), as adjusted for the stock split, for the years ended December 31, 2019, 2018, and 2017:
 Years Ended December 31,
(amounts in thousands, except per share data)2019 2018 2017
Numerators:     
Net income available to Common Stockholders—Basic$279,123
 $212,596
 $189,904
Amounts allocated to dilutive securities16,783
 13,774
 12,788
Net income available to Common Stockholders—Fully Diluted$295,906
 $226,370
 $202,692
Denominator:     
Weighted average Common Shares outstanding—Basic180,805
 177,928
 173,994
Effect of dilutive securities:     
Exchange of Common OP Units for Common Shares10,934
 11,586
 12,066
Stock options and restricted stock256
 596
 790
Weighted average Common Shares outstanding—Fully Diluted191,995
 190,110
 186,850
      
      
Earnings per Common Share—Basic:$1.54
 $1.19
 $1.09
      
Earnings per Common Share—Fully Diluted:$1.54
 $1.19
 $1.08

 Years Ended December 31,
(amounts in thousands, except per share data)2018 2017 2016
Numerators:     
Net Income Available for Common Stockholders:     
Consolidated net income$226,386
 $210,377
 $187,132
Amounts allocated to dilutive securities(13,774) (12,788) (13,869)
Preferred stock distributions(16) (7,685) (9,226)
Net income available to Common Stockholders—Basic212,596
 189,904
 164,037
Amounts allocated to dilutive securities13,774
 12,788
 13,869
Net income available to Common Stockholders—Fully Diluted$226,370
 $202,692
 $177,906
Denominator:     
Weighted average Common Shares outstanding—Basic88,964
 86,997
 84,778
Effect of dilutive securities:     
Exchange of Common OP Units for Common Shares5,793
 6,033
 7,204
Stock options and restricted stock298
 395
 587
Weighted average Common Shares outstanding—Fully Diluted95,055
 93,425
 92,569
      
      
Earnings per Common Share—Basic:$2.39
 $2.18
 $1.93
      
Earnings per Common Share—Fully Diluted:$2.38
 $2.17
 $1.92


Note 4—5—Common Stock and Other Equity Related Transactions
Increase in Authorized Shares
On April 30, 2019, our stockholders approved an amendment to our charter to increase the number of shares of our common stock that we are authorized to issue from 200,000,000 to 400,000,000 shares.
Two-for-One Common Stock and OP Units Split
On October 15, 2019, a 2-for-one stock split of our common stock, effected by and in the form of a stock dividend, was paid to stockholders of record as of October 1, 2019. In connection with our stock split, the OP Units of our Operating Partnership were also split on a two-for-one basis.
Equity Offering Program
On October 26, 2018, we entered into our currenta new at-the-market ("ATM") equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our Common Stock, with a par value of $0.01 per share, up tohaving an aggregate offering price of up to $200.0 million. The full capacity remained available for issuance asAs of December 31, 2018.2019, we have $140.7 million of common stock available for issuance.
The following table presents the shares that were issued under our prior ATM equity offering program:programs, as adjusted for the stock split, during the years ended December 31, 2019, 2018, and 2017:
 Years Ended December 31,
(amounts in thousands, except share data)2019 2018 2017
Shares of common stock sold1,010,472
 1,722,282
 2,760,034
Weighted average price$58.71
 $45.73
 $43.73
Total gross proceeds$59,319
 $78,755
 $120,698
Commissions paid to sales agents$771
 $1,028
 $1,512

 Years Ended December 31,
(amounts in thousands, except share data)2018 2017 2016
Shares of Common Stock sold861,141
 1,380,017
 683,548
Weighted average price$91.45
 $87.46
 $73.15
Total gross proceeds$78,755
 $120,698
 $50,000
Commissions paid to sales agents$1,028
 $1,512
 $657
Employee Stock Purchase Plan
On May 10, 2016, we amended and restated the 1997 Non-Qualified Employee Stock Purchase Plan ("ESPP"). Pursuant to the ESPP, certain of our employees and directors may each annually acquire up to $250,000 of our common stock. The aggregate number of shares of common stock available under the ESPP shall not exceed 2,000,000, subject

F-20
Equity LifeStyle Properties, Inc.
Notes to adjustment by our Board of Directors. The common Consolidated Financial Statements



Note 5—Common Stock and Other Equity Related Transactions (continued)

stock may be purchased monthly at a price equal to 85% of the lesser of: (a) the closing price for a share of common stock on the last day of the offering period; and (b) the closing price for a share of common stock on the first day of the offering period. Shares of common stock issued through the ESPP for the years ended December 31, 2019, 2018 and 2017 were 40,934, 44,142 and 2016 were 22,071, 24,715 and 17,037,49,430, respectively. As of December 31, 2019, 774,579 shares remained available to be sold under the ESPP, subject to adjustment by our Board of Directors.

Exchanges

Subject to certain limitations, Common OP Unitholders can request an exchange of any or all of their OP Units for shares of common stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of common stock, cause the Operating Partnership to pay cash.

Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements
Note 4—Common Stock Activity and Other Equity Related Transactions (continued)
Distributions

The following table presents the changes in our outstanding common stock (excluding OP Units of 5,745,966, 5,834,100,10,491,222, 11,491,932, and 7,170,00011,668,200 outstanding at December 31, 2019, 2018 and 2017, and 2016, respectively):, as adjusted for the stock split:
 Years Ended December 31,
 2019 2018 2017
Shares outstanding at January 1,179,842,036
 177,170,320
 171,058,772
Common stock issued through the ATM Equity Offering Program and its predecessor1,010,472
 1,722,282
 2,760,034
Common stock issued through exchange of OP Units997,750
 176,268
 2,671,800
Common stock issued through exercise of options5,600
 405,600
 440,000
Common stock issued through restricted stock grants193,262
 385,010
 260,852
Common stock forfeitures—
 —
 (1,980)
Common stock issued through ESPP and Dividend Reinvestment Plan41,589
 45,144
 50,202
Common stock repurchased and retired(1,114) (62,588) (69,360)
Shares outstanding at December 31,182,089,595
 179,842,036
 177,170,320
 Years Ended December 31,
 2018 2017 2016
Shares outstanding at January 1,88,585,160
 85,529,386
 84,253,065
Common stock issued through the ATM Equity Offering Program861,141
 1,380,017
 683,548
Common stock issued through conversion of OP Units88,134
 1,335,900
 37,678
Common stock issued through exercise of options202,800
 220,000
 440,000
Common stock issued through restricted stock grants192,505
 130,426
 133,717
Common stock forfeitures—
 (990) —
Common stock issued through ESPP and Dividend Reinvestment Plan22,572
 25,101
 17,373
Common stock repurchased and retired(31,294) (34,680) (35,995)
Shares outstanding at December 31,89,921,018
 88,585,160
 85,529,386

During the years ended December 31, 2019, 2018 2017 and 2016,2017, we repurchased shares of common stock representing common stock surrendered to satisfy income tax withholding obligations primarily due to the vesting of restricted stock grants at a weighted average price of $96.23, $89.02$47.48, $48.12 and $72.22$44.51 per share, respectively.
As of December 31, 2019, 2018 2017 and 2016,2017, ELS' percentage ownership of the Operating Partnership was approximately 94.0%94.6%, 93.8%94.0% and 92.3%93.8%, respectively. The remaining approximately 6.0%5.4%, 6.2%6.0% and 7.7%6.2% as of December 31, 2019, 2018 2017 and 2016,2017, respectively, was owned by the Common OP Unitholders.
The following regular quarterly distributions have been declared and paid to common stockholders and commonCommon OP Unit non-controlling interestsUnitholders since January 1, 2016:2017:
Distribution Amount Per Share  For the Quarter Ended  Stockholder Record Date  Payment Date
$0.4250March 31, 2016March 25, 2016April 8, 2016
$0.4250June 30, 2016June 24, 2016July 8, 2016
$0.4250September 30, 2016September 30, 2016October 14, 2016
$0.4250December 31, 2016December 30, 2016January 13, 2017
$0.48750.2438 March 31, 2017 March 31, 2017 April 14, 2017
$0.48750.2438 June 30, 2017 June 30, 2017 July 14, 2017
$0.48750.2438 September 30, 2017 September 29, 2017 October 13, 2017
$0.48750.2438 December 31, 2017 December 29, 2017 January 12, 2018
$0.55000.2750 March 31, 2018 March 30, 2018 April 13, 2018
$0.55000.2750 June 30, 2018 June 29, 2018 July 13, 2018
$0.55000.2750 September 30, 2018 September 28, 2018 October 12, 2018
$0.55000.2750 December 31, 2018 December 28, 2018 January 11, 2019
$0.3063March 31, 2019March 29, 2019April 12, 2019
$0.3063June 30, 2019June 28, 2019July 12, 2019
$0.3063September 30, 2019September 27, 2019October 11, 2019
$0.3063December 31, 2019December 27, 2019January 10, 2020


F-21
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 5—6—Investment in Real Estate
Acquisitions
We acquired all of the following Properties from unaffiliated third parties:
During the year ended December 31, 2019, we acquired 4 RV communities, including White Oak Shores, located in Stella, North Carolina, Round Top and Drummer Boy, located in Gettysburg, Pennsylvania, and Lake of the Woods, located in Wautoma, Wisconsin for a combined purchase price of $58.3 million. These properties contain 1,614 Sites. As a result of these acquisitions, we assumed approximately $18.6 million of mortgage debt, excluding mortgage premiums of $0.6 million. The remaining purchase price was funded with available cash. We also completed the acquisition of the remaining interest in our joint venture investment of 11 marinas in Florida for a purchase price of approximately $49.0 million. As part of the acquisition, we also funded the repayment of the joint venture's non-transferable debt of approximately $72.0 million. The transaction was funded with proceeds from the unsecured Line of Credit ("LOC"). In addition, the gross carrying value of the joint venture investment of $35.8 million was included in the total fair value of $162.2 million that was allocated to the real estate assets. We also acquired additional assets, including 3 land parcels, for a combined purchase price of $28.1 million. All acquisitions were accounted for as asset acquisitions.
During the year ended December 31, 2018, we acquired four4 RV communities, including Sunseekers, located in North Fort Myers, Florida, Holiday Travel Park, located in Holiday, Florida, Timber Creek, located in Waverly, Rhode Island, and King Nummy, located in Cape May Court House, New Jersey and four manufactured home4 MH communities, including Everglades Lakes, located in Fort Lauderdale, Florida, Serendipity, located in Clearwater, Florida, Kingswood located in Riverview, Florida, and Palm Lake located in Fort Lauderdale, Clearwater, Riverview and Riviera Beach, Florida, respectively, for a combined purchase price of $251.7 million, including $5.8 million of transaction costs.million. These properties contain 3,712 Sites. As a result of these acquisitions, we assumed approximately $9.2 million of mortgage debt and entered into new mortgage debt of $8.8 million. The remaining purchase price was funded with available cash, proceeds from our priorthe ATM equity offering program and the LOC. We also acquired two2 vacant land parcels adjacent to our other Propertiescommunities for a combined purchase price of $2.8 million. Each of theseAll acquisitions were accounted for as asset acquisitions.
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 5—Investment in Real Estate (continued)

During the year ended December 31, 2017, we acquired Bethpage Camp Resort and Grey's Point Camp, two2 RV communities in Urbanna and Topping,Virginia, respectively, and Paradise Park Largo, a manufactured homeMH community in Largo, Florida for a combined purchase price of $142.4 million. These Properties include 1,870 sites. As a result of these acquisitions, we assumed approximately $5.9 million of mortgage debt. The remaining purchase price was funded with available cash, proceeds from ourthe ATM equity offering program and the line of credit.LOC. We accounted for ourthe 2017 acquisitions under the acquisition method in accordance with ASC 805, Business Combinations (“ASC 805”).
During the year ended December 31, 2016, we acquired four RV communities, including Riverside RV, located












F-22
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 6—Investment in Arcadia, Florida, Portland Fairview, located in Fairview Oregon, Forest LakesReal Estate located in Zephyrhills, Florida, and Rose Bay, located in Port Orange, Florida for a combined purchase price of $120.5 million. These Properties include 2,377 Sites. As a result of these acquisitions, we assumed approximately $22.6 million of mortgage debt. The remaining purchase price was funded with available cash and proceeds from our ATM equity offering program. We accounted for our 2016 acquisitions under the acquisition method in accordance with ASC 805.(continued)
We engaged a third-party valuation firms to assist with our purchase price allocation when necessary. The following table summarizes the fair value of the assets acquired and liabilities assumed for the years ended December 31, 2019, 2018 2017 and 2016,2017, which we determined using Level-2Level-3 inputs for mortgage notes payable, other liabilitiesland and buildings and other assetsdepreciable property and Level-3Level-2 inputs for the others:
 Years Ended December 31,
(amounts in thousands)2019 2018 
2017(a)
Assets acquired     
Land$116,575
 $171,111
 $82,539
Buildings and other depreciable property125,721
 84,019
 55,903
Manufactured homes (b)
1,382
 140
 840
In-place leases (b)
5,519
 9,859
 2,973
Net investment in real estate$249,197
 $265,129
 $142,255
Other assets1,646
 59
 229
Total assets acquired$250,843
 $265,188
 $142,484
Liabilities assumed     
Mortgage notes payable$19,212
 $9,200
 $5,900
Below-market lease liability (c)
—
 10,645
 —
Other liabilities10,431
 2,449
 32
Total liabilities assumed$29,643
 $22,294
 $5,932
Net assets acquired$221,200
 $242,894
 $136,552

 Years Ended December 31,
(amounts in thousands)2018 
2017 (a)
 2016
Assets acquired     
Land$171,111
 $82,539
 $62,489
Buildings and other depreciable property84,019
 55,903
 55,445
Manufactured homes (b)
140
 840
 67
In-place leases (b)
9,859
 2,973
 4,447
Net investment in real estate$265,129
 $142,255
 $122,448
Other assets—
 229
 20
Total assets acquired$265,129
 $142,484
 $122,468
Liabilities assumed     
Mortgage notes payable$9,200
 $5,900
 $22,010
Below-market lease liability (c)
10,645
 —
 —
Other liabilities—
 32
 2,214
Total liabilities assumed$19,845
 $5,932
 $24,224
Net assets acquired$245,284
 $136,552
 $98,244
_____________________
_________________________ 
(a)During the year ended December 31, 2018, we finalized the purchase price allocation on the 2017 acquisitions accounted for as business combinations.
(b)Manufactured homes and in-place leases are included in Buildingsbuildings and other depreciable property on the Consolidated Balance Sheets.
(c)Below-market lease liability is included in Accrued expensesaccounts payable and accounts payableother liabilities on the Consolidated Balance Sheets.

Dispositions

On January 23, 2019, we closed on the sale of 5 all-age MH communities located in Indiana and Michigan, collectively containing 1,463 sites, for $89.7 million and recognized a gain of $52.5 million, net of transaction costs, during the first quarter of 2019. The assets sold included $35.4 million of net investment in real estate and $0.5 million of other assets that were held for sale as of December 31, 2018. In connection with the sale of these communities, we defeased $11.2 million of mortgage debt that was secured by these communities. The associated assets and liabilities were classified as held for sale as of December 31, 2018.





F-23





Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements




Note 5—Investment in Real Estate (continued)

Properties Classified as Held for Sale
The following table presents the assets and liabilities associated with the five Properties classified as held for sale as of December 31, 2018:
 As of December 31,
(amounts in thousands)2018
Assets 
Land, building and other improvements$49,973
Less accumulated depreciation(14,547)
Net investment in real estate35,426
Other assets488
Assets held for sale, net$35,914
Liabilities 
Mortgage notes payable$11,175
Other liabilities1,175
Liabilities related to assets held for sale$12,350
Note 6—7—Investment in Unconsolidated Joint Ventures
During
The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the yearnumber of Properties shown parenthetically for the years ended December 31, 2017, we entered joint venture agreements to acquire 49% interest in Florida Atlantic Holding, LLC ("Loggerhead")2019 and Crosswinds Mobile Home Park ("Crosswinds") for approximately $30.02018, respectively):
          Investment as of December 31, Income/(Loss) for Years Ended December 31,
Investment Location Number
of Sites		 
Economic Interest (a)
   2019 2018 2019 2018 2017
Meadows Various (2,2) 1,077
 50%   $146
 $346
 $1,400
 $1,839
 $2,197
Lakeshore Florida (3,3) 721
 
(b) 

   2,467
 2,263
 263
 22
 115
Voyager Arizona (1,1) 1,801
 50% 
(c) 
 599
 3,135
 2,951
 995
 891
Loggerhead Florida 2,343
 —% 
(d) 
 —
 35,789
 3,501
 1,486
 230
ECHO JV Various —
 50%   16,862
 16,222
 640
 597
 332
    5,942
     $20,074
 $57,755
 $8,755
 $4,939
 $3,765
_____________________ 
(a)The percentages shown approximate our economic interest as of December 31, 2019. Our legal ownership interest may differ.
(b)Includes 2 joint ventures in which we own a 65% interest in each and the Crosswinds joint venture in which we own a 49% interest.
(c)Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility plant servicing this Property.
(d)On September 10, 2019, we completed the acquisition of the remaining interest in the Loggerhead joint venture (see Note 6. Investment in Real Estate). Loggerhead sites represent marina slip count.
We recognized $8.8 million, $4.9 million, and $18.8 million, respectively. As part of the Crosswinds transaction, we issued a short term loan of $13.8 million to the joint venture. The loan was subsequently repaid during 2018. During the year ended December 31, 2018, we contributed an additional $4.4 million and $0.1 million to the Loggerhead and Crosswind joint ventures, respectively.
We recorded $4.9 million, $3.8 million, and $2.6 million (net of $1.2 million, $1.8 million $1.5 million and $1.3$1.5 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for the years ended December 31, 2019, 2018 2017 and 2016,2017, respectively. We received approximately $11.5 million, $4.5 million $3.8 million and $5.9$3.8 million in distributions from joint ventures for the years ended December 31, 2019, 2018 2017 and 2016,2017, respectively. Approximately $3.5 million, $0.2 million and $0.8 million of the distributions made to us exceeded our basis in joint ventures, and as such, were recorded as income from unconsolidated joint ventures for the years ended December 31, 2019, 2018, and 2017 respectively. None of the distributions made to us exceeded our basis in joint ventures for the year ended December 31, 2016.
The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically for the years ended December 31, 2018 and 2017, respectively):
          Investment as of December 31, Income/(Loss) for Years Ended December 31,
Investment Location 
Number
of Sites(a)
 
Economic Interest(b)
   2018 2017 2018 2017 2016
Meadows Various (2,2) 1,077
 50%   $346
 $307
 $1,839
 $2,197
 $1,348
Lakeshore Florida (3,3) 720
 
(c) 

   2,263
 2,530
 22
 115
 318
Voyager Arizona (1,1) 1,801
 50% 
(d) 
 3,135
 3,205
 995
 891
 1,014
Loggerhead Various 2,343
 49%   35,789
 31,414
 1,486
 230
 —
Echo JV Various —
 50%   16,222
 15,624
 597
 332
 (75)
    5,941
     $57,755
 $53,080
 $4,939
 $3,765
 $2,605
_________________________ 
(a)Loggerhead sites represents marina slip counts.
(b)The percentages shown approximate our economic interest as of December 31, 2018. Our legal ownership interest may differ.
(c)Includes two joint ventures in which we own a 65% interest in each and the Crosswinds joint venture in which we own a 49% interest.
(d)Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility plant servicing the Property.



Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements








Note 7—8—Notes Receivable, netNet
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.
We provide financing for nonrefundablenon-refundable upfront payments required for membership upgrades to existing right-to-use contracts ("Contracts Receivable"). These Contracts Receivable represent loans to customers who have entered right-to-use contracts. As of December 31, 2019 and 2018, and 2017, ContractContracts Receivable, net of allowance, was $21.9$25.2 million and $19.7$21.9 million, respectively. Contracts Receivable, as of December 31, 2018,2019, had an average stated interest rate of 16.6%,16.7% per annum, a weighted average term remaining of approximately 3.54.2 years and require monthly payments of principal and interest.
In certain cases, we purchase loans made by othersan unaffiliated lender to finance the sales of homes to our customers at our Properties (referred to as "Chattel Loans"). These loans are secured by the underlying homes sold. These Chattel Loanssold and require monthly principal and interest payments. As of December 31, 20182019 and 2017,2018, we had $13.4$12.3 million and $15.9$13.4 million of Chattel Loans, respectively. As of December 31, 2018,2019, the Chattel Loans receivable had aan average stated per annum average interest rate of approximately 7.7%, with a yield of 26.5%, per annum and had ana weighted average term remaining of approximately 1012 years.


