Equity LifeStyle Properties (ELS) 10-Q 27 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 25, 2016
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	ELS
Entity Registrant Name	EQUITY LIFESTYLE PROPERTIES INC
Entity Central Index Key	895,417
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		84,598,804

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investment in real estate:
Land	$ 1,105,542	$ 1,101,676
Land improvements	2,796,998	2,787,882
Buildings and other depreciable property	597,989	588,041
Investment in real estate	4,500,529	4,477,599
Accumulated depreciation	(1,310,762)	(1,282,423)
Net investment in real estate	3,189,767	3,195,176
Cash	97,107	80,258
Notes receivable, net	34,144	35,463
Investment in unconsolidated joint ventures	22,994	17,741
Deferred commission expense	30,758	30,865
Escrow deposits, goodwill, and other assets, net	40,355	40,897
Total Assets	3,415,125	3,400,400
Liabilities:
Mortgage notes payable	1,907,074	1,926,880
Term loan	199,224	199,172
Unsecured lines of credit	0	0
Accrued expenses and accounts payable	79,510	76,044
Deferred revenue – upfront payments from right-to-use contracts	78,707	78,405
Deferred revenue – right-to-use annual payments	13,615	9,878
Accrued interest payable	8,669	8,715
Rents and other customer payments received in advance and security deposits	74,153	74,300
Distributions payable	39,016	34,315
Total Liabilities	2,399,968	2,407,709
Stockholders’ Equity:
Preferred stock value	0	0
Common stock, $0.01 par value	845	843
Paid-in capital	1,046,033	1,039,140
Distributions in excess of accumulated earnings	(235,875)	(250,506)
Accumulated other comprehensive loss	(1,161)	(553)
Total Stockholders’ Equity	945,986	925,068
Non-controlling interests – Common OP Units	69,171	67,623
Total Equity	1,015,157	992,691
Total Liabilities and Equity	3,415,125	3,400,400
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Stockholders’ Equity:
Preferred stock value	$ 136,144	$ 136,144

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Preferred Stock, Par or Stated Value Per Share (usd per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	9,945,539	9,945,539
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share (usd per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	85,594,060	84,253,065
Common Stock, Shares, Outstanding	84,594,060	84,253,065
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Preferred Stock, Par or Stated Value Per Share (usd per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	54,461	54,461
Preferred Stock, Shares Issued	54,458	54,458
Preferred Stock, Shares Outstanding	54,458	54,458
Cumulative Series D 6% Non-Qualified Preferred Stock
Preferred Stock, Par or Stated Value Per Share (usd per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	0	0
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Community base rental income	$ 114,076	$ 109,270
Rental home income	3,545	3,554
Resort base rental income	55,434	51,645
Right-to-use annual payments	11,054	10,981
Right-to-use contracts current period, gross	2,532	2,797
Right-to-use contract upfront payments, deferred, net	(302)	(773)
Utility and other income	20,793	19,082
Gross revenues from home sales	8,214	6,937
Brokered resale revenues and ancillary services revenues, net	1,418	1,982
Interest income	1,660	1,820
Income from other investments, net	1,723	1,119
Total revenues	220,147	208,414
Expenses:
Property operating and maintenance	62,954	61,117
Rental home operating and maintenance	1,525	1,669
Real estate taxes	13,198	12,594
Sales and marketing, gross	2,493	2,522
Right-to-use contract commissions, deferred, net	104	(243)
Property management	11,763	11,290
Depreciation on real estate assets and rental homes	28,656	28,116
Amortization of in-place leases	335	665
Cost of home sales	8,281	6,724
Home selling expenses	834	805
General and administrative	7,407	7,406
Property rights initiatives and other	654	553
Early debt retirement	0	16,991
Interest and related amortization	25,634	27,276
Total expenses	163,838	177,485
Income before equity in income of unconsolidated joint ventures	56,309	30,929
Equity in income of unconsolidated joint ventures	881	884
Consolidated net income	57,190	31,813
Income allocated to non-controlling interests – Common OP Units	(4,310)	(2,331)
Net income available for Common Stockholders	50,583	27,185
Other comprehensive (loss) income (“OCI”):
Adjustment for fair market value of swap	(608)	(857)
Consolidated comprehensive income	56,582	30,956
Comprehensive income attributable to Common Stockholders	$ 50,023	$ 26,396
Earnings per Common Share – Basic:
Net income available for Common Shares (usd per share)	$ 0.60	$ 0.32
Earnings per Common Share - Fully Diluted:
Net income available for Common Shares (usd per share)	0.60	0.32
Distributions declared per Common Share outstanding (usd per share)	$ 0.425	$ 0.375
Weighted average Common Shares outstanding – basic (shares)	84,321	83,961
Weighted average Common Shares outstanding – fully diluted (shares)	92,041	91,777
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Expenses:
Series C Redeemable Perpetual Preferred Stock Dividends	$ (2,297)	$ (2,297)
Non- controlling interests – Common OP Units
Other comprehensive (loss) income (“OCI”):
Comprehensive income allocated to non-controlling interests – Common OP Units	$ (4,262)	$ (2,263)

Consolidated Statements of Chan

Consolidated Statements of Changes In Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	6.75% Series C Cumulative Redeemable Perpetual Preferred Stock	Distributions in Excess of Accumulated Earnings	Non- controlling interests – Common OP Units	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2015	$ 992,691	$ 843	$ 1,039,140	$ 136,144	$ (250,506)	$ 67,623	$ (553)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Stock through exercise of options	5,232	2	5,230
Issuance of Common Stock through employee stock purchase plan	144		144
Compensation expenses related to restricted stock	1,914		1,914
Repurchase of Common Stock or Common OP units	(53)		(53)
Adjustment for Common OP Unitholders in the Operating Partnership	0		(301)			301
Adjustment for fair market value of swap	(608)						(608)
Net income	57,190			2,297	50,583	4,310
Distributions	(41,312)			(2,297)	(35,952)	(3,063)
Other	(41)		(41)
Balance at Mar. 31, 2016	$ 1,015,157	$ 845	$ 1,046,033	$ 136,144	$ (235,875)	$ 69,171	$ (1,161)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities:
Consolidated net income	$ 57,190	$ 31,813
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Early debt retirement	0	16,991
Depreciation	28,935	28,364
Amortization of in-place leases	335	665
Amortization of loan costs	979	1,083
Debt premium amortization	(885)	(1,202)
Equity in income of unconsolidated joint ventures	(881)	(884)
Distributions of income from unconsolidated joint ventures	553	443
Amortization of stock-related compensation	1,914	1,716
Revenue recognized from right-to-use contract upfront payments	(2,230)	(2,024)
Commission expense recognized related to right-to-use contracts	1,002	829
Long term incentive plan compensation	(4,314)	360
Recovery of uncollectible rents receivable	(178)	(505)
Changes in assets and liabilities:
Notes receivable activity, net	164	(284)
Deferred commission expense	(895)	(1,142)
Escrow deposits, goodwill and other assets	7,746	15,046
Accrued expenses and accounts payable	6,209	8,715
Deferred revenue – upfront payments from right-to-use contracts	2,532	2,797
Deferred revenue – right-to-use annual payments	3,737	3,903
Rents received in advance and security deposits	(147)	2,531
Net cash provided by operating activities	101,766	109,215
Cash Flows From Investing Activities:
Real estate acquisition	(7,387)	(12,195)
Investment in unconsolidated joint ventures	(5,000)	(4,000)
Repayments of notes receivable	2,712	2,604
Issuance of notes receivable	(1,874)	(1,728)
Capital improvements	(22,495)	(16,260)
Net cash used in investing activities	(34,044)	(31,579)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	5,323	4,069
Distributions:
Common Stockholders	(31,612)	(27,272)
Common OP Unitholders	(2,703)	(2,351)
Preferred Stockholders	(2,297)	(2,297)
Principal payments and mortgage debt payoff	(19,535)	(392,949)
New mortgage notes payable financing proceeds	0	395,323
Debt issuance and defeasance costs	(8)	(23,091)
Other	(41)	(79)
Net cash used in financing activities	(50,873)	(48,647)
Net increase in cash and cash equivalents	16,849	28,989
Cash, beginning of period	80,258	73,714
Cash, end of period	97,107	102,703
Supplemental Information:
Cash paid during the period for interest	26,535	28,553
Capital improvements – used homes acquired by repossessions	317	232
Net repayments of notes receivable – used homes acquired by repossessions	(317)	(232)
Building and other depreciable property – reclassification of rental homes	7,257	5,966
Escrow deposits and other assets – reclassification of rental homes	(7,257)	(5,966)
Real estate acquisitions:
Investment in real estate	(7,375)	(12,300)
Rents and other customer payments received in advance and security deposits	(20)	0
Accrued expenses and accounts payable	8	109
Escrow deposits and other assets	0	(4)
Real estate acquisition	$ (7,387)	$ (12,195)

