Companies: 10,652     total market cap: $140.602 T
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Equity LifeStyle Properties
ELS
#1614
Rank
$13.58 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$67.82
Share price
0.95%
Change (1 day)
5.54%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs
Categories
  1. Equity LifeStyle Properties
  2. Annual Reports (10-K)
  3. Financial Year 2019

Equity LifeStyle Properties - 10-K annual report 2019


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-K
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2019
or
☐
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 jurisdiction of incorporation)
 
 
(IRS Employer Identification Number)
Two North Riverside Plaza, Suite 800
 
Chicago,
Illinois
 
60606
(Address of Principal Executive Offices)
 
 
 
(Zip Code)

(312) 279-1400
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
 
 
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 Par Value
ELS
New York Stock Exchange

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.     Yes  ☒    No  ☐
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  ☐    No  ☒
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.     Yes  ☒    No  ☐
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).     Yes  ☒    No  ☐
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 filer
x
Accelerated filer
☐
Smaller reporting company
☐
Emerging Growth Company
☐
Non-accelerated filer
☐
 
 
 
 
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  ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐    No  ☒
The aggregate market value of voting stock held by non-affiliates was approximately $10,255.4 million as of June 30, 2019 based upon the closing price of $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, 2020, 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 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
51
 
 
Forward-Looking Statements
52
 
Item 8.
Financial Statements and Supplementary Data
53
 
Item 9.
Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
53
 
Item 9A.
Controls and Procedures
53
 
Item 9B.
Other Information
53
 
 
 
 
PART III.
 
 
 
 
 
 
 
 
Item 10.
Directors, Executive Officers and Corporate Governance
54
 
Item 11.
Executive Compensation
54
 
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
54
 
Item 13.
Certain Relationships and Related Transactions, and Director Independence
54
 
Item 14.
Principal Accounting Fees and Services
54
 
 
 
 
PART IV.
 
 
 
 
 
 
 
 
Item 15.
Exhibits, Financial Statement Schedules
55
 
Item 16.
Form 10-K Summary
56
 

 

-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 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 near retirement and vacation destinations and 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 of 413 Properties (including joint venture Properties) consisting of 156,513 Sites located throughout 33 states in the U.S. and British Columbia in Canada as of December 31, 2019.

map2019v1.jpg



1


Our Properties are designed and improved for housing options of various sizes and layouts that are produced off-site by third-party manufacturers, installed and set on designated Sites within the Properties. Manufactured 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. We also have marinas that offer boat slip and dry storage rentals. In addition to centralized entrances, internal road systems and designated Sites, our Properties generally provide a clubhouse for social activities and recreation and other amenities, which can 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 4,200 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 property operations are managed internally by 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 may coordinate lifestyle-oriented activities for 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 customer needs and creating innovative approaches to maximize value for residents and guests, 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 the partnership ("OP Units") equal to the number of shares of common stock that have been issued in such equity offerings.
We have elected to be taxed as a REIT for U.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 (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 sale brokerage services to our residents who may choose to sell their homes rather than relocate them when moving from a Property. Subsidiaries of RSI also operate ancillary activities at certain Properties, such as golf courses, pro shops, stores and restaurants.
The financial results of the Operating Partnership and Subsidiaries are included in our 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 flows 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 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;

2


•
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 urban 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 balance 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 were 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 properties in sought-after locations near retirement and vacation destinations and urban areas across the United States with a focus on delivering value for residents 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 304 Properties with over 110,500 Sites to 413 Properties with over 156,500 Sites as of December 31, 2019. During the year ended December 31, 2019, we acquired four Properties (all RV communities) with approximately 1,614 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 there continues to be opportunities for property 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. Many of these properties are not operated by large owners/operators, and approximately 3,700 of the manufactured home properties and 1,100 of the RV properties contain 200 sites 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 Funds from 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 OP 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:
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Current and projected cash flows of the property;
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Geographic area and the type of property;
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Replacement cost of the property, including land values, entitlements and zoning;
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Location, construction quality, condition and design of the property;
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Potential for capital appreciation of the property;
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Terms of tenant leases or usage rights;
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Opportunity to enhance the customer experience and add value through management expertise;
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Potential for economies of scale through property concentrations;
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Potential for economic growth and the tax and regulatory environment of the community in which the property is located;
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Potential for expansion, including increasing the number of Sites;
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Occupancy and demand by customers for properties of a similar type in the vicinity;
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Prospects for liquidity through sale, financing or refinancing of the property;


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•
Competition from existing properties and the potential for the construction of new properties in the area; and
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Working capital demands.
When evaluating potential dispositions, we consider, among others, the following factors:
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Whether the Property meets our current investment criteria;
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Our desire to exit certain non-core markets and reallocate the capital into core markets; and
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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. An integral part of our growth and investment strategy is to evaluate each Property for expansion opportunities. Investment evaluation consists of reviewing the following: local market conditions, demographic trends, zoning and entitlements, infrastructure requirements, financial feasibility, projected performance and 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 flows through operational efficiencies. Overall, approximately 125 of our Properties have potential Expansion Sites, offering approximately 5,300 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 26 Properties and four vacant land parcels that contain approximately 194 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 9,250 Sites in 15 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 seasonal and transient residents and guests, who typically enter into short-term rental agreements. Generally, these residents 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.
Properties operated under the Thousand Trails brand are primarily utilized to serve subscription members. Available Sites within these Properties may also be utilized by non-members. A membership subscription grants the member access to these Properties on a continuous basis of up to 14 days in exchange for an annual payment. 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 eligible members. Most of the subscription contracts provide for an annual dues increase, usually based on increases in the CPI.



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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 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, 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 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 changes 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 regulations, we have initiated lawsuits at times against various municipalities imposing such regulations in an attempt to balance the interests of our stockholders with the interests of our 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 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 to use.
Industry
We believe that demand for manufactured housing and RV communities will continue to outpace supply in the near future. We expect 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 manufactured housing construction and limited property supply, among others, fuel our belief that our Properties are well positioned for the future:
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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.
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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.

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•
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.
Additionally, RV sales are expected to benefit from an increase in demand from those born in the United States from 1980 to 1995, or "Millennials," over the coming years, according to the RVIA. The number of consumers between age 30 and 45 is expected to total 72 million by 2025, 13% higher than in 2015. Data collected on RV retail registrations found the 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 consumers most likely to purchase RVs, according to a study conducted with Nielsen in 2016 by Go RVing, a coalition of RV industry trade groups, are 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.
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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 National Fire Protection Association ("NFPA") 1192-15 and American 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

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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.

mhrvgraph.jpg
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1.
Source: RVIA
2.
U.S. Census: Manufactured Homes Survey


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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

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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 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. 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



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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
The Economic Performance and Value of Our Properties Are Subject to Risks Associated with The Real Estate Industry.
The economic performance and value of our Properties could be adversely affected by various factors, many of which are outside of our control. These factors include but are not limited to the following:
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changes in the national, regional and/or local economies;
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the attractiveness of our Properties to customers, competition from other MH and RV communities and lifestyle-oriented properties and alternative forms of housing (such as apartment buildings and site-built single-family homes);
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the ability of MH and RV manufacturers to adapt to changes in the economy and the availability of units from these manufacturers;
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the ability of our potential customers to sell or lease their existing residences in order to purchase homes or cottages at our Properties, and heightened price sensitivity for seasonal and second homebuyers;
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the ability of our potential customers to obtain financing on the purchase of homes, cottages or RVs;
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our ability to attract new customers and retain them for our membership subscriptions and upgrade sales business;
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our ability to collect payments from customers and pay or control operating costs, including real estate taxes;
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the ability of our assets to generate income sufficient to pay our expenses, service our debt and maintain our Properties;
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our ability to diversify and sell our Properties timely due to the illiquid nature of real estate investments;
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unfavorable weather conditions, especially on holiday weekends in the spring and summer months, which are our peak business periods;
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changes in climate and the occurrence of natural disasters or catastrophic events, including acts of war and terrorist attacks;
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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;
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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
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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 result in claims, including, but not limited to, foreclosure by a lender in the event of our inability to service our debt.
Economic Downturn in Markets with a Large Concentration of Our Properties May Adversely Affect Our Financial Condition, Results of Operations, Cash Flows and Ability to Make Distributions.
Our success is dependent upon economic conditions in the U.S. generally and in the geographic areas where a substantial number of our Properties are located. 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 could significantly affect factors, such as occupancy and rental rates, and could have a significant impact on our financial condition, results of operations, cash flows 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 in amounts that we believe are sufficient to provide adequate protection against potential write-downs in our portfolio, these amounts could prove to be insufficient.
Certain of Our Properties, Primarily Our 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, since 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 could adversely affect our cash flows.

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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.
Other real estate investors with significant capital may compete with us for attractive investment opportunities. Such competition could increase prices for Properties and result in increased fixed costs, including real estate taxes. To the extent we are unable to effectively compete or acquire properties on favorable 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:
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integration may prove costly or time-consuming and may divert our attention from the management of daily operations;
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we may be unable to access capital or we may encounter difficulties, such as increases in financing costs;
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we may incur costs and expenses associated with any undisclosed or potential liabilities;
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unforeseen difficulties may arise in integrating an acquisition into our portfolio;
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expected synergies may not materialize; and
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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 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, Results of 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. As 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 assurance that any capital expenditure would result in higher occupancy or higher rental rates. The age and quality of the homes in our Properties can impact the desirability of a community and our ability to attract high quality residents and guests. To the extent that the expenditures exceed our available cash, we may need to 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 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 $5.4 million of income from operations for the year ended December 31, 2019, are subject to ground lease agreements with a final expiration date before 2023. See Item 8. Financial Statements and Supplementary Data—Note 16. Commitment and Contingencies.

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Our Ability to Sell or Rent Manufactured Homes Could Be 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:
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disruptions in the single-family housing market;
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local conditions, such as an oversupply of lifestyle-oriented properties or a reduction in demand for lifestyle-oriented properties;
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increased costs to acquire homes;
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our ability to obtain an adequate supply of homes at reasonable costs from MH suppliers;
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the ability of customers to obtain affordable financing; and
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demographics, such as the retirement of "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. The Secure and Fair Enforcement for Mortgage Licensing Act, enacted in 2008 and effective in 2010, 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 Be 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 May Arise Between Us and Our Joint Venture Partners and Our Exposure to Potential Losses From 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:
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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;
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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
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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.



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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 there 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 are Dependent On the Effective Operation of Technology.

We rely on software and computer systems to process and store information required for our business operations. Any disruption to these systems or to third-party vendors that maintain these systems could adversely affect our business operations. While we maintain and require our vendors to maintain appropriate back-up copies of our information, transitioning to a new system or vendor can be time-consuming and disruptive. 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:
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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 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.
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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.




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•
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 or use. 
Laws and Regulations Relating to Campground Membership Sales and Properties Could Adversely Affect the Value of Certain Properties and Our Cash Flows.
Many of the states in which we operate have laws regulating campground membership 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; 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, 2019, we owned or had an ownership interest in 413 Properties, including 133 Properties and 11 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 financial condition, results of 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 Properties and 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 Properties and requiring us to expend funds as we seek to repair and protect our Properties against such risks. These losses, costs or business interruptions could adversely affect our financial condition and operating results.
Environmental and Utility-Related Problems are Possible and Can Be 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 could 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 environmental contamination, including asbestos and wastewater discharge. Such laws require that owners or operators of properties containing hazardous or toxic substances to

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properly manage them. Owners or operators of properties containing asbestos must notify and train those who may come into contact with asbestos and 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.
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 $2,432.4 million as of December 31, 2019, of which approximately $48.3 million, or 2.1%, matures in 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
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to the extent that any Property is cross-collateralized with any other Properties, any default under the mortgage note relating to one Property could 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 or 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 may result in an increase in market interest rates, which could 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 15.2% as of December 31, 2019. The degree of leverage could have important consequences to stockholders, including an adverse effect on our ability to obtain additional financing

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in the future for working capital, capital expenditures, acquisitions, development or other general corporate purposes, and could make us more vulnerable to a downturn in business or the economy generally.
We May Be Able to Incur Substantially More Debt, Which Would Increase the 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 the Method in 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 could 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 General 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.

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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 2020 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 flows other than distributions from our Operating Partnership. For us to pay dividends to holders of our common 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 Our 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, FFO per share and Normalized Funds from Operations ("Normalized FFO") per share. We may sell shares of our common stock under our at-the-market ("ATM") equity offering program from time-to-time. During the year ended December 31, 2019, we sold 1,010,472 shares through our ATM equity offering program to 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:
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issuances of other equity securities in the future, including new series or classes of preferred stock;
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our operating performance and the performance of other similar companies;
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our ability to maintain compliance with covenants contained in our debt facilities;
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actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity;

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•
changes in expectations of future financial performance or changes in our earnings estimates or those of analysts;
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changes in our distribution policy;
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publication of research reports about us or the real estate industry generally;
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increases in market interest rates that lead purchasers of our common stock to demand a higher dividend yield;
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changes in market valuations of similar companies;
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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;
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additions or departures of key management personnel;
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speculation in the press or investment community;
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equity issuances by us, or share resales by our stockholders or the perception that such issuances or resales may occur;
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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.



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Our Qualification as a REIT Is 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").
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. 

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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, 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 are 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 cybersecurity 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 Could Cause Us to Suffer Brand Damage or Information Leakage.
Negative 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 because social media platforms have increased the rapidity of the dissemination and greatly expanded the potential scope and scale of the impact of negative 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.
Item 1B. Unresolved Staff Comments
None.

19


Item 2. Properties

General
Our Properties provide common area facilities and attractive amenities that create an inviting community for our residents 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 golf courses, tennis, pickleball, shuffleboard and basketball courts, sauna/whirlpool spas, exercise rooms and various social activities. It is our responsibility to provide 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. Most of our residents own their homes, and therefore, also have a vested interest to care for their homes. We hold regular meetings with management personnel at our Properties to understand and address the needs of our residents and guests and to provide necessary 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, 2019, we owned or had an ownership interest in a portfolio of 413 Properties located throughout the United States and British Columbia containing 156,513 Sites. A total of 116 of the Properties were encumbered by debt (see Item 8. Financial Statements 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, excluding 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, excluding deferrals, for the year ended December 31, 2019.
The following table sets forth certain information relating to our 407 wholly-owned Properties containing 152,914 Sites as of December 31, 2019, not including Properties owned through joint ventures. These Properties are categorized by major market. For RV and marina Properties, the total number of annual Sites represents Sites occupied by annual residents and are presented as 100% occupied. Annual Site occupancy percentage subtotals by market and grand total are presented on a weighted average basis.

Property
 
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%
 
Carriage Cove
 
Daytona Beach
 
FL
 
MH
 
59
 
 
 
418
 
418
 
91.4%
 
Coquina Crossing
 
Elkton
 
FL
 
MH
 
316
 
26
 
596
 
596
 
94.3%
 
Bulow Plantation
 
Flagler Beach
 
FL
 
MH
 
323
 
90
 
276
 
276
 
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%
 
Everglades Lakes
 
Fort Lauderdale
 
FL
 
MH
 
103
 
 
 
612
 
612
 
96.6%
 
Park City West
 
Fort Lauderdale
 
FL
 
MH
 
60
 
 
 
363
 
363
 
97.5%
 
Sunshine Holiday MH
 
Fort Lauderdale
 
FL
 
MH
 
32
 
 
 
245
 
245
 
97.6%
 
Sunshine Holiday RV
 
Fort Lauderdale
 
FL
 
RV
 
(f)
 
 
 
130
 
50
 
100.0%
 
Lake Worth Village
 
Lake Worth
 
FL
 
MH
 
117
 
 
 
823
 
823
 
93.4%
 
Maralago Cay
 
Lantana
 
FL
 
MH
 
102
 
 
 
602
 
602
 
98.7%
 
Coral Cay Plantation
 
Margate
 
FL
 
MH
 
121
 
 
 
818
 
818
 
99.0%
 

20



Property
 
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
 
88.0%
 
Miami Everglades
 
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
 
89.0%
 
Sunshine Holiday
 
Ormond Beach
 
FL
 
RV
 
69
 
3
 
349
 
132
 
100.0%
 
The Meadows, FL
 
Palm Beach Gardens
 
FL
 
MH
 
55
 
 
 
378
 
378
 
97.6%
 
Breezy Hill RV
 
Pompano Beach
 
FL
 
RV
 
52
 
 
 
762
 
387
 
100.0%
 
Highland Wood RV
 
Pompano Beach
 
FL
 
RV
 
15
 
 
 
148
 
19
 
100.0%
 
Lighthouse Pointe
 
Port Orange
 
FL
 
MH
 
64
 
 
 
433
 
433
 
84.1%
 
Pickwick
 
Port Orange
 
FL
 
MH
 
84
 
2
 
432
 
432
 
100.0%
 
Rose Bay
 
Port Orange
 
FL
 
RV
 
21
 
2
 
303
 
209
 
100.0%
 
Palm Lake
 
Riviera Beach
 
FL
 
MH
 
154
 
—
 
915
 
915
 
69.0%
 
Indian Oaks
 
Rockledge
 
FL
 
MH
 
38
 
 
 
208
 
208
 
99.5%
 
Space Coast
 
Rockledge
 
FL
 
RV
 
24
 
 
 
270
 
156
 
100.0%
 
Countryside
 
Vero Beach
 
FL
 
MH
 
125
 
 
 