F-24
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 8—9—Borrowing Arrangements

Mortgage Notes Payable
Our mortgage notes payable is classified as Level 2 in the fair value hierarchy as of December 31, 2019 and 2018. The following table presents the fair value of our mortgage notes payable:
  As of December 31, 2019 As of December 31, 2018
(amounts in thousands) Fair Value Carrying Value Fair Value Carrying Value
Mortgage notes payable, excluding deferred financing costs $2,227,185
 $2,072,416
 $2,164,563
 $2,174,715

As of December 31, 20182019 and 2017,2018, we had outstanding mortgage indebtedness on Properties of approximately $2,149.7$2,049.5 million and $1,971.7$2,149.7 million, respectively, excluding liabilities classified as held for sale and net of deferred financing costs. The weighted average interest ratesrate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and deferred loan cost amortization were 4.7%on mortgage indebtedness, as of December 31, 2019 and 4.8% per annum, for the years ended December 31, 2018, was approximately 4.5% and 2017,4.7% per annum, respectively. The secured debt bears interest at stated rates ofranging from 3.5% to 8.9% per annum and matures on various dates ranging from 2020 to 2041. The debt encumbered a total of 116 and 118 Properties, excluding held for saleof our Properties as of December 31, 2019 and December 31, 2018, respectively, and 120the gross carrying value of such Properties was approximately $2,524.7 million and $2,509.5 million, as of December 31, 2017,2019 and the carrying values of such Properties were approximately $2,489.8 million and $2,323.1 million for December 31, 2018, respectively.
2019 Activity
We defeased mortgage debt of $11.2 million in conjunction with the disposition of the 5 all-age MH communities as disclosed in Note 6. Investment in Real Estate. These loans had a weighted average interest rate of 5.0% per annum. We also assumed mortgage debt of $18.6 million, excluding mortgage note premium of $0.6 million, in connection with the acquisitions that were closed during the year ended December 31, 2019. These loans carry a weighted average interest rate of 5.4% per annum and 2017, respectively.mature between 2022 and 2024.
We also repaid $66.8 million of principal on four mortgage loans that were due to mature in 2020, incurring $1.4 million of prepayment penalties. These mortgage loans had a weighted average interest rate of 6.9% per annum and were secured by three MH and one RV communities.
2018 Activity
We entered into two2 secured credit facilities with gross proceeds of $357.8 million, with a weighted average maturity of 14.8 years and a weighted average interest rate of 4.23%4.2%. We also closed on one1 loan secured by two2 RV communities for gross proceeds of $64.0 million. The loan has a term of 20 years and carries an interest rate of 4.83%4.8% per annum. Additionally, in connection with the Serendipity acquisition, we assumed $9.2 million of debt and obtained $8.8 million of additional financing for a total of $18.0 million, secured by the MH community. The debt carries a weighted average interest rate of 4.75%4.8% and matures in 2039.
We also repaid $196.8 million of principal on 16 mortgage loans (15 due to mature in 2019 and one1 maturing in 2018) incurring $1.9 million of prepayment penalties. These mortgage loans had a weighted average interest rate of 6.29% per annum and were secured by 15 MH and one1 RV communities.
2017 Activity
We entered into a $204.4 million secured credit facility with Fannie Mae, maturing in 20 years and bearing a 3.97% interest rate. The facility is secured by five5 MH communities. We also closed on three3 loans with total gross proceeds of $146.0 million. These loans have a term of 20 years, carry an interest rate of 4.07% per annum and are each secured by a MH community. Additionally, in connection with the Paradise Park Largo acquisition, we assumed $5.9 million of debt secured by the MH community, with an interest rate of 4.60% per annum, which is set to mature in 2040.
We also repaid $227.5 million of principal on 15 mortgage loans (13 due to mature in 2018 and two2 maturing in 2017) incurring $2.7 million of prepayment penalties. These mortgage loans had a weighted average interest rate of 5.93% per annum and were secured by 13 MH and two2 RV communities.
2016 Activity
We closed on six loans with total gross proceeds of approximately $88.1 million. These loans have a weighted average maturity of 23 years, carry a weighted average interest rate of 4.01% per annum and are secured by four MH and two RV communities.
F-25
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 8—9—Borrowing Arrangements (continued)


Additionally, in connection with the Forest Lake Estates acquisition, we assumed $22.6 million of debt secured by the MH community, with an interest rate of 4.51% per annum, which is set to mature in 2038.
We also paid off five maturing loans of approximately $41.8 million in principal. These mortgage loans had a weighted average interest rate of 5.85% per annum and were secured by three MH and two RV communities.
Second Amended and Restated Unsecured Credit Facility
During the year ended December 31, 2017, we entered into a Second Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, as the administrative agent, and other lenders named therein, which amended and restated the terms of the obligations owed by us under the Amended, Restated and Consolidated Credit Agreement dated as of July 17, 2014, pursuant to which we have access to a $400.0 million unsecured lineLine of creditCredit (the “LOC”) and entered into a $200.0 million senior unsecured term loan (the “Term Loan”). The LOC maturity date was extended to October 27, 2021, and this term can be extended an additional year in two2 six-month increments, subject to certain conditions. The LOC bears interest at a rate of LIBOR plus 1.10% to 1.55% and requires an annual facility fee of 0.15% to 0.35%. The spread over LIBOR varies quarterly based on leverage measured throughout the loan term. In 2017, we incurred commitment and arrangement fees of approximately $3.7 million to extend the LOC and enter into the Term Loan.Loan, as discussed below.
Unsecured Line of Credit
The LOC has no outstanding balance atDuring the year ended December 31, 20182019, we paid off and had $30.0borrowed amounts on our LOC, leaving a balance of $160.0 million outstanding as of December 31, 2017.
Term Loan
2019. As of December 31, 2018,2019, our LOC has a remaining borrowing capacity of $240.0 million with the option to increase the borrowing capacity by $200.0 million, subject to certain conditions. The LOC had 0 outstanding balance as of December 31, 2018.
Term Loan
Our $200.0 million unsecured Term Loan matures on April 27, 2023 and has an interest rate of LIBOR plus 1.20% to 1.90% per annum and, subject to certain conditions, may be prepaid at any time without premium or penalty. The spread over LIBOR varies quarterly based on leverage measured throughout the loan term. The Term Loan contains customary representations, warranties, and negative and affirmative covenants, and provides for acceleration of principal and payment of all other amounts payable thereunder upon the occurrence of certain events of default. In connection with the Term Loan, as amended under the Second Amended and Restated Credit Agreement, we also entered into a three-year LIBOR Swap Agreement (the "2017 Swap") allowing us to trade the variable interest rate for a fixed interest rate on the Term Loan. See Note 9 10. Derivative Instruments and Hedging Activities for further discussion.
Future Maturities of Debt
Debt is classified as held for sale ifThe following table presents the Properties collateralizing it are held for sale. Debt associated with assets held for sale is classified in the table below based on its contractual maturity although the balances are expected to be repaid immediately upon the saleaggregate scheduled payments of the related Properties. Aggregate annual principal payments on long-term borrowings for each of the next five years and thereafter are as follows:of December 31, 2019:
(amounts in thousands)Held for Sale Held for Use Total Amount
2019$157
 $54,848
 $55,005
2020163
 168,697
 168,860
 $102,942
202110,881
 218,337
 229,218
 218,780
2022—
 179,910
 179,910
 187,653
2023—
 341,561
 341,561
 341,796
2024 60,856
Thereafter—
 1,410,368
 1,410,368
 1,359,279
Net unamortized premiums—
 994
 994
 1,110
Unamortized deferred financing costs(26) (26,363) (26,389) (23,958)
Total$11,175
 $2,348,352
 $2,359,527
 $2,248,458
As of December 31, 2018,2019, we were in compliance in all material respects with the covenants in our borrowing arrangements.










F-26
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements











Note 9—10—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 our 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.
Our previous swap, entered into in 2014, matured during 2017. In connection with our Term Loan, we entered into the 2017 Swap (see Note 8.9. Borrowing Arrangements for further discussion on the Term Loan) allowing us to trade the variable interest rate on the Term Loan for a fixed interest rate. The 2017 Swap has a notional amount of $200.0 million of outstanding principal with an underlying LIBOR of 1.85% per annum for the first three years and matures on November 1, 2020. Based on the leverage as of December 31, 20182019 and 2017,2018, our spread over LIBOR was 1.20% resulting in an estimated all-in interest rate of 3.05% per annum.
Our derivative financial instrument is classified as Level 2 in the fair value hierarchy. The following table below presents the fair value of our derivative financial instrument:
    As of December 31,
(amounts in thousands) Balance Sheet Location 2019 2018
Interest Rate Swap Other assets, net $—
 $2,299
Interest Rate Swap Accounts payable and other liabilities $380
 $—

    As of December 31,
(amounts in thousands) Balance Sheet Location 2018 2017
Interest Rate Swap - 2017 Other assets, net $2,299
 $942

The table below presents the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income:
Derivatives in Cash Flow Hedging Relationship Amount of (gain)/loss recognized
in OCI on derivative
for the year ended December 31,		 Location of (gain)/ loss reclassified from
accumulated OCI into income		 
Amount of (gain)/loss reclassified from
accumulated OCI into income
for the year ended December 31,
(amounts in thousands) 2019 2018 2017 (amounts in thousands) 2019 2018 2017
Interest Rate Swap $1,847
 $(1,613) $(869) Interest Expense $(832) $(256) $300

Derivatives in Cash Flow Hedging Relationship 
Amount of (gain)/loss recognized
in OCI on derivative
for the year ended December 31,
 
Location of (gain)/ loss reclassified from
accumulated OCI into income
 
Amount of (gain)/loss reclassified from
accumulated OCI into income
for the year ended December 31,
(amounts in thousands) 2018 2017 2016 (amounts in thousands) 2018 2017 2016
Interest Rate Swap $(1,613) $(869) $813
 Interest Expense $(256) $300
 $1,139

During the next twelve months, we estimate that an additional $0.4 million will be reclassified as an increase to interest expense. This estimate may be subject to change as the underlying LIBOR changes. We determined that no adjustment was necessary for non-performance risk on our derivative obligation. As of December 31, 2018,2019, we did not post any collateral related to this agreement.















F-27


Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements











Note 10—11—Deferred Revenue Entry of Right-to-Use ContractsMembership Upgrade Sales and Deferred Commission Expense

The components of the change in deferred revenue entry of right-to-use contractsmembership subscriptions and deferred commission expense were as follows:
  As of
(amounts in thousands) 2018 2017
Deferred revenue as of December 31, $85,596
 $81,484
Cumulative effect of change in accounting principle (a)
 23,387
 —
Deferred revenue as of January 1, 108,983
 81,484
Right-to-use contracts current period, gross 15,191
 14,132
Revenue recognized from right-to-use contract upfront payments (7,811) (10,020)
Right-to-use contract upfront payments, deferred, net 7,380
 4,112
Deferred revenue—upfront payments from right-to-use contracts as of December 31, $116,363
 $85,596
     
Deferred commission expense as of December 31 $31,443
 $31,375
Cumulative effect of change in accounting principle (a)
 8,200
 —
Deferred commission expense as of January 1, 39,643
 31,375
Deferred commission expense 4,274
 4,577
Commission expense recognized (3,609) (4,509)
Net increase in deferred commission expense 665
 68
Deferred commission expense as of December 31, $40,308
 $31,443
  As of
(amounts in thousands) 2019 2018
Deferred revenue - upfront payments from membership upgrade sales as of December 31, $116,363
 $85,596
Cumulative effect of change in accounting principle (1)
 —
 23,387
Deferred revenue - upfront payments from membership subscriptions as of January 1, 116,363
 108,983
Membership upgrade sales current period, gross

 19,111
 15,191
Revenue recognized from membership upgrade sales upfront payments (8,660) (7,811)
Net increase in deferred revenue - upfront payments from membership grade sales 10,451
 7,380
Deferred revenue - upfront payments from membership upgrade sales as of December 31, $126,814
 $116,363
     
Deferred commission expense as of December 31 $40,308
 $31,443
Cumulative effect of change in accounting principle (1)
 —
 8,200
Deferred commission expense as of January 1, 40,308
 39,643
Deferred commission expense 4,508
 4,274
Commission expense recognized (3,667) (3,609)
Net increase in deferred commission expense 841
 665
Deferred commission expense as of December 31, $41,149
 $40,308
______________________________________________ 
(a)
(1)
The cumulative effect adjustments resulting from the adoption of ASU 2014-09 as of January 1, 2018. See Note 2 for further details.
Note 11—Lease Agreements
The leases entered into between the customer and us for the rental of a Site are generally month-to-month or for a period of one to ten years, renewable upon the consent of the parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenant are in effect at certain Sites for 17 of the 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 long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. As of December 31, 2018, future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases are as follows:
(amounts in thousands) Amount
2019 $92,885
2020 92,759
2021 37,252
2022 19,561
2023 19,225
Thereafter 83,072
Total $344,754

Note 12—Operating Leases
We lease land under non-cancelable operating leases at certain of the Properties expiring at various dates through 2054. 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 operating leases covering our office space expiring at various dates through 2026. As leases expire, it can be expected that certain leases will be renewed or replaced in the normal course of business. For the years ended December 31, 2018, 2017 and 2016, total operating lease payments for rent due under ground leases and office space aggregated to $7.9 million, $7.6 million and $7.4 million, respectively.


Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements

Note 12- Operating Leases (continued)

The following table summarizes our minimum future rental payments under our operating leases as of December 31, 2018:
(amounts in thousands) Total 2019 2020 2021 2022 2023 Thereafter
Office space lease $8,669
 $2,348
 $2,402
 $2,068
 $569
 $530
 $752
Ground lease 11,551
 1,832
 1,832
 1,832
 1,362
 417
 4,276
Total operating leases $20,220
 $4,180
 $4,234
 $3,900
 $1,931
 $947
 $5,028

Note 13—Transactions with Related Parties
We lease office space from Two North Riverside Plaza Joint Venture Limited Partnership, an entity affiliated with Samuel Zell, Chairman of our Board of Directors. Payments made in accordance with the lease agreement to this entity amounted to approximately $1.7 million for the year ended December 31, 2019, and $1.4 million for each of the years ended December 31, 2018, 2017 and 2016.2017.

Note 14—13—Equity Incentive Awards
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. Pursuant to the 2014 Plan, our officers, directors, employees and consultants may be awarded restricted stock, options, including non-qualified stock options and incentive stock options, and other forms of equity awards subject to conditions and restrictions determined by the Compensation, Nominating, and Corporate Governance Committee of our Board of Directors (the "Compensation Committee").
Equity awards under the 2014 Plan are made by the Compensation Committee, whichwho determines the individuals eligible to receive awards, the types of awards, and the terms, conditions and restrictions applicable to any award. Grants to directors are determined by the Board of Directors. A maximum of 3,750,000 shares of common stock are authorized for awards under the 2014 Plan. As of December 31, 2018, 2,927,9232019, 5,664,562 shares remained available for future grants.
Restricted stock and options under the 2014 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 in generally no longer than three and a half years. All restricted stock awards have non-forfeitable rights to dividend payments even if the underlying stock does not entirely vest.


On February 1, 2018, we awarded 70,250Grants Issued

During the quarter ended March 31, 2019, 122,400 shares of restricted stock (the “2018 Awards”) at a fair market value of approximately $5.9 millionwere awarded to certain members of our senior management for their service in 2018. The 2018 Awards vest over a three-year vesting period, with one-third vested on December 28, 2018 and the remaining two-thirds vesting on each of January 31, 2020 and January 29, 2021, respectively (the “Extended Vesting Portion”). One-half of the Extended Vesting Portion of the 2018 Awards isteam. Of these shares, 50% are time-based awards, vesting in equal installments over a three-year period on January 31, 2020, January 29, 2021, and January 29, 2021.31, 2022, respectively, and have a grant date fair value of $3.2 million. The remaining one-half of the Extended Vesting Portion of the 2018

F-28
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 13—Equity Incentive Awards is(continued)

50% are performance-based awards, vesting in equal installments over a three-year period on January 31, 2020, and January 29, 2021, and January 31, 2022, respectively, upon meeting the performance conditions to be established by the Compensation Committee in the year of the vesting period.
Additionally, on February 1, 2018, we awarded a one-time transition award They are valued using the closing price at the grant date when all the key terms and conditions are known to all parties. The 20,402 shares of time-based restricted stock (the "Transition Awards") asawarded in 2019 subject to 2019 performance goals have a transition from our prior practicegrant date fair value of granting annual$1.1 million.

During the quarter ended June 30, 2019, 70,862 shares of restricted stock awards which vest in full on December 31 of the relevant grant year. On February 1, 2018, wewere awarded Transition Awards for 70,250 shares of common stock at a fair market value of approximately $5.9 million to certain members of our senior management.Board of Directors at a fair value of approximately $4.1 million. These Transition Awardsshares are intended to mitigate the impact of a reduction in the realized pay for certain members of our senior management in 2018 and 2019 resulting from the three-year vesting period for the 2018 Awards. Two- thirds of each Transition Award vested on December 28, 2018, and the remaining one- third will vest on January 31, 2020. The Transition Awards are nottime-based awards subject to performance goals. The Compensation Committee does not intend to replicate these Transition Awards in future years. various vesting dates between October 30, 2019 and April 30, 2022.
Stock-based compensation expense, reported in Generalgeneral and administrative on the Consolidated Statements of Income and Comprehensive income, for the years ended December 31, 2019, 2018 and 2017 and 2016 was $10.5 million, $10.0 million and $9.4 million, and $9.2 million, respectively.


Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements
Note 14— Equity Incentive Awards (continued)

Restricted Stock
A summary of our restricted stock activities and related information, as adjusted for stock split, is as follows:
 Number of Shares Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2016131,214
 $31.84
Shares granted260,852
 $38.13
Shares forfeited(1,980) $40.27
Shares vested(250,542) $34.40
Balance at December 31, 2017139,544
 $38.89
Shares granted385,010
 $43.01
Shares vested(224,852) $40.74
Balance at December 31, 2018299,702
 $42.78
Shares granted193,262
 $55.51
Shares vested(74,222) $43.72
Balance at December 31, 2019418,742
 $48.32

 Number of Shares Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 201585,500
 $49.72
Shares granted133,717
 $68.21
Shares vested(153,610) $59.85
Balance at December 31, 201665,607
 $63.68
Shares granted130,426
 $76.25
Shares forfeited(990) $80.54
Shares vested(125,271) $68.79
Balance at December 31, 201769,772
 $77.77
Shares granted192,505
 $86.01
Shares vested(112,426) $81.48
Balance at December 31, 2018149,851
 $85.56
Compensation expense to be recognized subsequent to December 31, 20182019 for restricted stock granted during or prior to 20182019 that have not yet vested was $11.0$11.1 million, which is expected to be recognized over a weighted average term of 1.21.7 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:                valuation, as adjusted for stock split:                
 2018 2017
Dividend Yield2.5% 2.4%
Risk-free interest rate2.8% 1.9%
Expected Life5.6 years 5.5 years
Expected Volatility16.7% 17.8%
Weighted Average Grant Date Fair Value Per Share$6.48 $5.50






F-29
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 13—Equity Incentive Awards (continued)
 2018 2017 2016
Dividend Yield2.5% 2.4% 2.3%
Risk-free interest rate2.8% 1.9% 1.3%
Expected Life5.6 years 5.5 years 6 years
Expected Volatility16.7% 17.8% 19.8%
         Weighted Average Grant Date Fair Value Per Share$12.95 $11.00 $10.70

NoThere were no stock options granted during 2019. NaN options were forfeited or expired during the years ended December 31, 2019, 2018 2017 and 2016.2017. A summary of our stock option activity and related information, as adjusted for stock split, is as follows: 
 Shares Subject To Options 
Weighted Average
Exercise Price Per Share
 Weighted Average Outstanding Contractual Life (in years) Average Intrinsic Value (in millions)
Balance at December 31, 2016866,300
 $10.72 1.7 $22.0
Options issued13,860
 $40.58    
Options exercised(440,000) $11.02   $14.5
Balance at December 31, 2017440,160
 $11.36 1.6 $14.6
Options issued12,540
 $44.83    
Options exercised(405,600) $9.43   $16.9
Balance at December 31, 201847,100
 $36.95 7.3 $0.5
Options exercised(5,600) $9.43   $0.2
Balance at December 31, 201941,500
 $40.65 7.3 $1.2
Exercisable at December 31, 201937,782
 $40.24 7.2 $1.1
 Shares Subject To Options 
Weighted Average
Exercise Price Per Share
 
Weighted Average Outstanding Contractual Life
(in years)
 Average Intrinsic Value (in millions)
Balance at December 31, 2015865,600
 $23.12 1.5 $37.7
Options issued7,550
 $74.53    
Options exercised(440,000) $25.66   $18.7
Balance at December 31, 2016433,150
 $21.44 1.7 $22.0
Options issued6,930
 $81.15    
Options exercised(220,000) $22.05   $14.5
Balance at December 31, 2017220,080
 $22.72 1.6 $14.6
Options issued6,270
 $89.65    
Options exercised(202,800) $18.85   $16.9
Balance at December 31, 201823,550
 $73.89 7.3 $0.5
Exercisable at December 31, 201817,084
 $68.94 6.7 $0.5
        

Cash proceeds received from stock options exercised during the years ended December 31,2019 and 2018 and 2017 and 2016 were $3.8$0.1 million,$3.8 million and $4.9 million and $11.3 million, respectively.

Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements








Note 15—Preferred Stock14—Long-Term Cash Incentive Plan
Our2019 LTIP
On February 11, 2019, the Compensation Committee approved a Long-Term Cash Incentive Plan Award (the "2019 LTIP") to provide a long-term cash bonus opportunity to certain members of our management. The 2019 LTIP was approved by the Compensation Committee pursuant to the authority set forth in the Long-Term Cash Incentive Plan approved by our Board of Directors on May 15, 2007. The total cumulative payment for all participants (the "Eligible Payment") is authorized under our charter, without further stockholder approval,based upon certain performance conditions being met over a three-year period ending December 31, 2021.
The Compensation Committee has responsibility for administering the 2019 LTIP and may use its reasonable discretion to issue, from timeadjust the performance criteria or the Eligible Payment to time,take into account the impact of any major or unforeseen transaction or event. Our named executive officers are not participants in one or more series, 10,000,000 sharesthe 2019 LTIP. The Eligible Payment will be paid, at the discretion of $0.01 par value preferred stock, with specific rights, preferences and other attributes as the Board may determine, which may include preferences, powers and rights that are senior to the rights of holdersCompensation Committee, in cash upon completion of our common stock. However, under certain circumstances,annual audit for the issuance of preferred stock may require stockholder approval pursuant to the rules2021 fiscal year and regulationsupon satisfaction of the New York Stock Exchange.
Duringvesting conditions as outlined in the 2019 LTIP. For the year ended December 31, 2017,2019, we redeemed our 6.75% Series C Preferred Stock for $138.4 million, including accrued dividends. In connection with the redemption, we recordedcompensation expense of $0.8 million for the original issuance costs associated with the Series C Preferred Stock. The shares of Series C Preferred Stock that were redeemed now have the status of authorized but unissued preferred stock, without designation as to class or series. There were no shares of 6.75% Series C Preferred Stock issued or outstanding as of December 31, 2018 and 2017.approximately $1.5 million.
The following quarterly distributions have been declared and paid to our preferred stockholders since January 1, 2016 and prior to the stock's redemption, which occurred in September 2017:
Distribution Amount Per ShareFor the Quarter EndingStockholder Record DatePayment Date
$0.421875March 31, 2016March 21, 2016March 31, 2016
$0.421875June 30, 2016June 17, 2016June 30, 2016
$0.421875September 30, 2016September 16, 2016September 30, 2016
$0.421875December 31, 2016December 15, 2016December 31, 2016
$0.421875March 31, 2017March 10, 2017March 31, 2017
$0.421875June 30, 2017June 15, 2017June 30, 2017
$0.421875September 30, 2017September 15, 2017October 2, 2017
Note 16—Long-Term Cash Incentive PlanLTIP
On February 12, 2016, the Compensation Committee approved a Long-Term Cash Incentive Plan Award (the "2016 LTIP") to provide a long-term cash bonus opportunity to certain members of our management. The 2016 LTIP was approved by the Compensation Committee pursuant to the authority set forth in the Long TermLong-Term Cash Incentive Plan approved by our Board of Directors on May 15, 2007. The total cumulative payment for all participants (the "Eligible Payment") iswas based upon certain performance conditions being met over a three-year period ending December 31, 2018.
The Compensation Committee has responsibility for administering the 2016 LTIP and may use its reasonable discretion to adjust the performance criteria or the Eligible Payment to take into account the impact of any major or unforeseen transaction or event. Our named executive officers are not participants in the 2016 LTIP. The Eligible Payment will be paid, at the discretion of the Compensation Committee, in cash upon completion of our annual audit for the 2018 fiscal year and upon satisfaction of the vesting conditions as outlined in the 2016 LTIP. The Eligible payment, including employer costs, was estimated to be approximately $4.4 million as of December 31, 2018. For the years ended December 31, 2018 2017 and 2016,2017, we accrued compensation expense of approximately $1.2 million and $1.3 million, and $1.9respectively. The Eligible Payment of $4.2 million respectively.was paid during the first quarter of 2019.





