Business Wire | Jan 25, 2021 04:16PM EST

ELS Reports Fourth Quarter Results

Jan. 25, 2021

CHICAGO--(BUSINESS WIRE)--Jan. 25, 2021--Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and year ended December 31, 2020.

All Common Stock and OP Units as well as per share results reflect the two for one stock split that was completed on October 15, 2019. Additionally, all per share results are reported on a fully diluted basis unless otherwise noted.

Financial Results for the Quarter and Year Ended December 31, 2020

For the quarter ended December 31, 2020, total revenues increased $13.3 million, or 5.1 percent, to $271.9 million compared to $258.6 million for the same period in 2019. For the quarter ended December 31, 2020, net income available for Common Stockholders increased $9.6 million, or $0.05 per Common Share, to $64.6 million, or $0.35 per Common Share, compared to $55.0 million, or $0.30 per Common Share, for the same period in 2019.

For the year ended December 31, 2020, total revenues increased $54.1 million, or 5.2 percent, to $1,091.4 million compared to $1,037.3 million for the same period in 2019. For the year ended December 31, 2020, net income available for Common Stockholders decreased $50.8 million, or $0.29 per Common Share, to $228.3 million, or $1.25 per Common Share, compared to $279.1 million, or $1.54 per Common Share, for the same period in 2019. The financial results for 2019 included a gain of $52.5 million on the sale of five all-age MH communities.

Non-GAAP Financial Measures and Portfolio Performance

For the quarter ended December 31, 2020, Funds from Operations ("FFO") available for Common Stock and OP Unit holders increased $9.4 million, or $0.05 per Common Share, to $108.9 million, or $0.57 per Common Share, compared to $99.5 million, or $0.52 per Common Share, for the same period in 2019. For the year ended December 31, 2020, FFO available for Common Stock and OP Unit holders increased $0.4 million, to $406.4 million, or $2.11 per Common Share, compared to $406.0 million, or $2.11 per Common Share, for the same period in 2019.

For the quarter ended December 31, 2020, Normalized Funds from Operations ("Normalized FFO") available for Common Stock and OP Unit holders increased $9.4 million, or $0.05 per Common Share, to $108.9 million, or $0.57 per Common Share, compared to $99.5 million, or $0.52 per Common Share, for the same period in 2019. For the years ended December 31, 2020, Normalized FFO available for Common Stock and OP Unit holders increased $16.9 million, or $0.08 per Common Share, to $418.7 million, or $2.17 per Common Share, compared to $401.8 million, or $2.09 per Common Share, for the same period in 2019.

For the quarter ended December 31, 2020, property operating revenues, excluding deferrals, increased $13.2 million to $261.9 million compared to $248.7 million for the same period in 2019. For the year ended December 31, 2020, property operating revenues, excluding deferrals, increased $54.9 million to $1,051.4 million compared to $996.5 million for the same period in 2019. For the quarter ended December 31, 2020, income from property operations, excluding deferrals and property management, increased $5.9 million to $152.9 million compared to $147.0 million for the same period in 2019. For the year ended December 31, 2020, income from property operations, excluding deferrals and property management, increased $25.4 million to $606.8 million compared to $581.4 million for the same period in 2019.

For the quarter ended December 31, 2020, Core property operating revenues, excluding deferrals, increased approximately 4.6 percent and Core income from property operations, excluding deferrals and property management, increased approximately 3.6 percent compared to the same period in 2019. For the year ended December 31, 2020, Core property operating revenues, excluding deferrals, increased approximately 3.9 percent and Core income from property operations, excluding deferrals and property management, increased approximately 2.9 percent compared to the same period in 2019.

Business Updates

Page 1 of this Earnings Release and Supplemental Financial Information provides an operations update.

Investment Activity

Since October 2020, we have completed the following acquisitions, representing a total investment of $214.5 million:

* Dolce Vita at Superstition Mountain, a 484-site age-qualified MH community with entitlements to an additional 228 sites for development, and Meridian RV Resort, a 264-site RV community, in Apache Junction, Arizona, * Leisure World RV Resort, a 333-site RV community, and Trails End RV Resort, a 362-site RV community, located in the Rio Grande Valley, Texas, * Harbor Point RV Community, a 203-site RV community located in Sneads Ferry, North Carolina, and Topsail Sound RV Park, a 230-site RV community located in Holly Ridge, North Carolina, both are coastal and less than four miles apart, * Marker 1 Marina, a 477-slip marina located near Tampa, Florida, and * Okeechobee KOA Resort, a 740-site RV community located in Okeechobee, Florida, acquired in January 2021.

The acquisition of these properties was funded with available cash and our line of credit, as well as a loan assumption of $6.9 million.

We also completed the acquisition of our joint venture partners' interests in a 64-acre MH development property adjacent to our Voyager RV Resort located in Tucson, Arizona for $6.1 million, which was funded with available cash. Once the development is completed, it is expected to contain approximately 300 sites.

As part of our strategy to expand owned communities with additional developed sites, in November and December of 2020, we completed the acquisitions of three parcels of land adjacent to three of our properties for an aggregate purchase price of $4.3 million, which was funded with available cash.

2021 Full Year Guidance(1)

2021 Core MH rate growth^ 4.2%

2021 Core RV Annual rate growth^ 4.5%

Core Income from property operations, excluding deferrals and 3.3% toproperty management growth rate^ (2) 4.3%



Net Income/share^ (3) $1.39 to $1.49

Normalized FFO/share^ (3)(4) $2.26 to $2.36

_______________________(1)

Core MH and RV Annual rate growth estimates for 2021 represent management's estimate of the most likely outcome. Full year 2021 guidance ranges represent a range of possible outcomes and the midpoint reflects management's estimate of the most likely outcome. Actual growth rates and per share amounts could vary materially from growth rates and per share amounts presented above if any of our assumptions, including occupancy and rate changes, our ability to integrate and operate recent acquisitions and costs to restore property operations and potential revenue losses following storms or other unplanned events, is incorrect. See forward looking statements in this release for additional factors impacting our 2021 full year guidance assumptions.

(2)

First Quarter 2021 includes a projected decline of approximately $10.0 million in Core RV seasonal and transient base rental income compared to the first quarter of 2020.

(3)

Guidance includes all announced acquisitions and capital events, including the anticipated $270.0 million secured financing transaction mentioned in this release. We make no other assumptions for future capital events or use of free cash flow.

(4)

First Quarter 2021 Normalized FFO per share is anticipated to represent 24-25% of full year Normalized FFO per share. 2021 Dividends

Our Board of Directors has approved setting the annual dividend rate for 2021 at $1.45 per share of common stock, an increase of 5.8%, or $0.08, over the current $1.37 per share of common stock for 2020. Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.

Balance Sheet Activity

During January 2021, we locked rate on an anticipated $270.0 million secured financing transaction. Upon consummation, which is subject to customary closing conditions, the loan is anticipated to be secured by two RV communities and one MH community and is expected to have a maturity of 10 years and a fixed interest rate of 2.4%. We plan to use net proceeds from the transaction to repay a portion of our debt maturing in 2022 and to apply the remaining proceeds to the outstanding balance on our line of credit.

About Equity LifeStyle Properties

We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of January 25, 2021, we own or have an interest in 423 quality properties in 33 states and British Columbia consisting of 161,229 sites.

For additional information, please contact our Investor Relations Department at (800) 247-5279 or at investor_relations@equitylifestyle.com.

Conference Call

A live webcast of our conference call discussing these results will take place tomorrow, Tuesday, January 26, 2021, at 10:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.

Forward-Looking Statements

In addition to historical information, this press release 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 assumptions and guidance concerning 2021 growth rates and Net Income and Normalized FFO per share data; * our ability to manage counterparty risk; * our ability to renew our insurance policies at existing rates and on consistent terms; * in the age-qualified properties, home sales results could be impacted by the ability of potential home buyers 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; * our 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 vendors', 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.

Our guidance acknowledges the existence of volatile economic conditions, which may impact our current guidance assumptions. Factors impacting 2021 guidance include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) our ability to integrate and operate recent acquisitions in accordance with our estimates; (viii) completion of pending transactions in their entirety and on assumed schedule; (ix) ongoing legal matters and related fees; and (x) costs to restore property operations and potential revenue losses following storms or other unplanned events. In addition, these forward-looking statements, including our 2021 guidance are subject to risks related to the COVID-19 pandemic, many of which are unknown, including the duration of the pandemic, the extent of the adverse health impact on the general population and on our residents, customers, and employees in particular, its impact on the employment rate and the economy, the extent and impact of governmental responses, and the impact of operational changes we have implemented and may implement in response to the pandemic.

For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" section in our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q.

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.

Supplemental Financial Information

Operations Update

We continued our strong performance in 2020, as marked by these key operational and financial accomplishments:

* Added 1,058 expansion Sites including 549 MH Sites to our Core Portfolio during the year ended December 31, 2020. * MH occupancy within our Core Portfolio increased by 293 Sites to 68,869 Sites as of December 31, 2020, with a weighted average occupancy of 95.2% for the year ended December 31, 2020 compared to 95.1% for the year ended December 31, 2019. * Manufactured homeowners within our Core Portfolio increased by 345 to 64,945 as of December 31, 2020 compared to 64,600 as of December 31, 2019. * MH and RV rental income within our Core Portfolio increased by 4.6% and 1.1%, respectively, compared to December 31, 2019. * Core Portfolio generated full year growth of 2.9% in income from property operations, excluding deferrals and property management, compared to 2019. * Normalized FFO per common share on a fully diluted basis was $2.17, 3.9% higher than in December 31, 2019. * Acquired one MH community, seven RV communities and one marina for $209.2 million. * Originated secured debt with gross proceeds of $662.3 million with an average maturity of 12 years and a weighted average interest rate of 2.6%. We used these proceeds to repay debt of $414.9 million at a weighted average rate of 4.1% with a remaining weighted average maturity of 1.9 years. The remainder of the proceeds were used to repay the line of credit throughout the year.

