Equity LifeStyle Properties (ELS) 10-Q 26 Jul 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 24, 2017
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		87,005,128

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Investment in real estate:
Land	$ 1,167,510	$ 1,163,987
Land improvements	2,922,201	2,893,759
Buildings and other depreciable property	641,931	627,590
Investment in real estate	4,731,642	4,685,336
Accumulated depreciation	(1,459,931)	(1,399,531)
Net investment in real estate	3,271,711	3,285,805
Cash	67,740	56,340
Notes receivable, net	48,253	34,520
Investment in unconsolidated joint ventures	21,766	19,369
Deferred commission expense	31,453	31,375
Escrow deposits, goodwill, and other assets, net	44,435	51,578
Total Assets	3,485,358	3,478,987
Liabilities:
Mortgage notes payable, net	1,855,028	1,891,900
Term loan	199,483	199,379
Unsecured lines of credit	0	0
Accrued expenses and accounts payable	93,451	89,864
Deferred revenue – upfront payments from right-to-use contracts	83,580	81,484
Deferred revenue – right-to-use annual payments	12,559	9,817
Accrued interest payable	8,044	8,379
Rents and other customer payments received in advance and security deposits	88,543	76,906
Distributions payable	45,259	39,411
Total Liabilities	2,385,947	2,397,140
Stockholders’ Equity:
Preferred stock value	0	0
Common stock, $0.01 par value	868	854
Paid-in capital	1,121,307	1,103,048
Distributions in excess of accumulated earnings	(219,641)	(231,276)
Accumulated other comprehensive loss/(income)	30	(227)
Total Stockholders’ Equity	1,038,708	1,008,543
Non-controlling interests – Common OP Units	60,703	73,304
Total Equity	1,099,411	1,081,847
Total Liabilities and Equity	3,485,358	3,478,987
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	Jun. 30, 2017	Dec. 31, 2016
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	87,004,507	85,529,386
Common Stock, Shares, Outstanding	87,004,507	85,529,386
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

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Community base rental income	$ 121,964	$ 115,385	$ 242,656	$ 229,461
Rental home income	3,632	3,543	7,237	7,088
Resort base rental income	50,055	44,732	111,123	100,166
Right-to-use annual payments	11,350	11,187	22,602	22,241
Right-to-use contracts current period, gross	3,798	3,086	7,004	5,618
Right-to-use contract upfront payments, deferred, net	(1,321)	(798)	(2,096)	(1,100)
Utility and other income	20,650	19,523	42,776	40,316
Gross revenues from home sales	7,833	9,130	14,860	17,344
Brokered resale revenues and ancillary services revenues, net	444	398	2,105	1,816
Interest income	1,798	1,625	3,568	3,285
Income from other investments, net	1,109	2,270	1,866	3,993
Total revenues	221,312	210,081	453,701	430,228
Expenses:
Property operating and maintenance	72,901	66,647	140,955	129,601
Rental home operating and maintenance	1,657	1,581	3,208	3,106
Real estate taxes	13,943	12,869	27,980	26,067
Sales and marketing, gross	2,894	2,931	5,584	5,424
Right-to-use contract commissions, deferred, net	(112)	(116)	(196)	(12)
Property management	13,023	12,044	25,583	23,807
Depreciation on real estate assets and rental homes	30,247	29,029	60,357	57,684
Amortization of in-place leases	958	428	1,990	763
Cost of home sales	7,895	9,481	15,014	17,762
Home selling expenses	929	805	1,854	1,639
General and administrative	8,461	8,255	15,834	15,663
Property rights initiatives and other, net	271	527	490	1,181
Interest and related amortization	24,822	25,561	49,701	51,195
Total expenses	177,889	170,042	348,354	333,880
Income before equity in income of unconsolidated joint ventures	43,423	40,039	105,347	96,348
Equity in income of unconsolidated joint ventures	1,040	765	2,190	1,646
Consolidated net income	44,463	40,804	107,537	97,994
Income allocated to non-controlling interests – Common OP Units	(2,649)	(2,998)	(6,539)	(7,308)
Net income available for Common Stockholders	39,498	35,490	96,385	86,073
Other comprehensive income (loss) (“OCI”):
Adjustment for fair market value of swap	30	(36)	257	(644)
Consolidated comprehensive income	44,493	40,768	107,794	97,350
Comprehensive income attributable to Common Stockholders	$ 39,526	$ 35,457	$ 96,626	$ 85,480
Earnings per Common Share – Basic:
Net income available for Common Shares (usd per share)	$ 0.46	$ 0.42	$ 1.12	$ 1.02
Earnings per Common Share - Fully Diluted:
Net income available for Common Shares (usd per share)	0.45	0.42	1.11	1.01
Distributions declared per Common Share outstanding (usd per share)	$ 0.4875	$ 0.425	$ 0.975	$ 0.85
Weighted average Common Shares outstanding – basic (shares)	86,763	84,516	86,408	84,419
Weighted average Common Shares outstanding – fully diluted (shares)	93,063	92,264	93,041	92,163
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Expenses:
Series C Redeemable Perpetual Preferred Stock Dividends	$ (2,316)	$ (2,316)	$ (4,613)	$ (4,613)
Non- controlling interests – Common OP Units
Other comprehensive income (loss) (“OCI”):
Comprehensive income allocated to non-controlling interests – Common OP Units	$ (2,651)	$ (2,995)	$ (6,555)	$ (7,257)

Consolidated Statement of Chang

Consolidated Statement of Changes In Equity (Unaudited) - 6 months ended Jun. 30, 2017 - 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/(Income)
Balance at Dec. 31, 2016	$ 1,081,847	$ 854	$ 1,103,048	$ 136,144	$ (231,276)	$ 73,304	$ (227)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Common OP Units to Common Stock		14	16,423			(16,437)
Issuance of Common Stock through employee stock purchase plan	764		764
Compensation expenses related to restricted stock	4,257		4,257
Adjustment for Common OP Unitholders in the Operating Partnership	0		(3,037)			3,037
Adjustment for fair market value of swap	257						257
Net income	107,537			4,613	96,385	6,539
Distributions	(95,103)			(4,613)	(84,750)	(5,740)
Other	(148)		(148)		0
Balance at Jun. 30, 2017	$ 1,099,411	$ 868	$ 1,121,307	$ 136,144	$ (219,641)	$ 60,703	$ 30