F-30
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 17—15—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's and our matching contributions vest immediately.
Our contribution to the 401K Plan was approximately $1.9 million, $1.7 million $1.5 million and $1.4$1.5 million for the years ended December 31, 2019, 2018 and 2017, and 2016, respectively.



Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements


Note 18—16—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.
The Operating Partnership operates and manages Westwinds, a 720 site mobilehome community, and Nicholson Plaza, an adjacent shopping center, both located in San Jose, California pursuant to ground leases that expire on August 31, 2022 and do not contain extension options. The master lessor of these ground leases, The Nicholson Family Partnership (the “Nicholsons”), has expressed a desire to redevelop Westwinds, and in a written communication, they claimed that we were obligated to deliver the property free and clear of any and all subtenancies upon the expiration of the ground leases on August 31, 2022. In connection with any redevelopment, the City of San Jose’s conversion ordinance requires, among other things, that the landowner provide relocation, rental and purchase assistance to the impacted residents.
We believe the Nicholsons’ demand is unlawful, and on December 30, 2019, the Operating Partnership filed a complaint in California Superior Court for Santa Clara County, seeking declaratory relief pursuant to which it requested that the Court determine, among other things, that the Operating Partnership has no obligation to deliver the property free and clear of the mobilehome residents upon the expiration of the ground leases. The Operating Partnership filed an amended complaint on January 29, 2020. The Nicholsons filed a demand for arbitration on January 28, 2020, which they amended on February 21, 2020, pursuant to which they request a declaration that the Operating Partnership, as the “owner and manager” of Westwinds, is “required by the Ground Leases, and State and local law to deliver the Property free of any encumbrances or third-party claims at the expiration of the lease terms.” On February 3, 2020, the Nicholsons filed a motion in California Superior Court to compel arbitration and to stay the litigation, which motion is scheduled to be heard on March 24, 2020. We intend to continue to vigorously defend our interests in this matter. As of December 31, 2019 we have not made an accrual, as we are unable to predict the outcome of this matter or reasonably estimate any possible loss.

F-31
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements











Note 19—17—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"). The CODM evaluates and assesses performance on a monthly basis. Segment operating performance is measured on Net Operating Income ("NOI"). NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income and depreciation and amortization of in-place leases.amortization.
We have identified two2 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.
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, 2019, 2018 2017 and 2016. 2017.
The following tables summarize our segment financial information:information for the years ended December 31, 2019, 2018, and 2017:
 Year Ended December 31, 2019
(amounts in thousands)Property
Operations		 Home Sales
and Rentals
Operations		 Consolidated
Operations revenues$969,560
 $50,961
 $1,020,521
Operations expenses(461,128) (45,100) (506,228)
Income from segment operations508,432
 5,861
 514,293
Interest income3,856
 3,324
 7,180
Depreciation and amortization(141,472) (10,638) (152,110)
Gain on sale of real estate, net52,507
 —
 52,507
Income (loss) from operations$423,323
 $(1,453) $421,870
Reconciliation to consolidated net income:     
Corporate interest income    27
Income from other investments, net    9,528
General and administrative    (35,679)
Other expenses    (2,865)
Interest and related amortization    (104,223)
Equity in income of unconsolidated joint ventures    8,755
Early debt retirement    (1,491)
Consolidated net income    $295,922
      
Total assets$3,878,770
 $272,505
 $4,151,275
Capital improvements$116,349
 $141,644
 $257,993



F-32
 Year Ended December 31, 2018
(amounts in thousands)
Property
Operations
 
Home Sales
and Rentals
Operations
 Consolidated
Operations revenues$916,565
 $51,721
 $968,286
Operations expenses(434,360) (48,406) (482,766)
Income from segment operations482,205
 3,315
 485,520
Interest income3,374
 3,898
 7,272
Depreciation on real estate assets and rental homes(120,212) (9,810) (130,022)
Amortization of in-place leases(7,187) —
 (7,187)
Income (loss) from operations$358,180
 $(2,597) 355,583
Reconciliation to consolidated net income     
Corporate interest income    253
Income from other investments, net    10,842
General and administrative    (37,684)
Early debt retirement    (1,071)
Other expenses    (1,483)
Interest and related amortization    (104,993)
Equity in income of unconsolidated joint ventures    4,939
Consolidated net income    $226,386
      
Total assets$3,692,510
 $233,298
 $3,925,808
Capital improvements$94,015
 $87,607
 $181,622

Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 19—17—Reportable Segments (continued)


 Year Ended December 31, 2018
(amounts in thousands)Property
Operations		 Home Sales
and Rentals
Operations		 Consolidated
Operations revenues$916,565
 $51,721
 $968,286
Operations expenses(434,360) (48,406) (482,766)
Income from segment operations482,205
 3,315
 485,520
Interest income3,374
 3,898
 7,272
Depreciation and amortization(127,399) (9,810) (137,209)
Gain on sale of real estate, net—
 —
 —
Income (loss) from operations$358,180
 $(2,597) $355,583
Reconciliation to consolidated net income:     
Corporate interest income    253
Income from other investments, net    10,842
General and administrative    (37,684)
Other expenses    (1,483)
Interest and related amortization    (104,993)
Equity in income of unconsolidated joint venture    4,939
Early debt retirement    (1,071)
Consolidated net income    $226,386
      
Total assets$3,692,510
 $233,298
 $3,925,808
Capital Improvements$94,015
 $87,607
 $181,622

 Year Ended December 31, 2017
(amounts in thousands)
Property
Operations
 
Home Sales
and Rentals
Operations
 Consolidated
Operations revenues$859,582
 $52,355
 $911,937
Operations expenses(411,465) (47,309) (458,774)
Income from segment operations448,117
 5,046
 453,163
Interest income3,048
 4,192
 7,240
Depreciation on real estate assets and rental homes(110,841) (10,614) (121,455)
Amortization of in-place leases(2,231) —
 (2,231)
Income (loss) from operations$338,093
 $(1,376) 336,717
Reconciliation to consolidated net income     
Corporate interest income    340
Income from other investments, net    5,795
General and administrative    (31,737)
Other expenses    (1,148)
Early debt retirement    (2,785)
Interest and related amortization    (100,570)
Equity in income of unconsolidated joint ventures    3,765
Consolidated net income    $210,377
      
Total assets$3,386,084
 $223,948
 $3,610,032
Capital improvements$76,112
 $49,938
 $126,050


 Year Ended December 31, 2017
(amounts in thousands)Property
Operations		 Home Sales
and Rentals
Operations		 Consolidated
Operations revenues$859,582
 $52,355
 $911,937
Operations expenses(411,465) (47,309) (458,774)
Income from segment operations448,117
 5,046
 453,163
Interest income3,048
 4,192
 7,240
Depreciation and amortization(113,072) (10,614) (123,686)
Gain on sale of real estate, net—
 —
 —
Income (loss) from operations$338,093
 $(1,376) $336,717
Reconciliation to consolidated net income:     
Corporate interest income    340
Income from other investments, net    5,795
General and administrative    (31,737)
Other expenses    (1,148)
Interest and related amortization    (100,570)
Equity in income of unconsolidated joint ventures    3,765
Early debt retirement    (2,785)
Consolidated net income    $210,377
      
Total assets$3,386,084
 $223,948
 $3,610,032
Capital Improvements$76,112
 $49,938
 $126,050


F-33
 Year Ended December 31, 2016
(amounts in thousands)
Property
Operations
 
Home Sales
and Rentals
Operations
 Consolidated
Operations revenues$803,784
 $52,496
 $856,280
Operations expenses(379,201) (47,914) (427,115)
Income from segment operations424,583
 4,582
 429,165
Interest income2,894
 3,888
 6,782
Depreciation on real estate assets and rental homes(106,560) (10,840) (117,400)
Amortization of in-place leases(3,373) —
 (3,373)
Income from operations$317,544
 $(2,370) 315,174
Reconciliation to consolidated net income     
Corporate interest income    63
Income from other investments, net    7,310
General and administrative    (31,004)
Other expenses    (4,986)
Interest and related amortization    (102,030)
Equity in income of unconsolidated joint ventures    2,605
Consolidated net income    $187,132
      
Total assets$3,250,205
 $228,782
 $3,478,987
Capital improvements$57,825
 $61,612
 $119,437
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 19—17—Reportable Segments (continued)


The following table summarizes our financial information for the Property Operations segment:segment for the years ended December 31, 2019, 2018, and 2017:
Years Ended December 31,Years Ended December 31,
(amounts in thousands)2018 2017 20162019 2018 2017
Revenues:          
Community base rental income$518,252
 $489,613
 $464,745
Resort base rental income239,906
 218,806
 201,533
Right-to-use annual payments47,778
 45,798
 45,035
Right-to-use contracts current period, gross15,191
 14,132
 12,327
Right-to-use contract upfront payments, deferred, net(7,380) (4,108) (3,079)
Utility income and other100,562
 93,252
 81,427
Rental income$864,701
 $806,785
 $754,072
Annual membership subscriptions51,015
 47,778
 45,798
Membership upgrade sales current period, gross19,111
 15,191
 14,132
Membership upgrade sales upfront payments, deferred, net(10,451) (7,380) (4,108)
Other income43,063
 51,935
 47,599
Ancillary services revenues, net2,256
 2,089
 1,796
2,121
 2,256
 2,089
Total property operations revenues916,565
 859,582
 803,784
969,560
 916,565
 859,582
Expenses:          
Property operating and maintenance313,003
 294,119
 268,249
327,917
 313,003
 294,119
Real estate taxes55,892
 55,010
 53,036
62,338
 55,892
 55,010
Sales and marketing, gross12,542
 11,438
 11,056
15,583
 12,542
 11,438
Right-to-use contract commissions, deferred, net(813) (354) (223)
Membership sales commissions, deferred, net(1,219) (813) (354)
Property management53,736
 51,252
 47,083
56,509
 53,736
 51,252
Total property operations expenses434,360
 411,465
 379,201
461,128
 434,360
 411,465
Income from property operations segment$482,205
 $448,117
 $424,583
$508,432
 $482,205
 $448,117


The following table summarizes our financial information for the Home Sales and Rentals Operations segment:segment for the years ended December 31, 2019, 2018, and 2017:
Years Ended December 31,Years Ended December 31,
(amounts in thousands)2018 2017 20162019 2018 2017
Revenues:          
Rental income (1)
$14,934
 $14,329
 $14,344
Gross revenue from home sales$36,064
 $36,302
 $37,191
34,655
 36,064
 36,302
Brokered resale revenues, net1,290
 1,235
 1,198
1,372
 1,290
 1,235
Rental home income (1)
14,329
 14,344
 14,107
Ancillary services revenues, net38
 474
 —
—
 38
 474
Total revenues51,721
 52,355
 52,496
50,961
 51,721
 52,355
Expenses:          
Cost of home sales37,475
 36,513
 37,456
35,096
 37,475
 36,513
Home selling expenses4,095
 4,186
 3,575
4,401
 4,095
 4,186
Rental home operating and maintenance6,836
 6,610
 6,883
5,603
 6,836
 6,610
Total expenses48,406
 47,309
 47,914
45,100
 48,406
 47,309
Income from home sales and rentals operations segment$3,315
 $5,046
 $4,582
$5,861
 $3,315
 $5,046
_________________________ _____________________
(1)
Segment informationRental income within Home Sales and Rentals Operations does not include Sitebase rent related to the rental incomehome Sites. Base rent is included in Community base rental income.within property operations.

F-34
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements











Note 20—18—Quarterly Financial Data (unaudited)

20182019
(amounts in thousands, except per share data)First Quarter Second Quarter Third Quarter Fourth QuarterFirst Quarter Second Quarter Third Quarter Fourth Quarter
Total revenues$246,025
 $240,502
 $256,675
 $243,451
$259,090
 $248,366
 $271,160
 $258,640
Consolidated net income$64,177
 $49,169
 $59,660
 $53,380
$120,535
 $49,085
 $68,176
 $58,126
Net income available for Common Stockholders (a)
$60,222
 $46,137
 $56,070
 $50,166
$113,309
 $46,401
 $64,461
 $54,952
Basic weighted average Common Shares88,524
 88,549
 89,200
 89,570
179,560
 180,312
 181,649
 181,664
Diluted weighted average Common Shares94,577
 94,623
 95,263
 95,577
191,248
 191,860
 192,400
 192,458
Earnings per Common Share — Basic$0.68
 $0.52
 $0.63
 $0.56
$0.63
 $0.26
 $0.35
 $0.30
Earnings per Common Share — Fully Diluted$0.68
 $0.52
 $0.63
 $0.56
$0.63
 $0.26
 $0.35
 $0.30
 
 2018
(amounts in thousands, except per share data)First Quarter Second Quarter Third Quarter Fourth Quarter
Total revenues$246,025
 $240,502
 $256,675
 $243,451
Consolidated net income$64,177
 $49,169
 $59,660
 $53,380
Net income available for Common Stockholders (1)
$60,222
 $46,137
 $56,070
 $50,166
Basic weighted average Common Shares177,048
 177,098
 178,400
 179,140
Diluted weighted average Common Shares189,154
 189,246
 190,526
 191,154
Earnings per Common Share — Basic$0.34
 $0.26
 $0.31
 $0.28
Earnings per Common Share — Fully Diluted$0.34
 $0.26
 $0.31
 $0.28

 2017
(amounts in thousands, except per share data)First Quarter Second Quarter Third Quarter Fourth Quarter
Total revenues$232,389
 $221,312
 $241,625
 $229,986
Consolidated net income$63,075
 $44,463
 $54,865
 $47,974
Net income available for Common Stockholders$56,888
 $39,498
 $48,525
 $44,993
Basic weighted average Common Shares86,048
 86,763
 87,037
 88,115
Diluted weighted average Common Shares93,011
 93,063
 93,324
 94,295
Earnings per Common Share — Basic$0.66
 $0.46
 $0.56
 $0.51
Earnings per Common Share — Fully Diluted$0.65
 $0.45
 $0.56
 $0.51
_____________________

(1)    The sum of the four quarterly results may not total to the full year results due to rounding.
 _________________________ 
(a)The sum of the four quarterly results may not total to the full year results due to rounding.



Note 21—19—Subsequent Events


Equity Incentive Awards
On January 23, 2019,February 11, 2020, the Compensation Committee of the Board of Directors approved the 20192020 Restricted Stock Award Program for certain members of our management team pursuant to the authority set forth in the 2014 Plan. As a result, on February 1, 2019 we awarded 61,20090,933 shares of common stock atrestricted stock. Of these shares, 50% are time-based awards, vesting in equal installments over a three-year period on January 29, 2021, January 31, 2022 and January 27, 2023, respectively, and have a grant date fair market value of approximately $6.5$3.3 million. The remaining 50% are performance-based awards vesting in equal installments on on January 29, 2021, January 31, 2022 and January 27, 2023, respectively, upon meeting performance conditions to be established by the Compensation Committee in the year of the vesting period. They are valued using the closing price at the grant date when all the key terms and conditions are known to all parties. The 15,154 shares of restricted stock subject to 2020 performance goals have a grant date fair value of $1.1 million.


Disposition Transaction


On January 23, 2019, we closed on the sale of five all-age manufactured home communities located in Indiana and Michigan, collectively containing 1,463 sites, for $89.7 million. The assets and liabilities associated with the transaction were classified as held for sale on the Consolidated Balance Sheets as of December 31, 2018. We expect to recognize a gain on sale of these properties of approximately $53.0 million in the first quarter of 2019.













F-35
Schedule III
Equity LifeStyle Properties, Inc.
Real Estate and Accumulated Depreciation



       Initial Cost to Company 
Costs Capitalized
Subsequent to
Acquisition (Improvements)
 Gross Amount Carried at 12/31/18           Initial Cost to ELS Costs Capitalized
Subsequent to
Acquisition (Improvements)		 Gross Amount Carried at 12/31/19    
Real Estate (1)
 Location Encumbrances Land 
Depreciable
Property
 Land 
Depreciable
Property
 Land 
Depreciable
Property
 Total 
Accumulated
Depreciation
 
Date of
Acquisition
 Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property 
Total (3)
 Accumulated
Depreciation		 Date of
Acquisition
Properties Held for Long TermProperties Held for Long Term                   Properties Held for Long Term                   
Hidden Cove Arley AL $—
 $212
 $610
 $—
 $181
 $212
��$791
 $1,003
 $(315) 2006 Arley AL $—
 $212
 $610
 $—
 $1,277
 $212
 $1,887
 $2,099
 $(355) 2006
Apache East Apache Junction AZ (5,156) 2,236
 4,181
 —
 162
 2,236
 4,343
 6,579
 (1,290) 2011 Apache Junction AZ (5,045) 2,236
 4,181
 —
 191
 2,236
 4,372
 6,608
 (1,433) 2011
Countryside RV Apache Junction AZ (8,409) 2,056
 6,241
 —
 1,651
 2,056
 7,892
 9,948
 (4,126) 2002 Apache Junction AZ (8,225) 2,056
 6,241
 —
 1,733
 2,056
 7,974
 10,030
 (4,397) 2002
Denali Park Apache Junction AZ —
 2,394
 4,016
 —
 243
 2,394
 4,259
 6,653
 (1,245) 2011 Apache Junction AZ —
 2,394
 4,016
 —
 290
 2,394
 4,306
 6,700
 (1,380) 2011
Golden Sun RV Apache Junction AZ (5,963) 1,678
 5,049
 —
 673
 1,678
 5,722
 7,400
 (3,006) 2002 Apache Junction AZ (5,834) 1,678
 5,049
 —
 770
 1,678
 5,819
 7,497
 (3,197) 2002
Valley Vista Benson AZ —
 115
 429
 —
 182
 115
 611
 726
 (179) 2010 Benson AZ —
 115
 429
 —
 243
 115
 672
 787
 (203) 2010
Casita Verde RV Casa Grande AZ —
 719
 2,179
 —
 244
 719
 2,423
 3,142
 (978) 2006 Casa Grande AZ —
 719
 2,179
 —
 257
 719
 2,436
 3,155
 (1,059) 2006
Fiesta Grande RV Casa Grande AZ —
 2,869
 8,653
 —
 1,142
 2,869
 9,795
 12,664
 (3,918) 2006 Casa Grande AZ —
 2,869
 8,653
 —
 1,298
 2,869
 9,951
 12,820
 (4,251) 2006
Foothills West RV Casa Grande AZ —
 747
 2,261
 —
 440
 747
 2,701
 3,448
 (1,134) 2006 Casa Grande AZ —
 747
 2,261
 —
 546
 747
 2,807
 3,554
 (1,239) 2006
Sunshine Valley Chandler AZ (23,157) 9,139
 12,912
 —
 446
 9,139
 13,358
 22,497
 (3,929) 2011 Chandler AZ (22,798) 9,139
 12,912
 —
 605
 9,139
 13,517
 22,656
 (4,350) 2011
Verde Valley Cottonwood AZ —
 1,437
 3,390
 19
 2,629
 1,456
 6,019
 7,475
 (2,243) 2004 Cottonwood AZ —
 1,437
 3,390
 19
 6,513
 1,456
 9,903
 11,359
 (2,537) 2004
Casa del Sol East II Glendale AZ —
 2,103
 6,283
 —
 3,219
 2,103
 9,502
 11,605
 (4,985) 1996 Glendale AZ —
 2,103
 6,283
 —
 3,382
 2,103
 9,665
 11,768
 (5,247) 1996
Casa del Sol East III Glendale AZ —
 2,450
 7,452
 —
 1,101
 2,450
 8,553
 11,003
 (5,562) 1998 Glendale AZ —
 2,450
 7,452
 —
 1,236
 2,450
 8,688
 11,138
 (5,853) 1998
Palm Shadows Glendale AZ (5,512) 1,400
 4,218
 —
 1,470
 1,400
 5,688
 7,088
 (4,381) 1993 Glendale AZ (5,413) 1,400
 4,218
 —
 1,701
 1,400
 5,919
 7,319
 (4,569) 1993
Hacienda De Valencia Mesa AZ (20,801) 833
 2,701
 —
 5,056
 833
 7,757
 8,590
 (5,586) 1984 Mesa AZ (20,119) 833
 2,701
 —
 5,159
 833
 7,860
 8,693
 (5,717) 1984
Mesa Spirit Mesa AZ (17,129) 17,382
 25,238
 192
 (107) 17,574
 25,131
 42,705
 (4,020) 2014 Mesa AZ (16,481) 17,382
 25,238
 192
 58
 17,574
 25,296
 42,870
 (4,859) 2014
Monte Vista Mesa AZ (21,598) 11,402
 34,355
 —
 16,921
 11,402
 51,276
 62,678
 (19,324) 2004 Mesa AZ (20,907) 11,402
 34,355
 —
 26,244
 11,402
 60,599
 72,001
 (21,226) 2004
Seyenna Vistas Mesa AZ —
 1,360
 4,660
 (87) 3,085
 1,273
 7,745
 9,018
 (5,513) 1994 Mesa AZ —
 1,360
 4,660
 (87) 3,357
 1,273
 8,017
 9,290
 (5,749) 1994
The Highlands at Brentwood Mesa AZ (13,069) 1,997
 6,024
 —
 2,285
 1,997
 8,309
 10,306
 (6,347) 1993 Mesa AZ (12,635) 1,997
 6,024
 —
 2,318
 1,997
 8,342
 10,339
 (6,614) 1993
Viewpoint Mesa AZ (50,795) 24,890
 56,340
 15
 18,613
 24,905
 74,953
 99,858
 (32,466) 2004 Mesa AZ (49,152) 24,890
 56,340
 15
 24,048
 24,905
 80,388
 105,293
 (35,114) 2004
Apollo Village Peoria AZ —
 932
 3,219
 —
 1,714
 932
 4,933
 5,865
 (3,525) 1994 Peoria AZ —
 932
 3,219
 —
 1,753
 932
 4,972
 5,904
 (3,684) 1994
Casa del Sol West I Peoria AZ —
 2,215
 6,467
 —
 2,523
 2,215
 8,990
 11,205
 (5,133) 1996 Peoria AZ —
 2,215
 6,467
 —
 2,577
 2,215
 9,044
 11,259
 (5,374) 1996
Carefree Manor Phoenix AZ —
 706
 3,040
 —
 983
 706
 4,023
 4,729
 (2,610) 1998 Phoenix AZ —
 706
 3,040
 —
 1,071
 706
 4,111
 4,817
 (2,741) 1998
Central Park Phoenix AZ (12,423) 1,612
 3,784
 —
 1,861
 1,612
 5,645
 7,257
 (4,770) 1983 Phoenix AZ (11,846) 1,612
 3,784
 —
 1,961
 1,612
 5,745
 7,357
 (4,825) 1983
Desert Skies Phoenix AZ (4,763) 792
 3,126
 —
 843
 792
 3,969
 4,761
 (2,625) 1998 Phoenix AZ (4,621) 792
 3,126
 —
 883
 792
 4,009
 4,801
 (2,760) 1998
Sunrise Heights Phoenix AZ (5,835) 1,000
 3,016
 —
 1,796
 1,000
 4,812
 5,812
 (3,324) 1994 Phoenix AZ (5,661) 1,000
 3,016
 —
 1,872
 1,000
 4,888
 5,888
 (3,480) 1994
Whispering Palms Phoenix AZ —
 670
 2,141
 —
 411
 670
 2,552
 3,222
 (1,748) 1998 Phoenix AZ —
 670
 2,141
 —
 477
 670
 2,618
 3,288
 (1,830) 1998
Desert Vista Salome AZ —
 66
 268
 —
 226
 66
 494
 560
 (159) 2010 Salome AZ —
 66
 268
 —
 289
 66
 557
 623
 (181) 2010
Sedona Shadows Sedona AZ —
 1,096
 3,431
 —
 1,911
 1,096
 5,342
 6,438
 (3,248) 1997 Sedona AZ —
 1,096
 3,431
 —
 2,178
 1,096
 5,609
 6,705
 (3,422) 1997
Venture In Show Low AZ —
 2,050
 6,188
 —
 636
 2,050
 6,824
 8,874
 (2,886) 2006 Show Low AZ —
 2,050
 6,188
 —
 719
 2,050
 6,907
 8,957
 (3,109) 2006
Paradise Sun City AZ (13,142) 6,414
 19,263
 11
 2,652
 6,425
 21,915
 28,340
 (11,207) 2004 Sun City AZ —
 6,414
 19,263
 11
 2,905
 6,425
 22,168
 28,593
 (11,937) 2004
The Meadows Tempe AZ (16,454) 2,613
 7,887
 —
 4,512
 2,613
 12,399
 15,012
 (9,161) 1994
Fairview Manor Tucson AZ —
 1,674
 4,708
 —
 2,427
 1,674
 7,135
 8,809
 (4,806) 1998