644
 
644
 
95.7%
 
Heritage Plantation
 
Vero Beach
 
FL
 
MH
 
64
 
 
 
437
 
437
 
87.9%
 
Heron Cay
 
Vero Beach
 
FL
 
MH
 
130
 
 
 
588
 
588
 
90.8%
 
Holiday Village, FL
 
Vero Beach
 
FL
 
MH
 
18
 
18
 
128
 
128
 
—%
 
Sunshine Travel
 
Vero Beach
 
FL
 
RV
 
30
 
6
 
300
 
130
 
100.0%
 
Vero Palm
 
Vero Beach
 
FL
 
MH
 
64
 
 
 
285
 
285
 
88.8%
 
Village Green
 
Vero Beach
 
FL
 
MH
 
174
 
8
 
782
 
782
 
89.9%
 
Palm Beach Colony
 
West Palm Beach
 
FL
 
MH
 
48
 
 
 
284
 
284
 
100.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Central:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Clover Leaf Farms
 
Brooksville
 
FL
 
MH
 
227
 
27
 
778
 
778
 
99.7%
 
Clover Leaf Forest
 
Brooksville
 
FL
 
RV
 
30
 
 
 
277
 
150
 
100.0%
 
Clerbrook Golf & RV Resort
 
Clermont
 
FL
 
RV
 
288
 
 
 
1,255
 
486
 
100.0%
 
Lake Magic
 
Clermont
 
FL
 
RV
 
69
 
 
 
471
 
156
 
100.0%
 
Orange Lake
 
Clermont
 
FL
 
MH
 
38
 
 
 
242
 
242
 
99.2%
 
Orlando
 
Clermont
 
FL
 
RV
 
270
 
30
 
850
 
178
 
100.0%
 
Haselton Village
 
Eustis
 
FL
 
MH
 
52
 
 
 
291
 
291
 
100.0%
 
Southern Palms
 
Eustis
 
FL
 
RV
 
120
 
 
 
950
 
354
 
100.0%
 
Lakeside Terrace
 
Fruitland Park
 
FL
 
MH
 
39
 
 
 
241
 
241
 
99.2%
 
Grand Island
 
Grand Island
 
FL
 
MH
 
35
 
 
 
362
 
362
 
76.8%
 
Sherwood Forest
 
Kissimmee
 
FL
 
MH
 
124
 
 
 
769
 
769
 
98.4%
 
Sherwood Forest RV Park
 
Kissimmee
 
FL
 
RV
 
107
 
 
 
513
 
153
 
100.0%
 
Tropical Palms
 
Kissimmee
 
FL
 
RV
 
59
 
 
 
566
 
246
 
100.0%
 
Beacon Hill Colony
 
Lakeland
 
FL
 
MH
 
31
 
 
 
201
 
201
 
99.0%
 
Beacon Terrace
 
Lakeland
 
FL
 
MH
 
55
 
 
 
297
 
297
 
100.0%
 
Kings & Queens
 
Lakeland
 
FL
 
MH
 
18
 
 
 
107
 
107
 
99.1%
 

21



Property
 
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%
 
Coachwood Colony
 
Leesburg
 
FL
 
MH
 
29
 
 
 
201
 
201
 
94.5%
 
Mid-Florida Lakes
 
Leesburg
 
FL
 
MH
 
290
 
 
 
1,225
 
1,225
 
89.5%
 
Southernaire
 
Mt. Dora
 
FL
 
MH
 
14
 
 
 
114
 
114
 
90.4%
 
Foxwood Farms
 
Ocala
 
FL
 
MH
 
56
 
 
 
365
 
365
 
88.5%
 
Oak Bend
 
Ocala
 
FL
 
MH
 
62
 
17
 
262
 
262
 
93.1%
 
Villas at Spanish Oaks
 
Ocala
 
FL
 
MH
 
69
 
 
 
454
 
454
 
87.9%
 
Audubon
 
Orlando
 
FL
 
MH
 
40
 
2
 
280
 
280
 
100.0%
 
Hidden Valley
 
Orlando
 
FL
 
MH
 
50
 
 
 
303
 
303
 
99.7%
 
Starlight Ranch
 
Orlando
 
FL
 
MH
 
130
 
 
 
783
 
783
 
93.7%
 
Covington Estates
 
Saint Cloud
 
FL
 
MH
 
59
 
 
 
241
 
241
 
98.3%
 
Parkwood Communities
 
Wildwood
 
FL
 
MH
 
121
 
 
 
694
 
694
 
98.7%
 
Three Flags RV Resort
 
Wildwood
 
FL
 
RV
 
23
 
 
 
221
 
54
 
100.0%
 
Winter Garden
 
Winter Garden
 
FL
 
RV
 
27
 
 
 
350
 
161
 
100.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gulf Coast (Tampa/Naples):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Riverside RV
 
Arcadia
 
FL
 
RV
 
196
 
8
 
499
 
162
 
100.0%
 
Toby's RV
 
Arcadia
 
FL
 
RV
 
44
 
 
 
379
 
268
 
100.0%
 
Sunshine Key RV Resort
 
Big Pine Key
 
FL
 
RV
 
54
 
 
 
409
 
55
 
100.0%
 
Windmill Manor
 
Bradenton
 
FL
 
MH
 
49
 
 
 
292
 
292
 
99.3%
 
Winter Quarters Manatee
 
Bradenton
 
FL
 
RV
 
42
 
 
 
415
 
232
 
100.0%
 
Glen Ellen
 
Clearwater
 
FL
 
MH
 
12
 
 
 
106
 
106
 
90.6%
 
Hillcrest
 
Clearwater
 
FL
 
MH
 
25
 
 
 
278
 
278
 
96.4%
 
Holiday Ranch
 
Clearwater
 
FL
 
MH
 
12
 
 
 
150
 
150
 
94.7%
 
Serendipity
 
Clearwater
 
FL
 
MH
 
55
 
 
 
426
 
426
 
97.4%
 
Shady Lane Oaks
 
Clearwater
 
FL
 
MH
 
31
 
 
 
249
 
249
 
97.6%
 
Shady Lane Village
 
Clearwater
 
FL
 
MH
 
19
 
 
 
156
 
156
 
96.2%
 
Silk Oak
 
Clearwater
 
FL
 
MH
 
19
 
 
 
181
 
181
 
95.6%
 
Crystal Isles
 
Crystal River
 
FL
 
RV
 
38
 
 
 
260
 
72
 
100.0%
 
Lake Haven
 
Dunedin
 
FL
 
MH
 
48
 
 
 
379
 
379
 
98.9%
 
Colony Cove
 
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%
 
Fort Myers Beach Resort
 
Fort Myers
 
FL
 
RV
 
31
 
 
 
306
 
125
 
100.0%
 
Gulf Air Travel
 
Fort Myers Beach
 
FL
 
RV
 
25
 
 
 
246
 
164
 
100.0%
 
Holiday Travel Park
 
Holiday
 
FL
 
RV
 
45
 
 
 
613
 
530
 
100.0%
 
Barrington Hills
 
Hudson
 
FL
 
RV
 
28
 
 
 
392
 
255
 
100.0%
 
Down Yonder
 
Largo
 
FL
 
MH
 
50
 
 
 
361
 
361
 
100.0%
 
East Bay Oaks
 
Largo
 
FL
 
MH
 
40
 
 
 
328
 
328
 
98.8%
 
Eldorado Village
 
Largo
 
FL
 
MH
 
25
 
 
 
227
 
227
 
98.7%
 
Paradise Park - Largo
 
Largo
 
FL
 
MH
 
15
 
 
 
108
 
108
 
100.0%
 

22



Property
 
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
 
161
 
100.0%
 
Whispering Pines - Largo
 
Largo
 
FL
 
MH
 
55
 
 
 
393
 
393
 
96.2%
 
Fiesta Key
 
Long Key
 
FL
 
RV
 
28
 
4
 
324
 
6
 
100.0%
 
Pasco
 
Lutz
 
FL
 
RV
 
27
 
 
 
255
 
204
 
100.0%
 
Country Place
 
New Port Richey
 
FL
 
MH
 
82
 
 
 
515
 
515
 
100.0%
 
Hacienda Village
 
New Port Richey
 
FL
 
MH
 
66
 
 
 
505
 
505
 
99.6%
 
Harbor View
 
New Port Richey
 
FL
 
MH
 
69
 
 
 
471
 
471
 
99.8%
 
Bay Lake Estates
 
Nokomis
 
FL
 
MH
 
34
 
 
 
228
 
228
 
99.6%
 
Lake Village
 
Nokomis
 
FL
 
MH
 
65
 
 
 
391
 
391
 
99.2%
 
Royal Coachman
 
Nokomis
 
FL
 
RV
 
111
 
2
 
546
 
458
 
100.0%
 
Buccaneer
 
North Fort Myers
 
FL
 
MH
 
223
 
39
 
971
 
971
 
99.3%
 
Island Vista
 
North Fort Myers
 
FL
 
MH
 
121
 
 
 
616
 
616
 
80.4%
 
Lake Fairways
 
North Fort Myers
 
FL
 
MH
 
259
 
 
 
896
 
896
 
99.9%
 
Pine Lakes
 
North Fort Myers
 
FL
 
MH
 
314
 
 
 
599
 
599
 
98.3%
 
Pioneer Village
 
North Fort Myers
 
FL
 
RV
 
90
 
 
 
733
 
383
 
100.0%
 
Sunseekers RV Resort
 
North Fort Myers
 
FL
 
RV
 
16
 
 
 
241
 
156
 
100.0%
 
The Heritage
 
North Fort Myers
 
FL
 
MH
 
214
 
6
 
453
 
453
 
98.9%
 
Windmill Village
 
North Fort Myers
 
FL
 
MH
 
69
 
 
 
491
 
491
 
94.7%
 
Silver Dollar Resort
 
Odessa
 
FL
 
RV
 
412
 
 
 
459
 
381
 
100.0%
 
Terra Ceia
 
Palmetto
 
FL
 
RV
 
18
 
 
 
203
 
152
 
100.0%
 
The Arbors at Countrywood (g)
 
Plant City
 
FL
 
MH
 
(f)
 
 
 
62
 
62
 
—%
 
The Lakes at Countrywood
 
Plant City
 
FL
 
MH
 
122
 
 
 
424
 
424
 
96.7%
 
The Meadows at Countrywood
 
Plant City
 
FL
 
MH
 
140
 
10
 
737
 
737
 
104.2%
 
The Oaks at Countrywood
 
Plant City
 
FL
 
MH
 
44
 
 
 
168
 
168
 
94.0%
 
Harbor Lakes
 
Port Charlotte
 
FL
 
RV
 
80
 
 
 
528
 
354
 
100.0%
 
Emerald Lake
 
Punta Gorda
 
FL
 
MH
 
28
 
 
 
201
 
201
 
100.0%
 
Gulf View
 
Punta Gorda
 
FL
 
RV
 
78
 
 
 
206
 
85
 
100.0%
 
Tropical Palms
 
Punta Gorda
 
FL
 
MH
 
50
 
2
 
294
 
294
 
95.6%
 
Kingswood
 
Riverview
 
FL
 
MH
 
52
 
 
 
229
 
229
 
99.1%
 
Winds of St Armands North
 
Sarasota
 
FL
 
MH
 
74
 
 
 
471
 
471
 
99.6%
 
Winds of St Armands South
 
Sarasota
 
FL
 
MH
 
61
 
13
 
306
 
306
 
99.7%
 
Topics RV
 
Spring Hill
 
FL
 
RV
 
35
 
 
 
230
 
179
 
100.0%
 
Pine Island RV Resort
 
St. James City
 
FL
 
RV
 
31
 
 
 
363
 
88
 
100.0%
 
Carefree Village
 
Tampa
 
FL
 
MH
 
58
 
 
 
397
 
397
 
98.0%
 
Tarpon Glen
 
Tarpon Springs
 
FL
 
MH
 
24
 
 
 
168
 
168
 
97.6%
 
Featherock
 
Valrico
 
FL
 
MH
 
84
 
 
 
521
 
521
 
100.0%
 
Bay Indies
 
Venice
 
FL
 
MH
 
210
 
 
 
1,309
 
1,309
 
99.4%
 
Ramblers Rest
 
Venice
 
FL
 
RV
 
117
 
 
 
647
 
386
 
100.0%
 

23



Property
 
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
 
38
 
366
 
366
 
88.8%
 
Forest Lake Estates
 
Zephyrhills
 
FL
 
MH
 
164
 
89
 
892
 
892
 
100.0%
 
Forest Lake Village
 
Zephyrhills
 
FL
 
RV
 
42
 
 
 
274
 
179
 
100.0%
 
Sixth Avenue
 
Zephyrhills
 
FL
 
MH
 
14
 
 
 
140
 
140
 
77.1%
 
Other
 
Multiple
 
FL
 
MH
 
7
 
—
 
65
 
65
 
13.8%
 
Total Florida Market
 
 
 
 
 
 
 
10,932
 
595
 
59,537
 
49,485
 
95.8%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
California
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Northern California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Monte del Lago
 
Castroville
 
CA
 
MH
 
54
 
 
 
310
 
310
 
99.0%
 
Colony Park
 
Ceres
 
CA
 
MH
 
20
 
 
 
186
 
186
 
97.8%
 
Russian River
 
Cloverdale
 
CA
 
RV
 
41
 
 
 
135
 
9
 
100.0%
 
Snowflower (g)
 
Emigrant Gap
 
CA
 
RV
 
612
 
 
 
268
 
—
 
—%
 
Four Seasons
 
Fresno
 
CA
 
MH
 
40
 
 
 
242
 
242
 
100.0%
 
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%
 
Ponderosa
 
Lotus
 
CA
 
RV
 
22
 
 
 
170
 
14
 
100.0%
 
Turtle Beach
 
Manteca
 
CA
 
RV
 
39
 
 
 
79
 
21
 
100.0%
 
Coralwood (e)
 
Modesto
 
CA
 
MH
 
22
 
 
 
194
 
194
 
99.0%
 
Lake Minden
 
Nicolaus
 
CA
 
RV
 
165
 
82
 
323
 
9
 
100.0%
 
Lake of the Springs
 
Oregon House
 
CA
 
RV
 
954
 
507
 
541
 
66
 
100.0%
 
Concord Cascade
 
Pacheco
 
CA
 
MH
 
31
 
 
 
283
 
283
 
100.0%
 
San Francisco RV (g)
 
Pacifica
 
CA
 
RV
 
12
 
 
 
122
 
—
 
—%
 
Quail Meadows
 
Riverbank
 
CA
 
MH
 
20
 
 
 
146
 
146
 
98.6%
 
California Hawaiian
 
San Jose
 
CA
 
MH
 
50
 
 
 
418
 
418
 
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%
 
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%
 
Contempo Marin
 
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 Ranch RV Resort (g)
 
Scotts Valley
 
CA
 
RV
 
7
 
 
 
106
 
—
 
—%
 
Royal Oaks
 
Visalia
 
CA
 
MH
 
20
 
 
 
149
 
149
 
94.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Southern California:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Soledad Canyon
 
Acton
 
CA
 
RV
 
273
 
 
 
1,251
 
11
 
100.0%
 

24



Property
 
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
 
17
 
100.0%
 
Rancho Mesa
 
El Cajon
 
CA
 
MH
 
20
 
 
 
158
 
158
 
98.7%
 
Rancho Valley
 
El Cajon
 
CA
 
MH
 
19
 
 
 
140
 
140
 
100.0%
 
Royal Holiday
 
Hemet
 
CA
 
MH
 
22
 
 
 
198
 
198
 
66.2%
 
Idyllwild
 
Idyllwild-Pine Cove
 
CA
 
RV
 
191
 
 
 
287
 
51
 
100.0%
 
Pio Pico
 
Jamul
 
CA
 
RV
 
176
 
10
 
512
 
91
 
100.0%
 
Wilderness Lakes
 
Menifee
 
CA
 
RV
 
73
 
 
 
529
 
47
 
100.0%
 
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
 
44
 
100.0%
 
Palm Springs
 
Palm Desert
 
CA
 
RV
 
35
 
 
 
401
 
18
 
100.0%
 
Las Palmas
 
Rialto
 
CA
 
MH
 
18
 
 
 
136
 
136
 
100.0%
 
Parque La Quinta
 
Rialto
 
CA
 
MH
 
19
 
 
 
166
 
166
 
100.0%
 
Rancho Oso
 
Santa Barbara
 
CA
 
RV
 
310
 
40
 
187
 
19
 
100.0%
 
Meadowbrook
 
Santee
 
CA
 
MH
 
43
 
 
 
338
 
338
 
99.7%
 
Lamplighter
 
Spring Valley
 
CA
 
MH
 
32
 
 
 
270
 
270
 
100.0%
 
Santiago Estates
 
Sylmar
 
CA
 
MH
 
113
 
9
 
300
 
300
 
96.3%
 
Total California Market
 
 
 
 
 
 
 
5,017
 
716
 
13,681
 
7,139
 
98.4%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Arizona:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Apache East
 
Apache Junction
 
AZ
 
MH
 
17
 
 
 
123
 
123
 
100.0%
 
Countryside RV
 
Apache Junction
 
AZ
 
RV
 
53
 
 
 