COVID Update

* All properties continue to be open subject to seasons of operation and state and local guidelines. Some amenities at certain properties remain closed at this time due to state and local guidelines. All RV properties continue to be open to transient customers. * As of January 22, 2021, the total collection rates from our MH and RV Annuals for the quarter ended December 31, 2020 were 98% and 99%, respectively. We continue to follow various state and local guidelines related to rent collections and eviction proceedings. * Seasonal RV base rental income within our Core Portfolio decreased 24.7%, or approximately $2.0 million, compared to the fourth quarter of 2019. The decrease was primarily due to the closure of the Canadian border.

_______________________ Core MH and RV Annual rate growth estimates for 2021 represent management's estimate of the most likely outcome. Full year 2021 guidance ranges represent a range of possible outcomes and the midpoint reflects management's estimate of the most likely outcome. Actual growth rates and^ per share amounts could vary materially from growth rates and per share(1) amounts presented above if any of our assumptions, including occupancy and rate changes, our ability to integrate and operate recent acquisitions and costs to restore property operations and potential revenue losses following storms or other unplanned events, is incorrect. See forward looking statements in this release for additional factors impacting our 2021 full year guidance assumptions.

^ First Quarter 2021 includes a projected decline of approximately $10.0(2) million in Core RV seasonal and transient base rental income compared to the first quarter of 2020.

Guidance includes all announced acquisitions and capital events, including^ the anticipated $270.0 million secured financing transaction mentioned in(3) this release. We make no other assumptions for future capital events or use of free cash flow.

^ First Quarter 2021 Normalized FFO per share is anticipated to represent(4) 24-25% of full year Normalized FFO per share.

2021 Dividends

Our Board of Directors has approved setting the annual dividend rate for 2021 at $1.45 per share of common stock, an increase of 5.8%, or $0.08, over the current $1.37 per share of common stock for 2020. Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.

Balance Sheet Activity

During January 2021, we locked rate on an anticipated $270.0 million secured financing transaction. Upon consummation, which is subject to customary closing conditions, the loan is anticipated to be secured by two RV communities and one MH community and is expected to have a maturity of 10 years and a fixed interest rate of 2.4%. We plan to use net proceeds from the transaction to repay a portion of our debt maturing in 2022 and to apply the remaining proceeds to the outstanding balance on our line of credit.

About Equity LifeStyle Properties

We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of January 25, 2021, we own or have an interest in 423 quality properties in 33 states and British Columbia consisting of 161,229 sites.

For additional information, please contact our Investor Relations Department at (800) 247-5279 or at investor_relations@equitylifestyle.com.

Conference Call

A live webcast of our conference call discussing these results will take place tomorrow, Tuesday, January 26, 2021, at 10:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.

Forward-Looking Statements

In addition to historical information, this press release 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 assumptions and guidance concerning 2021 growth rates and Net Income and Normalized FFO per share data; * our ability to manage counterparty risk; * our ability to renew our insurance policies at existing rates and on consistent terms; * in the age-qualified properties, home sales results could be impacted by the ability of potential home buyers 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; * our 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 vendors', 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.

Our guidance acknowledges the existence of volatile economic conditions, which may impact our current guidance assumptions. Factors impacting 2021 guidance include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) our ability to integrate and operate recent acquisitions in accordance with our estimates; (viii) completion of pending transactions in their entirety and on assumed schedule; (ix) ongoing legal matters and related fees; and (x) costs to restore property operations and potential revenue losses following storms or other unplanned events. In addition, these forward-looking statements, including our 2021 guidance are subject to risks related to the COVID-19 pandemic, many of which are unknown, including the duration of the pandemic, the extent of the adverse health impact on the general population and on our residents, customers, and employees in particular, its impact on the employment rate and the economy, the extent and impact of governmental responses, and the impact of operational changes we have implemented and may implement in response to the pandemic.

For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" section in our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q.

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.

Supplemental Financial Information

Operations Update

We continued our strong performance in 2020, as marked by these key operational and financial accomplishments:

* Added 1,058 expansion Sites including 549 MH Sites to our Core Portfolio during the year ended December 31, 2020. * MH occupancy within our Core Portfolio increased by 293 Sites to 68,869 Sites as of December 31, 2020, with a weighted average occupancy of 95.2% for the year ended December 31, 2020 compared to 95.1% for the year ended December 31, 2019. * Manufactured homeowners within our Core Portfolio increased by 345 to 64,945 as of December 31, 2020 compared to 64,600 as of December 31, 2019. * MH and RV rental income within our Core Portfolio increased by 4.6% and 1.1%, respectively, compared to December 31, 2019. * Core Portfolio generated full year growth of 2.9% in income from property operations, excluding deferrals and property management, compared to 2019. * Normalized FFO per common share on a fully diluted basis was $2.17, 3.9% higher than in December 31, 2019. * Acquired one MH community, seven RV communities and one marina for $209.2 million. * Originated secured debt with gross proceeds of $662.3 million with an average maturity of 12 years and a weighted average interest rate of 2.6%. We used these proceeds to repay debt of $414.9 million at a weighted average rate of 4.1% with a remaining weighted average maturity of 1.9 years. The remainder of the proceeds were used to repay the line of credit throughout the year.

COVID Update

* All properties continue to be open subject to seasons of operation and state and local guidelines. Some amenities at certain properties remain closed at this time due to state and local guidelines. All RV properties continue to be open to transient customers. * As of January 22, 2021, the total collection rates from our MH and RV Annuals for the quarter ended December 31, 2020 were 98% and 99%, respectively. We continue to follow various state and local guidelines related to rent collections and eviction proceedings. * Seasonal RV base rental income within our Core Portfolio decreased 24.7%, or approximately $2.0 million, compared to the fourth quarter of 2019. The decrease was primarily due to the closure of the Canadian border.

Investor Information

Equity Research Coverage^ (1)

Bank of America Securities Berenberg Bank BMO Capital Markets

Jeffrey Spector/ Joshua Keegan Carl John KimDennerlein



Citi Research Evercore ISI Green Street Advisors

Michael Bilerman/ Nick Joseph Steve Sakwa/ Samir John Pawlowski Khanal



Robert W. Baird & Company Wells Fargo Securities

Wes Golladay Todd Stender

______________________1.Any opinions, estimates or forecasts regarding our performance made by these analysts or agencies do not represent our opinions, forecasts or predictions. We do not by reference to these firms imply our endorsement of or concurrence with such information, conclusions or recommendations.

______________________ Any opinions, estimates or forecasts regarding our performance made by these analysts or agencies do not represent our opinions, forecasts or1. predictions. We do not by reference to these firms imply our endorsement of or concurrence with such information, conclusions or recommendations.

Financial Highlights

(In millions, except Common Stock and OP Units outstanding and per share data, unaudited)

As of and for the Three Months Ended

Dec 31, 2020

Sept 30, 2020

Jun 30, 2020

Mar 31, 2020

Dec 31, 2019

Operating Information

Total revenues

$

271.9

$

285.0

$

254.1

$

280.5

$

258.6

Net income

$

68.4

$

53.5

$

48.9

$

70.7

$

58.1

Net income available for Common Stockholders

$

64.6

$

50.6

$

46.2

$

66.9

$

55.0

Adjusted EBITDAre (1)

$

133.1

$

129.7

$

116.2

$

138.2

$

124.5

FFO available for Common Stock and OP Unit holders (1)(2)

$

108.9

$

95.8

$

89.5

$

112.3

$

99.5

Normalized FFO available for Common Stock and OP Unit holders (1)(2)

$

108.9

$

105.5

$

90.9

$

113.3

$

99.5

Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders (1)(2)

$

91.1

$

90.0

$

75.6

$

101.8

$

84.6

Common Stock and OP Units Outstanding (In thousands) and Per Share Data

Common Stock and OP Units, end of the period

192,710

192,704

192,636

192,627

192,581

Weighted average Common Stock and OP Units outstanding - Fully Diluted

192,578

192,537

192,542

192,564

192,458

Net income per Common Share - Fully Diluted (3)

$

0.35

$

0.28

$

0.25

$

0.37

$

0.30

FFO per Common Share and OP Unit - Fully Diluted

$

0.57

$

0.50

$

0.47

$

0.58

$

0.52

Normalized FFO per Common Share and OP Unit - Fully Diluted

$

0.57

$

0.55

$

0.47

$

0.59

$

0.52

Dividends per Common Share

$

0.3425

$

0.3425

$

0.3425

$

0.3425

$

0.3063

Balance Sheet

Total assets

$

4,419

$

4,260

$

4,268

$

4,212

$

4,151

Total liabilities

$

3,114

$

2,961

$

2,961

$

2,892

$

2,829

Market Capitalization

Total debt (4)

$

2,695

$

2,529

$

2,522

$

2,486

$

2,432

Total market capitalization (5)

$

14,905

$

14,342

$

14,558

$

13,558

$

15,988

Ratios

Total debt / total market capitalization

18.1

%

17.6

%

17.3

%

18.3

%

15.2

%

Total debt / Adjusted EBITDAre (6)

5.2

5.0

5.0

4.9

4.8

Interest coverage (7)