S-1
Schedule III
Equity LifeStyle Properties, Inc.
Real Estate and Accumulated Depreciation



       Initial Cost to Company 
Costs Capitalized
Subsequent to
Acquisition (Improvements)
 Gross Amount Carried at 12/31/18           Initial Cost to ELS Costs Capitalized
Subsequent to
Acquisition (Improvements)		 Gross Amount Carried at 12/31/19    
Real Estate (1)
 Location Encumbrances Land 
Depreciable
Property
 Land 
Depreciable
Property
 Land 
Depreciable
Property
 
Total (3)
 
Accumulated
Depreciation
 
Date of
Acquisition
 Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property 
Total (3)
 Accumulated
Depreciation		 Date of
Acquisition
The Meadows Tempe AZ $(16,952) $2,613
 $7,887
 $—
 $4,510
 $2,613
 $12,397
 $15,010
 $(8,775) 1994
Fairview Manor Tucson AZ —
 1,674
 4,708
 —
 2,339
 1,674
 7,047
 8,721
 (4,582) 1998
Westpark Wickenburg AZ (8,777) 4,495
 10,517
 —
 864
 4,495
 11,381
 15,876
 (3,198) 2011 Wickenburg AZ (8,605) 4,495
 10,517
 —
 2,296
 4,495
 12,813
 17,308
 (3,563) 2011
Araby Yuma AZ —
 1,440
 4,345
 —
 1,084
 1,440
 5,429
 6,869
 (2,581) 2003 Yuma AZ —
 1,440
 4,345
 —
 1,140
 1,440
 5,485
 6,925
 (2,763) 2003
Cactus Gardens Yuma AZ (6,370) 1,992
 5,984
 —
 536
 1,992
 6,520
 8,512
 (3,097) 2004 Yuma AZ (6,232) 1,992
 5,984
 —
 547
 1,992
 6,531
 8,523
 (3,316) 2004
Capri RV Yuma AZ —
 1,595
 4,774
 —
 436
 1,595
 5,210
 6,805
 (2,121) 2006 Yuma AZ —
 1,595
 4,774
 —
 456
 1,595
 5,230
 6,825
 (2,295) 2006
Desert Paradise Yuma AZ —
 666
 2,011
 —
 336
 666
 2,347
 3,013
 (1,155) 2004 Yuma AZ —
 666
 2,011
 —
 379
 666
 2,390
 3,056
 (1,236) 2004
Foothill Yuma AZ —
 459
 1,402
 —
 367
 459
 1,769
 2,228
 (837) 2003 Yuma AZ —
 459
 1,402
 —
 386
 459
 1,788
 2,247
 (900) 2003
Mesa Verde Yuma AZ (4,714) 1,387
 4,148
 —
 686
 1,387
 4,834
 6,221
 (1,900) 2007 Yuma AZ (4,576) 1,387
 4,148
 —
 700
 1,387
 4,848
 6,235
 (2,067) 2007
Suni Sands Yuma AZ —
 1,249
 3,759
 —
 614
 1,249
 4,373
 5,622
 (2,094) 2004 Yuma AZ —
 1,249
 3,759
 —
 624
 1,249
 4,383
 5,632
 (2,240) 2004
Cultus Lake Lindell Beach BC —
 410
 968
 6
 390
 416
 1,358
 1,774
 (625) 2004 Lindell Beach BC —
 410
 968
 6
 483
 416
 1,451
 1,867
 (719) 2004
Soledad Canyon Acton CA —
 2,933
 6,917
 39
 5,452
 2,972
 12,369
 15,341
 (4,718) 2004 Acton CA —
 2,933
 6,917
 39
 6,255
 2,972
 13,172
 16,144
 (5,210) 2004
Los Ranchos Apple Valley CA —
 8,336
 15,774
 —
 777
 8,336
 16,551
 24,887
 (4,793) 2011 Apple Valley CA —
 8,336
 15,774
 —
 960
 8,336
 16,734
 25,070
 (5,319) 2011
Monte del Lago Castroville CA (32,542) 3,150
 9,469
 —
 4,490
 3,150
 13,959
 17,109
 (8,537) 1997 Castroville CA (32,034) 3,150
 9,469
 —
 4,629
 3,150
 14,098
 17,248
 (8,993) 1997
Date Palm Country Club Cathedral City CA —
 —
 18,179
 —
 8,006
 —
 26,185
 26,185
 (19,158) 1994 Cathedral City CA —
 —
 18,179
 —
 8,234
 —
 26,413
 26,413
 (20,169) 1994
Date Palm RV Cathedral City CA —
 —
 216
 —
 497
 —
 713
 713
 (448) 1994 Cathedral City CA —
 —
 216
 —
 611
 —
 827
 827
 (476) 1994
Colony Park Ceres CA —
 890
 2,837
 —
 1,303
 890
 4,140
 5,030
 (2,596) 1998 Ceres CA —
 890
 2,837
 —
 1,481
 890
 4,318
 5,208
 (2,731) 1998
Russian River Cloverdale CA —
 368
 868
 5
 427
 373
 1,295
 1,668
 (530) 2004 Cloverdale CA —
 368
 868
 5
 577
 373
 1,445
 1,818
 (590) 2004
Oakzanita Springs Descanso CA —
 396
 934
 5
 1,590
 401
 2,524
 2,925
 (1,013) 2004 Descanso CA —
 396
 934
 5
 1,789
 401
 2,723
 3,124
 (1,104) 2004
Rancho Mesa El Cajon CA —
 2,130
 6,389
 —
 1,170
 2,130
 7,559
 9,689
 (4,899) 1998 El Cajon CA —
 2,130
 6,389
 —
 1,394
 2,130
 7,783
 9,913
 (5,155) 1998
Rancho Valley El Cajon CA (6,580) 685
 1,902
 —
 1,701
 685
 3,603
 4,288
 (2,803) 1983 El Cajon CA (6,464) 685
 1,902
 —
 1,892
 685
 3,794
 4,479
 (2,884) 1983
Snowflower Emigrant Gap CA —
 308
 727
 4
 1,631
 312
 2,358
 2,670
 (681) 2004 Emigrant Gap CA —
 308
 727
 4
 1,794
 312
 2,521
 2,833
 (785) 2004
Four Seasons Fresno CA —
 756
 2,348
 —
 1,590
 756
 3,938
 4,694
 (2,119) 1997 Fresno CA —
 756
 2,348
 —
 1,838
 756
 4,186
 4,942
 (2,262) 1997
Yosemite Lakes Groveland CA —
 2,045
 4,823
 27
 3,562
 2,072
 8,385
 10,457
 (3,175) 2004 Groveland CA —
 2,045
 4,823
 27
 4,768
 2,072
 9,591
 11,663
 (3,503) 2004
Royal Holiday Hemet CA —
 778
 2,643
 —
 3,026
 778
 5,669
 6,447
 (2,938) 1999 Hemet CA —
 778
 2,643
 —
 3,681
 778
 6,324
 7,102
 (3,133) 1999
Idyllwild Idyllwild-Pine Cove CA —
 313
 737
 4
 2,051
 317
 2,788
 3,105
 (939) 2004
Pio Pico Jamul CA —
 2,626
 6,194
 35
 3,671
 2,661
 9,865
 12,526
 (3,934) 2004 Jamul CA —
 2,626
 6,194
 35
 4,081
 2,661
 10,275
 12,936
 (4,310) 2004
Tahoe Valley Lake Tahoe CA —
 —
 5,428
 —
 974
 —
 6,402
 6,402
 (2,987) 2004 Lake Tahoe CA —
 —
 5,428
 —
 1,214
 —
 6,642
 6,642
 (3,270) 2004
Sea Oaks Los Osos CA —
 871
 2,703
 —
 889
 871
 3,592
 4,463
 (2,301) 1997 Los Osos CA —
 871
 2,703
 —
 1,022
 871
 3,725
 4,596
 (2,422) 1997
Ponderosa Lotus CA —
 900
 2,100
 —
 2,264
 900
 4,364
 5,264
 (1,202) 2006 Lotus CA —
 900
 2,100
 —
 2,585
 900
 4,685
 5,585
 (1,416) 2006
Turtle Beach Manteca CA —
 268
 633
 4
 1,334
 272
 1,967
 2,239
 (460) 2004 Manteca CA —
 268
 633
 4
 1,399
 272
 2,032
 2,304
 (532) 2004
Wilderness Lake Menifee CA —
 2,157
 5,088
 29
 2,423
 2,186
 7,511
 9,697
 (3,327) 2004
Coralwood Modesto CA —
 —
 5,047
 —
 1,556
 —
 6,603
 6,603
 (4,295) 1997
Morgan Hill Morgan Hill CA —
 1,856
 4,378
 25
 4,772
 1,881
 9,150
 11,031
 (2,890) 2004
Lake Minden Nicolaus CA —
 961
 2,267
 13
 1,487
 974
 3,754
 4,728
 (1,742) 2004
Pacific Dunes Ranch Oceana CA —
 1,940
 5,632
 —
 1,599
 1,940
 7,231
 9,171
 (3,270) 2004


S-2
Schedule III
Equity LifeStyle Properties, Inc.
Real Estate and Accumulated Depreciation



       Initial Cost to Company 
Costs Capitalized
Subsequent to
Acquisition (Improvements)
 Gross Amount Carried at 12/31/18           Initial Cost to ELS Costs Capitalized
Subsequent to
Acquisition (Improvements)		 Gross Amount Carried at 12/31/19    
Real Estate (1)
 Location Encumbrances Land 
Depreciable
Property
 Land 
Depreciable
Property
 Land 
Depreciable
Property
 
Total (3)
 
Accumulated
Depreciation
 
Date of
Acquisition
 Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property 
Total (3)
 Accumulated
Depreciation		 Date of
Acquisition
Wilderness Lake Menifee CA $—
 $2,157
 $5,088
 $29
 $2,138
 $2,186
 $7,226
 $9,412
 $(3,056) 2004
Coralwood Modesto CA —
 —
 5,047
 —
 1,494
 —
 6,541
 6,541
 (4,077) 1997
Morgan Hill Morgan Hill CA —
 1,856
 4,378
 25
 3,804
 1,881
 8,182
 10,063
 (2,574) 2004
Lake Minden Nicolaus CA —
 961
 2,267
 13
 1,329
 974
 3,596
 4,570
 (1,571) 2004
Pacific Dunes Ranch Oceana CA —
 1,940
 5,632
 —
 1,330
 1,940
 6,962
 8,902
 (3,018) 2004
Lake of the Springs Oregon House CA —
 1,062
 2,504
 14
 1,828
 1,076
 4,332
 5,408
 (1,681) 2004 Oregon House CA —
 1,062
 2,504
 14
 2,024
 1,076
 4,528
 5,604
 (1,855) 2004
Concord Cascade Pacheco CA (10,284) 985
 3,016
 —
 3,158
 985
 6,174
 7,159
 (4,426) 1983 Pacheco CA (10,082) 985
 3,016
 —
 3,313
 985
 6,329
 7,314
 (4,528) 1983
San Francisco RV Pacifica CA —
 1,660
 4,973
 —
 2,380
 1,660
 7,353
 9,013
 (2,726) 2005 Pacifica CA —
 1,660
 4,973
 —
 2,760
 1,660
 7,733
 9,393
 (2,979) 2005
San Benito Paicines CA —
 1,411
 3,328
 19
 2,702
 1,430
 6,030
 7,460
 (2,273) 2004 Paicines CA —
 1,411
 3,328
 19
 2,987
 1,430
 6,315
 7,745
 (2,505) 2004
Palm Springs Palm Desert CA —
 1,811
 4,271
 24
 1,850
 1,835
 6,121
 7,956
 (2,567) 2004 Palm Desert CA —
 1,811
 4,271
 24
 1,919
 1,835
 6,190
 8,025
 (2,790) 2004
Idyllwild Pine Cove CA —
 313
 737
 4
 1,737
 317
 2,474
 2,791
 (839) 2004
Las Palmas Rialto CA —
 1,295
 3,866
 —
 916
 1,295
 4,782
 6,077
 (2,190) 2004 Rialto CA —
 1,295
 3,866
 —
 1,032
 1,295
 4,898
 6,193
 (2,354) 2004
Parque La Quinta Rialto CA —
 1,799
 5,450
 —
 874
 1,799
 6,324
 8,123
 (2,903) 2004 Rialto CA —
 1,799
 5,450
 —
 943
 1,799
 6,393
 8,192
 (3,121) 2004
Quail Meadows Riverbank CA —
 1,155
 3,469
 —
 854
 1,155
 4,323
 5,478
 (2,746) 1998 Riverbank CA —
 1,155
 3,469
 —
 1,009
 1,155
 4,478
 5,633
 (2,900) 1998
California Hawaiian San Jose CA (37,009) 5,825
 17,755
 —
 4,667
 5,825
 22,422
 28,247
 (14,870) 1997 San Jose CA (35,794) 5,825
 17,755
 —
 5,017
 5,825
 22,772
 28,597
 (15,634) 1997
Nicholson Plaza San Jose CA —
 —
 4,512
 —
 393
 —
 4,905
 4,905
 (3,521) 1997 San Jose CA —
 —
 4,512
 —
 427
 —
 4,939
 4,939
 (3,903) 1997
Sunshadow San Jose CA —
 —
 5,707
 —
 944
 —
 6,651
 6,651
 (4,344) 1997 San Jose CA —
 12,334
 5,707
 —
 1,078
 12,334
 6,785
 19,119
 (4,590) 1997
Village of the Four Seasons San Jose CA (20,926) 5,229
 15,714
 —
 1,835
 5,229
 17,549
 22,778
 (8,084) 2004 San Jose CA (20,310) 5,229
 15,714
 —
 1,911
 5,229
 17,625
 22,854
 (8,689) 2004
Westwinds (4 properties) San Jose CA —
 —
 17,616
 —
 10,550
 —
 28,166
 28,166
 (18,347) 1997 San Jose CA —
 —
 17,616
 —
 10,844
 —
 28,460
 28,460
 (21,038) 1997
Laguna Lake San Luis Obispo CA —
 2,845
 6,520
 —
 1,213
 2,845
 7,733
 10,578
 (5,109) 1998 San Luis Obispo CA —
 2,845
 6,520
 —
 1,285
 2,845
 7,805
 10,650
 (5,368) 1998
Contempo Marin San Rafael CA (38,301) 4,787
 16,379
 —
 4,171
 4,787
 20,550
 25,337
 (15,745) 1994 San Rafael CA (37,627) 4,787
 16,379
 —
 4,314
 4,787
 20,693
 25,480
 (16,400) 1994
Rancho Oso Santa Barbara CA —
 860
 2,029
 12
 1,773
 872
 3,802
 4,674
 (1,421) 2004 Santa Barbara CA —
 860
 2,029
 12
 2,182
 872
 4,211
 5,083
 (1,576) 2004
DeAnza Santa Cruz Santa Cruz CA (11,925) 2,103
 7,201
 —
 3,955
 2,103
 11,156
 13,259
 (7,601) 1994 Santa Cruz CA —
 2,103
 7,201
 —
 4,440
 2,103
 11,641
 13,744
 (7,961) 1994
Meadowbrook Santee CA (24,076) 4,345
 12,528
 —
 2,903
 4,345
 15,431
 19,776
 (9,976) 1998 Santee CA (23,367) 4,345
 12,528
 —
 3,074
 4,345
 15,602
 19,947
 (10,496) 1998
Santa Cruz Ranch RV Scotts Valley CA —
 1,595
 3,937
 —
 606
 1,595
 4,543
 6,138
 (1,643) 2007 Scotts Valley CA —
 1,595
 3,937
 —
 683
 1,595
 4,620
 6,215
 (1,798) 2007
Lamplighter Spring Valley CA (30,606) 633
 2,201
 —
 1,936
 633
 4,137
 4,770
 (3,196) 1983 Spring Valley CA (30,129) 633
 2,201
 —
 2,130
 633
 4,331
 4,964
 (3,256) 1983
Santiago Estates Sylmar CA (24,160) 3,562
 10,767
 —
 2,976
 3,562
 13,743
 17,305
 (8,437) 1998 Sylmar CA (23,449) 3,562
 10,767
 —
 3,140
 3,562
 13,907
 17,469
 (8,896) 1998
Royal Oaks Visalia CA —
 602
 1,921
 —
 1,505
 602
 3,426
 4,028
 (1,844) 1997 Visalia CA —
 602
 1,921
 —
 1,698
 602
 3,619
 4,221
 (1,958) 1997
Hillcrest Village Aurora CO (41,174) 1,912
 5,202
 289
 5,682
 2,201
 10,884
 13,085
 (7,706) 1983 Aurora CO (40,251) 1,912
 5,202
 289
 6,109
 2,201
 11,311
 13,512
 (7,864) 1983
Cimarron Broomfield CO —
 863
 2,790
 —
 1,636
 863
 4,426
 5,289
 (3,496) 1983 Broomfield CO —
 863
 2,790
 —
 1,749
 863
 4,539
 5,402
 (3,546) 1983
Holiday Village Colorado Springs CO —
 567
 1,759
 —
 2,477
 567
 4,236
 4,803
 (2,849) 1983
Bear Creek Denver CO (6,058) 1,100
 3,359
 —
 847
 1,100
 4,206
 5,306
 (2,768) 1998
Holiday Hills Denver CO (52,512) 2,159
 7,780
 —
 8,602
 2,159
 16,382
 18,541
 (12,004) 1983
Golden Terrace Golden CO —
 826
 2,415
 —
 2,920
 826
 5,335
 6,161
 (3,585) 1983
Golden Terrace South Golden CO —
 750
 2,265
 —
 1,018
 750
 3,283
 4,033
 (2,197) 1997
Golden Terrace West Golden CO —
 1,694
 5,065
 —
 7,439
 1,694
 12,504
 14,198
 (6,552) 1986
Pueblo Grande Pueblo CO —
 241
 1,069
 —
 2,547
 241
 3,616
 3,857
 (1,692) 1983
Woodland Hills Thornton CO (30,105) 1,928
 4,408
 —
 4,081
 1,928
 8,489
 10,417
 (6,140) 1994
Stonegate Manor North Windham CT (6,340) 6,011
 12,336
 —
 428
 6,011
 12,764
 18,775
 (4,219) 2011
Waterford Estates Bear DE (39,735) 5,250
 16,202
 —
 2,878
 5,250
 19,080
 24,330
 (8,836) 1996