Definition of Terms

Definition of Terms	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Definition of Terms	Definition of Terms Equity LifeStyle Properties, Inc., a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and other consolidated subsidiaries (“Subsidiaries”) are referred to herein as “we,” “us,” and “our.” Capitalized terms used but not defined herein are as defined in our Annual Report on Form 10-K (“2015 Form 10-K”) for the year ended December 31, 2015 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Basis of Presentation and Principles of Consolidation We follow accounting standards set by the Financial Accounting Standards Board, commonly referred to as the “FASB.” The FASB sets generally accepted accounting principles (“GAAP”), which we follow to ensure that we consistently report our financial condition, results of operations and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification (the “Codification”). These unaudited Consolidated Financial Statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the financial statements and notes thereto included in the 2015 Form 10-K. The following notes to the Consolidated Financial Statements highlight significant changes to the notes included in the 2015 Form 10-K and present interim disclosures as required by the SEC. The accompanying Consolidated Financial Statements reflect, in the opinion of management, all adjustments and estimates necessary for a fair presentation of the interim financial statements, which are of a normal, recurring nature. Revenues are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. The accompanying Consolidated Financial Statements include the consolidation of our accounts. We do not have controlling interests in any of our joint ventures (“JV”), which are therefore treated under the equity method of accounting and not consolidated in our financial statements. The holders of limited partnership interests in the Operating Partnership (“Common OP Unitholders”) receive an allocation of net income that is based on their respective ownership percentage of the Operating Partnership which is shown in our Consolidated Financial Statements as Non-controlling interests-Common OP Units. All significant intercompany balances and transactions have been eliminated in consolidation. Effective January 1, 2016, we adopted (“ASU 2015-02”) Consolidation (Topic 810): Amendments to the Consolidation Analysis . ASU 2015-02 required us to evaluate whether we should consolidate certain legal entities. Principally, the new consolidation standard modified the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIE") or voting interest entities. Based on our review and subsequent analysis of the structure of our legal entities, we concluded that the Operating Partnership is a VIE because the limited partners of the Operating Partnership do not have substantive kick-out or participating rights. We are the general partner and controlling owner of approximately 92.0% of the Operating Partnership and we will continue to consolidate the Operating Partnership under this new guidance. With respect to our investment in unconsolidated joint ventures, the new consolidation standard did not have an impact on our previous consolidation conclusions. Effective January 1, 2016, we adopted (“ASU 2015-03”) Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs and ( “ASU 2015-15”) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements . ASU 2015-03 requires that debt issuance costs be deducted from the carrying value of the financial liability and not recorded as separate assets, previously classified as deferred financing costs. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. ASU 2015-15 states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. ASU 2015-03 and 2015-15 require retrospective adoption and as a result we reclassified deferred financing costs on our Consolidated Balance Sheets as of December 31, 2015, as presented herein (See Note 7 to the Consolidated Financial Statements for further details). (b) Identified Intangibles and Goodwill As of March 31, 2016 and December 31, 2015 , the gross carrying amounts of identified intangible assets and goodwill, a component of escrow deposits, goodwill and other assets, net on our consolidated balance sheets, were approximately $12.1 million . As of March 31, 2016 and December 31, 2015 , this amount was comprised of approximately $4.3 million of identified intangible assets and approximately $7.8 million of goodwill. Accumulated amortization of identified intangible assets was approximately $2.6 million as of March 31, 2016 and December 31, 2015 . For each of the quarters ended March 31, 2016 and 2015 , amortization expense for the identified intangible assets was approximately $0.1 million . (c) Restricted Cash Cash as of both March 31, 2016 and December 31, 2015 included approximately $5.0 million , of restricted cash for the payment of capital improvements, insurance or real estate taxes. (d) Fair Value of Financial Instruments Our financial instruments include notes receivable, accounts receivable, accounts payable, other accrued expenses, interest rate swaps and mortgage notes payable. We disclose the estimated fair value of our financial instruments according to a fair value hierarchy (Level 1, 2 and 3). Our mortgage notes payable and term loan, excluding deferred financing costs of approximately $19.0 million and $19.7 million , respectively, had a carrying value of approximately $2.1 billion as of March 31, 2016 and December 31, 2015 , and a fair value of approximately $2.2 billion as of March 31, 2016 and December 31, 2015 , respectively. The fair value is measured using quoted prices and observable inputs from similar liabilities (Level 2). At March 31, 2016 and December 31, 2015 , our cash flow hedge of interest rate risk included in accrued expenses and accounts payable was measured using quoted prices and observable inputs from similar assets and liabilities (Level 2). We consider our own credit risk as well as the credit risk of our counterparties when evaluating the fair value of our derivative. The fair values of our notes receivable approximate their carrying or contract values. We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions, as discussed in Note 4 to the Consolidated Financial Statements. (e) Deferred Financing Costs, net Deferred financing costs, net include fees and costs incurred to obtain long-term financing. The costs are being amortized over the terms of the respective loans on a basis that approximates level yield. Unamortized deferred financing fees are written-off when debt is retired before the maturity date. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with Codification Sub-Topic Modifications and Extinguishments (“FASB ASC 470-50-40”). Accumulated amortization for such costs was $34.7 million and $33.7 million at March 31, 2016 and December 31, 2015 , respectively. (f) Recent Accounting Pronouncements In February 2016, the FASB issued ("ASU 2016-02") Leases . ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We are currently evaluating the potential impact this standard may have on our consolidated financial statements and related disclosures. In May 2014, the FASB issued ("ASU 2014-09") Revenue from Contracts with Customers , which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of ASU 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09 does not apply to lease contracts accounted for under ASC 840, Leases. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. On July 9, 2015, the FASB deferred the effective date by one year for annual reporting periods beginning after December 15, 2017. The FASB will permit early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently in the process of evaluating the impact that adoption of the standard will have on our consolidated financial statements and related disclosures.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The following table sets forth the computation of the basic and diluted earnings per Common Share for the quarters ended March 31, 2016 and 2015 (amounts in thousands, except per share data): Quarters Ended March 31, 2016 2015 Numerators: Net Income Available for Common Stockholders: Net income available for Common Stockholders – basic $ 50,583 $ 27,185 Amounts allocated to dilutive securities 4,310 2,331 Net income available for Common Stockholders – fully diluted $ 54,893 $ 29,516 Denominator: Weighted average Common Shares outstanding – basic 84,321 83,961 Effect of dilutive securities: Redemption of Common OP Units for Common Stockholders 7,208 7,225 Stock options and restricted shares 512 591 Weighted average Common Shares outstanding – fully diluted 92,041 91,777 Earnings per Common Share – Basic: Net income available for Common Stockholders $ 0.60 $ 0.32 Earnings per Common Share – Fully Diluted: Net income available for Common Stockholders $ 0.60 $ 0.32

Common Stock and Other Equity R

Common Stock and Other Equity Related Transactions	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Common Stock and Other Equity Related Transactions	Common Stock and Other Equity Related Transactions On March 31, 2016 , we paid a $0.421875 per share distribution on our Depositary Shares (each representing 1/100 of a share of our Series C Preferred Stock) to stockholders of record on March 21, 2016 . On April 8, 2016 , we paid a $0.4250 per share distribution to common stockholders of record on March 25, 2016 .

Investment in Real Estate

Investment in Real Estate	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Investment in Real Estate	Investment in Real Estate Acquisitions All acquisitions have been accounted for utilizing the acquisition method of accounting in accordance with FASB ASC 805 and, accordingly, the results of operations of acquired assets are included in the Consolidated Statements of Income and Comprehensive Income from the dates of acquisition. Certain purchase price adjustments may be made within one year following the acquisition and applied prospectively in accordance with ASU 2015-16 Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . On January 27, 2016, we completed the acquisition of Rose Bay, a 303 -site RV resort, located in Port Orange, Florida. The total purchase price of approximately $7.4 million was funded with available cash. During the year ended December 31, 2015 , we acquired two RV resorts, Whispering Pines and Miami Everglades, collectively containing 581 Sites and one manufactured home community, Bogue Pines, containing 150 Sites. The combined purchase price of approximately $23.9 million was funded with available cash. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the quarter ended March 31, 2016 and the year ended December 31, 2015 , which we determined using Level-2, for mortgage notes payable and other liabilities, and Level-3 inputs (amounts in thousands): Quarter Ended Year Ended March 31, December 31, Assets acquired Land $ 3,866 $ 8,985 Buildings and other depreciable property 3,012 13,948 Manufactured homes 22 345 In-place leases 475 622 Net investment in real estate 7,375 23,900 Other assets 20 53 Total Assets acquired $ 7,395 $ 23,953 Liabilities assumed Other liabilities $ 8 $ 266 Total Liabilities assumed $ 8 $ 266 Net assets acquired $ 7,387 $ 23,687 Dispositions and real estate held for disposition As of March 31, 2016 , we have no properties designated as held for disposition pursuant to FASB ASC 360-10-35.

Investment in Joint Ventures

Investment in Joint Ventures	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures We recorded approximately $0.9 million (each net of approximately $0.3 million and $0.2 million of depreciation expense, for the quarters ended March 31, 2016 and 2015 , respectively) of equity in income from unconsolidated joint ventures for each of the quarters ended March 31, 2016 and 2015 , respectively. We received approximately $0.6 million and $0.4 million in distributions from these joint ventures for the quarters ended March 31, 2016 and 2015 , respectively. On January 4, 2016, we contributed approximately $5.0 million to the ECHO JV which brought our total investment to approximately $15.4 million . The following table summarizes our investment in unconsolidated joint ventures as of March 31, 2016 and December 31, 2015 (investment amounts in thousands with the number of Properties shown parenthetically): Investment as of JV Income for the Quarters Ended Investment Location Number of Sites Economic (a) March 31, December 31, March 31, March 31, Meadows Various (2,2) 1,077 50 % $ 207 $ 162 $ 246 $ 273 Lakeshore Florida (2,2) 342 65 % 61 46 83 96 Voyager Arizona (1,1) 1,706 50 % (b) 7,347 7,166 539 452 ECHO JV Various — 50 % 15,379 10,367 13 63 3,125 $ 22,994 $ 17,741 $ 881 $ 884 _____________________ (a) The percentages shown approximate our economic interest as of March 31, 2016 . Our legal ownership interest may differ. (b) Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility plant servicing the Property.