5.1

4.9

4.9

4.9

4.9

Fixed charges(8)

5.0

4.9

4.9

4.9

4.8

Financial Highlights

(In millions, except Common Stock and OP Units outstanding and per share data,unaudited)

As of and for the Three Months Ended

Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, 2020 2020 2020 2020 2019

Operating Information

Total revenues $ 271.9 $ 285.0 $ 254.1 $ 280.5 $ 258.6

Net income $ 68.4 $ 53.5 $ 48.9 $ 70.7 $ 58.1

Net income available $ 64.6 $ 50.6 $ 46.2 $ 66.9 $ 55.0 for Common Stockholders

Adjusted EBITDAre ^(1) $ 133.1 $ 129.7 $ 116.2 $ 138.2 $ 124.5

FFO available forCommon Stock and OP $ 108.9 $ 95.8 $ 89.5 $ 112.3 $ 99.5 Unit holders ^(1)(2)

Normalized FFOavailable for Common $ 108.9 $ 105.5 $ 90.9 $ 113.3 $ 99.5 Stock and OP Unitholders ^(1)(2)

Funds Available forDistribution ("FAD") $ 91.1 $ 90.0 $ 75.6 $ 101.8 $ 84.6 for Common Stock and OPUnit holders ^(1)(2)



Common Stock and OPUnits Outstanding (In thousands) and PerShare Data

Common Stock and OPUnits, end of the 192,710 192,704 192,636 192,627 192,581 period

Weighted average CommonStock and OP Units 192,578 192,537 192,542 192,564 192,458 outstanding - FullyDiluted

Net income per CommonShare - Fully Diluted^ $ 0.35 $ 0.28 $ 0.25 $ 0.37 $ 0.30 (3)

FFO per Common Shareand OP Unit - Fully $ 0.57 $ 0.50 $ 0.47 $ 0.58 $ 0.52 Diluted

Normalized FFO perCommon Share and OP $ 0.57 $ 0.55 $ 0.47 $ 0.59 $ 0.52 Unit - Fully Diluted

Dividends per Common $ 0.3425 $ 0.3425 $ 0.3425 $ 0.3425 $ 0.3063 Share



Balance Sheet

Total assets $ 4,419 $ 4,260 $ 4,268 $ 4,212 $ 4,151

Total liabilities $ 3,114 $ 2,961 $ 2,961 $ 2,892 $ 2,829



Market Capitalization

Total debt ^(4) $ 2,695 $ 2,529 $ 2,522 $ 2,486 $ 2,432

Total market $ 14,905 $ 14,342 $ 14,558 $ 13,558 $ 15,988 capitalization^ (5)



Ratios

Total debt / total 18.1 % 17.6 % 17.3 % 18.3 % 15.2 %market capitalization

Total debt / Adjusted 5.2 5.0 5.0 4.9 4.8 EBITDAre ^(6)

Interest coverage ^(7) 5.1 4.9 4.9 4.9 4.9

Fixed charges^(8) 5.0 4.9 4.9 4.9 4.8

______________________1.

See Non-GAAP Financial Measures Definitions and Other Terms at the end of the supplemental financial information for definitions of Adjusted EBITDAre, FFO, Normalized FFO and FAD and a reconciliation of Consolidated net income to Adjusted EBITDAre.

2.

See page 8 for a reconciliation of Net income available for Common Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.

3.

Net income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.

4.

Excludes deferred financing costs of approximately $27.9 million as of December 31, 2020.

5.

See page 15 for the calculation of market capitalization as of December 31, 2020.

6.

Calculated using trailing twelve months Adjusted EBITDAre.

7.

Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.

8.

See Non-GAAP Financial Measures Definitions and Other Terms at the end of the supplemental financial information for a definition of fixed charges. This ratio is calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.

______________________ See Non-GAAP Financial Measures Definitions and Other Terms at the end of1. the supplemental financial information for definitions of Adjusted EBITDAre, FFO, Normalized FFO and FAD and a reconciliation of Consolidated net income to Adjusted EBITDAre.

See page 8 for a reconciliation of Net income available for Common2. Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.

3. Net income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.

4. Excludes deferred financing costs of approximately $27.9 million as of December 31, 2020.

5. See page 15 for the calculation of market capitalization as of December 31, 2020.

6. Calculated using trailing twelve months Adjusted EBITDAre.

7. Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.

See Non-GAAP Financial Measures Definitions and Other Terms at the end of the supplemental financial information for a definition of fixed charges.8. This ratio is calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.

Consolidated Balance Sheets

(In thousands, except share and per share data)

December 31, 2020

December 31, 2019

(unaudited)

Assets

Investment in real estate:

Land

$

1,657,206

$

1,525,407

Land improvements

3,562,909

3,336,070

Buildings and other depreciable property

940,311

881,572

6,160,426

5,743,049

Accumulated depreciation

(1,924,585)

(1,776,224)

Net investment in real estate

4,235,841

3,966,825

Cash and restricted cash

24,060

28,860

Notes receivable, net

35,844

37,558

Investment in unconsolidated joint ventures

19,726

20,074

Deferred commission expense

42,472

41,149

Other assets, net

61,026

56,809

Total Assets

$

4,418,969

$

4,151,275

Liabilities and Equity

Liabilities:

Mortgage notes payable, net

$

2,444,930

$

2,049,509

Term loan, net

-

198,949

Unsecured line of credit

222,000

160,000

Accounts payable and other liabilities

129,666

124,665

Deferred revenue - upfront payments from membership upgrade sales

138,878

126,814

Deferred revenue - annual membership subscriptions

11,814

10,599

Accrued interest payable

8,336

8,639

Rents and other customer payments received in advance and security deposits

92,587

91,234

Distributions payable

66,003

58,978

Total Liabilities

3,114,214

2,829,387

Equity:

Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2020 and December 31, 2019; none issued and outstanding.

-

-

Common stock, $0.01 par value, 600,000,000 and 400,000,000 shares authorized as of December 31, 2020 and December 31, 2019, respectively; 182,230,631 and 182,089,595 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively.

1,813

1,812

Paid-in capital

1,411,397

1,402,696

Distributions in excess of accumulated earnings

(179,523)

(154,318)

Accumulated other comprehensive income (loss)

-

(380)

Total Stockholders' Equity

1,233,687

1,249,810

Non-controlling interests - Common OP Units

71,068

72,078

Total Equity

1,304,755

1,321,888

Total Liabilities and Equity

$

4,418,969

$

4,151,275

Consolidated Balance Sheets

(In thousands, except share and per share data)

December 31, December 31, 2020 2019

(unaudited)

Assets

Investment in real estate:

Land $ 1,657,206 $ 1,525,407

Land improvements 3,562,909 3,336,070

Buildings and other depreciable property 940,311 881,572

6,160,426 5,743,049

Accumulated depreciation (1,924,585) (1,776,224)

Net investment in real estate 4,235,841 3,966,825

Cash and restricted cash 24,060 28,860

Notes receivable, net 35,844 37,558

Investment in unconsolidated joint ventures 19,726 20,074

Deferred commission expense 42,472 41,149

Other assets, net 61,026 56,809

Total Assets $ 4,418,969 $ 4,151,275



Liabilities and Equity

Liabilities:

Mortgage notes payable, net $ 2,444,930 $ 2,049,509

Term loan, net - 198,949

Unsecured line of credit 222,000 160,000

Accounts payable and other liabilities 129,666 124,665

Deferred revenue - upfront payments from 138,878 126,814 membership upgrade sales

Deferred revenue - annual membership 11,814 10,599 subscriptions

Accrued interest payable 8,336 8,639

Rents and other customer payments received in 92,587 91,234 advance and security deposits

Distributions payable 66,003 58,978

Total Liabilities 3,114,214 2,829,387

Equity:

Preferred stock, $0.01 par value, 10,000,000shares authorized as of December 31, 2020 and - - December 31, 2019; none issued and outstanding.

Common stock, $0.01 par value, 600,000,000 and400,000,000 shares authorized as of December 31,2020 and December 31, 2019, respectively; 1,813 1,812 182,230,631 and 182,089,595 shares issued andoutstanding as of December 31, 2020 and December31, 2019, respectively.