560
 
303
 
100.0%
 
Denali Park
 
Apache Junction
 
AZ
 
MH
 
33
 
5
 
162
 
162
 
98.8%
 
Golden Sun RV
 
Apache Junction
 
AZ
 
RV
 
33
 
 
 
329
 
198
 
100.0%
 
Valley Vista
 
Benson
 
AZ
 
RV
 
6
 
 
 
145
 
3
 
100.0%
 
Casita Verde RV Resort
 
Casa Grande
 
AZ
 
RV
 
14
 
 
 
192
 
92
 
100.0%
 
Fiesta Grande RV Resort
 
Casa Grande
 
AZ
 
RV
 
77
 
 
 
767
 
529
 
100.0%
 
Foothills West RV Resort
 
Casa Grande
 
AZ
 
RV
 
16
 
 
 
188
 
126
 
100.0%
 
Sunshine Valley
 
Chandler
 
AZ
 
MH
 
55
 
 
 
381
 
381
 
99.0%
 
Verde Valley
 
Cottonwood
 
AZ
 
RV
 
273
 
178
 
414
 
115
 
100.0%
 
Casa del Sol East II
 
Glendale
 
AZ
 
MH
 
29
 
 
 
239
 
239
 
96.7%
 
Casa del Sol East III
 
Glendale
 
AZ
 
MH
 
28
 
 
 
236
 
236
 
97.5%
 
Palm Shadows
 
Glendale
 
AZ
 
MH
 
33
 
 
 
293
 
293
 
92.2%
 
Hacienda De Valencia
 
Mesa
 
AZ
 
MH
 
51
 
 
 
364
 
364
 
99.2%
 
Mesa Spirit
 
Mesa
 
AZ
 
RV
 
90
 
 
 
1,600
 
765
 
100.0%
 
Monte Vista
 
Mesa
 
AZ
 
RV
 
142
 
18
 
1,185
 
793
 
100.0%
 

25



Property
 
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%
 
Casa del Sol West I
 
Peoria
 
AZ
 
MH
 
31
 
 
 
245
 
245
 
98.0%
 
Carefree Manor
 
Phoenix
 
AZ
 
MH
 
16
 
 
 
130
 
130
 
96.9%
 
Central Park
 
Phoenix
 
AZ
 
MH
 
37
 
 
 
293
 
293
 
95.6%
 
Desert Skies
 
Phoenix
 
AZ
 
MH
 
24
 
 
 
166
 
166
 
98.2%
 
Sunrise Heights
 
Phoenix
 
AZ
 
MH
 
28
 
 
 
199
 
199
 
97.0%
 
Whispering Palms
 
Phoenix
 
AZ
 
MH
 
15
 
 
 
116
 
116
 
94.8%
 
Desert Vista (g)
 
Salome
 
AZ
 
RV
 
10
 
 
 
125
 
—
 
—%
 
Sedona Shadows
 
Sedona
 
AZ
 
MH
 
48
 
2
 
198
 
198
 
99.0%
 
Venture In RV Resort
 
Show Low
 
AZ
 
RV
 
26
 
 
 
389
 
270
 
100.0%
 
Paradise
 
Sun City
 
AZ
 
RV
 
80
 
 
 
950
 
750
 
100.0%
 
The Meadows
 
Tempe
 
AZ
 
MH
 
60
 
 
 
390
 
390
 
99.2%
 
Fairview Manor
 
Tucson
 
AZ
 
MH
 
28
 
 
 
235
 
235
 
97.4%
 
Westpark
 
Wickenburg
 
AZ
 
MH
 
48
 
7
 
231
 
231
 
96.5%
 
Araby
 
Yuma
 
AZ
 
RV
 
25
 
3
 
337
 
277
 
100.0%
 
Cactus Gardens
 
Yuma
 
AZ
 
RV
 
43
 
 
 
430
 
239
 
100.0%
 
Capri RV Park
 
Yuma
 
AZ
 
RV
 
20
 
 
 
303
 
181
 
100.0%
 
Desert Paradise
 
Yuma
 
AZ
 
RV
 
26
 
 
 
260
 
103
 
100.0%
 
Foothill
 
Yuma
 
AZ
 
RV
 
18
 
 
 
180
 
48
 
100.0%
 
Mesa Verde
 
Yuma
 
AZ
 
RV
 
28
 
 
 
345
 
271
 
100.0%
 
Suni Sands
 
Yuma
 
AZ
 
RV
 
34
 
 
 
336
 
161
 
100.0%
 
Total Arizona Market
 
 
 
 
 
 
 
2,061
 
220
 
16,363
 
11,952
 
99.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Colorado:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hillcrest Village
 
Aurora
 
CO
 
MH
 
72
 
 
 
602
 
602
 
99.7%
 
Cimarron Village
 
Broomfield
 
CO
 
MH
 
50
 
 
 
327
 
327
 
100.0%
 
Holiday Village CO
 
Colorado Springs
 
CO
 
MH
 
38
 
 
 
240
 
240
 
98.3%
 
Bear Creek
 
Denver
 
CO
 
MH
 
12
 
 
 
121
 
121
 
95.9%
 
Holiday Hills
 
Denver
 
CO
 
MH
 
99
 
 
 
736
 
736
 
98.4%
 
Golden Terrace
 
Golden
 
CO
 
MH
 
32
 
 
 
263
 
263
 
100.0%
 
Golden Terrace South
 
Golden
 
CO
 
MH
 
15
 
 
 
80
 
80
 
100.0%
 
Golden Terrace South RV (g)
 
Golden
 
CO
 
RV
 
(f)
 
 
 
80
 
—
 
—%
 
Golden Terrace West
 
Golden
 
CO
 
MH
 
39
 
 
 
311
 
311
 
100.0%
 
Pueblo Grande
 
Pueblo
 
CO
 
MH
 
33
 
 
 
251
 
251
 
75.3%
 
Woodland Hills
 
Thornton
 
CO
 
MH
 
55
 
 
 
434
 
434
 
100.0%
 
Total Colorado Market
 
 
 
 
 
 
 
445
 
—
 
3,445
 
3,365
 
97.5%
 

26



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

27



Property
 
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
 
165
 
100.0%
 
Green Acres
 
Breinigsville
 
PA
 
MH
 
149
 
 
 
595
 
595
 
92.8%
 
Gettysburg Farm
 
Dover
 
PA
 
RV
 
124
 
62
 
265
 
81
 
100.0%
 
Timothy Lake North
 
East Stroudsburg
 
PA
 
RV
 
93
 
 
 
323
 
82
 
100.0%
 
Timothy Lake South
 
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%
 
Hershey
 
Lebanon
 
PA
 
RV
 
196
 
20
 
297
 
59
 
100.0%
 
Robin Hill
 
Lenhartsville
 
PA
 
RV
 
44
 
4
 
270
 
127
 
100.0%
 
Dutch County
 
Manheim
 
PA
 
RV
 
102
 
60
 
269
 
93
 
100.0%
 
Spring Gulch
 
New Holland
 
PA
 
RV
 
114
 
27
 
420
 
145
 
100.0%
 
Lil Wolf
 
Orefield
 
PA
 
MH
 
56
 
 
 
269
 
269
 
94.8%
 
Scotrun
 
Scotrun
 
PA
 
RV
 
63
 
6
 
178
 
117
 
100.0%
 
Appalachian
 
Shartlesville
 
PA
 
RV
 
86
 
30
 
358
 
203
 
100.0%
 
Mountain View-PA
 
Walnutport
 
PA
 
MH
 
45
 
1
 
187
 
187
 
90.4%
 
Timber Creek
 
Westerly
 
RI
 
RV
 
108
 
 
 
364
 
363
 
100.0%
 
Total Northeast Market
 
 
 
 
 
 
 
5,224
 
832
 
20,307
 
14,563
 
97.4%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Southeast:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hidden Cove
 
Arley
 
AL
 
RV
 
99
 
34
 
163
 
55
 
100.0%
 
Diamond Caverns Resort & Golf Club
 
Park City
 
KY
 
RV
 
714
 
218
 
220
 
32
 
100.0%
 
Forest Lake
 
Advance
 
NC
 
RV
 
306
 
34
 
305
 
163
 
100.0%
 
Scenic
 
Asheville
 
NC
 
MH
 
28
 
2
 
194
 
194
 
100.0%
 
Waterway RV
 
Cedar Point
 
NC
 
RV
 
27
 
 
 
336
 
334
 
100.0%
 
Twin Lakes
 
Chocowinity
 
NC
 
RV
 
132
 
11
 
419
 
344
 
100.0%
 
Green Mountain Park
 
Lenoir
 
NC
 
RV
 
1,077
 
3
 
447
 
157
 
100.0%
 
Lake Gaston
 
Littleton
 
NC
 
RV
 
69
 
 
 
235
 
205
 
100.0%
 
Lake Myers RV
 
Mocksville
 
NC
 
RV
 
74
 
 
 
425
 
259
 
100.0%
 
Bogue Pines
 
Newport
 
NC
 
MH
 
50
 
 
 
150
 
150
 
77.3%
 
Goose Creek Resort
 
Newport
 
NC
 
RV
 
92
 
 
 
735
 
670
 
100.0%
 
Whispering Pines RV
 
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
 
47
 
100.0%
 
Inlet Oaks
 
Murrells Inlet
 
SC
 
MH
 
35
 
 
 
172
 
172
 
100.0%
 
The Oaks at Point South
 
Yemassee
 
SC
 
RV
 
10
 
 
 
93
 
15
 
100.0%
 
Natchez Trace
 
Hohenwald
 
TN
 
RV
 
672
 
340
 
531
 
225
 
100.0%
 
Cherokee Landing
 
Saulsbury
 
TN
 
RV
 
254
 
124
 
339
 
5
 
100.0%
 

28



Property
 
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
 
7
 
100.0%
 
Grey's Point
 
Topping
 
VA
 
RV
 
125
 
16
 
791
 
529
 
100.0%
 
Bethpage
 
Urbanna
 
VA
 
RV
 
271
 
104
 
1,034
 
595
 
100.0%
 
Williamsburg
 
Williamsburg
 
VA
 
RV
 
65
 
10
 
211
 
86
 
100.0%
 
Regency Lakes
 
Winchester
 
VA
 
MH
 
165
 
 
 
523
 
523
 
99.4%
 
Total Southeast Market
 
 
 
 
 
 
 
5,996
 
1,065
 
9,740
 
6,107
 
99.4%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Midwest:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
O'Connell's
 
Amboy
 
IL
 
RV
 
286
 
89
 
725
 
396
 
100.0%
 
Pheasant Lake Estates
 
Beecher
 
IL
 
MH
 
160
 
112
 
613
 
613
 
97.4%
 
Pine Country
 
Belvidere
 
IL
 
RV
 
131
 
10
 
185
 
163
 
100.0%
 
Willow Lake Estates
 
Elgin
 
IL
 
MH
 
111
 
 
 
616
 
616
 
88.8%
 
Golf Vista Estates
 
Monee
 
IL
 
MH
 
144
 
15
 
408
 
408
 
96.3%
 
Indian Lakes
 
Batesville
 
IN
 
RV
 
545
 
104
 
1,058
 
575
 
100.0%
 
Horseshoe Lakes
 
Clinton
 
IN
 
RV
 
289
 
66
 
123
 
93
 
100.0%
 
Twin Mills RV
 
Howe
 
IN
 
RV
 
137
 
24
 
501
 
235
 
100.0%
 
Lakeside
 
New Carlisle
 
IN
 
RV
 
13
 
 
 
89
 
89
 
100.0%
 
Bear Cave Resort
 
Buchanan
 
MI
 
RV
 
25
 
10
 
136
 
46
 
100.0%
 
Saint Claire
 
Saint Claire
 
MI
 
RV
 
210
 
100
 
229
 
135
 
100.0%
 
Cedar Knolls
 
Apple Valley
 
MN
 
MH
 
93
 
 
 
457
 
457
 
92.6%
 
Cimarron Park
 
Lake Elmo
 
MN
 
MH
 
230
 
46
 
505
 
505
 
88.9%
 
Rockford Riverview Estates
 
Rockford
 
MN
 
MH
 
88
 
 
 
428
 
428
 
91.8%
 
Rosemount Woods
 
Rosemount
 
MN
 
MH
 
50
 
12
 
182
 
182
 
98.9%
 
Buena Vista
 
Fargo
 
ND
 
MH
 
76
 
 
 
399
 
399
 
78.7%
 
Meadow Park
 
Fargo
 
ND
 
MH
 
17
 
 
 
116
 
116
 
76.7%
 
Kenisee Lake
 
Jefferson
 
OH
 
RV
 
143
 
50
 
119
 
79
 
100.0%
 
Wilmington
 
Wilmington
 
OH
 
RV
 
109
 
41
 
169
 
121
 
100.0%
 
Rainbow Lake Manor
 
Bristol
 
WI
 
MH
 
99
 
14
 
270
 
270
 
97.8%
 
Fremont
 
Fremont
 
WI
 
RV
 
98
 
5
 
325
 
130
 
100.0%
 
Yukon Trails
 
Lyndon Station
 
WI
 
RV
 
150
 
30
 
214
 
138
 
100.0%
 
Blackhawk
 
Milton
 
WI
 
RV
 
214
 
24
 
490
 
340
 
100.0%
 
Lakeland RV
 
Milton
 
WI
 
RV
 
107
 
5
 
682
 
423
 
100.0%
 
Westwood Estates
 
Pleasant Prairie
 
WI
 
MH
 
95
 
 
 
344
 
344
 
93.9%
 
Plymouth Rock
 
Plymouth
 
WI
 
RV
 
133
 
40
 
610
 
412
 
100.0%
 
Tranquil Timbers
 
Sturgeon Bay
 
WI
 
RV
 
125
 
 
 
270
 
196
 
100.0%
 

29



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

30



Property
 
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%
 
La Conner (e)
 
La Conner
 
WA
 
RV
 
106
 
 
 
319
 
42
 
100.0%
 
Leavenworth
 
Leavenworth
 
WA
 
RV
 
255
 
30
 
266
 
15
 
100.0%
 
Thunderbird Resort
 
Monroe
 
WA
 
RV
 
45
 
6
 
136
 
19
 
100.0%
 
Little Diamond
 
Newport
 
WA
 
RV
 
360
 
30
 
520
 
2
 
100.0%
 
Oceana Resort
 
Ocean City
 
WA
 
RV
 
16
 
7
 
84
 
9
 
100.0%
 
Crescent Bar Resort
 
Quincy
 
WA
 
RV
 
14
 
 
 
115
 
15
 
100.0%
 
Long Beach
 
Seaview
 
WA
 
RV
 
17
 
10
 
144
 
15
 
100.0%
 
Paradise Resort
 
Silver Creek
 
WA
 
RV
 
60
 
 
 
214
 
8
 
100.0%
 
Total Northwest Market
 
 
 
 
 
 
 
2,503
 
283
 
6,131
 
1,570
 
100.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Texas:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alamo Palms
 
Alamo
 
TX
 
RV
 
58
 
 
 
643
 
315
 
100.0%
 
Bay Landing
 
Bridgeport
 
TX
 
RV
 
443
 
235
 
293
 
73
 
100.0%
 
Colorado River
 
Columbus
 
TX
 
RV
 
218
 
51
 
132
 
26
 
100.0%
 
Victoria Palms
 
Donna
 
TX
 
RV
 
117
 
 
 
1,122
 
488
 
100.0%
 
Lake Texoma (e)
 
Gordonville
 
TX
 
RV
 
201
 
120
 
301
 
80
 
100.0%
 
Lakewood
 
Harlingen
 
TX
 
RV
 
30
 
 
 
301
 
137
 
100.0%
 
Paradise Park RV
 
Harlingen
 
TX
 
RV
 
60
 
 
 
563
 
277
 
100.0%
 
Sunshine RV
 
Harlingen
 
TX
 
RV
 
84
 
 
 
1,027
 
370
 
100.0%
 
Tropic Winds
 
Harlingen
 
TX
 
RV
 
112
 
65
 
531
 
203
 
100.0%
 
Medina Lake
 
Lakehills
 
TX
 
RV
 
208
 
50
 
387
 
60
 
100.0%
 
Paradise South
 
Mercedes
 
TX
 
RV
 
49
 
 
 
493
 
194
 
100.0%
 
Lake Tawakoni (e)
 
Point
 
TX
 
RV
 
324
 
11
 
293
 
86
 
100.0%
 
Fun n Sun RV Park
 
San Benito
 
TX
 
RV
 
135
 
40
 
1,435
 
637
 
100.0%
 
Country Sunshine
 
Weslaco
 
TX
 
RV
 
37
 
 
 
390
 
159
 
100.0%
 
Southern Comfort
 
Weslaco
 
TX
 
RV
 
40
 
 
 
403
 
323
 
100.0%
 
Lake Whitney
 
Whitney
 
TX
 
RV
 
403
 
158
 
261
 
32
 
100.0%
 
Lake Conroe
 
Willis
 
TX
 
RV
 
129
 
7
 
620
 
253
 
100.0%
 
Total Texas Market
 
 
 
 
 
 
 
2,648
 
737
 
9,195
 
3,713
 
100.0%
 
Grand Total All Markets
 
 
 
 
 
 
 
39,508
 
5,289
 
152,914
 
109,314
 
96.8%
 
____________________________________
(a) 
Acres are approximate. For certain Properties, the acres were estimated based on 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 2019.
(d) 
Property developed in 2019.
(e) 
Land has been leased to us under a non-cancelable operating lease, including one Loggerhead Marina Property (See Item 8. Financial Statements and Supplementary Data—Note 3. Leases).
(f) 
Acres for this community have been included in the acres of the adjacent community listed directly above this Property.
(g) 
Property did not have annual Sites for 2019.