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows From Operating Activities:
Consolidated net income	$ 107,537	$ 97,994
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation	60,960	58,242
Amortization of in-place leases	1,990	763
Amortization of loan costs	1,788	1,876
Debt premium amortization	(1,166)	(1,730)
Equity in income of unconsolidated joint ventures	(2,190)	(1,646)
Distributions of income from unconsolidated joint ventures	1,800	1,041
Stock-based compensation	4,257	4,393
Revenue recognized from right-to-use contract upfront payments	(4,908)	(4,518)
Commission expense recognized related to right-to-use contracts	2,202	2,019
Long term incentive plan compensation	674	(3,852)
Recovery for uncollectible rents receivable	214	(679)
Changes in assets and liabilities:
Notes receivable activity, net	(282)	361
Deferred commission expense	(2,280)	(2,238)
Escrow deposits, goodwill and other assets	21,814	13,137
Accrued expenses and accounts payable	316	2,453
Deferred revenue – upfront payments from right-to-use contracts	7,004	5,618
Deferred revenue – right-to-use annual payments	2,742	3,139
Rents received in advance and security deposits	11,630	10,434
Net cash provided by operating activities	214,102	186,807
Cash Flows From Investing Activities:
Real estate acquisition	(2,053)	(76,203)
Investment in unconsolidated joint ventures	(2,267)	(5,000)
Repayments of notes receivable	5,054	5,176
Issuance of notes receivable	(18,696)	(4,356)
Capital improvements	(53,464)	(55,707)
Net cash used in investing activities	(71,426)	(136,090)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	764	5,331
Share based award tax withholding	0	(98)
Gross proceeds from sale of Common Stock	0	50,000
Distributions:
Common Stockholders	(78,699)	(67,565)
Common OP Unitholders	(5,942)	(5,766)
Preferred Stockholders	(4,613)	(4,613)
Principal payments and mortgage debt payoff	(42,637)	(32,564)
Debt issuance and defeasance costs	0	(5)
Other	(149)	(824)
Net cash used in financing activities	(131,276)	(56,104)
Net increase (decrease) in cash	11,400	(5,387)
Cash, beginning of period	56,340	80,258
Cash, end of period	67,740	74,871
Supplemental Information:
Cash paid during the period for interest	51,135	53,121
Capital improvements – used homes acquired by repossessions	192	445
Net repayments of notes receivable – used homes acquired by repossessions	(192)	(445)
Building and other depreciable property – reclassification of rental homes	15,322	15,986
Escrow deposits and other assets – reclassification of rental homes	(15,322)	(15,986)
Real estate acquisitions:
Investment in real estate, fair value	(7,985)	(100,148)
Escrow deposits and other assets	0	(20)
Debt assumed	5,900	22,010
Accrued expenses and accounts payable	32	1,955
Real estate acquisitions, net	$ (2,053)	$ (76,203)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation 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 (“2016 Form 10-K”) for the year ended December 31, 2016 . 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 note disclosures required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements and should be read in conjunction with the financial statements and notes thereto included in the 2016 Form 10-K. The following notes to the Consolidated Financial Statements highlight significant changes to the notes included in the 2016 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 and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Basis of Presentation 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 (“2016 Form 10-K”) for the year ended December 31, 2016 . 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 note disclosures required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements and should be read in conjunction with the financial statements and notes thereto included in the 2016 Form 10-K. The following notes to the Consolidated Financial Statements highlight significant changes to the notes included in the 2016 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 and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. Note 2 – Summary of Significant Accounting Policies (a) Consolidation We consolidate our majority-owned Subsidiaries in which we have the ability to control the operations and all variable interest entities with respect to which we are the primary beneficiary. We also consolidate entities in which we have a direct or indirect controlling or voting interest. 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. The adoption of this standard did not result in any changes to our accounting of interests in less than wholly-owned joint ventures; however, the Operating Partnership now meets the criteria as a VIE. We concluded that the Operating Partnership is a VIE because we are the general partner and controlling owner of approximately 93.7% of the Operating Partnership and the limited partners do not have substantive kick-out or participating rights. Our sole significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. The Company has the power to direct the VIE's activities and the obligation to absorb its losses or the right to receive its benefits, which are significant to the VIE. Accordingly, we are the primary beneficiary and we will continue to consolidate the Operating Partnership under this new guidance. We apply the equity method of accounting to entities in which we do not have a direct or indirect controlling interest or for variable interest entities where we are not considered the primary beneficiary, but can exercise influence over the entity with respect to its operations and major decisions. (b) Identified Intangibles and Goodwill As of both June 30, 2017 and December 31, 2016 , the gross carrying amount of identified intangible assets and goodwill, a component of escrow deposits, goodwill and other assets, net on our consolidated balance sheets, was approximately $12.1 million . As of both June 30, 2017 and December 31, 2016 , 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 $2.9 million and $2.8 million as of June 30, 2017 and December 31, 2016 , respectively. As of both June 30, 2017 and December 31, 2016 , the gross carrying amount of in-place lease intangible assets, a component of buildings and other depreciable property on our consolidated balance sheets, was approximately $76.7 million . Accumulated amortization of in-place lease intangible assets was approximately $75.9 million and $74.0 million as of June 30, 2017 and December 31, 2016 , respectively. (c) Restricted Cash Cash as of both June 30, 2017 and December 31, 2016 included approximately $5.3 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 $17.8 million and $18.9 million , respectively, had an aggregate carrying value of approximately $2,072.3 million and $2,110.2 million as of June 30, 2017 and December 31, 2016 , respectively, and a fair value of approximately $2,106.4 million and $2,081.2 million as of June 30, 2017 and December 31, 2016 , respectively. The fair value was measured using quoted prices and observable inputs from similar liabilities (Level 2). At June 30, 2017 and December 31, 2016 , 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. (e) New Accounting Pronouncements In January 2017, the FASB issued ("ASU 2017-01") Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective for annual reporting beginning after December 15, 2017. We are currently in the process of evaluating the potential impact that the adoption of this standard may have on our consolidated financial statements and related disclosures. In August 2016, the FASB issued (“ASU 2016-15”) Statement of Cash Flows (Topic 230) . ASU 2016-15 provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. ASU 2016-15 will be effective for annual reporting periods beginning after December 15, 2017. Early adoption is permitted. We are currently in the process of evaluating the potential impact, if any, that adoption of this standard may have on our consolidated financial statements and related disclosures. In June 2016, the FASB issued (“ASU 2016-13”) Financial Instruments - Credit Losses (Topic 326) . ASU 2016-13 requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. ASU 2016-13 will be effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are currently in the process of evaluating the potential impact, if any, that adoption of this standard may have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ("ASU 2016-02") Leases . 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 continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We are currently in the process of 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 along with related subsequent amendments will replace most existing revenue recognition guidance in 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. The new standard will be effective for the Company beginning on January 1, 2018. The standard permits the use of either the full retrospective or modified retrospective transition method. We expect to adopt ASU 2014-09 on January 1, 2018, using the modified retrospective transition method. We are evaluating the complete impact of the adoption to our consolidated financial results. Our primary source of revenue is generated through leasing arrangements, which are excluded from ASU 2014-09. We continue to evaluate and are in the process of quantifying the impact, if any, the adoption of ASU 2014-09 will have on our non-lease revenue streams, including right-to-use annual payments, right-to-use contracts, and utility and other income.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per Common Share for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands, except per share data): Quarters Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Numerator: Net Income Available for Common Stockholders: Net income available for Common Stockholders – basic $ 39,498 $ 35,490 $ 96,385 $ 86,073 Amounts allocated to dilutive securities 2,649 2,998 6,539 7,308 Net income available for Common Stockholders – fully diluted $ 42,147 $ 38,488 $ 102,924 $ 93,381 Denominator: Weighted average Common Shares outstanding – basic 86,763 84,516 86,408 84,419 Effect of dilutive securities: Conversion of Common OP Units to Common Shares 5,886 7,205 6,235 7,206 Stock options and restricted shares 414 543 398 538 Weighted average Common Shares outstanding – fully diluted 93,063 92,264 93,041 92,163 Earnings per Common Share – Basic: Net income available for Common Stockholders $ 0.46 $ 0.42 $ 1.12 $ 1.02 Earnings per Common Share – Fully Diluted: Net income available for Common Stockholders $ 0.45 $ 0.42 $ 1.11 $ 1.01