Paid-in capital 1,411,397 1,402,696

Distributions in excess of accumulated earnings (179,523) (154,318)

Accumulated other comprehensive income (loss) - (380)

Total Stockholders' Equity 1,233,687 1,249,810

Non-controlling interests - Common OP Units 71,068 72,078

Total Equity 1,304,755 1,321,888

Total Liabilities and Equity $ 4,418,969 $ 4,151,275

Consolidated Income Statements

(In thousands, unaudited)

Quarters Ended December 31,

Years Ended December 31,

2020

2019

2020

2019

Revenues:

Rental income

$

227,565

$

218,946

$

923,743

$

879,635

Annual membership subscriptions

13,609

12,963

53,085

51,015

Membership upgrade sales current period, gross

5,217

4,502

21,739

19,111

Membership upgrade sales upfront payments, deferred, net

(2,683

)

(2,238

)

(12,062

)

(10,451

)

Other income

13,001

11,165

46,008

43,063

Gross revenues from home sales

12,450

11,917

45,695

34,655

Brokered resale and ancillary services revenues, net

49

(1,071

)

2,060

3,493

Interest income

1,755

1,822

7,154

7,207

Income from other investments, net

933

634

4,026

9,528

Total revenues

271,896

258,640

1,091,448

1,037,256

Expenses:

Property operating and maintenance

85,875

79,939

354,340

333,520

Real estate taxes

16,630

16,742

66,120

62,338

Sales and marketing, gross

4,024

3,897

17,332

15,583

Membership sales commissions, deferred, net

(333

)

(326

)

(1,660

)

(1,219

)

Property management

13,623

13,834

57,967

56,509

Depreciation and amortization

39,194

39,325

155,131

152,110

Cost of home sales

12,602

11,866

46,229

35,096

Home selling expenses

1,037

1,183

4,572

4,401

General and administrative

8,120

7,835

39,276

35,679

Other expenses

682

438

2,567

2,865

Early debt retirement

-

-

10,786

1,491

Interest and related amortization

25,231

26,259

102,771

104,223

Total expenses

206,685

200,992

855,431

802,596

Gain on sale of real estate, net

-

-

-

52,507

Income before equity in income of unconsolidated joint ventures

65,211

57,648

236,017

287,167

Equity in income of unconsolidated joint ventures

3,160

478

5,399

8,755

Consolidated net income

68,371

58,126

241,416

295,922

Income allocated to non-controlling interests - Common OP Units

(3,717

)

(3,166

)

(13,132

)

(16,783

)

Redeemable perpetual preferred stock dividends

(8

)

(8

)

(16

)

(16

)

Net income available for Common Stockholders

$

64,646

$

54,952

$

228,268

$

279,123

Consolidated Income Statements

(In thousands, unaudited)

Quarters Ended December 31, Years Ended December 31,

2020 2019 2020 2019

Revenues:

Rental income $ 227,565 $ 218,946 $ 923,743 $ 879,635

Annualmembership 13,609 12,963 53,085 51,015 subscriptions

Membershipupgrade sales 5,217 4,502 21,739 19,111 current period,gross

Membershipupgrade salesupfront (2,683 ) (2,238 ) (12,062 ) (10,451 ) payments,deferred, net

Other income 13,001 11,165 46,008 43,063

Gross revenues 12,450 11,917 45,695 34,655 from home sales

Brokered resaleand ancillary 49 (1,071 ) 2,060 3,493 servicesrevenues, net

Interest income 1,755 1,822 7,154 7,207

Income fromother 933 634 4,026 9,528 investments, net

Total revenues 271,896 258,640 1,091,448 1,037,256



Expenses:

Propertyoperating and 85,875 79,939 354,340 333,520 maintenance

Real estate 16,630 16,742 66,120 62,338 taxes

Sales and 4,024 3,897 17,332 15,583 marketing, gross

Membership salescommissions, (333 ) (326 ) (1,660 ) (1,219 ) deferred, net

Property 13,623 13,834 57,967 56,509 management

Depreciation and 39,194 39,325 155,131 152,110 amortization

Cost of home 12,602 11,866 46,229 35,096 sales

Home selling 1,037 1,183 4,572 4,401 expenses

General and 8,120 7,835 39,276 35,679 administrative

Other expenses 682 438 2,567 2,865

Early debt - - 10,786 1,491 retirement

Interest andrelated 25,231 26,259 102,771 104,223 amortization

Total expenses 206,685 200,992 855,431 802,596

Gain on sale of - - - 52,507 real estate, net

Income beforeequity in incomeof 65,211 57,648 236,017 287,167 unconsolidatedjoint ventures

Equity in incomeof 3,160 478 5,399 8,755 unconsolidatedjoint ventures

Consolidated net 68,371 58,126 241,416 295,922 income



Income allocatedtonon-controlling (3,717 ) (3,166 ) (13,132 ) (16,783 ) interests -Common OP Units

Redeemableperpetual (8 ) (8 ) (16 ) (16 ) preferred stockdividends

Net incomeavailable for $ 64,646 $ 54,952 $ 228,268 $ 279,123 CommonStockholders

Non-GAAP Financial Measures

This document contains certain non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance. 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 are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 8 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 17 - 19.

Non-GAAP Financial Measures



This document contains certain non-GAAP measures used by management that webelieve are helpful to understand our business. We believe investors shouldreview these non-GAAP measures along with GAAP net income and cash flows fromoperating activities, investing activities and financing activities, whenevaluating an equity REIT's operating performance. Our definitions andcalculations of these non-GAAP financial and operating measures and other termsmay differ from the definitions and methodologies used by other REITs and,accordingly, may not be comparable. These non-GAAP financial and operatingmeasures do not represent cash generated from operating activities inaccordance with GAAP, nor do they represent cash available to pay distributionsand should not be considered as an alternative to net income, determined inaccordance with GAAP, as an indication of our financial performance, or to cashflows from operating activities, determined in accordance with GAAP, as ameasure of our liquidity, nor are they indicative of funds available to fundour cash needs, including our ability to make cash distributions. Fordefinitions and reconciliations of non-GAAP measures to our financialstatements as prepared under GAAP, refer to both Reconciliation of Net Incometo Non-GAAP Financial Measures on page 8 and Non-GAAP Financial MeasuresDefinitions and Reconciliations on pages 17 - 19.

Selected Non-GAAP Financial Measures

(In millions, except per share data, unaudited)

Quarter Ended

December 31, 2020

Income from property operations, excluding deferrals and property management - 2020 Core (1)

$

148.5

Income from property operations, excluding deferrals and property management - Non-Core (1)

4.4

Property management and general and administrative

(21.7

)

Other income and expenses

4.1

Interest and related amortization

(25.2

)

Gain on unconsolidated joint ventures

(1.2

)

Normalized FFO and FFO available for Common Stock and OP Unit holders (2)

$

108.9

FFO per Common Share and OP Unit - Fully Diluted

$

0.57

Normalized FFO per Common Share and OP Unit - Fully Diluted

$

0.57

Normalized FFO available for Common Stock and OP Unit holders (2)

$

108.9

Non-revenue producing improvements to real estate

(17.8

)

FAD for Common Stock and OP Unit holders (2)

$

91.1

Weighted average Common Stock and OP Units - Fully Diluted

192.6

Selected Non-GAAP Financial Measures

(In millions, except per share data, unaudited)

Quarter Ended

December 31, 2020

Income from property operations, excluding deferrals and property $ 148.5 management - 2020 Core ^(1)

Income from property operations, excluding deferrals and property 4.4 management - Non-Core ^(1)

Property management and general and administrative (21.7 )

Other income and expenses 4.1

Interest and related amortization (25.2 )

Gain on unconsolidated joint ventures (1.2 )

Normalized FFO and FFO available for Common Stock and OP Unit $ 108.9 holders ^(2)



FFO per Common Share and OP Unit - Fully Diluted $ 0.57

Normalized FFO per Common Share and OP Unit - Fully Diluted $ 0.57





Normalized FFO available for Common Stock and OP Unit holders ^ $ 108.9 (2)

Non-revenue producing improvements to real estate (17.8 )

FAD for Common Stock and OP Unit holders ^(2) $ 91.1



Weighted average Common Stock and OP Units - Fully Diluted 192.6

______________________1.See page 10 for details of the Core Income from Property Operations, excluding deferrals and property management. See page 11 for details of the Non-Core Income from Property Operations, excluding deferrals and property management.

2.See page 8 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.

______________________ See page 10 for details of the Core Income from Property Operations, excluding deferrals and property management. See page 11 for details of the1. Non-Core Income from Property Operations, excluding deferrals and property management.

See page 8 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders,2. Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.

Reconciliation of Net Income to Non-GAAP Financial Measures

(In thousands, except per share data, unaudited)

Quarters Ended December 31,

Years Ended December 31,

2020

2019

2020

2019

Net income available for Common Stockholders

$

64,646

$

54,952

$

228,268

$

279,123

Income allocated to non-controlling interests - Common OP Units

3,717

3,166

13,132

16,783

Membership upgrade sales upfront payments, deferred, net

2,683

2,238

12,062

10,451

Membership sales commissions, deferred, net

(333

)

(326

)

(1,660

)

(1,219

)

Depreciation and amortization

39,194

39,325

155,131

152,110

Depreciation on unconsolidated joint ventures

183

176

727

1,223

Gain on unconsolidated joint ventures

(1,229

)

-

(1,229

)

-

Gain on sale of real estate, net

-

-

-

(52,507

)

FFO available for Common Stock and OP Unit holders

108,861

99,531

406,431

405,964

Early debt retirement

-

-

10,786

2,085

Insurance proceeds due to catastrophic weather event (1)

-

-

-

(6,205

)

COVID-19 expenses (2)

-

-

1,446

-

Normalized FFO available for Common Stock and OP Unit holders

108,861

99,531

418,663

401,844

Non-revenue producing improvements to real estate

(17,712

)

(14,889

)

(59,989

)

(52,159

)

FAD for Common Stock and OP Unit holders

$

91,149

$

84,642

$

358,674

$

349,685

Net income available per Common Share - Basic

$

0.36

$

0.30

$

1.26

$

1.54

Net income available per Common Share - Fully Diluted(3)

$

0.35

$

0.30

$

1.25

$

1.54

FFO per Common Share and OP Unit - Basic

$

0.57

$

0.52

$

2.11

$

2.12

FFO per Common Share and OP Unit - Fully Diluted

$

0.57

$

0.52

$

2.11

$

2.11

Normalized FFO per Common Share and OP Unit - Basic

$

0.57

$

0.52

$

2.18

$

2.10

Normalized FFO per Common Share and OP Unit - Fully Diluted

$

0.57

$

0.52

$

2.17

$

2.09

Average Common Stock - Basic

181,878

181,664

181,828

180,805

Average Common Stock and OP Units - Basic

192,360

192,157

192,312

191,739

Average Common Stock and OP Units - Fully Diluted

192,578

192,458

192,555

191,995

Reconciliation of Net Income to Non-GAAP Financial Measures

(In thousands, except per share data, unaudited)