S-3
Schedule III
Equity LifeStyle Properties, Inc.
Real Estate and Accumulated Depreciation



       Initial Cost to Company 
Costs Capitalized
Subsequent to
Acquisition (Improvements)
 Gross Amount Carried at 12/31/18           Initial Cost to ELS Costs Capitalized
Subsequent to
Acquisition (Improvements)		 Gross Amount Carried at 12/31/19    
Real Estate (1)
 Location Encumbrances Land 
Depreciable
Property
 Land 
Depreciable
Property
 Land 
Depreciable
Property
 
Total (3)
 
Accumulated
Depreciation
 
Date of
Acquisition
 Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property 
Total (3)
 Accumulated
Depreciation		 Date of
Acquisition
Holiday Village Colorado Springs CO $—
 $567
 $1,759
 $—
 $2,380
 $567
 $4,139
 $4,706
 $(2,785) 1983
Bear Creek Denver CO (6,225) 1,100
 3,359
 —
 746
 1,100
 4,105
 5,205
 (2,632) 1998
Holiday Hills Denver CO (53,349) 2,159
 7,780
 —
 7,721
 2,159
 15,501
 17,660
 (11,792) 1983
Golden Terrace Golden CO —
 826
 2,415
 —
 2,855
 826
 5,270
 6,096
 (3,483) 1983
Golden Terrace South Golden CO —
 750
 2,265
 —
 1,009
 750
 3,274
 4,024
 (2,094) 1997
Golden Terrace West Golden CO —
 1,694
 5,065
 —
 7,381
 1,694
 12,446
 14,140
 (6,311) 1986
Pueblo Grande Pueblo CO —
 241
 1,069
 —
 1,382
 241
 2,451
 2,692
 (1,625) 1983
Woodland Hills Thornton CO (30,583) 1,928
 4,408
 —
 3,950
 1,928
 8,358
 10,286
 (5,870) 1994
Stonegate Manor North Windham CT (6,465) 6,011
 12,336
 —
 407
 6,011
 12,743
 18,754
 (3,823) 2011
Waterford Estates Bear DE (40,453) 5,250
 16,202
 —
 2,492
 5,250
 18,694
 23,944
 (8,419) 1996
McNicol Lewes DE —
 562
 1,710
 —
 267
 562
 1,977
 2,539
 (1,289) 1998 Lewes DE —
 562
 1,710
 —
 267
 562
 1,977
 2,539
 (1,354) 1998
Whispering Pines Lewes DE —
 1,536
 4,609
 —
 2,235
 1,536
 6,844
 8,380
 (5,622) 1988 Lewes DE —
 1,536
 4,609
 —
 2,436
 1,536
 7,045
 8,581
 (5,686) 1988
Mariners Cove Millsboro DE (20,101) 990
 2,971
 —
 6,703
 990
 9,674
 10,664
 (6,873) 1987 Millsboro DE (19,639) 990
 2,971
 —
 6,945
 990
 9,916
 10,906
 (7,152) 1987
Sweetbriar Millsboro DE —
 498
 1,527
 —
 797
 498
 2,324
 2,822
 (1,457) 1998 Millsboro DE —
 498
 1,527
 —
 889
 498
 2,416
 2,914
 (1,529) 1998
Aspen Meadows Rehoboth DE —
 1,148
 3,460
 —
 713
 1,148
 4,173
 5,321
 (2,785) 1998 Rehoboth DE —
 1,148
 3,460
 —
 723
 1,148
 4,183
 5,331
 (2,920) 1998
Camelot Meadows Rehoboth DE —
 527
 2,058
��1,251
 4,645
 1,778
 6,703
 8,481
 (4,364) 1998 Rehoboth DE —
 527
 2,058
 1,251
 4,711
 1,778
 6,769
 8,547
 (4,583) 1998
Riverside RV Arcadia FL —
 8,400
 11,905
 —
 398
 8,400
 12,303
 20,703
 (1,750) 2016 Arcadia FL —
 8,400
 11,905
 —
 471
 8,400
 12,376
 20,776
 (2,578) 2016
Toby’s Arcadia FL (3,435) 1,093
 3,280
 —
 667
 1,093
 3,947
 5,040
 (1,860) 2003 Arcadia FL (3,379) 1,093
 3,280
 —
 694
 1,093
 3,974
 5,067
 (1,991) 2003
Sunshine Key Big Pine Key FL —
 5,273
 15,822
 —
 13,381
 5,273
 29,203
 34,476
 (9,408) 2004 Big Pine Key FL —
 5,273
 15,822
 —
 15,892
 5,273
 31,714
 36,987
 (10,455) 2004
Manatee Bradenton FL —
 2,300
 6,903
 —
 1,180
 2,300
 8,083
 10,383
 (3,852) 2004 Bradenton FL —
 2,300
 6,903
 —
 1,314
 2,300
 8,217
 10,517
 (4,134) 2004
Windmill Manor Bradenton FL (13,128) 2,153
 6,125
 —
 2,134
 2,153
 8,259
 10,412
 (5,266) 1998 Bradenton FL (12,521) 2,153
 6,125
 —
 2,239
 2,153
 8,364
 10,517
 (5,549) 1998
Clover Leaf Farms Brooksville FL (33,556) 13,684
 24,106
 —
 1,442
 13,684
 25,548
 39,232
 (7,372) 2011 Brooksville FL (32,947) 13,684
 24,106
 —
 2,882
 13,684
 26,988
 40,672
 (8,195) 2011
Clover Leaf Forest Brooksville FL —
 1,092
 2,178
 —
 300
 1,092
 2,478
 3,570
 (585) 2011 Brooksville FL —
 1,092
 2,178
 —
 335
 1,092
 2,513
 3,605
 (674) 2011
Glen Ellen Clearwater FL —
 619
 1,882
 —
 346
 619
 2,228
 2,847
 (1,145) 2002 Clearwater FL —
 619
 1,882
 —
 361
 619
 2,243
 2,862
 (1,228) 2002
Hillcrest Clearwater FL —
 1,278
 3,928
 —
 1,513
 1,278
 5,441
 6,719
 (3,587) 1998 Clearwater FL —
 1,278
 3,928
 —
 1,572
 1,278
 5,500
 6,778
 (3,761) 1998
Holiday Ranch Clearwater FL —
 925
 2,866
 —
 663
 925
 3,529
 4,454
 (2,279) 1998 Clearwater FL —
 925
 2,866
 —
 702
 925
 3,568
 4,493
 (2,397) 1998
Serendipity Clearwater FL (17,238) 18,944
 11,782
 —
 855
 18,944
 12,637
 31,581
 (2,774) 2018
Shady Lane Oaks Clearwater FL (5,164) 4,984
 8,482
 —
 394
 4,984
 8,876
 13,860
 (2,697) 2011 Clearwater FL (5,068) 4,984
 8,482
 —
 497
 4,984
 8,979
 13,963
 (2,979) 2011
Shady Lane Village Clearwater FL —
 3,102
 5,480
 —
 236
 3,102
 5,716
 8,818
 (1,733) 2011 Clearwater FL —
 3,102
 5,480
 —
 310
 3,102
 5,790
 8,892
 (1,919) 2011
Silk Oak Clearwater FL —
 1,649
 5,028
 —
 466
 1,649
 5,494
 7,143
 (2,830) 2002 Clearwater FL —
 1,649
 5,028
 —
 531
 1,649
 5,559
 7,208
 (3,014) 2002
Serendipity Clearwater FL (17,510) 18,944
 11,782
 —
 150
 18,944
 11,932
 30,876
 (1,770) 2018
Clerbrook Clermont FL —
 3,883
 11,700
 —
 2,278
 3,883
 13,978
 17,861
 (5,706) 2006 Clermont FL —
 3,883
 11,700
 —
 2,548
 3,883
 14,248
 18,131
 (6,200) 2006
Lake Magic Clermont FL —
 1,595
 4,793
 —
 1,360
 1,595
 6,153
 7,748
 (3,016) 2004
Orange Lake Clermont FL (4,680) 4,303
 6,815
 —
 906
 4,303
 7,721
 12,024
 (2,468) 2011
Orlando Clermont FL —
 2,975
 7,017
 40
 10,107
 3,015
 17,124
 20,139
 (5,197) 2004
Crystal Isles Crystal River FL —
 926
 2,787
 10
 3,392
 936
 6,179
 7,115
 (2,363) 2004
Cheron Village Davie FL (4,981) 10,393
 6,217
 —
 287
 10,393
 6,504
 16,897
 (2,438) 2011
Carriage Cove Daytona Beach FL (16,939) 2,914
 8,682
 —
 2,261
 2,914
 10,943
 13,857
 (7,325) 1998
Lake Haven Dunedin FL (14,067) 1,135
 4,047
 —
 4,191
 1,135
 8,238
 9,373
 (6,103) 1983
Coquina Crossing Elkton FL (29,110) 5,274
 5,545
 —
 19,589
 5,274
 25,134
 30,408
 (13,003) 1999
Colony Cove Ellenton FL (99,816) 28,660
 92,457
 35,859
 16,383
 64,519
 108,840
 173,359
 (31,932) 2011
Ridgewood Estates Ellenton FL —
 8,769
 8,791
 —
 602
 8,769
 9,393
 18,162
 (3,078) 2011
Haselton Village Eustis FL —
 3,800
 8,955
 —
 665
 3,800
 9,620
 13,420
 (2,971) 2011
Southern Palms Eustis FL —
 2,169
 5,884
 —
 4,129
 2,169
 10,013
 12,182
 (6,450) 1998
Bulow Plantation Flagler Beach FL —
 3,637
 949
 —
 7,288
 3,637
 8,237
 11,874
 (5,029) 1994


S-4
Schedule III
Equity LifeStyle Properties, Inc.
Real Estate and Accumulated Depreciation



       Initial Cost to Company 
Costs Capitalized
Subsequent to
Acquisition (Improvements)
 Gross Amount Carried at 12/31/18           Initial Cost to ELS Costs Capitalized
Subsequent to
Acquisition (Improvements)		 Gross Amount Carried at 12/31/19    
Real Estate (1)
 Location Encumbrances Land 
Depreciable
Property
 Land 
Depreciable
Property
 Land 
Depreciable
Property
 
Total (3)
 
Accumulated
Depreciation
 
Date of
Acquisition
 Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property 
Total (3)
 Accumulated
Depreciation		 Date of
Acquisition
Lake Magic Clermont FL $—
 $1,595
 $4,793
 $—
 $1,264
 $1,595
 $6,057
 $7,652
 $(2,804) 2004
Orange Lake Clermont FL (4,764) 4,303
 6,815
 —
 815
 4,303
 7,630
 11,933
 (2,227) 2011
Orlando Clermont FL —
 2,975
 7,017
 40
 6,429
 3,015
 13,446
 16,461
 (4,657) 2004
Crystal Isles Crystal River FL —
 926
 2,787
 10
 3,213
 936
 6,000
 6,936
 (2,140) 2004
Cheron Village Davie FL (5,075) 10,393
 6,217
 —
 248
 10,393
 6,465
 16,858
 (2,239) 2011
Carriage Cove Daytona Beach FL (17,511) 2,914
 8,682
 —
 1,882
 2,914
 10,564
 13,478
 (6,970) 1998
Lake Haven Dunedin FL (14,502) 1,135
 4,047
 —
 4,024
 1,135
 8,071
 9,206
 (5,974) 1983
Coquina Crossing Elkton FL (30,012) 5,274
 5,545
 —
 19,139
 5,274
 24,684
 29,958
 (12,163) 1999
Colony Cove Ellenton FL (102,797) 28,660
 92,457
 35,859
 11,306
 64,519
 103,763
 168,282
 (28,582) 2011
Ridgewood Estates Ellenton FL —
 8,769
 8,791
 —
 519
 8,769
 9,310
 18,079
 (2,786) 2011
Haselton Village Eustis FL —
 3,800
 8,955
 —
 624
 3,800
 9,579
 13,379
 (2,661) 2011
Southern Palms Eustis FL —
 2,169
 5,884
 —
 3,861
 2,169
 9,745
 11,914
 (6,122) 1998
Bulow Plantation Flagler Beach FL —
 3,637
 949
 —
 7,082
 3,637
 8,031
 11,668
 (4,764) 1994
Bulow Village RV Flagler Beach FL —
 —
 228
 —
 2,085
 —
 2,313
 2,313
 (854) 1994 Flagler Beach FL —
 —
 228
 —
 2,212
 —
 2,440
 2,440
 (942) 1994
Carefree Cove Fort Lauderdale FL —
 1,741
 5,170
 —
 803
 1,741
 5,973
 7,714
 (2,819) 2004 Fort Lauderdale FL —
 1,741
 5,170
 —
 859
 1,741
 6,029
 7,770
 (3,024) 2004
Everglades Lakes Fort Lauderdale FL —
 53,850
 18,797
 —
 7
 53,850
 18,804
 72,654
 (832) 2018 Fort Lauderdale FL —
 53,850
 18,797
 —
 529
 53,850
 19,326
 73,176
 (1,646) 2018
Park City West Fort Lauderdale FL —
 4,184
 12,561
 —
 1,193
 4,184
 13,754
 17,938
 (6,673) 2004 Fort Lauderdale FL —
 4,184
 12,561
 —
 1,337
 4,184
 13,898
 18,082
 (7,141) 2004
Sunshine Holiday RV Fort Lauderdale FL (9,550) 3,099
 9,286
 —
 1,666
 3,099
 10,952
 14,051
 (4,898) 2004 Fort Lauderdale FL (9,494) 3,099
 9,286
 —
 1,754
 3,099
 11,040
 14,139
 (5,282) 2004
Vacant Land Fort Myers FL —
 1,047
 —
 —
 —
 1,047
 —
 1,047
 —
 2018
Crystal Lakes-Fort Myers Fort Myers FL —
 1,047
 —
 712
 1,027
 1,759
 1,027
 2,786
 (2) 2018
Fort Myers Beach Resort Fort Myers FL —
 1,188
 3,548
 —
 623
 1,188
 4,171
 5,359
 (2,090) 2004 Fort Myers FL —
 1,188
 3,548
 —
 739
 1,188
 4,287
 5,475
 (2,242) 2004
Gulf Air Resort Fort Myers Beach FL (6,283) 1,609
 4,746
 —
 700
 1,609
 5,446
 7,055
 (2,608) 2004 Fort Myers Beach FL (6,165) 1,609
 4,746
 —
 774
 1,609
 5,520
 7,129
 (2,804) 2004
Lakeside Terrace Fruitland Park FL —
 3,275
 7,165
 —
 616
 3,275
 7,781
 11,056
 (2,197) 2011 Fruitland Park FL —
 3,275
 7,165
 —
 651
 3,275
 7,816
 11,091
 (2,447) 2011
Grand Island Grand Island FL —
 1,723
 5,208
 125
 5,266
 1,848
 10,474
 12,322
 (5,295) 2001 Grand Island FL —
 1,723
 5,208
 125
 5,841
 1,848
 11,049
 12,897
 (5,650) 2001
Holiday Travel Park Holiday FL —
 9,240
 13,284
 —
 284
 9,240
 13,568
 22,808
 (1,593) 2018 Holiday FL —
 9,240
 13,284
 —
 784
 9,240
 14,068
 23,308
 (2,867) 2018
Barrington Hills Hudson FL (4,497) 1,145
 3,437
 —
 998
 1,145
 4,435
 5,580
 (2,087) 2004 Hudson FL (4,412) 1,145
 3,437
 —
 1,037
 1,145
 4,474
 5,619
 (2,236) 2004
Sherwood Forest Kissimmee FL —
 4,852
 14,596
 —
 7,268
 4,852
 21,864
 26,716
 (13,609) 1998 Kissimmee FL —
 4,852
 14,596
 —
 7,597
 4,852
 22,193
 27,045
 (14,319) 1998
Sherwood Forest RV Kissimmee FL —
 2,870
 3,621
 567
 3,570
 3,437
 7,191
 10,628
 (4,335) 1998 Kissimmee FL —
 2,870
 3,621
 567
 3,849
 3,437
 7,470
 10,907
 (4,563) 1998
Tropical Palms Kissimmee FL —
 5,677
 17,116
 —
 11,839
 5,677
 28,955
 34,632
 (13,184) 2004 Kissimmee FL —
 5,677
 17,116
 —
 12,438
 5,677
 29,554
 35,231
 (14,123) 2004
Lake Worth Village Lake Worth FL (6,053) 14,959
 24,501
 —
 3,037
 14,959
 27,538
 42,497
 (7,963) 2011 Lake Worth FL (4,855) 14,959
 24,501
 —
 3,657
 14,959
 28,158
 43,117
 (8,839) 2011
Beacon Hill Colony Lakeland FL —
 3,775
 6,405
 —
 318
 3,775
 6,723
 10,498
 (1,896) 2011 Lakeland FL —
 3,775
 6,405
 —
 398
 3,775
 6,803
 10,578
 (2,112) 2011
Beacon Terrace Lakeland FL (10,343) 5,372
 9,153
 —
 540
 5,372
 9,693
 15,065
 (2,828) 2011 Lakeland FL (10,006) 5,372
 9,153
 —
 667
 5,372
 9,820
 15,192
 (3,134) 2011
Kings & Queens Lakeland FL —
 1,696
 3,064
 —
 216
 1,696
 3,280
 4,976
 (976) 2011 Lakeland FL —
 1,696
 3,064
 —
 241
 1,696
 3,305
 5,001
 (1,079) 2011
Lakeland Harbor Lakeland FL (14,705) 10,446
 17,376
 —
 726
 10,446
 18,102
 28,548
 (5,763) 2011
Lakeland Junction Lakeland FL (3,551) 3,018
 4,752
 —
 204
 3,018
 4,956
 7,974
 (1,636) 2011
Maralago Cay Lantana FL (39,877) 5,325
 15,420
 —
 6,372
 5,325
 21,792
 27,117
 (14,740) 1997
Down Yonder Largo FL —
 2,652
 7,981
 —
 1,477
 2,652
 9,458
 12,110
 (5,079) 1998
East Bay Oaks Largo FL (9,369) 1,240
 3,322
 —
 1,794
 1,240
 5,116
 6,356
 (4,158) 1983
Eldorado Village Largo FL (6,259) 778
 2,341
 —
 1,973
 778
 4,314
 5,092
 (3,042) 1983
Paradise Park- Largo Largo FL (5,541) 3,523
 4,026
 —
 550
 3,523
 4,576
 8,099
 (983) 2017
Shangri La Largo FL —
 1,722
 5,200
 —
 386
 1,722
 5,586
 7,308
 (2,888) 2004
Vacation Village Largo FL (4,533) 1,315
 3,946
 —
 894
 1,315
 4,840
 6,155
 (2,346) 2004
Whispering Pines - Largo Largo FL —
 8,218
 14,054
 —
 1,081
 8,218
 15,135
 23,353
 (4,791) 2011
Coachwood Leesburg FL —
 1,602
 4,822
 —
 1,197
 1,602
 6,019
 7,621
 (2,833) 2004
Mid-Florida Lakes Leesburg FL (61,180) 5,997
 20,635
 —
 13,712
 5,997
 34,347
 40,344
 (23,680) 1994
Fiesta Key Long Key FL —
 16,611
 7,338
 —
 10,403
 16,611
 17,741
 34,352
 (2,496) 2013
Pasco Lutz FL (3,868) 1,494
 4,484
 —
 1,334
 1,494
 5,818
 7,312
 (2,769) 2004
Coral Cay Plantation Margate FL (19,868) 5,890
 20,211
 —
 9,048
 5,890
 29,259
 35,149
 (22,132) 1994


S-5
Schedule III
Equity LifeStyle Properties, Inc.
Real Estate and Accumulated Depreciation



       Initial Cost to Company 
Costs Capitalized
Subsequent to
Acquisition (Improvements)
 Gross Amount Carried at 12/31/18           Initial Cost to ELS Costs Capitalized
Subsequent to
Acquisition (Improvements)		 Gross Amount Carried at 12/31/19    
Real Estate (1)
 Location Encumbrances Land 
Depreciable
Property
 Land 
Depreciable
Property
 Land 
Depreciable
Property
 
Total (3)
 