Common Stock and Other Equity R

Common Stock and Other Equity Related Transactions	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Common Stock and Other Equity Related Transactions	Common Stock and Other Equity Related Transactions Dividends The following quarterly distributions have been declared on our depositary shares (each representing 1/100 of a share of our Series C Preferred Stock) and paid to our preferred stockholders for the six months ended June 30, 2017 . Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $ 0.421875 March 31, 2017 March 10, 2017 March 31, 2017 $ 0.421875 June 30, 2017 June 15, 2017 June 30, 2017 The following quarterly distributions have been declared and paid to common stockholders and common OP Unit non-controlling holders for the six months ended June 30, 2017 . Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $ 0.4875 March 31, 2017 March 31, 2017 April 14, 2017 $ 0.4875 June 30, 2017 June 30, 2017 July 14, 2017 Conversions Subject to certain limitations, holders of Common Operating Partnership units ("OP units") can convert their units to Common Stock at any time. During the six months ended June 30, 2017 , 1,334,747 OP units were converted to an equal number of shares of Common Stock.

Real Estate Acquisitions

Real Estate Acquisitions	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Real Estate Acquisitions	Real Estate Acquisitions On May 10, 2017, we completed the acquisition of Paradise Park Largo, a 108 -site manufactured home community located in Largo, Florida. The purchase price of approximately $8.0 million was funded with available cash and an assumed loan. The $5.9 million loan has an interest rate of 4.6% that matures in 2040.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures On June 15, 2017, we entered into a joint venture agreement to purchase Crosswinds Mobile Home Park, a 376 -site manufactured home community located in St. Petersburg, Florida. The purchase price of the Property was $18.4 million . We contributed $2.2 million for a 49% equity interest in the joint venture. The joint venture is accounted for under the equity method of accounting. As part of the transaction, we issued a short term loan of $13.8 million to the joint venture. The loan bears interest at 5% per annum, can be repaid with no penalty prior to maturity and matures on December 12, 2017. The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of June 30, 2017 and December 31, 2016 ): Investment as of Joint Venture Income/(Loss) for the Six Months Ended Investment Location Number of Sites Economic (a) June 30, December 31, June 30, June 30, Meadows Various (2,2) 1,077 50 % $ 240 $ 510 $ 1,130 $ 577 Lakeshore Florida (3,2) 720 (b) 2,321 56 147 160 Voyager Arizona (1,1) 1,801 50 % (c) 3,799 3,376 800 917 ECHO JV Various — 50 % 15,406 15,427 113 (8 ) 3,598 $ 21,766 $ 19,369 $ 2,190 $ 1,646 _____________________ (a) The percentages shown approximate our economic interest as of June 30, 2017 . Our legal ownership interest may differ. (b) Includes two joint ventures in which we own a 65% interest and Crosswinds joint venture in which we own a 49% interest. (c) Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility plant servicing the Property. We received approximately $1.8 million and $1.0 million in distributions from these joint ventures for the six months ended June 30, 2017 and 2016 , respectively. Approximately $0.3 million and $0.5 million of the distributions made to us exceeded our basis in joint ventures for the quarter and six months ended June 30, 2017 , and as such were recorded as income from unconsolidated joint ventures. None of the distributions made to us exceeded our basis in joint ventures for the quarter and six months ended June 30, 2016 .

Borrowing Arrangements

Borrowing Arrangements	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Borrowing Arrangements	Borrowing Arrangements Mortgage Notes Payable As of June 30, 2017 and December 31, 2016 , we had outstanding mortgage indebtedness of approximately $1,855.0 million and $1,891.9 million , respectively, net of deferred financing costs. In connection with the Paradise Park Largo acquisition during the quarter ended June 30, 2017, we assumed approximately $5.9 million of mortgage debt secured by the manufactured home community with an interest rate of 4.6% that matures in 2040. During the quarter ended March 31, 2017, we paid off one maturing mortgage loan of approximately $21.1 million , with a weighted average interest rate of 5.76% per annum, secured by one manufactured home Property. The weighted average interest rate, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, for the six months ended June 30, 2017 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 2017 to 2041 . The debt encumbered a total of 126 of our Properties as of both June 30, 2017 and December 31, 2016 , and the carrying value of such Properties was approximately $2,282.1 million and $2,296.6 million , as of June 30, 2017 and December 31, 2016 , respectively. As of June 30, 2017 , we are in compliance in all material respects with the covenants in our borrowing arrangements.