Notes Receivable

Notes Receivable	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Notes Receivable	Notes Receivable In certain cases, we purchase loans made by others to finance the sales of homes to our customers (“Chattel Loans”). Our Chattel Loans receivable require monthly principal and interest payments and are collateralized by homes at certain of the Properties. As of March 31, 2016 and December 31, 2015 , we had approximately $16.8 million and $17.6 million , respectively, of these Chattel Loans included in notes receivable. As of March 31, 2016 , the Chattel Loans receivable had a stated per annum average rate of approximately 7.8% , with a yield of 20.5% , and had an average term remaining of approximately 11 years. These Chattel Loans are recorded net of allowances of approximately $0.3 million as of March 31, 2016 and December 31, 2015 . respectively. We also provide financing for non-refundable upgrades to existing right-to-use contracts (“Contracts Receivable”). As of March 31, 2016 and December 31, 2015 , we had approximately $17.3 million and $17.8 million , respectively, of Contracts Receivable, net of allowances of approximately $0.7 million . The Contracts Receivable have an average stated interest rate of 16.5% per annum, have a weighted average term remaining of approximately four years and require monthly payments of principal and interest.

Borrowing Arrangements

Borrowing Arrangements	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Borrowing Arrangements	Borrowing Arrangements With the adoption of ASU 2015-03 and ASU 2015-15, we reclassified deferred financing costs to mortgage notes payable in the amount of $18.2 million and $18.9 million as of March 31, 2016 and December 31, 2015 , respectively. In addition, we reclassified deferred financing costs to term loan in the amount of $0.8 million as of March 31, 2016 and December 31, 2015 , respectively. Also, we reclassified deferred financing costs related to our unsecured line of credit to Escrow deposits, goodwill, and other assets, net in the amount of $3.4 million and $3.7 million as of March 31, 2016 and December 31, 2015 , respectively. Mortgage Notes Payable As of March 31, 2016 and December 31, 2015 , we had outstanding mortgage indebtedness of approximately $1.9 billion , excluding deferred financing costs. The weighted average interest rate, including the impact of premium/discount amortization and loan cost amortization on this mortgage indebtedness, for the quarter ended March 31, 2016 was approximately 4.9% per annum. The debt bears interest at stated rates ranging from 3.5% to 8.9% per annum and matures on various dates ranging from 2016 to 2040 . The debt encumbered a total of 126 and 127 of our Properties as of March 31, 2016 and December 31, 2015 , respectively, and the carrying value of such Properties was approximately $2.2 billion , as of such dates. During the quarter ended March 31, 2016 , we paid off one maturing mortgage loan of approximately $9.8 million , with a stated interest rate of 5.48% per annum, secured by one manufactured home property. During the year ended December 31, 2015 , we closed on loans with total gross proceeds of $395.3 million . The loans have a weighted average maturity of 21 years, carry a weighted average interest rate of 3.93% per annum and were secured by 26 manufactured home properties and RV resorts. Proceeds from the financings were used to retire by defeasance and prepayment approximately $370.2 million of loans maturing at various times throughout 2015 and 2016 , with a weighted average interest rate of 5.58% per annum, which were secured by 32 manufactured home properties and RV resorts. We incurred approximately $17.0 million in early debt retirement expense related to these loans. Term Loan As of March 31, 2016 and December 31, 2015 , our $200.0 million unsecured Term Loan (the “Term Loan”) matures on January 10, 2020 and has an interest rate of LIBOR plus 1.35% to 1.95% per annum and, subject to certain conditions, may be prepaid at any time without premium or penalty. The spread over LIBOR is variable quarterly based on leverage measured quarterly throughout the loan term. The Term Loan contains customary representations, warranties, and negative and affirmative covenants, and provides for acceleration of principal and payment of all other amounts payable thereunder upon the occurrence of certain events of default. In connection with the Term Loan, we also entered into a three year LIBOR Swap Agreement (the “2014 Swap”) allowing us to trade the variable interest rate for a fixed interest rate on the Term Loan (See Note 8 to the Consolidated Financial Statements for further information on the accounting for the 2014 Swap). Unsecured Line of Credit As of March 31, 2016 and December 31, 2015 , our unsecured Line of Credit (“LOC”) had a borrowing capacity of $400.0 million , with the option to increase the borrowing capacity by $100.0 million , subject to certain conditions, with no amounts outstanding as of those dates. The LOC bears interest at a rate of LIBOR plus 1.20% to 1.65% , requires an annual facility fee of 0.20% to 0.35% and matures on July 17, 2018 , with an option to extend for one additional year, subject to certain conditions. The spread over LIBOR is variable quarterly based on leverage throughout the loan term. As of March 31, 2016 , we are in compliance in all material respects with the covenants in our borrowing arrangements.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Cash Flow Hedges of Interest Rate Risk In connection with our Term Loan, we entered into the 2014 Swap (see Note 7 to the Consolidated Financial Statements for information about the Term Loan related to the 2014 Swap) allowing us to trade the variable interest rate for a fixed interest rate on the Term Loan. The 2014 Swap fixes the underlying LIBOR rate on the Term Loan at 1.04% per annum for the first three years and matures on August 1, 2017 . Based on the leverage as of March 31, 2016 , our spread over LIBOR is 1.35% resulting in an estimated all-in interest rate of 2.39% per annum. We have designated the 2014 Swap as a cash flow hedge. No gain or loss was recognized in the Consolidated Statements of Income and Comprehensive Income related to hedge ineffectiveness or to amounts excluded from effectiveness testing on our cash flow hedge during the quarters ended March 31, 2016 and 2015 . Amounts reported in accumulated other comprehensive loss on the Consolidated Balance Sheets related to derivatives are reclassified to interest expense as interest payments are made on our variable-rate debt. During the next twelve months, we estimate that an additional $1.0 million will be reclassified as an increase to interest expense. This estimate may be subject to change as the underlying LIBOR rate changes. Derivative Instruments and Hedging Activities The table below presents the fair value of our derivative financial instrument as well as our classification on our Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 (amounts in thousands): Derivatives in Cash Flow Hedging Relationship Balance Sheet Location March 31, December 31, Interest Rate Swap Accrued expenses and accounts payable $ 1,161 $ 553 Tabular Disclosure of the Effect of Derivative Instruments on the Income Statement The tables below present the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income for the quarters ended March 31, 2016 and 2015 (amounts in thousands): Derivatives in Cash Flow Hedging Relationship Amount of loss recognized Location of loss reclassified from accumulated OCI into income Amount of loss reclassified from accumulated OCI into income (effective portion) March 31, March 31, March 31, March 31, Interest Rate Swap $ 919 $ 1,292 Interest Expense $ 311 $ 435 We determined that no adjustment was necessary for non-performance risk on our derivative obligation. As of March 31, 2016 , we have not posted any collateral related to this agreement.

Deferred Revenue-Right-to-use c

Deferred Revenue-Right-to-use contracts and Deferred commission expense	3 Months Ended
	Mar. 31, 2016
Deferred Revenue Disclosure [Abstract]
Deferred Revenue - Entry Of Right To Use Contracts and Deferred Commission Expense	Deferred Revenue-entry of right-to-use contracts and Deferred Commission Expense As of March 31, 2016 and 2015 , the components of the change in deferred revenue-entry of right-to-use contracts and deferred commission expense are as follows (amounts in thousands): Quarters ended 2016 2015 Deferred revenue–upfront payments from right-to-use contracts, as of January 1, $ 78,405 $ 74,174 Right-to-use contracts current period, gross 2,532 2,797 Revenue recognized from right-to-use contract upfront payments (2,230 ) (2,024 ) Right-to-use contract upfront payments, deferred, net 302 773 Deferred revenue–upfront payments from right-to-use contracts, as of March 31, $ 78,707 $ 74,947 Deferred commission expense, as of January 1, $ 30,865 $ 28,589 Deferred commission expense 895 1,142 Commission expense recognized (1,002 ) (829 ) Net (decrease) increase in deferred commission expense (107 ) 313 Deferred commission expense, as of March 31, $ 30,758 $ 28,902