Quarters Ended December Years Ended December 31, 31,

2020 2019 2020 2019

Net income available $ 64,646 $ 54,952 $ 228,268 $ 279,123 for Common Stockholders

Income allocated tonon-controlling 3,717 3,166 13,132 16,783 interests - Common OPUnits

Membership upgradesales upfront payments, 2,683 2,238 12,062 10,451 deferred, net

Membership salescommissions, deferred, (333 ) (326 ) (1,660 ) (1,219 )net

Depreciation and 39,194 39,325 155,131 152,110 amortization

Depreciation onunconsolidated joint 183 176 727 1,223 ventures

Gain on unconsolidated (1,229 ) - (1,229 ) - joint ventures

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

FFO available forCommon Stock and OP 108,861 99,531 406,431 405,964 Unit holders

Early debt retirement - - 10,786 2,085

Insurance proceeds dueto catastrophic weather - - - (6,205 )event ^(1)

COVID-19 expenses ^(2) - - 1,446 -

Normalized FFOavailable for Common 108,861 99,531 418,663 401,844 Stock and OP Unitholders

Non-revenue producingimprovements to real (17,712 ) (14,889 ) (59,989 ) (52,159 )estate

FAD for Common Stock $ 91,149 $ 84,642 $ 358,674 $ 349,685 and OP Unit holders



Net income availableper Common Share - $ 0.36 $ 0.30 $ 1.26 $ 1.54 Basic

Net income availableper Common Share - $ 0.35 $ 0.30 $ 1.25 $ 1.54 Fully Diluted ^(3)



FFO per Common Share $ 0.57 $ 0.52 $ 2.11 $ 2.12 and OP Unit - Basic

FFO per Common Shareand OP Unit - Fully $ 0.57 $ 0.52 $ 2.11 $ 2.11 Diluted



Normalized FFO perCommon Share and OP $ 0.57 $ 0.52 $ 2.18 $ 2.10 Unit - Basic

Normalized FFO perCommon Share and OP $ 0.57 $ 0.52 $ 2.17 $ 2.09 Unit - Fully Diluted



Average Common Stock - 181,878 181,664 181,828 180,805 Basic

Average Common Stock 192,360 192,157 192,312 191,739 and OP Units - Basic

Average Common Stockand OP Units - Fully 192,578 192,458 192,555 191,995 Diluted

______________________1.

Represents insurance recovery revenue from reimbursement for capital expenditures related to Hurricane Irma.

2.

Includes expenses incurred related to the development and implementation of Centers for Disease Control and Prevention ("CDC") and public health guidelines for social distancing and enhanced cleaning, property employee appreciation bonuses and emergency time-off pay. These COVID-19 expenses are considered incremental to our normal operations and are nonrecurring. As such, they have been excluded from the calculation of Normalized FFO.

3.

Net income per fully diluted Common Share is calculated before Income allocated to non-controlling interest - Common OP Units.

______________________1. Represents insurance recovery revenue from reimbursement for capital expenditures related to Hurricane Irma.

Includes expenses incurred related to the development and implementation of Centers for Disease Control and Prevention ("CDC") and public health2. guidelines for social distancing and enhanced cleaning, property employee appreciation bonuses and emergency time-off pay. These COVID-19 expenses are considered incremental to our normal operations and are nonrecurring. As such, they have been excluded from the calculation of Normalized FFO.

3. Net income per fully diluted Common Share is calculated before Income allocated to non-controlling interest - Common OP Units.

Consolidated Income from Property Operations (1)

(In millions, except home site and occupancy figures, unaudited)

Quarters Ended December 31,

Years Ended December 31,

2020

2019

2020

2019

MH base rental income (2) (3)

$

145.2

$

138.5

$

572.7

$

547.6

Rental home income (3)

4.2

3.9

16.4

14.9

RV and marina base rental income (3) (4)

67.7

65.1

287.8

269.9

Annual membership subscriptions

13.6

13.0

53.1

51.0

Membership upgrade sales current period, gross

5.2

4.5

21.7

19.1

Utility and other income (3) (5)

26.0

23.7

99.7

94.0

Property operating revenues

261.9

248.7

1,051.4

996.5

Property operating, maintenance and real estate taxes (3) (6)

103.4

96.3

421.4

394.0

Rental home operating and maintenance

1.6

1.5

5.9

5.6

Sales and marketing, gross

4.0

3.9

17.3

15.5

Property operating expenses

109.0

101.7

444.6

415.1

Income from property operations, excluding deferrals and property management(1) (6)

$

152.9

$

147.0

$

606.8

$

581.4

Manufactured home site figures and occupancy averages:

Total sites

72,535

72,149

72,380

72,128

Occupied sites

68,942

68,455

68,691

68,428

Occupancy %

95.0

%

94.9

%

94.9

%

94.9

%

Monthly base rent per site

$

702

$

675

$

695

$

667

RV and marina base rental income:

Annual

$

49.6

$

46.5

$

192.2

$

169.0

Seasonal

7.0

9.3

39.9

41.5

Transient

11.1

9.3

55.7

59.4

Total RV and marina base rental income

$

67.7

$

65.1

$

287.8

$

269.9

Consolidated Income from Property Operations ^(1)

(In millions, except home site and occupancy figures, unaudited)

Quarters Ended Years Ended December December 31, 31,

2020 2019 2020 2019

MH base rental income ^(2) (3) $ 145.2 $ 138.5 $ 572.7 $ 547.6

Rental home income ^(3) 4.2 3.9 16.4 14.9

RV and marina base rental income 67.7 65.1 287.8 269.9 ^(3) (4)

Annual membership subscriptions 13.6 13.0 53.1 51.0

Membership upgrade sales current 5.2 4.5 21.7 19.1 period, gross

Utility and other income ^(3) 26.0 23.7 99.7 94.0 (5)

Property operating revenues 261.9 248.7 1,051.4 996.5



Property operating, maintenance 103.4 96.3 421.4 394.0 and real estate taxes ^(3) (6)

Rental home operating and 1.6 1.5 5.9 5.6 maintenance

Sales and marketing, gross 4.0 3.9 17.3 15.5

Property operating expenses 109.0 101.7 444.6 415.1

Income from property operations,excluding deferrals and property $ 152.9 $ 147.0 $ 606.8 $ 581.4 management ^(1) (6)







Manufactured home site figures and occupancy averages:

Total sites 72,535 72,149 72,380 72,128

Occupied sites 68,942 68,455 68,691 68,428

Occupancy % 95.0 % 94.9 % 94.9 % 94.9 %

Monthly base rent per site $ 702 $ 675 $ 695 $ 667



RV and marina base rental income:

Annual $ 49.6 $ 46.5 $ 192.2 $ 169.0

Seasonal 7.0 9.3 39.9 41.5

Transient 11.1 9.3 55.7 59.4

Total RV and marina base rental $ 67.7 $ 65.1 $ 287.8 $ 269.9 income

______________________1.Excludes property management and the GAAP deferral of membership upgrade sales upfront payments and membership sales commissions, net.

2.See the manufactured home site figures and occupancy averages included below within this table.

3.MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Income Statements on page 5. Bad debt expense is presented in Property operating, maintenance and real estate taxes in this table.

4.See RV and marina base rental income detail included below within this table.

5.Utility and other income includes $0.2 million and $2.5 million of insurance recovery revenue for Hurricane Hanna and Hurricane Isaias for the quarter and year ended December 31, 2020, respectively.

6.Includes debris removal and cleanup costs of approximately $0.1 million and $2.9 million related to Hurricane Hanna and Hurricane Isaias for the quarter and year ended December 31, 2020, respectively. Results for the year ended December 31, 2020 also include $1.0 million related to the development and implementation of CDC and public health guidelines for social distancing and enhanced cleaning, property employee appreciation bonuses and emergency time-off pay. These COVID-19 expenses are considered incremental to our normal operations and are nonrecurring.

______________________ Excludes property management and the GAAP deferral of membership upgrade1. sales upfront payments and membership sales commissions, net.

See the manufactured home site figures and occupancy averages included below2. within this table.

MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income3. in the Consolidated Income Statements on page 5. Bad debt expense is presented in Property operating, maintenance and real estate taxes in this table.

See RV and marina base rental income detail included below within this4. table.

Utility and other income includes $0.2 million and $2.5 million of insurance5. recovery revenue for Hurricane Hanna and Hurricane Isaias for the quarter and year ended December 31, 2020, respectively.

Includes debris removal and cleanup costs of approximately $0.1 million and $2.9 million related to Hurricane Hanna and Hurricane Isaias for the quarter and year ended December 31, 2020, respectively. Results for the year ended December 31, 2020 also include $1.0 million related to the development and6. implementation of CDC and public health guidelines for social distancing and enhanced cleaning, property employee appreciation bonuses and emergency time-off pay. These COVID-19 expenses are considered incremental to our normal operations and are nonrecurring.