Equity Incentive Awards

Equity Incentive Awards	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Awards	Stock-based compensation expense, reported in general and administrative on the Consolidated Statements of Income and Comprehensive Income, for both of the quarters ended June 30, 2017 and 2016 was approximately $2.5 million and for the six months ended June 30, 2017 and 2016 was approximately $4.3 million and $4.4 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”), (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 were originally available for grant under the 2014 Plan. As of June 30, 2017 , 3,126,885 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. On May 2, 2017, we awarded to certain members of our Board of Directors, 55,238 shares of Restricted Stock at a fair market value of approximately $4.5 million and Options to purchase 6,930 shares of common stock with an exercise price of $81.15 per share. The shares of common stock covered by these awards are subject to multiple tranches that vest between November 2, 2017 and May 2, 2020. On February 1, 2017, we awarded 75,000 shares of Restricted Stock at a fair market value of approximately $5.4 million to certain members of our senior management for their service in 2017. These restricted stock grants will vest on December 31, 2017. The fair market value of our restricted stock grants was determined by using the closing share price of our common stock on the date the shares were issued and is recorded as compensation expense and paid in capital over the vesting period.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
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 District Court found the rent control ordinance unconstitutional, the United States Court of Appeals for the Ninth Circuit reversed the District 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. Settlement of California Lawsuits On January 18, 2017, we entered into agreements pursuant to which we agreed to settle three California lawsuits related to our California Hawaiian property in San Jose, our Monte del Lago property in Castroville and our Santiago Estates property in Sylmar. Each of the three plaintiff groups was represented by the same law firm and alleged that the Company failed to properly maintain the respective properties. The settlement agreements provided for $9.9 million to be paid to settle the California Hawaiian matter, $1.5 million to be paid to settle the Monte del Lago matter and $1.9 million to be paid to settle the Santiago Estates matter. As a result, a litigation settlement payable was recorded in Accrued expenses and accounts payable as of December 31, 2016. In addition, an insurance receivable was recorded in escrow deposits, goodwill and other assets, net as of December 31, 2016, resulting in a net settlement of approximately $2.4 million reflected as a component of property rights initiatives and other, net on the consolidated statement of income for the year ended December 31, 2016. During the quarter ended March 31, 2017, the settlements were finalized, the settlement payments were made and the insurance payments were received. These settlements resolved all pending matters brought by plaintiffs’ counsel against us or any of our affiliates. Pursuant to the settlement agreements, all plaintiffs provided full releases to each of the defendants and their affiliates including with respect to the claims alleged in the lawsuits, and each of the lawsuits and related appeals were dismissed with prejudice. The settlements do not constitute an admission of liability by us or any of our affiliates and were made to avoid the costs, risks and uncertainties inherent in litigation. 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 utility infrastructure, including water and wastewater treatment plants and other waste treatment facilities and electrical systems. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these 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	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments 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 and six months ended June 30, 2017 or 2016 . The following tables summarize our segment financial information for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands): Quarter Ended June 30, 2017 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 206,594 $ 11,811 $ 218,405 Operations expenses (102,649 ) (10,481 ) (113,130 ) Income from segment operations 103,945 1,330 105,275 Interest income 754 1,041 1,795 Depreciation on real estate assets and rental homes (27,609 ) (2,638 ) (30,247 ) Amortization of in-place leases (958 ) — (958 ) Income (loss) from operations $ 76,132 $ (267 ) $ 75,865 Reconciliation to Consolidated net income: Corporate interest income 3 Income from other investments, net 1,109 General and administrative (8,461 ) Property rights initiatives and other (271 ) Interest and related amortization (24,822 ) Equity in income of unconsolidated joint ventures 1,040 Consolidated net income $ 44,463 Total assets $ 3,267,947 $ 217,411 $ 3,485,358 Quarter Ended June 30, 2016 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 193,184 $ 13,002 $ 206,186 Operations expenses (94,375 ) (11,867 ) (106,242 ) Income from segment operations 98,809 1,135 99,944 Interest income 736 867 1,603 Depreciation on real estate assets and rental homes (26,317 ) (2,712 ) (29,029 ) Amortization of in-place leases (428 ) — (428 ) Income (loss) from operations $ 72,800 $ (710 ) $ 72,090 Reconciliation to Consolidated net income: Corporate interest income 22 Income from other investments, net 2,270 General and administrative (8,255 ) Property rights initiatives and other (527 ) Interest and related amortization (25,561 ) Equity in income of unconsolidated joint ventures 765 Consolidated net income $ 40,804 Total assets $ 3,249,375 $ 236,200 $ 3,485,575 Six Months Ended June 30, 2017 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 425,582 $ 22,685 $ 448,267 Operations expenses (199,906 ) (20,076 ) (219,982 ) Income from segment operations 225,676 2,609 228,285 Interest income 1,484 2,079 3,563 Depreciation on real estate assets and rental homes (55,062 ) (5,295 ) (60,357 ) Amortization of in-place leases (1,990 ) — (1,990 ) Income (loss) from operations $ 170,108 $ (607 ) $ 169,501 Reconciliation to Consolidated net income: Corporate interest income 5 Income from other investments, net 1,866 General and administrative (15,834 ) Property rights initiatives and other (490 ) Interest and related amortization (49,701 ) Equity in income of unconsolidated joint ventures 2,190 Consolidated net income $ 107,537 Total assets $ 3,267,947 $ 217,411 $ 3,485,358 Capital improvements $ 31,731 $ 21,733 $ 53,464 Six Months Ended June 30, 2016 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 397,910 $ 25,040 $ 422,950 Operations expenses (184,887 ) (22,507 ) (207,394 ) Income from segment operations 213,023 2,533 215,556 Interest income 1,453 1,785 3,238 Depreciation on real estate assets and rental homes (52,281 ) (5,403 ) (57,684 ) Amortization of in-place leases (763 ) — (763 ) Income (loss) from operations $ 161,432 $ (1,085 ) $ 160,347 Reconciliation to Consolidated net income: Corporate interest income 47 Income from other investments, net 3,993 General and administrative (15,663 ) Property rights initiatives and other (1,181 ) Interest and related amortization (51,195 ) Equity in income of unconsolidated joint ventures 1,646 Consolidated net income $ 97,994 Total assets $ 3,249,375 $ 236,200 $ 3,485,575 The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands): Quarters Ended Six Months Ended June 30, June 30, June 30, June 30, Revenues: Community base rental income $ 121,964 $ 115,385 $ 242,656 $ 229,461 Resort base rental income 50,055 44,732 111,123 100,166 Right-to-use annual payments 11,350 11,187 22,602 22,241 Right-to-use contracts current period, gross 3,798 3,086 7,004 5,618 Right-to-use contract upfront payments, deferred, net (1,321 ) (798 ) (2,096 ) (1,100 ) Utility and other income 20,650 19,523 42,776 40,316 Ancillary services revenues, net 98 69 1,517 1,208 Total property operations revenues 206,594 193,184 425,582 397,910 Expenses: Property operating and maintenance 72,901 66,647 140,955 129,601 Real estate taxes 13,943 12,869 27,980 26,067 Sales and marketing, gross 2,894 2,931 5,584 5,424 Right-to-use contract commissions, deferred, net (112 ) (116 ) (196 ) (12 ) Property management 13,023 12,044 25,583 23,807 Total property operations expenses 102,649 94,375 199,906 184,887 Income from property operations segment $ 103,945 $ 98,809 $ 225,676 $ 213,023 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands): Quarters Ended Six Months Ended June 30, June 30, June 30, June 30, Revenues: Gross revenue from home sales $ 7,833 $ 9,130 $ 14,860 $ 17,344 Brokered resale revenues, net 346 329 588 608 Rental home income (a) 3,632 3,543 7,237 7,088 Total revenues 11,811 13,002 22,685 25,040 Expenses: Cost of home sales 7,895 9,481 15,014 17,762 Home selling expenses 929 805 1,854 1,639 Rental home operating and maintenance 1,657 1,581 3,208 3,106 Total expenses 10,481 11,867 20,076 22,507 Income from home sales and rentals operations segment $ 1,330 $ 1,135 $ 2,609 $ 2,533 ______________________ (a) Segment information does not include Site rental income included in Community base rental income.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation 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 (“2016 Form 10-K”) for the year ended December 31, 2016 . 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 note disclosures required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements and should be read in conjunction with the financial statements and notes thereto included in the 2016 Form 10-K. The following notes to the Consolidated Financial Statements highlight significant changes to the notes included in the 2016 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 and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. Note 2 – Summary of Significant Accounting Policies (a) Consolidation We consolidate our majority-owned Subsidiaries in which we have the ability to control the operations and all variable interest entities with respect to which we are the primary beneficiary. We also consolidate entities in which we have a direct or indirect controlling or voting interest. 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. The adoption of this standard did not result in any changes to our accounting of interests in less than wholly-owned joint ventures; however, the Operating Partnership now meets the criteria as a VIE. We concluded that the Operating Partnership is a VIE because we are the general partner and controlling owner of approximately 93.7% of the Operating Partnership and the limited partners do not have substantive kick-out or participating rights. Our sole significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. The Company has the power to direct the VIE's activities and the obligation to absorb its losses or the right to receive its benefits, which are significant to the VIE. Accordingly, we are the primary beneficiary and we will continue to consolidate the Operating Partnership under this new guidance. We apply the equity method of accounting to entities in which we do not have a direct or indirect controlling interest or for variable interest entities where we are not considered the primary beneficiary, but can exercise influence over the entity with respect to its operations and major decisions.
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 $17.8 million and $18.9 million , respectively, had an aggregate carrying value of approximately $2,072.3 million and $2,110.2 million as of June 30, 2017 and December 31, 2016 , respectively, and a fair value of approximately $2,106.4 million and $2,081.2 million as of June 30, 2017 and December 31, 2016 , respectively. The fair value was measured using quoted prices and observable inputs from similar liabilities (Level 2). At June 30, 2017 and December 31, 2016 , 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.
Recent Accounting Pronouncements	New Accounting Pronouncements In January 2017, the FASB issued ("ASU 2017-01") Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective for annual reporting beginning after December 15, 2017. We are currently in the process of evaluating the potential impact that the adoption of this standard may have on our consolidated financial statements and related disclosures. In August 2016, the FASB issued (“ASU 2016-15”) Statement of Cash Flows (Topic 230) . ASU 2016-15 provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. ASU 2016-15 will be effective for annual reporting periods beginning after December 15, 2017. Early adoption is permitted. We are currently in the process of evaluating the potential impact, if any, that adoption of this standard may have on our consolidated financial statements and related disclosures. In June 2016, the FASB issued (“ASU 2016-13”) Financial Instruments - Credit Losses (Topic 326) . ASU 2016-13 requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. ASU 2016-13 will be effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are currently in the process of evaluating the potential impact, if any, that adoption of this standard may have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ("ASU 2016-02") Leases . 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 continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We are currently in the process of 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 along with related subsequent amendments will replace most existing revenue recognition guidance in 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. The new standard will be effective for the Company beginning on January 1, 2018. The standard permits the use of either the full retrospective or modified retrospective transition method. We expect to adopt ASU 2014-09 on January 1, 2018, using the modified retrospective transition method. We are evaluating the complete impact of the adoption to our consolidated financial results. Our primary source of revenue is generated through leasing arrangements, which are excluded from ASU 2014-09. We continue to evaluate and are in the process of quantifying the impact, if any, the adoption of ASU 2014-09 will have on our non-lease revenue streams, including right-to-use annual payments, right-to-use contracts, and utility and other income.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per Common Share for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands, except per share data): Quarters Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Numerator: Net Income Available for Common Stockholders: Net income available for Common Stockholders – basic $ 39,498 $ 35,490 $ 96,385 $ 86,073 Amounts allocated to dilutive securities 2,649 2,998 6,539 7,308 Net income available for Common Stockholders – fully diluted $ 42,147 $ 38,488 $ 102,924 $ 93,381 Denominator: Weighted average Common Shares outstanding – basic 86,763 84,516 86,408 84,419 Effect of dilutive securities: Conversion of Common OP Units to Common Shares 5,886 7,205 6,235 7,206 Stock options and restricted shares 414 543 398 538 Weighted average Common Shares outstanding – fully diluted 93,063 92,264 93,041 92,163 Earnings per Common Share – Basic: Net income available for Common Stockholders $ 0.46 $ 0.42 $ 1.12 $ 1.02 Earnings per Common Share – Fully Diluted: Net income available for Common Stockholders $ 0.45 $ 0.42 $ 1.11 $ 1.01