Equity Incentive Awards

Equity Incentive Awards	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Awards	Equity Incentive Awards Stock-based compensation expense, reported in general and administrative on the Consolidated Statements of Income and Comprehensive Income, for the quarters ended March 31, 2016 and 2015 was approximately $1.9 million and $1.7 million , respectively. Our 2014 Equity Incentive Plan (the “2014 Plan”) was adopted by our Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014. Pursuant to the 2014 Plan, our officers, directors, employees and consultants may be awarded (i) shares of common stock (“Restricted Stock Grants”), (ii) options to acquire shares of common stock (“Options”), including non-qualified stock options and incentive stock options within the meaning of Section 422 of the Internal Revenue Code, and (iii) other forms of equity awards, subject to conditions and restrictions determined by the Compensation, Nominating, and Corporate Governance Committee of our Board of Directors (the “Compensation Committee”). The Compensation Committee will determine the vesting schedule, if any, of each Restricted Stock Grant or Option and the term of each Option, which term shall not exceed ten years from the date of grant. Shares that do not vest are forfeited. Dividends paid on restricted stock are not returnable, even if the underlying stock does not entirely vest. A maximum of 3,750,000 shares of common stock are available for grant under the 2014 Plan. As of March 31, 2016 , 3,286,537 shares remained available for grant. Grants under the 2014 Plan are approved by the Compensation Committee, which determines the individuals eligible to receive awards, the types of awards, and the terms, conditions and restrictions applicable to any award, except grants to directors which are approved by the Board of Directors. Grants Issued On February 1, 2016 , we awarded Restricted Stock Grants for 73,000 shares of common stock at a fair market value of approximately $4.9 million to certain members of our senior management for their service in 2016. These Restricted Stock Grants will vest on December 31, 2016 . On February 1, 2016 , we awarded Restricted Stock Grants for 45,784 shares of common stock at a fair market value of approximately $3.1 million to certain members of our Board of Directors for their services as Chairman of the Board, Chairman of the Compensation Committee and Lead Director, Chairman of the Executive Committee and Chairman of the Audit Committee in 2016. One-third of the shares of restricted common stock covered by these awards will vest on each of December 31, 2016 , December 31, 2017 , and December 31, 2018 . The fair market value of our restricted stock grants is recorded as compensation expense and paid in capital over the vesting period.

Long-Term Cash Incentive Plan

Long-Term Cash Incentive Plan	3 Months Ended
	Mar. 31, 2016
Cash incentive Program Disclosure [Abstract]
Long-Term Cash Incentive Plan	Long-Term Cash Incentive Plan On February 12, 2016, our Compensation Committee approved a Long-Term Cash Incentive Plan Award (the "2016 LTIP") to provide a long-term cash bonus opportunity to certain members of our management. The 2016 LTIP was approved by the Compensation Committee pursuant to the authority set forth in the Long Term Cash Incentive Plan approved by our Board of Directors on May 15, 2007. The total cumulative payment for all participants (the "Eligible Payment") is based upon certain performance conditions being met over a three year period ending December 31, 2018. The Compensation Committee has responsibility for administering the 2016 LTIP and may use its reasonable discretion to adjust the performance criteria or Eligible Payments to take into account the impact of any major or unforeseen transaction or event. Our named executive officers are not participants in the 2016 LTIP. The Eligible Payment will be paid, at the discretion of our Compensation Committee, in cash upon completion of our annual audit for the 2018 fiscal year and upon satisfaction of the vesting conditions as outlined in the 2016 LTIP and, including employer costs, is currently estimated to be approximately $5.6 million . As of March 31, 2016 , we had accrued compensation expense of approximately $0.5 million for the 2016 LTIP. The amount accrued for the 2016 LTIP reflects our evaluation of the 2016 LTIP based on forecasts and other available information and is subject to performance in line with forecasts and final evaluation and determination by the Compensation Committee. There can be no assurances that our estimates of the probable outcome will be representative of the actual outcome.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies California Rent Control Litigation As part of our effort to realize the value of our Properties subject to rent control, we previously initiated lawsuits against certain localities in California with the goal of achieving a level of regulatory fairness in California's rent control jurisdictions, and in particular those jurisdictions that prohibit increasing rents to market upon turnover. Such regulations allow tenants to sell their homes for a price that includes a premium above the intrinsic value of the homes. The premium represents the value of the future discounted rent-controlled rents, which is fully capitalized into the prices of the homes sold. In our view, such regulations result in a transfer to the tenants of the value of our land, which would otherwise be reflected in market rents. We have discovered through the litigation process that certain municipalities considered condemning our Properties at values well below the value of the underlying land. In our view, a failure to articulate market rents for Sites governed by restrictive rent control would put us at risk for condemnation or eminent domain proceedings based on artificially reduced rents. Such a physical taking, should it occur, could represent substantial lost value to stockholders. We are cognizant of the need for affordable housing in the jurisdictions, but assert that restrictive rent regulation does not promote this purpose because tenants pay to their sellers as part of the purchase price of the home all the future rent savings that are expected to result from the rent control regulations, eliminating any supposed improvement in the affordability of housing. In a more well-balanced regulatory environment, we would receive market rents that would eliminate the price premium for homes, which would trade at or near their intrinsic value. Such efforts have included the following matters: We sued the City of San Rafael on October 13, 2000 in the U.S. District Court for the Northern District of California, challenging its rent control ordinance on constitutional grounds. While the trial court found the rent control ordinance unconstitutional, the United States Court of Appeals for the Ninth Circuit reversed the trial court and ruled that the ordinance had not unconstitutionally taken our property. On September 3, 2013, we filed a petition for review by the U.S. Supreme Court, which was denied. On January 31, 2012, we sued the City of Santee in the United States District for the Southern District of California challenging its rent control ordinance on constitutional grounds. On September 26, 2013, we entered a settlement agreement with the City pursuant to which we are able to increase Site rents at the Meadowbrook community through January 1, 2034 as follows: (a) a one-time 2.5% rent increase on all Sites in January 2014; plus (b) annual rent increases of 100% of the consumer price index (CPI) beginning in 2014; and (c) a 10% increase in the rent on a site upon turnover of that site. Absent the settlement, the rent control ordinance limited us to annual rent increases of at most 70% of CPI with no increases on turnover of a site. Colony Park On December 1, 2006, a group of tenants at our Colony Park Property in Ceres, California filed a complaint in the California Superior Court for Stanislaus County alleging that we had failed to properly maintain the Property and had improperly reduced the services provided to the tenants, among other allegations. We answered the complaint by denying all material allegations and filed a counterclaim for declaratory relief and damages. The case proceeded in Superior Court because our motion to compel arbitration was denied and the denial was upheld on appeal. Trial of the case began on July 27, 2010. After just over three months of trial in which the plaintiffs asked the jury to award a total of approximately $6.8 million in damages, the jury rendered verdicts awarding a total of less than $44,000 to six out of the 72 plaintiffs, and awarding nothing to the other 66 plaintiffs. The plaintiffs who were awarded nothing filed a motion for a new trial or alternatively for judgment notwithstanding the jury's verdict, which the Court denied on February 14, 2011. All but three of the 66 plaintiffs to whom the jury awarded nothing appealed. Oral argument in the appeal was held on September 19, 2013 and the matter was taken under submission by the California Court of Appeal. By orders entered on December 14, 2011, the Superior Court awarded us approximately $2.0 million in attorneys' fees and other costs jointly and severally against the plaintiffs to whom the jury awarded nothing, and awarded no attorneys' fees or costs to either side with respect to the six plaintiffs to whom the jury awarded less than $44,000 . Plaintiffs filed an appeal from the approximately $2.0 million award of our attorneys' fees and other costs. Oral argument in that appeal was also held on September 19, 2013. On December 3, 2013, the Court of Appeal issued a partially published opinion that rejected all of plaintiffs' claims on appeal except one, relating to whether the park's rules prohibited the renting of spaces to recreational vehicles. The Court of Appeal reversed the judgment on the recreational vehicle issue and remanded for further proceedings regarding that issue. Because the judgment was reversed, the award of attorney's fees and other costs was also reversed. Both sides filed rehearing petitions with the Court of Appeal. On December 31, 2013, the Court of Appeal granted the defendants' rehearing petition and ordered the parties to submit supplemental briefing, which the parties did. On March 10, 2014, the Court of Appeal issued a new partially published opinion in which it again rejected all of the plaintiffs' claims on appeal except the one relating to whether the park's rules prohibited the renting of spaces to recreational vehicles, reversing the judgment on that issue and remanding it for further proceedings, and accordingly vacating the award of attorney's fees and other costs. As of result of a settlement we reached with the plaintiffs remaining in the litigation, pursuant to which among other provisions the parties agreed to mutually release all of their claims in the litigation without any payment by us, on September 28, 2015 the plaintiffs filed with the Superior Court a request for dismissal with prejudice of the entire action, to which we consented. California Hawaiian On April 30, 2009, a group of tenants at our California Hawaiian Property in San Jose, California filed a complaint in the California Superior Court for Santa Clara County, Case No. 109CV140751, alleging that we have failed to properly maintain the Property and have improperly reduced the services provided to the tenants, among other allegations. We moved to compel arbitration and stay the proceedings, to dismiss the case, and to strike portions of the complaint. By order dated October 8, 2009, the Court granted our motion to compel arbitration and stayed the court proceedings pending the outcome of the arbitration. The plaintiffs filed with the California Court of Appeal a petition for a writ seeking to overturn the trial court's arbitration and stay orders. On May 10, 2011, the Court of Appeal granted the petition and ordered the trial court to vacate its order compelling arbitration and to restore the matter to its litigation calendar for further proceedings. On May 24, 2011, we filed a petition for rehearing requesting the Court of Appeal to reconsider its May 10, 2011 decision. On June 8, 2011, the Court of Appeal denied the petition for rehearing. On June 16, 2011, we filed with the California Supreme Court a petition for review of the Court of Appeal's decision. On August 17, 2011, the California Supreme Court denied the petition for review. The trial commenced on January 27, 2014. On April 14-15, 2014, the jury entered verdicts against our Operating Partnership of approximately $15.3 million in compensatory damages and approximately $95.8 million in punitive damages. On October 6, 2014, we filed a motion for a new trial and a motion for partial judgment notwithstanding the jury's verdict. On December 5, 2014, after briefing and a hearing on those motions, the trial court entered an order granting us a new trial on the issue of damages while upholding the jury's determination of liability. As grounds for the ruling, the court cited excessive damages and insufficiency of the evidence to support the verdict as to the amount of damages awarded by the jury. The Court's ruling overturned the April 2014 verdicts of $15.3 million in compensatory damages and $95.8 million in punitive damages. On January 28, 2015, we and the plaintiffs each served notices of appeal from the trial court's December 5, 2014 order. The Court of Appeal issued an order setting the briefing sequence and ordered commencement of the briefing. On December 15, 2015, the plaintiffs filed their opening appellants' brief and on March 25, 2016 we filed our combined respondents' and opening brief. We intend to continue to vigorously defend ourselves in this litigation. At March 31, 2016 , based on the information available to us, a material loss was neither probable nor estimable. We have taken into consideration the events that have occurred after the reporting period and before the financial statements were issued. We anticipate a lengthy time period to achieve resolution of this case. Monte del Lago On February 13, 2015, a group of tenants at our Monte del Lago Property in Castroville, California filed a complaint in the California Superior Court for Monterey County, Case No. M131016, alleging that we have failed to properly maintain the Property and have improperly reduced the services provided to the tenants, among other allegations. We believe the allegations are without merit and intend to vigorously defend ourselves in the lawsuit. On May 13, 2015, we filed a motion to compel arbitration with respect to certain plaintiffs and to stay the litigation pending the conclusion of the arbitration proceedings. Hearings on the motion were held on July 17, 2015 and September 18, 2015. On October 7, 2015, the court denied our motion. On December 3, 2015, we filed a notice of appeal from the denial of our motion. Santiago Estates On September 4, 2015, a group of tenants at our Santiago Estates Property in Sylmar, California filed a complaint in the California Superior Court for Los Angeles County, Case No. BC593831, alleging that we have failed to properly maintain the Property and have improperly reduced the services provided to the tenants, among other allegations. We believe the allegations are without merit and intend to vigorously defend ourselves in the lawsuit. On November 24, 2015, we filed a motion to compel arbitration with respect to certain plaintiffs and to stay the litigation pending the conclusion of the arbitration proceedings. The hearing date for that motion is August 19, 2016. Civil Investigation by Certain California District Attorneys In November 2014, we received a civil investigative subpoena from the office of the District Attorney for Monterey County, California ("MCDA"), seeking information relating to, among other items, statewide compliance with asbestos and hazardous waste regulations dating back to 2005 primarily in connection with demolition and renovation projects performed by third-party contractors at our California Properties. We responded by providing the information required by the subpoena. On October 20, 2015, we attended a meeting with representatives of the MCDA and certain other District Attorneys' offices at which the MCDA reviewed the preliminary results of their investigation including, among other things, (i) alleged violations of asbestos and related regulations associated with approximately 200 historical demolition and renovation projects in California; (ii) potential exposure to civil penalties and unpaid fees; and (iii) next steps with respect to a negotiated resolution of the alleged violations. No legal proceedings have been instituted to date, and we are involved in settlement discussions with the District Attorneys' offices. We continue to assess the allegations and the underlying facts, and at this time we are unable to predict the outcome of the investigation or reasonably estimate any possible loss. Other In addition to legal matters discussed above, we are involved in various other legal and regulatory proceedings ("Other Proceedings") arising in the ordinary course of business. The Other Proceedings include, but are not limited to, notices, consent decrees, information requests, and additional permit requirements and other similar enforcement actions by governmental agencies relating to our water and wastewater treatment plants and other waste treatment facilities. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these Other Proceedings taken together do not represent a material liability. In addition, to the extent any such proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor.