Core Income from Property Operations (1)

(In millions, except home site and occupancy figures, unaudited)

Quarters Ended December 31,

Years Ended December 31,

2020

2019

Change (2)

2020

2019

Change (2)

MH base rental income (3)

$

144.8

$

138.5

4.5

%

$

572.2

$

547.2

4.6

%

Rental home income

4.2

3.9

7.8

%

16.4

14.8

10.7

%

RV base rental income (4)

60.9

59.7

1.9

%

263.2

260.2

1.1

%

Annual membership subscriptions

13.6

13.0

4.8

%

53.0

51.0

4.0

%

Membership upgrade sales current period, gross

5.2

4.5

15.9

%

21.7

19.1

13.7

%

Utility and other income (5)

25.2

23.1

9.2

%

97.3

92.9

4.8

%

Property operating revenues

253.9

242.7

4.6

%

1,023.8

985.2

3.9

%

Property operating, maintenance and real estate taxes (6) (7)

99.8

93.9

6.2

%

408.2

388.6

5.0

%

Rental home operating and maintenance

1.6

1.5

9.1

%

5.9

5.6

6.3

%

Sales and marketing, gross

4.0

3.9

3.3

%

17.3

15.6

11.2

%

Property operating expenses

105.4

99.3

6.1

%

431.4

409.8

5.3

%

Income from property operations, excluding deferrals and property management(1) (7)

$

148.5

$

143.4

3.6

%

$

592.4

$

575.4

2.9

%

Occupied sites(8)

68,869

68,576

Core manufactured home site figures and occupancy averages:

Total sites

72,099

71,888

72,065

71,834

Occupied sites

68,780

68,449

68,639

68,312

Occupancy %

95.4

%

95.2

%

95.2

%

95.1

%

Monthly base rent per site

$

702

$

675

$

695

$

668

Core RV base rental income:

Annual

$

43.7

$

41.6

5.1

%

$

170.4

$

161.4

5.6

%

Seasonal

7.0

9.2

(24.7)

%

39.8

41.3

(3.7)

%

Transient

10.2

8.9

14.8

%

53.0

57.5

(8.0)

%

Total RV base rental income

$

60.9

$

59.7

1.9

%

$

263.2

$

260.2

1.1

%

Core Income from Property Operations ^(1)

(In millions, except home site and occupancy figures, unaudited)

Quarters Ended December 31, Years Ended December 31,

2020 2019 Change ^ 2020 2019 Change (2) ^(2)

MH baserental income $ 144.8 $ 138.5 4.5 % $ 572.2 $ 547.2 4.6 %^(3)

Rental home 4.2 3.9 7.8 % 16.4 14.8 10.7 %income

RV baserental income 60.9 59.7 1.9 % 263.2 260.2 1.1 %^(4)

Annualmembership 13.6 13.0 4.8 % 53.0 51.0 4.0 %subscriptions

Membershipupgrade sales 5.2 4.5 15.9 % 21.7 19.1 13.7 %currentperiod, gross

Utility andother income^ 25.2 23.1 9.2 % 97.3 92.9 4.8 %(5)

Propertyoperating 253.9 242.7 4.6 % 1,023.8 985.2 3.9 %revenues



Propertyoperating,maintenance 99.8 93.9 6.2 % 408.2 388.6 5.0 %and realestate taxes^(6) (7)

Rental homeoperating and 1.6 1.5 9.1 % 5.9 5.6 6.3 %maintenance

Sales andmarketing, 4.0 3.9 3.3 % 17.3 15.6 11.2 %gross

Propertyoperating 105.4 99.3 6.1 % 431.4 409.8 5.3 %expenses

Income frompropertyoperations,excluding $ 148.5 $ 143.4 3.6 % $ 592.4 $ 575.4 2.9 %deferrals andpropertymanagement ^(1) (7)



Occupied 68,869 68,576 sites ^(8)



Core manufactured home site figures and occupancy averages:

Total sites 72,099 71,888 72,065 71,834

Occupied 68,780 68,449 68,639 68,312 sites

Occupancy % 95.4 % 95.2 % 95.2 % 95.1 %

Monthly base $ 702 $ 675 $ 695 $ 668 rent per site



Core RV baserental income:

Annual $ 43.7 $ 41.6 5.1 % $ 170.4 $ 161.4 5.6 %

Seasonal 7.0 9.2 (24.7) % 39.8 41.3 (3.7) %

Transient 10.2 8.9 14.8 % 53.0 57.5 (8.0) %

Total RV base $ 60.9 $ 59.7 1.9 % $ 263.2 $ 260.2 1.1 %rental income

______________________1.

Excludes property management and the GAAP deferral of membership upgrades sales upfront payments and membership sales commissions, net.

2.

Calculations prepared using actual results without rounding.

3.

See Core manufactured home site figures and occupancy averages included below within this table.

4.

See Core RV base rental income detail included below within this table.

5.

Utility and other income includes $0.2 million and $2.5 million of insurance recovery revenue for Hurricane Hanna and Hurricane Isaias for the quarter and year ended December 31, 2020, respectively.

6.

Includes bad debt expense for the periods presented.

7.

Includes debris removal and cleanup costs of $0.1 million and $2.9 million related to Hurricane Hanna and Hurricane Isaias for the quarter and year ended December 31, 2020, respectively. Results for the year ended December, 2020 also include $1.0 million related to expenses incurred related to the development and implementation of CDC and public health guidelines for social distancing and enhanced cleaning, property employee appreciation bonuses and emergency time-off pay. These COVID-19 expenses are considered incremental to our normal operations and are nonrecurring.

8.

Occupied sites are presented as of the end of the period. Occupied sites have increased by 293 from 68,576 at December 31, 2019.

______________________1. Excludes property management and the GAAP deferral of membership upgrades sales upfront payments and membership sales commissions, net.

2. Calculations prepared using actual results without rounding.

3. See Core manufactured home site figures and occupancy averages included below within this table.

4. See Core RV base rental income detail included below within this table.

Utility and other income includes $0.2 million and $2.5 million of insurance5. recovery revenue for Hurricane Hanna and Hurricane Isaias for the quarter and year ended December 31, 2020, respectively.

6. Includes bad debt expense for the periods presented.

Includes debris removal and cleanup costs of $0.1 million and $2.9 million related to Hurricane Hanna and Hurricane Isaias for the quarter and year ended December 31, 2020, respectively. Results for the year ended December,7. 2020 also include $1.0 million related to expenses incurred related to the development and implementation of CDC and public health guidelines for social distancing and enhanced cleaning, property employee appreciation bonuses and emergency time-off pay. These COVID-19 expenses are considered incremental to our normal operations and are nonrecurring.

8. Occupied sites are presented as of the end of the period. Occupied sites have increased by 293 from 68,576 at December 31, 2019.

Non-Core Income from Property Operations (1)

(In millions, unaudited)

Quarter Ended

Year Ended

December 31, 2020

December 31, 2020

MH base rental income

$

0.4

$

0.5

Rental home income

-

-

RV and marina base rental income

6.8

24.6

Utility and other income

0.8

2.5

Property operating revenues

8.0

27.6

Property operating expenses (2)

3.6

13.2

Income from property operations, excluding deferrals and property management (1)

$

4.4

$

14.4

Non-Core Income from Property Operations ^(1)

(In millions, unaudited)

Quarter Year Ended Ended

December 31, December 2020 31, 2020

MH base rental income $ 0.4 $ 0.5

Rental home income - -

RV and marina base rental income 6.8 24.6

Utility and other income 0.8 2.5

Property operating revenues 8.0 27.6



Property operating expenses ^(2) 3.6 13.2

Income from property operations, excluding $ 4.4 $ 14.4 deferrals and property management ^(1)

______________________1.Excludes property management and the GAAP deferral of membership upgrade sales upfront payments and membership sales commissions, net.

2.Includes bad debt expense for the periods presented.

______________________ Excludes property management and the GAAP deferral of membership upgrade1. sales upfront payments and membership sales commissions, net.

2. Includes bad debt expense for the periods presented.

Income from Rental Home Operations

(In millions, except occupied rentals, unaudited)

Quarters Ended December 31,

Years Ended December 31,

2020

2019

2020

2019

Manufactured homes:

Rental operations revenues (1)

$

12.2

$

11.7

$

47.9

$

46.0

Rental operations expense

1.6

1.5

5.9

5.6

Income from rental operations

10.6

10.2

42.0

40.4

Depreciation on rental homes (2)

2.7

2.9

10.9

10.6

Income from rental operations, net of depreciation

$

7.9

$

7.3

$

31.1

$

29.8

Occupied rentals: (3)

New

3,357

3,184

Used

567

792

Total occupied rental sites

3,924

3,976

As of December 31, 2020

As of December 31, 2019

Cost basis in rental homes: (4)

Gross

Net of Depreciation

Gross

Net of Depreciation

New

$

231.1

$

191.1

$

231.6

$

200.3

Used

15.5

6.4

21.2

13.5

Total rental homes

$

246.6

$

197.5

$

252.8

$

213.8

Income from Rental Home Operations

(In millions, except occupied rentals, unaudited)

Quarters Ended December Years Ended December 31, 31,

2020 2019 2020 2019

Manufactured homes:

Rental operations revenues $ 12.2 $ 11.7 $ 47.9 $ 46.0 ^(1)

Rental operations expense 1.6 1.5 5.9 5.6

Income from rental 10.6 10.2 42.0 40.4 operations

Depreciation on rental 2.7 2.9 10.9 10.6 homes ^(2)

Income from rentaloperations, net of $ 7.9 $ 7.3 $ 31.1 $ 29.8 depreciation



Occupied rentals:^ (3)

New 3,357 3,184

Used 567 792

Total occupied rental 3,924 3,976 sites

As of December 31, 2020 As of December 31, 2019

Cost basis in rental Gross Net of Gross Net ofhomes: ^(4) Depreciation Depreciation

New $ 231.1 $ 191.1 $ 231.6 $ 200.3

Used 15.5 6.4 21.2 13.5

Total rental homes $ 246.6 $ 197.5 $ 252.8 $ 213.8

______________________1.For the quarters ended December 31, 2020 and 2019, approximately $8.0 million and $7.8 million, respectively, of the rental operations revenue is included in the MH base rental income in the Core Income from Property Operations on page 10. For the years ended December 31, 2020 and 2019, approximately $31.4 million and $31.2 million, respectively, of the rental operations revenue is included in the MH base rental income in the Core Income from Property Operations on page 10. The remainder of the rental operations revenue is included in Rental home income for the quarters and years ended December 31, 2020 and 2019 in the Core Income from Property Operations on page 10.