Common Stock and Other Equity19

Common Stock and Other Equity Related Transactions (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Dividends Declared	The following quarterly distributions have been declared on our depositary shares (each representing 1/100 of a share of our Series C Preferred Stock) and paid to our preferred stockholders for the six months ended June 30, 2017 . Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $ 0.421875 March 31, 2017 March 10, 2017 March 31, 2017 $ 0.421875 June 30, 2017 June 15, 2017 June 30, 2017 The following quarterly distributions have been declared and paid to common stockholders and common OP Unit non-controlling holders for the six months ended June 30, 2017 . Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $ 0.4875 March 31, 2017 March 31, 2017 April 14, 2017 $ 0.4875 June 30, 2017 June 30, 2017 July 14, 2017

Investment in Unconsolidated 20

Investment in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of June 30, 2017 and December 31, 2016 ): Investment as of Joint Venture Income/(Loss) for the Six Months Ended Investment Location Number of Sites Economic (a) June 30, December 31, June 30, June 30, Meadows Various (2,2) 1,077 50 % $ 240 $ 510 $ 1,130 $ 577 Lakeshore Florida (3,2) 720 (b) 2,321 56 147 160 Voyager Arizona (1,1) 1,801 50 % (c) 3,799 3,376 800 917 ECHO JV Various — 50 % 15,406 15,427 113 (8 ) 3,598 $ 21,766 $ 19,369 $ 2,190 $ 1,646 _____________________ (a) The percentages shown approximate our economic interest as of June 30, 2017 . Our legal ownership interest may differ. (b) Includes two joint ventures in which we own a 65% interest and Crosswinds joint venture in which we own a 49% interest. (c) Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility plant servicing the Property.