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments Operating segments are defined as components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker evaluates and assesses performance on a monthly basis. Segment operating performance is measured on Net Operating Income (“NOI”). NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income, depreciation and amortization of in-place leases. We have identified two reportable segments which are: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the portfolio from regional economic influences. All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2016 or 2015 . The following tables summarize our segment financial information for the quarters ended March 31, 2016 and 2015 (amounts in thousands): Quarter Ended March 31, 2016 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 204,726 $ 12,038 $ 216,764 Operations expenses (90,512 ) (10,640 ) (101,152 ) Income from segment operations 114,214 1,398 115,612 Interest income 718 918 1,636 Depreciation on real estate assets and rental homes (25,965 ) (2,691 ) (28,656 ) Amortization of in-place leases (335 ) — (335 ) Income (loss) from operations $ 88,632 $ (375 ) 88,257 Reconciliation to Consolidated net income: Corporate interest income 24 Income from other investments, net 1,723 General and administrative (7,407 ) Property rights initiatives and other (654 ) Interest and related amortization (25,634 ) Equity in income of unconsolidated joint ventures 881 Consolidated net income $ 57,190 Total assets $ 3,176,748 $ 238,377 $ 3,415,125 Capital improvements $ 9,783 $ 12,712 $ 22,495 Quarter Ended March 31, 2015 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 194,689 $ 10,786 $ 205,475 Operations expenses (87,280 ) (9,198 ) (96,478 ) Income from segment operations 107,409 1,588 108,997 Interest income 709 1,089 1,798 Depreciation on real estate assets and rental homes (25,356 ) (2,760 ) (28,116 ) Amortization of in-place leases (665 ) — (665 ) Income (loss) from operations $ 82,097 $ (83 ) 82,014 Reconciliation to Consolidated net income: Corporate interest income 22 Income from other investments, net 1,119 General and administrative (7,406 ) Property rights initiatives and other (553 ) Early Debt Retirement (16,991 ) Interest and related amortization (27,276 ) Equity in income of unconsolidated joint ventures 884 Consolidated net income $ 31,813 Total assets $ 3,186,088 $ 261,697 $ 3,447,785 Capital improvements $ 8,887 $ 7,373 $ 16,260 The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2016 and 2015 (amounts in thousands): Quarters Ended March 31, March 31, Revenues: Community base rental income $ 114,076 $ 109,270 Resort base rental income 55,434 51,645 Right-to-use annual payments 11,054 10,981 Right-to-use contracts current period, gross 2,532 2,797 Right-to-use contract upfront payments, deferred, net (302 ) (773 ) Utility and other income 20,793 19,082 Ancillary services revenues, net 1,139 1,687 Total property operations revenues 204,726 194,689 Expenses: Property operating and maintenance 62,954 61,117 Real estate taxes 13,198 12,594 Sales and marketing, gross 2,493 2,522 Right-to-use contract commissions, deferred, net 104 (243 ) Property management 11,763 11,290 Total property operations expenses 90,512 87,280 Income from property operations segment $ 114,214 $ 107,409 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2016 and 2015 (amounts in thousands): Quarters Ended March 31, March 31, Revenues: Gross revenue from home sales $ 8,214 $ 6,937 Brokered resale revenues, net 279 295 Rental home income (a) 3,545 3,554 Total revenues 12,038 10,786 Expenses: Cost of home sales 8,281 6,724 Home selling expenses 834 805 Rental home operating and maintenance 1,525 1,669 Total expenses 10,640 9,198 Income from home sales and rentals operations segment $ 1,398 $ 1,588 ______________________ (a) Segment information does not include Site rental income included in Community base rental income.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation We follow accounting standards set by the Financial Accounting Standards Board, commonly referred to as the “FASB.” The FASB sets generally accepted accounting principles (“GAAP”), which we follow to ensure that we consistently report our financial condition, results of operations and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification (the “Codification”). These unaudited Consolidated Financial Statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the financial statements and notes thereto included in the 2015 Form 10-K. The following notes to the Consolidated Financial Statements highlight significant changes to the notes included in the 2015 Form 10-K and present interim disclosures as required by the SEC. The accompanying Consolidated Financial Statements reflect, in the opinion of management, all adjustments and estimates necessary for a fair presentation of the interim financial statements, which are of a normal, recurring nature. Revenues are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. The accompanying Consolidated Financial Statements include the consolidation of our accounts. We do not have controlling interests in any of our joint ventures (“JV”), which are therefore treated under the equity method of accounting and not consolidated in our financial statements. The holders of limited partnership interests in the Operating Partnership (“Common OP Unitholders”) receive an allocation of net income that is based on their respective ownership percentage of the Operating Partnership which is shown in our Consolidated Financial Statements as Non-controlling interests-Common OP Units. All significant intercompany balances and transactions have been eliminated in consolidation. Effective January 1, 2016, we adopted (“ASU 2015-02”) Consolidation (Topic 810): Amendments to the Consolidation Analysis . ASU 2015-02 required us to evaluate whether we should consolidate certain legal entities. Principally, the new consolidation standard modified the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIE") or voting interest entities. Based on our review and subsequent analysis of the structure of our legal entities, we concluded that the Operating Partnership is a VIE because the limited partners of the Operating Partnership do not have substantive kick-out or participating rights. We are the general partner and controlling owner of approximately 92.0% of the Operating Partnership and we will continue to consolidate the Operating Partnership under this new guidance. With respect to our investment in unconsolidated joint ventures, the new consolidation standard did not have an impact on our previous consolidation conclusions. Effective January 1, 2016, we adopted (“ASU 2015-03”) Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs and ( “ASU 2015-15”) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements . ASU 2015-03 requires that debt issuance costs be deducted from the carrying value of the financial liability and not recorded as separate assets, previously classified as deferred financing costs. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. ASU 2015-15 states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. ASU 2015-03 and 2015-15 require retrospective adoption and as a result we reclassified deferred financing costs on our Consolidated Balance Sheets as of December 31, 2015, as presented herein (See Note 7 to the Consolidated Financial Statements for further details).
Restricted Cash	Restricted Cash Cash as of both March 31, 2016 and December 31, 2015 included approximately $5.0 million , of restricted cash for the payment of capital improvements, insurance or real estate taxes.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Our financial instruments include notes receivable, accounts receivable, accounts payable, other accrued expenses, interest rate swaps and mortgage notes payable. We disclose the estimated fair value of our financial instruments according to a fair value hierarchy (Level 1, 2 and 3). Our mortgage notes payable and term loan, excluding deferred financing costs of approximately $19.0 million and $19.7 million , respectively, had a carrying value of approximately $2.1 billion as of March 31, 2016 and December 31, 2015 , and a fair value of approximately $2.2 billion as of March 31, 2016 and December 31, 2015 , respectively. The fair value is measured using quoted prices and observable inputs from similar liabilities (Level 2). At March 31, 2016 and December 31, 2015 , our cash flow hedge of interest rate risk included in accrued expenses and accounts payable was measured using quoted prices and observable inputs from similar assets and liabilities (Level 2). We consider our own credit risk as well as the credit risk of our counterparties when evaluating the fair value of our derivative. The fair values of our notes receivable approximate their carrying or contract values. We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions, as discussed in Note 4 to the Consolidated Financial Statements.
Deferred Financing Costs, net	Deferred Financing Costs, net Deferred financing costs, net include fees and costs incurred to obtain long-term financing. The costs are being amortized over the terms of the respective loans on a basis that approximates level yield. Unamortized deferred financing fees are written-off when debt is retired before the maturity date. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with Codification Sub-Topic Modifications and Extinguishments (“FASB ASC 470-50-40”).
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ("ASU 2016-02") Leases . ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We are currently evaluating the potential impact this standard may have on our consolidated financial statements and related disclosures. In May 2014, the FASB issued ("ASU 2014-09") Revenue from Contracts with Customers , which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of ASU 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09 does not apply to lease contracts accounted for under ASC 840, Leases. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. On July 9, 2015, the FASB deferred the effective date by one year for annual reporting periods beginning after December 15, 2017. The FASB will permit early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently in the process of evaluating the impact that adoption of the standard will have on our consolidated financial statements and related disclosures.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	The following table sets forth the computation of the basic and diluted earnings per Common Share for the quarters ended March 31, 2016 and 2015 (amounts in thousands, except per share data): Quarters Ended March 31, 2016 2015 Numerators: Net Income Available for Common Stockholders: Net income available for Common Stockholders – basic $ 50,583 $ 27,185 Amounts allocated to dilutive securities 4,310 2,331 Net income available for Common Stockholders – fully diluted $ 54,893 $ 29,516 Denominator: Weighted average Common Shares outstanding – basic 84,321 83,961 Effect of dilutive securities: Redemption of Common OP Units for Common Stockholders 7,208 7,225 Stock options and restricted shares 512 591 Weighted average Common Shares outstanding – fully diluted 92,041 91,777 Earnings per Common Share – Basic: Net income available for Common Stockholders $ 0.60 $ 0.32 Earnings per Common Share – Fully Diluted: Net income available for Common Stockholders $ 0.60 $ 0.32