31


Item 3. Legal Proceedings
The description of legal proceedings is incorporated herein by reference from Item 8. Financial Statements and Supplementary Data—Note 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 are traded on the NYSE under the symbol ELS. As of December 31, 2019, there were 274 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.
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. The 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. 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. See Item 1A. Risk Factors in 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 the consolidated financial statements and accompanying footnotes thereto included in this Annual Report on Form 10-K.

 
Years Ended December 31,
(Amounts in thousands, except for per share and property data (adjusted for stock split))
2019
 
2018
 
2017
 
2016
 
2015
Income Statement Data:
 
 
 
 
 
 
 
 
 
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 ventures
8,755

 
4,939

 
3,765

 
2,605

 
4,089

Gain on sale of real estate, net
52,507

 
—

 
—

 
—

 
—

Consolidated net income
$
295,922

 
$
226,386

 
$
210,377

 
$
187,132

 
$
150,512

 
 
 
 
 
 
 
 
 
 
Net income available for Common Stockholders
$
279,123

 
$
212,596

 
$
189,904

 
$
164,037

 
$
130,145

 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to Common Stockholders
$
276,594

 
$
213,866

 
$
191,048

 
$
164,339

 
$
129,988

 
 
 
 
 
 
 
 
 
 
Earnings per Common Share - Basic
$
1.54

 
$
1.19

 
$
1.09

 
$
0.97

 
$
0.77

 
 
 
 
 
 
 
 
 
 
Earnings per Common Share - Fully Diluted
$
1.54

 
$
1.19

 
$
1.08

 
$
0.96

 
$
0.77

 
 
 
 
 
 
 
 
 
 
Distributions declared per Common Share outstanding
$
1.225

 
$
1.100

 
$
0.975

 
$
0.850

 
$
0.750

 
 
 
 
 
 
 
 
 
 
Weighted average Common Shares outstanding - Basic
180,805

 
177,928

 
173,994

 
169,556

 
168,062

Weighted average Common Shares outstanding - Fully Diluted
191,995

 
190,110

 
186,850

 
185,138

 
183,814

 
 
 
 
 
 
 
 
 
 
Balance Sheet Data:
 
 
 
 
 
 
 
 
 
Real estate, before accumulated depreciation
$
5,743,049

 
$
5,273,477

 
$
4,915,813

 
$
4,685,336

 
$
4,477,599

Total assets
$
4,151,275

 
$
3,925,808

 
$
3,610,032

 
$
3,478,987

 
$
3,400,400

Total debt
$
2,408,458

 
$
2,348,352

 
$
2,200,017

 
$
2,091,279

 
$
2,126,052

Series C Preferred Stock (1)
$
—

 
$
—

 
$
—

 
$
136,144

 
$
136,144

Total Common Equity (2)
$
1,249,810

 
$
1,121,552

 
$
1,031,954

 
$
872,399

 
$
788,924

 
 
 
 
 
 
 
 
 
 
Other Data:
 
 
 
 
 
 
 
 
 
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)
413

 
414

 
406

 
391

 
387

Total Sites (at end of period)
156,513

 
155,447

 
151,323

 
146,610

 
143,938

__________________________________ 
1. 
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.
2. 
In 2019, we sold 1,010,472 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 $58.71 for gross cash proceeds of $59.3 million before expenses of $0.8 million. In 2018, we sold 1,722,282 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 $45.73 for gross cash proceeds of $78.8 million before expenses of $1.0 million. In 2017, we sold 2,760,034 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 $43.73 for gross cash proceeds of $120.7 million before expenses of $1.5 million. As of December 31, 2019, $140.7 million of common stock remained available for issuance under our ATM equity offering program.
3. 
Refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in this Form 10-K for definitions of FFO and Normalized FFO and 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.
2019 Accomplishments
We continued our strong performance in 2019, marked by key operational and financial accomplishments:

•
Occupancy of MH Sites within our Core Portfolio (as defined below) increased by 401 Sites to 95.7% as of December 31, 2019 compared to 95.3% as of December 31, 2018.
•
Manufactured homeowners within our Core Portfolio increased by 387 to 62,746 as of December 31, 2019 compared to 62,359 as of December 31, 2018.
•
MH and RV rental income within our Core Portfolio increased by 5.3% and 4.5%, respectively, compared to 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 full year growth of 4.4% in income from property operations compared to 2018.
•
Normalized Funds from Operations ("Normalized FFO") per common share on a fully diluted basis was $2.09, 8.2% higher than in 2018.
•
Recognized a gain of $52.5 million from selling five all-age MH communities located in Indiana and Michigan.
•
Acquired four RV communities for $58.3 million and the remaining interest in our joint venture investment of 11 marinas in Florida.
•
Invested $87.4 million to fund development activity, including the acquisition of land parcels.
•
Raised our annual dividend to $1.225 per share in 2019, an increase of 11.4% compared to $1.100 per share in 2018.
•
Sold 1,010,472 shares of Common Stock for gross proceeds of $59.3 million through our at-the-market ("ATM") equity offering program at a weighted average share price of $58.71.
•
Repaid principal of $66.8 million on four mortgage loans, which were scheduled to mature in 2020. As of December 31, 2019, our secured debt balance had a weighted average maturity of 13.09 years and approximately 32.2% of our outstanding debt is fully amortizing.
Overview and Outlook
We are a self-administered and self-managed real estate investment trust ("REIT") with headquarters in Chicago, Illinois. We are a fully integrated owner and operator of properties ("Properties") consisting primarily of MH and RV communities. As of December 31, 2019, we owned or had an ownership interest in a portfolio of 413 Properties located throughout the United States and Canada containing 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 properties in sought-after locations near retirement and vacation destinations and urban areas across the United States with a focus on delivering value to our residents and guests as well as stockholders. Our business model is intended to provide an opportunity for increased cash flows and appreciation in value. We seek growth in earnings, Funds from Operations ("FFO") and cash flows by enhancing the profitability and operation of our Properties and investments. We 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 the demand from baby boomers for MH and RV communities will continue to be strong. It is estimated that approximately 10,000 baby boomers are turning 65 daily through 2030. In addition, the population age 55 and older is expected to grow 18% from 2020 to 2035. 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 expect 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 communities 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 target geographic markets.
We generate the majority of our revenues from customers renting our Sites or entering into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our MH Sites and annual RV 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 revenues from seasonal and transient Sites are 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 generate revenue from customers renting our marina slips and dry storage. Additionally, we have interests in joint venture Properties for which revenue is classified as equity in income from unconsolidated joint ventures on the Consolidated Statements of Income and Comprehensive Income.
Approximately one quarter of our rental agreements on MH Sites contain rent increase provisions that are directly or indirectly connected to the published CPI statistics issued from June through September of the year prior to the increase effective date. Approximately two-thirds of these rental agreements are subject to a CPI floor of approximately 3.0% to 5.0%
State and local rent control regulations affect 27 wholly-owned Properties, including 15 of our 48 California Properties, all 7 of our Delaware Properties, 1 of our 5 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 national, regional or local CPI, depending on the rent control ordinance. These rate increases generally 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, 2019
MH Sites
72,100

RV Sites:
 
    Annual
29,600

    Seasonal
10,200

    Transient
14,100

Marina Slips (1)
2,300

Membership (2)
24,600

Joint Ventures (3)
3,600

 
156,500

_____________________
(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.
(3) 
Includes approximately 2,900 annual Sites, 400 seasonal Sites and 300 transient Sites.

Membership Sites are primarily utilized to service approximately 115,700 annual subscription members, including 19,100 free trial members added through our RV dealer program. The remaining 96,600 have purchased a Thousand Trails Camping (“TTC”) membership, which is an annual subscription providing the member access to our Properties in one to five geographic regions of the United States. In 2019, a TTC membership for a single geographic region required an annual payment of $585. In addition, members are eligible to upgrade their subscriptions. A membership upgrade may 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, or (5) membership in discount travel programs. Each membership upgrade requires a non-refundable upfront payment, for which we offer financing options to eligible customers. As a customer acquisition tool, we have relationships with a network of RV dealers to provide each new RV owner with a free one-year trial subscription to a TTC membership.
In our Home Sales and Rentals 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 manufactured homes and cottages that are located in Properties owned and managed by us. We believe renting our vacant homes represents an attractive source of occupancy and an 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"). Additionally, home sale brokerage services are offered to our residents who may choose to sell their homes as rather than relocate them when moving from a Property. At certain Properties, we operate ancillary 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 include community owner-funded programs or third-party lender programs that provide subsidized financing to customers and often require the community owner to guarantee customer defaults. Third-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 homebuyers 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 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) FFO, (ii) Normalized 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, 2019, net income available for Common Stockholders increased $66.5 million, or $0.35 per fully diluted Common Share, to $279.1 million, or $1.54 per fully diluted Common Share, compared to $212.6 million, or $1.19 per fully diluted Common Share, for the same period in 2018. For the year ended December 31, 2019, FFO available for Common Stock and OP Unit holders increased $34.0 million, or $0.15 per fully diluted Common Share, to $406.0 million, or $2.11 per fully diluted Common Share, compared to $372.0 million, or $1.96 per fully diluted Common Share, for the same period in 2018. For the year ended December 31, 2019, Normalized FFO available for Common Stock and OP Unit holders increased $33.9 million, or $0.15 per fully diluted Common Share, to $401.8 million, or $2.09 per fully diluted Common Share, compared to $367.9 million, or $1.94 per fully diluted Common Share, for the same period in 2018.
Our Core Portfolio could change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. Our Core Portfolio in 2019 and 2018 includes all Properties acquired prior to December 31, 2017 that we have owned and operated continuously since January 1, 2018. During 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 2019 and 2018.
For the year ended December 31, 2019, property operating revenues in our Core Portfolio, excluding deferrals, increased 4.7% and property operating expenses in our Core Portfolio, excluding deferrals and property management, increased 4.4%, from the year ended December 31, 2018, resulting in an increase in income from property operations excluding deferrals and property management of 5.0%.
While we continue to focus on increasing the number of manufactured homeowners in our Core 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, including both homeowners and renters, in our MH communities was 95.4% for the year ended December 31, 2019, compared to 95.0% for the same period in 2018. For the year ended December 31, 2019, our Core Portfolio occupancy increased by 401 sites with an increase in homeowner occupancy of 387 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, 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 2019, we increased our social media fan base to over 650,000. Our customers are increasingly choosing self-service options to complete their transactions with us. Our Core RV transient revenue booked through our website increased 20% and our online sales of TTC memberships increased 27.1% compared to the year ended December 31, 2018.
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, 2019 compared to 556 new home sales during the year ended December 31, 2018. The decline in new home sales was 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 renter to a homebuyer in the future.
As of December 31, 2019, we had 3,966 occupied rental homes in our Core MH communities, including 289 homes rented through our Echo JV. Our Core Portfolio income from rental operations, net of depreciation, was $29.9 million for the year ended December 31, 2019 and $28.3 million for the year ended December 31, 2018. Approximately $31.2 million and $30.8 million of rental operations revenue related to Site rental was included in MH base rental income in our Core Portfolio for the years ended December 31, 2019 and 2018, respectively.
Our gross investment in real estate increased $469.5 million to $5,743.0 million as of December 31, 2019 from $5,273.5 million as of December 31, 2018, primarily due to new acquisitions as well as capital improvements during the year ended December 31, 2019.

38
Management's Discussion and Analysis (continued)

Property Acquisitions/Dispositions and Joint Ventures
The following chart lists the Properties acquired or sold from January 1, 2018 through December 31, 2019 and Sites added through expansion opportunities at our existing Properties.
 
 
Location
 
Type of Property
 
Transaction Date
 
Sites
 
 
 
 
 
 
 
 
 
Total Sites as of January 1, 2018 (1) (2)
 
 
 
 
 
 
 
151,300

Acquisition Properties:
 
 
 
 
 
 
 
 
Kingswood
 
Riverview, Florida
 
MH
 
March 8, 2018
 
229

Serendipity
 
Clearwater, Florida
 
MH
 
March 15, 2018
 
425

Holiday Travel Park
 
Holiday, Florida
 
RV
 
April 20, 2018
 
613

Everglades Lakes
 
Fort Lauderdale, Florida
 
MH
 
July 20, 2018
 
612

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

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

Palm Lake
 
Riviera Beach, Florida
 
MH
 
December 13, 2018
 
915

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

Drummer Boy Camping Resort
 
Gettysburg, Pennsylvania
 
RV
 
March 25, 2019
 
465

Lake of the Woods Campground
 
Wautoma, Wisconsin
 
RV
 
March 25, 2019
 
303

Round Top RV Campground
 
Gettysburg, Pennsylvania
 
RV
 
April 10, 2019
 
391

White Oak Shores Camping and RV Resort
 
Stella, North Carolina
 
RV
 
May 29, 2019
 
455

 
 
 
 
 
 
 
 
 
Expansion Site Development:
 
 
 
 
 
 
 
 
Sites added (reconfigured) in 2018
 
 
 
 
 
 
 
419

Sites added (reconfigured) in 2019
 
 
 
 
 
 
 
891

 
 
 
 
 
 
 
 
 
Dispositions:
 
 
 
 
 
 
 
 
Hoosier Estates
 
Lebanon, Indiana
 
MH
 
January 23, 2019
 
(288
)
Lake in the Hills
 
Auburn Hills, Michigan
 
MH
 
January 23, 2019
 
(238
)
North Glen Village
 
Westfield, Indiana
 
MH
 
January 23, 2019
 
(282
)
Oak Tree Village
 
Portage, Indiana
 
MH
 
January 23, 2019
 
(361
)
Swan Creek
 
Ypsilanti, Michigan
 
MH
 
January 23, 2019
 
(294
)
Total Sites as of December 31, 2019 (2)
 
 
 
 
 
 
 
156,500

_____________________
(1) 
Includes the marina 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 six Properties owned through our Joint Ventures).
Major Market
 
Total Sites
 
Number of
Properties
 
Percent of
Total Sites
 
Percent of Total
Property Operating
Revenue (1)
Florida
 
59,537

 
141

 
38.9
%
 
43.5
%
Northeast
 
20,307

 
55

 
13.3
%
 
11.3
%
Arizona
 
16,363

 
40

 
10.7
%
 
9.5
%
California
 
13,681

 
48

 
8.9
%
 
13.3
%
Midwest
 
11,227

 
30

 
7.3
%
 
5.7
%
Southeast
 
9,740

 
27

 
6.4
%
 
4.6
%
Texas
 
9,195

 
17

 
6.0
%
 
2.8
%
Northwest
 
6,131

 
25

 
4.0
%
 
3.4
%
Colorado
 
3,445

 
10

 
2.3
%
 
3.4
%
Other
 
3,288

 
14

 
2.2
%
 
2.5
%
Total
 
152,914

 
407

 
100.0
%
 
100.0
%
_____________________
(1) 
Excludes the impact of GAAP deferrals of membership upgrade sales upfront payments and membership sales commissions as well as approximately $7.8 million of property operating revenue not allocated to Properties, which consists primarily of membership upgrade sales.

Qualification as a REIT
Commencing with our taxable year ended December 31, 1993, we have elected to be taxed as a REIT for U.S. federal income tax purposes. We believe we have met the requirements and have qualified for taxation as a REIT, and we plan to continue to meet these requirements. The requirements for qualification as a REIT are highly technical and complex, as 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. Examples include that at least 95% of our gross income must come from sources that are itemized in the REIT tax laws and at least 90% of our REIT taxable income, computed without regard to our deduction for dividends paid and our 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. Additionally, we could 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 flows 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 income from property operations and Core Portfolio, FFO, Normalized FFO and income from rental operations, net of depreciation.
We believe investors should review income from property operations and Core Portfolio, FFO, Normalized FFO and income 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 income 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 income from property operations, income 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 Properties. Income from property operations represents rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate 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 deferrals of membership upgrade sales upfront payments and membership 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, 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 includes all Properties that were not owned and operated during all of 2018 and 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 or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated 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 non-refundable upfront payments from membership upgrade contracts. In accordance with GAAP, the non-refundable upfront payments and related commissions are deferred and amortized over the estimated membership upgrade contract term. Although the NAREIT definition of FFO does not address the treatment of non-refundable upfront 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, and b) 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 gains or losses from sales of properties, depreciation and amortization related to real estate and 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 and other miscellaneous non-comparable items from 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 income 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 flows 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 net income available for Common Stockholders to income from property operations for the years ended December 31, 2019, 2018 and 2017:
 
 
Total Portfolio
(amounts in thousands)
 
2019
 
2018
 
2017
Computation of Income from Property Operations:
 
 
 
 
 
 
Net income available for Common Stockholders
 
$
279,123

 
$
212,596

 
$
189,904

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
 
(8,755
)
 
(4,939
)
 
(3,765
)
Income before equity in income of unconsolidated joint ventures
 
287,167


221,447


206,612

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
 
$
515,642


$
487,442


$
453,762

The following table presents a calculation of FFO available for Common Stock and OP Unitholders and Normalized FFO available for Common Stock and OP Unitholders for the years ended December 31, 2019, 2018 and 2017:
(amounts in thousands)
2019
 
2018
 
2017
Computation of FFO and Normalized FFO:
 
 
 
 
 
Net income available for Common Stockholders
$
279,123

 
$
212,596

 
$
189,904

Income allocated to non-controlling interests – Common OP Units
16,783

 
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 amortization
152,110

 
137,209

 
123,686

Depreciation on unconsolidated joint ventures
1,223

 
1,816

 
1,533

Gain on sale of real estate, net
(52,507
)
 
—

 
—

FFO available for Common Stock and OP Unit holders
405,964

 
371,962

 
331,665

Insurance proceeds due to catastrophic weather event and other, net (2)
(6,205
)
 
(5,125
)
 
757

Early debt retirement
2,085

 
1,071

 
2,785

Transaction costs (3)
—

 
—

 
724

Normalized FFO available for Common Stock and OP Unit holders
$
401,844

 
$
367,908

 
$
335,931

Weighted average Common Shares outstanding—Fully Diluted
191,995

 
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.