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables summarize our segment financial information for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands): Quarter Ended June 30, 2017 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 206,594 $ 11,811 $ 218,405 Operations expenses (102,649 ) (10,481 ) (113,130 ) Income from segment operations 103,945 1,330 105,275 Interest income 754 1,041 1,795 Depreciation on real estate assets and rental homes (27,609 ) (2,638 ) (30,247 ) Amortization of in-place leases (958 ) — (958 ) Income (loss) from operations $ 76,132 $ (267 ) $ 75,865 Reconciliation to Consolidated net income: Corporate interest income 3 Income from other investments, net 1,109 General and administrative (8,461 ) Property rights initiatives and other (271 ) Interest and related amortization (24,822 ) Equity in income of unconsolidated joint ventures 1,040 Consolidated net income $ 44,463 Total assets $ 3,267,947 $ 217,411 $ 3,485,358 Quarter Ended June 30, 2016 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 193,184 $ 13,002 $ 206,186 Operations expenses (94,375 ) (11,867 ) (106,242 ) Income from segment operations 98,809 1,135 99,944 Interest income 736 867 1,603 Depreciation on real estate assets and rental homes (26,317 ) (2,712 ) (29,029 ) Amortization of in-place leases (428 ) — (428 ) Income (loss) from operations $ 72,800 $ (710 ) $ 72,090 Reconciliation to Consolidated net income: Corporate interest income 22 Income from other investments, net 2,270 General and administrative (8,255 ) Property rights initiatives and other (527 ) Interest and related amortization (25,561 ) Equity in income of unconsolidated joint ventures 765 Consolidated net income $ 40,804 Total assets $ 3,249,375 $ 236,200 $ 3,485,575 Six Months Ended June 30, 2017 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 425,582 $ 22,685 $ 448,267 Operations expenses (199,906 ) (20,076 ) (219,982 ) Income from segment operations 225,676 2,609 228,285 Interest income 1,484 2,079 3,563 Depreciation on real estate assets and rental homes (55,062 ) (5,295 ) (60,357 ) Amortization of in-place leases (1,990 ) — (1,990 ) Income (loss) from operations $ 170,108 $ (607 ) $ 169,501 Reconciliation to Consolidated net income: Corporate interest income 5 Income from other investments, net 1,866 General and administrative (15,834 ) Property rights initiatives and other (490 ) Interest and related amortization (49,701 ) Equity in income of unconsolidated joint ventures 2,190 Consolidated net income $ 107,537 Total assets $ 3,267,947 $ 217,411 $ 3,485,358 Capital improvements $ 31,731 $ 21,733 $ 53,464 Six Months Ended June 30, 2016 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 397,910 $ 25,040 $ 422,950 Operations expenses (184,887 ) (22,507 ) (207,394 ) Income from segment operations 213,023 2,533 215,556 Interest income 1,453 1,785 3,238 Depreciation on real estate assets and rental homes (52,281 ) (5,403 ) (57,684 ) Amortization of in-place leases (763 ) — (763 ) Income (loss) from operations $ 161,432 $ (1,085 ) $ 160,347 Reconciliation to Consolidated net income: Corporate interest income 47 Income from other investments, net 3,993 General and administrative (15,663 ) Property rights initiatives and other (1,181 ) Interest and related amortization (51,195 ) Equity in income of unconsolidated joint ventures 1,646 Consolidated net income $ 97,994 Total assets $ 3,249,375 $ 236,200 $ 3,485,575
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands): Quarters Ended Six Months Ended June 30, June 30, June 30, June 30, Revenues: Community base rental income $ 121,964 $ 115,385 $ 242,656 $ 229,461 Resort base rental income 50,055 44,732 111,123 100,166 Right-to-use annual payments 11,350 11,187 22,602 22,241 Right-to-use contracts current period, gross 3,798 3,086 7,004 5,618 Right-to-use contract upfront payments, deferred, net (1,321 ) (798 ) (2,096 ) (1,100 ) Utility and other income 20,650 19,523 42,776 40,316 Ancillary services revenues, net 98 69 1,517 1,208 Total property operations revenues 206,594 193,184 425,582 397,910 Expenses: Property operating and maintenance 72,901 66,647 140,955 129,601 Real estate taxes 13,943 12,869 27,980 26,067 Sales and marketing, gross 2,894 2,931 5,584 5,424 Right-to-use contract commissions, deferred, net (112 ) (116 ) (196 ) (12 ) Property management 13,023 12,044 25,583 23,807 Total property operations expenses 102,649 94,375 199,906 184,887 Income from property operations segment $ 103,945 $ 98,809 $ 225,676 $ 213,023 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands): Quarters Ended Six Months Ended June 30, June 30, June 30, June 30, Revenues: Gross revenue from home sales $ 7,833 $ 9,130 $ 14,860 $ 17,344 Brokered resale revenues, net 346 329 588 608 Rental home income (a) 3,632 3,543 7,237 7,088 Total revenues 11,811 13,002 22,685 25,040 Expenses: Cost of home sales 7,895 9,481 15,014 17,762 Home selling expenses 929 805 1,854 1,639 Rental home operating and maintenance 1,657 1,581 3,208 3,106 Total expenses 10,481 11,867 20,076 22,507 Income from home sales and rentals operations segment $ 1,330 $ 1,135 $ 2,609 $ 2,533 ______________________ (a) Segment information does not include Site rental income included in Community base rental income.