2.Depreciation on rental homes in our Core portfolio is presented in Depreciation and amortization in the Consolidated Income Statements on page 5.

3.Occupied rentals as of the end of the period in our Core portfolio. Included in the quarters ended December 31, 2020 and 2019 were 298 and 289 homes rented through our ECHO joint venture, respectively. As of December 31, 2020 and 2019, the rental home investment associated with our ECHO joint venture totaled approximately $11.6 million and $10.9 million, respectively.

4.Includes both occupied and unoccupied rental homes in our Core portfolio. New home cost basis does not include the costs associated with our ECHO joint venture. As of December 31, 2020 and 2019, our investment in the ECHO joint venture was approximately $17.4 million and $16.9 million, respectively.

______________________ For the quarters ended December 31, 2020 and 2019, approximately $8.0 million and $7.8 million, respectively, of the rental operations revenue is included in the MH base rental income in the Core Income from Property Operations on page 10. For the years ended December 31, 2020 and 2019, approximately $31.4 million and $31.2 million, respectively, of the rental1. operations revenue is included in the MH base rental income in the Core Income from Property Operations on page 10. The remainder of the rental operations revenue is included in Rental home income for the quarters and years ended December 31, 2020 and 2019 in the Core Income from Property Operations on page 10.

Depreciation on rental homes in our Core portfolio is presented in2. Depreciation and amortization in the Consolidated Income Statements on page 5.

Occupied rentals as of the end of the period in our Core portfolio. Included in the quarters ended December 31, 2020 and 2019 were 298 and 289 homes3. rented through our ECHO joint venture, respectively. As of December 31, 2020 and 2019, the rental home investment associated with our ECHO joint venture totaled approximately $11.6 million and $10.9 million, respectively.

Includes both occupied and unoccupied rental homes in our Core portfolio. New home cost basis does not include the costs associated with our ECHO4. joint venture. As of December 31, 2020 and 2019, our investment in the ECHO joint venture was approximately $17.4 million and $16.9 million, respectively.

Total Sites and Home Sales

(In thousands, except sites and home sale volumes, unaudited)

Summary of Total Sites as of December 31, 2020

Sites (1)

MH sites

73,200

RV sites:

Annual

30,800

Seasonal

10,700

Transient

14,500

Marina slips

2,800

Membership (2)

24,800

Joint Ventures (3)

3,600

Total (4)

160,500

Home Sales - Select Data

Quarters Ended December 31,

Years Ended December 31,

2020

2019

2020

2019

Total New Home Sales Volume (5)

173

160

644

496

New Home Sales Volume - ECHO joint venture

13

15

51

65

New Home Sales Gross Revenues (5)

$

11,539

$

9,942

$

40,402

$

27,434

Total Used Home Sales Volume

96

200

546

827

Used Home Sales Gross Revenues

$

911

$

1,975

$

5,293

$

7,221

Brokered Home Resales Volume

126

193

580

868

Brokered Home Resale Revenues, net

$

202

$

295

$

886

$

1,372

Total Sites and Home Sales

(In thousands, except sites and home sale volumes, unaudited)

Summary of Total Sites as of December 31, 2020

Sites ^(1)

MH sites 73,200

RV sites:

Annual 30,800

Seasonal 10,700

Transient 14,500

Marina slips 2,800

Membership^ (2) 24,800

Joint Ventures ^(3) 3,600

Total ^(4) 160,500

Home Sales - Select Data

Quarters Ended Years Ended December 31, December 31,

2020 2019 2020 2019

Total New Home Sales Volume ^ 173 160 644 496 (5)

New Home Sales Volume - ECHO 13 15 51 65 joint venture

New Home Sales Gross Revenues $ 11,539 $ 9,942 $ 40,402 $ 27,434 ^(5)



Total Used Home Sales Volume 96 200 546 827

Used Home Sales Gross $ 911 $ 1,975 $ 5,293 $ 7,221 Revenues



Brokered Home Resales Volume 126 193 580 868

Brokered Home Resale $ 202 $ 295 $ 886 $ 1,372 Revenues, net

______________________1.MH sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina sites are leased to customers generally for one to six months. Transient RV and marina sites are leased to customers on a short-term basis.

2.Sites primarily utilized by approximately 116,200 members. Includes approximately 6,000 sites rented on an annual basis.

3.Joint ventures have approximately 2,900 annual Sites, 500 seasonal Sites, and 200 transient Sites.

4.Total does not foot due to rounding.

5.Total new home sales volume includes home sales from our ECHO joint venture. New home sales gross revenues does not include the revenues associated with our ECHO joint venture.

______________________ MH sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site,1. including those Northern properties that are open for the summer season. Seasonal RV and marina sites are leased to customers generally for one to six months. Transient RV and marina sites are leased to customers on a short-term basis.

Sites primarily utilized by approximately 116,200 members. Includes2. approximately 6,000 sites rented on an annual basis.

Joint ventures have approximately 2,900 annual Sites, 500 seasonal Sites,3. and 200 transient Sites.

4. Total does not foot due to rounding.

Total new home sales volume includes home sales from our ECHO joint venture.5. New home sales gross revenues does not include the revenues associated with our ECHO joint venture.

Memberships - Select Data

(Unaudited)

2016

2017

2018

2019

2020

Member Count (1)

104,728

106,456

111,094

115,680

116,169

Thousand Trails Camping Pass (TTC) Origination

29,576

31,618

37,528

41,484

44,129

TTC Sales

12,856

14,128

17,194

19,267

20,587

RV Dealer TTC Activations

16,720

17,490

20,334

22,217

23,542

Number of annuals (2)

5,756

5,843

5,888

5,938

5,986

Number of upgrade sales (3)

2,477

2,514

2,500

2,919

3,373

(In thousands, unaudited)

Annual membership subscriptions

$

45,036

$

45,798

$

47,778

$

51,015

$

53,085

RV base rental income from annuals

$

15,413

$

16,841

$

18,363

$

19,634

$

20,761

RV base rental income from seasonals/transients

$

17,344

$

18,231

$

19,840

$

20,181

$

18,126

Membership upgrade sales current period, gross

$

12,312

$

14,130

$

15,191

$

19,111

$

21,739

Utility and other income

$

2,442

$

2,254

$

2,410

$

2,422

$

2,426

Memberships - Select Data

(Unaudited)



2016 2017 2018 2019 2020

Member Count ^ 104,728 106,456 111,094 115,680 116,169 (1)

Thousand TrailsCamping Pass 29,576 31,618 37,528 41,484 44,129 (TTC)Origination

TTC Sales 12,856 14,128 17,194 19,267 20,587

RV Dealer TTC 16,720 17,490 20,334 22,217 23,542 Activations

Number of 5,756 5,843 5,888 5,938 5,986 annuals ^(2)

Number ofupgrade sales ^ 2,477 2,514 2,500 2,919 3,373 (3)



(In thousands, unaudited)

Annualmembership $ 45,036 $ 45,798 $ 47,778 $ 51,015 $ 53,085 subscriptions

RV base rentalincome from $ 15,413 $ 16,841 $ 18,363 $ 19,634 $ 20,761 annuals

RV base rentalincome from $ 17,344 $ 18,231 $ 19,840 $ 20,181 $ 18,126 seasonals/transients

Membershipupgrade sales $ 12,312 $ 14,130 $ 15,191 $ 19,111 $ 21,739 current period,gross

Utility and $ 2,442 $ 2,254 $ 2,410 $ 2,422 $ 2,426 other income

______________________1.Members have entered into annual subscriptions with us that entitle them to use certain properties on a continuous basis for up to 21 days.

2.Members who rent a specific site for an entire year in connection with their membership subscriptions.

3.Existing members who have upgraded memberships are eligible for enhanced benefits, including but not limited to longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties. Upgrades require a non-refundable upfront payment.

______________________ Members have entered into annual subscriptions with us that entitle them to1. use certain properties on a continuous basis for up to 21 days.

Members who rent a specific site for an entire year in connection with their2. membership subscriptions.

Existing members who have upgraded memberships are eligible for enhanced benefits, including but not limited to longer stays, the ability to make3. earlier reservations, potential discounts on rental units, and potential access to additional properties. Upgrades require a non-refundable upfront payment.