Investment in Real Estate Sched

Investment in Real Estate Schedule of Identified Assets Acquired and Liabilities Assumed (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the quarter ended March 31, 2016 and the year ended December 31, 2015 , which we determined using Level-2, for mortgage notes payable and other liabilities, and Level-3 inputs (amounts in thousands): Quarter Ended Year Ended March 31, December 31, Assets acquired Land $ 3,866 $ 8,985 Buildings and other depreciable property 3,012 13,948 Manufactured homes 22 345 In-place leases 475 622 Net investment in real estate 7,375 23,900 Other assets 20 53 Total Assets acquired $ 7,395 $ 23,953 Liabilities assumed Other liabilities $ 8 $ 266 Total Liabilities assumed $ 8 $ 266 Net assets acquired $ 7,387 $ 23,687

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The following table summarizes our investment in unconsolidated joint ventures as of March 31, 2016 and December 31, 2015 (investment amounts in thousands with the number of Properties shown parenthetically): Investment as of JV Income for the Quarters Ended Investment Location Number of Sites Economic (a) March 31, December 31, March 31, March 31, Meadows Various (2,2) 1,077 50 % $ 207 $ 162 $ 246 $ 273 Lakeshore Florida (2,2) 342 65 % 61 46 83 96 Voyager Arizona (1,1) 1,706 50 % (b) 7,347 7,166 539 452 ECHO JV Various — 50 % 15,379 10,367 13 63 3,125 $ 22,994 $ 17,741 $ 881 $ 884 _____________________ (a) The percentages shown approximate our economic interest as of March 31, 2016 . Our legal ownership interest may differ. (b) Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility plant servicing the Property.

Derivative Instruments and He25

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below presents the fair value of our derivative financial instrument as well as our classification on our Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 (amounts in thousands): Derivatives in Cash Flow Hedging Relationship Balance Sheet Location March 31, December 31, Interest Rate Swap Accrued expenses and accounts payable $ 1,161 $ 553
Derivative Instruments, Gain (Loss)	The tables below present the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income for the quarters ended March 31, 2016 and 2015 (amounts in thousands): Derivatives in Cash Flow Hedging Relationship Amount of loss recognized Location of loss reclassified from accumulated OCI into income Amount of loss reclassified from accumulated OCI into income (effective portion) March 31, March 31, March 31, March 31, Interest Rate Swap $ 919 $ 1,292 Interest Expense $ 311 $ 435

Deferred Revenue-Right-to-use26

Deferred Revenue-Right-to-use contracts and Deferred commission expense (Tables)	3 Months Ended
	Mar. 31, 2016
Deferred Revenue Disclosure [Abstract]
Deferred Revenue, by Arrangement, Disclosure	As of March 31, 2016 and 2015 , the components of the change in deferred revenue-entry of right-to-use contracts and deferred commission expense are as follows (amounts in thousands): Quarters ended 2016 2015 Deferred revenue–upfront payments from right-to-use contracts, as of January 1, $ 78,405 $ 74,174 Right-to-use contracts current period, gross 2,532 2,797 Revenue recognized from right-to-use contract upfront payments (2,230 ) (2,024 ) Right-to-use contract upfront payments, deferred, net 302 773 Deferred revenue–upfront payments from right-to-use contracts, as of March 31, $ 78,707 $ 74,947 Deferred commission expense, as of January 1, $ 30,865 $ 28,589 Deferred commission expense 895 1,142 Commission expense recognized (1,002 ) (829 ) Net (decrease) increase in deferred commission expense (107 ) 313 Deferred commission expense, as of March 31, $ 30,758 $ 28,902

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables summarize our segment financial information for the quarters ended March 31, 2016 and 2015 (amounts in thousands): Quarter Ended March 31, 2016 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 204,726 $ 12,038 $ 216,764 Operations expenses (90,512 ) (10,640 ) (101,152 ) Income from segment operations 114,214 1,398 115,612 Interest income 718 918 1,636 Depreciation on real estate assets and rental homes (25,965 ) (2,691 ) (28,656 ) Amortization of in-place leases (335 ) — (335 ) Income (loss) from operations $ 88,632 $ (375 ) 88,257 Reconciliation to Consolidated net income: Corporate interest income 24 Income from other investments, net 1,723 General and administrative (7,407 ) Property rights initiatives and other (654 ) Interest and related amortization (25,634 ) Equity in income of unconsolidated joint ventures 881 Consolidated net income $ 57,190 Total assets $ 3,176,748 $ 238,377 $ 3,415,125 Capital improvements $ 9,783 $ 12,712 $ 22,495 Quarter Ended March 31, 2015 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 194,689 $ 10,786 $ 205,475 Operations expenses (87,280 ) (9,198 ) (96,478 ) Income from segment operations 107,409 1,588 108,997 Interest income 709 1,089 1,798 Depreciation on real estate assets and rental homes (25,356 ) (2,760 ) (28,116 ) Amortization of in-place leases (665 ) — (665 ) Income (loss) from operations $ 82,097 $ (83 ) 82,014 Reconciliation to Consolidated net income: Corporate interest income 22 Income from other investments, net 1,119 General and administrative (7,406 ) Property rights initiatives and other (553 ) Early Debt Retirement (16,991 ) Interest and related amortization (27,276 ) Equity in income of unconsolidated joint ventures 884 Consolidated net income $ 31,813 Total assets $ 3,186,088 $ 261,697 $ 3,447,785 Capital improvements $ 8,887 $ 7,373 $ 16,260
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2016 and 2015 (amounts in thousands): Quarters Ended March 31, March 31, Revenues: Community base rental income $ 114,076 $ 109,270 Resort base rental income 55,434 51,645 Right-to-use annual payments 11,054 10,981 Right-to-use contracts current period, gross 2,532 2,797 Right-to-use contract upfront payments, deferred, net (302 ) (773 ) Utility and other income 20,793 19,082 Ancillary services revenues, net 1,139 1,687 Total property operations revenues 204,726 194,689 Expenses: Property operating and maintenance 62,954 61,117 Real estate taxes 13,198 12,594 Sales and marketing, gross 2,493 2,522 Right-to-use contract commissions, deferred, net 104 (243 ) Property management 11,763 11,290 Total property operations expenses 90,512 87,280 Income from property operations segment $ 114,214 $ 107,409 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2016 and 2015 (amounts in thousands): Quarters Ended March 31, March 31, Revenues: Gross revenue from home sales $ 8,214 $ 6,937 Brokered resale revenues, net 279 295 Rental home income (a) 3,545 3,554 Total revenues 12,038 10,786 Expenses: Cost of home sales 8,281 6,724 Home selling expenses 834 805 Rental home operating and maintenance 1,525 1,669 Total expenses 10,640 9,198 Income from home sales and rentals operations segment $ 1,398 $ 1,588 ______________________ (a) Segment information does not include Site rental income included in Community base rental income.