Summary of Significant Accoun22

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Significant Accounting Policies [Line Items]
Intangible assets and goodwill	$ 12,100		$ 12,100		$ 12,100
Intangible assets	4,300		4,300		4,300
Goodwill	7,800		7,800		7,800
Accumulated amortization of identified intangible assets	2,900		2,900		2,800
Amortization of in-place leases	958	$ 428	1,990	$ 763
Cash and cash equivalents, restricted cash	5,300		5,300
Deferred financing costs, net	17,800		$ 17,800		18,900
Primary Beneficiary
Significant Accounting Policies [Line Items]
Ownership percentage			93.70%
Reported Value Measurement [Member]
Significant Accounting Policies [Line Items]
Mortgage notes payable fair value	2,072,300		$ 2,072,300		2,110,200
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2
Significant Accounting Policies [Line Items]
Mortgage notes payable fair value	2,106,400		2,106,400		2,081,200
Leases, Acquired-in-Place
Significant Accounting Policies [Line Items]
Intangible assets	76,700		76,700
Accumulated amortization of identified intangible assets	$ 75,900		$ 75,900		$ 74,000

Earnings Per Common Share - Cal

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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net income available for Common Stockholders – basic	$ 39,498	$ 35,490	$ 96,385	$ 86,073
Amounts allocated to dilutive securities	2,649	2,998	6,539	7,308
Net income available for Common Stockholders – fully diluted	$ 42,147	$ 38,488	$ 102,924	$ 93,381
Denominator:
Weighted average Common Shares outstanding – basic (shares)	86,763	84,516	86,408	84,419
Effect of dilutive securities:
Redemption of Common OP Units for Common Shares (shares)	5,886	7,205	6,235	7,206
Stock options and restricted shares (shares)	414	543	398	538
Weighted average Common Shares outstanding – fully diluted (shares)	93,063	92,264	93,041	92,163
Earnings per Common Share – Basic:
Net income available for Common Shares (usd per share)	$ 0.46	$ 0.42	$ 1.12	$ 1.02
Earnings per Common Share – Fully Diluted:
Net income available for Common Shares (usd per share)	$ 0.45	$ 0.42	$ 1.11	$ 1.01

Common Stock and Other Equity24

Common Stock and Other Equity Related Transactions - Additional Information (Detail) - $ / shares	Jul. 14, 2017	Jun. 30, 2017	Apr. 14, 2017	Mar. 31, 2017	Jun. 30, 2017
Class of Stock [Line Items]
Preferred stock dividends paid (usd per share)		$ 0.421875		$ 0.421875
Common stock, dividends paid (usd per share)			$ 0.4875
OP units converted to shares (shares)					1,334,747
Subsequent Event
Class of Stock [Line Items]
Common stock, dividends paid (usd per share)	$ 0.4875

Real Estate Acquisitions (Detai

Real Estate Acquisitions (Details) $ in Thousands	May 10, 2017USD ($)site	Jun. 30, 2017USD ($)	Mar. 31, 2017	Dec. 31, 2016Rate
Business Acquisition [Line Items]
Long-term debt		$ 5,900
Weighted average interest rate (percentage)		4.60%	5.80%	4.90%
Paradise Park Largo
Business Acquisition [Line Items]
Number of sites acquired | site	108
Purchase price	$ 8,000

Investment in Unconsolidated 26

Investment in Unconsolidated Joint Ventures - Additional Information (Detail)	Jun. 15, 2017USD ($)joint_venture_site	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017joint_venture_site	Jun. 30, 2017	Jun. 30, 2017site	Dec. 31, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Investments				$ 2,267,000	$ 5,000,000
Loans receivable	$ 13,800,000
Loans receivable, interest rate (percentage)	5.00%
Number of Sites						2		3,598
Ownership percentage ( in percentage)							65.00%
Investment in unconsolidated joint ventures		$ 21,766,000		21,766,000					$ 19,369,000
Equity in income of unconsolidated joint ventures		1,040,000	$ 765,000	2,190,000	1,646,000
Distributions of income from unconsolidated joint ventures				1,800,000	1,041,000
Distributions, including those in excess of basis		300,000		500,000
Crosswinds
Schedule of Equity Method Investments [Line Items]
Investments	$ 2,200,000
Ownership percentage ( in percentage)	49.00%						49.00%
Other Regions | Meadows Investments
Schedule of Equity Method Investments [Line Items]
Number of Sites | site								1,077
Ownership percentage ( in percentage)							50.00%
Investment in unconsolidated joint ventures		240,000		240,000					510,000
Equity in income of unconsolidated joint ventures				1,130,000	577,000
Other Regions | ECHO Financing
Schedule of Equity Method Investments [Line Items]
Number of Sites | site								0
Ownership percentage ( in percentage)							50.00%
Investment in unconsolidated joint ventures		15,406,000		15,406,000					15,427,000
Equity in income of unconsolidated joint ventures				113,000	(8,000)
Florida | Lakeshore Investments
Schedule of Equity Method Investments [Line Items]
Number of Sites | site								720
Investment in unconsolidated joint ventures		2,321,000		2,321,000					56,000
Equity in income of unconsolidated joint ventures				147,000	160,000
Arizona | Voyager Investments
Schedule of Equity Method Investments [Line Items]
Number of Sites | site								1,801
Ownership percentage ( in percentage)							50.00%
Investment in unconsolidated joint ventures		$ 3,799,000		3,799,000					$ 3,376,000
Equity in income of unconsolidated joint ventures				$ 800,000	$ 917,000
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%
Corporate Joint Venture | Crosswinds
Schedule of Equity Method Investments [Line Items]
Number of sites acquired | joint_venture_site	376
Purchase price	$ 18,400,000

Borrowing Arrangements - Additi

Borrowing Arrangements - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)PropertyRate
Debt Instrument [Line Items]
Mortgage notes payable, net		$ 1,855,028	$ 1,891,900
Long-term debt		$ 5,900
Repayments of debt	$ 21,100
Weighted average interest rate (percentage)	5.80%	4.60%	4.90%
Number of pledged properties | Property			126
Pledged assets, not separately reported		$ 2,282,100	$ 2,296,600
Secured Debt | Minimum
Debt Instrument [Line Items]
Stated interest rate (in percentage)		3.45%
Secured Debt | Maximum
Debt Instrument [Line Items]
Stated interest rate (in percentage)		8.87%

Equity Incentive Awards - Addit

Equity Incentive Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	May 02, 2017	Feb. 01, 2017	May 10, 2016	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	May 13, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation					$ 4,257	$ 4,393
Term of award (in years)					10 years
Number of shares available for grant (in shares)				3,126,885	3,126,885
Grants in the period (in shares)			6,930
Weighted average exercise price (in usd per share)			$ 81.15
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)							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%
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation				$ 2,500	$ 4,300	$ 4,400
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, grants in period (in shares)	55,238	75,000
Fair value of shares issued	$ 4,500	$ 5,400