43
Management's Discussion and Analysis (continued)

Results of Operations
This section discusses the comparison of 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 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
 
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 income
14,816

 
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 subscriptions
50,978

 
47,769

 
3,209

 
6.7
 %
 
51,015

 
47,778

 
3,237

 
6.8
 %
Membership upgrades sales current period, gross
19,111

 
15,191

 
3,920

 
25.8
 %
 
19,111

 
15,191

 
3,920

 
25.8
 %
Utility and other income
90,546

 
93,541

 
(2,995
)
 
(3.2
)%
 
93,987

 
100,562

 
(6,575
)
 
(6.5
)%
Property operating revenues, excluding deferrals
951,234

 
908,264

 
42,970

 
4.7
 %
 
996,589

 
936,018

 
60,571

 
6.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property operating and maintenance
314,208

 
304,070

 
10,138

 
3.3
 %
 
331,682

 
313,003

 
18,679

 
6.0
 %
Real estate taxes
58,664

 
54,281

 
4,383

 
8.1
 %
 
62,338

 
55,892

 
6,446

 
11.5
 %
Rental home operating and maintenance
5,562

 
6,463

 
(901
)
 
(13.9
)%
 
5,603

 
6,836

 
(1,233
)
 
(18.0
)%
Sales and marketing, gross
15,583

 
12,542

 
3,041

 
24.2
 %
 
15,583

 
12,542

 
3,041

 
24.2
 %
Property operating expenses, excluding deferrals and property management
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 (2)
557,217

 
530,908

 
26,309

 
5.0
 %
 
581,383

 
547,745

 
33,638

 
6.1
 %
Property management
56,509

 
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, net
9,232

 
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) 
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 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 increase in income from property operations from our Core Portfolio was primarily due to an increase in MH base rental income and RV base rental income, partially offset by an increase in property operating expenses. The increase in income from property 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
MH base rental income in our Core Portfolio for 2019 increased $26.6 million, or 5.3%, from 2018, 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 approximately $667 in 2019 from approximately $638 in 2018. The average occupancy in our Core Portfolio increased to 95.4% in 2019 from 95.0% in 2018.




44
Management's Discussion and Analysis (continued)

RV 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 the 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
%
Seasonal
37,702

 
36,260

 
1,442

 
4.0
%
 
41,474

 
37,674

 
3,800

 
10.1
%
Transient
51,832

 
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 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 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.
Home Sales and Other
The following table summarizes certain financial and statistical data for our Home Sales and Other Operations. 
(amounts in thousands, except home sales volumes)
2019
 
2018
 
Variance
 
% Change
Gross revenue from new home sales (1)
$
27,434

 
$
27,833

 
$
(399
)
 
(1.4
)%
Cost of new home sales (1)
26,381

 
27,220

 
(839
)
 
(3.1
)%
Gross profit from new home sales
1,053

 
613

 
440

 
71.8
 %
 
 
 
 
 
 
 
 
Gross revenue from used home sales
7,221

 
8,231

 
(1,010
)
 
(12.3
)%
Cost of used home sales
8,715

 
10,255

 
(1,540
)
 
(15.0
)%
Loss from used home sales
(1,494
)
 
(2,024
)
 
530

 
26.2
 %
 
 
 
 
 
 
 
 
Brokered resale revenue and ancillary services revenue, net
3,493

 
3,584

 
(91
)
 
(2.5
)%
Home selling expenses
4,401

 
4,095

 
306

 
7.5
 %
Loss from home sales and other operations
$
(1,349
)
 
$
(1,922
)
 
$
573

 
29.8
 %
Home sales volumes:
 
 
 
 
 
 
 
New home sales (2)
496

 
556

 
(60
)
 
(10.8
)%
               New Home Sales Volume - ECHO JV
65

 
100

 
(35
)
 
(35.0
)%
Used home sales
827

 
1,091

 
(264
)
 
(24.2
)%
Brokered home resales
868

 
852

 
16

 
1.9
 %
__________________________
(1) 
New home sales gross revenue and costs of new home sales did not include the revenue and costs associated with our ECHO JV.
(2) 
Total new home sales volume included home sales from our ECHO JV.
Loss from home sales and other operations was $1.3 million for 2019, compared to loss from home sales operations and other of $1.9 million for 2018. The decrease in loss from home sales operations and other was due to higher profit from new home sales and reduced loss from used home sales, partially offset by higher home selling 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)
2019
 
2018
 
Variance
 
% Change
Rental operations revenue (1)
$
45,974

 
$
43,994

 
$
1,980

 
4.5
 %
Rental home operating and maintenance
5,562

 
6,463

 
(901
)
 
(13.9
)%
Income from rental operations
40,412

 
37,531

 
2,881

 
7.7
 %
Depreciation on rental homes (2)
10,498

 
9,265

 
1,233

 
13.3
 %
Income from rental operations, net of depreciation
$
29,914

 
$
28,266

 
$
1,648

 
5.8
 %
 
 
 
 
 
 
 
 
Gross investment in new manufactured home rental units (3)
$
226,025

 
$
158,649

 
$
67,376

 
42.5
 %
Gross investment in used manufactured home rental units
$
20,901

 
$
29,525

 
$
(8,624
)
 
(29.2
)%
 
 
 
 
 
 
 
 
Net investment in new manufactured home rental units
$
190,965

 
$
136,473

 
$
54,492

 
39.9
 %
Net investment in used manufactured home rental units
$
8,961

 
$
14,508

 
$
(5,547
)
 
(38.2
)%
 
 
 
 
 
 
 
 
Number of occupied rentals – new, end of period (4)
3,175

 
2,728

 
447

 
16.4
 %
Number of occupied rentals—used, end of period
791

 
1,224

 
(433
)
 
(35.4
)%
_____________________
(1) 
Consisted of Site rental income and home rental income. Approximately $31.2 million and $30.8 million for the years ended December 31, 2019 and December 31, 2018, respectively, of Site rental income were included in MH base rental income in the Core Portfolio Income from Property Operations table. The remainder of home rental income was included in rental home income in the Core Portfolio Income from Property Operations table.
(2) 
Included in depreciation and amortization in the Consolidated Statements of Income and Comprehensive Income.
(3) 
New home cost basis did not include the costs associated with our ECHO JV. Our investment in the ECHO JV was $16.9 million and $16.2 million at December 31, 2019 and December 31, 2018, respectively.
(4) 
Included 289 and 279 homes rented through our ECHO JV in 2019 and 2018, respectively.
The increase 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.
Other Income and Expenses
The following table summarizes other income and expenses. 
(amounts in thousands)
2019
 
2018
 
Variance
 
% Change
Depreciation and amortization
$
(152,110
)
 
$
(137,209
)
 
$
(14,901
)
 
(10.9
)%
Interest income
7,207

 
7,525

 
(318
)
 
(4.2
)%
Income from other investments, net
9,528

 
10,842

 
(1,314
)
 
(12.1
)%
General and administrative
(35,679
)
 
(37,684
)
 
2,005

 
5.3
 %
Other expenses
(2,865
)
 
(1,483
)
 
(1,382
)
 
(93.2
)%
Early debt retirement
(1,491
)
 
(1,071
)
 
(420
)
 
(39.2
)%
Interest and related amortization
(104,223
)
 
(104,993
)
 
770

 
0.7
 %
Total other income and expenses, net
$
(279,633
)
 
$
(264,073
)
 
$
(15,560
)
 
(5.9
)%
Total other income and expenses, net increased $15.6 million in 2019 compared to 2018, primarily due to an increase in depreciation and amortization and other expenses as well as a decrease in income from other investments, 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, 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 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, 2019, we sold 1,010,472 shares of our common stock under our ATM equity offering program for gross cash proceeds of approximately $59.3 million at a weighted average share price of $58.71. As of December 31, 2019, there was $140.7 million available for issuance under our ATM equity program.
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 approximately 217.9 million shares of authorized and unissued common stock and 10.0 million shares of authorized and unissued preferred stock registered for sale under the Securities Act of 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. Accessing long-term low-cost secured debt continues to be our focus. The result of our 2019 efforts included a reduction of our weighted average rate from 4.31% to 4.24%. Additionally, as of December 31, 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 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. For additional information regarding our interest rate swap, see Item 8. Financial Statements and Supplementary Data—Note 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, net cash provided by operating activities and our LOC. As of December 31, 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 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 using long-term collateralized and uncollateralized borrowings including the issuance of debt securities or the issuance of equity under our ATM equity offering program.
For information regarding our debt activities and related borrowing arrangements, see Item 8. Financial Statements and Supplementary Data—Note 9. Borrowing Arrangements.

47
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 $29.4 million to $443.5 million for the year ended December 31, 2019 from $414.1 million for the year ended December 31, 2018. The overall increase in net cash provided by operating activities was primarily due to an increase in income from property operations of $28.2 million. The increase in rents and other customer payments received in advance and security deposits was offset by the payment of $4.2 million in 2019 related to the 2016 Long-Term Cash Incentive Plan Award.
Investing Activities
Net cash used in investing activities decreased $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. The decrease in net cash used in investing activities was primarily due to proceeds 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 of $48.7 million for 2019 compared to 2018. The decrease in net cash used in investing activities was partially offset by an increase in capital improvements of $76.4 million.
Capital improvements
The table below summarizes capital improvements:
 
 
For the years ended December 31,
(amounts in thousands)
 
2019
 
2018
 
2017
Recurring capital expenditures (1)
 
$
52,159

 
$
44,829

 
$
39,833

Property upgrades and development (2)
 
59,324

 
46,161

 
34,690

New home investments (3) (4)
 
138,740

 
84,195

 
45,640

Used home investments (4)
 
2,904

 
3,412

 
4,298

Total property improvements
 
253,127

 
178,597

 
124,461

Corporate
 
4,866

 
3,025

 
1,589

Total capital improvements
 
$
257,993

 
$
181,622

 
$
126,050

_____________________
(1) 
Primarily comprised of common area, utility infrastructure and mechanical improvements.
(2) 
Includes $2.5 million and $15.0 million of restoration and improvement capital expenditures related to Hurricane Irma for the years ended December 31, 2019 and December 31, 2018, respectively.
(3) 
Excludes 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 used in financing activities was $131.5 million for the year ended December 31, 2019. Net cash provided by financing activities for the year ended December 31, 2018 was $17.3 million. The increase in net cash used in financing activities was primarily due to increased distributions of $26.6 million. Additionally, there were lower proceeds in 2019 from net mortgage activity of $297.5 million and the sale of common stock under our ATM equity program of $19.4 million. These were partially offset by net increased borrowing of $190.0 million on our LOC during 2019.


48
Management's Discussion and Analysis (continued)

Contractual Obligations
As of December 31, 2019, we were subject to certain contractual payment obligations as described in the following table:

(amounts in thousands)
 
Total (1)
 
2020
 
2021
 
2022
 
2023
 
2024
 
Thereafter
Long Term Borrowings (2)
 
$
2,271,306

 
$
102,942

 
$
218,780

 
$
187,653

 
$
341,796

 
$
60,856

 
$
1,359,279

Interest Expense (3)
 
805,828

 
95,113

 
88,245

 
77,274

 
65,071

 
58,413

 
421,712

LOC Maintenance Fee (4)
 
1,110

 
612

 
498

 
—

 
—

 
—

 
—

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
 
$
3,097,371

 
$
203,711


$
311,941

 
$
267,188

 
$
407,953

 
$
120,171

 
$
1,786,407

Weighted average interest rates - Long Term Borrowings
 
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 $1.1 million and unamortized deferred financing costs of $24.0 million. Balances represent debt maturing and scheduled periodic payments 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, 2019.
(4) 
As of December 31, 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 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, 2019, approximately 32.2% of our outstanding debt is 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:
•national, regional and/or local economic conditions;
•competition from MH and RV communities and other housing options;
•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 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.
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 and marina Sites are established on an annual basis. Our membership 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, 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, 2019, we had $48.3 million short-term, secured debt outstanding. In addition, 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 $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 $286.8 million. However, 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, which commenced on October 27, 2017, has variable rates based on LIBOR plus 1.20% to 1.90% per annum. We entered into an interest rate swap, which secured the underlying LIBOR at 1.85% per annum for the first three years, maturing on November 1, 2020. For additional information, see Item 8. Financial Statements and Supplementary Data—Note 9. Borrowing Arrangements and Note 10. Derivative Instruments and Hedging 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 upgrading 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 homebuyers 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 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 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 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, 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, 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, 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, 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, 2019 has been audited by our independent registered public accounting firm, as stated in its report on Page 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 2020 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 following table presents securities authorized for issuance under our equity compensation plans as 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))
Equity compensation plans approved by security holders (1)
41,500

 
$
40.65

 
5,664,562

Equity compensation plans not approved by security holders (2)
N/A

 
N/A

 
774,579

Total
41,500

 
$
40.65

 
6,439,141

_____________________
(1) 
Represents shares of common stock under our Equity Incentive Plan effective May 13, 2014 (the "2014 Plan").
(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 NYSE 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 2020 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 14 will be contained in the Proxy Statement on Schedule 14A for the 2020 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.











54


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
 
 
3.5(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
 
 
4.2*
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(h)
Amendment to Second Amended and Restated Agreement of Limited Partnership for MHC Operating Limited Partnership, dated February 27, 2004
 
 
10.3(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(j)
Equity LifeStyle Properties, Inc. 2014 Equity Incentive Plan effective May 13, 2014 (the "Plan")
 
 
10.5(k)
Amended and Restated Equity Lifestyle Properties, Inc. 1997 Non-Qualified Employee Stock Purchase Plan, effective May 10, 2016
 
 
10.6(l)
Form of Indemnification Agreement
 
 
10.8(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(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

55


 
 
 
 
10.11(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(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(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(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(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(o)
Form of Restricted Share Award Agreement for the Plan
 
 
10.17(o)
Form of Option Award Agreement for the Plan
 
 
14*
Equity LifeStyle Properties, Inc. Business Ethics and Conduct Policy, dated October 28, 2019
 
 
21*
Subsidiaries of the Registrant
 
 
23*
Consent of Independent Registered Public Accounting Firm
 
 
31.1*
Certification of Chief Financial Officer Pursuant To Section 302 of the Sarbanes-Oxley Act Of 2002
 
 
31.2*
Certification of Chief Executive Officer Pursuant To Section 302 of the Sarbanes-Oxley Act Of 2002
 
 
32.1*
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350
 
 
32.2*
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350
 
 
101*
The following materials from Equity LifeStyle Properties, Inc.'s Annual Report on Form 10-K for the year ended December 31, 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 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
(g)
Included as an exhibit to our Report on Form 10-Q for the quarter ended June 30, 1996
(h)
Included as an exhibit to our Report on Form 10-K for the year ended December 31, 2005
(i)
Included as an exhibit to our Report on Form 8-K dated January 2, 2014
(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
(k)
Included as an exhibit to our Report on Form 10-Q for the quarter ended June 30, 2016
(l)
Included as an exhibit to our Report on Form 10-K for the year ended December 31, 2006
(m)
Included as an exhibit to our Report on Form 10-Q for the quarter ended September 30, 2017
(n)
Form of Agreement included as an exhibit to our Report on Form 8-K dated October 26, 2018
(o)
Included as an exhibit to our Report on Form 8-K dated May 13, 2014

*
Filed herewith




56


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 24, 2020
 
By:
/s/    MARGUERITE NADER        
 
 
 
 
Marguerite Nader
 
 
 
 
President and Chief Executive Officer
(Principal Executive Officer)
 
 
 
 
 
Date:
February 24, 2020
 
By:
/s/    PAUL SEAVEY       
 
 
 
 
Paul Seavey
 
 
 
 
Executive Vice President and Chief Financial
Officer
 
 
 
 
(Principal Financial Officer)
 
 
 
 
 
Date:
February 24, 2020
 
By:
/s/    VALERIE HENRY   
 
 
 
 
Valerie Henry
 
 
 
 
Vice President and Chief Accounting Officer
 
 
 
 
(Principal Accounting Officer)

58


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, Chief Executive Officer and Director (Principal Executive Officer)
 
February 24, 2020
Marguerite Nader
 
 
 
 
 
 
 
 
/s/ PAUL SEAVEY
  
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
 
February 24, 2020
Paul Seavey
 
 
 
 
 
 
 
 
/s/ VALERIE HENRY
  
Vice President and Chief Accounting Officer (Principal Accounting Officer)
 
February 24, 2020
Valerie Henry
 
 
 
 
 
 
 
 
/s/ SAMUEL ZELL
  
Chairman of the Board
 
February 24, 2020
Samuel Zell
 
 
 
 
 
 
 
 
 
/s/ THOMAS HENEGHAN
  
Vice-Chairman of the Board
 
February 24, 2020
Thomas Heneghan
 
 
 
 
 
 
 
 
 
/s/ ANDREW BERKENFIELD
 
Director
 
February 24, 2020
Andrew Berkenfield
 
 
 
 
 
 
 
 
 
/s/ PHILIP CALIAN
  
Director
 
February 24, 2020
Philip Calian
 
 
 
 
 
 
 
 
 
/s/ DAVID CONTIS
  
Director
 
February 24, 2020
David Contis
 
 
 
 
 
 
 
 
 
/s/ CONSTANCE FREEDMAN
 
Director
 
February 24, 2020
Constance Freedman
 
 
 
 
 
 
 
 
 
/s/ TAO HUANG
  
Director
 
February 24, 2020
Tao Huang
 
 
 
 
 
 
 
 
 
/s/ SCOTT PEPPET
  
Director
 
February 24, 2020
Scott Peppet
 
 
 
 
 
 
 
 
 
/s/ SHELI ROSENBERG
 
Director
 
February 24, 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-4
 
 
 
Consolidated Balance Sheets as of December 31, 2019 and 2018
 
F-5
 
 
 
Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2019, 2018 and 2017
 
F-6
 
 
 
Consolidated Statements of Changes in Equity for the years ended December 31, 2019, 2018 and 2017
 
F-8
 
 
 
Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017
 
F-9
 
 
 
Notes to Consolidated Financial Statements
 
F-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, 2019 and 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, 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, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 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, 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 24, 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.