Accumulated
Depreciation
 
Date of
Acquisition
 Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property 
Total (3)
 Accumulated
Depreciation		 Date of
Acquisition
Lakeland Harbor Lakeland FL $(15,073) $10,446
 $17,376
 $—
 $534
 $10,446
 $17,910
 $28,356
 $(5,193) 2011
Lakeland Junction Lakeland FL (3,670) 3,018
 4,752
 —
 163
 3,018
 4,915
 7,933
 (1,480) 2011
Maralago Cay Lantana FL (40,591) 5,325
 15,420
 —
 6,221
 5,325
 21,641
 26,966
 (14,035) 1997
Down Yonder Largo FL —
 2,652
 7,981
 —
 1,332
 2,652
 9,313
 11,965
 (4,765) 1998
East Bay Oaks Largo FL (9,658) 1,240
 3,322
 —
 1,689
 1,240
 5,011
 6,251
 (4,105) 1983
Eldorado Village Largo FL (6,452) 778
 2,341
 —
 1,450
 778
 3,791
 4,569
 (2,988) 1983
Paradise Park- Largo Largo FL (5,636) 3,523
 4,026
 —
 531
 3,523
 4,557
 8,080
 (759) 2017
Shangri La Largo FL —
 1,722
 5,200
 —
 378
 1,722
 5,578
 7,300
 (2,697) 2004
Vacation Village Largo FL (4,620) 1,315
 3,946
 —
 803
 1,315
 4,749
 6,064
 (2,174) 2004
Whispering Pines - Largo Largo FL —
 8,218
 14,054
 —
 650
 8,218
 14,704
 22,922
 (4,328) 2011
Coachwood Leesburg FL —
 1,602
 4,822
 —
 871
 1,602
 5,693
 7,295
 (2,637) 2004
Mid-Florida Lakes Leesburg FL (62,267) 5,997
 20,635
 —
 12,728
 5,997
 33,363
 39,360
 (22,586) 1994
Fiesta Key Long Key FL —
 16,611
 7,338
 —
 6,874
 16,611
 14,212
 30,823
 (1,974) 2013
Pasco Lutz FL (3,942) 1,494
 4,484
 —
 975
 1,494
 5,459
 6,953
 (2,575) 2004
Coral Cay Plantation Margate FL (20,260) 5,890
 20,211
 —
 8,903
 5,890
 29,114
 35,004
 (21,197) 1994
Lakewood Village Melbourne FL —
 1,862
 5,627
 —
 2,176
 1,862
 7,803
 9,665
 (5,752) 1994 Melbourne FL —
 1,862
 5,627
 —
 2,559
 1,862
 8,186
 10,048
 (6,004) 1994
Miami Everglades Miami FL —
 5,362
 6,238
 —
 666
 5,362
 6,904
 12,266
 (1,439) 2015 Miami FL —
 5,362
 6,238
 —
 853
 5,362
 7,091
 12,453
 (1,873) 2015
Southernaire Mt. Dora FL —
 796
 2,395
 —
 328
 796
 2,723
 3,519
 (1,265) 2004 Mt. Dora FL —
 796
 2,395
 —
 476
 796
 2,871
 3,667
 (1,361) 2004
Loggerhead Marinas (11 properties) Multiple FL —
 80,819
 81,387
 —
 247
 80,819
 81,634
 162,453
 (2,094) 2019
Country Place (2)
 New Port Richey FL (19,992) 663
 —
 18
 8,018
 681
 8,018
 8,699
 (6,206) 1986 New Port Richey FL (19,341) 663
 —
 18
 8,199
 681
 8,199
 8,880
 (6,398) 1986
Hacienda Village New Port Richey FL (17,318) 4,297
 13,088
 —
 3,597
 4,297
 16,685
 20,982
 (8,159) 2002 New Port Richey FL (16,757) 4,297
 13,088
 —
 3,755
 4,297
 16,843
 21,140
 (8,717) 2002
Harbor View New Port Richey FL (18,615) 4,030
 12,146
 —
 955
 4,030
 13,101
 17,131
 (6,835) 2002 New Port Richey FL (18,047) 4,030
 12,146
 —
 1,250
 4,030
 13,396
 17,426
 (7,280) 2002
Bay Lake Estates Nokomis FL (11,720) 990
 3,390
 —
 2,353
 990
 5,743
 6,733
 (3,819) 1994 Nokomis FL (11,363) 990
 3,390
 —
 2,518
 990
 5,908
 6,898
 (3,998) 1994
Lake Village Nokomis FL (16,321) 15,850
 18,099
 —
 529
 15,850
 18,628
 34,478
 (5,410) 2011 Nokomis FL (15,796) 15,850
 18,099
 —
 622
 15,850
 18,721
 34,571
 (5,998) 2011
Royal Coachman Nokomis FL (10,912) 5,321
 15,978
 —
 1,728
 5,321
 17,706
 23,027
 (8,704) 2004 Nokomis FL (10,725) 5,321
 15,978
 —
 1,863
 5,321
 17,841
 23,162
 (9,297) 2004
Sunseekers North Fort Myers FL —
 4,224
 2,299
 —
 49
 4,224
 2,348
 6,572
 (64) 2018
Buccaneer North Fort Myers FL (32,548) 4,207
 14,410
 —
 4,412
 4,207
 18,822
 23,029
 (13,560) 1994 North Fort Myers FL —
 4,207
 14,410
 —
 4,777
 4,207
 19,187
 23,394
 (14,188) 1994
Island Vista North Fort Myers FL —
 5,004
 15,066
 —
 4,351
 5,004
 19,417
 24,421
 (7,174) 2006
Lake Fairways North Fort Myers FL (40,081) 6,075
 18,134
 35
 3,776
 6,110
 21,910
 28,020
 (16,353) 1994 North Fort Myers FL (38,775) 6,075
 18,134
 35
 4,066
 6,110
 22,200
 28,310
 (17,095) 1994
Pine Lakes North Fort Myers FL —
 6,306
 14,579
 21
 8,545
 6,327
 23,124
 29,451
 (16,973) 1994 North Fort Myers FL —
 6,306
 14,579
 1,768
 10,027
 8,074
 24,606
 32,680
 (17,752) 1994
Pioneer Village North Fort Myers FL (13,680) 4,116
 12,353
 —
 2,613
 4,116
 14,966
 19,082
 (7,162) 2004 North Fort Myers FL (13,421) 4,116
 12,353
 —
 2,867
 4,116
 15,220
 19,336
 (7,673) 2004
Sunseekers North Fort Myers FL —
 4,224
 2,299
 —
 1,014
 4,224
 3,313
 7,537
 (332) 2018
The Heritage North Fort Myers FL —
 1,438
 4,371
 346
 4,657
 1,784
 9,028
 10,812
 (6,453) 1993 North Fort Myers FL —
 1,438
 4,371
 346
 5,056
 1,784
 9,427
 11,211
 (6,752) 1993
Windmill Village North Fort Myers FL —
 1,417
 5,440
 —
 3,555
 1,417
 8,995
 10,412
 (7,005) 1983 North Fort Myers FL —
 1,417
 5,440
 —
 4,172
 1,417
 9,612
 11,029
 (7,124) 1983
Island Vista North Fort Myers FL —
 5,004
 15,066
 —
 2,432
 5,004
 17,498
 22,502
 (6,560) 2006
Foxwood Ocala FL —
 3,853
 7,967
 —
 2,052
 3,853
 10,019
 13,872
 (2,979) 2011
Oak Bend Ocala FL —
 850
 2,572
 —
 2,986
 850
 5,558
 6,408
 (3,220) 1993
Villas at Spanish Oaks Ocala FL —
 2,250
 6,922
 —
 2,894
 2,250
 9,816
 12,066
 (7,220) 1993
Silver Dollar Odessa FL —
 4,107
 12,431
 7,103
 3,490
 11,210
 15,921
 27,131
 (7,933) 2004
Audubon Orlando FL —
 4,622
 7,200
 —
 685
 4,622
 7,885
 12,507
 (2,524) 2011
Hidden Valley Orlando FL (8,152) 11,398
 12,861
 —
 884
 11,398
 13,745
 25,143
 (4,441) 2011
Starlight Ranch Orlando FL (32,875) 13,543
 20,388
 —
 2,792
 13,543
 23,180
 36,723
 (7,382) 2011
Holiday Village Ormond Beach FL —
 2,610
 7,837
 —
 1,390
 2,610
 9,227
 11,837
 (4,819) 2002
Sunshine Holiday MH Ormond Beach FL —
 2,001
 6,004
 —
 1,016
 2,001
 7,020
 9,021
 (3,677) 2004
The Meadows Palm Beach Gardens FL —
 3,229
 9,870
 —
 7,103
 3,229
 16,973
 20,202
 (9,302) 1999
Terra Ceia Palmetto FL —
 965
 2,905
 —
 492
 965
 3,397
 4,362
 (1,700) 2004
Lakes at Countrywood Plant City FL (8,913) 2,377
 7,085
 —
 3,111
 2,377
 10,196
 12,573
 (5,549) 2001
Meadows at Countrywood Plant City FL (19,604) 4,514
 13,175
 75
 11,161
 4,589
 24,336
 28,925
 (14,782) 1998
Oaks at Countrywood Plant City FL (3,653) 846
 2,513
 (75) 2,085
 771
 4,598
 5,369
 (2,437) 1998
Breezy Hill RV Pompano Beach FL (18,010) 5,424
 16,555
 —
 2,721
 5,424
 19,276
 24,700
 (10,619) 2002
Highland Wood RV Pompano Beach FL —
 1,043
 3,130
 42
 487
 1,085
 3,617
 4,702
 (1,990) 2002

S-6
Schedule III
Equity LifeStyle Properties, Inc.
Real Estate and Accumulated Depreciation



       Initial Cost to Company 
Costs Capitalized
Subsequent to
Acquisition (Improvements)
 Gross Amount Carried at 12/31/18           Initial Cost to ELS Costs Capitalized
Subsequent to
Acquisition (Improvements)		 Gross Amount Carried at 12/31/19    
Real Estate (1)
 Location Encumbrances Land 
Depreciable
Property
 Land 
Depreciable
Property
 Land 
Depreciable
Property
 
Total (3)
 
Accumulated
Depreciation
 
Date of
Acquisition
 Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property 
Total (3)
 Accumulated
Depreciation		 Date of
Acquisition
Foxwood Ocala FL $—
 $3,853
 $7,967
 $—
 $1,376
 $3,853
 $9,343
 $13,196
 $(2,674) 2011
Oak Bend Ocala FL —
 850
 2,572
 —
 1,897
 850
 4,469
 5,319
 (3,067) 1993
Villas at Spanish Oaks Ocala FL —
 2,250
 6,922
 —
 2,608
 2,250
 9,530
 11,780
 (6,901) 1993
Silver Dollar Odessa FL —
 4,107
 12,431
 240
 3,138
 4,347
 15,569
 19,916
 (7,389) 2004
Audubon Orlando FL —
 4,622
 7,200
 —
 623
 4,622
 7,823
 12,445
 (2,276) 2011
Hidden Valley Orlando FL (8,307) 11,398
 12,861
 —
 758
 11,398
 13,619
 25,017
 (4,012) 2011
Starlight Ranch Orlando FL (33,911) 13,543
 20,388
 —
 1,898
 13,543
 22,286
 35,829
 (6,677) 2011
Holiday Village Ormond Beach FL —
 2,610
 7,837
 —
 913
 2,610
 8,750
 11,360
 (4,517) 2002
Sunshine Holiday MH Ormond Beach FL —
 2,001
 6,004
 —
 974
 2,001
 6,978
 8,979
 (3,439) 2004
The Meadows Palm Beach Gardens FL (9,646) 3,229
 9,870
 —
 6,865
 3,229
 16,735
 19,964
 (8,730) 1999
Terra Ceia Palmetto FL —
 965
 2,905
 —
 449
 965
 3,354
 4,319
 (1,582) 2004
Lakes at Countrywood Plant City FL (9,093) 2,377
 7,085
 —
 2,783
 2,377
 9,868
 12,245
 (5,213) 2001
Meadows at Countrywood Plant City FL (20,002) 4,514
 13,175
 75
 10,584
 4,589
 23,759
 28,348
 (14,014) 1998
Oaks at Countrywood Plant City FL (3,715) 846
 2,513
 (75) 1,880
 771
 4,393
 5,164
 (2,282) 1998
Breezy Hill RV Pompano Beach FL (18,357) 5,424
 16,555
 —
 2,496
 5,424
 19,051
 24,475
 (9,959) 2002
Highland Wood RV Pompano Beach FL —
 1,043
 3,130
 42
 406
 1,085
 3,536
 4,621
 (1,871) 2002
Harbor Lakes Port Charlotte FL (18,268) 3,384
 10,154
 —
 1,241
 3,384
 11,395
 14,779
 (5,452) 2004 Port Charlotte FL (17,871) 3,384
 10,154
 —
 1,347
 3,384
 11,501
 14,885
 (5,838) 2004
Lighthouse Pointe Port Orange FL —
 2,446
 7,483
 23
 1,911
 2,469
 9,394
 11,863
 (6,188) 1998 Port Orange FL —
 2,446
 7,483
 23
 2,330
 2,469
 9,813
 12,282
 (6,499) 1998
Pickwick Port Orange FL (18,306) 2,803
 8,870
 —
 1,678
 2,803
 10,548
 13,351
 (7,002) 1998 Port Orange FL (17,721) 2,803
 8,870
 —
 3,144
 2,803
 12,014
 14,817
 (7,356) 1998
Rose Bay Port Orange FL —
 3,866
 3,528
 —
 487
 3,866
 4,015
 7,881
 (1,286) 2016 Port Orange FL —
 3,866
 3,528
 —
 563
 3,866
 4,091
 7,957
 (1,576) 2016
Emerald Lake Punta Gorda FL (4,464) 3,598
 5,197
 —
 481
 3,598
 5,678
 9,276
 (1,656) 2011 Punta Gorda FL (4,331) 3,598
 5,197
 —
 504
 3,598
 5,701
 9,299
 (1,836) 2011
Gulf View Punta Gorda FL —
 717
 2,158
 —
 1,418
 717
 3,576
 4,293
 (1,745) 2004 Punta Gorda FL —
 717
 2,158
 —
 1,452
 717
 3,610
 4,327
 (1,866) 2004
Tropical Palms Punta Gorda FL —
 2,365
 7,286
 —
 2,883
 2,365
 10,169
 12,534
 (3,538) 2006 Punta Gorda FL —
 2,365
 7,286
 —
 3,252
 2,365
 10,538
 12,903
 (3,892) 2006
Kingswood Riverview FL —
 9,094
 8,365
 —
 720
 9,094
 9,085
 18,179
 (1,127) 2018 Riverview FL —
 9,094
 8,365
 —
 932
 9,094
 9,297
 18,391
 (1,746) 2018
Palm Lake Riviera Beach FL —
 56,323
 27,418
 —
 6
 56,323
 27,424
 83,747
 —
 2018 Riviera Beach FL —
 56,323
 27,418
 —
 1,223
 56,323
 28,641
 84,964
 (4,100) 2018
Indian Oaks Rockledge FL —
 1,089
 3,376
 —
 1,175
 1,089
 4,551
 5,640
 (3,025) 1998 Rockledge FL —
 1,089
 3,376
 —
 1,353
 1,089
 4,729
 5,818
 (3,173) 1998
Space Coast Rockledge FL —
 2,413
 3,716
 —
 1,364
 2,413
 5,080
 7,493
 (781) 2014 Rockledge FL —
 2,413
 3,716
 —
 1,477
 2,413
 5,193
 7,606
 (955) 2014
Covington Estates Saint Cloud FL (9,418) 3,319
 7,253
 —
 241
 3,319
 7,494
 10,813
 (2,224) 2011 Saint Cloud FL (9,216) 3,319
 7,253
 —
 249
 3,319
 7,502
 10,821
 (2,462) 2011
Winds of St. Armands North Sarasota FL (24,934) 1,523
 5,063
 —
 3,644
 1,523
 8,707
 10,230
 (7,141) 1983 Sarasota FL (24,367) 1,523
 5,063
 —
 3,814
 1,523
 8,877
 10,400
 (7,240) 1983
Winds of St. Armands South Sarasota FL (16,253) 1,106
 3,162
 1,744
 1,489
 2,850
 4,651
 7,501
 (3,973) 1983 Sarasota FL (15,884) 1,106
 3,162
 1,744
 1,817
 2,850
 4,979
 7,829
 (4,016) 1983
Topics Spring Hill FL (2,312) 844
 2,568
 —
 710
 844
 3,278
 4,122
 (1,535) 2004 Spring Hill FL (2,296) 844
 2,568
 —
 803
 844
 3,371
 4,215
 (1,652) 2004
Pine Island Resort St. James City FL —
 1,678
 5,044
 —
 1,382
 1,678
 6,426
 8,104
 (2,224) 2007 St. James City FL —
 1,678
 5,044
 —
 1,490
 1,678
 6,534
 8,212
 (2,473) 2007
Carefree Village Tampa FL —
 6,799
 10,421
 —
 995
 6,799
 11,416
 18,215
 (3,735) 2011
Tarpon Glen Tarpon Springs FL —
 2,678
 4,016
 —
 610
 2,678
 4,626
 7,304
 (1,485) 2011
Featherock Valrico FL —
 11,369
 22,770
 —
 1,269
 11,369
 24,039
 35,408
 (7,328) 2011
Bay Indies Venice FL (62,866) 10,483
 31,559
 10
 8,138
 10,493
 39,697
 50,190
 (31,048) 1994
Ramblers Rest Venice FL —
 4,646
 14,201
 —
 8,189
 4,646
 22,390
 27,036
 (8,562) 2006
Countryside Vero Beach FL —
 3,711
 11,133
 —
 8,725
 3,711
 19,858
 23,569
 (12,509) 1998
Heritage Plantation Vero Beach FL —
 2,403
 7,259
 —
 3,292
 2,403
 10,551
 12,954
 (7,744) 1994
Heron Cay Vero Beach FL (28,325) 14,368
 23,792
 —
 1,976
 14,368
 25,768
 40,136
 (7,989) 2011
Holiday Village Vero Beach FL —
 350
 1,374
 —
 235
 350
 1,609
 1,959
 (1,153) 1998
Sunshine Travel Vero Beach FL —
 1,603
 4,813
 —
 1,175
 1,603
 5,988
 7,591
 (2,818) 2004
Vero Palm Vero Beach FL (11,370) 6,697
 9,025
 —
 1,279
 6,697
 10,304
 17,001
 (3,118) 2011
Village Green Vero Beach FL (48,250) 15,901
 25,175
 —
 2,387
 15,901
 27,562
 43,463
 (8,891) 2011
Peace River Wauchula FL —
 900
 2,100
 —
 1,850
 900
 3,950
 4,850
 (1,365) 2006
Palm Beach Colony West Palm Beach FL (10,992) 5,930
 10,113
 8
 942
 5,938
 11,055
 16,993
 (3,542) 2011
Parkwood Communities Wildwood FL (8,748) 6,990
 15,115
 —
 1,249
 6,990
 16,364
 23,354
 (5,203) 2011
Three Flags RV Resort Wildwood FL —
 228
 684
 —
 594
 228
 1,278
 1,506
 (551) 2006
Winter Garden Winter Garden FL —
 2,321
 6,962
 —
 1,127
 2,321
 8,089
 10,410
 (3,170) 2007
Crystal Lake-Zephyrhills Zephyrhills FL —
 3,767
 6,834
 194
 9,080
 3,961
 15,914
 19,875
 (2,661) 2011

S-7
Schedule III
Equity LifeStyle Properties, Inc.
Real Estate and Accumulated Depreciation



        Initial Cost to Company 
Costs Capitalized
Subsequent to
Acquisition (Improvements)
 Gross Amount Carried at 12/31/18    
Real Estate (1)
 Location Encumbrances Land 
Depreciable
Property
 Land 
Depreciable
Property
 Land 
Depreciable
Property
 
Total (3)
 