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 26, 2013	Dec. 31, 2016
Loss Contingencies [Line Items]
Net settlement		$ 2.4
California Hawaiian
Loss Contingencies [Line Items]
Loss contingency accrual		9.9
Monte Del Lago
Loss Contingencies [Line Items]
Loss contingency accrual		1.5
Santiago Estates
Loss Contingencies [Line Items]
Loss contingency accrual		$ 1.9
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%

Reportable Segments - Additiona

Reportable Segments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017integer
Segment Reporting [Abstract]
Number of reportable segments	2

Reportable Segments- Consolidat

Reportable Segments- Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Operations revenues	$ 218,405	$ 206,186	$ 448,267	$ 422,950
Operations expenses	(113,130)	(106,242)	(219,982)	(207,394)
Income from segment operations	105,275	99,944	228,285	215,556
Interest income	1,795	1,603	3,563	3,238
Depreciation on real estate assets and rental homes	(30,247)	(29,029)	(60,357)	(57,684)
Amortization of in-place leases	(958)	(428)	(1,990)	(763)
Income (loss) from operations	75,865	72,090	169,501	160,347
Reconciliation to Consolidated net income:
Corporate interest income	3	22	5	47
Income from other investments, net	1,109	2,270	1,866	3,993
General and administrative	(8,461)	(8,255)	(15,834)	(15,663)
Property rights initiatives and other	(271)	(527)	(490)	(1,181)
Interest and related amortization	(24,822)	(25,561)	(49,701)	(51,195)
Equity in income of unconsolidated joint ventures	1,040	765	2,190	1,646
Gain (Loss) on Condemnation			107,537	97,994
Consolidated net income	44,463	40,804	107,537	97,994
Total assets	3,485,358	3,485,575	3,485,358	3,485,575	$ 3,478,987
Capital improvements			53,464	55,707
Property Operations
Segment Reporting Information [Line Items]
Operations revenues	206,594	193,184	425,582	397,910
Operations expenses	(102,649)	(94,375)	(199,906)	(184,887)
Income from segment operations	103,945	98,809	225,676	213,023
Interest income	754	736	1,484	1,453
Depreciation on real estate assets and rental homes	(27,609)	(26,317)	(55,062)	(52,281)
Amortization of in-place leases	(958)	(428)	(1,990)	(763)
Income (loss) from operations	76,132	72,800	170,108	161,432
Reconciliation to Consolidated net income:
Total assets	3,267,947	3,249,375	3,267,947	3,249,375
Capital improvements			31,731
Home Sales and Rentals Operations
Segment Reporting Information [Line Items]
Operations revenues	11,811	13,002	22,685	25,040
Operations expenses	(10,481)	(11,867)	(20,076)	(22,507)
Income from segment operations	1,330	1,135	2,609	2,533
Interest income	1,041	867	2,079	1,785
Depreciation on real estate assets and rental homes	(2,638)	(2,712)	(5,295)	(5,403)
Amortization of in-place leases	0	0	0	0
Income (loss) from operations	(267)	(710)	(607)	(1,085)
Reconciliation to Consolidated net income:
Total assets	$ 217,411	$ 236,200	217,411	$ 236,200
Capital improvements			$ 21,733

Reportable Segments- Income fro

Reportable Segments- Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Community base rental income	$ 121,964	$ 115,385	$ 242,656	$ 229,461
Rental home income	3,632	3,543	7,237	7,088
Right-to-use annual payments	11,350	11,187	22,602	22,241
Right-to-use contracts current period, gross	3,798	3,086	7,004	5,618
Right-to-use contract upfront payments, deferred, net	(1,321)	(798)	(2,096)	(1,100)
Utility and other income	20,650	19,523	42,776	40,316
Gross revenue from home sales	7,833	9,130	14,860	17,344
Brokered resale revenues and ancillary services revenues, net	444	398	2,105	1,816
Resort base rental income	50,055	44,732	111,123	100,166
Total revenues	221,312	210,081	453,701	430,228
Expenses:
Property operating and maintenance	72,901	66,647	140,955	129,601
Real estate taxes	13,943	12,869	27,980	26,067
Sales and marketing, gross	2,894	2,931	5,584	5,424
Right-to-use contract commissions, deferred, net	(112)	(116)	(196)	(12)
Property management	13,023	12,044	25,583	23,807
Cost of home sales	7,895	9,481	15,014	17,762
Home selling expenses	929	805	1,854	1,639
Rental home operating and maintenance	1,657	1,581	3,208	3,106
Total expenses	177,889	170,042	348,354	333,880
Income before equity in income of unconsolidated joint ventures	43,423	40,039	105,347	96,348
Property Operations
Revenues:
Community base rental income	121,964	115,385	242,656	229,461
Right-to-use annual payments	11,350	11,187	22,602	22,241
Right-to-use contracts current period, gross	3,798	3,086	7,004	5,618
Right-to-use contract upfront payments, deferred, net	(1,321)	(798)	(2,096)	(1,100)
Utility and other income	20,650	19,523	42,776	40,316
Ancillary services revenues, net	98	69	1,517	1,208
Resort base rental income	50,055	44,732	111,123	100,166
Total revenues	206,594	193,184	425,582	397,910
Expenses:
Property operating and maintenance	72,901	66,647	140,955	129,601
Real estate taxes	13,943	12,869	27,980	26,067
Sales and marketing, gross	2,894	2,931	5,584	5,424
Right-to-use contract commissions, deferred, net	(112)	(116)	(196)	(12)
Property management	13,023	12,044	25,583	23,807
Total expenses	102,649	94,375	199,906	184,887
Income before equity in income of unconsolidated joint ventures	103,945	98,809	225,676	213,023
Home Sales and Rentals Operations
Revenues:
Gross revenue from home sales	7,833	9,130	14,860	17,344
Brokered resale revenues and ancillary services revenues, net	346	329	588	608
Resort base rental income	3,632	3,543	7,237	7,088
Total revenues	11,811	13,002	22,685	25,040
Expenses:
Cost of home sales	7,895	9,481	15,014	17,762
Home selling expenses	929	805	1,854	1,639
Rental home operating and maintenance	1,657	1,581	3,208	3,106
Total expenses	10,481	11,867	20,076	22,507
Income before equity in income of unconsolidated joint ventures	$ 1,330	$ 1,135	$ 2,609	$ 2,533