F-2


 
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 24, 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, 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, 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, 2019 and 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, 2019, and the related notes and financial statement schedule listed in the Index at Item 15 and our report dated February 24, 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 24, 2020

F-4


Equity LifeStyle Properties, Inc.
Consolidated Balance Sheets
(amounts in thousands, except share and per share data (adjusted for stock split))
 
As of December 31, 2019
 
As of December 31, 2018
Assets
 
 
 
Investment in real estate:
 
 
 
Land
$
1,525,407

 
$
1,408,832

Land improvements
3,336,070

 
3,143,745

Buildings and other depreciable property
881,572

 
720,900

 
5,743,049

 
5,273,477

Accumulated depreciation
(1,776,224
)
 
(1,631,888
)
Net investment in real estate
3,966,825

 
3,641,589

Cash and restricted cash
28,860

 
68,974

Notes receivable, net
37,558

 
35,041

Investment in unconsolidated joint ventures
20,074

 
57,755

Deferred commission expense
41,149

 
40,308

Other assets, net
56,809

 
46,227

Assets held for sale, net
—

 
35,914

Total Assets
$
4,151,275

 
$
3,925,808

Liabilities and Equity
 
 
 
Liabilities:
 
 
 
Mortgage notes payable, net
$
2,049,509

 
$
2,149,726

Term loan, net
198,949

 
198,626

Unsecured line of credit
160,000

 
—

Accounts payable and other liabilities
124,665

 
102,854

Deferred revenue – upfront payments from membership upgrade sales
126,814

 
116,363

Deferred revenue – annual membership subscriptions
10,599

 
10,055

Accrued interest payable
8,639

 
8,759

Rents and other customer payments received in advance and security deposits
91,234

 
81,114

Distributions payable
58,978

 
52,617

Liabilities related to assets held for sale
—

 
12,350

Total Liabilities
2,829,387

 
2,732,464

Equity:
 
 
 
Stockholders' Equity:
 
 
 
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 capital
1,402,696

 
1,328,495

Distributions in excess of accumulated earnings
(154,318
)
 
(211,034
)
Accumulated other comprehensive income (loss)
(380
)
 
2,299

Total Stockholders’ Equity
1,249,810

 
1,121,552

Non-controlling interests – Common OP Units
72,078

 
71,792

Total Equity
1,321,888

 
1,193,344

Total Liabilities and Equity
$
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 (adjusted for stock split))
 
Years Ended December 31,
 
2019
 
2018
 
2017
Revenues:
 
 
 
 
 
Rental income
$
879,635

 
$
821,114

 
$
768,416

Annual membership subscriptions
51,015

 
47,778

 
45,798

Membership upgrade sales current period, gross
19,111

 
15,191

 
14,132

Membership upgrade sales upfront payments, deferred, net
(10,451
)
 
(7,380
)
 
(4,108
)
Other income
43,063

 
51,935

 
47,599

Gross revenues from home sales
34,655

 
36,064

 
36,302

Brokered resale and ancillary services revenues, net
3,493

 
3,584

 
3,798

Interest income
7,207

 
7,525

 
7,580

Income from other investments, net
9,528

 
10,842

 
5,795

Total revenues
1,037,256

 
986,653

 
925,312

Expenses:
 
 
 
 
 
Property operating and maintenance
333,520

 
319,839

 
300,729

Real estate taxes
62,338

 
55,892

 
55,010

Sales and marketing, gross
15,583

 
12,542

 
11,438

Membership sales commissions, deferred, net
(1,219
)
 
(813
)
 
(354
)
Property management
56,509

 
53,736

 
51,252

Depreciation and amortization
152,110

 
137,209

 
123,686

Cost of home sales
35,096

 
37,475

 
36,513

Home selling expenses
4,401

 
4,095

 
4,186

General and administrative
35,679

 
37,684

 
31,737

Other expenses
2,865

 
1,483

 
1,148

Early debt retirement
1,491

 
1,071

 
2,785

Interest and related amortization
104,223

 
104,993

 
100,570

Total expenses
802,596

 
765,206

 
718,700

Gain on sale of real estate, net
52,507

 
—

 
—

Income before equity in income of unconsolidated joint ventures
287,167

 
221,447

 
206,612

Equity in income of unconsolidated joint ventures
8,755

 
4,939

 
3,765

Consolidated net income
295,922

 
226,386

 
210,377

 
 
 
 
 
 
Income allocated to non-controlling interests – Common OP Units
(16,783
)
 
(13,774
)
 
(12,788
)
Redeemable perpetual preferred stock dividends
(16
)
 
(16
)
 
(7,685
)
Net income available for Common Stockholders
$
279,123

 
$
212,596

 
$
189,904

 
 
 
 
 
 
Consolidated net income
$
295,922

 
$
226,386

 
$
210,377

Other comprehensive income (loss):
 
 
 
 
 
Adjustment for fair market value of swap
(2,679
)
 
1,357

 
1,169

Consolidated comprehensive income
293,243

 
227,743

 
211,546

Comprehensive income allocated to non-controlling interests – Common OP Units
(16,633
)
 
(13,861
)
 
(12,813
)
Redeemable perpetual preferred stock dividends
(16
)
 
(16
)
 
(7,685
)
Comprehensive income attributable to Common Stockholders
$
276,594

 
$
213,866

 
$
191,048




















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

F-6


Equity LifeStyle Properties, Inc.
Consolidated Statements of Income and Comprehensive Income
(amounts in thousands, except per share data (adjusted for stock split))
 
 
Years Ended December 31,
 
2019
 
2018
 
2017
 
 
 
 
 
 
Earnings per Common Share – Basic
$
1.54

 
$
1.19

 
$
1.09

 
 
 
 
 
 
Earnings per Common Share – Fully Diluted
$
1.54

 
$
1.19

 
$
1.08

 
 
 
 
 
 
Weighted average Common Shares outstanding – Basic
180,805

 
177,928

 
173,994

Weighted average Common Shares outstanding – Fully Diluted
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; 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 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 Stock
26

 
16,423

 
—

 
—

 
—

 
(16,449
)
 
—

Issuance of Common Stock through exercise of options
4

 
4,846

 
—

 
—

 
—

 
—

 
4,850

Issuance of Common Stock through employee stock purchase plan
—

 
2,061

 
—

 
—

 
—

 
—

 
2,061

Issuance of Common Stock
28

 
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, 2018
1,766

 
1,241,226

 
—

 
(227,166
)
 
942

 
68,088

 
1,084,856

Exchange of Common OP Units for Common Stock
2

 
1,023

 
—

 
—

 
—

 
(1,025
)
 
—

Issuance of Common Stock through exercise of options
4

 
3,819

 
—

 
—

 
—

 
—

 
3,823

Issuance of Common Stock through employee stock purchase plan
—

 
2,043

 
—

 
—

 
—

 
—

 
2,043

Issuance of Common Stock
20

 
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 Stock
10


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 Stock
10

 
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,
 
2019
 
2018
 
2017
Cash Flows From Operating Activities:
 
 
 
 
 
Consolidated net income
$
295,922

 
$
226,386

 
$
210,377

Adjustments to reconcile consolidated net income to net cash provided by operating activities:

 
 
 
 
Gain on sale of real estate, net
(52,507
)
 
—

 
—

Early debt retirement
1,491

 
1,071

 
2,785

Depreciation and amortization
153,980

 
138,688

 
124,951

Amortization of loan costs
3,479

 
3,564

 
3,546

Debt premium amortization
(483
)
 
(2,259
)
 
(2,211
)
Equity in income of unconsolidated joint ventures
(8,755
)
 
(4,939
)
 
(3,765
)
Distributions of income from unconsolidated joint ventures
5,133

 
4,122

 
3,003

Proceeds from insurance claims, net
(3,530
)
 
(8,525
)
 
(2,722
)
Compensation expense related to restricted stock and stock options
10,481

 
9,995

 
9,352

Revenue recognized from membership upgrade sales upfront payments
(8,660
)
 
(7,811
)
 
(10,020
)
Commission expense recognized related to membership sales
3,667

 
3,609

 
4,509

Long-term incentive plan compensation
(2,843
)
 
1,176

 
1,347

Changes in assets and liabilities:
 
 
 
 
 
Notes receivable, net
(2,836
)
 
(247
)
 
(1,510
)
Deferred commission expense
(4,508
)
 
(4,274
)
 
(4,577
)
Other assets, net
11,621

 
26,898

 
31,056

Accounts payable and other liabilities
15,578

 
9,615

 
(4,735
)
Deferred revenue – upfront payments from membership upgrade sales
19,111

 
15,191

 
14,132

Deferred revenue – annual membership subscriptions
544

 
123

 
115

Rents and other customer payments received in advance and security deposits
6,635

 
1,701

 
2,354

Net cash provided by operating activities
443,520

 
414,084

 
377,987

Cash Flows From Investing Activities:
 
 
 
 
 
Real estate acquisitions, net
(185,411
)
 
(234,108
)
 
(136,552
)
Proceeds from disposition of properties, net
77,746

 
—

 
—

Investment in unconsolidated joint ventures
(983
)
 
(4,497
)
 
(33,345
)
Distributions of capital from unconsolidated joint ventures
6,352

 
396

 
789

Proceeds from insurance claims
8,200

 
7,943

 
3,626

Repayments of notes receivable
—

 
13,823

 
—

Issuance of notes receivable
—

 
—

 
(13,823
)
Capital improvements
(257,993
)
 
(181,622
)
 
(126,050
)
Net cash used in investing activities
(352,089
)
 
(398,065
)
 
(305,355
)
Cash Flows From Financing Activities:
 
 
 
 
 
Proceeds from stock options and employee stock purchase plan
2,482

 
5,813

 
6,911

Gross proceeds from the issuance of common stock
59,319

 
78,755

 
120,698

Distributions:
 
 
 
 
 
Common Stockholders
(216,098
)
 
(190,211
)
 
(163,770
)
Common OP Unitholders
(13,104
)
 
(12,411
)
 
(11,631
)
Preferred Stockholders
(16
)
 
(16
)
 
(6,928
)
Share based award tax withholding payments
(53
)
 
(2,958
)
 
(3,087
)
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
(155,500
)
 
(284,000
)
 
(101,000
)
Line of Credit proceeds
315,500

 
254,000

 
131,000

Debt issuance and defeasance costs
(1,700
)
 
(6,436
)
 
(12,567
)
Redemption of preferred stock
—

 
—

 
(136,314
)
Other
(1,347
)
 
(1,651
)
 
(1,947
)
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
)
Cash and restricted cash, beginning of period
68,974

 
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.

F-9


Equity LifeStyle Properties, Inc.
Consolidated Statements of Cash Flows
(amounts in thousands)
 
 
Years Ended December 31,
 
2019
 
2018
 
2017
Supplemental information:
 
 
 
 
 
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
$
(28,260
)
 
$
(30,799
)
 
$
(30,732
)
 
 
 
 
 
 
Real estate acquisitions:
 
 
 
 
 
Investment in real estate
$
(249,197
)
 
$
(265,129
)
 
$
(142,255
)
Investment in unconsolidated joint ventures
35,789

 
—

 
—

Other assets, net
(1,646
)
 
(59
)
 
(229
)
Debt assumed
19,212

 
9,200

 
5,900

Debt financed
—

 
8,786

 
—

Other liabilities
10,431

 
13,094

 
32

Real estate acquisitions, net
$
(185,411
)
 
$
(234,108
)
 
$
(136,552
)
 
 
 
 
 
 
Real estate dispositions:
 
 
 
 
 
Investment in real estate
$
35,572

 
$
—

 
$
—

Notes receivable, net
295

 
—

 
—

Other assets, net
97

 
—

 
—

Mortgage notes payable, net
(11,175
)
 
—

 
—

Other liabilities
450

 
—

 
—

Gain on sale of real estate, net
52,507

 
—

 
—

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," 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 manufactured homes, cottages 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.
Commencing with our taxable year ended December 31, 1993, we have elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes. We believe we have qualified for taxation as a REIT. To maintain our qualification as a REIT, we must meet certain requirements, which are highly technical and complex. If we fail to qualify as a REIT, we could be subject to U.S. federal income tax at regular corporate rates. Additionally, we could remain disqualified as a REIT for four years following the year we first failed to qualify. Even as a REIT, we are subject to certain foreign, state and local taxes on our income and property and U.S. federal income and excise taxes on our undistributed income.
Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. We are the general partner of the Operating Partnership and own 94.6% as of December 31, 2019. We contributed the proceeds from our various equity offerings, including our initial public offering, to the Operating Partnership. In exchange for these contributions, we received units of common interests in the partnership ("OP Units") equal to the number of shares of common stock issued in such equity offerings. The limited partners of the Operating Partnership (the "Common OP Unitholders") receive an allocation of net income that is based on their respective ownership percentage in the Operating Partnership that is presented on the consolidated financial statements as non-controlling interests—Common OP units. As of December 31, 2019, the non-controlling interests—Common OP units were 10,491,222, which are exchangeable for an equivalent number of shares of our common stock or, at our option, cash. The issuance of additional shares of common stock or OP Units would change the respective ownership of the Operating Partnership for the Common OP Unitholders.
Since 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 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 two-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 the 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 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) 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 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.
As of December 31, 2019 and 2018, the gross carrying amount of identified intangible assets and goodwill was approximately $12.1 million, which is reported as a component of other assets, net on the Consolidated Balance Sheets. As of December 31, 2019 and 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 $3.1 million and $3.0 million as of December 31, 2019 and 2018, respectively.
(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 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 assets held for sale, net on the Consolidated Balance Sheets. We also present the liabilities 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, 2019 and 2018, restricted cash consists of $25.1 million and $24.1 million, respectively, primarily 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, 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.
The fair market values of mortgage notes payable, term loan and interest rate derivative are measured with Level 2 inputs using quoted prices and observable inputs from similar liabilities as disclosed in Note 9. Borrowing Arrangements and Note 10. Derivative Instruments and Hedging Activities.
We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions as disclosed in Note 6. Investment in Real Estate.
(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. Deferred financing costs, net were $24.0 million and $26.4 million as of December 31, 2019 and 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 (See Note 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


(k)
Revenue Recognition
Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Our MH Sites and annual RV and marina Sites are leased on an annual basis. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. Leases with our customers are accounted for as operating leases. Rental income is accounted for in accordance with the Accounting 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 (o) Recently Adopted Accounting Pronouncements within this Note 2 for further discussion.
A membership 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. Membership 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, 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 transferred. 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
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 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 we may, in our discretion, cause the Operating Partnership to settle in cash. The exchange is treated as a capital transaction, which results in an allocation between stockholders' equity and non-controlling interests to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership.
Net income is allocated to Common OP Unitholders based on their respective ownership percentage of the Operating Partnership. Such ownership percentage is calculated by dividing the number of OP Units held by the Common OP Unitholders by the total OP Units held by the Common OP Unitholders and the shares of common stock held by the common stockholders. Issuance of additional shares of common stock or OP Units would change the percentage ownership of both the non-controlling interests – Common OP units and the common stockholders.
(n)
Income Taxes
Due to our structure as a REIT, the results of operations contain no provision for U.S. federal income taxes for the REIT. As of both December 31, 2019 and 2018, the REIT had a federal net operating loss carryforward of approximately $74.1 million. 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, 2019 and 2018.
In addition, we 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, 2019 and 2018 .
The REIT remains subject to certain foreign, state and local income, excise or franchise taxes; however, they are not material to our operating results or financial position. We do not have unrecognized tax benefit items.
We, or one of our Subsidiaries, file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and Canada. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2016.
As of December 31, 2019, net investment in real estate and notes receivable had a U.S. federal tax basis of approximately $3.7 billion (unaudited) and $39.6 million (unaudited), respectively.
During the years ended December 31, 2019, 2018 and 2017, our tax treatment of common stock distributions, as 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)