Accumulated
Depreciation
 
Date of
Acquisition
Carefree Village Tampa FL $—
 $6,799
 $10,421
 $—
 $892
 $6,799
 $11,313
 $18,112
 $(3,383) 2011
Tarpon Glen Tarpon Springs FL —
 2,678
 4,016
 —
 528
 2,678
 4,544
 7,222
 (1,341) 2011
Featherock Valrico FL —
 11,369
 22,770
 —
 962
 11,369
 23,732
 35,101
 (6,564) 2011
Bay Indies Venice FL (64,467) 10,483
 31,559
 10
 7,786
 10,493
 39,345
 49,838
 (29,722) 1994
Ramblers Rest Venice FL —
 4,646
 14,201
 —
 7,949
 4,646
 22,150
 26,796
 (7,816) 2006
Countryside Vero Beach FL —
 3,711
 11,133
 —
 8,110
 3,711
 19,243
 22,954
 (11,901) 1998
Heritage Plantation Vero Beach FL —
 2,403
 7,259
 —
 2,856
 2,403
 10,115
 12,518
 (7,427) 1994
Heron Cay Vero Beach FL (29,112) 14,368
 23,792
 —
 1,603
 14,368
 25,395
 39,763
 (7,173) 2011
Holiday Village Vero Beach FL —
 350
 1,374
 —
 224
 350
 1,598
 1,948
 (1,103) 1998
Sunshine Travel Vero Beach FL —
 1,603
 4,813
 —
 1,005
 1,603
 5,818
 7,421
 (2,610) 2004
Vero Palm Vero Beach FL (11,685) 6,697
 9,025
 —
 930
 6,697
 9,955
 16,652
 (2,794) 2011
Village Green Vero Beach FL (49,001) 15,901
 25,175
 —
 1,795
 15,901
 26,970
 42,871
 (8,033) 2011
Peace River Wauchula FL —
 900
 2,100
 —
 1,259
 900
 3,359
 4,259
 (1,211) 2006
Palm Beach Colony West Palm Beach FL (11,337) 5,930
 10,113
 8
 928
 5,938
 11,041
 16,979
 (3,192) 2011
Parkwood Communities Wildwood FL (8,913) 6,990
 15,115
 —
 898
 6,990
 16,013
 23,003
 (4,672) 2011
Three Flags RV Resort Wildwood FL —
 228
 684
 —
 559
 228
 1,243
 1,471
 (490) 2006
Winter Garden Winter Garden FL —
 2,321
 6,962
 —
 700
 2,321
 7,662
 9,983
 (2,903) 2007
Crystal Lake-Zephyrhills Zephyrhills FL —
 3,767
 6,834
 110
 3,697
 3,877
 10,531
 14,408
 (2,236) 2011
Forest Lake Estates Zephyrhills FL (20,549) 40,716
 33,918
 —
 594
 40,716
 34,512
 75,228
 (7,649) 2016
Forest Lake Village Zephyrhills FL —
 —
 537
 —
 140
 —
 677
 677
 (79) 2016
Sixth Avenue Zephyrhills FL —
 837
 2,518
 —
 126
 837
 2,644
 3,481
 (1,301) 2004
Coach Royale Boise ID —
 465
 1,685
 —
 112
 465
 1,797
 2,262
 (550) 2011
Maple Grove Boise ID —
 1,358
 5,151
 —
 255
 1,358
 5,406
 6,764
 (1,665) 2011
Shenandoah Estates Boise ID —
 1,287
 7,603
 —
 441
 1,287
 8,044
 9,331
 (2,171) 2011
West Meadow Estates Boise ID (7,640) 1,371
 6,770
 —
 231
 1,371
 7,001
 8,372
 (2,004) 2011
O'Connell's Amboy IL (3,707) 1,648
 4,974
 —
 2,540
 1,648
 7,514
 9,162
 (3,169) 2004
Pheasant Lake Estates Beecher IL (40,783) 12,764
 42,183
 —
 685
 12,764
 42,868
 55,632
 (9,141) 2013
Pine Country Belvidere IL —
 53
 166
 —
 2,226
 53
 2,392
 2,445
 (265) 2006
Willow Lake Estates Elgin IL —
 6,138
 21,033
 —
 9,099
 6,138
 30,132
 36,270
 (20,734) 1994
Golf Vistas Estates Monee IL (10,695) 2,842
 4,719
 —
 7,205
 2,842
 11,924
 14,766
 (7,428) 1997
Indian Lakes Batesville IN —
 450
 1,061
 6
 4,647
 456
 5,708
 6,164
 (1,308) 2004
        Initial Cost to ELS Costs Capitalized
Subsequent to
Acquisition (Improvements)		 Gross Amount Carried at 12/31/19    
Real Estate (1)
 Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property 
Total (3)
 Accumulated
Depreciation		 Date of
Acquisition
Forest Lake Estates Zephyrhills FL (19,894) 40,716
 33,918
 1,048
 1,316
 41,764
 35,234
 76,998
 (9,318) 2016
Forest Lake Village Zephyrhills FL —
 —
 537
 —
 195
 —
 732
 732
 (118) 2016
Sixth Avenue Zephyrhills FL —
 837
 2,518
 —
 146
 837
 2,664
 3,501
 (1,389) 2004
Coach Royale Boise ID —
 465
 1,685
 —
 358
 465
 2,043
 2,508
 (608) 2011
Maple Grove Boise ID —
 1,358
 5,151
 —
 594
 1,358
 5,745
 7,103
 (1,838) 2011
Shenandoah Estates Boise ID —
 1,287
 7,603
 —
 467
 1,287
 8,070
 9,357
 (2,428) 2011
West Meadow Estates Boise ID (7,475) 1,371
 6,770
 —
 253
 1,371
 7,023
 8,394
 (2,223) 2011
O'Connell's Amboy IL (3,482) 1,648
 4,974
 —
 2,815
 1,648
 7,789
 9,437
 (3,442) 2004
Pheasant Lake Estates Beecher IL (40,062) 12,764
 42,183
 —
 1,050
 12,764
 43,233
 55,997
 (10,512) 2013
Pine Country Belvidere IL —
 53
 166
 —
 2,376
 53
 2,542
 2,595
 (357) 2006
Willow Lake Estates Elgin IL —
 6,138
 21,033
 —
 10,099
 6,138
 31,132
 37,270
 (21,724) 1994
Golf Vistas Estates Monee IL (10,484) 2,842
 4,719
 —
 8,062
 2,842
 12,781
 15,623
 (7,812) 1997
Indian Lakes Batesville IN —
 450
 1,061
 6
 5,197
 456
 6,258
 6,714
 (1,525) 2004
Horseshoe Lake Clinton IN —
 155
 365
 2
 685
 157
 1,050
 1,207
 (406) 2004
Twin Mills RV Howe IN —
 1,399
 4,186
 —
 590
 1,399
 4,776
 6,175
 (2,029) 2006
Lakeside New Carlisle IN —
 426
 1,281
 —
 246
 426
 1,527
 1,953
 (761) 2004
Diamond Caverns Resort & Golf Club Park City KY —
 530
 1,512
 —
 469
 530
 1,981
 2,511
 (870) 2006
Gateway to Cape Cod Rochester MA —
 91
 288
 —
 383
 91
 671
 762
 (297) 2006
Hillcrest Rockland MA (1,701) 2,034
 3,182
 —
 167
 2,034
 3,349
 5,383
 (1,100) 2011
The Glen Rockland MA —
 940
 1,680
 —
 15
 940
 1,695
 2,635
 (569) 2011
Old Chatham RV South Dennis MA (6,766) 1,760
 5,293
 —
 521
 1,760
 5,814
 7,574
 (2,645) 2005
Sturbridge Sturbridge MA —
 110
 347
 —
 782
 110
 1,129
 1,239
 (383) 2006
Fernwood Capitol Heights MD (12,890) 6,556
 11,674
 —
 1,168
 6,556
 12,842
 19,398
 (3,998) 2011
Williams Estates and Peppermint Woods Middle River MD —
 22,774
 42,575
 —
 1,627
 22,774
 44,202
 66,976
 (14,069) 2011
Mt. Desert Narrows Bar Harbor ME —
 1,037
 3,127
 —
 486
 1,037
 3,613
 4,650
 (1,405) 2007
Patton Pond Ellsworth ME —
 267
 802
 —
 203
 267
 1,005
 1,272
 (411) 2007
Pinehirst RV Park Old Orchard Beach ME (10,363) 1,942
 5,827
 —
 2,571
 1,942
 8,398
 10,340
 (3,412) 2005
Narrows Too Trenton ME —
 1,451
 4,408
 —
 301
 1,451
 4,709
 6,160
 (1,860) 2007
Moody Beach Wells ME —
 93
 292
 —
 1,615
 93
 1,907
 2,000
 (332) 2006
Bear Cave Resort Buchanan MI —
 176
 516
 —
 551
 176
 1,067
 1,243
 (355) 2006
St. Clair St. Clair MI —
 453
 1,068
 6
 742
 459
 1,810
 2,269
 (784) 2004
Cedar Knolls Apple Valley MN (14,398) 10,021
 14,357
 —
 1,731
 10,021
 16,088
 26,109
 (5,157) 2011
Cimarron Park Lake Elmo MN (19,202) 11,097
 23,132
 —
 2,965
 11,097
 26,097
 37,194
 (7,904) 2011


S-8
Schedule III
Equity LifeStyle Properties, Inc.
Real Estate and Accumulated Depreciation



        Initial Cost to Company 
Costs Capitalized
Subsequent to
Acquisition (Improvements)
 Gross Amount Carried at 12/31/18    
Real Estate (1)
 Location Encumbrances Land 
Depreciable
Property
 Land 
Depreciable
Property
 Land 
Depreciable
Property
 
Total (3)
 
Accumulated
Depreciation
 
Date of
Acquisition
Horseshoe Lake Clinton IN $—
 $155
 $365
 $2
 $633
 $157
 $998
 $1,155
 $(365) 2004
Twin Mills RV Howe IN —
 1,399
 4,186
 —
 471
 1,399
 4,657
 6,056
 (1,861) 2006
Lakeside New Carlisle IN —
 426
 1,281
 —
 229
 426
 1,510
 1,936
 (709) 2004
Diamond Caverns Resort & Golf Club Park City KY —
 530
 1,512
 —
 400
 530
 1,912
 2,442
 (790) 2006
Gateway to Cape Cod Rochester MA —
 91
 288
 —
 371
 91
 659
 750
 (269) 2006
Hillcrest Rockland MA (1,726) 2,034
 3,182
 —
 137
 2,034
 3,319
 5,353
 (997) 2011
The Glen Rockland MA —
 940
 1,680
 —
 6
 940
 1,686
 2,626
 (517) 2011
Old Chatham RV South Dennis MA (6,970) 1,760
 5,293
 —
 442
 1,760
 5,735
 7,495
 (2,448) 2005
Sturbridge Sturbridge MA —
 110
 347
 —
 727
 110
 1,074
 1,184
 (338) 2006
Fernwood Capitol Heights MD (13,429) 6,556
 11,674
 —
 1,017
 6,556
 12,691
 19,247
 (3,594) 2011
Williams Estates and Peppermint Woods Middle River MD —
 22,774
 42,575
 —
 1,435
 22,774
 44,010
 66,784
 (12,679) 2011
Mt. Desert Narrows Bar Harbor ME —
 1,037
 3,127
 —
 394
 1,037
 3,521
 4,558
 (1,267) 2007
Patton Pond Ellsworth ME —
 267
 802
 —
 181
 267
 983
 1,250
 (368) 2007
Pinehirst RV Park Old Orchard Beach ME (10,570) 1,942
 5,827
 —
 2,017
 1,942
 7,844
 9,786
 (3,110) 2005
Narrows Too Trenton ME —
 1,451
 4,408
 —
 243
 1,451
 4,651
 6,102
 (1,691) 2007
Moody Beach Wells ME —
 93
 292
 —
 721
 93
 1,013
 1,106
 (284) 2006
Bear Cave Resort Buchanan MI —
 176
 516
 —
 357
 176
 873
 1,049
 (319) 2006
St. Clair St. Clair MI —
 453
 1,068
 6
 704
 459
 1,772
 2,231
 (721) 2004
Cedar Knolls Apple Valley MN (14,767) 10,021
 14,357
 —
 1,129
 10,021
 15,486
 25,507
 (4,676) 2011
Cimarron Park Lake Elmo MN (19,703) 11,097
 23,132
 —
 2,145
 11,097
 25,277
 36,374
 (7,098) 2011
Rockford Riverview Estates Rockford MN —
 2,959
 8,882
 —
 729
 2,959
 9,611
 12,570
 (2,802) 2011
Rosemount Woods Rosemount MN —
 4,314
 8,932
 —
 375
 4,314
 9,307
 13,621
 (2,699) 2011
Forest Lake Advance NC —
 986
 2,325
 13
 998
 999
 3,323
 4,322
 (1,413) 2004
Scenic Asheville NC —
 1,183
 3,511
 —
 681
 1,183
 4,192
 5,375
 (1,601) 2006
Waterway RV Cedar Point NC (5,306) 2,392
 7,185
 —
 908
 2,392
 8,093
 10,485
 (3,779) 2004
Twin Lakes Chocowinity NC —
 1,709
 3,361
 —
 973
 1,709
 4,334
 6,043
 (1,940) 2004
Green Mountain Park Lenoir NC —
 1,037
 3,075
 —
 2,019
 1,037
 5,094
 6,131
 (1,551) 2006
Lake Gaston Littleton NC —
 130
 409
 —
 1,443
 130
 1,852
 1,982
 (366) 2006
Lake Myers RV Mocksville NC —
 1,504
 4,587
 —
 699
 1,504
 5,286
 6,790
 (2,083) 2006
Bogue Pines Newport NC —
 1,476
 2,592
 —
 56
 1,476
 2,648
 4,124
 (542) 2015
        Initial Cost to ELS Costs Capitalized
Subsequent to
Acquisition (Improvements)		 Gross Amount Carried at 12/31/19    
Real Estate (1)
 Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property 
Total (3)
 Accumulated
Depreciation		 Date of
Acquisition
Rockford Riverview Estates Rockford MN —
 2,959
 8,882
 —
 1,007
 2,959
 9,889
 12,848
 (3,100) 2011
Rosemount Woods Rosemount MN —
 4,314
 8,932
 —
 555
 4,314
 9,487
 13,801
 (2,996) 2011
Forest Lake Advance NC —
 986
 2,325
 13
 1,354
 999
 3,679
 4,678
 (1,548) 2004
Scenic Asheville NC —
 1,183
 3,511
 —
 705
 1,183
 4,216
 5,399
 (1,745) 2006
Waterway RV Cedar Point NC (5,140) 2,392
 7,185
 —
 948
 2,392
 8,133
 10,525
 (4,054) 2004
Twin Lakes Chocowinity NC —
 1,709
 3,361
 —
 2,023
 1,709
 5,384
 7,093
 (2,114) 2004
Green Mountain Park Lenoir NC —
 1,037
 3,075
 —
 2,333
 1,037
 5,408
 6,445
 (1,755) 2006
Lake Gaston Littleton NC —
 130
 409
 —
 1,865
 130
 2,274
 2,404
 (443) 2006
Lake Myers RV Mocksville NC —
 1,504
 4,587
 —
 907
 1,504
 5,494
 6,998
 (2,275) 2006
Bogue Pines Newport NC —
 1,476
 2,592
 —
 106
 1,476
 2,698
 4,174
 (627) 2015
Goose Creek Newport NC (14,317) 4,612
 13,848
 750
 2,667
 5,362
 16,515
 21,877
 (8,274) 2004
Whispering Pines - NC Newport NC —
 3,096
 5,081
 1
 329
 3,097
 5,410
 8,507
 (1,175) 2015
White Oak Shores Stella NC —
 5,089
 15,416
 —
 14
 5,089
 15,430
 20,519
 (1,186) 2019
Buena Vista Fargo ND —
 4,563
 14,949
 —
 1,191
 4,563
 16,140
 20,703
 (5,010) 2011
Meadow Park Fargo ND —
 943
 2,907
 —
 354
 943
 3,261
 4,204
 (1,047) 2011
Sandy Beach RV Contoocook NH —
 1,755
 5,265
 —
 263
 1,755
 5,528
 7,283
 (2,654) 2005
Pine Acres Raymond NH —
 3,096
 2,102
 —
 446
 3,096
 2,548
 5,644
 (764) 2014
Tuxbury Resort South Hampton NH —
 3,557
 3,910
 —
 1,224
 3,557
 5,134
 8,691
 (1,914) 2007
King Nummy Cape May Court House NJ —
 4,027
 3,584
 —
 40
 4,027
 3,624
 7,651
 (878) 2018
Mays Landing Mays Landing NJ —
 536
 289
 —
 1,041
 536
 1,330
 1,866
 (191) 2014
Echo Farms Ocean View NJ —
 2,840
 3,045
 —
 2,134
 2,840
 5,179
 8,019
 (1,000) 2014
Lake & Shore Ocean View NJ —
 378
 1,192
 —
 2,193
 378
 3,385
 3,763
 (1,438) 2006
Chestnut Lake Port Republic NJ —
 337
 796
 5
 1,240
 342
 2,036
 2,378
 (710) 2004
Sea Pines Swainton NJ —
 198
 625
 —
 3,988
 198
 4,613
 4,811
 (854) 2006
Pine Ridge at Crestwood Whiting NJ —
 17,367
 33,127
 —
 4,229
 17,367
 37,356
 54,723
 (11,285) 2011
Mountain View - NV Henderson NV (28,109) 16,665
 25,915
 —
 744
 16,665
 26,659
 43,324
 (8,467) 2011
Bonanza Las Vegas NV —
 908
 2,643
 —
 2,108
 908
 4,751
 5,659
 (3,848) 1983
Boulder Cascade Las Vegas NV (7,374) 2,995
 9,020
 —
 3,230
 2,995
 12,250
 15,245
 (8,164) 1998
Cabana Las Vegas NV (8,183) 2,648
 7,989
 —
 1,385
 2,648
 9,374
 12,022
 (7,389) 1994
Flamingo West Las Vegas NV —
 1,730
 5,266
 —
 2,070
 1,730
 7,336
 9,066
 (5,666) 1994
Las Vegas Las Vegas NV —
 1,049
 2,473
 14
 1,561
 1,063
 4,034
 5,097
 (1,582) 2004
Villa Borega Las Vegas NV —
 2,896
 8,774
 —
 1,718
 2,896
 10,492
 13,388
 (7,313) 1997
Rondout Valley Resort Accord NY —
 1,115
 3,240
 —
 1,341
 1,115
 4,581
 5,696
 (1,769) 2006


S-9
Schedule III
Equity LifeStyle Properties, Inc.
Real Estate and Accumulated Depreciation



        Initial Cost to Company 
Costs Capitalized
Subsequent to
Acquisition (Improvements)
 Gross Amount Carried at 12/31/18    
Real Estate (1)
 Location Encumbrances Land 
Depreciable
Property
 Land 
Depreciable
Property
 Land 
Depreciable
Property
 
Total (3)
 
Accumulated
Depreciation
 
Date of
Acquisition
Goose Creek Newport NC $(14,782) $4,612
 $13,848
 $750
 $2,277
 $5,362
 $16,125
 $21,487
 $(7,713) 2004
Whispering Pines - NC Newport NC —
 3,096
 5,081
 1
 137
 3,097
 5,218
 8,315
 (1,006) 2015
Buena Vista Fargo ND —
 4,563
 14,949
 —
 950
 4,563
 15,899
 20,462
 (4,502) 2011
Meadow Park Fargo ND —
 943
 2,907
 —
 263
 943
 3,170
 4,113
 (949) 2011
Sandy Beach RV Contoocook NH —
 1,755
 5,265
 —
 248
 1,755
 5,513
 7,268
 (2,459) 2005
Pine Acres Raymond NH —
 3,096
 2,102
 —
 402
 3,096
 2,504
 5,600
 (677) 2014
Tuxbury Resort South Hampton NH —
 3,557
 3,910
 —
 1,146
 3,557
 5,056
 8,613
 (1,725) 2007
King Nummy Cape May Court House NJ —
 4,027
 3,584
 —
 —
 4,027
 3,584
 7,611
 —
 2018
Mays Landing Mays Landing NJ —
 536
 289
 —
 996
 536
 1,285
 1,821
 (131) 2014
Echo Farms Ocean View NJ —
 2,840
 3,045
 —
 2,117
 2,840
 5,162
 8,002
 (832) 2014
Lake & Shore Ocean View NJ —
 378
 1,192
 —
 2,125
 378
 3,317
 3,695
 (1,285) 2006
Chestnut Lake Port Republic NJ —
 337
 796
 5
 1,233
 342
 2,029
 2,371
 (629) 2004
Sea Pines Swainton NJ —
 198
 625
 —
 2,016
 198
 2,641
 2,839
 (687) 2006
Pine Ridge at Crestwood Whiting NJ —
 17,367
 33,127
 —
 2,828
 17,367
 35,955
 53,322
 (10,132) 2011
Mountain View - NV Henderson NV (28,553) 16,665
 25,915
 —
 614
 16,665
 26,529
 43,194
 (7,626) 2011
Bonanza Las Vegas NV —
 908
 2,643
 —
 2,013
 908
 4,656
 5,564
 (3,796) 1983
Boulder Cascade Las Vegas NV (7,511) 2,995
 9,020
 —
 2,908
 2,995
 11,928
 14,923
 (7,775) 1998
Cabana Las Vegas NV (8,333) 2,648
 7,989
 —
 1,232
 2,648
 9,221
 11,869
 (7,081) 1994
Flamingo West Las Vegas NV —
 1,730
 5,266
 —
 2,022
 1,730
 7,288
 9,018
 (5,432) 1994
Las Vegas Las Vegas NV —
 1,049
 2,473
 14
 1,478
 1,063
 3,951
 5,014
 (1,441) 2004
Villa Borega Las Vegas NV —
 2,896
 8,774
 —
 1,346
 2,896
 10,120
 13,016
 (6,980) 1997
Rondout Valley Resort Accord NY —
 1,115
 3,240
 —
 1,092
 1,115
 4,332
 5,447
 (1,606) 2006
Alpine Lake Corinth NY —
 4,783
 14,125
 153
 3,053
 4,936
 17,178
 22,114
 (6,940) 2005
Lake George Escape Lake George NY —
 3,562
 10,708
 —
 4,791
 3,562
 15,499
 19,061
 (5,879) 2005
The Woodlands Lockport NY (44,504) 12,183
 39,687
 —
 2,569
 12,183
 42,256
 54,439
 (11,866) 2011
Greenwood Village Manorville NY —
 3,667
 9,414
 484
 6,618
 4,151
 16,032
 20,183
 (9,494) 1998
Brennan Beach Pulaski NY —
 7,325
 21,141
 —
 5,885
 7,325
 27,026
 34,351
 (11,245) 2005
Lake George Schroon Valley Warrensburg NY —
 540
 1,626
 —
 274
 540
 1,900
 2,440
 (646) 2008
Kenisee Lake Jefferson OH —
 295
 696
 4
 386
 299
 1,082
 1,381
 (426) 2004
        Initial Cost to ELS Costs Capitalized
Subsequent to
Acquisition (Improvements)		 Gross Amount Carried at 12/31/19    
Real Estate (1)
 Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property 
Total (3)
 Accumulated
Depreciation		 Date of
Acquisition
Alpine Lake Corinth NY —
 4,783
 14,125
 153
 3,274
 4,936
 17,399
 22,335
 (7,550) 2005
Lake George Escape Lake George NY —
 3,562
 10,708
 —
 5,350
 3,562
 16,058
 19,620
 (6,509) 2005
The Woodlands Lockport NY (43,734) 12,183
 39,687
 —
 4,079
 12,183
 43,766
 55,949
 (13,206) 2011
Greenwood Village Manorville NY —
 3,667
 9,414
 484
 6,809
 4,151
 16,223
 20,374
 (10,042) 1998
Brennan Beach Pulaski NY —
 7,325
 21,141
 —
 6,272
 7,325
 27,413
 34,738
 (12,163) 2005
Lake George Schroon Valley Warrensburg NY —
 540
 1,626
 —
 396
 540
 2,022
 2,562
 (735) 2008
Kenisee Lake Jefferson OH —
 295
 696
 4
 423
 299
 1,119
 1,418
 (475) 2004
Wilmington Wilmington OH —
 235
 555
 3
 621
 238
 1,176
 1,414
 (434) 2004
Bend Bend OR —
 733
 1,729
 10
 2,296
 743
 4,025
 4,768
 (1,337) 2004
Shadowbrook Clackamas OR —
 1,197
 3,693
 —
 704
 1,197
 4,397
 5,594
 (3,105) 1997
Pacific City Cloverdale OR —
 1,076
 2,539
 15
 1,976
 1,091
 4,515
 5,606
 (2,039) 2004
Falcon Wood Village Eugene OR —
 1,112
 3,426
 —
 817
 1,112
 4,243
 5,355
 (2,933) 1997
Portland Fairview Fairview OR —
 7,330
 10,278
 —
 459
 7,330
 10,737
 18,067
 (2,456) 2016
Quail Hollow Fairview OR —
 —
 3,249
 —
 758
 —
 4,007
 4,007
 (2,800) 1997
South Jetty Florence OR —
 678
 1,598
 9
 1,470
 687
 3,068
 3,755
 (1,087) 2004
Seaside Seaside OR —
 891
 2,101
 12
 1,022
 903
 3,123
 4,026
 (1,457) 2004
Whalers Rest South Beach OR —
 754
 1,777
 10
 973
 764
 2,750
 3,514
 (1,255) 2004
Mt. Hood Welches OR —
 1,817
 5,733
 —
 6,717
 1,817
 12,450
 14,267
 (4,011) 2002
Greenbriar Village Bath PA —
 8,359
 16,941
 —
 698
 8,359
 17,639
 25,998
 (5,477) 2011
Sun Valley Bowmansville PA —
 866
 2,601
 —
 1,113
 866
 3,714
 4,580
 (1,170) 2009
Green Acres Breinigsville PA (36,699) 2,680
 7,479
 —
 5,798
 2,680
 13,277
 15,957
 (10,376) 1988
Gettysburg Farm Dover PA —
 111
 350
 —
 730
 111
 1,080
 1,191
 (297) 2006
Timothy Lake North East Stroudsburg PA —
 296
 933
 —
 793
 296
 1,726
 2,022
 (626) 2006
Timothy Lake South East Stroudsburg PA —
 206
 649
 —
 233
 206
 882
 1,088
 (357) 2006
Drummer Boy Gettysburg PA (10,906) 1,884
 20,342
 —
 113
 1,884
 20,455
 22,339
 (1,817) 2019
Round Top Gettysburg PA (7,817) 1,214
 11,355
 —
 279
 1,214
 11,634
 12,848
 (1,463) 2019
Circle M Lancaster PA —
 330
 1,041
 —
 1,657
 330
 2,698
 3,028
 (944) 2006
Hershey Lebanon PA —
 1,284
 3,028
 17
 2,189
 1,301
 5,217
 6,518
 (2,275) 2004
Robin Hill Lenhartsville PA —
 1,263
 3,786
 —
 617
 1,263
 4,403
 5,666
 (1,555) 2009
Dutch County Manheim PA —
 88
 278
 —
 412
 88
 690
 778
 (221) 2006
Spring Gulch New Holland PA —
 1,593
 4,795
 —
 1,027
 1,593
 5,822
 7,415
 (2,917) 2004
Lil Wolf Orefield PA —
 5,627
 13,593
 —
 3,006
 5,627
 16,599
 22,226
 (4,684) 2011
Scotrun Scotrun PA —
 153
 483
 —
 771
 153
 1,254
 1,407
 (335) 2006
Appalachian Shartlesville PA —
 1,666
 5,044
 —
 919
 1,666
 5,963
 7,629
 (2,495) 2006