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Intangible assets and goodwill	$ 12,100		$ 12,100
Intangible assets	4,300		4,300
Goodwill	7,800		7,800
Accumulated amortization of identified intangible assets	2,600		2,600
Amortization of in-place leases	335	$ 665
Cash and cash equivalents, restricted cash	5,000		5,000
Debt, secured and unsecured	2,100,000		2,100,000
Accumulated amortization for deferred financing costs	34,700		33,700
Fair Value, Inputs, Level 2
Significant Accounting Policies [Line Items]
Mortgage notes payable fair value	2,200,000		$ 2,200,000
Identified Intangible Assets
Significant Accounting Policies [Line Items]
Amortization of in-place leases	$ 100	$ 100
Primary Beneficiary
Significant Accounting Policies [Line Items]
Ownership percentage	92.00%

Earnings Per Common Share Calcu

Earnings Per Common Share Calculation of numerator and denominator in eps table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerators:
Net income available for Common Stockholders	$ 50,583	$ 27,185
Amounts allocated to dilutive securities	4,310	2,331
Net income available for Common Stockholders – fully diluted	$ 54,893	$ 29,516
Denominator:
Weighted average Common Shares outstanding – basic (shares)	84,321	83,961
Effect of dilutive securities:
Redemption of Common OP Units for Common Shares (shares)	7,208	7,225
Stock options and restricted shares (shares)	512	591
Weighted average Common Shares outstanding – fully diluted (shares)	92,041	91,777
Earnings per Common Share – Basic:
Net income available for Common Shares (usd per share)	$ 0.60	$ 0.32
Earnings per Common Share – Fully Diluted:
Net income available for Common Shares (usd per share)	$ 0.60	$ 0.32

Common Stock and Other Equity30

Common Stock and Other Equity Related Transactions - Additional Information (Detail) - $ / shares	Apr. 08, 2016	Mar. 31, 2016
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends paid (usd per share)		$ 0.421875
Subsequent Event [Member]
Class of Stock [Line Items]
Common Stock dividends paid (usd per share)	$ 0.425

Investment in Real Estate - Add

Investment in Real Estate - Additional Information (Detail) $ in Millions	Jan. 27, 2016USD ($)site	Dec. 31, 2015USD ($)Propertysite
Whispering Pines and Miami Everglades [Member]
Real Estate Properties [Line Items]
Number of properties acquired | Property		2
Whispering Pines and Miami Everglades [Member] | R V Resort
Real Estate Properties [Line Items]
Number of acquired sites		581
Bogue Pines [Member] | Manufactured homes
Real Estate Properties [Line Items]
Number of acquired sites		150
Bogue&Whispering Pines and Miami Everglades [Member] [Member]
Real Estate Properties [Line Items]
Purchase price | $		$ 23.9
Port Orange, Florida [Member] | Rose Bay [Member] | R V Resort
Real Estate Properties [Line Items]
Purchase price | $	$ 7.4
Number of acquired sites	303

Investment in Real Estate- Real

Investment in Real Estate- Real Estate Acquired (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Assets acquired	$ 7,375	$ 23,900
Other assets	20	53
Total Assets acquired	7,395	23,953
Other liabilities	8	266
Total Liabilities assumed	8	266
Net assets acquired	7,387	23,687
Land
Business Acquisition [Line Items]
Assets acquired	3,866	8,985
Buildings and other depreciable property
Business Acquisition [Line Items]
Assets acquired	3,012	13,948
Manufactured homes
Business Acquisition [Line Items]
Assets acquired	22	345
In-place leases
Business Acquisition [Line Items]
Assets acquired	$ 475	$ 622

Investment in Unconsolidated 33

Investment in Unconsolidated Joint Ventures - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)site	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated joint ventures	$ 881	$ 884
Adjustment depreciation	300	200
Distributions, including those in excess of basis	600	400
Investment in unconsolidated joint ventures	$ 5,000	4,000
Number of Sites | site	3,125
Investments	$ 22,994		$ 17,741
ECHO Financing
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	5,000
Other Regions | Meadows Investments
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated joint ventures	$ 246	273
Number of Sites | site	1,077
Ownership percentage ( in percentage)	50.00%
Investments	$ 207		162
Other Regions | ECHO Financing
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated joint ventures	13	63
Investment in unconsolidated joint ventures	$ 15,400
Number of Sites | site	0
Ownership percentage ( in percentage)	50.00%
Investments	$ 15,379		10,367
Florida | Lakeshore Investments
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated joint ventures	$ 83	96
Number of Sites | site	342
Ownership percentage ( in percentage)	65.00%
Investments	$ 61		46
Arizona | Voyager Investments
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated joint ventures	$ 539	$ 452
Number of Sites | site	1,706
Ownership percentage ( in percentage)	50.00%
Investments	$ 7,347		$ 7,166
Recreational Vehicle Resort | Voyager Investments
Schedule of Equity Method Investments [Line Items]
Ownership percentage ( in percentage)	50.00%
Servicing Assets | Voyager Investments
Schedule of Equity Method Investments [Line Items]
Ownership percentage ( in percentage)	33.00%

Notes Receivable - Additional I

Notes Receivable - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 16.8	$ 17.6
Contract receivables	$ 17.3	17.8
Chattel Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, stated interest yield per annum	7.80%
Notes receivable yield rate	20.50%
Weighted average remaining amortization period	11 years
Notes receivable, allowance		0.3
Contract Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average remaining amortization period	4 years
Provision for uncollectible receivable	$ 0.7	$ 0.7
Contracts Receivable, yield interest at a stated per annum average	16.50%

Borrowing Arrangements - Additi

Borrowing Arrangements - Additional Information (Detail)	3 Months Ended		12 Months Ended	15 Months Ended
	Mar. 31, 2016USD ($)PropertyloanRate	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)Property	Mar. 31, 2016USD ($)PropertyRate
Debt Instrument [Line Items]
Deferred financing costs, net	$ 19,000,000		$ 19,700,000	$ 19,000,000
Mortgage notes payable	$ 1,907,074,000		$ 1,926,880,000	$ 1,907,074,000
Weighted average interest rate | Rate	4.90%			4.90%
Stated interest rate	5.48%			5.48%
Number of pledged properties | Property	126		127	126
Pledged assets, not separately reported	$ 2,200,000,000		$ 2,200,000,000	$ 2,200,000,000
New mortgage notes payable financing proceeds	0	$ 395,323,000
Unsecured debt	199,224,000		$ 199,172,000	199,224,000
Maximum borrowing capacity	400,000,000			400,000,000
Additional borrowing capacity	$ 100,000,000			$ 100,000,000
Debt instrument, term (in years)		1 year
Old Credit Facilities
Debt Instrument [Line Items]
Number of maturing mortgage loans repaid | loan	1
Debt repaid	$ 9,800,000
Minimum
Debt Instrument [Line Items]
Interest rate during period (in percentage) | Rate	1.20%
Line of credit facility, annual fees (in percentage)	0.20%
Maximum
Debt Instrument [Line Items]
Interest rate during period (in percentage) | Rate	1.65%
Line of credit facility, annual fees (in percentage)	0.35%
Secured Debt [Member] | Minimum
Debt Instrument [Line Items]
Stated interest rate	3.45%			3.45%
Secured Debt [Member] | Maximum
Debt Instrument [Line Items]
Stated interest rate	8.87%			8.87%
Line of Credit [Member] | Old Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate			5.58%
Loss on extinguishment of debt			$ 17,000,000
Debt repaid				$ 370,200,000
Line of Credit [Member] | New Credit Facilities [Member]
Debt Instrument [Line Items]
Weighted average interest rate			3.93%
Debt instrument maturity year			21 years
Number of pledged properties | Property			26
New mortgage notes payable financing proceeds			$ 395,300,000
Term Loans
Debt Instrument [Line Items]
Unsecured debt	$ 200,000,000			200,000,000
Maturity date	Jan. 10, 2020
Term Loans | Minimum
Debt Instrument [Line Items]
Variable rate in addition to LIBOR rate (in percentage) | Rate	1.35%
Term Loans | Maximum
Debt Instrument [Line Items]
Variable rate in addition to LIBOR rate (in percentage) | Rate	1.95%
Manufactured homes
Debt Instrument [Line Items]
Number of pledged properties towards loans repaid | Property	1
Adjustments for New Accounting Pronouncement | Mortgages Notes Payable
Debt Instrument [Line Items]
Deferred financing costs, net	$ 18,200,000		18,900,000	18,200,000
Adjustments for New Accounting Pronouncement | Term Loan
Debt Instrument [Line Items]
Deferred financing costs, net	800,000		800,000	800,000
Adjustments for New Accounting Pronouncement | Escrow Deposits, Goodwill and other Assets
Debt Instrument [Line Items]
Deferred financing costs, net	$ 3,400,000		$ 3,700,000	$ 3,400,000