The quarterly dividend paid on January 11, 2019 is a split-year distribution with $0.031500 (unaudited) per share of common stock considered a distribution made in 2019 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 $0.015462 (unaudited) allocable to 2020 for federal income tax purposes.
(o)
Recently Adopted Accounting Pronouncements
In February 2016, the FASB issued ("ASU 2016-02") Leases. This new guidance, including the related subsequently issued ASUs, provides the principles for the recognition, measurement, presentation and disclosure of leases, including the requirement that lessees recognize right-of-use ("ROU") assets and lease liabilities for leases on the Consolidated Balance Sheets.
We adopted the new lease standard effective January 1, 2019 and have elected to use January 1, 2019 as our date of initial application. Results for reporting periods beginning January 1, 2019 are presented under the 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 required 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 amortized. Upon adoption, we did not have an adjustment to the opening balance of retained earnings due to the election of these practical expedients.
As a lessor, 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 associated utility recoveries are the same and as our leases qualify as operating leases, we accounted for and presented rental revenue and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income for 2019 and 2018. In addition, the new 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, the credit loss related to the collectability of lease receivables was recognized in the line item Property operating and maintenance and was not significant. The guidance regarding capitalization of leasing costs did not have any effect on our 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. The updated guidance will be applied prospectively to all implementation costs incurred after the date of adoption. We will adopt the new standard effective January 1, 2020 and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.
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 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.
We will adopt the new standard effective January 1, 2020 using the modified retrospective approach. We have receivables for annual membership subscriptions, membership upgrades and chattel financing that are subject to this new guidance. Our current allowance model, consistent with existing GAAP, reserves for credit losses when the 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 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 securities
16,783

 
13,774

 
12,788

Net income available to Common Stockholders—Fully Diluted
$
295,906

 
$
226,370

 
$
202,692

Denominator:
 
 
 
 
 
Weighted average Common Shares outstanding—Basic
180,805

 
177,928

 
173,994

Effect of dilutive securities:
 
 
 
 
 
Exchange of Common OP Units for Common Shares
10,934

 
11,586

 
12,066

Stock options and restricted stock
256

 
596

 
790

Weighted average Common Shares outstanding—Fully Diluted
191,995

 
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



Note 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 two-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 a 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, par value $0.01 per share, having an aggregate offering price of up to $200.0 million. As of December 31, 2019, we have $140.7 million of common stock available for issuance.
The following table presents the shares that were issued under our ATM equity offering 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 sold
1,010,472

 
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


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 common

F-20
Equity LifeStyle Properties, Inc.
Notes to 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 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.
Common Stock Activity and Distributions
The following table presents the changes in our outstanding common stock (excluding OP Units of 10,491,222, 11,491,932, and 11,668,200 outstanding at December 31, 2019, 2018 and 2017, 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 predecessor
1,010,472

 
1,722,282

 
2,760,034

Common stock issued through exchange of OP Units
997,750

 
176,268

 
2,671,800

Common stock issued through exercise of options
5,600

 
405,600

 
440,000

Common stock issued through restricted stock grants
193,262

 
385,010

 
260,852

Common stock forfeitures
—

 
—

 
(1,980
)
Common stock issued through ESPP and Dividend Reinvestment Plan
41,589

 
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


During the years ended December 31, 2019, 2018 and 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 $47.48, $48.12 and $44.51 per share, respectively.
As of December 31, 2019, 2018 and 2017, ELS' percentage ownership of the Operating Partnership was approximately 94.6%, 94.0% and 93.8%, respectively. The remaining approximately 5.4%, 6.0% and 6.2% as of December 31, 2019, 2018 and 2017, respectively, was owned by the Common OP Unitholders.
The following regular quarterly distributions have been declared and paid to common stockholders and Common OP Unitholders since January 1, 2017:
 
Distribution Amount Per Share
  
For the Quarter Ended
  
Stockholder Record Date
  
Payment Date
$0.2438
 
March 31, 2017
 
March 31, 2017
 
April 14, 2017
$0.2438
 
June 30, 2017
 
June 30, 2017
 
July 14, 2017
$0.2438
 
September 30, 2017
 
September 29, 2017
 
October 13, 2017
$0.2438
 
December 31, 2017
 
December 29, 2017
 
January 12, 2018
$0.2750
 
March 31, 2018
 
March 30, 2018
 
April 13, 2018
$0.2750
 
June 30, 2018
 
June 29, 2018
 
July 13, 2018
$0.2750
 
September 30, 2018
 
September 28, 2018
 
October 12, 2018
$0.2750
 
December 31, 2018
 
December 28, 2018
 
January 11, 2019
$0.3063
 
March 31, 2019
 
March 29, 2019
 
April 12, 2019
$0.3063
 
June 30, 2019
 
June 28, 2019
 
July 12, 2019
$0.3063
 
September 30, 2019
 
September 27, 2019
 
October 11, 2019
$0.3063
 
December 31, 2019
 
December 27, 2019
 
January 10, 2020


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



Note 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 four 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 three 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 four 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 MH communities, including Everglades Lakes, Serendipity, Kingswood and Palm Lake located in Fort Lauderdale, Clearwater, Riverview and Riviera Beach, Florida, respectively, for a combined purchase price of $251.7 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 the ATM equity offering program and the LOC. We also acquired two vacant land parcels adjacent to our other communities for a combined purchase price of $2.8 million. All acquisitions were accounted for as asset acquisitions.
During the year ended December 31, 2017, we acquired Bethpage Camp Resort and Grey's Point Camp, two RV communities in Urbanna and Topping, Virginia, respectively, and Paradise Park Largo, a MH 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 the ATM equity offering program and the LOC. We accounted for the 2017 acquisitions under the acquisition method in accordance with ASC 805, Business Combinations (“ASC 805”).













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



Note 6—Investment in Real Estate (continued)
We engaged 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 and 2017, which we determined using Level-3 inputs for land and buildings and other depreciable property and Level-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 property
125,721

 
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 assets
1,646

 
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 liabilities
10,431

 
2,449

 
32

Total liabilities assumed
$
29,643

 
$
22,294

 
$
5,932

Net assets acquired
$
221,200

 
$
242,894

 
$
136,552


_____________________
(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 buildings and other depreciable property on the Consolidated Balance Sheets.
(c)Below-market lease liability is included in accounts payable and other liabilities on the Consolidated Balance Sheets.
Dispositions
On January 23, 2019, we closed on the sale of five 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 7—Investment in Unconsolidated Joint Ventures

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, 2019 and 2018, 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 two 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 $3.8 million (net of $1.2 million, $1.8 million and $1.5 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for the years ended December 31, 2019, 2018 and 2017, respectively. We received approximately $11.5 million, $4.5 million and $3.8 million in distributions from joint ventures for the years ended December 31, 2019, 2018 and 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.


Note 8—Notes Receivable, Net
Notes receivable generally are presented at their outstanding unpaid principal balances, net of any allowances and unamortized discounts or premiums. Interest income is accrued on the unpaid principal balance. Discounts or premiums are amortized to income using the interest method.
We provide financing for non-refundable upfront payments required for membership upgrades ("Contracts Receivable"). As of December 31, 2019 and 2018, Contracts Receivable, net of allowance, was $25.2 million and $21.9 million, respectively. Contracts Receivable, as of December 31, 2019, had an average stated interest rate of 16.7% per annum, a weighted average term remaining of 4.2 years and require monthly payments of principal and interest.
In certain cases, we purchase loans made by an 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 and require monthly principal and interest payments. As of December 31, 2019 and 2018, we had $12.3 million and $13.4 million of Chattel Loans, respectively. As of December 31, 2019, the Chattel Loans receivable had an average stated interest rate of approximately 7.7% per annum and had a weighted average term remaining of approximately 12 years.


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



Note 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, 2019 and 2018, we had outstanding mortgage indebtedness on Properties of approximately $2,049.5 million and $2,149.7 million, respectively, excluding liabilities classified as held for sale and net of deferred financing costs. The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, as of December 31, 2019 and December 31, 2018, was approximately 4.5% and 4.7% per annum, respectively. The debt bears interest at stated rates ranging 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 of our Properties as of December 31, 2019 and December 31, 2018, respectively, and the gross carrying value of such Properties was approximately $2,524.7 million and $2,509.5 million, as of December 31, 2019 and December 31, 2018, respectively.
2019 Activity
We defeased mortgage debt of $11.2 million in conjunction with the disposition of the five 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 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 two 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 4.2%. We also closed on one loan secured by two RV communities for gross proceeds of $64.0 million. The loan has a term of 20 years and carries an interest rate of 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 4.8% and matures in 2039.
We also repaid $196.8 million of principal on 16 mortgage loans (15 due to mature in 2019 and one 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 one 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 five MH communities. We also closed on three 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 two 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 two RV communities.


F-25
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 9—Borrowing Arrangements (continued)

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 Line of Credit (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 two 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, as discussed below.
Unsecured Line of Credit
During the year ended December 31, 2019, we paid off and borrowed amounts on our LOC, leaving a balance of $160.0 million outstanding as of December 31, 2019. As of December 31, 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 no 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 10. Derivative Instruments and Hedging Activities for further discussion.
Future Maturities of Debt
The following table presents the aggregate scheduled payments of principal on long-term borrowings for each of the next five years and thereafter as of December 31, 2019:
(amounts in thousands)
 
Amount
2020
 
$
102,942

2021
 
218,780

2022
 
187,653

2023
 
341,796

2024
 
60,856

Thereafter
 
1,359,279

Net unamortized premiums
 
1,110

Unamortized deferred financing costs
 
(23,958
)
Total
 
$
2,248,458

As of December 31, 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 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 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, 2019 and 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 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

 
$
—



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



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, 2019, we did not post any collateral related to this agreement.








F-27
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 11—Deferred Revenue of Membership Upgrade Sales and Deferred Commission Expense

The components of the change in deferred revenue entry of membership subscriptions and deferred commission expense were as follows:
 
 
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

_____________________ 
(1) 
The cumulative effect adjustments resulting from the adoption of ASU 2014-09 as of January 1, 2018.

Note 12—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 the years ended December 31, 2018 and 2017.

Note 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, who 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. As of December 31, 2019, 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 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.

Grants Issued

During the quarter ended March 31, 2019, 122,400 shares of restricted stock were awarded to certain members of our management team. 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 31, 2022, respectively, and have a grant date fair value of $3.2 million. The remaining

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



Note 13—Equity Incentive Awards (continued)

50% are performance-based awards, vesting in equal installments over a three-year period on January 31, 2020, January 29, 2021, and January 31, 2022, 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 20,402 shares of restricted stock awarded in 2019 subject to 2019 performance goals have a grant date fair value of $1.1 million.

During the quarter ended June 30, 2019, 70,862 shares of restricted stock were awarded to certain members of our Board of Directors at a fair value of approximately $4.1 million. These shares are time-based awards subject to various vesting dates between October 30, 2019 and April 30, 2022.
Stock-based compensation expense, reported in general and administrative on the Consolidated Statements of Income and Comprehensive income, for the years ended December 31, 2019, 2018 and 2017 was $10.5 million, $10.0 million and $9.4 million, respectively.
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, 2016
131,214

 
$31.84
Shares granted
260,852

 
$38.13
Shares forfeited
(1,980
)
 
$40.27
Shares vested
(250,542
)
 
$34.40
Balance at December 31, 2017
139,544

 
$38.89
Shares granted
385,010

 
$43.01
Shares vested
(224,852
)
 
$40.74
Balance at December 31, 2018
299,702

 
$42.78
Shares granted
193,262

 
$55.51
Shares vested
(74,222
)
 
$43.72
Balance at December 31, 2019
418,742

 
$48.32

Compensation expense to be recognized subsequent to December 31, 2019 for restricted stock granted during or prior to 2019 that have not yet vested was $11.1 million, which is expected to be recognized over a weighted average term of 1.7 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, as adjusted for stock split:                
 
2018
 
2017
Dividend Yield
2.5%
 
2.4%
Risk-free interest rate
2.8%
 
1.9%
Expected Life
5.6 years
 
5.5 years
Expected Volatility
16.7%
 
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)

There were no stock options granted during 2019. No options were forfeited or expired during the years ended December 31, 2019, 2018 and 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, 2016
866,300

 
$10.72
 
1.7
 
$22.0
Options issued
13,860

 
$40.58
 
 
 
 
Options exercised
(440,000
)
 
$11.02
 
 
 
$14.5
Balance at December 31, 2017
440,160

 
$11.36
 
1.6
 
$14.6
Options issued
12,540

 
$44.83
 
 
 
 
Options exercised
(405,600
)
 
$9.43
 
 
 
$16.9
Balance at December 31, 2018
47,100

 
$36.95
 
7.3
 
$0.5
Options exercised
(5,600
)
 
$9.43
 
 
 
$0.2
Balance at December 31, 2019
41,500

 
$40.65
 
7.3
 
$1.2
Exercisable at December 31, 2019
37,782

 
$40.24
 
7.2
 
$1.1

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

Note 14—Long-Term Cash Incentive Plan
2019 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 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 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 2019 LTIP. The Eligible Payment will be paid, at the discretion of the Compensation Committee, in cash upon completion of our annual audit for the 2021 fiscal year and upon satisfaction of the vesting conditions as outlined in the 2019 LTIP. For the year ended December 31, 2019, we accrued compensation expense of approximately $1.5 million.
2016 LTIP
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-Term Cash Incentive Plan approved by our Board of Directors on May 15, 2007. The total cumulative payment for all participants (the "Eligible Payment") was based upon certain performance conditions being met over a three-year period ending December 31, 2018. For the years ended December 31, 2018 and 2017, we accrued compensation expense of approximately $1.2 million and $1.3 million, respectively. The Eligible Payment of $4.2 million was paid during the first quarter of 2019.





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



Note 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 and $1.5 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Note 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 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.
We have identified two reportable segments: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the total portfolio from regional economic influences.
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 and 2017.
The following tables summarize our segment financial 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 operations
508,432

 
5,861

 
514,293

Interest income
3,856

 
3,324

 
7,180

Depreciation and amortization
(141,472
)
 
(10,638
)
 
(152,110
)
Gain on sale of real estate, net
52,507

 
—

 
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
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 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 operations
482,205

 
3,315

 
485,520

Interest income
3,374

 
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 operations
448,117

 
5,046

 
453,163

Interest income
3,048

 
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
Equity LifeStyle Properties, Inc.
Notes to Consolidated Financial Statements



Note 17—Reportable Segments (continued)

The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2019, 2018, and 2017: 
 
Years Ended December 31,
(amounts in thousands)
2019
 
2018
 
2017
Revenues:
 
 
 
 
 
Rental income
$
864,701

 
$
806,785

 
$
754,072

Annual membership subscriptions
51,015

 
47,778

 
45,798

Membership upgrade sales current period, gross
19,111

 
15,191

 
14,132

Membership upgrade sales upfront payments, deferred, net
(10,451
)
 
(7,380
)
 
(4,108
)
Other income
43,063

 
51,935

 
47,599

Ancillary services revenues, net
2,121

 
2,256

 
2,089

Total property operations revenues
969,560

 
916,565

 
859,582

Expenses:
 
 
 
 
 
Property operating and maintenance
327,917

 
313,003

 
294,119

Real estate taxes
62,338

 
55,892

 
55,010

Sales and marketing, gross
15,583

 
12,542

 
11,438

Membership sales commissions, deferred, net
(1,219
)
 
(813
)
 
(354
)
Property management
56,509

 
53,736

 
51,252

Total property operations expenses
461,128

 
434,360

 
411,465

Income from property operations segment
$
508,432

 
$
482,205

 
$
448,117


The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2019, 2018, and 2017: 
 
Years Ended December 31,
(amounts in thousands)
2019
 
2018
 
2017
Revenues:
 
 
 
 
 
Rental income (1)
$
14,934

 
$
14,329

 
$
14,344

Gross revenue from home sales
34,655

 
36,064

 
36,302

Brokered resale revenues, net
1,372

 
1,290

 
1,235

Ancillary services revenues, net
—

 
38

 
474

Total revenues
50,961

 
51,721

 
52,355

Expenses:
 
 
 
 
 
Cost of home sales
35,096

 
37,475

 
36,513

Home selling expenses
4,401

 
4,095

 
4,186

Rental home operating and maintenance
5,603

 
6,836

 
6,610

Total expenses
45,100

 
48,406

 
47,309

Income from home sales and rentals operations segment
$
5,861

 
$
3,315

 
$
5,046

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

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



Note 18—Quarterly Financial Data (unaudited)

 
2019
(amounts in thousands, except per share data)
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Total revenues
$
259,090

 
$
248,366

 
$
271,160

 
$
258,640

Consolidated net income
$
120,535

 
$
49,085

 
$
68,176

 
$
58,126

Net income available for Common Stockholders
$
113,309

 
$
46,401

 
$
64,461

 
$
54,952

Basic weighted average Common Shares
179,560

 
180,312

 
181,649

 
181,664

Diluted weighted average Common Shares
191,248

 
191,860

 
192,400

 
192,458

Earnings per Common Share — Basic
$
0.63

 
$
0.26

 
$
0.35

 
$
0.30

Earnings per Common Share — Fully Diluted
$
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 Shares
177,048

 
177,098

 
178,400

 
179,140

Diluted weighted average Common Shares
189,154

 
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


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

Note 19—Subsequent Events

Equity Incentive Awards
On February 11, 2020, the Compensation Committee approved the 2020 Restricted Stock Award Program for certain members of our management team pursuant to the authority set forth in the 2014 Plan. As a result, we awarded 90,933 shares of restricted 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 value of $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.