Market Capitalization

(In millions, except share and OP Unit data, unaudited)

Capital Structure as of December 31, 2020

Total Common Stock/Units

% of Total Common Stock/Units

Total

% of Total

% of Total Market Capitalization

Secured Debt

$

2,473

91.8

%

Unsecured Debt

222

8.2

%

Total Debt (1)

$

2,695

100.0

%

18.1

%

Common Stock

182,230,631

94.6

%

OP Units

10,479,194

5.4

%

Total Common Stock and OP Units

192,709,825

100.0

%

Common Stock price at December 31, 2020

$

63.36

Fair Value of Common Stock and OP Units

$

12,210

100.0

%

Total Equity

$

12,210

100.0

%

81.9

%

Total Market Capitalization

$

14,905

100.0

%

Market Capitalization

(In millions, except share and OP Unit data, unaudited)

Capital Structure as of December 31, 2020



% of Total Common Total % of % of Total Stock/Units Common Total Total Market Stock/ Capitalization Units



Secured Debt $ 2,473 91.8 %

Unsecured Debt 222 8.2 %

Total Debt ^ $ 2,695 100.0 % 18.1 %(1)



Common Stock 182,230,631 94.6 %

OP Units 10,479,194 5.4 %

Total CommonStock and OP 192,709,825 100.0 % Units

Common Stockprice at $ 63.36 December 31,2020

Fair Value ofCommon Stock $ 12,210 100.0 % and OP Units

Total Equity $ 12,210 100.0 % 81.9 %



Total Market $ 14,905 100.0 %Capitalization

______________________1.Excludes deferred financing costs of approximately $27.9 million.

______________________1. Excludes deferred financing costs of approximately $27.9 million.

Debt Maturity Schedule

Debt Maturity Schedule as of December 31, 2020

(In thousands, unaudited)

Year

Secured Debt

Weighted Average Interest Rate

Unsecured Debt

Weighted Average Interest Rate

Total Debt

% of Total Debt

Weighted Average Interest Rate

2021

$

-

-

%

$

-

-

%

$

-

-

%

-

%

2022

148,419

4.65

%

-

-

%

148,419

6.00

%

4.65

%

2023

99,574

5.00

%

-

-

%

99,574

4.03

%

5.00

%

2024

10,437

5.49

%

-

-

%

10,437

.42

%

5.49

%

2025

98,416

3.45

%

-

-

%

98,416

3.98

%

3.45

%

2026

-

-

%

-

-

%

-

-

%

-

%

2027

-

-

%

-

-

%

-

-

%

-

%

2028

217,058

4.19

%

-

-

%

217,058

8.78

%

4.19

%

2029

-

-

%

-

-

%

-

-

%

-

%

2030

275,385

2.69

%

-

-

%

275,385

11.14

%

2.69

%

Thereafter

1,622,921

3.68

%

-

-

%

1,622,921

65.65

%

3.68

%

Total

$

2,472,210

3.72

%

$

-

-

%

$

2,472,210

100.0

%

3.72

%

Unsecured Line of Credit (1)

-

222,000

222,000

Note Premiums

666

-

666

Total Debt

2,472,876

222,000

2,694,876

Deferred Financing Costs

(27,946)

-

(27,946)

Total Debt, net

$

2,444,930

$

222,000

$

2,666,930

3.79

%

(2)

Average Years to Maturity

12.9

0.8

11.9

Debt Maturity Schedule

Debt Maturity Schedule as of December 31, 2020

(In thousands, unaudited)

Weighted Weighted % of WeightedYear Secured Debt Average Unsecured Average Total Debt Total Average Interest Debt Interest Debt Interest Rate Rate Rate

2021 $ - - % $ - - % $ - - % - %

2022 148,419 4.65 % - - % 148,419 6.00 % 4.65 %

2023 99,574 5.00 % - - % 99,574 4.03 % 5.00 %

2024 10,437 5.49 % - - % 10,437 .42 % 5.49 %

2025 98,416 3.45 % - - % 98,416 3.98 % 3.45 %

2026 - - % - - % - - % - %

2027 - - % - - % - - % - %

2028 217,058 4.19 % - - % 217,058 8.78 % 4.19 %

2029 - - % - - % - - % - %

2030 275,385 2.69 % - - % 275,385 11.14 % 2.69 %

Thereafter 1,622,921 3.68 % - - % 1,622,921 65.65 % 3.68 %

Total $ 2,472,210 3.72 % $ - - % $ 2,472,210 100.0 % 3.72 %



UnsecuredLine of - 222,000 222,000 Credit^(1)



Note 666 - 666 Premiums



Total Debt 2,472,876 222,000 2,694,876



DeferredFinancing (27,946) - (27,946) Costs



Total $ 2,444,930 $ 222,000 $ 2,666,930 3.79 % ^Debt, net (2)



AverageYears to 12.9 0.8 11.9 Maturity

______________________1.Reflects outstanding balance on our line of credit as of December 31, 2020. The Line of Credit matures in October 2021 and had an effective interest rate of 1.00% during the fourth quarter of 2020.

2.Reflects effective interest rate for the quarter ended December 31, 2020, including amortization of note premiums and deferred financing costs.

Non-GAAP Financial Measures Definitions and Reconciliations

FUNDS FROM OPERATIONS (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 believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.

NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, and 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.

FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures.

We believe that FFO, Normalized FFO and FAD 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 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 PROPERTY OPERATIONS, EXCLUDING DEFERRALS AND PROPERTY MANAGEMENT. We define Income from property operations, excluding deferrals and property management as 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, excluding property management and the GAAP deferral 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. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties.

______________________ Reflects outstanding balance on our line of credit as of December 31, 2020.1. The Line of Credit matures in October 2021 and had an effective interest rate of 1.00% during the fourth quarter of 2020.

Reflects effective interest rate for the quarter ended December 31, 2020,2. including amortization of note premiums and deferred financing costs.

Non-GAAP Financial Measures Definitions and Reconciliations

FUNDS FROM OPERATIONS (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 believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.

NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, and 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.

FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures.

We believe that FFO, Normalized FFO and FAD 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 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 PROPERTY OPERATIONS, EXCLUDING DEFERRALS AND PROPERTY MANAGEMENT. We define Income from property operations, excluding deferrals and property management as 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, excluding property management and the GAAP deferral 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. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties.

The following table reconciles Net income available for Common Stockholders toIncome from property operations:

Quarters Ended December Years Ended December 31, 31,

(amounts in thousands) 2020 2019 2020 2019

Net income available $ 64,646 $ 54,952 $ 228,268 $ 279,123 for Common Stockholders

Redeemable perpetualpreferred stock 8 8 16 16 dividends

Income allocated tonon-controlling 3,717 3,166 13,132 16,783 interests - Common OPUnits

Equity in income ofunconsolidated joint (3,160 ) (478 ) (5,399 ) (8,755 )ventures

Income before equity inincome of 65,211 57,648 236,017 287,167 unconsolidated jointventures

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

Membership upgradesales upfront payments, 2,683 2,238 12,062 10,451 deferred, net

Gross revenues from (12,450 ) (11,917 ) (45,695 ) (34,655 )home sales

Brokered resale andancillary services (49 ) 1,071 (2,060 ) (3,493 )revenues, net

Interest income (1,755 ) (1,822 ) (7,154 ) (7,207 )

Income from other (933 ) (634 ) (4,026 ) (9,528 )investments, net

Membership salescommissions, deferred, (333 ) (326 ) (1,660 ) (1,219 )net

Property management 13,623 13,834 57,967 56,509

Depreciation and 39,194 39,325 155,131 152,110 amortization

Cost of home sales 12,602 11,866 46,229 35,096

Home selling expenses 1,037 1,183 4,572 4,401

General and 8,120 7,835 39,276 35,679 administrative

Other expenses 682 438 2,567 2,865

Early debt retirement - - 10,786 1,491

Interest and related 25,231 26,259 102,771 104,223 amortization

Income from propertyoperations, excluding 152,863 146,998 606,783 581,383 deferrals and propertymanagement

Membership upgradesales upfront payments,and membership sales (2,350 ) (1,912 ) (10,402 ) (9,232 )commissions, deferred,net

Property management (13,623 ) (13,834 ) (57,967 ) (56,509 )

Income from property $ 136,890 $ 131,252 $ 538,414 $ 515,642 operations

EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairments charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre 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 customer life. Although the NAREIT definition of EBITDAre 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 EBITDAre.

We define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, and other miscellaneous non-comparable items.

We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT.

The following table reconciles Consolidated net income to EBITDAre and AdjustedEBITDAre:

Quarters Ended December Years Ended December 31, 31,

(amounts in thousands) 2020 2019 2020 2019

Consolidated net income $ 68,371 $ 58,126 $ 241,416 $ 295,922

Interest income (1,755 ) (1,822 ) (7,154 ) (7,207 )

Membership upgradesales upfront payments, 2,683 2,238 12,062 10,451 deferred, net

Membership salescommissions, deferred, (333 ) (326 ) (1,660 ) (1,219 )net

Real estatedepreciation and 39,194 39,325 155,131 152,110 amortization

Other depreciation and 682 438 2,567 1,774 amortization

Interest and related 25,231 26,259 102,771 104,223 amortization

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

Adjustments to ourshare of EBITDAre of (966 ) 273 (154 ) 3,131 unconsolidated jointventures^ (1)

EBITDAre 133,107 124,511 504,979 506,678

Early debt retirement - - 10,786 2,085

Insurance proceeds dueto catastrophic weather - - - (6,205 )event

COVID-19 expenses - - 1,446 -

Adjusted EBITDAre $ 133,107 $ 124,511 $ 517,211 $ 502,558

CORE. The Core properties include properties we owned and operated during all of 2019 and 2020. We believe Core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.

NON-CORE. The Non-Core properties include properties that were not owned and operated during all of 2019 and 2020. This includes, but is not limited to, four properties and the marinas acquired and five properties sold during 2019 and eight properties and one marina acquired during 2020.

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.

NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that do not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture and mechanical improvements.

FIXED CHARGES. Fixed charges consist of interest expense, amortization of note premiums and debt issuance costs.

______________________ The quarter and year ended December 31, 2020 excluded a $1.2 million gain on1. the sale of real estate from our Voyager joint venture.

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CONTACT: Paul Seavey (800) 247-5279