Derivative Instruments and He36

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2014
Derivative [Line Items]
Gain reclassified from accumulated OCI into income, net	$ 1
2014 Swap | Term Loans
Derivative [Line Items]
Fixed interest rate (in percentage)		1.04%
Maturity years (in years)		3 years
Maturity date		Aug. 1, 2017
Basis spread on variable rate (in percentage)	1.35%
Interest rate at period end (in percentage)	2.39%

Derivative Instruments and He37

Derivative Instruments and Hedging Activities-Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Derivative [Line Items]
Amount of loss recognized in OCI on derivative (effective portion)	$ 919	$ 1,292
Accrued expenses and accounts payable
Derivative [Line Items]
Interest rate derivative at fair value	1,161		$ 553
Cash Flow Hedging | Interest Expense | Interest Rate Swap
Derivative [Line Items]
Amount of loss reclassified from accumulated OCI into income (effective portion)	$ 311	$ 435

Deferred Revenue-Right-to-use38

Deferred Revenue-Right-to-use contracts and Deferred commission expense - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Movement in Deferred Revenue [Roll Forward]
Deferred revenue - right-to-use contracts, beginning balance	$ 78,405	$ 74,174
Right-to-use contracts current period, gross	2,532	2,797
Revenue recognized from right-to-use contract upfront payments	(2,230)	(2,024)
Right-to-use contract upfront payments, deferred, net	302	773
Deferred revenue - right-to-use contracts, ending balance	78,707	74,947
Movement in Deferred Costs [Roll Forward]
Deferred commission expense, beginning balance	30,865	28,589
Deferred commission expense	895	1,142
Commission expense recognized	(1,002)	(829)
Net (decrease) increase in deferred commission expense	(107)	313
Deferred commission expense, ending balance	$ 30,758	$ 28,902

Equity Incentive Awards - Addit

Equity Incentive Awards - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2016	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		$ 1,914	$ 1,716
Term of award ( in years)		10 years
Number of shares available for grant (in shares)		3,286,537
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights	One-third
Restricted Stock | Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, grants in period (in shares)	73,000
Fair value of shares issued	$ 4,900
Equity instruments other than options vesting date	Dec. 31, 2016
Restricted Stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, grants in period (in shares)	45,784
Fair value of shares issued	$ 3,100
Restricted Stock | Director | Phase One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options vesting date	Dec. 31, 2016
Restricted Stock | Director | Phase Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options vesting date	Dec. 31, 2017
Restricted Stock | Director | Phase Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options vesting date	Dec. 31, 2018
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance		3,750,000
Vesting on December 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting arrangement (in percentage)		33.33%
Vesting on December 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting arrangement (in percentage)		33.33%
Vesting on December 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting arrangement (in percentage)		33.33%

Long-Term Cash Incentive Plan -

Long-Term Cash Incentive Plan - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Performance period	3 years
Long term incentive plan compensation	$ (4,314)	$ 360
Long Term Incentive Plan 2016
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Estimated payments for employee long term incentive plan	5,600
Long term incentive plan compensation	$ 466

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Apr. 15, 2014USD ($)	Sep. 26, 2013	Dec. 14, 2011USD ($)	Dec. 31, 2010USD ($)claimplaintiff	Dec. 04, 2014USD ($)
City of Santee
Loss Contingencies [Line Items]
One-time rent increase		2.50%
Annual rent increase, percentage of CPI		100.00%
Rent increase upon turnover of site		10.00%
Annual rent increase, percentage of CPI, prior to settlement		70.00%
Colony Park
Loss Contingencies [Line Items]
Loss contingency damages sought by plaintiff				$ 6,800
Number of claims settled | claim				6
Number of plaintiffs | plaintiff				72
Number of dismissed claims | plaintiff				66
Number of claims dismissed and not appealed | plaintiff				3
Colony Park | Maximum
Loss Contingencies [Line Items]
Jury imposed compensatory damages				$ 44
Colony Park | Attorney Fees
Loss Contingencies [Line Items]
Compensatory damages sought			$ 2,000
Compensatory Damages
Loss Contingencies [Line Items]
Damages awarded	$ 15,300
Damages sought but overturned					$ 15,300
Punitive Damages
Loss Contingencies [Line Items]
Damages awarded	$ 95,800
Damages sought but overturned					$ 95,800

Reportable Segments - Additiona

Reportable Segments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016integer
Segment Reporting [Abstract]
Number of reportable segments	2

Reportable Segments- Consolidat

Reportable Segments- Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Operations revenues	$ 216,764	$ 205,475
Operations expenses	(101,152)	(96,478)
Income from segment operations	115,612	108,997
Interest income	1,636	1,798
Depreciation on real estate assets and rental homes	(28,656)	(28,116)
Amortization of in-place leases	(335)	(665)
Income (loss) from operations	88,257	82,014
Reconciliation to Consolidated net income:
Corporate interest income	24	22
Income from other investments, net	1,723	1,119
General and administrative	(7,407)	(7,406)
Property rights initiatives and other	(654)	(553)
Early Debt Retirement	0	(16,991)
Interest and related amortization	(25,634)	(27,276)
Equity in income of unconsolidated joint ventures	881	884
Consolidated net income	57,190	31,813
Total assets	3,415,125	3,447,785	$ 3,400,400
Capital improvements	22,495	16,260
Operating Segments | Property Operations
Segment Reporting Information [Line Items]
Operations revenues	204,726	194,689
Operations expenses	(90,512)	(87,280)
Income from segment operations	114,214	107,409
Interest income	718	709
Depreciation on real estate assets and rental homes	(25,965)	(25,356)
Amortization of in-place leases	(335)	(665)
Income (loss) from operations	88,632	82,097
Reconciliation to Consolidated net income:
Total assets	3,176,748	3,186,088
Capital improvements	9,783	8,887
Operating Segments | Home Sales and Rentals Operations
Segment Reporting Information [Line Items]
Operations revenues	12,038	10,786
Operations expenses	(10,640)	(9,198)
Income from segment operations	1,398	1,588
Interest income	918	1,089
Depreciation on real estate assets and rental homes	(2,691)	(2,760)
Amortization of in-place leases	0	0
Income (loss) from operations	(375)	(83)
Reconciliation to Consolidated net income:
Total assets	238,377	261,697
Capital improvements	$ 12,712	$ 7,373

Reportable Segments- Income fro

Reportable Segments- Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Community base rental income	$ 114,076	$ 109,270
Resort base rental income	55,434	51,645
Right-to-use annual payments	11,054	10,981
Right-to-use contracts current period, gross	2,532	2,797
Right-to-use contract upfront payments, deferred, net	(302)	(773)
Utility and other income	20,793	19,082
Gross revenue from home sales	8,214	6,937
Brokered resale revenues and ancillary services revenues, net	1,418	1,982
Rental home income	3,545	3,554
Total revenues	220,147	208,414
Expenses:
Property operating and maintenance	62,954	61,117
Real estate taxes	13,198	12,594
Sales and marketing, gross	2,493	2,522
Right-to-use contract commissions, deferred, net	104	(243)
Property management	11,763	11,290
Cost of home sales	8,281	6,724
Home selling expenses	834	805
Rental home operating and maintenance	1,525	1,669
Total expenses	163,838	177,485
Income from property operations segment	56,309	30,929
Property Operations
Revenues:
Community base rental income	114,076	109,270
Resort base rental income	55,434	51,645
Right-to-use annual payments	11,054	10,981
Right-to-use contracts current period, gross	2,532	2,797
Right-to-use contract upfront payments, deferred, net	(302)	(773)
Utility and other income	20,793	19,082
Ancillary services revenues, net	1,139	1,687
Total revenues	204,726	194,689
Expenses:
Property operating and maintenance	62,954	61,117
Real estate taxes	13,198	12,594
Sales and marketing, gross	2,493	2,522
Right-to-use contract commissions, deferred, net	104	(243)
Property management	11,763	11,290
Total expenses	90,512	87,280
Income from property operations segment	114,214	107,409
Home Sales and Rentals Operations
Revenues:
Gross revenue from home sales	8,214	6,937
Brokered resale revenues and ancillary services revenues, net	279	295
Rental home income	3,545	3,554
Total revenues	12,038	10,786
Expenses:
Cost of home sales	8,281	6,724
Home selling expenses	834	805
Rental home operating and maintenance	1,525	1,669
Total expenses	10,640	9,198
Income from property operations segment	$ 1,398	$ 1,588