F-35
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
Properties Held for Long Term
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hidden Cove
 
Arley
 
AL
 
$
—

 
$
212

 
$
610

 
$
—

 
$
1,277

 
$
212

 
$
1,887

 
$
2,099

 
$
(355
)
 
2006
Apache East
 
Apache Junction
 
AZ
 
(5,045
)
 
2,236

 
4,181

 
—

 
191

 
2,236

 
4,372

 
6,608

 
(1,433
)
 
2011
Countryside RV
 
Apache Junction
 
AZ
 
(8,225
)
 
2,056

 
6,241

 
—

 
1,733

 
2,056

 
7,974

 
10,030

 
(4,397
)
 
2002
Denali Park
 
Apache Junction
 
AZ
 
—

 
2,394

 
4,016

 
—

 
290

 
2,394

 
4,306

 
6,700

 
(1,380
)
 
2011
Golden Sun RV
 
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

 
—

 
243

 
115

 
672

 
787

 
(203
)
 
2010
Casita Verde RV
 
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

 
—

 
1,298

 
2,869

 
9,951

 
12,820

 
(4,251
)
 
2006
Foothills West RV
 
Casa Grande
 
AZ
 
—

 
747

 
2,261

 
—

 
546

 
747

 
2,807

 
3,554

 
(1,239
)
 
2006
Sunshine Valley
 
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

 
6,513

 
1,456

 
9,903

 
11,359

 
(2,537
)
 
2004
Casa del Sol East II
 
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

 
—

 
1,236

 
2,450

 
8,688

 
11,138

 
(5,853
)
 
1998
Palm Shadows
 
Glendale
 
AZ
 
(5,413
)
 
1,400

 
4,218

 
—

 
1,701

 
1,400

 
5,919

 
7,319

 
(4,569
)
 
1993
Hacienda De Valencia
 
Mesa
 
AZ
 
(20,119
)
 
833

 
2,701

 
—

 
5,159

 
833

 
7,860

 
8,693

 
(5,717
)
 
1984
Mesa Spirit
 
Mesa
 
AZ
 
(16,481
)
 
17,382

 
25,238

 
192

 
58

 
17,574

 
25,296

 
42,870

 
(4,859
)
 
2014
Monte Vista
 
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
)
 
3,357

 
1,273

 
8,017

 
9,290

 
(5,749
)
 
1994
The Highlands at Brentwood
 
Mesa
 
AZ
 
(12,635
)
 
1,997

 
6,024

 
—

 
2,318

 
1,997

 
8,342

 
10,339

 
(6,614
)
 
1993
Viewpoint
 
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

 
—

 
1,753

 
932

 
4,972

 
5,904

 
(3,684
)
 
1994
Casa del Sol West I
 
Peoria
 
AZ
 
—

 
2,215

 
6,467

 
—

 
2,577

 
2,215

 
9,044

 
11,259

 
(5,374
)
 
1996
Carefree Manor
 
Phoenix
 
AZ
 
—

 
706

 
3,040

 
—

 
1,071

 
706

 
4,111

 
4,817

 
(2,741
)
 
1998
Central Park
 
Phoenix
 
AZ
 
(11,846
)
 
1,612

 
3,784

 
—

 
1,961

 
1,612

 
5,745

 
7,357

 
(4,825
)
 
1983
Desert Skies
 
Phoenix
 
AZ
 
(4,621
)
 
792

 
3,126

 
—

 
883

 
792

 
4,009

 
4,801

 
(2,760
)
 
1998
Sunrise Heights
 
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

 
—

 
477

 
670

 
2,618

 
3,288

 
(1,830
)
 
1998
Desert Vista
 
Salome
 
AZ
 
—

 
66

 
268

 
—

 
289

 
66

 
557

 
623

 
(181
)
 
2010
Sedona Shadows
 
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

 
—

 
719

 
2,050

 
6,907

 
8,957

 
(3,109
)
 
2006
Paradise
 
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 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
Westpark
 
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

 
—

 
1,140

 
1,440

 
5,485

 
6,925

 
(2,763
)
 
2003
Cactus Gardens
 
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

 
—

 
456

 
1,595

 
5,230

 
6,825

 
(2,295
)
 
2006
Desert Paradise
 
Yuma
 
AZ
 
—

 
666

 
2,011

 
—

 
379

 
666

 
2,390

 
3,056

 
(1,236
)
 
2004
Foothill
 
Yuma
 
AZ
 
—

 
459

 
1,402

 
—

 
386

 
459

 
1,788

 
2,247

 
(900
)
 
2003
Mesa Verde
 
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

 
—

 
624

 
1,249

 
4,383

 
5,632

 
(2,240
)
 
2004
Cultus Lake
 
Lindell Beach
 
BC
 
—

 
410

 
968

 
6

 
483

 
416

 
1,451

 
1,867

 
(719
)
 
2004
Soledad Canyon
 
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

 
—

 
960

 
8,336

 
16,734

 
25,070

 
(5,319
)
 
2011
Monte del Lago
 
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

 
—

 
8,234

 
—

 
26,413

 
26,413

 
(20,169
)
 
1994
Date Palm RV
 
Cathedral City
 
CA
 
—

 
—

 
216

 
—

 
611

 
—

 
827

 
827

 
(476
)
 
1994
Colony Park
 
Ceres
 
CA
 
—

 
890

 
2,837

 
—

 
1,481

 
890

 
4,318

 
5,208

 
(2,731
)
 
1998
Russian River
 
Cloverdale
 
CA
 
—

 
368

 
868

 
5

 
577

 
373

 
1,445

 
1,818

 
(590
)
 
2004
Oakzanita Springs
 
Descanso
 
CA
 
—

 
396

 
934

 
5

 
1,789

 
401

 
2,723

 
3,124

 
(1,104
)
 
2004
Rancho Mesa
 
El Cajon
 
CA
 
—

 
2,130

 
6,389

 
—

 
1,394

 
2,130

 
7,783

 
9,913

 
(5,155
)
 
1998
Rancho Valley
 
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

 
1,794

 
312

 
2,521

 
2,833

 
(785
)
 
2004
Four Seasons
 
Fresno
 
CA
 
—

 
756

 
2,348

 
—

 
1,838

 
756

 
4,186

 
4,942

 
(2,262
)
 
1997
Yosemite Lakes
 
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

 
—

 
3,681

 
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

 
4,081

 
2,661

 
10,275

 
12,936

 
(4,310
)
 
2004
Tahoe Valley
 
Lake Tahoe
 
CA
 
—

 
—

 
5,428

 
—

 
1,214

 
—

 
6,642

 
6,642

 
(3,270
)
 
2004
Sea Oaks
 
Los Osos
 
CA
 
—

 
871

 
2,703

 
—

 
1,022

 
871

 
3,725

 
4,596

 
(2,422
)
 
1997
Ponderosa
 
Lotus
 
CA
 
—

 
900

 
2,100

 
—

 
2,585

 
900

 
4,685

 
5,585

 
(1,416
)
 
2006
Turtle Beach
 
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 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
Lake of the Springs
 
Oregon House
 
CA
 
—

 
1,062

 
2,504

 
14

 
2,024

 
1,076

 
4,528

 
5,604

 
(1,855
)
 
2004
Concord Cascade
 
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

 
—

 
2,760

 
1,660

 
7,733

 
9,393

 
(2,979
)
 
2005
San Benito
 
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

 
1,919

 
1,835

 
6,190

 
8,025

 
(2,790
)
 
2004
Las Palmas
 
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

 
—

 
943

 
1,799

 
6,393

 
8,192

 
(3,121
)
 
2004
Quail Meadows
 
Riverbank
 
CA
 
—

 
1,155

 
3,469

 
—

 
1,009

 
1,155

 
4,478

 
5,633

 
(2,900
)
 
1998
California Hawaiian
 
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

 
—

 
427

 
—

 
4,939

 
4,939

 
(3,903
)
 
1997
Sunshadow
 
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
 
(20,310
)
 
5,229

 
15,714

 
—

 
1,911

 
5,229

 
17,625

 
22,854

 
(8,689
)
 
2004
Westwinds (4 properties)
 
San Jose
 
CA
 
—

 
—

 
17,616

 
—

 
10,844

 
—

 
28,460

 
28,460

 
(21,038
)
 
1997
Laguna Lake
 
San Luis Obispo
 
CA
 
—

 
2,845

 
6,520

 
—

 
1,285

 
2,845

 
7,805

 
10,650

 
(5,368
)
 
1998
Contempo Marin
 
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

 
2,182

 
872

 
4,211

 
5,083

 
(1,576
)
 
2004
DeAnza Santa Cruz
 
Santa Cruz
 
CA
 
—

 
2,103

 
7,201

 
—

 
4,440

 
2,103

 
11,641

 
13,744

 
(7,961
)
 
1994
Meadowbrook
 
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

 
—

 
683

 
1,595

 
4,620

 
6,215

 
(1,798
)
 
2007
Lamplighter
 
Spring Valley
 
CA
 
(30,129
)
 
633

 
2,201

 
—

 
2,130

 
633

 
4,331

 
4,964

 
(3,256
)
 
1983
Santiago Estates
 
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

 
—

 
1,698

 
602

 
3,619

 
4,221

 
(1,958
)
 
1997
Hillcrest Village
 
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

 
—

 
1,749

 
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 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
McNicol
 
Lewes
 
DE
 
—

 
562

 
1,710

 
—

 
267

 
562

 
1,977

 
2,539

 
(1,354
)
 
1998
Whispering Pines
 
Lewes
 
DE
 
—

 
1,536

 
4,609

 
—

 
2,436

 
1,536

 
7,045

 
8,581

 
(5,686
)
 
1988
Mariners Cove
 
Millsboro
 
DE
 
(19,639
)
 
990

 
2,971

 
—

 
6,945

 
990

 
9,916

 
10,906

 
(7,152
)
 
1987
Sweetbriar
 
Millsboro
 
DE
 
—

 
498

 
1,527

 
—

 
889

 
498

 
2,416

 
2,914

 
(1,529
)
 
1998
Aspen Meadows
 
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

 
4,711

 
1,778

 
6,769

 
8,547

 
(4,583
)
 
1998
Riverside RV
 
Arcadia
 
FL
 
—

 
8,400

 
11,905

 
—

 
471

 
8,400

 
12,376

 
20,776

 
(2,578
)
 
2016
Toby’s
 
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

 
—

 
15,892

 
5,273

 
31,714

 
36,987

 
(10,455
)
 
2004
Manatee
 
Bradenton
 
FL
 
—

 
2,300

 
6,903

 
—

 
1,314

 
2,300

 
8,217

 
10,517

 
(4,134
)
 
2004
Windmill Manor
 
Bradenton
 
FL
 
(12,521
)
 
2,153

 
6,125

 
—

 
2,239

 
2,153

 
8,364

 
10,517

 
(5,549
)
 
1998
Clover Leaf Farms
 
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

 
—

 
335

 
1,092

 
2,513

 
3,605

 
(674
)
 
2011
Glen Ellen
 
Clearwater
 
FL
 
—

 
619

 
1,882

 
—

 
361

 
619

 
2,243

 
2,862

 
(1,228
)
 
2002
Hillcrest
 
Clearwater
 
FL
 
—

 
1,278

 
3,928

 
—

 
1,572

 
1,278

 
5,500

 
6,778

 
(3,761
)
 
1998
Holiday Ranch
 
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
 
(5,068
)
 
4,984

 
8,482

 
—

 
497

 
4,984

 
8,979

 
13,963

 
(2,979
)
 
2011
Shady Lane Village
 
Clearwater
 
FL
 
—

 
3,102

 
5,480

 
—

 
310

 
3,102

 
5,790

 
8,892

 
(1,919
)
 
2011
Silk Oak
 
Clearwater
 
FL
 
—

 
1,649

 
5,028

 
—

 
531

 
1,649

 
5,559

 
7,208

 
(3,014
)
 
2002
Clerbrook
 
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 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
Bulow Village RV
 
Flagler Beach
 
FL
 
—

 
—

 
228

 
—

 
2,212

 
—

 
2,440

 
2,440

 
(942
)
 
1994
Carefree Cove
 
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

 
—

 
529

 
53,850

 
19,326

 
73,176

 
(1,646
)
 
2018
Park City West
 
Fort Lauderdale
 
FL
 
—

 
4,184

 
12,561

 
—

 
1,337

 
4,184

 
13,898

 
18,082

 
(7,141
)
 
2004
Sunshine Holiday RV
 
Fort Lauderdale
 
FL
 
(9,494
)
 
3,099

 
9,286

 
—

 
1,754

 
3,099

 
11,040

 
14,139

 
(5,282
)
 
2004
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

 
—

 
739

 
1,188

 
4,287

 
5,475

 
(2,242
)
 
2004
Gulf Air Resort
 
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

 
—

 
651

 
3,275

 
7,816

 
11,091

 
(2,447
)
 
2011
Grand Island
 
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

 
—

 
784

 
9,240

 
14,068

 
23,308

 
(2,867
)
 
2018
Barrington Hills
 
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

 
—

 
7,597

 
4,852

 
22,193

 
27,045

 
(14,319
)
 
1998
Sherwood Forest RV
 
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

 
—

 
12,438

 
5,677

 
29,554

 
35,231

 
(14,123
)
 
2004
Lake Worth Village
 
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

 
—

 
398

 
3,775

 
6,803

 
10,578

 
(2,112
)
 
2011
Beacon Terrace
 
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

 
—

 
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 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
Lakewood Village
 
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

 
—

 
853

 
5,362

 
7,091

 
12,453

 
(1,873
)
 
2015
Southernaire
 
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
 
(19,341
)
 
663

 
—

 
18

 
8,199

 
681

 
8,199

 
8,880

 
(6,398
)
 
1986
Hacienda Village
 
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
 
(18,047
)
 
4,030

 
12,146

 
—

 
1,250

 
4,030

 
13,396

 
17,426

 
(7,280
)
 
2002
Bay Lake Estates
 
Nokomis
 
FL
 
(11,363
)
 
990

 
3,390

 
—

 
2,518

 
990

 
5,908

 
6,898

 
(3,998
)
 
1994
Lake Village
 
Nokomis
 
FL
 
(15,796
)
 
15,850

 
18,099

 
—

 
622

 
15,850

 
18,721

 
34,571

 
(5,998
)
 
2011
Royal Coachman
 
Nokomis
 
FL
 
(10,725
)
 
5,321

 
15,978

 
—

 
1,863

 
5,321

 
17,841

 
23,162

 
(9,297
)
 
2004
Buccaneer
 
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
 
(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

 
1,768

 
10,027

 
8,074

 
24,606

 
32,680

 
(17,752
)
 
1994
Pioneer Village
 
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

 
5,056

 
1,784

 
9,427

 
11,211

 
(6,752
)
 
1993
Windmill Village
 
North Fort Myers
 
FL
 
—

 
1,417

 
5,440

 
—

 
4,172

 
1,417

 
9,612

 
11,029

 
(7,124
)
 
1983
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 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
Harbor Lakes
 
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

 
2,330

 
2,469

 
9,813

 
12,282

 
(6,499
)
 
1998
Pickwick
 
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

 
—

 
563

 
3,866

 
4,091

 
7,957

 
(1,576
)
 
2016
Emerald Lake
 
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

 
—

 
1,452

 
717

 
3,610

 
4,327

 
(1,866
)
 
2004
Tropical Palms
 
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

 
—

 
932

 
9,094

 
9,297

 
18,391

 
(1,746
)
 
2018
Palm Lake
 
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

 
—

 
1,353

 
1,089

 
4,729

 
5,818

 
(3,173
)
 
1998
Space Coast
 
Rockledge
 
FL
 
—

 
2,413

 
3,716

 
—

 
1,477

 
2,413

 
5,193

 
7,606

 
(955
)
 
2014
Covington Estates
 
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
 
(24,367
)
 
1,523

 
5,063

 
—

 
3,814

 
1,523

 
8,877

 
10,400

 
(7,240
)
 
1983
Winds of St. Armands South
 
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
 
(2,296
)
 
844

 
2,568

 
—

 
803

 
844

 
3,371

 
4,215

 
(1,652
)
 
2004
Pine Island Resort
 
St. James City
 
FL
 
—

 
1,678

 
5,044

 
—

 
1,490

 
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 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 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 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 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
)
 
 
_____________________
(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 $3.7 billion.

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

The following table presents the changes in gross investment in real estate:
(amounts in thousands)
2019
 
2018
 
2017
Balance, beginning of year
$
5,273,477

 
$
4,915,813

 
$
4,685,336

Acquisitions
250,843

 
265,129

 
142,255

Improvements
257,993

 
181,622

 
126,279

Properties held for sale
—

 
(49,973
)
 
—

Dispositions and other
(39,264
)
 
(39,114
)
 
(38,057
)
Balance, end of year
$
5,743,049

 
$
5,273,477

 
$
4,915,813


The following table presents the changes in accumulated depreciation 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 amortization
153,893

 
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




S-13

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