S-10
Schedule III
Equity LifeStyle Properties, Inc.
Real Estate and Accumulated Depreciation



        Initial Cost to Company 
Costs Capitalized
Subsequent to
Acquisition (Improvements)
 Gross Amount Carried at 12/31/18    
Real Estate (1)
 Location Encumbrances Land 
Depreciable
Property
 Land 
Depreciable
Property
 Land 
Depreciable
Property
 
Total (3)
 
Accumulated
Depreciation
 
Date of
Acquisition
Wilmington Wilmington OH $—
 $235
 $555
 $3
 $497
 $238
 $1,052
 $1,290
 $(380) 2004
Bend Bend OR —
 733
 1,729
 10
 1,536
 743
 3,265
 4,008
 (1,193) 2004
Shadowbrook Clackamas OR —
 1,197
 3,693
 —
 684
 1,197
 4,377
 5,574
 (2,966) 1997
Pacific City Cloverdale OR —
 1,076
 2,539
 15
 1,654
 1,091
 4,193
 5,284
 (1,885) 2004
Falcon Wood Village Eugene OR —
 1,112
 3,426
 —
 761
 1,112
 4,187
 5,299
 (2,794) 1997
Portland Fairview Fairview OR —
 7,330
 10,278
 —
 243
 7,330
 10,521
 17,851
 (1,879) 2016
Quail Hollow Fairview OR —
 —
 3,249
 —
 757
 —
 4,006
 4,006
 (2,652) 1997
South Jetty Florence OR —
 678
 1,598
 9
 1,078
 687
 2,676
 3,363
 (974) 2004
Seaside Seaside OR —
 891
 2,101
 12
 928
 903
 3,029
 3,932
 (1,338) 2004
Whalers Rest South Beach OR —
 754
 1,777
 10
 849
 764
 2,626
 3,390
 (1,146) 2004
Mt. Hood Welches OR —
 1,817
 5,733
 —
 4,364
 1,817
 10,097
 11,914
 (3,640) 2002
Greenbriar Village Bath PA —
 8,359
 16,941
 —
 453
 8,359
 17,394
 25,753
 (4,927) 2011
Sun Valley Bowmansville PA —
 866
 2,601
 —
 995
 866
 3,596
 4,462
 (1,021) 2009
Green Acres Breinigsville PA (37,483) 2,680
 7,479
 —
 5,407
 2,680
 12,886
 15,566
 (10,211) 1988
Gettysburg Farm Dover PA —
 111
 350
 —
 565
 111
 915
 1,026
 (245) 2006
Timothy Lake North East Stroudsburg PA —
 296
 933
 —
 792
 296
 1,725
 2,021
 (566) 2006
Timothy Lake South East Stroudsburg PA —
 206
 649
 —
 232
 206
 881
 1,087
 (314) 2006
Circle M Lancaster PA —
 330
 1,041
 —
 1,517
 330
 2,558
 2,888
 (814) 2006
Hershey Lebanon PA —
 1,284
 3,028
 17
 2,057
 1,301
 5,085
 6,386
 (2,063) 2004
Robin Hill Lenhartsville PA —
 1,263
 3,786
 —
 523
 1,263
 4,309
 5,572
 (1,392) 2009
Dutch County Manheim PA —
 88
 278
 —
 317
 88
 595
 683
 (189) 2006
Spring Gulch New Holland PA —
 1,593
 4,795
 —
 929
 1,593
 5,724
 7,317
 (2,697) 2004
Lil Wolf Orefield PA —
 5,627
 13,593
 —
 2,778
 5,627
 16,371
 21,998
 (4,164) 2011
Scotrun Scotrun PA —
 153
 483
 —
 503
 153
 986
 1,139
 (288) 2006
Appalachian Shartlesville PA —
 1,666
 5,044
 —
 764
 1,666
 5,808
 7,474
 (2,276) 2006
Mountain View - PA Walnutport PA —
 3,207
 7,182
 —
 426
 3,207
 7,608
 10,815
 (2,173) 2011
Timber Creek Westerly RI —
 12,618
 8,489
 —
 3
 12,618
 8,492
 21,110
 (166) 2018
Carolina Landing Fair Play SC —
 457
 1,078
 6
 593
 463
 1,671
 2,134
 (677) 2004
Inlet Oaks Murrells Inlet SC —
 1,546
 4,642
 —
 308
 1,546
 4,950
 6,496
 (2,047) 2006
The Oaks at Point South Yemassee SC —
 267
 810
 —
 237
 267
 1,047
 1,314
 (394) 2006
Natchez Trace Hohenwald TN —
 533
 1,257
 7
 1,112
 540
 2,369
 2,909
 (937) 2004
Cherokee Landing Saulsbury TN —
 118
 279
 2
 161
 120
 440
 560
 (191) 2004
Alamo Palms Resort Alamo TX (6,120) 1,562
 7,924
 —
 379
 1,562
 8,303
 9,865
 (2,324) 2012
Bay Landing Bridgeport TX —
 438
 1,033
 6
 1,671
 444
 2,704
 3,148
 (742) 2004
        Initial Cost to ELS Costs Capitalized
Subsequent to
Acquisition (Improvements)		 Gross Amount Carried at 12/31/19    
Real Estate (1)
 Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property 
Total (3)
 Accumulated
Depreciation		 Date of
Acquisition
Mountain View - PA Walnutport PA —
 3,207
 7,182
 —
 683
 3,207
 7,865
 11,072
 (2,416) 2011
Timber Creek Westerly RI —
 12,618
 8,489
 —
 97
 12,618
 8,586
 21,204
 (1,985) 2018
Carolina Landing Fair Play SC —
 457
 1,078
 6
 655
 463
 1,733
 2,196
 (745) 2004
Inlet Oaks Murrells Inlet SC —
 1,546
 4,642
 —
 326
 1,546
 4,968
 6,514
 (2,215) 2006
The Oaks at Point South Yemassee SC —
 267
 810
 —
 282
 267
 1,092
 1,359
 (434) 2006
Natchez Trace Hohenwald TN —
 533
 1,257
 7
 1,388
 540
 2,645
 3,185
 (1,054) 2004
Cherokee Landing Saulsbury TN —
 118
 279
 2
 202
 120
 481
 601
 (216) 2004
Alamo Palms Resort Alamo TX (6,000) 1,562
 7,924
 —
 402
 1,562
 8,326
 9,888
 (2,603) 2012
Bay Landing Bridgeport TX —
 438
 1,033
 6
 1,894
 444
 2,927
 3,371
 (853) 2004
Colorado River Columbus TX —
 466
 1,099
 6
 1,124
 472
 2,223
 2,695
 (779) 2004
Victoria Palms Resort Donna TX (10,151) 2,849
 12,305
 —
 2,212
 2,849
 14,517
 17,366
 (4,685) 2012
Lake Texoma Gordonville TX —
 488
 1,151
 6
 1,826
 494
 2,977
 3,471
 (1,290) 2004
Lakewood RV Harlingen TX —
 325
 979
 —
 486
 325
 1,465
 1,790
 (711) 2004
Paradise Park RV Harlingen TX —
 1,568
 4,705
 —
 1,294
 1,568
 5,999
 7,567
 (2,972) 2004
Sunshine RV Harlingen TX —
 1,494
 4,484
 —
 1,859
 1,494
 6,343
 7,837
 (3,036) 2004
Tropic Winds Harlingen TX —
 1,221
 3,809
 —
 914
 1,221
 4,723
 5,944
 (2,588) 2002
Medina Lake Lakehills TX —
 936
 2,208
 13
 1,645
 949
 3,853
 4,802
 (1,702) 2004
Paradise South Mercedes TX —
 448
 1,345
 —
 679
 448
 2,024
 2,472
 (933) 2004
Lake Tawakoni Point TX —
 35
 2,320
 —
 667
 35
 2,987
 3,022
 (1,389) 2004
Fun n Sun RV San Benito TX (5,745) 2,533
 5,560
 412
 7,039
 2,945
 12,599
 15,544
 (8,272) 1998
Country Sunshine Weslaco TX —
 627
 1,881
 —
 1,220
 627
 3,101
 3,728
 (1,545) 2004
Southern Comfort Weslaco TX (4,301) 1,108
 3,323
 —
 704
 1,108
 4,027
 5,135
 (2,044) 2004
Lake Whitney Whitney TX —
 679
 1,602
 10
 1,619
 689
 3,221
 3,910
 (1,253) 2004
Lake Conroe Willis TX —
 1,363
 3,214
 18
 15,736
 1,381
 18,950
 20,331
 (3,672) 2004
Westwood Village Farr West UT —
 1,346
 4,179
 —
 2,570
 1,346
 6,749
 8,095
 (4,445) 1997
St. George Hurricane UT —
 64
 264
 2
 651
 66
 915
 981
 (255) 2010
All Seasons Salt Lake City UT —
 510
 1,623
 —
 756
 510
 2,379
 2,889
 (1,570) 1997
Meadows of Chantilly Chantilly VA (40,355) 5,430
 16,440
 —
 8,318
 5,430
 24,758
 30,188
 (18,166) 1994
Harbor View Colonial Beach VA —
 64
 202
 —
 832
 64
 1,034
 1,098
 (319) 2006
Lynchburg Gladys VA —
 266
 627
 3
 700
 269
 1,327
 1,596
 (484) 2004
Chesapeake Bay Gloucester VA —
 1,230
 2,900
 16
 2,891
 1,246
 5,791
 7,037
 (2,380) 2004
Virginia Landing Quinby VA —
 602
 1,419
 8
 434
 610
 1,853
 2,463
 (897) 2004
Grey's Point Topping VA (22,423) 33,491
 17,104
 —
 1,100
 33,491
 18,204
 51,695
 (3,759) 2017
Bethpage Urbanna VA (37,426) 45,415
 38,149
 —
 861
 45,415
 39,010
 84,425
 (6,099) 2017

S-11
Schedule III
Equity LifeStyle Properties, Inc.
Real Estate and Accumulated Depreciation



        Initial Cost to ELS Costs Capitalized
Subsequent to
Acquisition (Improvements)		 Gross Amount Carried at 12/31/19    
Real Estate (1)
 Location Encumbrances Land Depreciable Property Land Depreciable Property Land Depreciable Property 
Total (3)
 Accumulated
Depreciation		 Date of
Acquisition
Williamsburg Williamsburg VA —
 111
 350
 —
 531
 111
 881
 992
 (290) 2006
Regency Lakes Winchester VA (8,914) 9,757
 19,055
 —
 1,974
 9,757
 21,029
 30,786
 (6,532) 2011
Birch Bay Blaine WA —
 502
 1,185
 7
 389
 509
 1,574
 2,083
 (706) 2004
Mount Vernon Bow WA —
 621
 1,464
 8
 2,090
 629
 3,554
 4,183
 (1,247) 2004
Chehalis Chehalis WA —
 590
 1,392
 8
 2,800
 598
 4,192
 4,790
 (1,262) 2004
Grandy Creek Concrete WA —
 475
 1,425
 —
 558
 475
 1,983
 2,458
 (745) 2008
Tall Chief Fall City WA —
 314
 946
 —
 675
 314
 1,621
 1,935
 (566) 2010
Kloshe Illahee Federal Way WA (19,640) 2,408
 7,286
 —
 1,002
 2,408
 8,288
 10,696
 (5,931) 1997
La Conner La Conner WA —
 —
 2,016
 —
 1,454
 —
 3,470
 3,470
 (1,740) 2004
Leavenworth Leavenworth WA —
 786
 1,853
 10
 1,128
 796
 2,981
 3,777
 (1,330) 2004
Thunderbird Monroe WA —
 500
 1,178
 6
 586
 506
 1,764
 2,270
 (773) 2004
Little Diamond Newport WA —
 353
 834
 5
 1,109
 358
 1,943
 2,301
 (750) 2004
Oceana Oceana City WA —
 283
 668
 4
 525
 287
 1,193
 1,480
 (428) 2004
Crescent Bar Quincy WA —
 314
 741
 4
 625
 318
 1,366
 1,684
 (618) 2004
Long Beach Seaview WA —
 321
 758
 5
 524
 326
 1,282
 1,608
 (549) 2004
Paradise Silver Creek WA —
 466
 1,099
 6
 843
 472
 1,942
 2,414
 (797) 2004
Rainbow Lake Manor Bristol WI —
 4,474
 16,594
 —
 1,072
 4,474
 17,666
 22,140
 (4,298) 2013
Fremont Fremont WI —
 1,437
 4,296
 —
 1,160
 1,437
 5,456
 6,893
 (2,683) 2004
Yukon Trails Lyndon Station WI —
 556
 1,629
 —
 263
 556
 1,892
 2,448
 (953) 2004
Blackhawk Milton WI —
 1,789
 7,613
 —
 815
 1,789
 8,428
 10,217
 (1,833) 2014
Lakeland Milton WI —
 3,159
 13,830
 —
 1,041
 3,159
 14,871
 18,030
 (3,212) 2014
Westwood Estates Pleasant Prairie WI —
 5,382
 19,732
 —
 2,041
 5,382
 21,773
 27,155
 (5,200) 2013
Plymouth Rock Plymouth WI —
 2,293
 6,879
 —
 1,669
 2,293
 8,548
 10,841
 (2,826) 2009
Tranquil Timbers Sturgeon Bay WI —
 714
 2,152
 —
 825
 714
 2,977
 3,691
 (1,197) 2006
Lake of the Woods Wautoma WI —
 1,333
 2,238
 —
 119
 1,333
 2,357
 3,690
 (601) 2019
Neshonoc Lakeside West Salem WI (4,960) 1,106
 4,861
 (1) 274
 1,105
 5,135
 6,240
 (1,132) 2013
Arrowhead Wisconsin Dells WI —
 522
 1,616
 —
 764
 522
 2,380
 2,902
 (948) 2006
Subtotal of Properties Held for Long Term (2,049,509) 1,468,261
 2,927,716
 53,698
 927,769
 1,521,959
 3,855,485
 5,377,444
 (1,693,593)  
Realty Systems, Inc.     —
 —
 —
 —
 328,829
 —
 328,829
 328,829
 (59,485) 2002
Management business and other —
 3,448
 578
 —
 32,750
 3,448
 33,328
 36,776
 (23,146) 
      $(2,049,509) $1,471,709
 $2,928,294
 $53,698
 $1,289,348
 $1,525,407
 $4,217,642
 $5,743,049
 $(1,776,224)  
        Initial Cost to Company 
Costs Capitalized
Subsequent to
Acquisition (Improvements)
 Gross Amount Carried at 12/31/18    
Real Estate (1)
 Location Encumbrances Land 
Depreciable
Property
 Land 
Depreciable
Property
 Land 
Depreciable
Property
 
Total (3)
 
Accumulated
Depreciation
 
Date of
Acquisition
Colorado River Columbus TX $—
 $466
 $1,099
 $6
 $1,099
 $472
 $2,198
 $2,670
 $(689) 2004
Victoria Palms Resort Donna TX (10,354) 2,849
 12,305
 —
 2,037
 2,849
 14,342
 17,191
 (4,124) 2012
Lake Texoma Gordonville TX —
 488
 1,151
 6
 1,726
 494
 2,877
 3,371
 (1,062) 2004
Lakewood RV Harlingen TX —
 325
 979
 —
 424
 325
 1,403
 1,728
 (660) 2004
Paradise Park RV Harlingen TX —
 1,568
 4,705
 —
 1,131
 1,568
 5,836
 7,404
 (2,776) 2004
Sunshine RV Harlingen TX —
 1,494
 4,484
 —
 1,642
 1,494
 6,126
 7,620
 (2,823) 2004
Tropic Winds Harlingen TX —
 1,221
 3,809
 —
 850
 1,221
 4,659
 5,880
 (2,433) 2002
Medina Lake Lakehills TX —
 936
 2,208
 13
 1,392
 949
 3,600
 4,549
 (1,549) 2004
Paradise South Mercedes TX —
 448
 1,345
 —
 617
 448
 1,962
 2,410
 (859) 2004
Lake Tawakoni Point TX —
 35
 2,320
 —
 587
 35
 2,907
 2,942
 (1,261) 2004
Fun N Sun RV San Benito TX (5,853) 2,533
 5,560
 412
 6,850
 2,945
 12,410
 15,355
 (7,874) 1998
Country Sunshine Weslaco TX —
 627
 1,881
 —
 1,122
 627
 3,003
 3,630
 (1,440) 2004
Southern Comfort Weslaco TX (4,430) 1,108
 3,323
 —
 637
 1,108
 3,960
 5,068
 (1,905) 2004
Lake Whitney Whitney TX —
 679
 1,602
 10
 1,366
 689
 2,968
 3,657
 (1,127) 2004
Lake Conroe Willis TX —
 1,363
 3,214
 18
 12,488
 1,381
 15,702
 17,083
 (3,058) 2004
Westwood Village Farr West UT —
 1,346
 4,179
 —
 2,490
 1,346
 6,669
 8,015
 (4,236) 1997
St. George Hurricane UT —
 64
 264
 2
 603
 66
 867
 933
 (217) 2010
All Seasons Salt Lake City UT —
 510
 1,623
 —
 697
 510
 2,320
 2,830
 (1,494) 1997
Meadows of Chantilly Chantilly VA (41,303) 5,430
 16,440
 —
 8,032
 5,430
 24,472
 29,902
 (17,388) 1994
Harbor View Colonial Beach VA —
 64
 202
 —
 729
 64
 931
 995
 (277) 2006
Lynchburg Gladys VA —
 266
 627
 3
 633
 269
 1,260
 1,529
 (432) 2004
Chesapeake Bay Gloucester VA —
 1,230
 2,900
 16
 2,507
 1,246
 5,407
 6,653
 (2,159) 2004
Virginia Landing Quinby VA —
 602
 1,419
 8
 399
 610
 1,818
 2,428
 (831) 2004
Grey's Point Topping VA (23,165) 33,491
 17,104
 —
 459
 33,491
 17,563
 51,054
 (2,599) 2017
Bethpage Urbanna VA (38,666) 45,415
 38,149
 —
 292
 45,415
 38,441
 83,856
 (3,922) 2017
Williamsburg Williamsburg VA —
 111
 350
 —
 391
 111
 741
 852
 (247) 2006
Regency Lakes Winchester VA (9,069) 9,757
 19,055
 —
 1,924
 9,757
 20,979
 30,736
 (5,868) 2011
Birch Bay Blaine WA —
 502
 1,185
 7
 228
 509
 1,413
 1,922
 (648) 2004
Mount Vernon Bow WA —
 621
 1,464
 8
 1,758
 629
 3,222
 3,851
 (1,099) 2004
Chehalis Chehalis WA —
 590
 1,392
 8
 2,217
 598
 3,609
 4,207
 (1,120) 2004
Grandy Creek Concrete WA —
 475
 1,425
 —
 471
 475
 1,896
 2,371
 (669) 2008
Tall Chief Fall City WA —
 314
 946
 —
 542
 314
 1,488
 1,802
 (490) 2010
Kloshe Illahee Federal Way WA (20,306) 2,408
 7,286
 —
 932
 2,408
 8,218
 10,626
 (5,655) 1997
Schedule III
Equity LifeStyle Properties, Inc.
Real Estate and Accumulated Depreciation


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

_____________________
(1)The schedule excludes Properties in which we have a non-controlling joint venture interest and account for using the equity method of accounting.
(2)All Properties were acquired, except for Country Place Village, which was constructed.
(3)Aggregate cost for federal income tax purposes is approximately $3.4$3.7 billion.


S-12
Schedule III
Equity LifeStyle Properties, Inc.
Real Estate and Accumulated Depreciation




The following table presents the changes in totalgross investment in real estate are as follows:estate:
(amounts in thousands)2018 2017 20162019 2018 2017
Balance, beginning of year$4,915,813
 $4,685,336
 $4,477,599
$5,273,477
 $4,915,813
 $4,685,336
Acquisitions265,129
 142,255
 122,448
250,843
 265,129
 142,255
Improvements181,622
 126,279
 119,437
257,993
 181,622
 126,279
Properties held for sale(49,973) —
 —
—
 (49,973) —
Dispositions and other(39,114) (38,057) (34,148)(39,264) (39,114) (38,057)
Balance, end of year$5,273,477
 $4,915,813
 $4,685,336
$5,743,049
 $5,273,477
 $4,915,813


The following table presents the changes in accumulated depreciation are as follows:related to investment in real estate:
(amounts in thousands)2019 2018 2017
Balance, beginning of year$1,631,888
 $1,516,694
 $1,399,531
Depreciation and amortization153,893
 137,209
 123,686
Properties held for sale—
 (14,547) —
Dispositions and other(9,557) (7,468) (6,523)
Balance, end of year$1,776,224
 $1,631,888
 $1,516,694

(amounts in thousands)2018 2017 2016
Balance, beginning of year$1,516,694
 $1,399,531
 $1,282,423
Depreciation expense (a)
130,022
 121,455
 117,400
Amortization of in-place leases7,187
 2,231
 3,373
Properties held for sale(14,547) —
 —
Dispositions and other(7,468) (6,523) (3,665)
Balance, end of year$1,631,888
 $1,516,694
 $1,399,531

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


S-14S-13