Overview Key strengths Key risks Largest owner of manufactured housing (MH) communities, recreational vehicle (RV) resorts, and marinas. Increasing exposure to leisure properties that may exhibit more volatility in economic downturns. Track record of strong operating performance that highlights the portfolio?s resiliency through economic cycles. Value-oriented assets, which we consider less differentiated relative to other traditional property types we rate. Favorable fundamentals for demand and supply support organic growth across property types. Historically aggressive acquisition strategy that has resulted in a modest elevation in leverage. During the first quarter, the company?s North America same-property net operating income (NOI) increased by 7.9% with strong results from each of its key segments. The company?s full-year guidance of 4.6%-5.8% points to a slowdown
